The Adamant Finance Team, dropped by to talk to kahoobb about the exciting stuff they have been working on and to take some questions from the community. To celebrate the AMA, five members from our community who took part in the questions-and-answer segment at the end were selected to win 500$ worth of $CADDY.
Adamant Finance Interview
kahoobb: Welcome everyone to our Adamant Finance AMA!
CoachCryptos: Thank you!
Pedro: Happy to be here!
Kahoobb: Can you give us a little summary of what your project is and what each one of your roles are in it?
Eep: I am the founder and main developer of Adamant Finance. Adamant is a yield optimizer platform that provides users with an easy and safe way to maximize their yield farming income.
CoachCryptos: I primarily handle the social media, articles, and do some of the BizDev work!
Pedro: And I’m herding cats in the chats 🐱
kahoobb: Great introductions! So what differentiates adamant finance from other Yield Aggregators such as the big competitors we know of?
Pedro: Thank you ser.
CoachCryptos: Yes. When it comes to compounding efficiency, all the protocols are pretty much the same there. Really the primary difference for Adamant is in its tokenomics model. These tokenomics are very lucrative as TVL grows.
You will notice a performance fee for compounds–30%. It may sound like a lot, but this fee is converted into the platform token, CADDY, based on the minting rate per CRO profit earned and distributed to you in the vaults. You will be able to claim this CADDY as it grows continuously. The value of the CADDY token should at minimum offset the performance fee–or if the platform continues doing well, will be a profitable tradeoff. In addition, after you claim the CADDY you will start earning CRO fee sharing rewards.
Those performance fees mentioned earlier? They are 100% distributed to people who have CADDY either vesting (from claiming in the vault farms), staked (purchased outright and staked), or locked (via presale, or manually locked after purchase or completed vesting).
So you will have a consistent income stream of CRO on top 💰
Pedro: It turns into a pretty awesome CRO printing machine as TVL grows, basically
Pedro: And then opens up a universe of strategy opportunities to flywheel those profits by leveraging other projects in the Cronos network.
CoachCryptos: We have seen many users simply park LPs… compound… earn caddy… caddy earns CRO and people take cro and stake on crypto.com or upgrade their crypto.com cards.
Pedro: All while compounding your base LP efficiently for you and growing that behind the scenes.
Kahoobb: Wow! That’s all pretty cool. Free CRO? Sign me up!
So you mentioned your tokenomics, What do your tokenomics look like exactly?
Pedro: Well it starts with the minting of CRO with the vault fees – 100 CADDY minted per 1 CRO in profit
This will decline over time as the platform matures on Cronos and reduce inflation
Those CADDY are then claimed by farmers, who have to start a 90-day vesting period before they are free and clear. In the meantime, they are earning the CRO fee sharing rewards, even while vesting 🙂
If they want to sell early, they can for a 50% penalty — this penalty is 100% distributed to people who lock CADDY into the locking contract. So people who jump early give to the strong holders
Locking also gives other benefits, like boosting vault APRs
That’s probably the best quick overview of the tokenomics 🙂
CoachCryptos: Being a CADDY locker can end up being pretty lucrative.
Currently the APRS for CADDY lockers are 1179.36% in CADDY + 84.36% in CRO. Goes to those in the locking contracts.
Kahoobb: Wow, that’s a great way to reward your holders! Really cool concept.
You mentioned that locking gives other benefits, this brings me to my next question
What current utility does $CADDY provide and do you have any future utility planned ahead?
CoachCryptos: $CADDY main utility at the moment is Locking. We mentioned above some of the good benefits users gain from Locking CADDY, but for the platform purposes this reduces sell pressure and takes CADDY out of circulation.
The CADDY locked also provides users with something called boost points.
Pedro: There is also governance power with locked tokens.
CoachCryptos: Boost points are weighted by the amount of CADDY you have locked in the locking contracts. Depending on the amount of boost points you have you can significantly increase your APY in the LP Vaults.
kahoobb: The locking and rewards sound amazing, and those boost points sound interesting, what are they exactly and how are they used?
CoachCryptos: I’ll copy the beginning of that answer under this question so it doesn’t get lost and go into a little more detail 🙂
Boost points are weighted by the amount of CADDY you have locked in the locking contracts. Depending on the amount of boost points you have you can significantly increase your APY in the LP Vaults.
CoachCryptos: The lock contracts allow users to lock anywhere 91 days to 1460 days. Obviously the more you lock and also the longer duration that you lock equates to more boost points.
So simply staking LPs in vaults can grow exponentially by how much CADDY you have locked and for how long.
CoachCryptos: In the image above you can see a user can increase an APR by more than 100%… or APY by more than 1000% based on locked CADDY.
And the great thing is. Your CADDY is always earning more CADDY + CRO.
Pedro: We may also have some governance action in the future that allows a vote to point the boost points at one specific vault at a time—really boosting rewards for a popular pool
Lock more, lock longer, earn more boost points, earn more rewards, have more voting power
kahoobb: That’s awesome! Really great rewards! I’ll have to look into locking some $CADDY myself 🤔 Sounds like there is a lot planned for the future, that’s great.
