Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with RMPL on August 23, 2020. This guest star David Core Member RMPL. If you were unable to join the live AMA, no worries, here comes our th AMA recap!
We are glad to meet here:
David, Core Member RMPL
For taking your time out from busy schedule for the AMA!
Faiz: How are you feel today sir?
David: Feeling good over here 😀
Yourself? Hello everyone and thanks for inviting us to this AMA with your community!
Faiz: I feel very happy today to be here talking to you, Our community hopes to talk and learn more with the RMPL Project. We are exciting about your Rebase System
Q1: Can you introduce yourself to the community? What is your background and how did you join RMPL Project?
My name is David, I have been a crypto enthusiast since early 2017 but only just recently started working in the field. Besides crypto I’m a student and work part-time as a data scientist.
I am a core member of the RMPL project and I’m responsible for marketing and community communication. I came to RMPL through one of our Co-Founders (Blue) because we worked together on previous projects and knew each other through the crypto space.
Q2: Can you briefly describe what is RMPL?
$RMPL is a decentralized (ERC20) cryptocurrency with an elastic supply model. $RMPL reaches a supply-price equilibrium with its randomized rebasing. As a result, the volatility is in the token supply, not the price. A holder’s ownership of the network always remains the same, as wallet balances are globally altered in proportion to changes in demand.
$RMPL is designed to eventually reach a stable price of $1 (+CPI inflation). For that to happen the marketcap needs to be way higher than it is now. To get closer to $1, rebasing is introduced. This means, when the price is above $1.05 and a rebase happens, the total supply is increased. Every holder has now more $RMPL which should increase the selling pressure and drive the price closer to $1. The higher the price is, the higher is the rebase percentage. If the price is below $0.95 the supply is decreased and buying pressure should drive the price up closer to $1 again.
Q3: What companies/projects do you see as competitors, and how does RMPL stand out compared to them?
Well, the obvious one is Ampleforth (AMPL).
Our brilliant co-founding team saw how horribly AMPL was being manipulated by the consistent rebase timing and wanted to give the profits back to the community. They knew that we needed a new evolution of AMPL, for the people. So, with RMPL two major problems get solved.
- We randomize the rebase which makes it a whole lot harder to manipulate the price at the rebase time.
- we do not have any large seed investors or something like that to constantly suppress price movements and dump on investors.
There were also loads of other clones released in the last few weeks – but we don’t really see any serious competitors in them.
Q4. What is the use-case of the $RMPL token?
The basic use case of RMPL is to eventually reach a stable price of $1. For that to happen the marketcap needs to be way higher than it is now. To get closer to $1, rebasing is introduced. This means, when the price is above $1.05 and a rebase happens, the total supply is increased. Every holder has now more $RMPL which, theoretically, should increase the selling pressure and drive the price closer to $1. The higher the price is, the higher is the rebase percentage. If the price is below $0.95 the supply is decreased and buying pressure should drive the price up closer to $1 again.
We are exploring more use cases as well as we know that in order to stimulate growth we can’t just rely on “eventually we SHOULD have a multi billion $ marketcap”
We will have an exciting partnership announcement in 1-2 weeks that benefits our long term holders and give RMPL one new exciting use case – unfortunately I can’t say more at this point so please stay tuned 😉
We are constantly working behind the scenes to bring more use-cases to RMPL.
Some early things we are discussing are:
DeFi: market cap and consistent volume through anyone other than bots, whales and market speculators is how we get stability and we’re planning on doing this by working on building out an ecosystem that leverages the token and partnering with others that also can. We have a wide network that we’re leaning on to start with our partnerships, for example, one of our co-founders is the CTO of a large point of sale software development company, we can develop a wallet to take payments in any currency and convert to RMPL on the fly for storage for when they are ready to do their end of month reconciliation – where it’s stable, and not unstable like Bitcoin or Eth.
- We also see the recent hype about yield farming (yam..). This is one field we are not only looking into but already have concrete plans for.
- We are also taking the opinion of our community into account. Pretty much as soon as we launched people demanded to bet on the timing of the rebase.
So we are going to implement different gamification elements around RMPL.
Q5: What are the major milestones RMPL achieved so far & what are in future pipeline?
We had a very successful launch and we are getting listed on our first major CEX very soon. Which for us is the first very important milestone that brings us closer to the “big players” among decentralized projects.
The official announcement from both parties is coming tomorrow 😉
The next milestone is the release of the RMPL cradle (Liquidity staking).
After that we will have more exchange listings and partnerships (1-2 weeks) that benefit our token holders.
Soon we will have a new roadmap ready to lay out all of our long-term goals. For now our full focus is on the cradle and first exchange implementation!
Q1: While browsing through your site, I have found “RMPL Cradle” providing the recommended solution that provides liquidity on Uniswap.Can you explain more about this? Does this imply that if I provide liquidity to the RMPL on Uniswap, will I get more token?
Perfect question to explain the Cradle!
The RMPL Cradle offers a solution to incentivize liquidity provision on Uniswap.
Once you have provided liquidity for RMPL on Uniswap, you will receive UNI-V2 tokens, which you can stake on the Cradle dashboard. Depending on the amount of staked tokens and the duration of your stake, you will receive a share of the RMPL ecosystem pool.
This way not only the Uniswap liquidity will grow enormous but also our token holders will benefit greatly from it.
The pool is unlocked over time and distributed to each staker according to his weight in the network. We believe that the Cradle, through its incentivization, will push RMPL to new heights never seen before.
