BSCNEWS hosts NotyorRachel from Haze FInance, Binance Smart Chain’s First Non-Custodial DeFi Tokens Private Transactions Protocol.
Crypto Shrimp (AMA Host): Welcome Haze Finance Team to BSC News for an AMA! Let’s get to know more about this project!
shall we get started? @hazefinance
NotyourRachel: Yess lets goo🔥
Q1 Shall we kick off with an introduction of you and your team, how many of you are there and whats their role ? i understand that Haze finance is all about privacy and are you also anon?
NotyourRachel: Yes so Haze Finance has two devs, one UI, one design and two marketers. Our founder/dev is in charge of strategic operations, making all the big decisions for the project. I am the head of marketing and community management, in charge of helping the project to grow and gain more community awareness! hence why im here, introducing Haze Finance🥳 and yes we are anon not only because we care about our privacy but also for regulation reasons. but maybe maybe one day we will be able to reveal who we are!
Crypto Shrimp (AMA Host): i see but I think another interesting way of looking at being anon is building another you in the crypto world, its a weird thinking i know.. haha
NotyourRachel: thats true too, a different identity 🤓
Crypto Shrimp (AMA Host): like i told some of the bosses i worked with previously when the project is big enuf to buy a building, its not too late to tear the mask open and show the identity
NotyourRachel: 😂😂😂 nice
Q2 What inspired the creation of Haze Finance? interesting to find out what triggered the start of this project.
NotyourRachel: So our founder is probably the one person that ive ever met my entire life that cares about privacy the most. he did not create this project just to make money, but he actually has an aspiration to enhance DeFi’s privacy, “privacy is a right” according to him. back in Ethereum, he was willing to pay the extra gas fees everytime for using tornadocash. and that’s how we started, first by bringing private transactions to BSC, a chain that has lower gas fees= making it more usable.
Crypto Shrimp, [25 Mar 2021 at 10:14:16 PM]:
this is great privacy is a right, and we are decentralised in a way
NotyourRachel: thats right
Crypto Shrimp (AMA Host): brings me to the next question
Q3 Give us an overview of what is haze finance? when did it launch?
NotyourRachel: So Haze Finance is still a very new project, its only been 3 weeks since we launched on mainnet.
It is the first private transactions protocol with yield capability on BSC. we have also introduced this new way of yield farming to DeFi, Frequency Mining. In Frequency Mining, users are able to repeated deposit, withdraw and redeposit funds, with no time restrictions and get rewarded with HAZE tokens everytime🌟
Q4 I read in an article theres a change in token distribution. What triggered the change in token distribution? shifting % more towards frequency mining?
NotyourRachel: Yes so we moved more tokens distribution from LP mining to Frequency Mining because it only takes 1/2 of the capital for users to participate in Frequency Mining compared to LP mining (because for LP users need to provide for both sides of the tokens). it is just our way of making the launch and the mining as fair as possible for everyone
Crypto Shrimp (AMA Host): taking care of the community will definitely go a long way for sure
NotyourRachel: 100% agree
Q5 On the medium articles I notice this “Now, let the revolution of the shrimps begin!” let me know how can a shrimp like me be revolutionised?
NotyourRachel: yess. so personally as someone who dont have big capital, its always disappointing to see yield farms with ridiculously high APYs, but then after doing the math, realize that even though the APYs are high, they dont really benefit me
that’s why I want to introduce the concept of Frequency Mining to DeFi. there’s no such thing as APY in frequency mining because in here, we dont reward users on a function base on time versus capital but rather capital versus frequency. users can repeatedly deposit and withdraw and redeposit their funds in Frequency Mining, and get rewarded everytime. this means that someone with 1k capital, after depositing and withdrawing for 10 times, can receive as much reward as someone who has 10k capital. as long as users are willing to put into the work, they can make big gains with small capitals so its no longer “the whales take it all” game thats why we called it “the revolution of the shrimps”🔥
Crypto Shrimp (AMA Host): wow thats nice, and plus gas fees are cheap in BSC too
would the whale benefit from this by breaking his big share into smaller ones and do it too
NotyourRachel: so obviously the more value you deposit, the more rewards you get. the reward ratio for all three anonymity sets (1k, 10k, 100k)are different. the idea is that by doing extra work, one can achieve as much as someone who has larger capital. for example, the reward for 10k was 6 HAZE each time(before we reduced the reward emission rate), but if someone who has 1k wants to earn 6 HAZE, he/she can just repeatedly deposit, withdraw and redeposit the 1k funds (0.6 HAZE as reward each time) 10 times, to earn the 6 HAZE which is not possible in traditional yield farming
Crypto Shrimp (AMA Host): thats very true a traditional yield farming will require us to deposit and hold it there to earn.
