On July 19th, 2021 we were invited to do an AMA for The Wolf Pack, a community of over 5,700 crypto enthusiasts. We covered a range of topic and got some fantastic questions from their community!
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WOLF: Can you go ahead and share a quick summary of the project + website, social media & community chat links?
PF: What’s AQUA?
AQUA is a fair-launched uniquely scarce cryptocurrency built on Binance Smart Chain that acts as the governance token for the Planet Finance ecosystem.
Planet Finance is a financial protocol consisting of different planets, each their own app, designed to enable anyone to activate their capital and put it to work.
How does Planet Finance work?
The Planet Finance protocol will generate fees from a growing number of streams. These fees will be distributed daily to AQUA holders.
These streams will include:
- Performance fees for yield optimization
- Deposit fees on the planets
- Trade fees on Planet Finance’s swap
- Fees from lending & borrowing
- Fees generated from the lottery
- Author fees on NFT transactions
With more to come….
Blue Planet: https://blue.planetfinance.io/
Red Planet: https://red.planetfinance.io/
Uranus: https://uranus.planetfinance.io/
Telegram: https://t.me/planet_finance
FAQ: https://planetfinance.io/faq/
WOLF: Alright, great opening. So let’s officially start the AMA.
So my first question is, what makes this unique compared to the many other competitors?
For example, AutoFarm or Beefy
PF: We’re a one stop shop. We aim to have all of the best aspects of DeFi, earning yield, lend, swap, NFTs, insurance all just a click away.
Overall we value curation over everything. We strive to bring in the best opportunities in DeFi all in one place so that you don’t need to go anywhere else.
We’re obviously moving through our roadmap quickly but we have several more planets to go.
In terms of AutoFarm, we just have several more features and are designed in a way to drive value to token holders.
Beefy is nothing more than an aggregator which is one small detail of what we do.
WOLF: Ok. So a quick disclaimer for everyone.
This isn’t a paid AMA. I asked Arthur to come in because it’s currently the best stablecoin farm that I know of, that doesn’t involve investing in risky algo-stables. With that being said, I’ll be focusing a large majority of my questions around security + tokenomics & future development.
So… I currently use your platform to basically farm stables, and immediately dump $AQUA (sorry, bear market). However I’ll be looking to flip bullish in the coming weeks/days. Why would it behoove me to hodl & compound that $AQUA. Whats the tokenomics of it? is it deflationary? is it still farming rewards?
PF: 1. There will only ever be 100,000 AQUA minted and that’s it.
2. The team got ZERO tokens and earns them like everyone else.
3. After day 200 of the distribution, platform profits will be driven to AQUA holders. 4. And AQUA will continue to burn the supply down lower and lower.
5. We currently have vote.planetfinance.io where AQUA holders can vote to shape the protocol.
WOLF: Team got zero tokens? Damn. Ballsy. Lol
PF: The liquidity for AQUA is essentially even with the market cap as well which is wild.
We’re building the platform we wanted to exist.
Very few projects take no team tokens.
WOLF: So after the rewards are farmed out, how are you gonna motivate farmers to continue using your yield farming platform, vs competitors, considering that there’s quite a lot of competition.
And the competition may have a ‘boost’ of APY due to them still going through the yield farm process
PF: We’ll be launching a new token called GAMMA (announcing this here for the first time) when Green Planet launches.
GAMMA will have a ton of utility across the planets like a few discounts, increased yields, reduced borrowing rates, minting NFT’s, affiliate program, and have functionality within games (to name a few)…this will continue to “boost” rewards across all planets, and drive value to both AQUA and GAMMA holders.
GAMMA is the highest form of energy in the universe. AQUA brings life to the planets.
WOLF: Ok awesome. Glad you guys have a plan then. When is AQUA emissions supposed to stop? Have you got a date I can put on my calendar?
PF: We have just under 123 days left.
WOLF: You guys have a lot of plans.
How big is the dev team? Have you worked on any other crypto projects in the past?
PF: There’s currently 8 of us.
Yes, our teams first projects in blockchain began as early as 2013.
Social networks
NFT marketplaces
Gaming
Gambling
Some of the early DEX’s.
USER Question: There’s a rumor going around that the Planet Finance team is looking to acquire Jason Momoa (AquaMan) as their ambassador…is there any truth to this?
PF: Definitely looking to get Jason Momoa, who would be a better representative for AQUA?
WOLF: So what sort of guarantees (terrible word for this industry) can you give to ease our PTSD’d rug-pulled hearts? You guys just finished the Halborn Audit right?
PF: Yes we were audited by Halborn, so far they have had an extremely clean track record.
In terms of a rug pull, we don’t have a ridiculous amount of AQUA to dump on everyone. We don’t have anything in our contracts that enables us to remove tokens. You can never guarantee anything in crypto and DeFi as you mentioned, but we’re doing everything we can to mitigate risk, we will continue to get new audits as we launch major parts of our roadmap.
WOLF: Can you share the link to audit?
PF:
WOLF: In the meantime, let’s dive into the other planets a bit & the roadmap planned ahead.
What exactly is the difference between Blue Planet, Red Planet & Uranus?
Also, what future planets do we have to look forward to?
PF: Here’s a great page to visually see our roadmap.
Blue Planet is the best place to earn yields on your stablecoins. Red Planet is the best place to earn yields on your “majors” aka top projects that are working. Uranus is the best shitcoin yields in the universe. Green Planet will be our incentivized lending & borrowing protocol. Pink Planet is our NFT marketplace
Gravity brings all things back to the planets.
