coinwire.com hosts AMA with ImmortalDAO Finance. #ImmortalDAOFinance #Immortal #Gems_Radar #AMA
Cryptodaily Admin: Good day and welcome back everyone to another AMA with Gems_Radar!!! I have here with me the ImmortalDAO Finance project! Hello and how are you Passerbyte?
Passerbyt: I am doing good. I am glad to be here today
Cryptodaily Admin: And we are glad to have you here with us ! I appreciate you taking your time to come here and introduce us to ImmortalDAO Finance. So, shall we begin?
Passerbyt: Sure, let’s proceed
Cryptodaily Admin: Fantastic!!
For those who has not yet been familiar with Immortal,
Q1: What is Immortal all about? Why don’t you summarize the purpose and vision of this project for the viewers?
Passerbyt: Immortal is the first decentralized reserve currency protocol on Celo, it is an algorithmic stablecoin that is not pegged but instead, backed. The purpose of ImmortalDAO is to bring wealth to our fellow users with regards to the slogan ‘Prosperity to All’ and we envision ourselves being able to integrate with the protocols on Celo to build resiliency, allowing more utilities besides staking and bonding.
Cryptodaily Admin: Right and for now as I can see you’re having staking and bonding available, but lending and borrowing will be implemented soon right?
Passerbyt: Lending and borrowing will be a feature once we are able to achieve a partnership with Moola Market, which is the dominant lending platform on Celo at the moment
Cryptodaily Admin: Thanks for the detail Passerbyt 👌
Q2: Could you tell us a little bit about yourself and your team? What are your past experiences? Are you a fully doxed team?
Passerbyt: I would say our team is relatively experienced in the field. However, this info will remain confidential. We have been KYC-ed by Ubeswap which is one of our long term partners and we are looking forward to having more partners as well.
Cryptodaily Admin: Absolutely, if you check out their whitepaper here:
You can see that they were indeed audited by Mr Brian Li – CTO of Ubeswap
But I mean, you can’t disclose anything about your past experience with blockchain? Of course there’s no need to actually state any names but we certainly want to know a bit about the Team
Passerbyt: Time is the best evidence of one’s experience. Yes, we have dealt with blockchain technology
Cryptodaily Admin: Of course, so you are all veterans in the field. I like it. Let’s move on to the next question:
Q3: What did the Team expect when developing Immortal?
Passerbyt: When we were developing our protocol, we were looking to establish our protocol as the main DeFi 2.0 on Celo, with sustainability in mind. Hence, we would like to know more about the Celo community and introduce ourselves slowly, instead of a dramatic entrance. We are glad that our protocol is steadily flourishing instead of the usual ‘pump and dump’. I would like to thank this particular effort to our community
Cryptodaily Admin: Yes and recently, there is a rugpull by a protocol on the solana blockchain. People are really in need of a sustainable project. So keeping it low key and steady is a great move !
Passerbyt: Oh my, I have only been focusing so much on Celo
Q4: Let’s dive into your tokens $IMMO and $sIMMO. Can you share with us your tokenomics? And what are some of its use cases?
Passerbyt: $IMMO is a token which has no maximum supply and will be continued to be minted by the protocol. $sIMMO is a rebase token which is the main focus of DeFi 2.0 in which the token would rebase every epoch and there will be no need for users to manually stake their yield earned. With regards to tokenomics, the developers do not own any % of the $IMMO token. The $IMMO tokens are fully controlled by the community. Our current use cases include staking and bonding, in future, we are looking to expand our use cases towards lending, IRL payment, inter-protocol payment, etc
Q5: So Immotal’s future plan is to become a full DAO, so how can the community help with Immortal’s development now and what can we vote on?
Passerbyt: Oh thanks, there is one more use case that was not mentioned in my previous message. $IMMO is a token for governance, we have set up a snapshot website for our fellow sIMMO holders. The more IMMO staked, the higher your voting power. Currently, the snapshot for Celo is being repaired and should be done hopefully soon. The first order of business would be for our users to vote for Celo-IMMO LP bond. Soon after, we would be introducing other innovations which may require the community’s voting as well.
Q6: Yes, more innovations to come! So would you like to introduce us to some of your short-term plans? What features will be implemented so people can vote on?
Passerbyt: Our short term plan is definitely to introduce ourselves onto a lending platform for additional utility and spread awareness to more users on Celo since we are a young protocol. Maybe some of you have not heard but Valora, a mobile app, is having a bake off to allow DApp to be listed on a phone app. Immortal will be participating as well! Regarding the features implemented to be voted on, they will be announced as soon as the team has more confirmations. Stay tuned, because I am sure we can surprise our users.
Cryptodaily Admin: oh man it’s gonna be an eventful 2022 for Immortal I reckon
Q7: As far as I understand, the current APY of Immortal is around 121,515.3% whereas there are projects with the APY in the millions! Now how do you attract users in staking with Immortal?
Passerbyt: Well, I am sure our users would understand high APYs in the millions are definitely not sustainable and people tend to exploit the system in which they buy and sell after each rebase, resulting in a selling pressure around particular timing. Hence, our 6-figure APY is meant to be attractive to users who are looking to invest for the long run. We would also do our best to educate our community in this.
Cryptodaily Admin: Investors in this market are still easily attracted by the huge APY offered by those protocols since many are investing for a quick profit.
Passerbyt: Marketing would also play a part in this and we are doing our best to bring more users to stake in Immortal, especially with the downtrend in the market
Farming > Scalping
Cryptodaily Admin: Absolutely and I appreciate your efforts! Thank you for reaching out to us by the way!
Q8: Are there any exciting events coming up? And where can we find out more about Immortal?
Passerbyt: There definitely are, but it would take some time for them to be implemented. So, I am hoping our fellow audience follow our socials such as Twitter and Discord
Cryptodaily Admin: And remember to check out their website: http://www.immortaldao.finance/
Cryptodaily Admin: With this we are now at the end of our AMA session with ImmortalDAO Finance 🔥🔥🔥
Time for wrapping up, any last words you would like to say to our community?
Passerbyt: We are not running anywhere. We are Immortal!
Cryptodaily Admin: Love the slogan 🤩 It has been a pleasure having you here with us! Best of luck to you and to ImmortalDAO Finance!