Here’s our 48th AMA recap!
Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with Crudeoil Finance on February 24, 2021. This guest star,
- Pyro — Co-Founder of Crudeoil Finance
Introduction
Petro Engineer (Crudeoil Finance) | No PMs from me!,
My name is Petro and I am one of the cofounders of Crudeoil Finance. We have a team of like minded individuals who thought of implementing a revolutionary concept to the crypto community.
Most of us have a long history in Crypto eg: Pyro (the CEO) is in the field since 2013. So we have many years of experience with us on crypto.
We have started our development later Q4 2020/ Early Q1 2021 and here we are today.
Q1. Could you please give us a simple introduction of Crudeoil Finance? What’s the motivation for starting build Crudeoil Finance?
Petro Engineer (Crudeoil Finance) | No PMs from me!,
A good question first upCrudeoil Finance is a next generation deflationary farming platform and yield aggregator/optimizer built on Binance Smart Chain #BSC.
Holders will have a chance to Stake/Farm Binance smart chain assets (BEP20) and get staking/farming rewards from OIL tokens.
We are actually building an ecosystem around $OIL which was our first token.
Frankly the initial idea was to build on Ethereum and contribute to its ECOsystem. As you all know and aware, Gas price is killing ETH dapps at the moment. So we moved onto #BSC.
So far, we have been getting a lot of positive feedback from our community
Q2. What makes Crudeoil Finance special? How is Crudeoil Finance better than other project?
Petro Engineer (Crudeoil Finance) | No PMs from me!,
Very simply its the deflationary feature.Cryptocurrency is the new global economic revolution built to diminish traditional economic monopoly built around fiat currency. Inflation is the main concern as far as fiat currency is concerned. Hence, we decided to go against it and build a deflation currency on top of Binance smart chain network.
Traditional staking gigs require an infinite supply. New tokens need to be minted in order to keep the users staking. This “inflationary staking” causes a lot of sell pressure, and diminishes the value of the token. This is where Crudeoil Finance comes into play. Once the total supply 100,000 OIL is minted, No new tokens will ever be minted again. Infact Total supply will keep reducing. There is a burn for every transfer, that is gone forever.
on 18th Feb we started with a max supply of 100,000 now within 6 days we have already burnt a lot.
At the end we will burn over 90% of the supply to end up at mere 10,000 $OIL tokens
In addition, we are adding another token called $DIESEL to our ecosystem. I will describe about it later on
Q3. What are the Business Objectives, Market and Target audience of Crudeoil Finance?
Petro Engineer (Crudeoil Finance) | No PMs from me!,
We have started our development later Q4 2020/ Early Q1 2021, We opted to go with to binance smart chain to enable faster transactions with peanut fees. Recently BSC got a huge boom and many projects are shifting and at least considering shifting to BSC. We think BSC will have a great future and we can get a lot of benefits from it.The staking platform has already been developed fully. Initially we will launch OIL/BNB, OIL/BUSD and OIL staking options. Few projects approached us showing interest collaborating with us so more staking options will be added in the future.
Currently we are working on the architecture of yield aggregator/optimizer. Our product will be quite different to the ones already running on the market. Development will soon to be started and we have plans to complete it within this quarter (Q1 2021)
In addition, the $DIESEL will be introduced to the market within couple of weeks. It will be the medium for buying and selling NFTs on our upcoming NFT market place. This does not have a burn feature and we plan to list this on top grade CEX soon.
Q4. Does Crudeoil Finance has its own token? then can you explain about the tokenomics and use-cases of this token?
Petro Engineer (Crudeoil Finance) | No PMs from me!,
Yes, $OIL is our first token. The tokenomics are shown below.
Then we plan to implement $DIESEL. We have successfully completed another oversubscribed private sale round. The public sale launch on a very popular IFO platform and the details will be announced very very soon.
The tokenomics of $DIESEL are shown below.
This will be the medium for buying and selling NFTs on our upcoming NFT market place.
Also, Yield aggregator fees will be distributed among the DIESEL and OIL token Stakers on our platform.
Q5. What are the major milestones Crudeoil Finance achieved so far & what are in future pipeline?
Petro Engineer (Crudeoil Finance) | No PMs from me!,
Interms of $OIL, we have achieved many milestones including below.1. Oversubscribed private sale
2. Public sale that was closed within 3 seconds
3. And then a healthy run for our early backers. However, the biggest news on this token is yet to come with many benefits for $OIL holders. (I mean serious benefits 😉)Most importantly, with $OIL we have burnt the LP tokens. That means the liquidity on Pancake is locked forever. We did this to show to the community our commitment for long term development.
We will not be a mushroom project but will keep on #BUIDL ing
Our next token is $DIESEL and below are the reasons for us to introduce a new token to our ecosystem.
We have been approached by well known AMMs in the BSC space and shown their interest in doing an IFO with us. We are pondering the possibility from that front as well in collaboration with them. Hence this token will be utilized for that purpose.
There will be no burn mechanism implemented hence we can use it to list it on a centralized exchange. (We got so many offers to get it listed on centralized exchanges due to the burn feature we couldn’t get it done)
TWITTER QUETIONS
Q1. I see that Crudeoil Finance has two tokens, namely OIL & DIESEL, do they have same function in Crudeoil Finance ecosystem such as farming / staking or there other functions in future? And Crudeoil Finance is already doing a private DIESEL sale, will there be a public pre-sale?
Petro Engineer (Crudeoil Finance) | No PMs from me!,
Very good questionSo, as I mentioned, we are in the process of developing an ecosystem. $OIL was the first and $DIESEL is the second
Staking and Farming will be a feature on both tokens.
