Blockelite X MoneyTime Finance AMA Recap

Blockelite X MoneyTime Finance AMA Recap

Thank you to everyone who joined AMA Blockelite x MoneyTime Finance on 4th June at 03:00 PM UTC I 10:00 PM (UTC+7). Here is the recap for those who missed this AMA.

Segment 1: Introduction about MoneyTime Finance and MoneyTime Finance team

Q1: Can you briefly introduce yourself as well as about MoneyTime Finance?

Lorenzo – @AstraLorenzo (Community Manager): Moneytime.finance is a yield farming platform running on Binance Smart Chain with a unique price-positive token economic design. The project is funded and created by a team originally building DeFi on Ethereum, but since 2021 has been solely shifted to Binance Smart Chain due to its promising future: True open finance for everyone, not only ETH whales.
There is a gaping hole in the BSC ecosystem for a quality yield platform that incentivizes long-term sustainability over short-term pump-n-dump mentality.
We realize that to achieve this, we need to re-think the whole yield-farming approach that usually focuses on the early hours and days of the product over the long-term.
Secondly, we need to counter-balance inflation (a necessary mechanism for yield platforms) by having users stake & hold the native token for pre-determined time periods and so reduce sell-side volatility bursts.
We wanted to create a mechanism for rewarding behaviors that contribute to the sustainability of the platform by solving the above two points, and Moneytime.finance is the product of these goals in mind.
On the surface, it‘s a yield platform like any other. But in reality, the tokenomics are set up in such a way that it will look and operate differently from the rest of the marketplace.
In short, we believe Moneytime has amazing product-market fit, that will not only be rewarding for our own users but also for Binance Smart Chain as a whole!

Q2: Moneytime Finance is a yield farming platform running on Binance Smart Chain with a unique price-positive token economic design, can you explain it to us in detail? How can users benefit from it?

Lorenzo – @AstraLorenzo (Community Manager): The token economic of MoneyTime is different from a classic farming system. Here the reward is “delayed” to avoid excessive compound and massive sell pressure. What we call Price positive token is the results of a study of a specific token economic build on Delayed reward, BuyBack, Burn, and Smart fees redistribution.

About token economic, can you share more ?

Yes. In moneyTime.finance you have 2 token. $Time & $Money. $Time dont have value or trading purpose. this is what we call a “Tool Token”. To be able to earn the $MONEY reward, you need to stake the $TIME token. Stake $TIME earn $MONEY.

As you can see here, you can add liquidity to the farming pools and earn the $TIME token.

Then you can stake the $TIME token in one of the 6 time pools. In the TimePools, your reward are locked for X time ( corresponding to the pool choosen ). After full time completed, you can collect your $MONEY reward and 100% of your $TIME token are burned. you need to go back fo earn the $TIME token and stake it again. You cant harvest but only unstake for access the reward.

Q3: Why did Moneytime Finance choose Binance Smart Chain?

ClutchMoney – @ClutchMoneyTime (Community Manager): The main reason why we chose BSC is first the accesibility of the network and it’s usability. We believe that the Binance Smart Chain is the place to be right now and we are happy to deliver quality product here. We want to attract a large range of users and offer a true open, sustainable and decentralized finance for everyone.

Altough we are also thinking about exploring the Matic Network and eventually develop there.

Q4: DeFi is very hot at present. I would like to ask your opinion on DeFi application scenarios, and how can MoneyTime Finance provide support for it?

ClutchMoney – @ClutchMoneyTime (Community Manager): Our token utility would be defined by the importance of sustainability by smart redistribution anti inflamatory system, partnership program and user retention. Our main token $Money token would enable user’s to earn other token like BUSD and Partner’s and the redistribution will benefit liquidity providers and stakers.

Q5: How can anyone participate in the Pre-launch TIME token airdrop? What is the next roadmap for 2021?

Lorenzo – @AstraLorenzo (Community Manager): If you want be early in MoneyTime.finance you just have to be here at the PreFARMING session which will start 48h before the money pools, TimePools and staking pools open. The keys in MoneyTime its the $TIME token. regarding the Airdrop, If you hold token from our partner project you are eligible to an ONE TIME airdrop before launch, for the moment only IceCreamSwap and TinVille are eligible to $TIME airdrop, more partner to come soon. Here how the pre farming session work:

When we launch, the first 48h you can add liquidity and earn $TIME token only.

