Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with RainbowFarm 1 November , 2021. This guest star,
- Dilkush — Dev
Im Dilkush, I the owner and developer for rainbowfarm, I’m from India and have been in crypto world for almost 6 years now
By profession I’m an IT engineer and really passionate about building various solutions
What’s RainbowFarm? Can you share with us more in detail?
So rainbowfarm is yield farming platform, Idea is to go away with various trends which we do not agree with, like transfer tax on token, token lockups , high deposit fees
We had initially launched few weeks back but we are pivoting now towards platform with better features and one which will be more sustainable
With this new platform we have launched another token RNBZ which can be earned by staking out main token RNBO and only by staking RNBZ someone can enter other pools and farms which we launch next week
What is the difference between RainbowFarm and other platforms? What are the important points that RainbowFarm offers to users?
We are trying to reduce all shadiness that exist around most project
No transfer tax
No deposit fees
No locking of your funds
You can take out your funds anytime you wish
We do have withdraw fees which can be reduced to as low as 0.5% by staking for longer time
We also have boost mechanism where after first week you get 1% boost for each day without harvest and withdrawal
Also to enter staking to earn RNBO user need to stake minimum 1000 RNBZ (this number may change before launch subject to various factors) token so people not staking RNBZ token cannot enter staking to earn RNBO so pools and farms are exclusive
Could you tell us more about RainbowFarm tokenomics?
So we do have two tokens now rnbz and rnbo
Rnbo is our main platform token and rnbz is token to get access to platform
So will put tokenomics for both
Max supply : 30 Million
Current circulating supply : 3 Mil
Emission rate : 4 RNBO per block
There is no pre-sale or any exclusive dev allocation
With each emission 5% goes to dev and those funds will be used for platform expansion along with fees
And then rnbz
Supply of RNBZ Is same as that of RNBO which is 30 mil
However emission rate is just 1 rnbz per block so it will last much longer
There is no dev allocation for rnbz
Also rnbz is token to enter staking to earn rnbo however rnbo is our main token and it will get benefited from platform expansion and all buybacks will be done for rnbo
Rnbz will not have any buyback latgely
About security, how strong and safe is RainbowFarm? Has RainbowFarm been audited?
So we have one audit on going where we are awaiting final report
As of now whatever we have received from team no issues exist
We are looking at one more audit and that would start most likely in couple weeks
Current one is from rugfreecoins
As we did not have any pre-sale we kind of struggled to generate enough funds to go for audit from big names however once we expand to other chain and we can do presale there we will take up audits from big names
Could you tell us the RainbowFarm roadmap now? And what are the next steps to be taken in the future?
Our immediate goal is cross chain expansion
Starting with avax and then fantom or polygon depending on market
On those platforms we intend to do pre-sale to make development sustainable
Also we have one audit ongoing where we should get audit result soon and another audit soon
Another important goal is facelift of website which we need badly
Another part which we will start focusing on is getting some partners onboard as due to initial issues we had to stop that in between
What are the unique benefits of the $RNBO utility token? How high will the interest rate be using your native token? Will my APY increase significantly if I use $RNBO instead of other tokens?
We are trying to keep apr high for lp to encourage people to provide lp and use that to earn more rnbz and rnbo
Rnbo lp will earn almost 3 times more than single token and we intend to keep that way
Other than that
Rnbo token holders will get benefited from platform expansion, when we launch cross chain rnbo holders will get airdrop from those chains and buy backs will be do using all fees and some % of raised amount from other chains
Rnbo holders will enjoy partner pools as well to earn partner tokens by staking lp or single token rnbo
Apy for rnbo lp will most of the time higher than any other farm or pool
Recently the most common problem when you provide liquidity for a token now is impermanence loss, when you provide liquidity for a token, it is then reduced because of the increase in price of the token. How do you plan to approach this kind of loss?
I think IL is reality in either way like when token price appreciates a lot and also when token price goes underwater and you end up with lots of token of lower value
Though as a investors we should assess situation on daily basis and understand whether current risk to reward situation makes sense to us or not
To give example i got burned a lot in titan situation on polygon but i had earned enough on same to leave lp staked and just cashout rewards as rewards were significantly higher
So lp is reality, everyone should assess risk and rewards involved and take a call on what makes more sense
Most project owners do not have any control over IL as thats the nature of how lp works
Most DeFi projects especially those ones offering yield farming are driven up by hype and scarcity, so when the hype dies the project dies. What’s the key to sustaining project yield farming?