As you can see in the attached image, AMPL had been stagnant for some time, and after releasing their Geyser program, had massive acceleration. We expect this same spike in RMPL, coming soon.
We are in the final stages of testing for Cradle, and will have teasers of the UI any day now
Q2: I follow @RmplDefi ever since I heard it and I know you are doing many AMA’s in different groups in Telegram. So how did AMA helps your platform and what is the positive effects? What is the good result that it brings to you?
The single biggest advantage of AMAs is that we can introduce RMPL to a wider audience. We have about 4000 telegram members in our RMPL chat right now (@rmpltg). They already know about RMPL, its future plans and use cases. AMAs help us to bring RMPL to new users of different groups and nations.
I also think it’s very important to directly communicate with potential investors/users to give more legitimacy to a project.
Q3: and for each change in the supply quantity in the $RMPL Project does the Supply Increase or Decrease? If the supply reduces to where the amount of supply that is reduced is it automatically Burned on your smart contract?
Yes, each random rebase either increases or decreases the total supply and thus the balance of each individuals wallet. The percentage of the rebase depends on the price of $RMPL at the rebase time. If the price is above $1.05, the supply increases. If the price is below $0.95 the supply decreases. Between $0.95 and $1.05 is no supply change.
The rebase happens automatically through the smart contract. We don’t even need a transaction to change a user’s balance – it all happens through the contract.
Q4: Some crypto reviews say that RMPL can help protect crypto investors and prevent the manipulation of bots and whales, In what ways? How does your protocol work and protect the interests of the real RMPL communities?
I already touched on this subject earlier.
Our protocol randomizes the rebase time. This means the next rebase can happen at any time between 0 to 48 hours after the previous one. With that mechanism it is not possible to predict the exact timing of the rebase. So there won’t be as big of a sell-off because you can never know exactly when the rebase is going to happen and thus solves market manipulation.
Q5: The RMPL Cradle (liquidity staking) which is most likely set to be out before the month ends, is another fascinating approach. Will this be the #DeFi application RMPL will be focusing on?
The RMPL cradle is only one DeFi use-case for RMPL. It provides a way to constantly lock up a portion of the circulating supply and thus stabilizes the price in the long-term and simultaneously reward our supporters.
As I already said earlier, we are working on more use cases in this direction.
Q1: Community / users are important. What is your strategy for building a big and strong community? What services do you offer to the community?
We are currently in the process of expanding our community rapidly. We have scheduled several AMAs in different communities all around the world – just like this AMA. We are also in the process of creating different telegram channels for RMPL that you can see here:
We know that a strong community is very important for every project. That’s why we are rewarding our active community members that build things around RMPL or bring any value to us.
Q2: I am trying to find any information about the RMPL Team but it seems the team remains anonymous, for what reason? Is RMPL a community-driven project without a CEO?
RMPL has founders but is also community driven.
The team has decided to remain anonymous for various geographical, personal, and political reasons.
You can find a introduction to our team on our website: https://www.rmpl.io/our-team/
Q3: Why does $RMPL choosing to build on erc20?
Is there any upcoming plan to create $RMPL own chain or migrate to other chain like bnb or ect?
We are currently not planning to do this.
We chose ERC20 as it is the most common blockchain right now and gives a access to a very wide audience.
We know that ethereum has some problems with gas fees and network speed, we hope that ETH 2.0 will solve this soon.
Q4: On what exchanges or wallets is RMPL Token listed?
You can hold RMPL in every ERC20 wallet like metamask or trustwallet.
Every wallet supports the rebase as well – you just need to hold RMPL in your wallet and it rebases automatically.
Regarding exchanges it is a little more complicated to implement RMPL. We are actively working with exchange developers to assure a perfect user experience. All the details about our first listing will be shared tomorrow.
Q5: What is the ” lag factor ” ? Which factorial does “lag factor” depend on ? How can it used for and what problem is it solving ?
A randomized, curved lag factor is used to calculate supply increases and decreases when a rebase happens. The curve allows supply to increase at a faster rate when the total market cap is low. The lag factor depends on the total supply. the higher the supply is, the higher is the possible lag factor. Minimum is 6 and maximum is 14. For those of you that are interested in the details, here is an example of our calculation for a rebase.
(current price – base target price) * wallet balance / (base target price * lag factor)
At a price of $1.30, lag factor 10.00, the updated wallet balance would be adjusted by: (1.30 – 1) * 100 / (1 * 10) = 3
The new wallet balance would be 103 $RMPL.
At a price of $0.76, lag factor 8.00, the updated wallet balance would be adjusted by:
(0.76 – 1) * 100 / (1 * 8) = -3
The new wallet balance would be: 97 RMPL.
In this way, we can converge to the target price through elastic supply adjustments.
Q6: I am afraid about liquidity of $RMPL when RMPL only lists on Uniswap and Biki exchange, so do you have more programs or plan to listing more exchanges to improve liquidity of $RMPL in future?
We think we offer very good liquidity for a 19 days old project but we als expect the liquidity to grow by a large magnitude with the Cradle release.
In order to attract bigger investors RMPL needs to be available on traditional exchanges as well so we are committed to list on many trustworthy and well known centralized exchanges in the near future.
Thanks everyone for participating and asking questions!
Was a pleasure to be here
We have a project introduction video as well:
Thank you for trusting NanoNews as the organizer of the event today, hopefully everyone can understand about RMPL
Join our Telegram group and you can talk directly with other Communities and enjoy some of the events that we created for Nano Gang, We are always here to support the current adoption of cryptocurrency in Indonesia