Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Multiplier on November 10, 2020. This guest star D. R.Dudley,Marketing Director Of Multiplier. If you were unable to join the live AMA, no worries, here comes our 90th AMA recap!
We are glad to meet here:
D.R.Dudley, Marketing Director Of Multiplier
For taking your time out from busy schedule for the AMA!
Introduction Session
Q1.Can you tell us more about yourself and Multiplier?
Hello everyone, my name is Dudley and I’m the Marketing Director of Multiplier Finance.
Multiplier was established in early 2019 as a licensed crypto lender, we transitioned to DeFi and officially launched our first protocol on 9th September 2020.
We have also launched an AMM DEX and will soon launch our 3rd procotol on Binance Smart Chain, Multi-Chain (Lend)!
Missed out on Aave? Don’t miss out on Multi-Chain (Lend)! An Aave-fork on Binance Smart Chain.
Q2.What is Multi-Chain (Lend)?
Multiplier is in a joint collaboration with Bramah Systems to build a DeFi lending protocol similar to Aave, but on Binance Smart Chain.
Multi-Chain (Lend) allows users to lend and borrow crypto with variable and stable interest rates.
Main differences between us and Aave are increased revenue-sharing for token holders, lower rates for flash loans, and quicker transactions with lower gas fees due to the architecture of the Binance Smart Chain.
As it stands, Multi-Chain (Lend) will be the first to launch Flash Loans on Binance Smart Chain.
Maybe this medium article can help, https://multiplierfinance.medium.com/multi-chain-lend-by-multiplier-bramah-systems-bringing-flash-loans-to-binance-smart-chain-f9f780e7a584
Q3. How do flash loans work?
Flash loans require zero collateral. The flash loan is approved if it used and paid back in full within the same block it was issued.
However, if the loan is not paid back within the same block, the entire transaction fails and the user is only liable for gas fees incurred.
With gas fees of about 1 cent on Binance Smart Chain, this enables users to actively experiment with Multi-Chain (Lend) Flash Loans.
Q4. How will Multi-Chain (Lend) create utility for the native token?
The underlying native token for the Multi-Chain (Lend) platform is bMXX.
bMXX is a governance token which can be converted from MXX tokens.
Users who stake their bMXX tons in the governance pool will;
1. Right to govern the protocol
2. Earn a share of platform revenue in the various tokens (i.e BUSD, BNB)
3. Mint bMXX
More information regarding Multi-Chain (Lend) will be released soon in our upcoming Litepaper.
Q5. Sounds exciting. Now, can you tell us more about Multi-Minionaire? How does Multi-Minionaire work?
Multi-Minionaire is a Discord-based mini-game (https://discord.gg/cA3bsPX) that rewards community participants for learning about and sharing Multiplier’s upcoming launch on Binance Smart Chain, Multi-Chain (Lend).
Users will be able to start minting bMXX tokens before the launch!
All you need to do is complete 5 missions that can be found in our discord channel, and start earning bMXX rewards!
We shall be adding new missions! So make sure you join in the fun and start earning bMXX today!
Q6. How does Multi-Minionaire work?
All you need to do is complete the mission instructions in each of the #mission1 – #mission5 channels in our Discord (https://discord.gg/cA3bsPX).
Each mission you complete will give you one level. Once you reach 5 levels, you will win 10 bMXX tokens! Even before the official launch of Multi-Chain (Lend)!
Here’s an example of one of the missions:
1. Join our official Telegram Group (https://t.me/themultiplierio) and post a thoughtful question.
2. Post a screenshot of your question in Discord #Mission3.
It’s that simple. Join now!
Q7. What is the reason for Multi-Minionaire?
While Multi-Chain (Lend) is in development, we hope to incentivize the community to learn more about the platform features and what it has to offer.
Multi-Minionaire aims to build the community by allowing them to receive bMXX before the official launch.
For more mission details and rules of Multi-Minionaire, please refer to this medium post: https://multiplierfinance.medium.com/who-wants-to-be-a-multi-minionaire-f420e6d9b9c8
Q8. Please tell us more about the “Community Leadership Initiative”.
The Community Leadership Initiative is aimed towards recruiting individuals who are able to grow the community exponentially together with us.
