AMA RECAP — CRYPTOSCREEN with THUGS FINANCE
On 20 October 2020, Thugs Finance conducted an AMA in the Cryptoscreen Community. Our guest is Thugs Finance team.
Lots of questions as usual from the Community about Thugs Finance progress. The Thugs Finance team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Cryptoscreen community. If you missed the AMA in person, read this recap for a deeper insight into Thugs Finance .
Let’s take a look at the most interesting points of our conversation.
Segment 1: Introduction
Andry Anggara: Hello @MakaveliDaDon1 welcome to our Community
Makaveli: Hello there
Andry Anggara: Could you please introduce yourself and also tell us a bit about THUGS FINANCE ?
Makaveli: Well, as you can see, I’m anon, as most of the people in DeFi are. Our team is ANON but has been in crypto since 2011 to 2013 at the latest. We have a lot of experience in building crypto projects and have been involved in multiple multi million cryptocurrency projects. We would however like to stay anonymous.
Well Thugs.Fi (abbreviation for Thugs Finance) is a Binance Smart Chain DeFi Product (which is not owned by Binance by the way). THUGS is a novel idea incorporating the power of the meme with community building, heavy burn for people dumping, token farming, NFTs and many future tokens to support the ecosystem and those supporting the community.
Andry Anggara: What does Thugs Finance offer investors?
Makaveli: In our opinion cryptocurrency should not be seen as an investment. Especially not DeFi tokens, which are mostly a social experiment and tokens made for entertainment. Same goes for THUGS. THUGS is the first Binance Smart Chain Defi product with a deflationary burn mechanism, forever locked initial liquidity (2500BNB) & robust dapp development. The THUGS team is building an ecosystem around THUGS on BSC including yield farming. NFTS and many future tokens supporting this ecosystem.
Andry Anggara: So every time we sell THUGS tokens, 15% of our tokens will be burned , right ?
Makaveli: at the moment, yes. It will always be burnt according to the current burn rate. goes for selling, sending, adding LP, removing LP.
Shinta Zuan: How does Ecosystem Thugs work?
Makaveli: The most important part to be recognized is the fact that THUGS is a self-funding deflationary DeFi token. When selling/sending tokens or providing or removing liquidity, THUGS gets burnt according to the respective burn rate at that moment (at the moment of writing 14%). 51% of those burnt THUGS go to a burn address (BURNT FOREVER) and 49% goes into a vault which we call the protection vault. With these tokens we can sustain our development, put out community rewards, pay for marketing, business relations, contests etc. At the moment we have already introduced our own farm, TRAPHOUSE where you can stake many types of LP tokens in order to get rewarded with $DRUGS. $DRUGS can be staked to receive $HOES and in its turn staking $HOES will produce a reward in the form of $DRUGS. Next step is building our own AMM, which we are hard at work on at the moment.
Shinta Zuan: Tokenomics is one of the important things to measure project growth potential estimates. Can you explain Tokenomics $THUGS ?
Makaveli: The $THUGS burn rate adjusts depending upon the price of the $THUGS token, the lower the price the higher the burn rate (with a maximum of 50%). The higher the price, the lower the burn rate (with a minimum of 0.5%). This burn applies to ANY and ALL sending whether to an exchange or selling on a swap platform. The formula for this is 50 / price multiple, price multiple = TWAP / listing price of $0.36. So the pump is IN THE COIN, as we say ;)
Shinta Zuan: So, what is the total supply of THUGS right now?
Makaveli: the total supply of $THUGS will ALWAYS decrease. We started at 1,098,420 and it’s at 923,777.16. So already 16% has been burnt forever.
Shinta Zuan: Wow, interesting. the reduced the total supply, the price will increase. 🥳 What achievements have Thugs Finance 2020 achieved? And what to expect for 2021?
Makaveli: PRESALE OF 2500 BNB which was immediately locked forever
DID A 5X FROM LISTING in price
BUILT THUGSWAP with automated slippage (https://swap.thugs.fi/#/swap)
BUILT A FARM TRAPHOUSE
4k unique senders on TRAPHOUSE
HIGHEST LIQ. on #bscswap ($THUGS)
2021 is still a long way to go. 2 months in crypto and especially DeFi is like a human lifetime. You can see above what we have accomplished in the span of less than three weeks. Wherever development goes which has the most to offer in value to the community is something the $THUGS team will pursue. The next big thing which will be delivered in 2–4 weeks will be our very own THUGSWAP AMM, which includes gamification and NFTs.
Shinta Zuan: Happy with the achievements of THUGS FINANCE so far.
Makaveli: Definitely, so are we.
Segment 2: Questions from the Twitter
Question 1: Why did you choose BinanceSmartChain as your main chain? Additionally, does ThugFinance have plans to expand to other blockchains?
Makaveli: Well, this was mostly because of two reasons:
(1) The fees on Eth (erc20) are beyond reasonable. It’s insane to see how much gas fees have been and still are, and how many transactions fail because of this. Ethereum was and is not ready for this heavy load. So we went out looking for alternatives and BinanceSmartChain is a great alternative when it comes to lower fees and better handling of transactions. Issues rising are usually user issues, such as Metamask errors.
(2) We saw an opportunity of having the first mover advantage on BinanceSmartChain as being the first deflationary yield farming token on BSC.
We have been looking into expanding to other blockchains such as TRX and ERC20. But, we still think at the current moment BSC is our best avenue. We might, we’re just not sold on it. Especially er20 with its enormous fees is something we want to stay away from currently.
Question 2: How can you get access to $DRUGS, $GUNS, $HOES? Will it be through farming? How will these tokens be used? Will there be one more profitable than other?
