Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Vesta Protocol on August 12, 2020. This guest star Vesta Protocol Johnny Kane (CEO) and Rexx Dillon (COO). If you were unable to join the live AMA, no worries, here comes our 39th AMA recap!
We are glad to meet here
Johnny Kane , CEO Vesta Protocol
Rexx Dillon , COO Vesta Protocol
For taking your time out from busy schedule for the AMA!
Introduction Session
Q1: Can you introduce yourself to the community? What is your background and how did you join Vesta Protocol?
Johnny: Alrighty, so my name is Johnny, the CEO of Vesta Protocol Group. Ryan is our CTO and our team has now been working together for 3 years. The whole team loves blockchain and cyberpunk culture. We believe that everything in the world is both real and virtual (such as value), private and open (publicly visible but anonymous). We are pumped about the new reality that is developing and are excited to be part of it.
In fact, for decentralized projects, the specific identity of the team is no longer important because smart contracts solve the trust issue. Anyone can view and review the smart contracts for a certain project and evaluate for themselves that it is trustworthy.
We built the company together after left the exchange.
Rexx: yes, as Johnny mentioned, we’ve been working together as a team for nearly 3 years
we have worked on exchange projects, dappy projects, and algorithmic trading projects. All of those things are used in Vesta Protocol
Q2: Can you briefly describe what is Vesta Protocol? and what makes Vesta Protocol different from other competitors?
Rexx: Vesta Protocol is a liquidity passive income generation protocol for UniSwap
It aims to improve the ROI for each liquidity maker. Our Liquidity Contribution Mechanism, which runs on smart contract, rewards liquidity providers by distributing 5% of ETH each day to the top liquidity contributors, and then burns an equal value of $Vesta tokens, creating a deflationary model.
Our Liquidity Contribution Mechanism can also be ported to other project tokens to assist them with their liquidity issues. We will begin cooperating with other projects to assist them with this in early September.
As all of these things develop, UniSwap is destined to become a DeFi powerhouse, and Vesta will be a key driver of that wide adoption. So, that is Vesta Protocol’s key role in the ecosystem and what makes Vesta Protocol different from other projects.
Q3: When will the token sale take place and how many phases are there?
Rexx: The token sale will take place at the end of this month. Only one phase. Countdown clock will start running soon
Johnny: There will only be one phase for now and it will start around the 20th of August.
Faiz: How about the procedure? Will it be published as soon as possible?
Johnny: It will be updated as soon as possible, it will be available via our website: https://vtp.network/
Q4: How is the Vesta protocol to prevent early investors from selling their token and what benefit will Vesta protocol give to them?
Johnny: So basically, the Vesta Protocol’s Liquidity Contribution Mechanism automatically takes 5% of ETH out of the liquidity each day and distributes it to the top-50 liquidity providers.
This is very attractive to investors and we don’t see why anyone would sell their tokens and give up such attractive rewards.
Rexx: The Vesta Protocol’s Liquidity Contribution Mechanism automatically takes 5% of ETH out of the liquidity each day and distributes it to the top-50 liquidity providers. This is very attractive to investors and we don’t see why anyone would sell their tokens and give up such attractive rewards.
Q5: What strategies does Vesta Protocol have in the future?
Vesta will port our technology to other projects to assist with their liquidity issues. We expect to announce our list of initial project partners next month. Second, Vesta DAO will be set up for future decision-making.
Twitter Session
Q1: As a #Vesta holder, I can stake on UniSwap and receive the daily ETH payouts, as long as it remain in the top 50 liquidity contributors. So, what’s the daily payout amount and the minimum amount to stake?
How do you ensure it remains in top 50 to keep demand for #Vesta strong?
Johnny: We believe the market is fair. We have not set a minimum because we believe that open competition in the free market will eventually find a reasonable amount.
Any “pre-determined” amount would not be able to take into account all of the possible human variables.
For example, for every 1000 ETH sold in the Pre-sale, that would mean the first daily distribution would be 25 ETH. which is very attractive. If everyone is fine with that, then it will just be shared among a handful of contributors.
If everyone is not fine with that distribution going to a small handful of people, then everyone will start competing until the amount reaches a level that makes economic sense for them to compete. Eventually, we reach an equilibrium. The speculators will eventually move out and real investors will move in. So, setting a top-50 is very important to creating the competitive environment for the token and for pushing up its value and price.
Q2: At the beginning, being one of the top 50 liquidity providers may not be very difficult, but then the competition will be very tough. Do you plan to later expand the number of holders that will be Rewarded?
Rexx: Of course, we may expand it later on. Once $Vesta rises 5X or more, it means we can also start distributing much more. This, in turn, will attract even more people to contribute liquidity. This is the key to our Liquidity Contribution Mechanism, and it will be up to the market to decide how it will progress.
by distributing, i mean daily ETH distributions, of course haha
Q3: There are some concerns about early dumping due to the market value, the circulating supply and the excessive initial amount of investors. The token matrix change seems inevitable. How are Vesta plan for this concern?