After 48h, we open the farming pool $MONEY/BNB & BUSD, the TIME POOL where you can stake $TIME for earn $MONEY, the pool money printer ( stake money earn money ) and the staking pools (Stake BNB,BUSD etcc earn $MONEY or $TIME)

Staking pool ( Stake single asset ) Earn $TIME or $MONEY
Farming pool ( add liquidity earn $TIME )
The TimePools for earn $MONEY token.

$TIME token have no VALUE and no TRADING purpose, its a “tool token” for earn you reward $MONEY token

Invest your $TIME earn $MONEY

The next roadmap for 2021 is clear, partnership, more usecase for $MONEY holders and innovative smartcontract.

Segment 2: Twitter questions

Q1: Finding investors is hard, keeping investors is harder, so what strategy does Money Time have enough to make investors trust and with Money Time project go a long way?

ClutchMoney – @ClutchMoneyTime (Community Manager): Our strategy in terms of marketing with MoneyTime is to keep a balance between bringing new user’s and support/inform all user’s. One thing the team has noticed in the BSC ecosystem is that new project’s often fail’s to clearly inform it’s users about their project feature’s and utility. Therefore in MoneyTime we are making a marketing campaign with a serie of AMA, Airdrop Program and contest to come, to attract new user’s and also keep them informed about our feature’s with intuitive content.
Our time pools section, with short or long term delayed reward enable’s a clear user retention for the project. Stakers in the most profitable long term $Time pool’s shall be keen to stay and shill the project and even gain more on their $Money rewards to earn $BUSD, more $Money or tokens from partners.
In terms of investors trust, transparency and security is key. We have already shared all wallet address distributing fee’s and we will continue to keep our development fully transparent. We also have multiple audit’s to come in terms of security.

Lorenzo – @AstraLorenzo (Community Manager):
💎WALLET FEES :
👛WALLET M3 – 0x1892569c7C00b3C7683730b71609F164024c4709 – Staking Pools Fee $MONEY —> FOR BUY BACK AND BURN $MONEY TOKEN(AUTOMATIC SMARTCONTRACT)
TAX FROM : 3% FROM STAKING POOL EARN $MONEY
👛WALLET M4 – 0x72400CE2A89F0C18BC003280D6263C34aFCA87AD Staking Pools Fee $TIME —> FOR BUY BACK AND BURN $MONEY TOKEN(AUTOMATIC SMARTCONTRACT)
TAX FROM : 5% FROM STAKING POOL EARN $TIME
👛WALLET M6 – 0x9270cb89a4a8aA44FC41B62dAC04ec79CC115fE7 – DEPOSIT FEE NON NATIVE POOLS—> DAILY AIRDROP TO MONEY LP PROVIDERS (MADE MANUALLY BY ADMIN) (frequency:1/2TIME DAYS)
TAX FROM : 0.99% FROM FARMING POOL DEPOSIT FEE NON NATIVE POOLS
👛WALLET M9 – 0x2b2D054FF40Fa09b8761a3ecBDC95Fc24563878f – TAX TRANSACTION —> DAILY AIRDROP TO MONEY LP PROVIDERS (frequency:1TIME DAYS)(MADE MANUALLY BY ADMIN) (frequency:1/2TIME DAYS)
TAX FROM 2.5% FROM EVERY MONEY TRANSACTION
👛WALLET M5 – 0xdc554288fC9100A54eD78fD1Cfa8FC6ef13FB05b – BurnEmergencyFund —> FOR BUY BACK AND BURN $MONEY TOKEN (MADE MANUALLY BY ADMIN)
TAX FROM : 2% from Farming Pool Deposit fee – Non Native Farming Pools
👛WALLET M10 – (address not available yet) – BUSD REWARD FOR LP PROVIDERS —> DAILY AIRDROP TO MONEY LP PROVIDERS (BUSD REWARD)(MADE MANUALLY BY ADMIN) (frequency:1/2TIME DAYS)
TAX 2% FROM Staking Pool Deposit fee – (Earn $MONEY)

https://moneytime.gitbook.io/timeismoney-fi/tokenomics/fees

Q2 : What is the ultimate vision that Money Time is trying to achieve within the cryptocurrencies market? Obviously the whole space will experience huge growth in the upcoming years, but what role would you like your project to play in this?

Lorenzo – @AstraLorenzo (Community Manager): Our vision is to build a long term healthy and transparent Yield Farming platform. We want to give our users a safe and optimal opportunity of decentralized income on their asset’s, without compromising the prosperity of the project. The platform and it’s tokenomics are designed to last for year’s to come and we are happy to be able to present such a complete project.
The ultimate vision? Become a reference in the BSC ecosystem in terms of project development. We want to be able to break the complex of Yield Farming = inflationary tokens that doesn`t last long and offer firstly to user’s but also to new project other solution’s for long term development.

