SOLFARMIO AMA Transcript

SOLFARMIO - The Efficient Solana Yield Aggregator

By
Solana News
on
May 27, 2021
Category:
AMA

Andrew (AMA HOST):

Great! So thanks forjoining us today, I'm sure I can speak for the audience when I saythat we're all excited for you to be here


Senx:

Likewise, thanks forhaving me


Andrew (AMA HOST):

Okay so the way it willwork is, I ask you a series of questions and when you are doneanswering just say "done" and we can move on to the next


Senx:

Sounds good


Andrew (AMA HOST):

Then at the end, I have afew questions we have gathered from the audience that will also beour giveaway winners


Andrew (AMA HOST):

1. So before we diveinto your project, could you tell us a little about yourself, yourbackground and how you came to start SolFarm?


Senx:

Of course! Without givingtoo much info about myself that ends up doxxing me, I come from acrypto exchange background. Been personally involved in crypto for 5+years. SolFarm was started with my friend when we saw the opportunityto streamline some of the user flow existing on Solana and also tosee if we can bring more options for users.


Andrew (AMA HOST):

Oh wow that is exciting!You have been involved with crypto for awhile so it must have been along time coming with this project


Senx:

Definitely, was in theright place at the right time with the right people so here we are 🌷Having lots of fun so far :)


Andrew (AMA HOST):

Yes it definitely is! 😁


So you touched on notgiving too much info for yourself and that leads me right into mysecond question


2. It seems there is alot of anonymity surrounding the identity of your team, why is that?


Senx:

We value anonymity sinceits in the spirit of crypto and would prefer to let our work speakfor us. I think our product so far shows that we are building andshipping quickly and do listen to our community with somefeatures/QoL related matters. Personally, not too interested inupselling pedigree and prefer meritocracy.


Andrew (AMA HOST):

I can respect that, soinstead of blending into the noise of who is working on what. Youjust want your project to make the noise for you? Because so far,SolFarm has been doing just that!


Senx:

Yep, that definitelyplayed a big part. People tend to have developed a mentalimage/opinion or prejudice over your identity so starting fresh andanon was nice.


Andrew (AMA Host):

3. Could you explain tothe viewers what a yield aggregator is and what makes SolFarm uniquecompared to other platforms that simply allows its users to stakeSol?


Senx:

Yield aggregation isbasically wrapping up a strategy in a smart contract that executes atoptimal timing, which increases yield for users. Generally speaking,yield aggregation raised in popularity on Ethereum since contractinteraction generally costs more which means small capital users aredisadvantaged. By pooling funds in a strategy, they would be able toaccess yield strategies that would've been inaccessible individually.SolFarm keeps an eye out for all yield opportunities and devisesstrategies around them and we also proactively reach out to promisingprojects that may have avenues for yield and see what we can do.


Andrew (AMA HOST):

Ah I see, so for the folkslike me who are not too crypto-savvy... yield aggregation gives usersaccess to a lot more options because of the pooling and even has astrategy that makes you more money?


Senx:

The pooling matters a bitmore on ethereum b/c of gas fees but not as much on Solana since tx'sdon't cost that much lamports. But it makes up for that in otheravenues like frequency etc


Andrew (AMA HOST):

Understood, so thisactually leads me into the next question as well!


4. Why did you and yourteam decide to build this project on the Solana blockchain?


Senx:

Going to be real honestwith this one, we saw a void in the product offering and wanted togive it a shot in a younger chain. Solana's high throughput also gotus interested of the possibilities. Though, we've had a fair share ofgrowing pains due to some quirks on the chain or general lack ofinfrastructure due to the chain being so young, its been rewarding sofar.


Andrew (AMA HOST):

Yeah, I can see how theremust have been some difficulties in building something new on a chainso young but the reward is that you guys are contributing massivelyto an ecosystem that may one day be the future of financing !


5. When developing thisproject, why did you feel there was a need for the native

token $TULIPand how does having this token benefit your users?


Senx:

A governance token isneeded for any platform to move towards decentralization. The tokenincentivizes user participation and provides them ownership in theprotocol (in the future). Possibilities in the future can bedictating revenue share or protocol fee % etc. Some other ideasinclude staking to get access to certain benefits on the protocol ie.discounted fees etc. From my chats with Solana Foundation, onchaingovernance is being built at the moment so we look forward to seeinghow that pans out and adapting it to our protocol


Andrew (AMA HOST):

Exciting stuff, and evenmore exciting for our viewers today... the give away will actually bein the form of your native toke $TULIP🤩


Senx:

🌷


Andrew (AMA HOST):

6. I noticed that inthe “docs” portion of your website, you stated that “allRaydium vaults are supported with the following SolFarm Compounder v1strategy”. Could you explain more about this compound strategy?


