Value Defi AMA Transcript

BSC.NEWS hosts Value Defi, a platform that is Bringing True VALUE to DeFi. All questions answered by @satoshivalue (satoshivalue), @Prod_Value (Prod), @Value_DeFi (Value DeFi) and @Reminiscensebienbao (Réminiscense)

Value DeFi String of Exploits (Updated 5/8/2021)

The Value DeFi platform has experienced three smart contract exploits resulting in the loss of 20,000,000 user funds. ValueDefi released this Tweet an hour ago, indicating that they are working with PeckShield Inc and Certik to analyze the root cause of the exploit.

‍

CryptoShrimp (AMA Host): On behalf of BSC News, its my pleasure to host the AMA for Value Defi team. Welcome guys!

Réminiscense: yes , we are ready and excited

Q1 Let’s start with an introduction of the team and do let us know your past experiences?

Prod: Hi Everyone! Thanks for having us. Hi my name is Prod, I am the Community Manager of Value DeFi. I started as a farmer, and fell deeply in love with the project and offered my assistance to wherever it was needed. My responsibilities are simply to make sure the community is satisfied, and to assist the lead Devs with delivery and marketing. I’d like to also introduce Remy, our head of marketing. Remy has years of experience in the marketing field and asked to join the team himself to offer his time and knowledge. He is the driving force behind Value DeFi’s community and marketing team. He organises everything for peak efficiency. The remainder of our team consists of approximately 10 other core members, all with years of experience in Javascript, Solidity and other coding languages. We have such a powerful team with two specialities. Firstly, the developers who love building constantly, always trying to have the best tech possible. Lastly, the community management team, mostly consisting of long-time users trying to better the project in any way. We have such a variety of specialities by doing this.

Réminiscense: Hi guys, my name is Remy and i ma the head of marketing for Value DeFi. I have have been working 5 years in Blockchain as conslutant and advisor. I used to be CM and ambassador when i started to work in blockchain.

CryptoShrimp (AMA Host): sounds like we all started with being a CM! haha

Réminiscense: Now i am leading marketing and partnership , we are glad to work with BSC News to expand our products to BSC ecosystem

Prod: Love for tech and community 💋

CryptoShrimp (AMA Host): is the ceo joining us today as well?

Réminiscense: @Value_DeFi is our co-founder and core dev team big boss

Prod: I believe so, I’d like to introduce @satoshivalue, co-founder and lead Dev of Value DeFi

CryptoShrimp (AMA Host): great we have the fuill team on AMA today !

Prod: We have alot of the team here today! Going to have an opportunity to answer so many Q’s

CryptoShrimp (AMA Host): so i assume they will be on and off answering the questions while we get on with the AMA

Value DeFi: yes we are @cryptoshrimp5 ☺️

Prod: 2 Core Devs, and 2 Cm’s. Best of both worlds 🙊

Q2  That’s great! Tell us more about Value DeFi and when is the project launch?

Prod: Value DeFi protocol is a suite of products that aims to provide all of its users a place in cryptosphere, and we have been live and working hard since August 2020. 

vSafe (vaults) where users can safely deposit their assets and receive from 70% to 7 million % apy with our highly profitable auto-compounding tech. 

FaaS (farms as a service) which is an innovative concept for new and existing projects to open liquidity pools and reward their own users for providing liquidity. We also offer free exposure with an AMA introduction for new projects to the Value DeFi community (about 9000 Telegram and 7000 Discord members). We recently created our cross-chain seigniorage tokens which we appropriately named vTokens. Then the heart of our ecosystem, vSwap, which is our dual-chain (currently BSC and ETH) automated market maker with the ability to borrow liquidity from other DeX’s for minimal slippage. Finally, our crown jewel, the Governance Vault vGovernance, where users are able to stake their VALUE tokens to receive emissions and profit-share from all products in our expanding ecosystem. Our most recent development now allows users to bridge their staked tokens to BSC with a few clicks to receive additional profit from the BSC ecosystem. At the time of responding to this question, the rate being around 400% apy.Just today we announced partnership with our old friends from Bearn.fi where additional use cases are assigned for it as it will be used as one of lottery tokens and as one of high liquidity pool asset with Bearn.fi stablecoin BDO which will allow vBSWAP/BDO stakers exclusive rights to NFTs that will be used as early access to high APY pools. I believe it is also very important to note that even though vBSWAP is now the token on which all eyes are pointed, VALUE still remains governance and profitshare (by proxy) token of the entire current ValueDeFi ecosystem and future chains.

