Mun Finance x Satoshi CLUB AMA Session 3 Feb 2021

Mun Finance x Satoshi CLUB AMA Session 3 Feb 2021


Hello, Satoshi clubbers and guests of this site. Today we will talk about the Mun Finance project.
Mun finance is an NFT-focused protocol making yield farming easy and simple with cards that contain their token MUN inside.
The AMA took place on February 3 and our guests were @munfinanceofficial — CEO of Mun Finance.

The total reward pool was 1100$ and has been split into 3 parts.

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Website

D. | Satoshi Club:
Good day Satoshi club!

another AMA today

with Mun Finance at this time!

Gold Rocket | Satoshi Club:
Good evening, dear community!

D. | Satoshi Club:
@munfinanceofficial hello and welcome!

Mun Finance CEO:
Hello everybody I’m the CEO of mun finance

Gold Rocket | Satoshi Club:
Welcome to Satoshi Club @munfinanceofficial

D. | Satoshi Club:
Good to have you here!

Mun Finance CEO:
Indeed it’s a pleasure to be here.

D. | Satoshi Club:
How are you doing today?

Mun Finance CEO:
Great excited to talk about the project and a bit nervous since this is a big community, probably one of the biggest in crypto.

Gold Rocket | Satoshi Club:
Please tell us a little about yourself.

Gold Rocket | Satoshi Club:
How did you get to be involved in crypto & Mun Finance?

D. | Satoshi Club:
No worries, everything will be alright

Gold Rocket | Satoshi Club:
Don’t worry, we’re close!

Mun Finance CEO:
So I started in crypto a few years ago working as a software developer for several companies. Initially, I was focused on full-stack and front-end development for web apps. Then I heard of Ethereum and got involved as a programmer, learning everything about it.

Mun Finance CEO:
From there I coded smart contracts non-stop. I rather remain anonymous for personal reasons but just so you know, I’ve been in crypto for a while.

D. | Satoshi Club:
So are you still working somewhere or Mun Finance now is your main focus?

Gold Rocket | Satoshi Club:
It is very interesting! We love secrets here at Satoshi Club

Mun Finance CEO:
I’m in a few other projects as a developer but mun finance is my focus correct.

Gold Rocket | Satoshi Club:
Does your project have a large team?

D. | Satoshi Club:
Got it!

so what is Mun Finance? please tell us briefly in this intro

Mun Finance CEO:
We have a frontend developer, a designer, and me working on it

Mun Finance CEO:
Mun finance is an NFT-focused protocol making yield farming easy and simple with cards that contain our token MUN inside. Those cards allow users to yield farm by staking NFT cards directly on our future yield farming dapp. This platform will be developed after the ILO.

Besides the NFTs, our protocol rewards liquidity providers with a 1% fee on every transaction so that they generate a continuous profit while they facilitate liquidity for traders on uniswap.

We want to make the project as sustainable as possible, that’s why there will be a treasury for developers to reward them for contributing with their code.

Mun Finance CEO:
Had prepared just in case.

D. | Satoshi Club:

Gold Rocket | Satoshi Club:
It was smart

Mun Finance CEO:
Gotta make sure all the important points are there.

D. | Satoshi Club:
So i think it was a nice little intro @munfinanceofficial from you! are you ready to dive into the first part of our AMA?

Mun Finance CEO:
Indeed let’s go into the first part.

D. | Satoshi Club:
Let’s do this!

Q1 from Telegram user @Antoni_azx
Transparency is taken into important consideration when you’re a new project. I don’t see any information about the team, its mission, vision, purposes, all that information you should have already on your website or whitepaper. Where is all that information?

Mun Finance CEO:
It’s mostly in our discord group where we explain how the protocol works and how it will be developed over time.

Mun Finance CEO:
We rather have more close contact with each user.

Gold Rocket | Satoshi Club:
Please share the link to the discord channel with our community.

D. | Satoshi Club:
So all important info on discord?

Mun Finance CEO:
https://discord.com/invite/w2FydwjjVr

Mun Finance CEO:
Yeah we have an FAQ channel explaining all the key details.

