AMA RECAP : CRYPTOSCAPE x BUFFER
Venue : Crypto Scape
Date :28 July 2021
Time : 12:00 PM UTC.
Guest : Heisenberg(CO-FOUNDER)
He shared detailed information and his opinions about the Project BUFFER.
🔴 SEGMENT 1 INTRODUCTION.
Q1 Please introduce yourself and your team to our community and tell your crypto story?
Hi I am Heisenberg - Founder of Buffer Finance. I am myself a solidity developer with a background in options trading and finance. I take care of tech at Buffer Finance
Other than me we have five more team members
Feynman (Co-founder) → Takes care of product and business development
Freese → Takes care of frontend development
Rubin → Takes care of UX/UI designs
Curie → Takes care of community
Newton → Takes care of marketing
We have been investing in crypto and options since a long time - We observed options being a multi-trillion dollar thing in CEFI has not found a great acceptance in Defi - majorly because it’s considered something complex and is dominated by big banks and hedge funds.
We as a team have taken a mission to bring options trading for everyone by simplifying it and making it accessible to everyone.
Q2 What’s Buffer Finance all about, explain it along with the usecase and vision?
Buffer finance is a peer-to-pool options trading platform → With buffer finance any one can buy custom options without the need of a counterpart (option seller). On chain - without the need of a KYC.
Currently there are 3 key problems
1. No protocols on any chain that offer on-chain BNB based options - even when BNB is 3rd biggest cryptocurrency.
2. BNB options available on the centralised exchanges are highly illiquid and requires a counterparty
3. Option trading is complex and many new investors stay away from it - even when it’s the best way to make high profits on limited capital.
At buffer finance we solve all the above problems
1. We are the 1st protocol to offer options for BNB
2. We have introduced a peer to pool mechanism for options trading - which has removed the need of a counterpart - So just like an automated market maker (eg: PancakeSwap) an option buyer can buy options without the need of an options seller directly against a liquidity pool
3. We are gamifying the whole options trading experience with our Leaderbaord challenge and Prediction markets - to make options simple and accessible to everyone
Our vision is to gamify options trading and make it so simple that anyone can make profit out of it
Q3 Please elaborate your tokenomics and justify the distribution and mention about locking of liquidity ?
The native token to Buffer protocol is $iBFR
Total Supply: 100,000,000 (100 M)
Network: Binance Smart Chain
Token distribution for $iBFR
Private/Public sales: 30%
Team allocation: 10%
Rewards & Marketing: 5%
Advisors & Partnerships: 5%
Initial liquidity: 5%
Post listing we will be releasing 15% of the initial supply - and remaining token supply will be vested as per our vesting schedule (Which is still about to be announced)
For the seed sale participants (Whitelisting for which will start after this AMA) - 20% of tokens will be released before listing and remaining tokens will be vested over 3 months linearly.
Key utility of the $iBFR token
Revenue share - Stake $iBFR to receive a constant stream of passive income
Liquidity mining - Earn yield by staking $iBFR LP pair tokens
Deflationary - Milestone based buybacks and manual burns
Governance - Post Q1 2022 roadmap all feature releases will be governed by $iBFR token holders
Discount - Hold $iBFR tokens and get a discount over the settlement fee required to place a bid in the BNB price prediction game.
Yes this is confirmed
Other vesting schedules are still to be announced
Q4 What’s insurance feature all about and how will your product generate revenue through it ?
The Insurance feature is another layer over our options trading protocol.
This feature can be used by anyone who wants to buy insurance against their BNB holding and protect themselves from wild price fluctuations
The insurance will allow protection against sudden price falls and would be useful for Projects raising via IDO/IFO mechanisms and also many service providers offering BNB based service.
Q5 How you assure about the security of your product and also that you won’t rugpull ?
Ou product is live on Testnet - You can find it here https://testnet.buffer.finance/
All our code is open source and open for public scrutiny - https://github.com/bufferfinance
We are working with top audit agencies to make sure all our smart contracts are fully safe before shifting them to the Mainnet
All the liquidity we provide we will burn the LP tokens and send the txhash in public.
We have already released all the test cases and have consulted a an advisor for auditing. Although a demo audit is still something that needs to be done
But the Testnet is been up since 3 weeks with more than 1300 participants
So we are quite confident of the security and stability of our contracts and system
Yes they were quite insightful hope this will help the community members to better understand our project.
🟡 SEGMENT2 TWITTER QUESTIONS.
