This is a recap of the AMA (Ask Me Anything) with ShibaNovaDEX that took place on September 19, 2021.
Speakers: QueenOfDegens & Pls_call_me_miss
Guests: Don Function, MAD Feli, ROLLER4LIFE
“Gangster Finance is a project I created and started earlier this year (2021), in an effort to create a platform of smart contracts and applications which I felt I could trust. I started to invite a few trusted colleagues from around the crypto space to join me, and we decided to make a real effort into building the platform out.”
- Don Function
Don Function: I am Don Function — The Godfather, Lead Developer and (I guess) Co-Founder of the project. I’ve been into crypto and development since 2018, starting with NANO and other chains like that.
We have MAD Feli — he’s one of the Consiglieres to the project
ROLLER4LIFE , another Consigliere (we don’t really care much for proper “structure of power” — we all sorta work as equals but I’m the boss 😅)
We have CryptoBuddy (our resident YouTuber), Michal, Bankroller, DabsGalore and CryptoKnightsIbi, our resident experts too and as an honorary OG member, KingCozz, of SideKick Finance! 🔥
Question and Answer Portion with the Queens
Question #1: Can you explain how this unique tokenomics work and why should DeFi investors get excited about this technology?
Answer: ERC-31337 tokenomics and tech was created by RootKit Finance Devs and ProfessorKronos — such tech has been demonstrated with projects like ROOT, upBNB, upTether and SideKick Finance — the main attractive qualities of it are the re-usable locked liquidity, anti-dump mechanisms and fee-sharing distribution model for those who stake the rooted token. The token and its surrounding ecosystem are engineered with strong hands and long-term HODLing in mind, rewarding those who prove such qualities.
We’re choosing to use it, because we’ve studied the code and its potential to have some really powerful applications and contracts built on top of it, also! DeFi investors need to at least learn about how ERC-31337 works — it’s a great new technology and it’s a breath of fresh air from anything else!
Question #2: Do you have any plans for more education or educational materials in anticipation of a steeper learning curve with your community?
Answer: Absolutely — we certainly intend to create some awesome educational material to help everyone learn about this new technology — our implementation of it in our GFI token has some custom intricacies which people will certainly find different to other applications out there — but in general, as said — ERC-31337 is a new technology, so education about it and how it works for the community is paramount to solid adoption.
Question #3: So going back to more recent developments — you have your Market Generation Event now — can speak about this — why should people invest in your project at this junction? What comes next after a successful MGE?
Answer: Yes, so at present we’re running an “MGE” or “Market Generation Event”. This is simply a seven-day event where anyone can contribute BNB to a contract, which upon event conclusion handles complete setup of the 31337 token, its contracts, and the other essential components an Elite Token requires.
Once the event is finished, we tell the Market Distribution contract to send out everyone’s GFI tokens, and then the fun really begins!
We’re actually really excited to see what happens, because two things happen:
1. Staking of GFI into xGFI becomes possible, and
2. GFI Token lists on ShibaNova DEX!
While everyone gathers their tokens into their wallets, stakes them, swaps them (and yes, we certainly do anticipate there to be initial trade volume), the Gangster Finance team will be full steam ahead for creating new smart contracts which emphasize the idea of users coming to our platform for savings and high-yield gain.
Question #4: What would you say has been the most challenging part about your project? What are you most looking forward to in your road map?
Answer: The most challenging part would easily have to be creating the website and learning all that I have, to build the platform — there’s a lot of stuff that I’ve had to upskill in. I had to build it all from the ground up, too — Initially, the project started under an alternate name with just @ibirawlife — we started to invite some friends, and decided to make a real go of it.
The part I’m looking forward to the most is when I can finally start just coding more and more and more things, to build upon GFI!
Question 5: Why do you think the partnership with ShibaNova and Gangster Finance makes sense? How can we best support your growth as a partner?