Applicants who are interested in community management and marketing are encouraged to apply. If you have significant crypto followers, it will be highly advantageous as well!
Please email marketing@multiplier.finance with the relevant information and we will contact you if you are shortlisted.
Anybody can apply!
Q9. What are the rewards for the “Community Leadership Initiative”?
Basically, there are 3 levels:
– Multi-Leader
– Multi-Ambassador
– Multi-Governor
Each level will earn higher rewards.
Leaders will receive a $2,000 MXX monthly allowance.
Ambassadors $3,000 MXX monthly allowance.
Governors $4,000 MXX monthly allowance.
On top of that, each level qualifies for their own rewards pool. The rewards pool is based on the total community rewards from the Multi-Minionaire program.
Example: If the community receives 100,000 USD in BMXX, the Leaders will share 10% of that in the Leaders Rewards Pool.
Leaders Rewards Pool = 10% of community rewards
Ambassador Rewards Pool = 15% of community rewards
Governor Rewards Pool = 20% of community rewards
Governors also receive 1% foundation allocation which is about 70,000 bMXX!
Multiplier current reward programs give community users 10 bMXX guaranteed! and community leaders earn a share of the community rewards on top of the monthly allowance of up to $4000.
We also have weekly AMAs in our channel, so do join our community today! @themultiplierio
Twitter Session
Q1.some Platforms offer Fairly large INCENTIVES to the community, so can you tell Us How Much Incentives does Multiplier offer to the community? And Does the team have a plan to burn / buy back tokens to increase the token value?
In our previous official launch, Multiplier gave away 88 USDT to 88 lucky winners in our AMA.
Currently, we are giving away 10 bMXX guaranteed, to all users who complete 5 simple missions from the Multi-Minionaire program. Community leaders will also have a share of the community bMXX rewards, on top of their monthly allowance of up to $4,000.
Multiplier burns MXX for every SSB contract created and redeemed early.
Also, we had just burned the team’s first MXX allocation of about 200 million MXX tokens (around 2 million US dollars).
This was done to strengthen the confidence of our community and strengthen the position of the Multiplier ecosystem as we focus on the upcoming grand launch: Multi-Chain (Lend) protocol.
More details can be found here:
https://multiplierfinance.medium.com/multiplier-pledges-to-burn-team-allocation-of-205-million-mxx-c862f8ff0816
Q2.What benefits do Simplified Stable Bonds (SSB) contracts offer investors? Can you explain to us briefly what SSB consist of?
Our first protocol – SSB, was audited by leading cybersecurity expert CertiK.
SSB allows users to mint MXX tokens by depositing their collateral. The collateral can be redeemed and returned to the user at any time.
SSB contracts give a stable yield of up to 1000% APY, this means that there is no fluctuation in the yield. And other benefits include low gas fees (as we optimized codes), and no liquidation risk (no impermanent loss or collateral liquidation, 100% of collateral will be returned).
Some may wonder how this is possible, where is the utilization? Well, SSB is the distribution phase of MXX tokens where we “give away” MXX tokens in exchange for liquidity, to grow and form a vibrant community.
The next stage is the “utilization stage”, which is the Multi-Chain (Lend) platform on Binance Smart Chain. Users who stake their bMXX tokens (which can be converted from MXX) into the governance pools will receive a share of platform revenue (loan origination and flash loan fees) as well as bMXX tokens.
For more information on creating an SSB contract, you may refer here:
https://medium.com/@multiplierfinance/multiplier-defi-platform-in-depth-walkthrough-f35bf6a738f9 https://news.bitcoin.com/multiplier-defi-beta-release-targets-tokenized-bonds/
Q3. To achieve a good performance the interoperability is absolutely necessary, so can you tell me how is possible to Multiplier have that Awesome interoperability? Which is the technology responsible of this?
Interoperability is necessary for the entire blockchain ecosystem. However, our next Multi-Chain (Lend) protocol is focusing on Binance Smart Chain market segment.
Q4. In order to increase the visibility of Multiplier in the encrypted and non-encrypted fields, in addition to AMA, what other community activities have you carried out?