Johhny: Price is always the concern.
Using the $Vesta protocol system, anyone who provides liquidity will be rewarded. But, naturally, the more liquidity you provide, the bigger your rewards.
So, at this stage, we are not concerned about this because the large holders of $Vesta will clearly see that holding $Vesta is more advantageous. So, even if some people sell, the larger holders will know that is an opportunity to buy more to get into the top 50.
Rexx: Yes. So, the basic model for Vesta is to encourage people to buy more $Vesta to lock on UniSwap so that they can keep earning daily ETH rewards. So, the demand to keep buying $Vesta is built into the model.
Q4: Who are the ones in charge of controlling and participating in the decisions of the Vesta Protocol? Why is the influence of external holders not allowed? At what block height will Vesta’s presale be set?
Rexx: We are organized as a DAO. So, of course, anyone who holds $Vesta has the right to participate in the direction of the organization and to make proposals. Naturally, the early decisions are made by the core team, just for the sake of making decisions quickly to best benefit the whole community.
As for the presale, the Presale block height will be announced this week. Please continue to monitor our social media channels for the announcement.
Best place is to check out website for the presale countdown
http://vtp.network & or Twitter @VestaProtocol & ur telegram group: https://t.me/vtp_network
Q5: You may have noticed many highlights of Vesta Protocol, but in addition to the project itself, people are also very concerned about the security of funds. How will the Vesta Protocol team ensure the security of investors funds?
Johhny: That’s right, the safety of user’s fund is the main thing. Lucky we got smart contract.
Rexx: yes, we believe that Smart Contracts are law!
Johnny: The Vesta Protocol runs on smart contracts, all of which have gone through rigorous auditing and which will all be made publicly available to view to see that it is just as described in the whitepaper.
So, yes, 50% of the funds from the Pre-sale will be automatically locked on UniSwap via smart contract, and 5% will be withdrawn daily and distributed and, again, all via smart contract.
All of this will be conducted on the Ethereum blockchain. So, as long as you have confidence in the Ethereum blockchain, which I think that all of us do, then you can have full confidence in Vesta Protocol.
Rexx: Yes, the Presale runs entirely on smart contract. The total supply of tokens is controlled by smart contract. Funds are automatically locked on UniSwap using smart contract. The daily ETH distributions are controlled by smart contract. And the market control algorithm that smooths out wild price swings is run by smart contract.
Live AMA
Q1: As we all know, security is one of the greatest threat to DeFI, so could you please explain to us how secure Vesta Protocol is. Is KYC required to use the service provide by Vesta Protocol or the feature of Vesta Protocol?
Johnny: Let me start with this KYC issue, since a lot of users have asked us before.
Ya, we figure that people could just do fake KYC anyway. Plus, if we end up with some accounts that don’t pass, we end up with a mess with people still trying to contribute in other ways. So, we think it just makes more sense to forgo that. It’s the spirit of blockchain
Q2: What are your missions and visions?
Johnny: In general, Vesta Protocol creates a deflationary solution for ERC20 tokens locked on Uniswap. At the end of the crowdsale, the liquidity raised in the crowdsale will be put into UniSwap and locked permanently by smart contract. Vesta Protocol also uses its unique liquidity contribution mechanism which works to push the Vesta Protocol in its deflationary model. All in all, $Vesta intends to become a major player on Uniswap.
Q3: How to be motivated of using Vesta Protocol? What are the benefits? When will be VESTA token listings on the exchanges?
Rexx: i know that people are always interested in when a token will list on exchanges. so, let me answer that question
First off, $Vesta will list immediately on UniSwap immediately after the presale closes.
So, immediately, the token will be listed, We are also now talking to people about listing on korean exchanges. We feel that the Korean market is very interested in DeFi right now
Q4: Most investors focus only on the token price in the short term, not on the real value of the project. Can you talk about the benefits for long-term investors?
Rexx: 5% of ETH will be awarded to top 50 liquidity provider daily, so it encourage users to provide liquidity. People will buy Vesta and stake in which will lead to a positive loop.
so, we think that is the best next step for listing for $Vesta. But, regardless, $Vesta will immediately list on UniSwap
so, no worries there
Q5: Isn’t the hard cap too high for Vesta?
Johhny: Some people have asked about our hardcap. I should speak a bit about that.
I don’t believe that a successful project needs to be at the expense of the supporters. Some projects only have a low ETH presale hardcap, but then try to promote to 1000s of people, most of whom won’t be able to get into the project because of the limited space.
Our hardcap is a bit higher at 3000, but soft cap is low. So, there is ample room for all supporters to join the project.
DON’T FORGET JOIN & FOLLOW
Telegram Group: http://t.me/vtp_network
Telegram announcements: http://t.me/VestaANN
Twitter: https://twitter.com/VestaProtocol
Whitepaper: https://vtp.network/static/VestaProtocolWhitepaper.pdf
Official Website: https://vtp.network
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