Recap of AMA with CryptoKudasaiJP
This is a recap of the AMA (Ask Me Anything) with ShibaNovaDEX that took place on 9/7/2021.
ShivaNovaDEX is an AMM project on the BSC chain that receives daily dividends.
The main feature of the project is that 75% of the swap fees in dApps are returned to the token holders, and in addition, by farming one of their tokens, sNOVA, BUSD and BNB can be received as dividends.
Overview of AMA
Speakers: Jess, Miss, Cris (from ShibaNovaDEX)
Moderator: Supramoon (https://twitter.com/IKAmoon_BTC)
Translation: Yakitori Soucho (https://twitter.com/yakitoribit)
Date: 9/7/2021 13:00(UTC)
Venue: CryptoKudasaiJP Telegram Group(https://t.me/uniswapperjapan)
Q：Can you please introduce yourself and your background, also introduce the team working on ShibaNovadex?
Hi everyone, thank you again for having us! My name is Miss - my background has been in organizational leadership and performance management, working with Fortune 1000 as well as Cyber-Security and Fintech start ups on the corporate side for over 15 years.
My expertise is in building high-level and top-performing teams and organizations. My involvement with crypto started in 2017-2018 as an investor and I quickly fell in love with the space. I've been investing and studying it since then.
In researching projects, I've been a huge supporter of DeFi and wanted to find ways to get involved in projects as I believe I can bring my expertise into the crypto world. I was fortunate enough to meet Jessie through the Jessie DeFi Telegram channel and we immediately clicked. With the unfortunate turn of events with Uranium, our community at first was devastated but ultimately, we decided the proactive thing to do was to try to put together a project of our own based on Uranium. And thus, ShibaNova was born.
Our team is amazing - we are a team of 13 individuals, who have all come together to bring our expertise into the project. We have our talented devs, we have our marketing gurus, we have expert community managers, we have top-level designers and content creators - all of which has really lent itself to putting together an amazing project! It's great to see that our team really does put the project first - we all collaborate well together, everyone is always ready to lend a hand. When you have a good team, even the hard things = like launching a DeFi project - it becomes pretty darn easy.
Well do I really need any introduction at all, I’m 'Queen of Degens' don’t you know laughing seriously though you can call me Jess. I’m relatively new to crypto having bought my first BTC and ETH a little more than a year ago. That said I’ve been interested in crypto since the beginning of bitcoin, and still kicking myself I didn’t buy that $100 worth in the early days!
Moreover I really love the work of the cypherpunks, their original vision of creating a system of trade and verifiable cryptographic communication that is completely decentralised thus taking the power away from the elite and bringing it back to the people.
True democracy rather than rule by privilege and plutocracy which is in truth the system we are governed by currently, a grim charade of democracy at best, now truly, a system which I believe is completely broken!
I have been 'full time' investing in crypto and defi in particular since the beginning of this year, I literally spend all of my time, investing, researching, and learning about defi - and when I'm not going that I love to hang out with my degen family in TG and especially in my @jessiedefi community group which is really what brought us all together as a team initially.
I have a shall we say 'colorful' background. I lived my early adulthood on the road as a traveler and was quite involved with the early rave scene (yes I'm that old - dinosaur lol) I then settled down for about a decade, went back to school, got a degree in youth work and worked for children services progressing in my career to management and project development positions.
I then realised a few years ago that I hated my employer, although I loved my work with young people. So one thing led to another and I moved back on the road and built my own free party sound system, I've been organising free raves for these past few years which for me is as much a political statement and mission to wake up the new generations to the lies and deceit of the establishment.
Just like the cypherpunks I am a true anarchist! flag_blackblack_heart BTW I was invested in uranium and really loved their concept, personally I ended up losing over $300k ouch!
Q: so the Shibanova project is the fork of Uranium
Yes that's right, we have some exciting additions, and of course the code is cleaned and without exploits + 2 full audits already compete and Peckshield almost competed any day now
And we’re also addressing some of the other issues that we found being investors of Uranium including adding novel ways to keep people invested long term :)
The majority of our team lost funds in this hack and thats why we decided to create ShibaNova because we all loved the original ideas and thought we could put security first and create something amazing from the ashes and become a phoenix even stronger and more impressive
Q: Can you introduce Shibanovadex, what problems does it solve that existing solutions are not solving and what's the competitive advantage?
We consider ShibaNova as the next evolution of DeFi DEX, AMM, and Yield Farming protocols - we are DeFi 2.0 Most new projects tend to have a huge buzz around it in the beginning - and during launch, the price of their token (expectedly) goes way up only to come crashing down because the sell pressure from early investors pushes the price down until it's close to zero.