Makaveli: $DRUGS can either be bought on THUGSWAP or it can be earned by staking LP tokens on TRAPHOUS.VIP. So both actually. $DRUGS is currently used to convert to $HOES, which will provide the user with a reward in the form of $DRUGS. And $HOES can be converted to $DRUGS again. Since there is no active market for $HOES you cannot sell $HOES at this moment. The future of $DRUGS, $HOES and $GUNS is something that will be present in our next development, our own AMA. Where $DRUGS, $GUNS and $HOES will be used in gamification.
You can read more about it here: https://thugsfinance.medium.com/thugswap-amm-the-future-of-thugs-6f2aa48e67aa
Question 3: What are you presently focusing on in $THUG? Is it building and developing or getting customers and users, or partnerships?
Makaveli: We are currently focusing on building our own AMM. We are still building our community and thus are looking for users. That’s why we want to reach out to as many people as we can via all sorts of media. Like this AMA which is a great tool to get into contact with people/communities that are otherwise hard to reach. So thank you for that.
Question 4: NFTs seem to be the new crypto wave, how do you plan to lead this field of innovation?
Makaveli: NFTs. Is definitely something we are looking into. $GUNS primary purpose will be helping gangsters get NFT’s in the THUGS East vs West war.
These NFT collectibles will be a crucial part in THUGS future game development. Through the power of a meme we want to show our innovation in the field of NFTS
Question 5: In my opinion, Thugs.Fi is very unique. From the logo and name alone it is something different from the others. Can you tell the story behind the name and the logo?
Makaveli: Definitely it’s quite funny actually. It started as a team looking into DeFi tokens. We came across a project that you probably know of: chads.vc. We we’re in their discord and we were asking all sorts of questions about their code etc. and were treated very badly, very toxic actually. Also we had bought into a lot of tokens and 90% of them pulled the rug, leaving communities with nothing but empty pockets. We liked the burning mechanism that chad had, but they didn’t use it properly. So we were joking about creating our own token that would incorporate the THUGLIFE meme.
A joke turned into something concrete and within one week we built $THUGS token. We have extraordinary devs capable of everything.
The logo was actually a big FUCK YOU to be honest, towards the stupid money being thrown at scams and the projects rug pulling. We wanted to make a statement, but more importantly we wanted to bring something of REAL VALUE to the community. And we did. And we wil. Time and time again.
Segment 3: Free/Live Questions
Telegram User: We all know that THUGS is the governance token for thugs finance project, But there are another tokens launched by you as $DRUGS, $GUNS, $HOES , Is there any specific reason for that ? and why are you launching these kind of tokens other than the thug token?
Makaveli: Good question. Well it’s the same as for example PANCAKESWAP has done with SYRUP. In that way you have a governance token and yield mechanism tokens. We incorporated those three $DRUGS, $GUNS and $HOES as they go well with the theme. They will all have an important role in our ecosystem, where NFTs and gamification play an important role.
Telegram User: Now, some project have policies for their ambassadors to create a contribution and attract recognition for the project! So the Thugs Finance team plans to implement policies and incentives for your ambassadors?
Makaveli: Yes! One way of building communities is rewarding those in the community that help us to achieve those goals. 49% of all burnt tokens go into a vault, that we can use for development, marketing etc. These tokens are also used to pay ‘volunteers’ in the community. If you are active and you are looking to help us out, please contact us and we will make sure you will be paid for it :).
Telegram User: Although ETH 2.0 is delayed to next year, but it will solve all exist problem of ETH and become the best choise for dApps in future, so do you think this is a threat for Your project and how could you overcome this barrier?
Makaveli: Why would this be a threat for our project? We are a BEP20 token, and thus not reliant on Ethereum. The more competitors Ethereum gets, such as Tron and BSC the more the industry will prevail. Competition leads to innovation. That’s why we moved away from erc20. They can’t scale and thus fees are enormous.
Telegram User: What is the most ambitious goal of the project? I would appreciate it if you could share with us any upcoming updates? What should the community look for?
Makaveli: The most ambitious until know it creating our own Automated Market Making swap. We have already built a front-end that started on the back-end of BSCswap, but due to our ideology we are moving away from BSCswap, since the developer(s) have been nothing but toxic to the entire scene and community.
So the next big update and development will be our own swap and then NFTs will definitely be part of our ecosystem as well.
Telegram User: What critical problems do you see occuring in the blockchain industry nowadays?? How does you $THUGS aim to solve these problems??
Makaveli: KYC and centralization. The biggest threat to the cryptocurrency industry is centralization (of power) and KYC. Nakamoto explained it to us as exchanging without the need for intermediaries. Of course cryptocurrency has an enormous potential for companies to make a lot of money on. That’s not immediately a bad thing, however this does bring forth the (excessive) use of intermediaries, something that was never meant to exist in the cryptocurrency ecosystem.
So if you want to be on the side of innovation and powerful development right now in crypto, you have to be active in Decentralized Finance such as building and developing Decentralized Exchanges. We believe in decentralization, that’s why we are building our own DEX.
Shinta Zuan: Thank you for answering questions from our community. Before ending the AMA, do you have anything to say to our Community? Before us open chat again.
Makaveli: I would like to say that you are all welcome to join our channel. Please help us grow and support us. If you want to become a volunteer in Discord, telegram or whatever you can always contact me. But please make sure you are genuine or else you won’t be responded to. All that I can say is, get yourself some $THUGS and $DRUGS, stake some $DRUGS to get $HOES and get ready for our next developments! Thank you all :)