Friction Finance AMA Transcript

BSC.NEWS hosts Friction Finance - A decentralized AMM with yield Farming incentives. All questions answered by TAO

By
BSCNews
on
April 13, 2021
Category:
AMA


Lola (AMA HOST): Do I have the team member of Friction Finance in the house?

Tao: Yes :)

Lola (AMA HOST): Glad to have you here 😊

How're you doing today?

Tao: I'm doing great, thanks

Lola (AMA HOST): Shall we go into today's Business

😊

Q1. Can we get to know more about you and your team? What are your roles and past experiences?


Tao: Sure :) We have 3 people helping on the development end, 3 mods / admins on the telegram, and 10+ users helping us coordinate marketing efforts, BD, and advertising. Anyone is welcome to help contribute, feel free to get in touch with me on TG after this AMA if you are interested. Friction.Finance has and always will be a community-based project. We have several private telegram groups for coordinating these efforts. 

Lola (AMA HOST): That's great. How about you? Can we get to know you?

Tao: I've personally been involved in crypto for ~5 years. Mainly working on the analytics / dApp side but decided to help kick-start FrictionFinance as a truly fair launch (no dev tokens, no marketing funds, no pre-sale) self-sustainable token that can offer yield incentives without diluting the holders value

Lola (AMA HOST): That's good👍


Q2. Can you tell the Community what makes your Project different from others?


Tao: There are several things that set us apart from other projects on BSC. Here are some of the main points:

- All of our yield farms are self-sustainable, there are no mint functions in any of the code

- Setting a new standard for a "fair launch"

- Custom dashboard: https://dashboard.friction.finance

- We build products that our partners can use, example: https://safemoon.friction.finance

- Custom NFT lottery system

- NFT marketplace (Coming Soon)

Q3. Can you tell us how the Farming incentives would be? And what's the requirement?


Tao: Friction.Finance offers a range of LP yield farms where users can stake their LP tokens and earn TAO (our native governance token). We also have single sided pools where users can stake their TAO and earn xBLZD along with other partner tokens.

You can view the farms here:

https://friction.finance/farms

Lola (AMA HOST): Okay. Thanks for the link. I believe the Community would check it out

Q4. What are the ongoing development that are happening in the near future?


Tao: The main priorities for development right now is finalizing the NFT marketplace so anyone can list a BSC NFT and people can trade it. We will also be launching exclusive sets of NFTs with our partners at launch. On top of this, we will also be expanding out our NFT lottery system by allowing community members to create their own NFT lootboxes and ultimately earn more revenue on their creations while adding a gamification layer for our users.

Lola (AMA HOST): That's great. Promising Future.


Q5. Security matters in a Project. While reading one of your articles, I got to realize it's been audited by Solidity Finance. Why Solidity Finance? And how's the auditing on Certik going?


Tao: Solidity.Finance was engaged to provide an audit due to their quick turn-around time and experienced team who worked closely with us after we launched to ensure our users were safe using our token and staking contract.

We were onboarded onto Certik about 3 weeks ago. Certik has provided us a preliminary report and will be releasing it on their website soon. Again, this is a third-party and we have no control over how slow / fast they release their audits but they are a very reputable company and we value their report.

Certik: https://www.certik.org/projects/frictionfinance

Solidity.Finance Audit: https://solidity.finance/audits/TAO/

Lola (AMA HOST):  Okay. That's a nice move. Security really matters.


Q6. TAO automatically re-distributes 1% of every transactions to all holders proportionately and automatically after ever transaction. Are there any limit to this?


Tao: A 1% transaction fee is taken whenever TAO is transacted. This transaction fee is automatically and instantly disbursed to all TAO holders proportionately. The re-distribution feature provides holder APY where anyone who holds TAO actually earns TAO based on the transaction volume.

On top of this, the distributions are an interesting mechanic as our NFT marketplace will use TAO which will drive up volume, what this means is the community ultimately receives the marketplace "fees" automatically and instantly after any TX.

This also means that the burn wallet which currently has 4m TAO will also earn some of these re-distributions which ultimately make it larger and larger over time. If the burn wallet gets too big, the DAO can vote to exclude the burn address from receiving fees.

Lola (AMA HOST): Wow! That means everyone is eligible?

Tao: Yes :)

It's like staking in a single-sided pool, without locking any tokens

Lola (AMA HOST): Great. ☺️

This is really good.