Mun Finance CEO:
All the progress is shared in the announcements.

D. | Satoshi Club:
Okay, this is a good reason to join your discord

Mun Finance CEO:
Yes, I like how organized it is.

Mun Finance CEO:
I also like telegram for its simplicity.

D. | Satoshi Club:
But do you have plans to put your white paper or more information about your project, on your site also?

D. | Satoshi Club:
Not everybody use discord you know

Mun Finance CEO:
Yeah, an article explaining our vision, goals, and roadmap is clearly necessary so we’ll make sure the information is reflected there for simplicity.

Mun Finance CEO:
I’m not against whitepapers but if an article does the job, I see them just as effective.

Gold Rocket | Satoshi Club:
Thanks for your answer! Do you want to add something or can we proceed to the next question?

Mun Finance CEO:
I want to point out that our token has not been released yet, we’ll do what we can an ILO (Initial Liquidity Event) by the end of this month where half the funds raised will be locked as liquidity.

Mun Finance CEO:
For traders to buy or sell on uniswap.

Mun Finance CEO:
That’s about it.

Gold Rocket | Satoshi Club:
You have a lot of work in this shortest month of the year

D. | Satoshi Club:
It’s important information to share, thanks

Mun Finance CEO:
Indeed we want to make sure all the legal stuff is handled properly to have a safe and proper launch.

Q2 from Telegram user @Highpee
From one of Discord messages, you said investors should not invest money they can’t afford to lose as you can’t make a guarantee for funds lost, bugs in your smart contracts, or any code written by you. I know that projects may be unable to guarantee 100% security, but some take extra effort to reduce security leakage from their protocol through external audits, insurance, bug bounty, and other deliberate efforts. How secure is your protocol and what actions are you taking to ensure that the risks investors may be exposed to for using your protocol are reduced so that even if investors are unable to sleep with two eyes closed, they should at least able to sleep with one of it closed?

Mun Finance CEO:
That’s why users have to be whitelisted with our form before participating.

Mun Finance CEO:
We’ll have audits done by reputable companies when the code is ready while at the same time do a bug bounty rewarding finders with tokens.

Mun Finance CEO:]
Even though there could be issues that we can’t foresee so it’s just a warning for people to be mindful of their investments.

Gold Rocket | Satoshi Club:
Have you already chosen auditors?

Mun Finance CEO:
Not yet we’ll do that after the token sale. What’s certain is that it will be a well-known auditor company such as openzepelin and others.

Gold Rocket | Satoshi Club:

Sounds good!

D. | Satoshi Club:
Btw when your token sale will happen?

Mun Finance CEO:
it will be on February 28th. It could be delayed but that’s the ideal date.

D. | Satoshi Club:
Do you have some requirements for people who want to buy?

D. | Satoshi Club:
Or maybe restrictions?

Mun Finance CEO:
They must be whitelisted by completing this form https://forms.gle/QzDNMmKcuQ16457B6 . We may have to implement KYC to comply with the law but no country restrictions so far.

D. | Satoshi Club:
Got it. so there is no minimum Eth amount for buying?

Mun Finance CEO:
You know every country has different regulations so we gotta be sure they are cool with the token sale.

D. | Satoshi Club:
That’s right.

Mun Finance CEO:
Nop, everybody is open to participating.

D. | Satoshi Club:
Got it! I hope ethereum fees will be lower to the selling date

Mun Finance CEO:
Indeed gas prices can be on the higher side sometimes.

D. | Satoshi Club:
Thank you for your answers! ready for the next question?

Mun Finance CEO:
I’m ready.

Q3 from Telegram user @Xusuo
I see that Mun Finance try to combine NFT with Fungible Token together into one, but what is the main goal of that infused NFT except for collection and sell it on open-sea ? for example I combine my MUS token and MUN token to create NFT with token Mun inside, can I split it again later and take only the NFT?