Senx:

The current compoundingstrategy is relatively simple, it just sells enough rewards tobalance out and then add to LP. The reason people would want to usethis is because the vault does this every hour, 24/7. This removesany human effort and streamlines the user experience. You can justdeposit and step away and the protocol does all the hard work.


Andrew (AMA HOST):

hahaha everyone does lovemoney making more money for them. Especially if we can just walk awayfrom it !


7. How will yourupcoming v2 strategy improve on the v1 compounder strategy?


Senx:

Unfortunately, I can'ttalk about future development plans just yet. I would say stay tunedfor our next update as it's quite an exciting one in my opinion.


Andrew (AMA HOST):

How exciting


Now more on a seriousnote...


8. With a lot ofmistrust surrounding new projects today, how can you ensure users

that your project is atrustworthy project?


Senx:

Understandable as our teamis anon. We've taken a few steps to build up our reputation. We'vereceived a Solana Foundation Grant and some of our team members aredoxxed to them, this was announced on twitter. We're also on thewaitlist for a formal audit with Kudelski through the foundation'srecommendation, though the waitlist is quite long. In the meantime,Solana Core contributors and their peers are conducting a peer reviewwhen they have the time to spare. We are also discussing partnershipswith notable projects in the space, so once those are done I'm sureusers will feel more confident in using our product.


Andrew (AMA HOST):

Yes, I agree it is veryimportant to feel confident before investing


9. There was a recentattempted DDos attack on your project. What did your team

do to mitigate thedamages and what measures will you take in ensuring the

security of user'sfunds?


Senx:

Note the DDoS was on thefrontend/RPC servers. These types of attacks never resulted nor couldit result in user funds being affected. We've optimized our webserver configs, increased vps sizes and optimized our cloudflaresettings. Any keys that can have an impact are kept in cold storageand multisig.


Andrew (AMA HOST):

That is great to hear, sousers should feel confident that you and your team have taken theproper security measures for protecting those who are invested onyour platform?


Senx:

That's correct, we takesecurity quite seriously


Andrew (AMA HOST):

Wonderful.


10. With your projectcurrently in the Beta phase, when do you plan on launching the fullcapabilities of SolFarm?


Senx:

Our beta testing actuallyended when we launched the token. We're currently working on ourSolana Hackathon entry which will also be our next feature update.This is  the same major feature mentioned in #7


Andrew (AMA HOST):

Exciting stuff!


11. Do you have anapproximate date on when users should expect the update?


Senx:

We're currently runningtests and the Hackathon ends in a bit under 2 weeks, so that's aroundthe timeframe we're targeting, give or take a week.


Andrew (AMA HOST):

Okay awesome so thatconcludes my questions... So now these next questions were pulledfrom twitter and they are the winners of the give away as well !


@mrjamal92asks: Covid-19 has hada bad impact in almost every sector. So, as a

crypto project, how didit affect you? How have you and your team adapted to

work during thepandemic?


Senx:

Haha, well for this one,our team has always worked/collaborated online, so this did notaffect us.


Andrew (AMA HOST):

haha nice.


@mama25moasks: According to theroadmap of SolFarm, there is a Zap Feature.

Could you explain whatit means and how does it work?


Senx:

So we actually were goingto develop this as part of quality of life improvements after welaunched but decided to prioritize the hackathon entry. Down theroad, we're looking to include a zap function which just means, youcan provide one side of the liquidity and our protocol will trade therequired amount into the necessary parts for the LP pair. This makesit easier for users to have a one-touch process on our platformrather than having to navigate to Raydium first.


Andrew (AMA HOST):

Okay, great.


Next, @javierhvfasks: Are you planningto introduce the token on other exchanges?


Senx:

Not at the moment, focusedon building out features and making the protocol better first. We'veadded some liquidity on Raydium to make it a bit easier for users totrade in/out of $TULIP

Andrew (AMA HOST):

Okay and last question!


@baykusbirligiasks: People like to invest in the projectswhich they believe in and more importantly where they feel like in afamily. Community connections have a key role nowadays for asuccessful project. My question is, what are Solfarm Team’s plansto create a core community?


Senx:

We believe in the concept"Build it and they will come". So far this has proven to betrue as we generally sit around 3rd in TVL on Solana with a healthycommunity on twitter and Discord. As we move to more value accrualfor the $TULIPtoken, we believe that the community will feel a strong sense ofownership and participation in helping to grow the protocol as webuild on some of their feedback as well.


Andrew (AMA HOST):

That is awesome!


Well thank you so much forjoining us today, it was a pleasure hosting you and SolFarm. Congratson everything you guys have accomplished and looking forward toseeing more developments in the future 😁👍


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