AMA Recap of Crypto Legacy x EarnADA by Rainhard.
Hold EarnADA in your wallet to earn ADA. Claim your ADA at any time.
Alfred, [05.08.21 11:00]
@Rainhard1 are you there?
We welcome everyone to join us at this prestigious AMA event with EarnADA
How are you?
Hello, fine thanks
Well, what do you think if we start with the AMA
Q1) Please tell us about Earn ADA in detail?
It’s a passive yield generating protocol similar to token like Safemoon,
just that the rewards are paid out in ADA, you can claim at any time.
This has the advantage that you don’t have to sell your eAda to make profits, so it strongly incentives holding.
The Idea was created thinking about my idea of the perfect token.
I worked 1 month on it and added features over a lot of iterations.
It was originally planned as a test for the final Token, but got such a massive success that I decided to put in real effort, to make this a real project.
ADA has a large fan base including myself, that’s why I thought rewarding ADA instead of BNB would give it a nice touch.
Excellent, next question
Q2) Can you share with us the Tokenomics of EADA…?
The tokenomics are made to strongly reward holders and avoid dumps, it launched on June 9th.
Initially the supply was 100 mill tokens, but currently, after burn, just below 84 million tokens remain.
ABuys are only allowed if the wallet size doesn’t exceed 2.5% of the supply.ie 2.5 mill tokens
Each buy has a 10% tax and each sell has a 20% tax to really reward holding.
The tax is used to buy ADA (70%) reflection, generate LP (20%) and burn token (10%).
So instead of selling, you can just profit by claiming ADA
Interesting! Thanks for that answer
Q3) Could you give us an indication on how much ADA someone can be rewarded in relation to transaction volume?
To give you an idea of its potential for rewards, holding 1 million EADA token with a $1 million in transaction volume, would result in about $2300 in a day…meaning around 2000 ADA when at $1.30 each, if the transaction volume was let’s say around $30mill in a day that would translate to around 60000 ADA!.
Ok, next question
Q4) How was this Unique Idea created and why did you choose ADA as Rewards…?
The idea was based on combining ideas from other sucessful token into 1 perfect token.
I perfected this token over a lot iteration over 1 month and got an almost perfect token out of it.
I chose ADA as i personally like ADA and ADA has a large fanbase behind it.
now that fan base will grow more thanks to you
Q5) Could you please provide us the Roadmap and also about some future Updates…?
The final Roadmap is still being worked on;
The website and Dapp have been integrated and work really well, with possible additions to the interface
We are establishing a growing social media presence through the main channels.
We have been successfully audited by the solid group company
The whitepaper has been published recently.
We are also currently trying to build up a marketing campaign to take us further, with listings on DEX, CMC and CG.
And finally, we are exploring the possibility of being included in central exchange listings and building bridges to other blockchains, especially Cardano.
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Something that caught my attention is that the tax as the distribution is variable so, could you tell me what are the reasons why I could change the percentage in the distribution or the tax? Can the community vote to modify it or only the project team can?
The tax is variable, but capped at 20%.
This ensures we can react to certain market conditions.
In the past we already changed the tax rate to increase our liquidity and we turned off the rewards so we can sustain the bear market better.
This tax changes will be based on community vote.
If the community votes for a tax change in the future, we will change the taxes again to fit the current market situation.
EarnADA tokenomics are designed to encourage tenure. Could you tell us a bit about the passive income benefits that we can get with $ ADA and what other mining and staking services are developing in the future? Do you have plans to add any other higher risk utility to your token?
The tokenomics are made to encourage holding.
You should be able to hold and forget about it, not caring about the current value. You do not need to stake your token.
Right now we do not plan to add any high risk mechanics.
In your telegram you notified that eADA token holders could claim some babyDOT tokens but could you explain me if the main function of your native token is to receive other tokens? The community can decide what other tokens they want to receive?
The babyDot claim was a one time promotion.
Currently there is nothing planned, but its possible that such promotions will happen again in the future.
They mention the integration of a dApp, but, there is not much information on the subject on their website. So, do you have any dApp developed for staking? And if not, do you have plans to develop it in the future? it is difficult to know since they do not have an updated roadmap
The dApp is fully functional.
The staking is automatic, you just need to hold eAda in your wallet to accumulate your rewards and can claim at any time.
Despite the multiple test rounds and code reviews that have been carried out, it is possible that errors or vulnerabilities remain, risks can be taken, what do you recommend to investors in this regard? And how do you attract new investors being this an experimental token?
Some risk always remains in DeFi.
We are audited and until now havn’t had any exploit or vulnerability.
I can only suggest anyone to only invest what you can really afford to lose.
We aren’t really experimental anymore, as our system works, and we are fully audited.
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Nearly 80% of investors only focus on short-term token price instead of understanding the real value of the project. Can you tell us the motivations and benefits for investors to hold your tokens in the long term?
We are strongly encouraging long term holding, by passively rewarding holders with ADA rewards.
We try to build a strong communitu behind this token who is ready to hold for the long term
While you build your project, do you take into account community feedbacks and demands?While you build your project, do you take into account community feedbacks and demands?
The community is the most important part of any token.
We base our decissions on community.
Things like tax changed etc will all be based on community vote.
What is the difference between your projects and projects that are on the market? the potential of the your project that the client will receive using your software that other projects do not have !?
We are the original project that passively stakes your token to rewaef you in a different currency.
Sure, there are copies of us, but nothing is quite as good as the original.
@Rainhard1 For the future, they are analyzing certain cards on the table to expand the interoprability of the ADA ecosystem by building bridges to different blockchains. So if Ada works by recording each transaction with a fee and using it to buy ADA. How would it be done with multiple chains?
Different chains would all track the rewards on their chain.
So if some chain has more volume, it would incentivice holders to migrate to that chain, so the rewards on that chain would distribute across more holders.
That would even out the rewards on all chains.
Many developers are running away from Binance Smart Chain because it is being used to create many SCAM projects with no real value contribution to the Blockchain ecosystem Do you run away from this? Do you have a serious long term vision?
Scams sadly happen on all blockchains.
BSC is just notorious for the scams because most projects were launched on BSC due to the cheap fees.
We have a long term vision for this project, and over time people will realize the potential of this token.
Thank you very much for sharing your successful project with our community, we will be waiting for the news and milestones of your project!