Ryan: Hey everyone, and welcome to our official AMA with KingDefi!
First I just want to say, welcome to DefiSpeculate, @King_DeFi_Arthur! We are so glad to have your project on our group to do an AMA, thanks for coming by. I have been a big kingDefi/KRW supporter for about a month and a half and I only have positive things to say. I’ve been eager to share the project with my group!
👑 King Arthur: Thanks Ryan, really happy to be here and introduce KingDeFi to your community
🕵️♂️ Ryan: Could we maybe start by getting a brief rundown on your project, for those who know next to nothing?
👑 King Arthur: KingDeFi is a multi-chain DeFi project combining three main areas: analytics, monitoring, earning. Let’s go through each service:
Analytics
Where we provide with an overview of most prominent DeFi projects together with unchain metrics and analysis. You can consider it a bit like CoinGecko for DeFi on multi-chain.
Also we offer pool search engine and various advanced metrics to help farmers in selecting best in class aggregators and pools.
Monitoring
We are currently in process to develop our own portfolio tracking, similar to yieldwatch but with a more sophisticated analysis, as we bring from traditional portfolio management quite some indicators, the DeFi portfolio tracking in the future will be a very important utility instrument for KingDeFi and users.
Earnings and yield optimizing:
With the Earnings function, users can earn KROWN tokens by providing liquidity and staking directly on the KingDeFi platform. We have just finalized our own double reward smart contracts and launching multi chain bridge in the incoming weeks. This means that earning for us is not and will not only be a matter of farming but we expect to expand this offering on-boarding additional partners on multiple blockchains and have a long term reward distribution approach overtime then.
You can learn regarding KingDeFi service on our Pitch-Deck.
🕵️♂️ Ryan: I am aware that the KingDefi team has a whole lot of experience in the fields of finance and blockchain. Would you be able to go over a little bit of that experience, and also possibly in what countries is the team based?
👑 King Arthur: Yes, I have to admit I am extremely happy with the team and we keep growing across all the functions we have in the business, so the team is split in three regions Italy / Switzerland / Germany, all the member of the team has on average 6/7 years of professional experience, some coming from top tiers investments banks, tech startups and also some people from research with Ph.D in very technical fields but that worked in finance and I then convinced some here ago to switch into crypto.
There are as well as you can see some advisors, with 10+ years in strategy and just on-boarded one for security, advisors are key. For me having people that help me to challenge the business model and keep a clear vision are extremely important in order to move the business in the right direction.
You can find here all background details regarding the team
🕵️♂️ Ryan: One of my favorite things about your native token Krown (KRW), is that just by holding it in one of your vaults, I can earn a tasty APY that is currently in the multiple thousands of percents. This is amazing to me, would you be able to explain how that works real quickly, and how you are able to pull this off?
👑 King Arthur: APR% is linked to TVL, we can manage how much to reward and distribute via the algorithm, so long story short is the team that decide how much APR to provide. Coming from finance background we have a very careful approach to inflation, that’s why we decided to keep APR% high at the beginning as we want to reward early investors but we will decrease overtime and based on clear parameter. In parallel we monitor demand and supply on our side so if buying pressure keeps growing as we deliver all milestones then APR can stay a bit higher if market gets a bit bearish we decrease APR in order to not inflate the price.
We took a completely different approach then other projects, we never issue pools with non native tokens so that we avoid to distribute rewards without supporting buy pressure, and we always deliver pools with partners so that we attract buyers, this also helps to keep good APR, decreasing selling pressure, and managing inflation.
I know those concept can be quite technical for people new to crypto or DeFi, but they are key for investors to understand the difference between good projects run by professionals and some run without any economics background which then end to be inflated and dump.
In order to help our community understanding our vision we write and deliver various articles, I advise your community to have a look as there are very insightful information.
🕵️♂️ Ryan: I see that the next thing you guys are ready to release is a Double Rewards functionality. Would you be able to explain how the double rewards will work, and also go over the benefits that will bring to the KingDefi vaults?
👑 King Arthur: Yes we finalised double reward smart contracts and they are now with CertiK for final audit. Double reward allows our users to create an LP let’s say KROWN/BNB and earn then 50% Reward in KRW and 50% reward in BNB.
First of all there are two great benefits: we decrease selling pressure of 50%, and increase buying pressure on KRW to earn other tokens.
Second we believe that other projects will be more incentivised to apply to such a program where we both give rewards but both generate buy pressure, respect some programs that are now out there where bigger project they ask you token to be distributed in exchange of marketing. I don’t believe in this “I am bigger, you give me your token to reward my community staking mine will go further over the long term” that’s why we decided to build a different strategy.
🕵️♂️ Ryan: Your roadmap is amazing, and I see you’ve been delivering everything promised. I’ve been reading about your upcoming bridge to Ethereum, and I even heard possible talks of Polygon. Would you be able to go over that? What will users be able to do, and what is the ETA on that?
👑 King Arthur: This is one of the most important milestone for us, let’s try to break it down in point so that we simplify the concept of multi chain bridge:
What is a bridge
A bridge is a smart contract which allows you to move your tokens multi-chain, meaning you can send KROWN from BSC to ETH, or from ETH to Polygon etc.
