Smokehouse AMA Transcript

BSC.NEWS hosts Smokehouse, a yield farming and staking protocol on the Binance Smart Chain. All questions answered by @SmokehouseDefi

By
Kamran Iqbal
on
March 1, 2021
Category:
AMA

Crypto Shrimp (AMA Host): Hi everyone, let’s welcome Smokehouse Team! On behalf of BSC News, its my pleasure to be the host for this AMA.


The Smokehouse: Hey everyone! Thanks for having me today. Pretty excited! How are you doing


Crypto Shrimp (AMA Host): 

Im doing well thanks so lets get started


Q1 Lets get to know the team members and their roles in smokehouse. what are the past experiences?


The Smokehouse: Sure thing. My team consists of 5 core members. 3 of them are developers - they have been coding for 20+ years for all sorts of different companies, even the US military. I also have an inhouse artist who just makes awesome art all the time and myself - I have been in the crypto space for about 12 years, trading, helping projects, and just becoming part of many communities. I have seen many projects throughout that timespan, so I know what makes projects successful and what needs to be focused on


Q2 Tell us more about smokehouse, how did it come about and when did it start?


The Smokehouse: Smokehouse is basically a project between us close friends - we have all known each other for a long time. We we're tired of seeing poorly ran projects, and we were tired of seeing our friends in the communities that i am a part of continue to get rugged. So i decided to make a team and provide safe projects - and we went with the current craze which is farming on BSC. It has really paid off, lots of people have been farming peacefully and safely for over 13 days now.


Crypto Shrimp (AMA Host):  nothing beats working with ppl that you know and are experienced in the field


The Smokehouse: It has been kind of a dream come true to be honest. Working with close friends on fun projects, making alot of people money and joy. Fun times.


Q3 What are the tokenomics of smokehouse? like the supply, presales etc


The Smokehouse: We had a presale of 500 bnb for 12.5k tokens ( was about 5.30 each ) , and the token is currently inflationary with an infinite supply ( this will be addressed soon ) and we do have plans on capping the supply

Currently supply is 1,568,334


Q4 What benefits do we have by holding $SMOKE?  or whats the use case for the token?


The Smokehouse: Firstly , you'd want to hold SMOKE and use it to farm with. The daily return is kind of ridiculous, especially since its been stable and price has been trending upward as of 2 days ago. We are looking at around a 15-25% daily return. And its been stable. So that is definitely one key usecase there. Additional to that, holding SMOKE will give priority whitelisting for future projects SMOKEHOUSE incubates - such as the project being released mid next week which is going to be quite a big project. In the future, we plan on adding additional utility to smoke, such as using SMOKE as payment for NFTS , and our own unique lottery system. You'd want to make sure you are holding 500 SMOKE to be eligible for whitelisting for the next project dropping next week


Q5 that brings me to the next question, does that mean that without holding $smoke we are unable to join in the new farms ?


The Smokehouse: You would be able to join in without SMOKE. There will be  a presale in which SMOKE holders get priority. If you do not hold SMOKE currently, you can participate in the new farm by simply buying the coin on the market. Additional to that, SMOKE will have a high APY pair available, so it would work as a double benefit to hold SMOKE now and utilize that new pool as well.


Crypto Shrimp (AMA Host): i see so holding $smoke will defintiely bring us more benefit with the upcoming development


The Smokehouse: Well not only that, but SMOKE will go thourgh a series of upgrades following shortly after the new farm launch. This series of upgrades would include adding many new single asset staking pools as well as liquidity pairs - all with a deposit fee , in which the deposit fee would be used to buy SMOKE and burn it. This along with the NFT shop and lottery system will make SMOKE an increasingly rare token with viable usecases. Also, when these upgrades go live, there will be an ALL YOU CAN EAT BUFFET , where rewards will be increased again! To promote TVL growth to our platform and have a big affect with the added deposit fee buybacks. So might as well farm those boosted rewards too


Crypto Shrimp (AMA Host):  so this buy burn will also reduce the sell pressure on the token itself