Q3 : Developing a new platform always requires a lot of research and effort. We see, most of the project just clone of an existing project. So, IS Your project clone of an existing project or is it built from scratch? If yes can you please introduce the team behind this Development?

ClutchMoney – @ClutchMoneyTime (Community Manager): We are originally a fork of pancake swap witch is itself a fork of uniswap. However with our new Yield Farming proposition’s and our innovative tokenomics, we needed to rewrite our Smart Contract’s from scratch wich took a lot of time and energy. We made a ton of test and deployed multiple times to make sure everything works fine and safely. lots o Now that we are close to have our final product we can say that we are proud to have developped these contracts from scratch so that it can serve it function personalized for our project. Eventually maybe even other project will start to fork us haha.
We are a team of 4 developpers and 4 community manager

Lorenzo – @AstraLorenzo (Community Manager): MoneyTime Officiel Telegram Team:

Lorenzo – @AstraLorenzo (Community Manager – Tag TimeLord)
White Kanye – @WhiteKanye (Community Manager – Tag TimeMaster)
Timmy TooL – @tooltoken (Community Manager – Tag TimeChief)
ClutchMoney – @ClutchMoneyTime (Community Manager – Tag TimeOfficer)
James – @Jamesmia1979 (Lead Dev – Tag TimeDEV)

Q4: Some DeFi projects were recently “hacked” as per their explanations. How do you think these recent events on other DeFi products affects the trust by users? What can Your Project do in order to ensure crypto enthusiasts that DeFi is safe and reliable?

Lorenzo – @AstraLorenzo (Community Manager): As many we believe that DeFi has a bright future ahead of itself, but like everything it need’s time to keep developping. We have withnessed some archaic actions these past few months firstly with the rugpull’s wave, than with hacking and flash loans problems. The MoneyTime team have kept a close look in the whole defi ecosystem since month’s and altough we are sure of it’s bright future, we are still in a early stage. That’s why in MoneyTime after having developped our tokenomics complexity wich is implemented for the project to thrive for years, our main concern was with the security and transparency of the platform. Early on we partnered with IceCream Swap, who were among the first to be victim of a big scale hack, but also they were the first to have implemented to remove migratory functions in their codes. They helped us a lot in building a security layer for our contracts and it was an enrishing experience, we hope that together along with more and more partners, we can collaborate to build a fully secure BSC ecosystem.

Q5: Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Do you have specific plans to attract and expand the community and improve the user experience?

ClutchMoney – @ClutchMoneyTime (Community Manager): Support to the commmunity is such an important aspect often overviewed by most of project. Like we were saying earlier Defi is such a new environment that it is only normal that a lot of users and newcomers are not totally familiar to yield farming and staking opportunities. It sometimes feel’s like the Far West out there 😂.
We are also aware of the tight complexity of MoneyTime’s tokenomic and functionalities, so we think it is important to give new and experiences users intuitive visual’s and tutorial to help them understand how to use and what are the benefit of MoneyTime.Finance and also to the whole BSC ecosystem overall. We will have a set of tutorials ready for the prelaunch and then we will publish some visual’s like short videos/anime, explanatory pictures and other content to publish around diverse the social media to reach a large audience and offer them clever content.

Segment 3: Live questions

Q1. What are the milestones you have achieved so far? Sharding, layered and cross-chains are the three future solutions for high-performance blockchains. So which way is Your Project heading? And what are the main reasons for implementing that direction?

ClutchMoney – @ClutchMoneyTime (Community Manager): The first milestone that we are happy to have achieved is to have build a fair, smart and profitable yield farming platform. We have chosen to deploy on BSC for the first launch as we want to attract a large range of investors. We are also thinking to prepare a crosschain for the Polygon Network (Matic). Our next milestone is surely a successful launch and then we will start implementing new features along with partnership.

Q2. What are the transaction fees from LPs and deposit fees, and will the transaction fees be used to market and burn $MONEY?

