AMA Recap of Crypto Legacy x Amara by Neal
Amara: Polkadot-based multi-chain asset lending platform.
Alfred, [14.06.21 10:04]
We welcome all those who join us in this prestigious AMA event with AMARA
Thank you @RosemaryBianco
Really excited to be here!
Well, what do you think if we start with the AMA
Haha. You let me know. I am not sure about how you are conducting AMAs. But go as you like. I will pop in.
I will give a quick introduction first.
Hello everyone! Like I said, I am really excited to here to share more details about our project Amara. I have been into crypto since 2017. I have background in data science with experience in building machine learning applications in different fields. Now I am the Head of Business Development of North America where I am taking Amara into a global perspective.
P1. Can you provide a brief introduction about the AMARA team?
So Amara is a multi-chain assets lending platform based on Polkadot. We are building our protocol on top of the Acala Network, and we are very likely to be in the first few projects to be deployed on Acala. Our goal is to become the liquidity hub in the crypto world that connects crypto assets with frictionless transfer experiences. The creation of Amara will bring more opportunities and possibilities to the worl of DeFi.
But why us?
because Amara has an experienced and dynamic team. Our core developers are early code contributors to Polkadot. CTO has many years of experience in leading technology copanies and blockchain projects. Our operation and marketing team has many years of experience and connections in finance, media, and community building!
As the polkadot ecosystem continues to grow and the upcoming completion of the Parachain slot auction, Amara has the first-mover advantage in the space and is ready to take off.
Our platform and products are currently in Beta. Once testing is done after Acala mainnet being launched, we will deploy our contracts and offically launch out platform!
Are you getting excited??
thanks for that answer
P2. Where does the name AMARA come from and what services does this platform offer?
Glad that you asked this question. Naming a project is a very intersting process. It’s like naming your own baby. We thought of many names, such as Fides, which has the meaing of trust and good faith. Eventually, we chose Amara for its simple structure with “A” at the beginning and end of the word, which also implies the meaning of a top graded project. And more importantly, we want to continue growing the Amara ecosystem with the blessing of “everlasting” the name brings to us!
P3. What is that milestone at AMARA that you are most proud to achieve?
While Amara is still in a very early stage, our project has been growing tremendously. The most proud milestone to achieve in the near future would be completing the bridge between Amara and other blockchains. At that time, we will be the liquidity hub in the crypto world. Users will be able to jump from this chain to other chian smoothly and efficiently. Regarding community, I think we are currently experience the most important moment for Amara. We are reaching out to the broader audience and users in the crypto space to engage with all of you, listen to your questions, comments and feedback. I encourage you to join our community to interact within the community, keep eyes on our news and events, and of course get rewards!!!
P4. What plans does AMARA have for this 2021?
We have quite a full plan ahead of us!
Soon after this round of campain, we will start to prepare for our first IDO, and more details should be release at the end of July.
In August, we are expected to officially launch our platform. The next 3 months after launching our platform, we will be moving full speed to develop our governance incentive protocol, long tail assets lending protocl, liquidity pool incentive protocol, and etc.. so we can meet differnt users’ need.
Meanwhile, we will work closely with top projects like Solana and Polygon to deploy cross-chain bridges. Yes. I am talking about Maralink. We should see Maralink online in the third quarter. Maralink is going to help extend the influence of the Polkdot ecosystem to other blockchain projects and ecosystems. Users will get the first hand experience of interacting with other blockchains on Amara in a privacy preserved environment.
We will keep updating our plans and events in our channel. Stay tuned!
Thank you for your answers Neal, we just finished the segment of:
We go to the segment of:
I saw that one of the plans AMARA has for the future is to implement “Flash Loans”, can you tell us more about this loans? What are the advantages they will give to users and what will make it different from other loans on your platform? Who will be able to ask for this loans?