Q1 On your docs, I read that users can access the Buffer Protocol Ecosystem by customizing strike prize, option size, and expiry date, although, how easy a process is it for users to customize all of these features themselves? Once customized, how can we access the Buffer ecosystem? @Alistai89126620
Yes all the options are fully customisable with choice of strike prize, option size and expiry date.
The process is super simple and you can try it by yourself on our testnet —> https://testnet.buffer.finance/
You can visit our medium for step by step guide to get started as well.
Q2 Buffer makes options trading accessible to everyone and much more efficient than its centralized counterpart. So as a newcomer in your platform, I want to be part of the options trading ecosystem on BSC, but can you make us understand 1st the complexities of derivatives trading? @Wormz29
Yes we totally understand derivatives trading can be complex - and that’s why we are trying to make it simple with gamification - we will be launching a prediction game for BNB price soon. Also to help community understand how they can profit from options trading we have curated some useful public material which they can use to learn.
Yeah we are also planning to do something on the NFT side but right now it's still in the planning phase but that's really an ongoing trend which we would like to explore further.
Q3 Income sources and a well-designed revenue model are essential requirements to sustain development for any project. From which sources do you plan to generate income so that the Buffer Platform can stay on track for a long time, and how did you determine your pricing policy? @Coin_Travolta
Buffer Business model is very simple we charge two types of fee whenever someone buys an option or places a bet against our Liquidity Pool
1. The Option Fee —> This fee goes to Liquidity provider as yield
2. Settlement fee —> This is the fee we charge as protocol/service provider - 100% of this fee is transfered to $iBFR holders via automated revenue share transfer and buyback
Our community first approach allows us to focus on building and sharing our success with them. That's where we feel the main longevity comes from other than that options markets on Defi will boom so our revenue.
Q4 Do you have any governance feature in place and how would you ensure holders of your token actively participate in decision making @Grumpyb14017909
Yes we do have governance in place —> All the features built after Q1 2022 will be decided based on voting by $iBFR token holders. Since we are sharing revenue with our holders that's creates a good enough incentive for them to participate in governance and stay aligned with the token and project's success
Q5 You are offering white listing spots at present so what’s the incentive offered to. Those who buy in the private sale are they getting some sort of assurity against price dump as well as what’s maximum and minimum buy-in @Abc97341745
Yes the whitelisting will be available for the Cryptospace community the link has already been pinned.
The max buy-in is 5 BNB and Min is 0.1 BNB
This is the lowest price available for the $iBFR tokens and exclusively available for our seed sale participants. In order to prevent price dump we are making sure we go to mainnet within a week post our IDO. We also have lot of staking options to make sure investors don't dumb —> There's a real tangible utility towards holding $iBFR and we believe the token will give an amazing return to initial backers.
🟢 SEGMENT 3 TELEGRAM LIVE.
Can you list 1-3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
1. We are the only ones offering BNB based options
2. The options are completely on-chain and doesnt need a counterparty - it works just like Pancakeswap but for options
3. We are launching a prediction game over our trading protocol to gamify it for common users. So anyone can trade options while playing a prediction game.
⛽Commonly projects says that are "community driven" but it doesn't incentivize the participation of the community, so can you tell us what are your attractive elements to obtain a better participation from the community?
We are 100% community driven - 100% of our revenue will be shared with the community in form of direct dividend transfer and buybacks.
What are your marketing strategies and how will you have a global expansion and adoption fo your project where English is not spoken?What are your next upcoming priorities? What is in your roadmap ?
We are already working towards taking protocol among multiple countries with translated content, dedicated telegram groups and language support - Our Aim is to make options trading available to countries where there are not enough financial instruments.
Collaborations and partnerships are really important. they provide the opportunity to grow together, Could you tell us if you are recently working in an association that can help Buffer protocol even more?
We have already partnered with berry data - Chainlink - Cryptobuddy.info and currently in talks with many launchpads to offer our insurance service. In the coming weeks we will be announcing our partnerships so stay tuned and join our telegram to stay updated.
Good day sir 💖
can I buy your tokens right now and also which wallet support your token?
You can participate in our Seedsale - 20% of the tokens will be distributed before listing and remaining will be vested over 3 months.
The link to get whitelisted has already been pinned in the group.
The price is approximately - $0.012/$iBFR token.
Thanks for the opportunity it was great interacting with the community. I am excited to see how the exclusive whitelisting in association with Cryptoscape community goes.
Whitelisting is open for nest 24 hours and soon link to participate in our seed sale will be shared on our - Twitter (@Buffer_Finance), Telegram group (https://t.me/bufferfinancee), and Discord Server (https://discord.gg/Hj4QF92Kdc).
Thank you from Crypto Scape