Thanks all for participating in our Dego Finance AMA. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this blog post is for you.
Mayank – Hello @pj_1988 welcome to CryptoNationIN 🥳 Glad to have you here for the AMA 🔥
Javert – Hi all! As my collegue Jon is catching a flight. So it’s gonna be just me today. thx all
Mayank – Before we start, I request you to tell about yourself and Dego Finance to the community.
Javert – So I have been in the space since 2016. I joined the industry from a small blockchain firm in London, when IEO is not a thing. Most legitimate companies are doing the private chain or consortium chain like hyperledger. The company I work for was one of those pioneer that didn’t do IEO. It was a crown star in 2016-2017 in the EU, then fell pretty quickly for lack of fund. So probably I should have done an IEO then we might have survive it, but later on I turned fully rogue on private chain or consortium chain which are really like a prison that stops you from all adventures.
Later on I met Jon. We have collabrated on few small but popular projects on Eth and Tron ecosystem, and it looks like our little team is growing bigger and bigger in a very decentralised manner. That would one day led us to the creation of Dego.finance.
Blockchain has no “legs” in lack of impactful applications, while its financial infrastructure is over developed, like wallets and exchanges. We witnessed that DeFi becomes a norm that only urges people to speculate. So dego.finance aspires to create something addressing users’ need while bring the obscure blockchain to simple but fun apps, only few clicks away. To date, the most prominent and real problem we solved is “Giving NFT Utility”. NFT is now regarded as a digitalised ownership of an art but it has no impact beyond that. While we enabled Mining, Auction and Trading for an NFT, so its utility goes beyond just ownership. Previsouly Dego was a very much DeFi driven project, but now dego.finance becomes a NFT+DeFi Fusion Reactor whose transparency and fairness is governed by Law of Codes. Now we aspire to offers two things :
1) A stand-alone but open NFT ecosystem that draws users to entre blockchain space, where anyone could issue NFT, initiate mining, auction, trading and etc, taking care of the lifecycle of an NFT.
2) An NFT Protocol as a cross-chain Layer 2 Infrastructure to Blockchain projects for user acquisition, token distribution and more diverse NFT applications.
The core team believes in “Blockchain for Good” and has a track record of delivering Dapps that gains mass adoption. Dego is like Lego bricks in Blockchain that provides fun-to-use and easy-to-integrate products and tools. We are determined to do bring blockchain application to ordinary people for everyday use.
Mayank – Amazing introduction 🎊
Q1. The users most staked get 1 time rewards where intermediate and smallest staked ones get 5 and 3 times. How is it possible? Why the most contributed user get more cheap rewards rather than others?
Javert – As the project is very much community driven and we have best-in-class inflation model supported by “Withdrawal Penalty” and “Transfer burning Tax”.
2) Also to uphold fairness and prevents whales monopoly, we have “Best Mining Zone” mechanism.
So whales who staked more are not prioritised here, we would give more benefits to ordinary users.
Q2. Dego have an unusual approach to the referral program. What the actual cost of the referral code and how realistic it is to return these investments? What income will accumulate for reward?
Javert – Sure would love to shed lights on this one
The cost ref code increases with the number of people. In ETH, the initial invitation code costs 0.1 ETH, When the number of people buying more than 100 people the price becomes 0.2 Eth, and so on. Inviter can receive 10% of invitee’s proceeds. Many people have received good returns from it. We’d want to grow the community which has worked out well so far. We have one Official community of over 50K members and 15 other non-official communities involving more than 100,000 users in more than 10 different countries. The community of blockchain projects comes from the sharing of benefits, we pay great attention to the development of the community, referral is also one of our incentives.
Q3. On the recent AMA, you mention that we can Mint NFT with any token and any art. If it’s for real, everybody can mint their own NFT, but we know NFT be valued by their rarity. I mean, how can this NFT be valueable while all of us can mint it with any token and art?
Javert – Dego pioneered and extended the NFT utility beyond digital ownership to Creation, Mining, Trading, Auction and more. NFT Mining describe a process where users can lock desired number of single kind of ERC20/BEP20 tokens and mint an ERC721 token, then stake the very ERC721 token in an smart contract to mine rewarded tokens. In the future, Dego will become a protocol with all these products opensources. So any artist or ordinary users can use the whole system. For NFT Minting, any user can do Minting, Auction, Traidng and more.
Q4. NFT is considered the next trend of the crypto industry after DeFi. Could you share your opinion about NFT? Where do you see the future evolution of NFT features and capabilities in the next few years?
Javert – As I mentioned earlier Blockchain has no “legs” in lack of impactful applications, Exchanges and wallets are too overdeveloped. Dego is like Lego bricks in Blockchain that provides fun-to-use and easy-to-integrate products and tools , that anyone can enjoy.
