Kriptobi, one of the most active groups in Turkey on cryptocurrencies, hosted D. R. Dudley from the Multiplier project on November 7, 2020. In the first phase of our event, the Multiplier project was introduced to our community members with group managers’ questions and our guest's answers. In the second phase, 3 questions collected via Twitter were asked to our guest, and in the third phase, the ‘live Q&A’ section was completed. In the second and third stages, our community members, whose questions were answered, were rewarded with a gift worth 10$ at the time of reward distributing. If you also want to participate in future AMA events and win while being informed, you can join the Kriptobi community.
Stage 1 (Questions of our group managers, answers of our guest)
Can you tell us more about yourself and Multiplier?
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.
What is Multi-Chain (Lend)?
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.
How do flash loans work?
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.
How will Multi-Chain (Lend) create utility for the native token?
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) will be released soon in our upcoming Litepaper.
Sounds exciting. Now, can you tell us more about Multi-Minionaire?
Multi-Minionaire is a Discord-based mini-game 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!
How does Multi-Minionaire work?
All you need to do is complete the mission instructions in each of the #mission1 - #mission5 channels in our Discord. Each mission you complete will give you one level. Once you reach 5 levels, you will win 10 bMXX tokens! Even before the official launch of Multi-Chain (Lend)!
Here’s an example of one of the missions:
1. Join our official Telegram Group and post a thoughtful question.
2. Post a screenshot of your question in Discord #Mission3.
It’s that simple. Join now!
What is the reason for Multi-Minionaire?
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.
Please tell us more about the “Community Leadership Initiative”.
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 [email protected] with the relevant information and we will contact you if you are shortlisted.
Anybody can apply!
What are the rewards for the “Community Leadership Initiative”?
For Community Leadership Initiative Rewards, 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!
What is the ideal profile for a “Community Leadership Initiative” candidate?
Anybody who has a large crypto following, and is eager to be involved in Multiplier’s day-to-day community-building efforts! This may help to better understand how our community leadership initiative works.
After this response, the first phase of our AMA event was completed. And immediately after that, questions sent via Twitter will be answered. And the second phase has begun.
Stage 2 (Twitter users' questions, our guest's answers)
Twitter Question 1: (from @Batuhandogus6)
For investor like me, buy-back and burning token program is very important,These two things can benefit me and other investors, so does MXX tokens have a buy-back and burning token program ?
*Multiplier has previously launched 2 DeFi protocols: Takoswap and Simplified Stable Bonds (SSB). Our SSB Contracts burn MXX when new contracts are created or early redeemed (which by the way has up to 1000% stable yield)! Also, this week Multiplier has just announced the Core Team Burn whereby we burned the first core team allocation of MXX tokens just for our community!
For details you may refer to this article.
Twitter Question 2:(from @alni1609)
How does MultiplierMXX think about the importance of the user community? In the near future, does MultiplierMXX have any special ideas/plans to attract & expand the community?
*As mentioned earlier, we are currently actively building our community with incentive programs.
1. Who wants to be a Multi-Minionaire
2. Multiplier Community Leadership Initiative
Up to USD $4,000 MXX monthly allowance, with 1% of team allocation and 20% of total community rewards from the Multi-Minionaire program. Also, users just need to join our Discord, complete 5 missions, and are guaranteed to earn 10 bMXX tokens, even before our official launch! Join our channels for more information on how to earn community rewards!
Twitter Question 3:(from @akpnr_mstf)
Partnership and community are the key to the success of projects, can you tell me how $MXX will expand the partnership and which markets will $MXX focus on?
*Multiplier and Bramah Systems are in a joint collaboration to build a DeFi lending protocol — Multi-Chain (Lend) on the Binance Smart Chain. Bramah Systems has previously audited prominent firms such as dYdX and mStable, and is led by managing partners Jonathan A. Haas, and Benjamin A. Small, PhD. Mr. Haas has built a variety of scalable security systems focused on static analysis and privacy-by-design that touch millions everyday. Dr. Small holds multiple patents related to trading technologies, and was previously COO of Gemini Exchange and CTO of Genesis Global Trading.
Multiplier is currently focused on anyone around the world! And that's also why we are actively arranging AMAs in various telegram groups. If you know any groups interested in AMAs, feel free to message me! We are particularly interested in AMAs outside of Asia (we have done many in Asia already).
After that answer, our event’s 2nd the phase was terminated and the ‘live Q&A’ section started. 5 questions answered by our guest within 5 minutes were shaped as follows.
Stage 3 (Live questions of community members, our guest's answers)
Live Question 1: In the Multiplier website, I see 2 Total value locked-one in Simplified Stable Bonds and other in Takoswap. Since, most projects have only one Total value locked, why you have 2 and how do they function and do these work independently or are inter-related?
*Takoswap is an AMM DEX that allows the swapping of tokens. SSB is our simplified stable bonds that give stable yield of up to 1000% APY. If you join the Multiplier discord you will see a nice archive of all our announcements! We will soon launch our Multi-Chain (Lend) platform on Binance Smart Chain whereby token holders can earn a share of platform revenue by staking in our governance pool!
Live Question 2: Which area are you currently focusing on? (DeFi, Stake,Dapps..) and what’s your goals in this year?
*Currently we are focused on building DeFi protocols/dapps, with our upcoming product being a lending protocol. If you missed out on Aave, don't miss out on Multi-Chain (Lend)! An Aave-fork on Binance Smart Chain! We were in the distribution stage of giving out MMX tokens to build a vibrant community! We are currently focused on creating utility and value by sharing the revenue on our next lending protocol.
Live Question 3: Does Multiplier Finance have 2 bMXX and MXX tokens? if yes, can you explain the function?
*MXX is on Ethereum. And bMXX is on Binance Smart Chain. Users will be able to convert their MXX to bMXX, which they can stake in the governance pool to earn a share of platform revenue (in native tokens) as well as bMXX.
We will soon release an updated Litepaper with more details on this! Official Launch of Multi-Chain (Lend) is in about a month!
Live Question 4: Users can create SSB contracts and sell it of upto 1000% APY. Is this rate fixed? Can you make us understand what are the Simplified Stable Bonds contract?
*Basically Simplified Stable Bonds (SSB) enables users to mint MXX with their collateral. SSB accepts a variety of collateral which I will paste below. You may read up on how our SSB platform works in this article.
Live Question 5: Many projects launch campaigns to interact with users. Does $MXX finance have any specific plans to attract and grow the community or improve user experience?
*We are currently actively building our community with various reward programs! There's the Multi-Minionaire program whereby users can complete 5 simple missions to earn a guaranteed 10bMXX (before official launch)! We have the Community Leadership Initiative whereby leaders have up to USD $4000 in MXX as a monthly allowance, with a share of the Multi-Minionaire community rewards!
We also have weekly AMAs! So join today!
Live Question 6: What are the important features that distinguish the $MXX project from other projects and why should the investors choose this project?
*We were a CeFi lender since early 2019, and after transitioning into DeFi, we've launched 2 protocols with a 3rd upcoming protocol this quarter. We aim to build products with utility which will ensure that our tokens have value. Multi-Chain (Lend) will enable users who stake their bMXX to earn 20% of the platform revenue (including from flash loans), and they will mint bMXX as well. Do join us and look forward to the official launch! Also, here are our Q4 goals to help you understand where we are headed!
After this answer, we came to the end of the 3rd stage and the whole event. We thank D. R. Dudley for not breaking our kind offer and for joining our community. Don't forget to follow us on Twitter to become instantly aware of other activities in the Kriptobi community…