The Smokehouse: Yes sir. This deposit fee is only applied to non native token options - so all sell pressure will be from other coins That coupled with eventual reduced rewards would end up burning the supply down. And again, the NFT shop - in which some of the proceeds would be burned. Same with the lottery


Q6 Understand that there were some fud about the team selling their tokens? i believe it was to be used for development, why not allocate the deposit fee to the project funds? or could you clarify what was it about


The Smokehouse: The team gets 10% of only harvested rewards - this 10% is split into 5 people + all the development costs that we have. If you really look at it , each member has gotten about 1.4ish% of rewards , which is a tiny fraction. Most of the team has reinvested their tokens into the ecosystem and refuse to sell anyway. Whatever funds we did secure, will be used to get proper audits for our upgrades as well as our new launch. The team needs to get paid, they can't be working day in and night for free.


Q7 What is smokehouse offering to the community that makes a difference from other projects ?


The Smokehouse: First and foremost security and peace of mind. People know where I live. We have trusted members of the community deploying our contracts who has run multiple successful projects ($BTBB AND $TBB). Our first farm SMOKEHOUSE did not have any other unique feature added. However SMOKEHOUSE will be an incubator for other projects and it will not be a farm for long. Our next farm is actually quite unique and has not really been done before - so stay tuned for launch announcement coming early next week with all details revealed


Q8 as you have brought up security about the farm, what has smokehouse done or planning to do to assure the public that the funds are SAFU? like any plans for audit?


The Smokehouse: Yeah we had our code audited before the presale. Malicious code from pancakeswap has been removed such as the migrator exploit. The syrup bug has been nullified as we do not use a second token in this ecosystem so that can not be exploited. These both have been confirmed by the audit.


Q9 Any further details of the current on going development that Smokehouse is preparing or developing, besides what we have discussed earlier on?


The Smokehouse: Pretty much right now we are focused on the new farm launching next week, and adding the updates to the SMOKE platform and revamping the website. Once that is completed we definitely have more projects we would like to accomplish but nothing finalized as of now.


Q10  whats the current roadmap or long term development that are being planned for the future?


The Smokehouse: The farm is up next  , then the SMOKEHOUSE platform upgrades following about  a week after. First we will add the new pools and the deposit buyback burns. Then we will add our NFT shop where our inhouse artist can show you all his work. The NFT shop will utilize SMOKE as a currency and payment option and burn some of the proceeds from each sale. A lottery system will be added, in which you can use SMOKE to buy in, and again portion of the proceeds will be burned. Lastly, to complete the SMOKE platform , we will add an incubation program inspired by pancakeswaps IFO. You will be able to buy into projects veted by us using SMOKE. That would end the development of SMOKE and it should be a self sustaining platform at that point.


Crypto Shrimp (AMA Host): that sounds like all the projects combined into one! smokehouse will have  the whole works in the future


The Smokehouse: Yeah that is definitely what the team has in mind and will work very hard to make it happen


Q11 do you have any links to the project social media/medium/TG for the audience to refer to?


The Smokehouse:

Website:  https://thesmokehouse.finance/

Twitter: @SmokehouseDefi

Telegram:  https://t.me/SmokehouseFinance

Medium: https://smokehousedefi.medium.com/

Audit: https://gist.github.com/Hebilicious/2f7c4478ac984ffa8d010e62361fd6bc


Q12  Lastly the question that we all wanna know more, do you have any other alpha for us today?


The Smokehouse: Well we are keeping the details of the new farm still under wraps, but i personally think its going to be a massive project and very profitable farm. What i will say is we kind of gamified the farming and incentivized staking for as long as possible, and we will really reward the people who sit in our farm. It is going to be incredibly fun, and funny. So really grab 500 SMOKE if you can and strap in


Crypto Shrimp (AMA Host): thanks for the tip! And would like to thank you for your time to be here with us on this AMA. its been a pleasure for me and thanks for the swift response too....


The Smokehouse: likewise to you! Thanks for having me. Very nice talking with you


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