Here’s our 117th AMA recap!
Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with DeFi CITY August 27, 2021. This guest star,
- Maximilian Nestler — CO-Founder
Introduction
Max | DeFi City :
Good morning, I am max co founder of defi — city. I am now already around 6 years into crypto. I got introduced by my partner Rafael since then I am hooked. I already worked as a digital consultant and in the tech startup scene. Now I followed my dreams and went full time crypto
I really believe in this industry and think that we have good times ahead of us
QUESTIONS MODERATOR
Could you give us a simple description of the DeFi City? What is the vision and mission?Max | DeFi City :
I think the best description comes from our website.
DeFi City is a browser-based virtual world that gamifies and simplifies DeFi yield farming by allowing everyone to visualize and manage their farms and track key performance yield farming indicators from a single, visually appealing in-game dashboard.
The vision is that you haveone place where you go to when you think about farming and staking.
Something like google when you search something :P
What challenges are you facing now given the many similar projects to DeFi City? How is the current DeFi City project progressing in terms of NFT?Max | DeFi City :
When we started there was nothing similar to defi city on the market. Now we see some projects emerging that have a similar concept. I think I am honored by this. We have a long roadmap and I think we can win the race.
In terms of NFT I believe that it is the current narrative of the market. We are happy that you initialize the „game“ later with your own NFT. We have further ideas with nfts but our main focus right now is the game and smaller improvements on the side
Can you explain about the use-cases of DFC token?Max | DeFi City :
So for now you can buy your own city which we will bring to life in the near future. We had a genesis pool for early investors giving 400% to stake and you can stake your nfts at the moment. Recently we implemented crafting — so you can basically upgrade your nfts.
Once the game launches — you earn dfc on top of the yields and staking rewards you receive anyways. Once the city is build we will follow up with improvements and new features
Who are DeFi City current partners and backers?Max | DeFi City :
We are backed by a lot of partners. Our advisors are Ian from Ferrum and DuckDao. We partnered with poolz and chainlink and working on polygon and several more. We are backed by several investor groups which were also really helpful in the past.
But you can also see an overview on our website
What are major milestones DeFi City achieved so far and what will happen in near future?Max | DeFi City :
The first major milestone was the nft generation, and the staking mechanism. Plus the tokens generation — all on one website :) the next milestone will be to provide the platform. This is expected to be in late q3
Ah i forgot crafting.
Crafting is available for some time now. You can merge nfts to get a better apy.
QUESTIONS TWITTER
Defi City plans to make yield farming simple, effortless, and accessible to everyone, but yield farming can be quite risky…How does Defi City plan to manage these risks for users, as well as boost our yields?https://twitter.com/Jaki73364096/status/1428643586539622402?s=19
Max | DeFi City :
Since we are a platform that on boards other protocols I don’t think that ther high risk exposures. You still directly interact with your fav protocol but we are just a visual layer that builds on top of that. „Just“ might be to little because it is a lot of work 🤣
You will earn a native token on the side — to which you already do. So I think that is awesome
According to the described whitepaper, DeFi City plans to support ETH & Polygon network. It’s known that now DeFi City is BSC based. So, how are tokenomic DFC tokens distributed across different networks? How does DeFi City make it easier on every network and smart contract?https://twitter.com/QuixoteLux/status/1430838247379267584?s=19
Max | DeFi City :
Good questions, we will implement bridges that will support those networks. Once you switch — those tokens will be locked on the chain where you sent it from. Supply will therefore Never change.
As the concept is not chainspecific it will lower the barriers to farm. When something is fun, people have more attitude and effort to do sth
Lots of successful DeFi platforms, like Bitcoin & Doge, but many also collapsed, what lessons does DeFiCity take from this phenomenon? do you have a special strategy so as not to collapse in the future? What steps will you take to raise the $DFC price?https://twitter.com/KiyokoSumaru/status/1428694139428741132?s=19
Max | DeFi City :
It is normal that platforms fail. 9/10 startup fail because of wrong timing, not the best Nisch or the customers just don’t like it. But there are also efforts to force success. Like dedication, continuouity and beeing interested what happens around us. We focus on the factors we can influence and work as hard as we can to bring out a nice and handy product.
I also think once the product is a success, the price will increase on it own
A few days ago DeFiCity used Chainlink VRF. what exactly is the benefit of DeFi City integrating into Chainlink VRF and why is DeFi City using it? Can it really ensure that the NFT is made according to a fair mechanism?https://twitter.com/MavrickWOWS/status/1430853758955622405?s=19
Max | DeFi City :
The chainlink vrf ensures that we use the random number generator to draw nfts. There are a lot of projects out there that claim to do it but they don’t. You can see it in the transaction fees :)
Not all NFTs that are offered in the market are valuable, so how will DefiCity ensure that the NFTs that are manufactured, issued and traded on its platform are valuable and successful, and what strategies will it use to make them competitive in this fierce market?https://twitter.com/Lidiamga/status/1428901791580651529?s=19
Max | DeFi City :
Not all nfts on the market have a usecase. We will bring your nft to live in which you can interact with 🙂 furthermore it determines your apy, the more scarce it is the more valuable. At the moment we have 30 k first edition ones. Once they get merged, they will dissapear — this deflationary mechanism:)
But on the other hand nfts are not our main objective of the project :)
QUESTIONS TELEGRAM
Where can I buy your tokens now, what are your current contracts and how can I buy them and what are the benefits?Max | DeFi City :
You can buy them on pacakeswap. For further information it would be best to join our group and ask in there. There are guides on how to use them and what to do with it. You can buy nfts and staked them. Craft them and wait until we reveal the platform :)
Is your platform suitable for Crypto beginners? Or does it only appeal to professional users?Max | DeFi City :
We are available for everyone. So we try to educate people who are new to crypto and offer people something which are already the hardcore farmers and stakers. I mean you can open up to 256 tiles.
Tell us about your team members?Max | DeFi City :
I think overall we are about 25 people. Most of them are either developer or designers. We have people for marketing and community management. They all work really hard to bring out a superb project in the near future
Do you have burning and buy back mechanism to help the value of your token. By boosting the value?Max | DeFi City :
We have a burning mechanism in place yes. Of every nft purchased 25% will be burned. But this is just the beginning. We were also thinking about other mechanisms to decrease the token. But this is why it is important to follow our social media account to be up to date all the time 🙂
- Telegram Chat : https://t.me/DeFiCityOffical
- Telegram Channel : https://t.me/DeFiCityAnnouncements
- Twitter : https://twitter.com/DefiCityApp
- Website : https://defi-city.com/
- Medium : https://deficity.medium.com/
- Discord : https://discord.com/invite/Erpmaauhfh
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about DeFi CITY.
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