All projects have gone through this boom and bust cycle - DeFi investors very rarely stay in projects long-term. ShibaNova solves this problem by creating shareholders instead of just liquidity providers. When you provide liquidity for our project through our NOVA/BNB and NOVA/BUSD pairs, you are rewarded with our dividend token, sNOVA.
Holding sNOVAs entitles our shareholders to receive daily dividends paid out in BNB and BUSD, in proportion to the number of sNOVAs they hold. The dividends are paid out through our Money Pot, which holds and distributes 75% of all swap fees in our dApp. Our shareholders are literally getting paid out in every block!
At the end of the day, DeFI investors don't want to constantly be moving their money around - it's too much work! We want to reward our shareholders for staying in our project by literally giving them the lion's share of the profits. Additionally, we want to drive adoption through our shareholders because by using our DEX and AMM, they are literally increasing the funds collected in the Money pot that will be distributed back to their wallets.
The more successful the DEX and AMM are, the bigger our Money Pots will be and the higher the dividends will be for our shareholders. We are creating a win-win situation for everyone - and ensuring that our project continues to grow long term, instead of becoming just another flash-in-the-pan farm.
Q: distributes 75% of all swap fees!? That's amazing!
Yes we think so too, and these fees really add up you know when you look at the bigger DEX's that we plan to compete with plus we are cheaper for swaps than pancakeswap 😉
This also ensures a high visibility to DEX aggregators like 1inch when they are filling orders 😉
ShibaNovaDEX = .2% swap fees 🤗
We really believe in rewarding our early supporters and community for their loyalty, by holding sNOVA you get rewarded in BNB and BUSD for as long as you hold it and thus keep liquidity in our AMM/DEX
Q: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
Really putting together our team has been it's own achievement! The beauty of having a bigger team is that we are able to tackle big parts of the project simultaneously.
For our Dev Team: Along with securing our smart contracts and code, our Dev and Design teams are building an entirely new UI from scratch. We are very excited to unveil that design when we launch. Additionally, our dev team built our own presale dApp - and both our 2 rounds of presales have gone off seamlessly, so much kudos to our team!
For our Marketing Team: We have put together our Social Media and Marketing campaigns in full force, starting with our engaged Telegram and Twitter communities - we currently have just about 3,000 in our Telegram and over 6,500 in Twitter - all before we be launched. We’re kicking up our AMA series, starting with the Japanese community this week and the Chinese community next week.
For our BOD: We have negotiated partnerships with our auditors - we would have 2 audits completed by CTDSEC and EtherAuthority. We are waiting any day now to complete our audit with PeckShield! We are also negotiating partnerships with DEX aggregators like 1Inch - we are hoping to establish these partnerships soon after we launch.
As for our roadmap, we are nearing the end of our presale. Once we receive our 3rd audit from PeckShield and get the greenlight from our Dev Team, we will launch ShibaNova! Soon thereafter, we are opening up our farms.
Long term, we are exploring incorporating NFT's and potentially a novel lottery as well as expanding outside of BSC, creating a bridge to other chains like Polygon, Avalanche, Cardano, etc. and truly becoming a multi-chain DeFi project. These are all in our mid-to-long term plans, by Q3 and Q4 in 2021.
Plus we have an exciting milestone that we have been saving to announce here in this ama by way of thank you all for being such a great community and so supportive - that was the announcement of the announcement haha
Q: Can you give an overview of your Tokenomics and the utility?
ShibaNova is a project that rewards early investors by making them our shareholders instead of just liquidity providers.
75% of the revenues from swap fees on our DApp will be allocated towards daily dividend rewards in the Money Pot - shareholders will be able to harvest BNB and BUSD Daily.
Our native token is called Nova. Our investors/shareholders provide liquidity by pairing it with BUSD or BNB. By providing liquidity with either the NOVA-BNB or NOVA-BUSD pairs, you will be rewarded with sNova, our reward token.
By holding sNova, you will be able to claim your share of daily BNB and BUSD through our Money Pot. This is one of the best ways to realize true passive income
Q: rewards in BNB and BUSD!? I though it was in your project token (NOVA)and Daily....great
Aha yes - so you can stake NOVA in single pool and earn NOVA, our you can create liquidity pairs with non native for example BNB/BUSD and earn NOVA - however if you provide liquidity with NOVA/BUSD or NOVA/BNB then you are rewarded with our very special governance token sNOVA
You can also convert you SNova to Nova if you want. But who would do that!