The market cap got as high as $11 million and is currently around $5 million, in line with the whole industry falling together.
USER:
AQUA as far as the market cap goes has outperformed BTC — You can see it on CoinGecko.
PF:
Here’s a sneak peek of both the Green Planet, our lending and borrowing protocol, and Pink Planet, our NFT marketplace.
WOLF:
Looks nice, I did the simplicity, but still vibrant.
PF: It’s mobile friendly as well.
WOLF:
What sort of strategy do you guys have for the DEX aspect? Right now the only token “listed” is pretty much just AQUA, right?
PF: We’re working with Terra, they paid for our audit.
So we’ll be adding many more stablecoin pairs in our AMM with UST.
Also, we’ll be opening up the AMM to anyone to list LP’s for their own tokens.
WOLF:
Terra as in $LUNA? How far does this collaboration go? What plans do you have, working with Terra?
PF: They’re going to share things we do with UST to their community. We’re committed to being the best place on Binance Smart Chain or UST and Terra related assets that make sense.
We can’t share more of their plans, but they’re working on expanding availability further to BSC.
USER:
I know I’m a nuclear level noob, but how do I farm AQUA?
PF: Step 1: Buy AQUA
Step 2: Click the AQUA vault
Step 3: Deposit AQUA
Step 4: Collect AQUA you earned
WOLF:
https://blue.planetfinance.io/
Go there & provide LP for any of the farms. When you have LP staked in their vaults, it will automictically compound and you will be given rewards in $AQUA on the side.
USER:
How many other discords have you done AMA’s with? Are we early?
PF: This is our first one. You’re early.
Also btw, our volume numbers listed on CoinMarketCap aren’t correct because they only factor in PancakeSwap, we’ve applied for them to add trading for our swap/amm.
Currently we have $500k in volume today, and had several million over the last couple of days.
https://dex.guru/token/0x72b7d61e8fc8cf971960dd9cfa59b8c829d91991-bsc
USER:
The cool thing is — the platform works today for a lot of strategies. If you love Stable coins — you can get the highest yields and farm AQUA. If you like BTC you get an amazing yield on it and earn AQUA. If you like DOGE you can get 231% right now. If you love AQUA you can get even higher yields
PF: We’ve been busy building.
Marketing has begun and will continue to ramp up. All we do is BUIDL BUIDL BUIDL no matter what.
USER:
Is it BSC compatible? Most of my dollars are on Binance.
PF: We’re currently on BSC, yes.
WOLF:
In regard to the vault strategies. Is it daily compounds or do you guys have an algorithm set for optimization? i.e. — A specific number of compounds to achieve the highest APY for the year.
PF: Currently vaults are compounded at least twice per day. The auto compound fee taken by the protocol needs to be higher than the gas factoring in the ideal times to compound. This will continue to ramp up to auto-compound more frequently as each vaults grows.
WOLF:
Sir, when Polygon?
PF: We’re open to supporting Polygon, currently exploring that and deciding on the best way to go about it.
USER:
Is Planet Finance censorship resistant? I care about that in the farms I go into.
PF: Yes, totally.
Decentralization is a spectrum. There are rumors that CZ and Binance control the nodes, that is definitely false. We’re by no means stuck on a chain and are open to supporting more chains like polygon.
If ETH 2.0 launches and is great, we’ll support it.
USER:
Is there any approximate date of when Green Planet will launch? A rough estimate?
PF: We’re head down focused on the Green Planet right now.
WOLF:
Is there something similar you can reference it to? Like Anchor or whatever?
PF: So think of the best features of compound, Venus and cream, but with tiered interest rate levels similar to crypto.com or NEXO.
The more GAMMA you hold, the higher interest rate you’ll get to lend and the lower rate you’ll get to borrow.
WOLF:
How will the lending protocol interact with AQUA?
PF: It’ll add more profit that’ll drive value to AQUA holders. Also, AQUA holders won’t have sell, they can just borrow against their AQUA and avoid cap gains taxes if thats a problem for you.
WOLF:
What’s the collateralized ratio : loan?
PF: It’ll depend on each asset. It’ll be higher for stable coins and lower for non-stables. It’ll definitely be higher than 50%. We’ll be releasing an overview on Green Planet and all of its details very soon.
USER:
Do you guys have a YouTube video out explaining in detail all the questions asked here today, maybe like a summary of the whole project?
USER:
I found this video to be informative
https://www.youtube.com/watch?v=aBs5iUQgYpk&t=38s
USER:
Can you give us further info on the GAMMA token? Is there a max supply or will it be like CAKE with burning mechanism?
PF: GAMMA will have no MAX supply. So, it will be very similar to CAKE with more/different utility. The aim is to burn more GAMMA than gets minted to make it deflationary also. Soon we’ll be releasing an overview on the tokenomics and burn mechanisms for GAMMA.
WOLF:
Alright well we are up on time. With that being said, please feel free to stick around and answer peoples questions. Also, if you’d like to use this space to “shill” updates or tweets with the community, then feel free to do so.
Would you like to provide a closing statement before I hop off?
PF: We really appreciate the AMA, we’d love to see you guys in our Telegram group and on Twitter!
This is just the beginning, we’re all so early, pay attention to what people do and not what they say, regardless of your love for Planet Finance or not, try to avoid projects where teams take a lot of tokens and have crazy high fees, you’ll do better in the DeFi space.
DeFi is changing the world and we’re committed to building the future of finance.
Come help us find more planets ☺
