Recap of the FamDAO AMA with Blockchain Space

Bullish Space
7 min readSep 17, 2022

On Wednesday, September 14th, we had the pleasure to welcome to our Telegram chat:

A Voluntee, from FamDAO.

We asked him questions about the development of FamDAO.

INTRODUCTION

Q~ Thanks for joining us today, can you give everyone a brief self-introduction first, as well as a brief introduction of FamDAO ?

A~ Sure!

FamDAO was originally started by a group of crypto geeks to build Web3 traffic pools,and later evolved into a decentralized autonomous aggregation platform.

It has created a complete ecosystem, including DEX, DAO, GameFi, NFT and other sectors, forming a complete ecological closed loop to achieve healthy and sustainable development.

Q~ FamDAO has attracted a lot of attention since its launch. Can you tell us more about FAMDAO ?

A~ FamDAO is essentially a Decentralized Autonomous Organization (DAO) that is bringing value back to the user to accelerate the development of on-chain Decentralized Finance (DeFi) and crypto applications.

It is built on a non-profit basis and the value it creates flows to token holders and back to the ecosystem, facilitating a virtuous cycle of projects. All projects and people from DeFi/Crypto can come together to collaborate and build different ecological applications.

Governance Tokens (FAM) give holders the right to propose, vote and monitor to govern the DAO ecosystem, and shared ownership in the DAO inspires builders to pursue common goals and seek consistent development.

Q~ In your opinion, what distinguishes FamDAO from other platforms?

A~ FamSwap is the first decentralized exchange with automatic market maker (AMM), STO and high APR. It has been launched on BNB Chain, and will support Ethereum, Polygon, Solana and other mainstream public chains in the future.

In one word, FamSwap provides a secure asset trading environment and one-stop solution for users.

Q~ Can you give us a detailed introduction to the function and revenue model of FamSwap ?

A~ We know that as a DEX, liquidity is the core mechanism for the rapid development of the platform.

How to promote users to add liquidity to the platform requires a fair and reasonable incentive mechanism, where the core user base is partly from the platform itself and partly from quality project parties. The incentive for the latter is the biggest difference between the FamSwap mining ecology and other DEXes.

FamDAO has its own unique mining mechanism. In the later stage, any project will have the opportunity to be launched on mining sector, and as long as it conforms to the platform algorithm rules, the mining permission can be opened to gain the trust of users. This decentralized mining mechanism is extremely rare in the market.

  • It aggregates the liquidity on different chains, which is superior to DEX’s. And it enables free trading of native assets (without mapping, deposit and withdrawal, etc.) on different chains through the cross-chain transaction pool links.
  • The income distribution is fair and impartial, and there is no any centralized factor involved in decision-making.

At present, we have officially launched on BNB Chain, and will launch the free exchange of mainstream assets on different chains such as Polygon and Ethereum successively. Everyone can participate in single-coin liquidity mining or LP mining.

  1. LP liquidity mining is that users can provide BNB Chain’s USDT and WAFS to add cross-chain pool liquidity, and stake LP to obtain FAM earnings. Its current APR is as high as 140% or more.
  2. Single-coin lossless mining is that users can provide FAM or WAFS to pledge to obtain earnings. Its current APR is as high as 300%.

This concept of complete decentralization is not only to continue the spirit of DeFi, but also to mine some early high-quality blockchain projects and give back to community users with mining rewards. Projects listed on FamDAO can not only enjoy the first mining bonus, but also mobilize the activity of the community again.

Q~ As a governance token, what’s the issuance mechanism of FAM. What value will it bring to the development of the entire ecology ?

A~ The total amount of FAM Token is fixed at 10 million, 20% of which is used for DAO autonomy, 40% for ecological and community construction, and the remaining 40% for user mining ecology.

As a platform token, FAM plays a crucial role in the development of the platform. Users can consume FAM by staking and obtain various mainstream tokens. A good economic closed loop and destruction mechanism ensure its basic scarcity and practicability.