You can only swap sNOVA for NOVA - each time you swap the sNOVA you were holding gets burnt and this then increases the amount of rewards everyone who is still holding sNOVA gets
And if we achieve trading volume of even a fraction of the top DEX's errrm like pcs this means a lot of fees generated and you get paid out for as long as you hold sNOVA forever ~!✨
we have some new tricks up our sleeves as well to encourage people to hold NOVA too - but I'm not allowed to talk about that now else the team will kill me 🤣🤣🤣
Q: You love to talk!
Yeah, we have a legal team that is mainly focused on keeping me quiet jajajajajajajaja kek
Q: What is the total supply the token?
We are initially minting a total of 100,000 tokens - we are selling 80,000 NOVAs at our 2 rounds of presales. Then we are providing initial liquidity for our NOVA and BNB and BUSD pairs at launch.
then we will remain at 1% because we do ofc need to reward liquidity providers that don't want to hold sNOVA aka whales that just want to park their funds and accrue good apr in a safe platform
then we will remain at 1% because we do ofc need to reward liquidity providers that don't want to hold sNOVA aka whales that just want to park their funds and accrue good apr in a safe platform
There is also a 2% burn for every nova transaction. This measure is to keep inflation under control.
Whilst other projects actively discourage whales we do actually like them because although of course to begin with the focus is on yield farming or real goal is to become a viable DEX
Q: Will the smart contracts be open-sourced?
Yes it will be - it will be available through our GitHub.
We believe in transparency and accountability these are our core values
Which feed into our narrative of what we call DEFI 2.0
Q: There have been many incidents of hacks recently. How are you handling security?
Security is paramount to ShibaNova! We take security very seriously! We already have 2 completed audits and waiting for our longer-term audit from PeckShield before we launch.
Most DeFi projects don’t even launch with 1 completed audit, let alone 3! We want to set the standard across DeFi to make sure that we will do everything we can to safeguard our project.
This is DeFi 2.0 - better SAFU than sorry! We are trying to do everything right for our community!
Additionally, we are exploring partnerships with Blockchain insurance protocols like Soteria, LossLess, or InsurAce for after we launch. We will do anything that we can to make sure our investors are protected!
We have other assurances for our beloved community too to give you security and peace of mind in us as a team - one example of this is that we use a multi signature wallet which requires 3 out of 5 board members to sign off on to make any changes to the contracts, our multi signature wallet will be the owner of the timelock and the timelock owns master sol
Plus the thing that I’m going to announce here soon
Q: There are many competitors in the field. How do you plan to compete with them?
We really aren’t in competition with anyone, as far as we can see. What we are aiming to do is to be as secure as we can be and provide a successful platform for our investors. We also want to continuously engage our community and let them be part of the decision-making process of how to grow ShibaNova. Our other long-term vision is to create a DAO - and we will continue to move towards this goal.
Apart from that, we want to consistently give our investors a reason to want to stay with our project and grow their investments over time! 75% of the fees collected in our dApp goes back to our investors through our daily sNOVA dividends. At the end of the day, we want to give our investors daily dividends to keep them invested long-term and we want to continue to attract like-minded investors who see great potential with our project! To us, these are the most important things. If we build a strong project, the investors will come!
We see ourselves as another Lego block in the building of DEFI on its journey to mainstream adoption, we hope that by modelling ourselves as DEFI 2.0 we will encourage other DEFI projects to follow suit and thus clean up the jungle that is currently DEFI at this time
In short we wish to provide a safe place for new investors and old, to participate in the gold rush that is DEFI right now 😉
Q: What are the criteria to be added to the Vault pairs?
We will begin with the blue chip flagships, ADA, DOT, KSM, ETH, LINK, etc
We are still deciding which pairs to offer. We’re very cognizant of the most traded pairs for DEXs and we want to make sure we are offering the most needed ones in the market! We need to create volume to grow ShibaNova!
Q: Do you have any news/updates about Shibanova that you would like to share with us?
We are excited to announce that our KYC via @AssureDefi has been APPROVED ✨
We are committed to the safety & security of our investors and we believe this to be a hugely positive step for the community & ShibaNova.
Assure is a platform focused on bringing a suite of unbiased informational resources to DeFi start-ups.
Their offerings include compliant KYC services, Optix Audits & Due Diligence Reports all designed to help prepare projects for success and to help build investor confidence and relations.