So the key is that you move from one mainnet to another and we believe that is key for farmers as we will launch farms across 4 blockchain we want our users to be able to switch and manage their asset without going on a different dev and buy more krown but simply to transfer them from one blockchain to another
Why a bridge is important
Is not only about users experience, it is also key for supply management: a lot of other projects decided to move multi-chain without engineering a bridge, like that they issued another token on each chain and they mint new tokens on each chain. This is extremely bad practice why: 1. You will see people buying on one and sell on the other, as two tokens means two prices and two assets, you generate a very bad arbitrage. Second as you keep minting tokens on various chains, you supply is automatically increasing, you cannot define yourself deflationary tokens anymore then.
At KingDeFi we didn’t rush like others, instead we took the time to engineer a clear model: one project, one token, one supply, multiple chains.
You can learn more regarding bridges on our medium.
Regarding ETA and which blockchains I am now confident to say a bit more, so we really advanced a lot with the development in the last week, we have final testing next week and if all goes well we will go live by end of month.
🕵️♂️ Ryan: What, in your own words, would you say is the future of KingDefi? Where do you see your project in the next couple of years?
👑 King Arthur: I would first of all say, where do I see this project in 10 years…. As we have a very long term prospective across the team :)
There are two main elements that I believe need and must happen in the incoming years in DeFi (which will be applied also to KingDeFi as a business):
- We need to simplify the access to it for retails, we have to provide the opportunity make accessible this amazing technology to everybody. The only way is to develop “simple-to-use” mobile apps to access the service, and this one of our goals for the future.
- Have an institutional service offering. It is key that in parallel the most complex and interesting products are accessible to institutional investors such as banks, pension funds, asset managers etc, also looking at the current negative interest rate situation DeFi can really be a revolution for sectors such as Credit, Financing, Yielding etc, it will probably replace banks but first banks will become client of big DeFi platforms and this is where we want to be placed when it happens.
🕵️♂️ Ryan: Thanks so much for answering my intro questions! Now, what I’d love to do is open up the floor for any questions that members of our community may have! The way this is going to work is if you have a question, join the voice chat and “raise your hand” to speak. We will unmute one person at a time and transcribe their question to text for Mark to answer.
🖌 Audience: The multi chain can cause a lot more vulnerabilities, can you address the “RISK” that can be caused if not done properly?
👑 King Arthur: I mean first risk can be on both multi or one chain, risk is not so much about the contracts themselves but is a lot about how much security and audits you put in place. That’s why if you look at our roadmap we are already working and we will do a security upgrade in September, so we add an additional auditor, we have already add an advisor for cybersecurity and also we will go through a full security assessment for all the infrastructure we use
🖌 Audience: Can you talk about the impermanent loss possibility from participating in the double rewards?
👑 King Arthur: Impermanent loss is there as much as for other LPs as this is correlated to market fluctuations. Logically, you are more diversified on the asset reward which decreases risk on one side, like the single reward pools
RiskYourBag.com (RISK Dev): Hi Mark, I am the Dev of the $RISK token. What is the process of listing my token on KRW KingDeFi Platform?
👑 King Arthur: There is a listing team that will check some key features:
e.g. = are you listed on coingecko, do you have TVL and pools, etc…we are a platform for DeFi projects and analytics are based on that so being a DeFi platform is one of the main requirements
RiskYourBag.com (RISK Dev): Awesome, We are always interested in partnerships and collaborations.
🖌 Audience: Is there any mechanism done in the background preventing this from happening with tokens offered on your platform?
👑 King Arthur: Not really, biggest impermanent loss comes from price fluctuation, so nobody can control the market and frankly I would doubt any projects promising that…. don’t forget diversifying is good but crypto still remains hypercorrelated across most of its assets.
🖌 Audience: Is there a minimum that can be farmed. Also is there any video content showing the process to setup this farming?
👑 King Arthur: No minimum, our farms works like all others so farming is a straightforward process, in case you need help in our community in TG some community managers will DM you if needed and drive you to the process supporting you in all steps.
🕵️♂️ Ryan: Alright, I think I have one last question from @AdiDeFi — “how about the marketing plans? we all know volume is key”
👑 King Arthur: We have marketing budget allocated and we spent quite a lot during the first phase, frankly we demonstrate so far that the best marketing is top partnerships and technology, we want to keep growing organically and consistently in parallel with building the platform and strong relationships… We spend in marketing a lot when we issue new tech features, so to attract proper investors, we don’t want fast pump and dump volume
🕵️♂️ Ryan: Ok guys, thanks so much for participating in our AMA! Going to close it now :) Thank you @King_DeFi_Arthur for coming and sharing your project with us! I’m a diamond hands KRW holder and will continue to spread the word!
👑 King Arthur: Thanks Ryan and to all the DeFispeculate community 💪💪⚔️, i wish to see some of you in our TG joining our project, many thanks for your time
🕵️♂️ Ryan: We’d love to have you back sometime in the future when we’ve both grown a bit more! 😁