Lorenzo – @AstraLorenzo (Community Manager): You have 3.99% of DEPOSIT fees in the non native pools & 1.99% WITHDRAW FEE in the Money Pools, distributed in this way:

Farming Pools Withdraw fee – $MONEY Pools – (Earn $MONEY)
1.99% Withdraw fee LP token is burned and the liquidity is locked forever

Farming Pool Deposit fee – Non Native Farming Pools – (Earn $TIME)
3.99% deposit fees distribution :
2% goes to Emergency Burn Fund
1% goes to development team
0.99% is used to buy $MONEY and distributed to liquidity providers of $MONEY-BUSD and $MONEY-BNB

and you have deposit fees on staking pools:

Staking Pool Deposit fee – (Earn $MONEY):
10% deposit fee distribution :
5% is used to market buy and burn $MONEY
2% is used to buy BUSD and distributed to sent to MONEY liquidity providers in farming pools
1% used to buy BUSD and distributed to 1 MONTH TIME POOL
1% used to buy BUSD and distributed to 2 WEEK TIME POOL
1% is used for platform development and marketing

Staking pool Deposit fee – (Earn $TIME):
5% deposit fee distribution :
3% used for buy back and burn $MONEY
1% used to buy BUSD and distributed to 1 MONTH TIME POOL
1% is used for development

Staking pool Deposit fee – (STAKE $MONEY earn $MONEY):

  • 5% deposit fee to be burned
  • 5% withdraw fees to be burned ( IF USER WITHDRAW BEFORE 72H )

Q3. What is PROJECT’s revenue model? In which ways do you generate revenue/profit?

Lorenzo – @AstraLorenzo (Community Manager): We impletemend what we like to call Smartfees. Almost every interactions with MoneyTime.finance smartcontract buy back and burn indirectly $MONEY token, we generate profit/revenue through these Smartfees.

For exemple when a users withdraw LP from MONEY/BNB or MONEY/BUSD pool, he lock liquidity forever or when a user deposit LP in a non native pool like BNB/BUSD, the deposit fees are used to buyback, burn, redistributed to Money Pool Lp providers and participate to the revenue/profit for the dev team for marketing and developments!

more details about the smart fees here :

Source: ⚜️ /How the fees are distributed?

https://moneytime.gitbook.io/timeismoney-fi/tokenomics/fees

Q4. Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?

ClutchMoney – @ClutchMoneyTime (Community Manager): First in order to boostrap our launch, we are making a gradual newly minted token distribution. The rewards per block of both $Time tokens and $Money token will be gradually halved every 3 days for a period of 9 day’s. Dev allocation per block: 8% to be used for platform development only for $Money token.
For $Money Token 5% on every transaction half to be locked in liquidity forever and half to be re-distributed directly to liquidity providers users wallet.
Farming Bonus: $MONEY liquidity providers receive 2.9% from deposit fees of farming and staking pools.
We also have an important anti inflationary system of buy back and burns :

BUY BACK & BURN:
(Non-$MONEY Farming Pools Fees 3.99%):
2% goes to EMERGENCY BURN FUND for buy back and burn $MONEY
(Earn $MONEY Staking Pools 10% Deposit Fee):
5% is used to market buy and burn $MONEY
(Earn $TIME Staking Pool 5% Deposit fee):
3% Is Used To Market Buy And Burn $MONEY

BUY BACK & REDISTRIBUTION :
0.99% Is Used To Buy $MONEY And Distributed To Liquidity Providers Of $MONEY-BUSD And $MONEY-BNB

BURN & LIQUIDITY LOCK:
(Farming Pool – Withdraw Fee 1.99%):
1.99% Burned (Locked As Liquidity Forever)

TIME POOLS
100% of staked $TIME is burned when user completes the time duration and harvest the rewards
25% Of Deposited $TIME Is Burned If User Choose To Apply Emergency Withdraw

MONEY PRINTER:
5% of $MONEY token burned when deposit
Another 5% is burned if user choose to use Emergency Withdraw function

Lorenzo – @AstraLorenzo (Community Manager): $MONEY is the reward token on moneytime.finance

NOTES : PreMinted initial supply $MONEY:

  • 32,000 $MONEY sold for private investors (Project Fund Development & Marketing )(2,666 $MONEY x12)
  • 25,000 $MONEY for future partnership pools
  • 25,000 $MONEY for team members (3,125 $MONEY per team members)(3,125 $MONEY x8)(Lock for 30 days)

Source: https://moneytime.gitbook.io/timeismoney-fi/project-overview/token-usdmoney

Q5. Is this your project only for elite investors, how about others with small funds, is it open to everyone?

ClutchMoney – @ClutchMoneyTime (Community Manager): Yes, MoneyTime.finance is not only for elite investors at all! We are in crypto because we believe that decentralization is the way to bring fairness in the economy. Moneytime token economic is build to be the most fair and long term possible to also avoid newbie to get rekt and bring a change to the bad image of the defi world. We believe MoneyTime is for everybody and we will stay that way!