‍Value DeFi x bEarn Fi (Next Level Strategic Partnership)

Since its launch on November 24 2020, bEarn Fi has always demonstrated to be a great partner for the on-going growth of the Value DeFi…you can read more detail of the partnership : link.medium.com/2on97VnvvebWe will have more use cases in the future. Stay tuned 🙂

‍CryptoShrimp (AMA Host): nice thats also a big ecosystem with different coins having different use case.‍

Réminiscense: yes , we want to create the pillar of the DeFi ecosystem and work with different partners  to built the DeFi realted features .There are so much things  we can do , and we need more than just us .

Q3 While reading thru the documents, I notice Faas. Do tell us more about this Farms-as-a-Service (FaaS)?

Prod: In line with our mission to make DeFi accessible for everyone, we created Farms-as-Service to allow new projects to easily deploy their own contracts and pools.  With Value Liquid’s Pool Creation UI, teams can now create their own desired customized liquidity pools and pairs along with flexible ratios, customizable fees, and minter for the Liquidity Pool with just a couple of clicks. Our service is 100% free and 100% self-serivce, allowing anyone to bootstrap their new project. Using our FaaS Smart Contract, common ‘rugpull’ methods are prevented as there are no backdoors to any of the pool’s funds. In the spirit of making the platform self-service, the Value DeFi community is empowered to review new pools and decide whether or not the projects are deemed as trustworthy or not. A completely decentralized platform. With our new FaaS technology, liquidity providers automatically receive the farming token after providing their liquidity. Gone are the times of putting your Liquidity into Uniswap and after that in a pool using the Smart Contract of the team (that could possibly rugpull by using an implemented backdoor). This makes the process of farming more easy, efficient and safe & secure as there are less steps to perform and the LP tokens stay within the Smart Contract made by the Value DeFi team, which ensures that there are no backdoors.

Q4 how safe is the project, we heard of a flash loan attack that was encountered on ETH network? will there be audits or its being done in another way?

Prod: Value DeFi is an open-source protocol, anyone can check the smart contract and contribute to GitHub. In order to build trust with our investors, we plan to ensure our contracts go through proper audit and we will do what we can to make that happen. We want for our contracts to be built on a trustless DeFi platform with our supporters. We do our best to have all of our contracts and products audited as quickly as possible. Unfortunately, the demand is really high and we’re experiencing extended waiting periods, but we are grateful to community members who are tech-savvy and provide feedback to our code prior to launching. In addition, a lot of the code that is used on BSC were already audited on ETH. For official audit results, you can check our dedicated page where they are all viewable at any time: valuedefi.io/audit.

‍CryptoShrimp (AMA Host): i see so in the near future, the codes used on the BSC will be audited?

‍Réminiscense: We are working closely with chainlink since the flashloan attacked : valuedefi.medium.com/valuedefi-integrating-chainlink-price-feeds-to-ensure-maximum-security-for-relaunch-of-ae807d03311f We are discussing with CertiK and third party auditors in the  blockchain field to review and work with us for BSC smart contracts

Satoshivalue: The flashloan exploit in November last year because we were rushing to release state-of-the-art multistables vault using our v2 code. We have learned from our mistakes and take more secure approach now. Current all our vaults on BSC are using v1 code which have been battle-tested at ETH for 6 months. Nevertheless, we understand that security is a work in progress so we are contacting multiple auditors to reaudit our contracts on BSC.

CryptoShrimp (AMA Host): Thats great! we will always not know the unknown, but scrutiny will always be the best solution for all these.. Certik is also another well trusted audit, which we also found out more about it in one of our AMA in BSC News. Glad that you guys are in works for the audit

‍Réminiscense: I did an AMA with them 1 years and half ago Happy for them that they have growth so much since that time .

