Date : 6 May 2021
Host : HunterX & GemFlair
Guest : FormationFi Team (Edmond Truong — Co Founder )
Hello! Spykefastians & Blockchain Enthusiastic!
We recently hosted an AMA with FormationFi, on 6 May at 5 PM UTC. So here we are up with AMA transcript, for those who missed the live session, this post will be saver & feeder of knowledge for them.
Round 1 : INTRODUCTORY QUESTIONS BY SPYKEFAST.
HunterX — Q1. Kindly give brief introduction about yourself, Crypto experience and your role at Formation.Fi .
Yes. I come from a traditional finance background and started my crypto journey working with Harmony protocol back in 2019. However, after I went on to start my first defi project which involved cross border transaction and conducting OTC deals with kraken, galaxy digital, huobi and a lot of these major otc desks, after that just helped genesis shards with their launch and finally on this journey to bring formation to the community as well. In terms of role at formation, I’m one of the three co founders.
As for the team, The core team is definitely serial entrepreneurs but more importantly builders: We have experience in running VC funds across silicon valley, strong experience in running large gaming companies, strong marketing and digital understanding of the market, etc.
Our core team has experience in companies like Accenture as technology and corporate strategy consultant, Deutsche Bank in its global investment banking division , Morgan Stanley, JP Morgan, etc.
Amazing to see so much achieved in such a short span of time in Crypto.👍👍
HunterX — Q2. Let’s talk in detail about #FormationFi project. What are the main features of the project?
Formation’s main objective is to truly end the ongoing need for yield chasing and making yield farming much more practical for the entire space and ultimately take that next step to make DeFi to the next level.
Formation Fi is revolutionizing portfolio construction by introducing a risk-adjusted portfolio of decentralized open financial crypto assets in the form of algorithmically rebasing indexes, with a high degree of composability, across the major blockchain networks using the basic principles of the Risk Parity movement.
Currently The platforms on the market do not address any of these huge concerns of risks, everywhere you go they only talk about how much money you can make and hide the idea that you could also lose a lot
We are creating a platform where you can easily manage Through our systematic architecture that constructs a risk-adjusted portfolio that optimizes the return-to-risk ratio for each unit of risk, ultimately delivering a superior return over time.
We are excited to see how Formation Finance can take DeFi to next level. 😄
Let’s revolutionize DeFi with FormFi. 😊
Yes, we are looking forward to sharing the magic with you guys as well!!
HunterX — Q3. What are the major utilities of holding the $FORM token? How does team plan to enhance it value so as to attract users onboard?
To the moon we all actually want to see Formation Finance, once it lists.
For major utility. If you read about our Utility Token ($FORM) you will find out that it is much more than just simply a token. The FORM token will have triple utility from:
1. FORM token entitles its holders a right to vote
2. a portion of future net income generated by the protocol
3. exclusive access to the secret Dark Pool’s only accessible to the members of the Formation FI ecosystem.
WE truly believe that the community will love these benefits because it will allow them to have a lot of different ways of being rewarded and ultimately make money by being a part of our ecosystem.
I would strongly advise anyone who wants to learn more about our token to read our in depth medium article about token role and tokenomics of the project
Formation Fi under the Spotlight 💯💯
The $FORM token does have a lot to offer, by having an glancing overview of it.
HunterX — Q4. Since when the project development has started? What is the present progress of Formation Finance Platform development?
We started project development roughly 5 months ago and have already completed core functions like rebasing mechanism, index functionality, bridges between ETH-BSC, and working on bridge to HECO chain. If you take a look at the roadmap you can see more details on other parts of the platform.
However, our v1 is already ready to go. We are working with top tier security audits firms to make sure our security is very solid. You can expect to see our v1 to go live roughly 3–4 weeks after IDO. Which is very exciting.
Indeed it’s very exciting, great development from the team.. Focus on development along with IDO 💯💯
HunterX — Q5. How is #FormationFi different from other competitors?
For competitors there aren’t too many projects trying to do the same thing as us.
We are the ones that are specifically made to tackle on risk and address those issues. But more importantly we are not a VAULT like yearn, harvest, curve, badger, etc.