Gold Rocket | Satoshi Club:
Good question

D. | Satoshi Club:
I think it’s a good question to share your tokenomics as well

Mun Finance CEO:
Great point. To mint NFTs you must lock MUN tokens inside and you can extract those MUN tokens whenever you want. However doing so will destroy the NFT, so there can’t be a mun NFT without tokens inside. This makes each NFT more valuable by having that price floor based on the MUN token itself. Plus, we can use those locked MUN tokens on our yet-to-come yield farming dapp so people can stake cards while earning a profit.

Mun Finance CEO:
NFTs are great to collect coins together to create a larger cluster for all sorts of purposes such as yield farming.

Gold Rocket | Satoshi Clu:
Are there any ready mint NFTs? Please show us!

D. | Satoshi Club:
So your system uses two tokens? should I stake/add to pool one token to earn another? or how does it work?

Mun Finance CEO, [03.02.21 18:10]
Yes, we have a dapp deployed in ropsten here: https://mun.cards/ with the token designs so people can see how the platform will look like. We will release the final version after the token sale.

Mun Finance CEO:
There are 2 tokens correct. The MUN token is the main token for all sorts of purposes while the MUS token is used exclusively to mint NFT cards.

Mun Finance CEO:
MUS is just a temporary token that proves a staking period.

D. | Satoshi Club:
Got it! how many tokens I should have to be able to mint just one NFT?

Mun Finance CEO:
That depends on the NFT. There are normal, rare, and ultimate varieties.

D. | Satoshi Club:
Oh, that’s interesting.

Mun Finance CEO:
The normal NFTs cost 0.1 MUN and 0.1 MUS.

Mun Finance CEO:
To allow more people to have our NFTs since they will be used later on for yield farming.

D. | Satoshi Club:
Gotcha

Gold Rocket | Satoshi Club:
Thank you for the clarification! ready for the next question? It also touches on this topic.

Mun Finance CEO:
I’m ready.

Q4 from Telegram user @NataliyaKil
I drew attention to the collection of your NFTs that are offered for minting on your website: playing cards, chess, chips, pins and bowling balls, billiard balls …. Is this your only collection? Why exactly the attributes of the gambling business?

Mun Finance CEO:
The gambling theme is the one we chose because we want to make the NFTs part of this larger game of yield farming. As you may have read on our website, we will have a treasury dedicated to the development and we may use it to create yield farming games for people to play with those NFT cards such as a lottery and the likes.

Mun Finance CEO:
More collections will be added in the future after the current one sells

D. | Satoshi Club:

btw are you hiring?

maybe you searching for artists, who can make fancy NFTs?

Mun Finance CEO:
Sure we’re always open to hiring new people as long as they are experienced in their field.

Mun Finance CEO:
Yes

Q5 from Telegram user @KeymerS
You mention that in addition to distributing the tokens fairly, you want to implement a super liquid market cap, but could you really explain its characteristics and how it works in more detail?

Mun Finance CEO:
Sure.

Mun Finance CEO:
Watching many other projects struggle with liquidity, we’ve implemented a 1% transfer fee on every token transfer that gets distributed to liquidity providers. That way, people are incentivized to provide liquidity creating a strong pool on uniswap for people to trade with.

Mun Finance CEO:
The fewer people provide liquidity, the larger the rewards therefore it’s expected that many yield farmers take this opportunity to lock their liquidity for those transfer fee rewards.

D. | Satoshi Club:
How much liquidity will you add to the pool? and people can be start trading, right after the sale?

Mun Finance CEO:
half of the funds raised will be locked on uniswap. Our goal is to raise 1000 ETH so if we reach it, 500 ETH will be added as liquidity. And yes, people will be able to trade right after the sale since the token will be added to uniswap right away.

D. | Satoshi Club, [03.02.21 18:28]
Got it, so what if you don’t reach your hard cap and soft cap as well, what will happen with unsold tokens?

Mun Finance CEO:
If we don’t reach the soft cap of 200 eth, all the sold tokens will be refunded manually one by one to investors. If we reach the soft cap but not the hard cap, we’ll burn the unsold tokens.

D. | Satoshi Club:
Fair enough.

D. | Satoshi Club:
Thank you! and the last question from part 1.

Q6 from Telegram user @asalas95
Is MUN a project that was born with aspirations of being a global project, or on the contrary, are you focused on the development and adoption you could have in a specific market and region? What are your goals regarding the expansion of your initiative?