Currently, we are giving away 10 bMXX guaranteed, to all users who complete 5 simple missions from the Multi-Minionaire program.
Community leaders will also have a share of the community bMXX rewards, on top of their monthly allowance of up to $4,000.
Here’s more information on our reward programs:
https://multiplierfinance.medium.com/who-wants-to-be-a-multi-minionaire-f420e6d9b9c8
https://multiplierfinance.medium.com/multiplier-community-leadership-initiative-1aca0dbf43fa
Q5. What strategy must Multiplier adopt to make MXX more valuable in value? The growth in the number of users and what applications does Multiplier integrate into to expand your ecosystem?
The upcoming lending protocol, Multi-Chain (Lend) is like Aave, but on Binance Smart Chain.
Users will receive a share of platform revenue if they stake their bMXX tokens (which can be converted from MXX) into the governance pools.
They will receive a share of platform revenue (loan origination and flash loan fees) as well as bMXX tokens.
Multiplier is currently on Ethereum, and we are expanding our product line into BSC (Binance Smart Chain).
https://medium.com/@multiplierfinance/multi-chain-lend-by-multiplier-bramah-systems-bringing-flash-loans-to-binance-smart-chain-f9f780e7a584
Live AMA
Q1.Adoption & Awareness about Platform is very important for any Creator as well as Users! So, What are your plans to attract More users as well as Creators with Non-crypto users too ?
We currently have reward programs such as Multi-Minionaire and Community Leadership Initiative, as well as weekly AMA in our channel.
Guaranteed 10 bMXX for users who complete the missions, and up to $4000 MXX in monthly allowance.
https://multiplierfinance.medium.com/multiplier-community-leadership-initiative-1aca0dbf43fa
Q2.Too many projects promise magic, but never release any effective products or prove any benefits within the short/long release time. Is the same with your project? If not, can you tell us what makes your project different from other projects?
Multiplier started as a CeFi lender in early 2019, with collaborations with notable companies such as Coinbase Custody. After transitioning to building DeFi products, we’ve since launched 2 protocols; Simplified Stable Bonds (SSB) and TakoSwap (an AMM DEX).
We’ve always launched ahead of schedule. Here is our Q4 goals for the rest of this year
Q3.Multi-Chain (Lend) create utility for the native token?
All our protocols enable users to mint MXX. This is our “distribution phase” , where the majority of the tokens will be minted by the community.
MXX can be minted through our first protocol Simplified Stable Bonds (SSB), whereas our second protocol enables users to farm TAKO that can be used in the SSB.
This Minting phase is to build up our community by distributing the token to form a vibrant community.
Our next protocol on Binance Smart Chain, Multi-Chain (Lend) focuses on revenue and utility generation for the token owners.
Users who stake bMXX (which can be converted from MXX) in the governance pool will earn a share of platform revenue as well as bMXX.
Q4.🙏 As Personal Data is very Impotant, How will You provide total security?
https://twitter.com/MultiplierMXX/status/1301008555558932482?s=20
For our DeFi protocols, you only need to connect your wallet and you can use all services.
There is no KYC, and all our protocols are audited.
SSB is audited by leading cybersecurity experts, CertiK (https://certik.io) and TakoSwap is audited by Bramah Systems (https://bramah.systems).
Rest assured, Multi-Chain (Lend) will be audited as well
Q5.can a user creat multiple contracts for different asset in multiplier
Yes, for SSB multiple contracts can be created for different assets.
SSB provides up to 1000% APY for contracts, with no risk of liquidation, and you may redeem collateral at anytime.
https://medium.com/@multiplierfinance/multiplier-defi-platform-in-depth-walkthrough-f35bf6a738f9
https://multiplier.finance to join our SSB contracts! start minting MXX today!
Thank you all for having me! And remember to join http://t.me/themultiplierio for more updates on our reward programs as well!
💻Don’t forget to Join And Follow social media from Multiplier
✅Telegram Group:
https://t.me/themultiplierio
✅Twitter:
https://twitter.com/MultiplierMXX
✅Facebook:
https://www.facebook.com/themultiplierio
✅Discord:
https://discord.gg/2fatBM7
✅Website:
https://multiplier.finance/
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