Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Gene.finance on November 04, 2020. This guest star Oliver, Senior Business Analyst. If you were unable to join the live AMA, no worries, here comes our 85th AMA recap!
We are glad to meet here:
Oliver, Senior Business Analyst
For taking your time out from busy schedule for the AMA!
Q1: Can you introduce yourself to the community? What is your background and how did you join Gene Finance?
Hi, my name is Oliver. I have studied Finance and Economics. I have joined Gene Finance because I believe there is still a lot of work to do to bridge DeFi ecosystems across different blockchains and because I hope we can further improve the user experience of our users by providing unique products across blockchain ecosystems.
Q2: Can you briefly describe what is Gene Finance?
Sure, Gene Finance is a DeFi protocol leveraging public blockchain technology to further advance financial inclusion and innovation. The protocol is Blockchain agnostic. While we are currently developing on Ethereum, we are very well aware of its limitations and are actively working with other public blockchains as well.
We are starting our DeFi project building a swap product. However, we have much larger ambitions. We will allow our customers to trade with leverage once we integrate our borrowing and lending platform. We also intend to integrate our automated market maker with an upcoming decentralized exchange so that our decentralized exchange benefits from adequate depth at launch and traders can develop strategies without being concerned about liquidity issues.
Q3: What companies/projects do you see as competitors, and how does Gene Finance stand out compared to them?
Uniswap, Sushiswap, Burgerswap, essentially, any swap exchange product could be considered a competitor to Gene Finance. However, the ecosystem and product we are currently building is so different and unique that we believe there are actually very few competitors to the ecosystem we are building. Gene Finance is a one-stop-shop DeFi project, which will allow investors to benefit from all DeFi innovations across the most innovative public blockchain ecosystems. Our core advantage over other DeFi projects is that we are building an entire ecosystem around the GENE token so that our customers can save considerable resources in gas and transaction fees. For instance, our customers only need to stake their GENE token once to influence the governance of the entire ecosystem and we have set up a snapshot page so that they do not need to spend gas fee.
Q4. What is the use-case of the Gene Finance?
As I mentioned before, Gene Finance is a one-stop-shop DeFi project. This means there will be many use cases for Gene Finance including a Swap, a money markets protocol, a DEX and, of course NFTs.
Gene’s Swap will be used to facilitate the transfer of value on-chain and across chains. We will initially implement several versions of Gene Swap on various Blockchains (still to be determined) and unlock value on these Blockchains while ensuring a uniform user experience. Gene Money Markets is a lending and borrowing protocol for traders who would like to enhance their trading returns using leverage. Gene Finance decentralized exchange will be a core element of the ecosystem. Due to our deep experience in digital asset management, we have designed a platform, which will feel familiar to traders on centralized digital asset exchanges while being safer as traders own their digital assets on-chain. There will be so much going on and we hope the community is excited about what is to come in the next few months!
Q5. What are the major milestones Gene Finance achieved so far & what are in future pipeline?
Our first major milestone is to have completed the tests of our cross-chain asset transfers feature. We will also have many exciting news for the community such as the release of our official white paper in the next few months. More specifically, here is our tentative plan for 2020 and 2021. In December 2020, we hope to launch our swap, money markets and decentralized exchange. In January 2021, we intend to launch our NFT platform. In February 2021, the plan is to launch our cross-chain token issuance platform. Finally, for the rest of 2021, the plan is to keep working on enhancing the platform by introducing exotic financial products such as derivatives and insurance products. We have a lot coming up but as usual, there might be delays here and there. We will not compromise our customers security to launch a product quickly.
Q1.What is Gene Finance most ambitious goal? Can you share with us any upcoming updates? What should the community be looking for?
I think the entire project is extremely ambitious and as I mentioned just now there is a lot to look forward in the next few months. I personally really look forward to see how all the products will fit together into one ecosystem. In addition, you can already participate in the GENE liquidity mining program through our gene.finance website. You will need a Metamask wallet to interact with the contract, which is the simplest and fastest way. You can participate by joining the staking pools to benefit from yield farming or by locking your Uniswap LP tokens to enjoy liquidity mining.
Please checkout our medium for more information and guides. genefinance.medium.com
Q2.I’m curious about the name #Gene Finance. Why did you choose this name? Can you explain to everyone the meaning behind of the name #Gene Finance?
Very good question! It is indeed a very unique name and we have given a lot of thought to it! In biology, genes are an integral part of DNA as they facilitate the coding of proteins core to the survival of all living species. Similar to real genes, the GENE token will be an integral part of Gene Finance as it will be used to build liquidity on our cross-chain swap exchange and ensure its long-term sustainability. Metaverse DNA is a high-performance public blockchain, which builds upon years of development in blockchain technology and aims to become a versatile cross-chain solution working with leaders from all blockchain ecosystems. We intend to use Metaverse DNA technology as a Layer 2 solution on top of Metaverse ETP and Ethereum as a stand-alone infrastructure to support many DeFi products.