Mun Finance CEO:
We want to make the project a global effort for the entire world without fixating on any country in particular. When it comes to our expansion we’ll continuously reach out to influencers, groups, and websites to spread the word so new developments are properly received by the crypto community.

Gold Rocket | Satoshi Club:
Great goals!

Gold Rocket | Satoshi Club:
Please share helpful links and information with our community before opening the chat.

Mun Finance CEO:
Great 1 sec.

Mun Finance CEO:
Our Twitter: https://twitter.com/munfinance
Telegram group: https://t.me/munfinance
Discord: https://discord.com/invite/w2FydwjjVr
Github: https://github.com/munfinance/mun-contracts
Website: https://mun.finance/
NFT dapp (in development): https://mun.cards/

Gold Rocket | Satoshi Club:
Join Satoshi Clubbers

Gold Rocket | Satoshi Club:
@munfinanceofficial Thank you very much for your answers! ready for the most impressive part of the AMA?

Mun Finance CEO:
Let’s get it!

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Ayshunasrin
What are the major advantages that attract investors to your platform?

Mun Finance CEO:
The fact that users are rewarded for locking their liquidity and for locking their MUN tokens to generate MUS tokens to buy NFT cards. All that moves lots of tokens out of circulation, making all of them more valuable over time since the circulation is reduced by that.
Another thing is that we plan to use NFTs for multiple purposes such as yield farming and gambling games. A similar project such as dontbuymeme is only focused on releasing NFTs without giving them any utility. We focus on the practicality of these NFTs first.

Q2 from Telegram user @highpee
If the MUS token is a temporary token that is exclusively for the purpose of minting NFTs, what then is the need for MUN token in the NFT minting process? Can’t the minting be done with only one of these tokens?

Mun Finance CEO:
Great question. You may think the MUS token is useless and can be removed from the system without any major consequences. However, having this secondary token can potentially create a separate market for people to trade and collect even more profits since people will be able to stake MUN and get MUS tokens to then sell them on uniswap. That alone creates a huge incentive for an extra utility token.

Plus having the option to send MUS to other wallets you may have is always interesting from a practical standpoint.

Q3 from Telegram user @apocan99
On your website, the images show cards containing games such as bowling, chess, dart, etc. Do these NFT cards exist, or are they just symbolic? Having all related to games, will the NFTs on Mun Finance only focus on gaming content or more?

Mun Finance CEO:
Yes, those cards exist and are NFTs that will be released after the ILO. You can see the marketplace dapp here: https://mun.cards . The theme is related to gambling and gaming because we want to focus on making yield farming fun and attractive to crypto users. Plus we are open to building dapps such as lotteries to give them even more utility.

Q4 from Telegram user @moe_808
What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?

Mun Finance CEO:
These are the priorities for this year:

  • Complete the ILO successfully by reaching the hard cap.
  • Release the final NFT selling dapp to sell all the NFT tokens to interested users.
  • Create the yield farming NFT dapp to allow people to stake their cards and generate a profitable APY.

Q5 from Telegram user @Sumione
How much MUN will be locked in liquidity and why the token sale date is Feb 28 so a long period?

Mun Finance CEO:
We want to have time to comply with regulations in the many different places where crypto is treated carefully with the law. We’re focused on the long term so having a solid foundation that is secure to investors and set up properly is beneficial.

Q6 from Telegram user @Maksyrn
How can you characterize ILO in comparison with other existing types of sales? Why did you choose ILO for sales?

Mun Finance CEO:
As I said, an ILO is a token sale where half the tokens get locked as liquidity. We created this model because we believe it benefits investors who want to trade freely without excessive volatility since having a low liquidity pool makes trading almost impossible for users.

Mun Finance CEO:
There’s the ICO where all the profit from the sale is kept by the team, the IEO where the tokens are sold on an exchange, and others. We chose a fairer system to provide more benefits to investors since that creates a better community.

