Crudeoil Finance AMA Transcript

Decentralized yield aggregator/optimizer built on #BSC for the DEFI economy.

Andrew (BSC.News):

Hello everyone and welcome to the AMA with Crudeoil Finance!

Today we have @crudeoileng joining us, thanks for being here today

Petro Engineer (Crudeoil Finance):

Hello guys, its great to be here.

Andrew (BSC.News):

Great to have you here

So how this AMA will work is, it will consist of two rounds. The first round will be us going over the questions that I have collected for you. The second round will be a community round where I will open up the room and allow the community to ask some questions

Sound good with you?

Petro Engineer (Crudeoil Finance):

That’s great. Lets go for it.

Andrew (BSC.News):

Okay wonderful

So to start things off…

1. Tell me about your background, were you involved in crypto prior to starting Crudeoil Finance?

Petro Engineer (Crudeoil Finance):

Sure thing. My name is Petro Engineer and I’m with our CEO Pyro. We are two of the cofounders of Crudeoil Finance. We have a team of like minded individuals who thought of introducing a unique crypto philosophy to the community and started working on Crudeoil.  

Most of us have a long history in Crypto and I myself have been in the crypto field since 2013 and others also have many years of combined experience in the crypto industry.

Andrew (BSC.News):

Oh wow since 2013, that’s a long time in this space

How big is your team?

Petro Engineer (Crudeoil Finance):

Oh! Yes. and still feel I missed out 4 years. But all of us are still very early on this. We are lucky to have a big core team and even bigger extended team. We have 5 core devs backed by another 5 in marketing and PR. Then we have a team of community managers, and local community representatives who are very much a part and parcel of CrudeOil family.

Andrew (BSC.News):

That’s great! 🙂

2. Can you tell me more about your team? What are their background?

Petro Engineer (Crudeoil Finance):

Yeah, So, as I mentioned earlier we have 10 member core team and an extended team who support us in community management, PR, marketing, research and development. Most of the team members are geographically dispersed. This makes it easier for us to work with different timezones and partners. Each member has a specific role in the team. Research is a key component where we focus on innovation and everyone is involved with it.

Andrew (BSC.News):

Gotcha, thank you for that answer

So to talk more about the reason you are here today

3. What are you trying to accomplish with Crudeoil in the BSC ecosystem? Was there an inherent problem that you are trying to solve with your project?

Petro Engineer (Crudeoil Finance):

$CRUDE is designed to ensure the best returns for the users where the rewards are offered for each smart vault. Smart vaults ensure a higher cumulative APY as the manual intervention from the user is no longer required to manage his assets to optimize yields. $CRUDE will be the native governance token where users can directly take part in the decision-making process by holding $CRUDE and staking to take part in the governance mechanisms.

Andrew (BSC.News):

Oh great! Yeah I did notice to recent phasing out of the Oil token

Petro Engineer (Crudeoil Finance):

Furthermore, a portion of the platform fee will be distributed among the $CRUDE stakers in our platform which will be an additional reward. A portion of the platform fee is directed towards buying back $CRUDE from the market. These bought-back tokens are burned forever which will result in the reduction of the total supply over time, making it a scarce asset. This process will continue till the total supply becomes 5000 $CRUDE. So, we believe #defi is going to the key in ensuring mass adoption of crypto and believe yield automation is going to be a key. We want to be a part of it.

Andrew (BSC.News):

That’s pretty neat stuff. So you would say that Crudeoil is utilizing the various aspects of DeFi to ensure the best returns for your users and to grow the space as a whole?

Petro Engineer (Crudeoil Finance):

Exactly!

Andrew (BSC.News):

Wonderful, so while on the topic of CRUDE

4. Can you explain a little bit about the old tokens merge (OIL and DIESEL to CRUDE) and the new token, $CRUDE tokenomics?

Petro Engineer (Crudeoil Finance):

Sure. $CRUDE will be the native governance token where users can directly take part in the decision-making process by holding $CRUDE and staking to take part in the governance mechanisms. $CRUDE is already live on @pancakeswap since 21st July.

At the inception, there is no token sale or pre-mine. Instead, the $OIL and $DIESEL holders will be compensated for holding those tokens. A similar percentage will be vested and reserved for marketing and exchange listing activities. The entire balance will be reserved for staking rewards.

After conducting an awareness, we have recently concluded the event where we took a snapshot of the $OIL and $DIESEL holdings from our users wallets. They will be able to swap their $OIL and $DIESEL to receive $CRUDE after the swap is launched later this week. The product will also go live this week.

Let me share the tokenomics as well

Andrew (BSC.News):

Yeah that would be great

So is that supply of 80,000 fixed?

And being that you guys are Crudeoil, is it safe to assume you would conduct a burn? haha

Petro Engineer (Crudeoil Finance):

Well the supply decreases. A portion of the platform fee will be used to buying back $CRUDE from the market. These bought-back tokens will be burned forever, At the end there will only be 5000 tokens left.

Andrew (BSC.News):

Wow just 5000 tokens?

When do you predict this will be by?

