Multiplier Finance AMA Recap Together with Dudley (Marketing Director of Multiplier Finance)

The AMA Session had 3 Segments:

  • Introduction / Questions from The HODLer Gang Team
  • Questions from Twitter
  • Live AMA

Segment 1: Introduction / Questions from The HODLer Gang Team

Ren:
Can you tell us more about yourself and Multiplier?

D.R.Dudley | Multiplier.finance:
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.

Ren:
What is Multi-Chain (Lend)? How will it create utility for the native token?

D.R.Dudley | Multiplier.finance:
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.

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) can be found in our recently released litepaper:
https://multiplierfinance.medium.com/multi-chain-lend-litepaper-v1-release-c329434c3c42

done

Ren:
Okay let's move to the next question.

How do flash loans work?

D.R.Dudley | Multiplier.finance:
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.

done

Ren:
Is this the same with the Flash Loans offered by Aave?

D.R.Dudley | Multiplier.finance:
Yes, thats correct. It works similar to the flash loans in Aave, the main difference is that we are on Binance Smart Chain, and the gas fees are much lower.

done

Ren:
That's very nice.

Sounds exciting. Now, can you tell us more about Multi-Minionaire? How does it work?

D.R.Dudley | Multiplier.finance:
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!

done

Ren:
So it means you will earn bMXX while playing Multi-Minionaire?

D.R.Dudley | Multiplier.finance:
Yes, when you complete the 5 simple missions in our discord, you are guaranteed to earn 10 bMXX even before our official launch!

the Multi-Chain (Lend) protocol is stipulated to be released in about a month's time.

Ren:
What is the reason for creating Multi-Minionaire?

D.R.Dudley | Multiplier.finance:
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

Ren:
Please tell us more about the “Community Leadership Initiative”.

D.R.Dudley | Multiplier.finance:
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!

Ren:
Good initiative!

For my last question for this round...

What are the rewards for the “Community Leadership Initiative”? What is the ideal profile for to become a candidate?

D.R.Dudley | Multiplier.finance:
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!

The ideal profile for a community leader? Basically anybody who has a large crypto following, and is eager to be involved in Multiplier’s day-to-day community-building efforts!

Ren:
Is it open to newbie? Like do not have that much crypto followers but dedicated to contribute to the growth of Multiplier?

D.R.Dudley | Multiplier.finance:
Anyone may apply! However, if you have a crypto following, it will increase your chances of being chosen.

Ren:
Thank you for your answers.

We will now move to the twitter round.

Segment 2: Question from Twitter

Ren:
We can start the twitter round now?

Question #1 from @PenguinboyOne - What incentive plans do you have for ecological partners that will contribute to Multiplier in the future? And how to become Multiplier's ecological partner?

D.R.Dudley | Multiplier.finance:
We have set aside governance and ecosystem incentives for anyone who participates in a meaningful way on our protocol.

There are rewards set aside for participating in various protocol initiatives like liquidity mining, governance and protocol reserves.

Ren:
Queston #2 from @shansha33804244 - Marketing is the core element of every project, so everyone knows that the potential that the project can bring is essential to achieving the set goals. How do you attract new users and investors to join Multiplier and maintain long-term investment?

D.R.Dudley | Multiplier.finance:
We are currently focused on various community reward programs, such as the Multi-Minionaire program and Community Leadership Initiative, we also organize regular AMA sessions in different regions.

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

Ren:
Question #3 from @Bitcoinfans2008 - Recently, hacker incidents often occur in our cryptocurrency world. What does Multiplier think about this? Does Multiplier have its own insurance and guarantee to prevent its platform from being hacked?

D.R.Dudley | Multiplier.finance:
Multiplier places safety and security of users’ funds as our utmost priority.

All protocols are audited, with the first protocol Simplified Stable Bonds (SSB) being audited by Certik, and Takoswap audited by Bramah Systems.

Even back when we were a CeFi Lender in 2019, we formed notable collaborations with security firms such as Coinbase Custody.