And you’re right we concluded an oversubscribed private sale for $DIESEL today. There will be a public sale on a very very popular IFO platform on #BSC. The partnership will be announced very soon.
Q2. We know that investors sometimes choose a project not only because of the price but also because of security? how safe and reliable is CrudeoilFinance? Are all guaranteed safe and strong?
Petro Engineer (Crudeoil Finance) | No PMs from me!,
Yes. Very good question todayWhen we began, the biggest concern we had was the many rug pulls that deteriorated the investor confidence. But we were honest and we expressed our intentions to the community.
The community responded with a bang and we had X5 oversubscribed private sale. Lot of #BSC OGs like BSCPleb, ChonkGangsta, Kdot, Axel joined hands with us
we returned the excess funds and showed our genuineness. Same happened with our private sale and it was sold out on like 3 seconds. We returned the excess BNB again
After this, when we listed, we burnt the LP tokens forever. So the Liquidity is locked forever.
This assures that we will be here in the long term showing commitment.
Q3. Seeing the article Crudeoil has established partnerships such as with Billion Happiness, STAKD Finance. What is the real purpose of this partnership? What benefits will Crudeoil get with this collaboration for your users? And what are the benefits for your ecosystem?
Petro Engineer (Crudeoil Finance) | No PMs from me!,
Yes. So these partnerships are two way. We get exposure to our project across established communities. Similarly, these projects will also get the exposure to our community. In addition, we will utilise the product features they are good at. For example, with stakd, OIL holders are able to stake OIL LP to earn Stakd on their platform.Similarly we recently established a partnership with Certik who would do the smartcontract Audit of our token.
Q4. Currently $OIL is only registered on PancakeSwap and every transaction will be burned forever, how long will OIL tokens be burned for each transaction from the total supply? Do you have plans in the near future to list $OIL on major exchanges?
Petro Engineer (Crudeoil Finance) | No PMs from me!,
The first question. We initially had 100,000 tokens and as you correctly said they are getting burnt for each transaction. This will continue until only 10,000 $OIL are left. Yes 90% will be burnt.
$DIESEL does not have a burn feature. Therefore, we have planned on listing this on a top centralized exchange.
Q5. Do you have a competitive trading program for $OIL, if any, maybe many will be interested in trading. so does CRUDEOIL have such a plan to attract many investors who are interested in your trading competition?
Petro Engineer (Crudeoil Finance) | No PMs from me!,
Yes. You can trade $OIL here>https://exchange.pancakeswap.finance/#/swap?inputCurrency=0xb1b17dff66d75b29d34f0bf8622c406d8219b507
There will be many benefits for the $OIL holders which will be announced in the days to come. Including some special access pathways to the much awaited $DIESEL IFO and many revenue benefits.
TELEGRAM QUESTIONS
Q1. From @Prendalo
a lot of scam projects out there, guess what guarantees that your project is different from them.
Petro Engineer (Crudeoil Finance) | No PMs from me!,
This one first. Very important. We have gained trust from our community by burning our LP tokens. This means that liquidity if locked forever. We have also proved this by returning the excess BNB when our private and public sales were over five times subscribed. 😃
Q2. From @hydira_crypto
Can you tell us more about your partners and the positives changes these partnerships have brought for the $DIESEL $OIL project?
Petro Engineer (Crudeoil Finance) | No PMs from me!,
We have started with partnering with #Certik which is the world’s best smart contract audit company. Then we also partnered oursef with Stakd and BHC tokens. We will also announce our IFO partner and exchange partners very soon.
Q3. From @babluvai
How can users stay updated with #Crudeoil? Are there channels, including local communities where users can get the latest updates about #Crudeoil?
Petro Engineer (Crudeoil Finance) | No PMs from me!,
All details could be found below.🛢 Website: https://crudeoil.finance
🛢 Email: contact@crudeoil.finance
🛢 Twitter: https://twitter.com/crudeoil_fi
🛢 Telegram Chat: https://t.me/crudeoilfinance
🛢 Telegram Channel: https://t.me/crudeoilfinance_ANN
🛢 Blog: https://crudeoilfinance.medium.com/
🛢 Github: https://github.com/CrudeoilFi
🛢 Docs: https://docs.crudeoil.finance
🛢 PitchDeck: https://docsend.com/view/x9puqwhca8ciwbt4
Q4. From @narju10
Currently DeFi project is on fire. But you know very well that, contract security is a big issue in DeFi. Has your smart contract been audited? How do you guarantee the protection of users’ funds?
Petro Engineer (Crudeoil Finance) | No PMs from me!,
Yes very important.
https://crudeoilfinance.medium.com/crudeoil-partners-with-certik-to-conduct-the-smart-contract-audits-762035b29aff
Q5. From @Bangladesh23
Your project has great features. There must be an experienced team behind. Can you tell some about your team and their experiences in the market?
Petro Engineer (Crudeoil Finance) | No PMs from me!,
This one. We have many years of experience in crypto covering all aspects such as development, marketing, project management, community development and also trading. Our CEO is a BTC OG himself trading BTC since 2013+. The others are also in the industry for a long time with many industry connections. So you can imagine the number of collective experience we possess. 😃
- Telegram : https://t.me/crudeoilfinance
- Twitter : https://twitter.com/crudeoil_fi
- Website : https://crudeoil.finance
- Blog : https://crudeoilfinance.medium.com/
- Github : https://github.com/CrudeoilFi
- Document : https://docs.nagaswap.org/
- PitchDeck : https://docsend.com/view/8e59sn6ucfhpqvkr
- Email : http://contact@crudeoil.finance/
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about Crudeoil Finance.
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