We need to keep coming up with something new to stay in the game
Like getting in more partners
Adding new features like games/nft/ anything that comes new in defi space
Expansions to other chains
We cannot take anything for granted and say ok now we can rest for a day or week
There is no rest once we go this path as everyday new players enter market
One of our more ambitious goal is to create platform to assess risk of upcoming projects to keep people safe as rugs are very common now a days and most people do not understand when to say platform is safe or will rug
So many projects just like to speak about the “long term vision and mission” but what are your short terms objectives? What are you focusing right now?
So short team goal is security audit and cross chain expansion as those will give more trust to platform and hopefully get us some funds to work with and help in expanding team to fasttrack development
While you build your project do you take into account community feedbacks and demands???
We are grateful to our community for sticking to us in difficult times when we had our issues and we said it will take so and so time to get back in game
Most people stayed in obviously some people would cashout though people supported in various ways by creating awareness and voting on various platforms
So when we go forward with project we do look at all feedback we get and take a decision based on what community wants and what makes sense to keep project running for longer time
Theres a lot of rugpull token, scam, pump and dump token has release now, what make RainbowFarm different and trusted from others project? We as a digital farmer wanna make profit by farming and dont have a big shock when i wake up in the morning saw my token has been rug even its just launch for few hours
This is very much the pain point of defi right now
100 new projects come in and may be 50 die off due to high inflation and other 49 do rug and there will be 1 good project
We have been burned by inflation and we decided to pivot at that point rather than letting bleeding continue
It did mean taking more hit on price but in long run it makes more sense
On rug part I have made myself public by giving my linkedin profile in our docs and I do not intend to rug
We have tried our best to help our community when people were not able to withdraw due to bug in system and we stayed in rather than saying good bye to project
We also have article on how to do emergency withdraw in case something shady happens or our or anyother platform and we do intend to help community even if their funds get stuck on some other platform
We do understand its hard earned money of everyone and I would not sleep well even if I think of rugging
I heard that there were some problems when Rainbow just launched
How can you deal with investor pressure and convince them to stay in Rainbow?Can rnbz keep the price from rnbo?
Will Rainbow also issue other projects in the future, such as Defi?
We did have one major issue with coding and other general issue of inflation
I do my best to support team in difficult times and need to find a middle ground between development speed and supporting investors
We did not want to hurry stuff as any new issues would have resulted in end of rainbowfarm
Community supported us this whole time with patience and great support, i can say rainbowfarm did survive difficult time due to its awesom community
In terms of rnbz price
We are trying to find various ways to provide monetary value to rnbz
Simplest way would be adding liquidity at said price after 15–30 days
Other way would be create pool to earn busd by staking rnbz and those rnbz will be burned
So we have thoughts in place we will choose best possible way when time comes
We do not want tokens to just have simple usecase of dump
NFT is a hot topic right now, Do you have any plans to add NFT’s to your ecosystem? Do you have any NFT plans and its integration ahead in the roadmap?
So nft is the buzzword
We do not have nft in immediate roadmap though we have though of something where we can help local artists by digitizing their work in the form of nft
Talent is this artists are amazing they just do not get right platform or support
So we have thought around that but we want to have stable platform before we go that route
Liquidity Providers are essential for platforms. So, how will you make it easier for Liquidity providers to use your platform and how will you encourage them to raise more funds?
We have suffered a lot on this front
And way of making people provide liquidity is by giving much higher rewards to them compared to single token staking options
We have done that with rnbz farms and intend to do same when we launch rnbo famrs
I believe I saw on your website that Rainbow Farm plan to expand its ecosystem to other networks specifically the Polygon and Kuchain networks. Was there a reason behind the selection of these two blockchains?
So we did mention those two but final decision will depends on situation at the moment
If particular chain has better demand than other than we will chose that chain
Like currently we are considering avax compared to polygon or kuchain
So final decision will depend on situation in defi at that instance
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about RainbowFarm.
Join our Telegram Group and you can talk directly with other Communities and enjoy some of the events that we created. We are always here to support.