Blockelite X RedFox Labs AMA Recap

Blockelite X RedFox Labs AMA Recap

Thank you to everyone who joined AMA Blockelite x RedFox Labs on 9th June at 01:00 PM UTC I 08:00 PM (UTC+7). Here is the recap for those who missed this AMA.

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Yuno – Blockelite Host: Hello fellow Eliters and welcome to another Blockelite AMA Series
So ladies and gents, Our special guest today is Ben Fairbank – Co-Founder & CEO of RedFox Labs
Hello @benfairbank , welcome to Blockelite today

Ben Fairbank – Co-Founder & CEO of RedFox Labs: Hi there
Thanks for having me

Yuno – Blockelite Host: Nice too meet you here
How are you today?

Ben Fairbank – Co-Founder & CEO of RedFox Labs: Well thanks and you?

Yuno – Blockelite Host: I’m good,
On to the Segment 1 of our AMA, we hope you’re ready for the next few questions coming at you!

Ben Fairbank – Co-Founder & CEO of RedFox Labs: Ok

Yuno – Blockelite Host: Our guest is ready, we will enter Segment 1 right now !!!
Q1: Can you briefly introduce yourself as well as about RedFox Labs?

Ben Fairbank – Co-Founder & CEO of RedFox Labs: My name is Ben Fairbank, and I am the Co-Founder and CEO of RedFOX Labs. I have worked at C-Level
for global brands such as Virgin, Ooredoo and Grab, I have also been a CEO, CEX expert, turnaround and
start-up specialist in more than 10 countries, and an expert in cultural change management.
RedFOX Labs is a tech forward venture builder that delivers companies and platforms that are secure,
scalable, highly engaging and innovative. We believe in unlocking value for users within the new era of
technology and believe in providing platforms that are easy to use, and inclusive.

Yuno – Blockelite Host: Thank you, for your introduction, our pleasure to have you join us today
Next question

Q2: RedFox Labs ecosystem has many products as Virtual Space, RFOX Finance, RFOX Games, KOGS,… Can you tell us what are the main advantages of your products? In contrast, what is your weakness? How will you overcome it?

Ben Fairbank – Co-Founder & CEO of RedFox Labs: One of our advantages are that we are building across chains, which means that as we scale, and bring on new partners and launch new ventures, the ecosystem gets stronger and more inclusive. That is core to our strategy, that all our businesses will be interoperable and be able to plug into one another, eventually being made available in the meta verse (RFOX VALT) being launched later this year. We wouldn’t call it a weakness, but a challenge we face is being able to move faster than what technology might allow us to.
We are building at breakneck speeds and sometimes the technology is simply not available yet in market. To overcome this, we in-source a lot of the development in order to build roads that are brand new. This means that timelines might take longer than what some people expect.
We believe in being transparent with our community, but sometimes people who do not understand the complexities of what we are building might get upset. This is unavoidable, and does not interfere with our momentum or aspirations.

Yuno – Blockelite Host: Thanks for sharing, next question
Q3: RedFox Labs launches brand new and interesting in early May and that is RFOX Finance. Could you give us more specifics about your RFOX Finance? How can users and DeFi projects benefit from it?

Ben Fairbank – Co-Founder & CEO of RedFox Labs: Yes, we are very excited about the launch of RFOX.Finance our very own staking, rewards and liquidity pool protocol, which is forked off of pancake swap. So far we have seen a tremendous response with triple digit APRs and a TVL that exceeded USD40m last week (of course this fluctuates with the market).
On rfox.finance you will also find our $VFOX token, which is essentially the rewards token for the meta verse RFOX VALT being launched later this year. Users can either stake $RFOX and earn $VFOX or even be able to stake $VFOX for more $VFOX.
$VFOX holders will earn a % of all sales that will be conducted through the metaverse, which could mean that $VFOX holders have a very attractive long term financial benefit of hodling.
An exciting element to this project, is that this also implies that a certain amount of $RFOX will be permanently burned, which means that the total supply of $RFOX will decrease. This has a very positive economic output for $RFOX holders.

Yuno – Blockelite Host: Sounds great
HODL $VFOX 🙂
Continue with Q4
Q4: Can you share some of the notable partners RedFox Labs has? And what can we expect from that partnerships?

Ben Fairbank – Co-Founder & CEO of RedFox Labs: We consider some of our investors to be key partners in building the future. Mike Novogratz of Galaxy Digital, who is an international crypto heavyweight, was an early investor and is opening incredibly exciting avenues of growth. Brain Cu, a household name in Southeast Asia, is also a key partner who has built companies like Grab, Zalora, and GoJek. Partners also vary at each venture, and this week our gaming division RFOX Games, announced a very cool partnership with Bad Days, under MarvelousNFTs.
https://finance.yahoo.com/news/rfox-games-continues-nft-revolution-041900647.html
Lastly, as we are under NDA, we are unfortunately not allowed to provide any more detail here but some of the brands and partners we are paring with are international music artists, sport gear, e-sports, car brands, and energy drinks to name a few.

Yuno – Blockelite Host: $RFOX runs on BSC, right ?

Ben Fairbank – Co-Founder & CEO of RedFox Labs: Yes

Yuno – Blockelite Host: great 🙂 i love BSC
Okay, last question in segment
Q5: What milestones have RedFox Labs achieved and what is the next roadmap for 2021?

