Recap of the Project Inverse AMA with Blockchain Space
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On Monday, April 5th, we had the pleasure to welcome to our Telegram chat:
Emeka Enu, The co-founder of. TLG and the CEO of First-Kudi and SEFA.
Ikay Enu, The co-founder of TLG and First-Kudi.
and
Germaine Ifudu, The co-Founder of Project Inverse.
We asked them questions about the development of Project Inverse.
INTRODUCTION
Q~ Briefly introduce yourselves and your roles in the team?
A~
Emeka Enu : My name is Emeka I am a the co-founder of. TLG and the CEO of First-Kudi and SEFA. I’ve been in the space for the last 4 years as an investor, VC and product Designer. TLG helped incubate Ferrum. which we brought to Market. In 2019, we designed and launched First-Kudi, a crypto-fiat platform for the African Market. My background is in pharmaceuticals. I have always been an entrepreneur by trade and I have always tried to stay at the cutting edge of technological innovations.
Ikay : My Name is Ikay Enu, I’m a co-founder of TLG and First-Kudi. I’ve been in the space for the last 4 years as an investor, VC and product Designer. TLG helped incubate Ferrum which we brought to Market. In 2019, we designed and launched First-Kudi, a crypto-fiat platform for the African Market. I’m a physician by trade and I have always tried to stay at the cutting edge of technological innovations.
Germaine Ifudu : My name is Germaine Ifudu, I am the Co Founder of Project Inverse. Project Inverse is a counter-volatility DeFi protocol that offers users the opportunity to benefit from dips and downward moves in the crypto market.
In addition to my role in Project Inverse, I am the co founder of First Kudi, SEFA Foundation, and TLG Ventures. I have over 10 years of experience in Banking, Corporate Finance, IT and Project Management. We initially incubated Ferrum Network, and helped in delivering FRM’s success today.
Q~ Let’s learn some more about the project. What is Project Inverse all about in a few simple sentences?
A~ INVERSE is a DeFI protocol that allows users to stake out utility token XIV for a short duration of time (3 days, and 7days) within tracking vaults that track the movements of select DeFi coins and DeFi index. INVERSE allows users to earn gains from the downward moves of the coins or index being followed in the tracking vaults in the form of additional XIV tokens.
Q~ What are the tokenomics and usecases of the $XIV token?
A~ The Platform is a protocol that consists of Select DeFi coin tracking vaults and a DeFi index tracking vaults. These vaults track the movements of specific DeFI coins or a DeFi index of ten aggregated coins know as the DeFi index. Users can stake their tokens for 3 to 7 days and can earn additional XIV in a range from 10% to 2x (or 200%) the amount of XIV staked based on the downward moves of the coins or Index being tracked by the tracking vaults. Users can either set their own staking parameters or choose parameters fixed by the protocol.
XIV is a utility token that can be staked within tracking vaults that follow the movement in select DeFi coins / index for 7 days. Only XIV can be held in the tracking vaults. Thus, XIV powers / drivers the staking vaults and all rewards are pain in additional XIV. XIV users have also received NFTs, and there will be more utility attached to XIV.
QUESTIONS FROM BITCOINTALK
Q~ You partnered with Ferrum Network to introduce a Staking program, how many staking pools have you introduced and what APYs will you be offering, and how to do I take advantage of this, any detailed tutorials?
A~ There are two staking vaults. The voyager is 170%APY and the Explorer is 100% APY. Unfortunately both pools are close for now.
Q~ I saw that the Project Inverse platform only has swap capacity in ETH and USDT. Can you tell us if you have plans to expand beyond these cryptocurrencies and implement others like BTC? Also, can you tell me about staking in P2P? What other plans does Project Inverse have to add this method for user benefits?
A~ The swapping feature is a minor feature of the platform. Most important to the platform are the tracking vaults and the Liquidity Pool. Swapping will be kept simple most likely with a Uniswap link.
QUESTIONS FROM TWITTER
Q~ Now that you have successfully completed the closed beta and open beta testing of the inverse protocol, do you have any dates planned for the final release of the first public MVP of the inverse platform, what are your core plans actions for the next 3 to 6 months?
A~ Yes, we will be launching first public MVP on April 30! In the next 3 to 6 months, we will be adding a whole lot more functionalities to the platform.
Q~ It is generally known that crypto and DeFi space is volatile. Why is inverse protocol offered to users only during sell-off or dip period and not both ways (uptrend and downtrend) . How does this help solve volatility in the DeFi space?
A~ Great question. First, we will start we will start with downside functionality and will add upside functionality in due course.
Q~ Early March, we saw an implementation of Project Inverse first NFT and lottery sale, can you tell us the utilities of the Vault Ship one NFT, what incentives are the NFT holders entitled to?
I also read that each of the major vaults on the INVERSE platform will have its own NFT in the form of a signature Space Ship. so when is the next lottery round for the NFT of the other vaults?
A~ The Project Inverse NFT called Vault Ship One was part of a Presale lottery, airdroped to. 80 participants with over 2000 applicants. Rewards include but not limited to XIV Airdrops, access to unique features on the Inverse Platform, and extra rewards for LP on the Platform. We are very excited about our NFT Vault Ship One.