Ren:
Question #4 from @summaryYui - Why does Multiplier still use the Ethereum blockchain when the speed is slow and the gas fee is high? Do you have plans to start your public chain or convert to other blockchains in the future?

D.R.Dudley | Multiplier.finance:
The upcoming lending protocol, Multi-Chain (Lend) will be 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.

bMXX tokens can be swapped for any BEP20 asset as long as there is a liquidity pool that’s been created on BSC Swap.

https://medium.com/@multiplierfinance/multi-chain-lend-by-multiplier-bramah-systems-bringing-flash-loans-to-binance-smart-chain-f9f780e7a584

Ren:
Question #5 from @MangoMangoling - How does Multiplier incentivize market liquidity? Does Multiplier have an internal market maker to ensure continued liquidity? What if people are interested in providing liquidity to Multiplier?

D.R.Dudley | Multiplier.finance:
Multiplier has set aside tokens for liquidity provision on decentralised exchanges and for market making purposes on centralised exchanges.

We do not have an internal market maker, as that would be a conflict of interest. Instead, we engage a third party market maker to perform this function.

We have attempted to incentivise liquidity by running a food farm, and plan to continue exploring other liquidity mining mechanisms to boost the liquidity.

Ren:
Thank you for answering all the preselected questions from twitter. Let's move to the live round now.

Segment 3: Live AMA

Community Q1:

Do you have any Coin Burn or BuyBack systems or have you any $Token Burn plans to increase the value of Token & attract investors to invest on your project?

D.R.Dudley | Multiplier.finance: 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

Community Q2:

Now a lot of Many fake defi projects promising insanely high APR, but ended up pull liquidity or minting, how does your project respond to this case ? Can you explain the reasons why we should invest in your project because we know you’re a team without a name?

D.R Dudley | Multiplier.Finance

Our SSB contracts give a stable yield of up to 1000% APY, this means that there is no fluctuation in the yield.

Some may wonder how this is possible, where is the utilization? Won't that cause inflation?

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 SSB you may refer to this article:
https://news.bitcoin.com/multiplier-defi-beta-release-targets-tokenized-bonds/

Community Q3:

How to be BMXX Ambassador?

D.R Dudley | Multiplier.Finance Anybody can apply to join our Community Leadership Initiative. We are looking for motivated individuals who are able to effectively grow our community.

Just email marketing@multiplier.finance with your CV and reasons why you can help grow our community.

Alternatively, you can join our Multi-Minionaire program and earn 10 bMXX guaranteed! Just complete 5 simple missions in our discord to win.

Here are the links for more details:
https://multiplierfinance.medium.com/multiplier-community-leadership-initiative-1aca0dbf43fa

https://multiplierfinance.medium.com/who-wants-to-be-a-multi-minionaire-f420e6d9b9c8

Community Q4:

What was the biggest milestone your project has? What is plan in the future ?

D.R Dudley | Multiplier.Finance

D.R.Dudley | Multiplier.finance:
We have quite a few milestones:

When we were a CeFi lender, we were the first to hold a lenders license in Asia for Bitcoin as collateral, and we also collaborated with Coinbase Custody to help secure user funds.

After transitioning to DeFi, we built the Simplified Stable Bonds protocol and TakoSwap AMM DEX protocol.

I believe the biggest milestone will be in this quarter, when we officially launch Multi-Chain (Lend), an Aave-fork lending protocol on Binance Smart Chain.

This will create utility and share platform revenue with our community token holders.

Here are our Q4 goals:

Community Q5:

In the world cryptocurrency competition, features are of the utmost importance to attract investors and the community! Can you provide a list of killer features that scare your competitors over your project?

D.R Dudley | Multiplier.Finance

Multi-Chain (Lend) being on Binance Smart Chain will have low gas fees of about 1 cent.

Our rates are lower than other lending protocols.

Our transactions are quicker.

We also don't add any spread to the lending and borrowing rates, participants get the fairest money markets possible.

Ren:

Thank you! It’s our pleasure to work with your great project. :)

End of AMA Session…….

Disclaimer: AMA are platform for community and projects to ask questions and pitch their product. This is NOT FINANCIAL ADVICE, always DYOR