Answer: We found ShibaNova by @Mad_Feli_Sidekick4life — he just would not stop talking about this crazy new DEX he’d found — eventually, I decided to check it out — and very quickly did Gangster Finance team learn of ShibaNova’s values and intentions within the space — WE WANT IN!
The way you guys share fees, the awesome development, the vibrant community, it directly matched what we want with what we are trying to build.
A synergistic partnership like this where we work together in the same space is one that will benefit both projects, infinite times! At the moment, Gangster Finance really needs all the help it can get, to list on coin ranking sites, to spread the word about the MGE and GFI Token in general, and of course, we need people to get involved with the MGE! I’ll take the opportunity again to remind people, the starting price and value of GFI is directly affected by the amount of BNB raised in the MGE — so, the more the better!
Questions from the ShibaNova Community
Question #1: It’s easy to make a token but it’s really hard to make this token valuable? So what’s your strategy to make your token more valuable and what’s your plan to maintain token price and supply?
Answer: We’re running a Market Generation Event right now (3 days and 23 hours 15 minutes remaining!) which raises BNB to put into re-usable locked liquidity (one of the discussed advantages of ERC-31337 technology) — The main strategy is to use the technology we’ve deployed — the anti-dump tax, token buybacks, and even developing future contracts in the Gangster Finance ecosystem which interact with the token.
Question #2: Once we’ve added BNB to the MGE, will peoply have to manually do anything once GFI launches? Or will it be set and forget type automatic?
A: Yes — We’ll call the Finish Event function, and the ‘contribute’ and ‘copy link’ buttons will turn into two CLAIM buttons — one for your GFI tokens from contributions, and one for your GFI rewards from referrals 🔥
Question #3: What role is sidekick finance playing in the affairs of Gangster Finance? Are they acting as an incubator?
A: SideKick Finance and their developers have helped Gangster Finance extensively in the learning of and adaptation of ERC-31337 technology — we saw the tremendous success they achieved with their $SK token and that was a large part of what helped us to decide we wanted to use that technology, too. They’re our first official partner, and KingCozz and I are working together to create tighter integrations to solidify that partnership, also.
Question #4: Could you please provide some progress on your Roadmap and what results Collateral has achieved so far ? And any sneak peek into 2021 plans for your Project?
A: Here’s something really special for ShibaNova Community — we’re going to share about our next Vault design! The ShibaNova community are an EXCLUSIVE FIRST KNOWLEDGE of that design!
SCARFACE METHOD VAULT
- works just like an “OG Vault” (See OGX, SK, WBNB, BUSD, BTCB vaults)
- Drip pool can lend funds to a protocol of zero-loss, to earn interest (INDEPENDENCE FROM USER DEPOSITS!!!!)
- Deposit any token in
- Get GFI when withdrawing out
- Vault based on a stablecoin
This vault will basically allow for super amounts of value in any token to be transferred into stablecoin, then on exit of the vault, creates continuous upwards buying pressure on GFI!
Question #5: Hey Gangsters, Would you mind taking the time to explain how your two-token system works, and how gangster cards are factored into that also please? The cards can be upgraded, and traded, too, right? Awesome project and community. Lovely to have you here Gs!
A: Gladly! So we already have a token out there with a little over 5 million total supply called “OGX” — think of it like the equivalent of how CAKE works — it’s an infinitely mintable token which people earn for participating in our vaults. Key differences are, our vaults are single-asset (not LP pools), and distribution of OGX occurs on deposit and compound of earnings.
GangsterCard NFT is a non-tradable loyalty card at present — for now, it’s an existence placeholder and a starting point of idea exploration — we’re looking at a few ways to build OGX and GFI into the the use of NFTs!
GFI is a limited-supply token with several orders of magnitude higher-grade tokenomics than OGX — it has a different purpose. Ultimately, the three utilities are designed to be used together within the Gangster Finance ecosystem by anyone who chooses to — what matters is, they use those utilities in a way that suits them!