Q3.Security issues are currently a headache for both investors and projects. So how will personal information and investors’ assets be protected by #Gene Finance? If there is hacked hacker Gene Finance will handle how?
First of all, the beauty of DeFi is that anyone can access the products because one only needs access to a wallet and a proper internet connection to access most products. We do not do KYC so we do not collect any personal information from our customers. In addition, we do not collect any information about the assets in your wallet. Our upmost priority is to offer secure products to our customers and we will not compromise on security for futile reasons. Our code is available on GitHub (https://github.com/genefinance) and can be accessed and audited by any user. We are constantly testing and improving for the safety of the community. We understand the trust the community puts into our project and as a result, will make sure our Smart Contracts are properly audited. We worked with Knownsec, a well-known security company backed by Tencent that has provided security services to over 100 blockchain enterprises and government agencies including Bitmain, Huobi, Google, Microsoft, Tencent, Alibaba, and a number of other cutting-edge tech companies.
We wanted to ensure the security of our users; to avoid the mistakes of other projects that happened early this year.
We made the security audit report public to ensure transparency, also, all of our contracts have been verified on etherscan so anyone can go ahead and read them, we’re not hiding anything. If anyone is interested, they can find the report in the link below.
Q4.Is there a limit to how many active miners can be accommodated on the Gene Finance platform? and how can you be sure that the GENE price will remain intact and stable?
This is again a very good question! There is no maximum number of miners, everyone can be a miner starting right now.
Anyone can participate by acquiring the tokens on Uniswap to participate in the staking pools or LP tokens pools.
We just went through our first community governance voting that resulted in the addition of a new liquidity pool added yesterday, which is another additional way to participate in the farming/staking process.
We can never guarantee a fixed price to our customers or investors. However, we can guarantee our community that we are working extremely hard to ensure the proper development of the platform and ensure maximum utility to token holders. We are also considering buybacks as a means to provide some sort of price floor to our investors.
Q5.Is there only one pool for Farming in Gene Finance? Can you only add liquidity to the Gene/USDT pair? Will it be possible to add other stablecoins in the future?
That is my favorite question!! There are currently 9 farms and saving pools eligible for farming GENE rewards including: GENE/USDT Taotie, AXIS/ETH Moose, DNA/USDT Dragon, ETP/USDT Dog, GENE Tiger, DNA Bull, ETP Deer, DLP Panda, and MX Elephant. To answer more precisely to your question, you can also add liquidity to other pairs such as the recently added AXIS/ETH, DNA/USDT, and ETP/USDT pools.
We invite the community to propose new pool for listing in our Discord Channel (http://discord.gg/xCs7Ehy) and debate about why these pools should be added. I hope you enjoy the experience of staking and providing liquidity on our platform and I hope to hear a lot of feedback from the Indonesian Community.
Q1.Southeast Asia is a very vibrant market and many project developed here so with your project what do you think about Southeast Asia and do you have any plan to develop here?
We do understand that South East Asia and Indonesia are very important markets. For this reason, we have deployed great community managers in these regions and we have dedicated support in most South East Asian languages in our Discord! Unfortunately, because of COVID, we cannot go in person but we are confident in the ability of our community manager to do great work to support the project and the wider community in enjoying our services!
Q2.How does Gene plan on getting the word out about the project to the community and implement real world case use?
We hope to continue to do these kinds of AMA and answer as many questions of our community on Social Media. We will also spend a lot of time developing products in the next few months, which means that we will spend a lot of time working with coders and making sure the products we build are easy to use and allow anybody to enjoy the latest innovations in DeFi.
Q3.Is Gene Finance fully decentralized? How do you avoid being centralized futher?
As of right now, the DeFi industry is all “centralized” in the ethereum network. As we’ve shown already, we are bridging tokens from different blockchains to give people more options. We believe the DeFi ecosystem needs to adapt to the restrictions of the Ethereum network and that’s why we are working on different ecosystems to bring the best of the Blockchain space to the DeFi ecosystem. We must also take into consideration that the DeFi boom occured this year, before, they were only about 800 million USD worth participating, currently, that figure is approaching 3 billion and growing. What we want to do, is be a part of this, and give you -the users- a choice to participate following new, good projects that you personally support.
Q4.Is Gene created only for farming or will there be a nft relationship?
The next steps for gene.finance includes NFT’s and liquidity migration. Gene.finance aims to become an entire Defi ecosystem. NFTs are an important aspect of DeFi and a good feature of ETH. We are currently working on the NFTs for the near future, and I give out too many details in the early stages. What we want to do is give special ‘rights’ to people who hold NFTs, such as having more rewards and being able to claim special bonuses not available for other people.
Thank you so much for the HUGE Welcome and all of the GREAT questions from the Indonesian Community! You are one of the best communities I have ever interacted with!
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