Ben Fairbank – Co-Founder & CEO of RedFox Labs: We have successfully launched two MVPs currently available in market, namely KOGs www.kogs.gg which is our very own NFT (non-fungible token) project that is currently available on Atomichub. We will be launching a pretty cool game entirely built on the blockchain, called SLAM! The game will be released in a few weeks’ time.
Secondly, as mentioned above, most recently we have successfully launched our very own participate￾to-earn DEFI platform rfox.finance. This platform is where user can earn rewards, stake, and participate in liquidity pools. This platform is key not only as it will act as the economic backbone to our ecosystem but it will also provide users a real means to earn income…something we at RedFOX Labs is very proud of being able to offer.
Next up will be the metaverse land sale, which is planned for a few weeks’ time. Land/shops will be auctioned off and bought with $RFOX.

Yuno – Blockelite Host: Oh, everyone can buy land by $RFOX

Ben Fairbank – Co-Founder & CEO of RedFox Labs: Yes

Yuno – Blockelite Host: We wrapped up nicely the first part.
Are you ready for Segment 2 (5 best questions from twitter)?

Ben Fairbank – Co-Founder & CEO of RedFox Labs: Yes

Yuno – Blockelite Host: Our guest is ready, we will start Segment 2 right now !!!
Q1: Could you please tell us, currently, how many companies are part of RedFOXLabs and what solutions each of them provide? Also tell us a little bit about the identification and replication process that must be carried out to achieve each business model.

Ben Fairbank – Co-Founder & CEO of RedFox Labs: We currently have 2 live MVPs as stated above. We follow a strict DBOT model, which is Design, Build, Operate and Transfer. All business currently in the deisgn phases will plug into the metaverse.

Yuno – Blockelite Host: Next question
Q2: Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?

Ben Fairbank – Co-Founder & CEO of RedFox Labs: All the flash loan attacks has been on tokens that have a mint on demand mechanism with no limit to the supply. What this means is that if there are lot of transactions, more of the tokens will be minted.
In the case of bunny, the exploiter did a flash loan for a lot of BNB and started to manipulate the BNB/BUNNY price and did a lot of transactions that caused a lot of BUNNY tokens to be created (from 600k total supply to 9 mil total supply during that duration) which was then all sold to the pool crashing the price of the token.
RFOX and VFOX have fixed supply (preminted). VFOX are locked in contracts which have a fixed emmision rate per block so there is no one that can “steal” those tokens. they will all be given out in the 20 week period.
The BUNNY token doesn’t have a max supply. For every 1 BNB earned in the performance fees, 15 BUNNY is minted, so supply is not capped at the moment.
This hack, in a way proves that our strategy is absolutely the right way to go.

Yuno – Blockelite Host: Next question
Q3: Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and Investor to Your platform and keep them long term?

Ben Fairbank – Co-Founder & CEO of RedFox Labs: We have both. Global media and PR strategy and then in-market activation plans, much like how this AMA has been set up. We want to establish local communities across the world in their preferred language.

Yuno – Blockelite Host: Continue with Q4
Q4: Rising price causes community grow and falling causes throwing NEGATIVITY. How does REDFOX LABS handle the issue of negativity when the price falls? What are your plans to grow and strengthen a product-oriented, not price-oriented community?

Ben Fairbank – Co-Founder & CEO of RedFox Labs: We believe in transparency, and we try to keep our communities as close to developments as possible but sometimes certain things need to be kept close to our chest. Prices go up, prices go down. We do not make comment to this as we are building a long term, sustainable business.

Yuno – Blockelite Host: Ok, last question of this segment, everyone please prepare good questions for segment 3.
Q5: There are a lot of crypto enthusiasts who don’t understand the English language well enough and don’t speak well. So, are you aiming to use local communities to raise more awareness of your project among these people in different countries?

Ben Fairbank – Co-Founder & CEO of RedFox Labs: Yes absolutely, much like what we are doing in VN, we are setting up local CM teams to build and engage local communities.

Yuno – Blockelite Host: VietNam is great 🙂

Ben Fairbank – Co-Founder & CEO of RedFox Labs: Best country

Yuno – Blockelite Host: You are awesome, thanks for answer all 5 best questions from twitter of my community.
Last Segment for AMA today, The guests will select 5 best questions from the community.

Blockelite Community:
Do you have any Coin Burn / BuyBack systems or any $Token Burn plans to increase the value of Token & attract Investors to invest?

Ben Fairbank – Co-Founder & CEO of RedFox Labs: Yes. We just burned about $130K USD of RFOX today. We will be doing a burn every week for 5 months. We do a Discord call while we are burning

Blockelite Community:
What are the ways for your project to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?

Ben Fairbank – Co-Founder & CEO of RedFox Labs: We have revenue generation for each of our ventures. Gaming, Media, Finance and the metaverse will all have seperate funding and revenue models. We make money by sale of goods and also services

Blockelite Community:
Wherecan👉👉 I buy your tokens right now what is your current contract and how can I buy them?Will you have any other DeFI feature like staking, yiekd farm or NFT in the future? Can share a little about your roadmap?????

Ben Fairbank – Co-Founder & CEO of RedFox Labs: You can go to rfox.finance and stake farm and buy our tokens. This is our own defi site

Blockelite Community:
What is your plan for global expansion? At present, which market does focus on, or is it focused on building and growing to gain customers, users and partners

Ben Fairbank – Co-Founder & CEO of RedFox Labs: We focus mainly on the developing markets of Southeast Asia but as ours is an interoperable business model based on digital products we are very much capable of expanding beyond this region.

Blockelite Community:
Can you list 1-2 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?

Ben Fairbank – Co-Founder & CEO of RedFox Labs: We have the interoperable gaming platform but most importantly we have a metaverse in development that will allow all of our ventures and other companies ventures to also plug straight into ours

Yuno – Blockelite Host: Thank you for joining today AMA! It was awesome!
Our AMA session is now over !!!