Petro Engineer (Crudeoil Finance):

More transactions, the faster it will be 😃

Andrew (BSC.News):

For sure haha

5. What are the $CRUDE token features and utility?

Petro Engineer (Crudeoil Finance):

What we at CrudeOil finance has developed is a powerful tool, a protocol created to maximize profit by shifting the invested capital around to different pools, where the APY percentages and the expected profit is higher. By utilizing the power of smart contracts, we eliminate the need for manual research and allow users to earn a bigger income by optimizing the yields. $CRUDE will be in the epicenter of both rewards as well as governance. Let me share a sneak preview of our platform.

t.me/crudeoilfinance_ANN/517

Andrew (BSC.News):

Very interesting

And give me a minute to check out this video myself!

Oh wow so you guys made a tutorial video

And just to clarify this is still the test site correct? This has not gone live?

Petro Engineer (Crudeoil Finance):

Yes. It will be at the end of this week. Excited!

Andrew (BSC.News):

Yeah very exciting!

6. Can you tell me more about the features that are implemented on Crudeoil Yield Optimizer as well as the features that you plan on implementing onto the platform?

Petro Engineer (Crudeoil Finance):

So, as of now The front-end part and backend development of the process is now completed, include a complete revamp of the UI/UX development. We are infact ahead of our original roadmap. I believe the roadmap will give you a clearer picture of what we aim to achieve.

Andrew (BSC.News):

Very excited to see what Q4 has in store for you guys

considering you are ahead of schedule

Petro Engineer (Crudeoil Finance):

Oh! yea. As I mentioned, research is one of our key components and we are constantly working on inventing new concepts. Once completed, we will add them to our platform as we go on.

Andrew (BSC.News):

Constant improvement is critical in a new and evolving market such as crypto

So with an emphasis on research and development

7. What do you think makes you unique compared to the other competitors on BSC?

Petro Engineer (Crudeoil Finance):

A very important question! After the launch of $OIL and $DIESEL, we received much love and demand for the tokens that we wanted to release a novel product. Hearing the feedback from our community, we saw the massive potential for yield optimizers that actually work. We first studied our competitors that were present at that time and noticed certain lack of functionalities in vault management which we felt we could address well. As a result, we brainstormed and developed a blueprint. The more we got involved, the more we saw the massive benefits and the potential of a proper yield optimizer in automating farming/staking allocations while maximizing the returns.

Andrew (BSC.News):

So you could say that there was a big advantage of entering the market at a later stage rather than the peak of the bull run?

Petro Engineer (Crudeoil Finance):

ha ha! Who said the bull run is over?

Andrew (BSC.News):

Haha right, I hope that wasn’t the peak!

8. What other products are you planning to launch?

Petro Engineer (Crudeoil Finance):

Of course! So we aim to develop and build in our own NFT marketplace, a Lending platform and a unique playground where users can play games to earn. Apart from the above mentioned features, we will be adding more in the future such as dual yield smart vaults which will make our platform is unique from the ones available in the space.

We want to polish up and add more unique strategies to our platform apart from the auto compounding feature. I can’t spill the beans just yet but you will see in the immediate future.

Andrew (BSC.News):

wow so a lot of plans for the future

love to see that you guys have that long term vision rather than simply getting rich quick

Petro Engineer (Crudeoil Finance):

Of course! we want to focus on the long term

Andrew (BSC.News):

Yeah so speaking of the long term

9. Where do you see Crudeoil Finance 5-10 years from now?

Petro Engineer (Crudeoil Finance):

Very interesting! So we think NFT will be super huge in the coming years. I think we have just scratched the top at this point but it has more substance than what we see now. So we want to be a prominent member in that in the next few years through innovation. Also, our main aim is also to drive adoption. Bring more non-crypto communities to crypto. This is where we believe #defi has room to grow. Lending and automatic vaults will be the key. we sure want to establish ourselves in these spaces.

At this point, our focus is on the launch. After this, we aim to add more vaults and special dual yield vaults as

well. Plus, there are some novel products that are kept a secret at the moment until the launch.

One step at a time. Ultimately we want to contribute to the betterment of the Binance Smart Chain ECO system.

Andrew (BSC.News):

Yeah I feel like while now, we could say this is just the beginning,middle or end of this bull run

I feel as though the DeFi space is just starting right

So it’s great to see like a project such as yours taking advantage of this momentum and planning for the future

So last but not least

10. Any exciting news you’d like to announce here today, We know for fact that you got huge news to be shared with our community, It’s better to share it by yourself

Petro Engineer (Crudeoil Finance):

As we said earlier. We are all set to launch our most anticipated product on 31/07/2021 at 14:00 UTC. We invite all you to join this event, use our platform and provide us the feedback how we can improve it.

Furthermore our marketing campaign will start alongside. we have made collaboration with few well known agencies like collective, barmy, launchzone, defi eagle, etc… Its gonna be soo much fun!

Andrew (BSC.News):

Awesome!

And would you be able to provide us with the links for your social media accounts for the community to follow?

Petro Engineer (Crudeoil Finance):

sure

All details about $CRUDE could be found below.

🛢 Website:

🛢 Email:

🛢 Twitter:

🛢 Telegram Chat:

🛢 Telegram Channel:

🛢 Blog:

Andrew (BSC.News):

Great, go check that out everyone for the latest updates and news on Crudeoil Finance!

Thank you again for joining us Petro and have a wonderful day everyone :)This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.

Source : bsc.news