Q7 from Telegram user @dumpspump
Price is 1 ETH = 50 MUN right now. Will it change after the pre-sale has done or is it fixed?

Mun Finance CEO:
Yes, the price will be adjusted to the price of ETH a few days before the ILO to make sure we sell at an appropriate price for everybody to participate in our ecosystem.

Q8 from Telegram user @boradam
Do you think the digital art market can exceed the physical art market in the future? I’d like to learn your thoughts about the digital art market?

Mun Finance CEO:
I believe so. The digital art marketplace is exceedingly faster and more efficient than the traditional art marketplace because users don’t have to wait any time to receive their NFTs. Compared to traditional art selling, buyers have to verify their art piece is legit, it takes time and security, and a whole system to make that possible.

Q9 from Telegram user @konditer_rolex
When I use MUN and MUS tokens for NFT minting do I need to use Metamask and pay for gas multiple times?

Mun Finance CEO:
You’ll need to make 2 transactions since these are separate tokens so yes, you’ll have to pay gas for them.

Q10 from Telegram user @BJosefina61
Will your token exit be in ETH or can we also use USDT, USDC?

Mun Finance CEO:
We are interested in doing future ILOs for other pairs such as MUN / USDT or MUN / USDC. That will be definitely beneficial to the project and investors alike.

Q11 from Telegram user @BlancaSdF
What kind of technology are you using for the NFTSs, 1155 or 721?

Mun Finance CEO:
The tokens will be ERC721 with some modifications to create several identical copies for all of them. In fact, the code is openly visible on our GitHub so I encourage you to check it out and see how it works for yourself.

Q12 from Telegram user @AugusS7
I understand that Mun Finance intends for users to cultivate NFT infused with MUN, but really why should users cultivate NFT and with MUN instead of investing in other NFTs or other projects?

Mun Finance CEO:
Because the token grows in value over time corresponding to our developments and expansion, the NFTs people buy become more valuable since they contain MUN tokens inside. You can also sell them on opensea for an extra profit at any point. It gives people options to trade with more tokens.

Q13 from Telegram user @centoscu
Can another defi project be able to use your ecosystem on their projects?

Mun Finance CEO:
Yes, Opensea can trade with our tokens since we’ve taken measures to make that possible.

I want to mention that the development treasury will reward developers that freely create valuable dapps using MUN tokens. That way developers can create their own projects and get rewarded for improving the MUN protocol.

Q14 from Telegram user @jackytran123
Who is your investor? How do you generate revenue to sustain the project? What are your goals to the end of 2021 and beyond?

Mun Finance CEO:
Great questions. Our ideal investor is someone that understands DeFi and is aware of the risks associated with using smart contracts. We will take every precaution to guarantee the security of our contracts but there are many malicious actors out there that will do whatever they can to hack the contracts. That’s why it’s good to have experience in the DeFi field.

We generate revenue from selling NFTs, from the initial token sale, and from transfer fees. A small portion of the 1% transfer fee is sent to the development treasury to guarantee the stability and continuous building of the project. Our goal is to be the 1º NFT protocol in the market and to make that possible we need as much community effort as coders. So feel free to help out where you can.

Q15 from Telegram user @meml97
Munfinance is really new and with a really small community. What are you going to do to make users choose you over the other similar projects that have more time on the market, and make them trust you in order to build a really big and strong community?

Mun Finance CEO:
Our new name in the market gives us the potential to carve a niche out in the crypto community for those interested in yield farming. We believe people prefer the simplicity of an effective protocol like ours to the complexity of advanced projects with hundreds of features and complex algorithms. By focusing on doing a few things right from the beginning we make it easy for investors to understand how they benefit and what they should expect from a project like ours.

Part 3 — Quiz Results

In the final part, we tested your knowledge in terms of Mun Finance. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 900$.

For more information and future AMAs, join our Social Media channels:
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Our partners:
Mun Finance Telegram Community: https://t.me/munfinance
Twitter: https://twitter.com/munfinance
Discord: https://discord.com/invite/w2FydwjjVr
Github: https://github.com/munfinance/mun-contracts
Website: https://mun.finance/


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