The old method of yield farming was pick and choose every single individual lp token and yield farm individually. Stake, unstake, etc it’s just too much time
Formation: our users will own our index token which will essentially be comprised of let’s say 50–60 different yield farming strategies, with maybe 80–100 different types of Lp tokens, and across multiple chains.
We save our users the complexity which is Defi, those who weren’t able to yield farm can finally do it effectively, in addition there’s a lot of other benefits like giving access to the best strategies, no more needing to jump from different chains (fees get expensive if you’re moving smaller amounts of capital), etc.
HunterX — Q6. What major events can we expect in the 2021 #FormationFi Development Roadmap?
For major events. We will be having a lot of cool events for our community to get involved in obtaining formation tokens before IDO.
IDO WILL BE EARLY JUNE
V1 PRODUCT GOES LIVE
Liquidity mining event
We have a lot of things in store all year round for our community!
We wish you the best with respect to achieving all milestones for 2021 roadmap.. 💯💯👍
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LIVE AMA QUESTIONS
Sun — Q1.Formation Fi closes $3.3M strategic sales from early DeFi UniCorns, to build the Smart Yield Farming 2.0 framework. This is very impressive, so what does Formation Fi see as the biggest barrier preventing stock market to crypto in particular from gaining widespread adoption?
The foundational basis of Formation is truly built on core fundamentals of risk parity. This idea and methodology has been TRIED AND TRUE in traditionally wall street for 10–15 Years. It has successfully outperformed the best financially engineered portfolio managing strategies made.
SO the question is how can we bring this idea to DeFi. Because as DeFi continues and grows (AT THE CURRENT STAGE it is simply too hard for the average user). Consider a WALL STREET CFO trying to enter the market, He/she will first begin diversifying his treasury into BTC and then slowly he/she will be forced to come into DeFi because this is where the money is at.
We believe it will just take time, but we are already seeing the transition and money flooding in from traditional markets.
This is awesome https://twitter.com/FormationFi/status/1389697755811966978
Sumon — Q2. “MARKETING” is the GREATEST STRATEGY for a PROJECT SUCCESS, one of the marketing strategies is “BUILDING A STRONG and BIG COMMUNITY”
As for marketing, we are looking for very organic growth and people that truly believe in the project to come over and have a chat. However, our main goal is to educate as many people as possible about our project and allow them to have a clear understanding of what we are building because we would love them to be apart of the journey!
I would say ALOT OF AMAs, we will host a lot of cool campaigns for community members to have a chance to get $FORM Tokens, etc.
We want to have as many individual conversations with our community members to make sure they’re well educated with everything about Formation because that is the strongest type of marketing
L — Q3.I saw that in Q2 this year you will be launching a Beta version. What are the requirements and obligations to be part of the Formation Fi Beta testers group? What form of bonuses and benefits will Iucky users receive for their efforts, contributions and feedback?
We will slowly be releasing our platform to beta testers at first, we will mainly be pulling these individuals or groups from our TG community. The only main requirement is understanding the project and being an active member (helping out others, etc). As for rewards, they will have first access to very good formation rewards in tokens and we will also have some other fun things that I cannot disclose at this time
Q4 .— 🔥Projects that are not traded on major exchanges remain unnoticed. What do you think about listing the token on the well major exchanges?
This is a great question.
We are already one step ahead and working with some top exchanges for our token to be listed after IDO. This way we can ensure that more users can flood in from external networks and make sure liquidity is maintained at a healthy level.Indeed. With rising gas fees on Uniswap, people do want the projects to list on Exchanges with a greater liquidity.
Silver Spoon — Q5.I found something interesting in Formation Fi roadmap that in Q4 of 2021 you will launch F Cash Debit Card. Can you tell us what will be the utility or role that F Cash Debit Card will play within Formation Fi platform?
I love how you saw this.The F Cash Debit card will be issued to our users so that when they are yield farming in the back, they will also be able to spend their yield in everyday situations. it will slowly be rolled out and only in specific locations at the start!
Edmond Truong: Thanks everyone, if anyone else has any questions. COME JOIN ME at @formationfi
We have a lot of CMs that can personally answer your questions, or when I have time I will also be answering questions in our main chat
HunterX: Thanks @edmondtruong for your time and efforts.That’s excellent. 👏👏
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2) Twitter: https://twitter.com/FormationFi
3) Spykefast TG : https://t.me/spykefastofficial