In addition, FAM users also have the right to vote, make decisions, and govern, which determines the development direction of the ecology. In the dApps that will be launched in the future, FAM will be a key role in both applications and consumption sectors.

Q~ The theft of on-chain assets often happens. As users, everyone pays great attention to the safety of their own funds. Then how does FamDAO ensure the security of user assets ?

A~ The security of smart contracts is always one of the issues that users care about and It is also our top priority.

First of all, FamDAO’s code is open source and open to anyone’s review. Besides, we have invited professional organizations to conduct security audits on our projects.

Currently, we have provide audit reports. Finally, our cross-chain solutions are very mature, so users do not have to worry about any asset security issues at all.

Q~ It is understood that the official website of FamDAO has been upgraded recently. Are there any new strategic plans for FamDAO ?

A~ After liquidity mining is enabled, FamDAO will be committed to solving the transaction problems of users in different ecosystems. In the future, FamDAO will be more open, innovative and diversified, and develop in many fields such as Metaverse, NFT, DAO governance, GameFi, SocialFi etc.

NFT Market: We will open the NFT trading market and launch the building blocks of play-and-earn RPG games, establishing anonymous on-chain identities in its ecosystem. Users with FAM tokens can buy NFTs, participate in GameFi, and other Metaverse Dapps.

DAO Governance: The FamDAO protocol is governed by global FAM token holders through improvement proposals (such as adjusting mining pool parameters and coefficients for liquidity mining, increasing or decreasing transaction pools, integrating new ecosystems, tax policies, etc.).

Launch Platform: Users can participate in the First Mining Offering (IFO) through DaoSwap and purchase ecological projects based on Ethereum, BNB Chain, Matic chain. The launch platform for new project incubation and decentralized fundraising aims to further build a complete ecosystem of FamDAO.

These are just a few of our many plans, and you can wait for the official disclosure for the specific details.

This is the roadmap, check it to know more.

Thank you for your participation. Please follow our official social media for more information:

Official website:www.FamDao.org

Twitter:https://twitter.com/FAM_DAO

Telegram:https://t.me/famdao

Medium:https://medium.com/@famdao

QUESTIONS FROM TWITTER

Q~ Would you be able to tell us what was the original intention of creating FamDAO in the first place. What is its concept ?

A~ Just as I have mentioned before, FamDAO is launched by a group of geeks, which used to organize a DAO with a traffic pool. All community members have the opportunity to manage the process of FamDAO and meanwhile we hope to create a comprehensive and aggregated platform. Everyone can enjoy and earn here.

Q~ I want to know more about the staking program what’s ur APY & what is the return of staking, is it in USDT or $FAM token ?

A~ That’s right. FamDAO will provide higher return of Staking than other similar platforms. User can choose stake their USDT/ FAM to earn rewards. Now APR is as high as 140% or more. I think you shouldn’t miss it out.

QUESTIONS FROM TELEGRAM

Q~ Is your project suitable to those who are willing to invest with small amount or are you only for elite investors ?

A~ FamDAO is open to all users, whether it is small investors or elite investors can participate, this is a road of exploration leading to WEB3, everyone has the opportunity to achieve a better future.

Q~ Which country will you focus on to enter the market, Korea, China, or Vietnam ?

A~ FamDAO is open to countries all over the world, and welcomes friends from all over the world to join the FamDAO family. At present, our official website already supports English, Japanese, Korean, Russian, Spanish, Chinese, etc.

Q~ Where can I buy your tokens right now, what is your current contract and how can I buy them ?

A~ At present, our tokens are online on the FamDAO SWAP platform, and family members can go directly to purchase, exchange and pledge.

FAM contract:

0x0D9D05884656f7958A68312a2F8A300d75567403

DAPP address:

CONCLUSION

Thank you very much for your continued attention. FamDAO will work with you to explore the bright future of WEB3 and decentralization.😘

It’s really nice having the FamDAO project in here!!!

You can check out their Website for more details. You can also follow them on Telegram and Twitter to keep up to date with all things relating to FamDAO.

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