Interesting question! We don’t have much details about Flash loan at this moment. Flash loan is quite a wild animal. We all have seen many attacks happening on many platforms. We are very cautious about designing this product because we do not want our users and platform to experience those attacks. Safety is our priority when it comes with users assets. We will keep exploring, evaluating and developing flash loan along the way. When it is ready, we will tell the world.
The first quarter of 2022 says that AMARA will be introduce the NFT to its ecosystem, but this assets will it be just collectibles or do you have planned a real use case to them?
We all know that NFTs are highly valuable assets with low liqudity. We want to change that. We are looking to build financial products for high quality NFTs and release liquidty for them. It is an interesting topic to explore, a simple real use case would be staking your NFTs so you can earn interests or borrow other assets as you wish.
One of Amara features is acceleration pool, it says on your whitepaper that it encourages users to hold, but what’s the benefit exactly and what’s the procedure to achieve it?
yes! Acceleration pool is for MARA holders. The more you hold, the more benefits you get, for example platform profits sharing, higher mining rewards,raffles, etc...
Amara, together with Phala Network, jointly launched the asset data cross-chain scheme: MaraLink, why is cross-chain technology essential? how does MaraLink work?
because high quality assets not only exist on Polkadot, but also many other blockchains. we want to bridge the gap so assets can flow from one to the other. Maralink helps to improve the overall liqudity in the crypto world. By using Maralink, users will be able to maximize the efficiency of using their assets to generate alpha.
More connections, more opportunities!
Nowadays, Staking and farming protocal take place in most of the finanacial platforms. Will Amara Finance involve with staking in order to attract more customers, investors towards to the platform? If yes,What will be the APR or APY in your platform?
We will! However, the APR or APY really depends on market condition and users participation. What Amara can do is to build products that generate high yields while minimizing risks.
Safety is our priority! Growing your assets safely with attractive returns!
We just finished the segment of:
Now we move on to the segment of:
Neal, take the time you want to answer but please answer a minimum of 5 questions
Does Amara Finance conduct any Presale/Tokensale at this moment? If so, What are the requirements for being able to join the Amara Finance PRESALE/TOKENSALE event, does KYC is a must?
Yes, we will. Please follow our channel to get the latest news! More information will be posted.
What are the major challenges of Amara Finance and how do you intend to solve them?
One of the challenges that we have now is how we can safely and smoothly release the liquidity of long tail assets and sustainably grow. To solve this, we designed many risk management mechanisms, for example interest rate bomb, insurance poop, privacy preserved lending. They are all designed to minimize the risks for our users and platform.
Are you a global project or local project? At present, which market are you focus on, or is it focused on building and growing to gain customers, users and partners? Can anybody anywhere use this project without Any restrictions?What makes you believe that your project is worth choosing?
we are a global project. We have team members in Asia and North America. We are actively expanding our team and building communities in differnt countries. We are a toC platform, but we will continue to build strategic partnership with institutions and global communities. Anyone from anywhere can access our platform. We have many innovative products going to be built to meet users’ needs. And like I stressed, safety is our priority! We focus on designing high reward, but low risk products.
How can I know more about Your project, do you have any website or YouTube channel you can share with Me?
Yes! Please see here: https://amara.gitbook.io/amara-finance/ You can always join our channel to get the latest information.
Many new projects develop well at first, but then fail to achieve good results. How will you manage and develop your project to gain a position in the market and become a good project in the blockchain industry?
First we have a very strong development team who has years of experience in blockchain and technology fields. We have solid research and development capabilities to build innovative products. For exmaple, Maralink will make Amara the liqudity hub of the crypto world. The importance of interoperability is undoubtly the edge of Polkadot and Amara. How many lending platform have the capability of developing their own cross-chain technology? We are ahead of many projects already. And we are users-oriented, we strive to provide the best experience for uses on our platform. Our proposed Trusted Execution Enviroment (TEE) solution will build a more decentralized and trustless environment for assets transfer.
Neal, thank you very much for sharing your successful project with our community, we will be waiting for the news and milestones of your project!
My pleasure! Thank you for the opportunity.