The next NFT should be released soon, please join our alerts channel to stay up to date with all things inverse.
QUESTIONS FROM TELEGRAM
Q~ Can you give a brief overview for. tokonomics and token supply?Would there be any form. burns and buybacks? What does that aim to achieve for you
and does it incIude any form scarcity paths such as stake, store, or burn?
A~ Inverse / XIV is a total of 90 million finite token. No burns / No minting!
Q~ While you build your project, do you take into account community feedbacks and demands?
A~ Absolutely, of course. Community is essential to Inverse’s development!
Q~ How many exchange listings have you secured, where can we get XIV tokens?
A~ We are on Bilaxy, Hotbit, Bidesk and Uniswap. However we will be on a bigger exchange later in the year.
Q~ You said that XIV is essential for unlocking the tracking vault is there a limit of XIV required to do that for users ?
A~ The limit is 1000 XIV.
Q~ Does your project have insurance for every user? , is that insurance guaranteed its usefulness?
A~ The only token used on the platform is XIV. It’s a DeFi platform and will be audited multiple times.
Q~ What benefits do you have technically that are better than you peers?
A~ We are the first in its class!
Q~ From a non-crypto perspective, how will you explain your ecosystem and how reliable is your system data?
A~ It’s a platform that allows users to bet against the movement of other assets without having to hold the assets!
Q~ Does your project have a betting based market?
A~ Yes…
Q~ Why is the period for staked XIV in the tracking vaults limited to only 7 days after speculation and don’t you think this might discourage users who might prefer a longer time frame for their predictions to manifest?
A~ Staking periods are 24hrs, 3days, and 7days. We have added two more staking periods.
Q~ Hello🙋,
What are the Defi index can be found in project inverse ?
A~ The DeFi Index is an aggregate of the DeFi coins in the tracking vaults. We have aggregated it into a single number that allows users bet against it.
Q~ Can you explain how monitoring works to track the vaults of DeFi coins?
A~ It’s in the tracking vault, which track the prices of coins and based on the price of the coin at the end of the staking period .The smart contract will deduct XIV from the user or add XIV to the user.
Q~ Will the project add any new features in the future?
A~ Yes, many features will be added, for example many classes of coins will be added as well as upside betting.
Q~ Liquidity, transaction fees and slippage have always been important factors in Financial services. How do you solve the above problems to attract users?
A~ Users can add to Liquidity Pool and earn from the losses in the tracking in the vaults. Transaction fees will be incurred by user and there will be no slippage because XIV is the only coin utilized on the platform.
Q~ What is total supply of your project? Where we can buy it? Are your plans to focus on market or to grow community?
A~ Total supply is 90 million here is the link from CoinGecko Check out Project Inverse https://www.coingecko.com/coins/project inverse
Q~ Will there be many coins that project inverse tracks in the future vaults for downward trends? How will these be determined?
A~ Yes, we will add new classes of coins including Chain coins Like BNB and ADA, and NFT coins.
Q~ What are Project Inverse’s plans with the community to achieve mass adoption?
A~ Well, starting by off using the platform. We have major influencers who will be promoting project inverse channel on a continual basis when the platform is out. Also we will have some competition for users to win prizes and help create awareness.
Q~ As far as I understand from your articles, you have created partnerships for your project and completed your product development process. Is your action plan ready for the rest of this year, if so, what is it in this plan?
A~ Yes, we have a detailed roadmap and plans to improve the capabilities of the platform.
Q~ As a community based project, how can I donate my quota for your success? Do you have a Global Ambassador Program or a Referral Rewards System?
A~ Dm me later
Q~ In which Blockchain is your token currently working Project Inverse? Because i could find if it was on ETH, BSC or TRON, can you tell us? and if so, why did you choose that blockchain to develop your token agains the other ones?
A~ We choose ETH because it has the widest adoption and will have the most capabilities in the future!
Q~ Can you list 1–3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
A~
- You do not need the token that you are betting on. For example, you do not need to carry Aave or uni to bet on the price.
2. You can pick the percentage you want to bet in the flexible vault.
3. No one else has this platform. We are the first in its class.
Q~ 🙋Hello,
How can you ensure the security of project inverse?
A~ We have been audited by Certik and we will final audit when the platforms comes out.
Q~ What is the community’s mission in governance with Volatility Against Project Reverse? Do token holders have the power to influence the development process of the protocol?
A~ Something to look at in the future.
Q~ Southeast Asia is a very active market and many projects are being developed here. So for your project, how do you view Southeast Asia and what development plans are there?
A~ We will be reaching out to community members in the South East Asian community and we plan an AMA in a large Vietnamese telegram group shortly!
Q~ While reviewing your partnership with PolkaBrige, I read, “In line with our aggressive expansion plan in the Asian market, you are trying to develop a strong partnership with the Polkabrige community. Right now, are you only focusing on the Asian market for expansion, will you not do marketing work on a global scale?
A~ We are expanding in a global scale. The Asian market started out first because of a unique opportunity.
CONCLUSION
A lot is happening very fast in this community, so follow all channels to get the latest information on Project Inverse. A lot will be happening in the next few weeks.😊
It’s really nice having Project Inverse 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 Project Inverse.
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