Pedro: We welcome you to The Locker Room!
kahoobb: Lastly I would like to ask if adamant finance is audited? Or if you have any form of an audit currently.
CoachCryptos: Yes this answer is pretty short and sweet. We are audited by one of the industry standard auditing firms CERTIK.
Here is a link detailing the audit and to the audit itself.
kahoobb: Wow certik! That definitely puts my mind at ease, the best auditing firm in crypto!
Thank you for all the answers!
Before we go to the community’s questions, would you like to share with us your social media links, website, etc.?
kahoobb: Great! I will now unmute the chat so the community can ask questions. @CoachCryptos @voteforpedr0 @eepdefi please go ahead and choose a total of 5 questions you’d like to answer, and those will be the winners of the giveaway today! Adamant Finance is sponsoring the giveaway and our winners will receive from the prize pool of 50k $CADDY!
I’ll then mute the chat back up for you to answer their questions!
Once the 5 questions have been answered, feel free to stick around and chat with the community if you’d like, we’d love to have you here
When asking your questions, please put this emoji 🔐 in your question so we know you aren’t a bot. Thanks!
Chat is opening up now!
Community Question #1
Aling bin maling: Many projects have problems with UI / UX and this one turns off new users. How do you plan to improve the interaction with new users and with users outside the crypto space? 🔐
CoachCryptos: This question is important although not specific to Adamant.
We initially began adamant.finance with a very simplistic UI/UX with majority of the focus being on the functionality and tokenomics. Over time, users have given feedback that a new UI/UX would significantly help us attract and retain users.
Hearing that feedback we hired a group to survey some users to see what they wanted. Since that survey we have hired a team to give us a completely NEW UI/UX that we are hoping to roll out Dec/Jan.
Pedro: The new UI will be gorgeous. We’re all waiting with bated breath.
Community Question #2
Andy: Your Vaults are protected against the Merlin exploit. Can you explain to us what this protection consists of?🔐
Pedro: Good eye! 👀
Our vaults have a 100% clean safety record. We have not had an exploit or hack to date. All vaults have a Merlin check, as well as a minting limit. We have learned from the mistakes of others and tightened security proactively.
Other common exploits, such as flashloan attacks, are simply not possible here. The minter uses a Chainlink oracle, and the vaults do not allow smart contracts to deposit—therefore, flash loans cannot be used.
Eep: To elaborate on what the “Merlin” check does – it makes sure that the vault strategy contract records the correct amount of profit. This prevents the “Merlin” reward manipulation exploit that was used against several BSC platforms this summer.
Community Question #3
Nuno: Hi guys I’m relatively new to vaults, when staking non-native lp do the caddy rewards automatically go to the caddy pool or do you manually withdraw them? Thanks! 🔐
CoachCryptos: Users stake LP.
LP is autocompounded multiple times a day.
After each compound CADDY is minted and is claimable.
Users claim the CADDY and it goes into a VESTING contract. The claimed CADDY is earning CRO during the VESTING period.
After the vesting period ends the CADDY goes into your wallet.
You can always early withdraw from the vesting contract for a 50% penalty fee. That 50% caddy is redistributed to $CADDY lockers.
In some instances it is more lucrative to early withdraw from vesting and lock the CADDY. So it becomes gamified to a certain extent.
Community Question #4
Den empik: What problems is your project trying to solve to make it easier for Crypto users?
Please let us know how evolving the roadmap is right now. What will happen this year and in the future?🔐
Pedro: The process of compounding is a very tedious process, especially when you are staking on multiple platforms, and it is often hard to know the optimal frequency and timing of when to compound and reinvest your yields.
Compounding may also be quite expensive. With the CRO token mooning, someone compounding once a day may spend thousands of dollars on gas fees over the course of a year.
Adamant’s vaults automate this process, allowing farmers to drastically reduce gas costs, avoid the tedium of manually compounding, and maximize their yield.
— In the future, we will continue to expand onto more networks and create a bigger footprint. This will increase the power of the protocol owned liquidity that is being constructed, allowing for governance to control a significant treasury and revenue system.
Community Question #5
scTru: Was there any reserved allocation of Caddy to Dev team, or other group?
CoachCryptos: There was a presale one week ago.
Users were able to purchase 200 CADDY for 1 CRO (the current minting rate is 100 CADDY / 1 CRO).
This was open to any users that wanted to participate until 1,000,000 CRO was earned to seed initial liquidity. This took about 12 hours.
None was allocated to the dev team. Although i did buy some with my own funds in the presale 🙂
Pedro: I bought some with my own personal funds as well
There is a small extra mint to the Dev fund in order to fund operations and ensure rapid innovation, but that’s it. Nothing reserved from previously
Kahoobb: Great that is 5 questions! Thank you all so much for taking time out of your days to tell us about adamant finance!
Pedro: Thank you to The Great Kahoobb!
Kahoobb: Chat will be opening back up and as a reminder winners will be dm’d!
Pedro: Appreciate all of your time!
Come join us on tg or discord 🙂