NotyourRachel: yes unless they do leverage yield farming. which often requires users to over collateralized, which still doesnt favor users with small capitals
Crypto Shrimp (AMA Host): but wont that create a trail of transactions? which in a way making privacy hard to achieve?
Q6 How can transaction privacy be ensured in haze finance? if possible do give us an example
NotyourRachel: so the frequency mining is set as an incentive for people to use our protocol, but ultimately this incentive wont last forever, since we only have 600k HAZE reserved for Frequency Mining. at the end of the day it still comes down to whether the market really needs this service or not. but frequency mining benefits two types of users: the users that want to make money and the users that care about their privacy. users that care about their privacy can easily transfer funds using our protocol because we have frequency mining as incentives and people are constantly depositing, withdrawing and redepositinf funds. so from observers’ perspective, it is almost impossible to track the origin of the withdraw funds during the first two weeks of our protocol, we had an ATH of 100 million total volume per day which essentially is impossible for anyone to track and observe the funds but going back to the tech side of the question, we use zkSNARKs to ensure users’ transactions privacy. zkSNARKs is a type of cryptorgraphy that allows the system to send the funds without disclosing the senders or any information that is unrelated to the sending of the funds
Crypto Shrimp (AMA Host): thats really impressive!! so how much of the 600k $HAZE is left roughly?
NotyourRachel: theres rougly around 200k left i believe. the community’s interest in Frequency Mining exceeded our expectations. that’s why in the frequency mining v2 that we launched a few days ago, we had to reduce the emission reward rate by 0.2% every 1 million total volume increase. this means the earlier someone joins, the better! if anyone is reading this, its still not too late!!
Crypto Shrimp (AMA Host): awesome!
Q7 how are the security being taken care of in Haze finance? Are there any audits done so far?
NotyourRachel: so Haze Finance uses tornado.cash’s contract as our base contract. We chose that because it has been battled tested in production with hundreds million of cash flow and audited by well known firms. we made minor adjustments on the contracts for the implementation of our incentive system (frequency mining, staking etc).
here is a diff report between our and tornado’s contract:
github.com/HazeFinance/haze-audits
we will also publish our own audit report soon
Q8 besides the topics we touched on, what other long term development are there, or can you share the roadmap with us.
NotyourRachel: Yes, so we have the plan of doing crosschain private transactions. if done, users can transfer funds from ethereum to BSC anonymously, or another other blockchains which will be really cool the devs have been working on that
Q9 Do share with us the links to Haze social media/medium etc, so that we can find out more and also follow the development of project
NotyourRachel:
so here are some links:
website: https://hazefinance.org
Telegram: @hazefinanceofficial
Twitter: twitter.com/hazefinance
Medium: https://hazefinance.medium.com
GitHub: github.com/HazeFinance/haze-contracts
Q10 Lastly the famous question before we wrap this up, do you have any alpha or juicy news that are upcoming?
NotyourRachel: Haze Finance Frequency Mining Competition: $30000 USD Reward For One Winner
Hi Haze Community! We are please to announce that we will be hosting our first ever frequency mining competition!!!You do not want to miss…
NotyourRachel: Yes! So we are hosting a Frequency Mining competition, and there will be 1 winner that gets 5000 HAZE ($30000 USD) tokens as reward!!!!
anyone that’s interested in finding out more can check out this article here:
Crypto Shrimp (AMA Host): Thank you for you time in BSC News ! I think we learnt a lot about Haze finance and helping the small investors to have the same earning as a whale is truly awesome! Hope you guys can do the cross chain!
NotyourRachel: Thank you!!!
Source : bsc.news
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