Introduction
Whenever new cryptocurrency projects enter into the space they are usually met with waves of criticism. From conception we heard “Bitcoin is a ponzi because you are relying on selling it to someone at a higher price”
People later claimed Ethereum has“no future”.
Then pancakeswap the first DEX on the Binance Smart Chain came under attack, before having over $6 Billion Dollars Total Value Locked in their smart contracts. (Well done PCS!)
Aside from what you’ll see in social media, reddit, blog posts, you might even see news in bear markets saying “bitcoin is dead”.
Common FUD for Goose Finance and our official position:
Developers sold egg and GGx at their ATH.
In times of contraction, to avoid adding selling pressure on egg we may draw funds from other Goose Finance tokens. e.g. the layered farming, the lottery or the vault tokens. We need funds to continue the development and maintain security at Goose Finance, it also costs money to keep the lights on, host the platform and we are building a risk fund incase crypto falls on tough times as we aim to maintain the project.
We‘re a new company and not a billion dollar behemoth yet, but we’re working on it.
We are setting out our funding policy in clearer terms in our documents too, making us one of the most transparent networks in DeFi.
Fund allocation looks like this:
Provide your identity if you have nothing to hide
As you might be aware the nature of DeFi means providing individuals identities would put them at extreme risk. As with other DeFi projects anonymity is important we do not wish to have individuals at risk of extortion, impersonation or attack. We do not wish to burden an already high level of cash burn with extensive security costs. We are protecting ourselves but also our beloved product, Goose Finance.
$egg inflation is too high
We are working on additional mechanisms to reduce the total supply of $egg. Our IFO just burned about 52,000 $egg. We have reduced the emission of $egg from 1 to 0.7 per block; that’s a 30% decrease in the amount of $eggs produced, period.
Overall to combat this we’ve burned a whopping $2,000,000 worth of $egg!
I heard Goose Finance is a scam
As mentioned in the introduction it is common for new and unestablished products in the cryptocurrency space to be suspect so don’t be surprised to read this. You should always DYOR and we think our history speaks volumes;
- We have removed the migrator “rug-pull” code.
- We have multiple audits of our code. (see Hacken, Certik)
- We are the first to release help to the public on how to complete an emergency withdrawal in our documents: https://goosedefi.gitbook.io/goose-finance/security/emergency-withdraw
- We stand side by side with our community, offering a 100% reserve vault, meaning your investment is secured dollar for dollar in a publicly verified smart contract.
Layered Farming has lost me money
Layered Farming was created with the intention people would value the token and want to use it in the house and continue farming into the later layers. Unfortunately, it seems to have been overwhelmed with greed and fear, pretty much becoming a series of super-fast waves of the crypto market cycle.
We said Layered Farming was high risk from day 1, it is also highly experimental. DYOR and invest at your own risk. We have adapted this every week responding to feedback from the community.
The Price of $egg collapsed nearly 90%
Welcome to cryptocurrency investing. If you do some research into crypto market cycles you will see that large swings often occur in cryptocurrency; that is even more true with DeFi tokens. $egg dropped from our ATH due to high inflation, fear and a lack of use cases for it. We also had an issue by paying such high APR’s in our Farms and Nests where people staked millions of dollars in crypto to receive $egg, they then sold this every time they harvested to achieve their ROI. While this is common in layered farming, people usually hold some token, stake it elsewhere or spend it. While there was high APR and no use case their only options are to sell or stake in the nest. People decided to sell in greater numbers than people came to buy, thus the seller pressure far outstripped the buying demand causing the price to drop.
You dropped the APR on non-Goose Nests and Farms.
The APR reduction was announced for NON $egg pools well in advance and was done to protect our beloved $egg holders. We found non $egg pools were selling their yields each day, resulting in driving the price of $egg down.
There’s no innovation at Goose Finance
Goose is one of the most responsive DeFi projects, so far we have achieved:
- First to correct the harvest all button.
- Removed migrator (aka. Rug-Pull) code.
- First to introduce layered farming
- Created maximum buy option to override slippage settings.
- Sold out an IFO in 2 minutes.
We are so rapidly innovating that even more may be released by the time this is published, to keep up to date with our features roadmap visit: goosedefi.com/roadmap
Any good news out there?
Well now that you ask, here’s 3 of the great things happening at Goose Finance:
- We stand side by side with our community, matching every $1 staked in our vaults with $1 in a 100% transparent reserve smart contract.
- We completed an industry leading IFO, selling out in 2 minutes.
- We are working on an AMM to enable trading directly through Goose, evolving from a 2nd generation yield farm to a fully fledged AMM & yield farm.
A message from the developers
We have worked hard to deliver you a leading DeFi platform. We’ve spent countless hours making this our baby, the levers of inflation are hard to control yet we will never leave you guys, never. We love this project and you will see through what we do. ~ G.B.
What to take away from this article?
- In crypto new things are often called a scam, ponzi or DOA with no future.
- Don’t be alarmed if you see these things related to Goose Finance, we have a highly capable and committed team, a great roadmap and are working hard to build a great DeFi community who can safely yield farm; swap tokens, stake and get rewards.
- We’re working on new partnerships to launch even more record breaking IFOs
- In just 1 month Goose Finance was a top 10 DeFi project on BSC
- Goose Finance is highly innovative, interactive & responsive.
- Goose has been audited by Certik & Hacken.
- The Goose Finance roadmap is highly ambitious and achievable.
- The PR department is taking feedback, running promotions and responding to your questions. We are aware that sometimes FUD and genuine concerns may be misinterpreted, moderators are selected from the community to enforce the rules if you have concerns of unfair treatment we look at cases on an individual basis. Get in touch with us:
telegram: @GooseDeFiPR / twitter: @GooseDeFi
- Goose Finance is here to stay. We hope you stake with us (It’ll be worth it).
References:
https://cryptopotato.com/mainstream-media-says-bitcoin-is-dead-is-it-the-time-to-buy/
https://medbid.medium.com/
twitter.com: @Excellion | @peterschiff
Proof of burning:
https://drive.google.com/file/d/1DGga70ZBL3CSoEtdHwrgILnaaZMsqP-L/view?usp=sharing