To view our KYC compliance NFT:
Assure Socials ✨
We are going to tell assured to announce now, but we wanted to save this announcement for you guys first to say thank you for being such an awesome addition to our rapidly growing ShibaNova family 🥰😍
QueenofDe͆̔͐͘ ̡̻̥͕͚̗̻̩̘̼̠͈̖̇̀̽̀̋̇͌͌̀̾̄̃͢͟͜͡ͅͅgens[ShibaNovaDEX], [Jul 9, 2021 23:32:40]:
We want our community to feel secure and trust that our team is legitimate and this not anonymous so we will not be running away with your hard earned funds 🤗
Because that would be suicide as we are fully doxed with assured finance 🤗
And thus easy for law enforcement to find us if we ever did do the dirty (which we definitely won't!)
DeFi 2.0 =
DeFi is considered the Wild West of Crypto. And really there hasn’t been anyone policing the space. And there aren’t real clear metrics in place to gauge a good project vs a project that will rug. So the idea is that we’re a different kind of project. We are subjecting our code to as much scrutiny as possible. If the entire DeFi space actually adopted these SAFU protocols, DeFi will be a much safer space. We are trying to redefine the space. DeFi 2.0 - we are creating best practices in the space for projects to follow.
Question from Community
Q: I believe that the Japanese community is strong. Can you tell me your impression?
We love the support from the Japanese community! Yes the crypto community is very strong in Japan - we’re overwhelmed how involved everyone is! We are committed to the partnership long-term and we are looking for ways to reward our early investors :)
Q: Do you have a roadmap for Vaults and IDO plateforms?
No plans for vaults at the moment. Some vaults have been vulnerable to exploits so we want to make sure we can be secure first before adding anything to the dApp.
IDOs are really interesting because we’ve built such a great presale dApp that we can transition this feather quickly to host IDOs - so this could very well be in our future in the short term!
Q: Any plans in the future to offer not only user level insurance, but also exchange/Institutional level insurance? I'm sure a lot of crypto based companies would prefer to have their assets insured within the crypto sphere for ease & compliance.
Yes this is something we are looking into. We would like to ensure all funds are safe not only with audits of our code, but also with insurance. We have several options such as Certik shield for example.
Q: how will shibanova generate income and sustain , if market conditions are bad and in bear season ?
What we’ve found is that DeFi is very resilient during bearish markets. I think it’s because you’re not just looking to increase value with token price but also multiplying the number of tokens you have.
Consequently, when the market is bearish, you are still able to receive daily dividends for the long-term with ShibaNova. When you have a choice to go with a DEX that can pay you back or use another service, I guarantee our investors will choose our service.
Q: I was surprised to see a dividend of 75% of the revenue, but I found the global point that Shibanova members are excellent and market to countries around the world to be particularly attractive.
What was the most enthusiastic country in marketing? Also, is there anything you would like to give to the holders in that country?
Haha this is a great question and also feeds into many questions here regarding marketing.
We have an awesome marketing team as you can see in our telegram groups, 3k in our official chat and approaching 2k on our ANN channel which is fantastic as it indicates more than a fleeting interest, we are also approaching 7k followers on Twitter (we may have surpassed this by now actually) - our Japanese group started with one member reaching out to us to ask us if we had a Japanese TG group, so we worked with him to create one as we didn't have one but seeing as there was interest we thought this was a good idea.
That seems like an under statement now because just wow, you guys are truly lit and we are so honoured by your support and enthusiasm. So we shouldn't do favourites, but you guys inspired us to focus on building non English speaking communities around the world, do being our first and also being well over 1k membership I think I'd have to pick you guys.
Regarding rewarding our non English speaking communities, well we have allocated 10 presale spots specifically for the Japanese group to allocate. Remember that last Sunday we had 50 allocations up for grabs and had almost 1.5k individual community members trying to get them. So prelaunch we will definitely be working with other communities to reward them also 😍🥰
Message for Japanese Community
Thank you so much for having us here, it's been great to meet you all and regardless of whether you invest with us or not I hope this is the beginning of a great friendship.
Personally this is what I love about crypto (other than making money of course haha) that crypto breaks down boundaries and let's us all connect freely without interference from the hierachical institutions of the state control 🖤🏴
ShibaNova Social Link
Link tree: https://linktr.ee/shibanova
TGANN : t.me/ShibaNovaAnn
CryptoKudasaiJP is a Japanese Blockchain KOLs community and Investment group dedicated to helping mainly blockchain startups accelerate their growth and exposure in the industry. We have been helping projects penetrate into Japanese marketing.