Q5. DEGO is works on Ethereum Network. it has a slow speed and high gas fee?Do you have any plans to launch your mainet or convert to other blockchains in the future?
Javert – Many approached me and the core team regarding our recent choice of launching Dego.finance as Dapp on Binance Smart Chain. I explained multiple times and here I’d do it again.
“Why BSC over Cosmos, EOS, Tron, Solana and etc.?”
We did seriously examine all popular chain beside Ethereum. We show respect to engineers; there is infinite potential to make breakthroughs, and we have more chances to succeed. Why do people care about which blockchain we build on now? Are we all crypto-fundamentalists overnight? Ordinary users cannot perceive the underlying chain when using a product. For Dego, the priority is user experience and the biggest complaint we encounter is the expensive GAS, which is an inherent flaw of Ethereum. Having a compact dev team, we cannot just deploy on multiple chains. We did get offered to integrate to Solana from Serum team, which we appreciate because Serum and its affiliates have best pro-geekiness support. But a waste of manpower is counter-productive since we have a very clear roadmap and exciting products to deliver. BSC in our opinion is the best choice, faster integration and lower GAS, for an “Ethereum Dapp” like dego.finance who aims to deliver and scale. Dego is not exclusive to any blockchain, and you will see us running on multiple chains. We are also brewing original protocols to be interoperable with all blockchains. USERS matters more than underlying blockchain. Without community, DEGO would be worthless. BSC is the first footprint.
Q6. Is the GigaFactory 1 and BOT NFT campaign still on, Do you have any guidelines explaining how I can harvest BOT with BSC PICKs?
Javert – Yes it is still on I believe. Here’s a guide: https://docs.dego.finance/modules/bsc/bounce-nft
Q7. Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same?
Javert – So we are very clean project, no private investors, no pre mine. A public raise of 1000ETH was conducted and 2,100,000 DEGO tokens was sold for it, this was done via smart contract while all community particpated. The 700 ETH of the raise was put into liquidity pool to provide liquidity. 300 ETH is put into operation. Our smart contracts are fully audited and are all on chain, so there is no rug pulled and exit scam here.
Q8. What is the special of Dego NFT? And why user need it?
Javert – Dego pioneered and extended the NFT utility beyond digital ownership to Creation, Mining, Trading, Auction and more. NFT Mining describe a process where users can lock desired number of single kind of ERC20/BEP20 tokens and mint an ERC721 token, then stake the very ERC721 token in an smart contract to mine rewarded tokens.
Q9. What benefits will DEGO deliver to the ecosystem and the community?
Javert – 1) Dego offers a stand-alone but open NFT ecosystem that draws users to entre blockchain space, where anyone could issue NFT, initiate mining, auction, trading and etc, taking care of the lifecycle of an NFT. This would increase the usage of all products Dego offers and users have to consume DEGO tokens in the process.
2) Dego’s NFT Protocol as a crosschain Layer 2 Infrastructure to Blockchain projects for user acquisition and token distribution. Partners who is deploying into this protocol would have to bring use cases like an NFT mine to Dego NFT holders, so these users can benefit from the expanding ecosystem and inflow of external audience.
3) The built-in extreme inflation mechanism would burn good and enlarging amount of DEGO tokens where the total supply will be in an eternal diminishing situation. So DEGO in circulation will always grow smaller.
4) The system tax contributed to a Dividend Pool that captured value in ETH and DEGO, which will be awarded to heavy users or patient loyalists, making holding a good amount of DEGO tokens or holding an exclusive NFT more valuable.
Q10. Your website is designed look like Windows 95, so why do you choose this old design?
Javert – It is the OS that I used at the first time of using a PC, all dev members have a thing for the vintage. So this one goes to old school tech and nostalgia sentiments.
Q11. what is so special about V2 Market than V1?
Javert – Good one! NFT Market V2 will be launched on BSC soon! It will support DEGO NFT and BOUNCE NFT trading that can be paid in BNB. PANCAKE, MATH WALLET ,NFT FOR GOOD and other BSC NFT transaction will be supported in the upcoming section and payment in DEGO will be supported in the next version.
Q12. where can I buy Dego? How do you Dego see yourself working with regulators in the future?
Javert – KuCoin, MXC, Gate and Uniswap.
Q13. How confident is Dego will be a successful project and have a large community?
• Dego has the largest NFT community of over 100,000 members in more than 10 regional telegram groups (Official community has over 50K members all from organic growth, no fake zombies)
• 50K Twitter followers
• 54K real NFT users/addresss on ETH and BSC.
Thank you to Javert, and Community for participating in the AMA. Have a nice day