Q7. Also, there's no mint Function. A lot of Projects do mint, can you tell the Community the reason behind it? Or why you chose not to have a mint Function


Tao: Most yield farms on BSC are now launching and advertising the fact they "removed migrator code" and because of that, people should trust the project. What most people don't realize is a large percent of the recent rug pulls were caused by devs exploiting the mint function which allows them to create a large influx of tokens that they then dump on the market. 

On top of this, a lot of projects that have mint functionality in their code have huge issues with emissions and supply / demand as their is no cap on how many tokens can be minted which just causes an everlasting sell pressure.

Friction.Finance has no migrator code and we also have no mint functionality in any of our contracts. We have a fixed total supply and no more TAO can be created by anyone, ever.

Lola (AMA HOST): 🤔 that's good. So we can trust TAO.

Tao: There is inherit risks with any smart contract so we encourage everyone to do their own research. This is also why we engaged two security audit firms to help remove any potential risks involved

Lola (AMA HOST): Great. DYOR!


Q8. The Community would like to know more about TAO, Is there any Future plan on Partnerships? Or do you have Partners already? Please share.


Tao: We have partnered with some very large projects on BSC, including: Alpaca Finance, Blizzard.Money, and Pitbull. We will be offering exclusive NFTs for these projects on our marketplace after launch and we are in active talks with several other projects for potential partnerships around NFTs, single sided pools, and custom analytics.

Lola (AMA HOST): Why did you choose these sets? What do they offer your Project?

Tao: We chose these projects for a strategic partnership mainly focused on providing us exclusive NFTs that we can list on our upcoming marketplace. All of our partners have extremely active communities and a combined TVL of over $1 billion USD. 

For the case of BLZD specifically, we have mutual farms / pools set-up and also NFTs upcoming.

Lola (AMA HOST): Okay. Thanks 😊


Q9. Can you briefly talk on TAO token to the Community? What also it offers the Community


Tao: TAO is the governing currency (DAO) for Friction.Finance. TAO is deflationary by nature, has no mint functionality, and a capped total fixed supply.

Fair Launch: No ICO, no pre-sale, no private investors.

Initial Distribution: 45,000,000 TAO (90%) was sent to the main farm contract used for farms and pools. These tokens are locked in the contract and cannot be removed by developers. 4,000,000 TAO (8%) was sent to the BSC burn address to kick start the TAO automated burn process. And finally, the remaining 1,000,000 TAO (2%) were supplied to the Pancakeswap AMM for public distribution.

Initital distribution TX proof: https://frictionfinance.gitbook.io/friction-finance/holder-safety/tx-proof

Lola (AMA HOST): How can one Participate at this stage?

Tao: TAO has utility and can be used for participating in our custom NFT lotteries and will be the native token for our marketplace. Users can trade TAO on our AMM and instantly start receiving some of that holder APY.

Lola (AMA HOST): Great. Can you share the trading process and what they get back?

Tao: The trading process works like any other token on BSC. You can trade TAO here:

https://exchange.friction.finance/#/swap

Or import the token on pancakeswap with the contract address:

0xf0443834b7b21104b7102edbe8f9ec06204cd395

Q10. Do share with us all the links that the readers can find out more and also follow the development of the project.


Tao: Trade on Pancakeswap:

Website: https://friction.finance

Dashboard: https://dashboard.friction.finance

Whitepaper: https://frictionfinance.gitbook.io/friction-finance

Analytics / Charts: https://friction.finance/analytics

Certik: https://www.certik.org/projects/frictionfinance

Twitter: https://twitter.com/FrictionFinance

Telegram: https://t.me/frictionfinancecommunity

Lola (AMA HOST): Okay. Thanks. 👍


Q11. Lastly, our favourite question in BSC News, do you have any alpha or juicy news that you can share with us today?


Tao: Our NFT marketplace is releasing later this week. The marketplace will support more then just TAO collectibles and we will be launching with several exclusive NFTs from some of our partners.

We will also have limited-edition NFT lootboxes and surprise boxes at launch so you don't want to miss it! You can follow our telegram to stay updated on news & announcements.

Lola (AMA HOST): Thanks. Sure we will check it out!

Lola (AMA HOST): Thank you TAO. That was an awesome Session with you. Wish you success in your Project @Tao_Friction_finance 

😊

Tao: Thanks for having us :)

Lola (AMA HOST) It's a Pleasure!

Tags:
No items found.