‍CryptoShrimp (AMA Host): Nice and you have taken another path as well

‍Satoshivalue: Yes we already in contact with Certik. We are trying to finish our current smart contracts upgrade so we could give Certik a final overview of what to be audited.

‍CryptoShrimp (AMA Host): That means soon you will be done with the audit as welll

Satoshivalue: Not very soon. Certik is also very busy so it depends on their workloads as well.

CryptoShrimp (AMA Host): understand that, safety should be compromised with rushing things to be done.

Q5 That birng me to the next question. What are the ongoing developments?

Value DeFi: 

Our current focus:

 – vPegSwap permissionless creation with vDollar as base token for all stablecoin pools. 

– More routing of vPegSwap and other AMMs like BakerySwap, Thugswap, so that users will benefit more from even better slippage 

– cross chain plans for vTokens and VBOND to enhance benefits for VALUE holde…

Q6 Back to the interest of investors, is there any strategy in place to make the token deflationary or is it inflationary model?

Prod: For the VALUE token itself, we already reduced the supply from 21M tokens to roughly 7M tokens. Users can propose the idea to the community (with supporting tokenomics) to vote on additional burning, but currently there are no plans for burning VALUE. We can not outright burn anymore tokens since there are almost no emissions left for VALUE, and soon all tokens will be distributed. So technically the current model is inflationary, but not much longer. However, VALUE is a kind of proxy deflationary token where the ecosystem uses revenue generated from our range of products to buyback circulating VALUE and depositing them into the Governance Vault. However, this does not completely remove them from the blockchain/total supply, it only reduces the circulating supply. Users can withdraw these rewards at any time, putting them back into circulation, hence ‘proxy’ deflation.

Q7 That birng me to the next question. What are the ongoing developments?

Satoshivalue: Our short-term goal is to improve the user experience of our platform, finish vPegSwap permissionless creation because we get a lot of interests from other projects to use our vPegSwap, and to vDOLLAR as based token for all stables pool. Add more routing of vPegSwap and other AMMs like BakerySwap/Thugswap for vSwap so users could profit more from low slippage. Crosschain plans for vTokens and VBOND to add more benefits for VALUE holders.

CryptoShrimp (AMA Host): lower slippage and lower fees will be most welcome in BSC, Im sure everyone agrees on that!

Q8 do share with us all the links for the project, so that we can read and know more about it.

Satoshivalue: We have our extensive documentation site at docs.valuedefi.io/, it’s still a work-in-progress and we are improving it daily.

Prod: Value DeFi: Bringing True Value to DeFi

The Value DeFi protocol is a platform and suite of products that aim to bring fairness, true value, and innovation to Decentralized Finance.

Prod, [10 Mar 2021 at 11:51:34 PM]:

Website: valuedefi.io/ 

Knowledge Base: docs.valuedefi.io/

Twitter :twitter.com/value_defi 

Discord : https://discord.gg/Dpvd7tp 

Telegram :t.me/ValueDeFi

vBoard : vboard.valuedefi.io/ 

GitHub: github.com/valuedefi

Q9 Lastly do share with us any alphas or juicy news that is upcoming on Value DeFi 🙂

Prod: I’ll let my leading co-founders answer those, we’ll see what they have to say 😉

Réminiscense: We launched a collaboration with IOTX and we are launching IOTX/BUSD Pancake vSafe, getting extra vBSWAP incentive (+200% APY)

Introducing IOTX #vSafe ✅

🤝 In collaborating with IOTX, we are launching IOTX/BUSD Pancake vSafe, getting extra vBSWAP incentive (+200% APY) @ block #5556000 👉t.co/x25uL7LH4a

⚖️ Start auto-earning on t.co/8VtKCBkX5s!@iotex_io #BSC @cz_binance @BinanceChain pic.twitter.com/wEeMvIaYl5

— Value DeFi (@value_defi) March 10, 2021

Satoshivalue: I’m not allowed to share it right now due to NDA but we do expect a few big names from ETH will go to BSC and use our ecosystem very soon.

CryptoShrimp (AMA Host): Thank you Value Defi Team, for your time spent here with BSC News, I hope this AMA is able to let the audience know more about the project and I wish you all the best in your future development with Value DeFi!

Source : bsc.news