we hosted an amazing AMA with ApeFarmer on the 20th of October
And here we will put some of the best questions:
Q1. Can you introduce yourself to our community ?
I am the Project Lead for Apefarmer. My main responsible for our project is to help it grow, make connections, and educate the community, with some minor development work. I personally have been in crypto since the BTC whitepaper, so I am a old Ape!
Q2. Can you briefly tell us what is ApeFarmer ?
Apefarmer is a multi-chain yield aggregator, currently built on Binance Smart Chain. To break this down, Apefarmer takes already owned tokens and liquidity provider tokens from popular decentralized exchanges (dex) and allows you to put them in our smart contracts to be auto-compounded. For using our platform, not only are you rewarded in what ever that particular dex rewards you, but you are also rewarded in Apefarmers native token $APEF, our governance token.
Q3. Let’s now talk about the milestones you have achieved so far and about your upcoming plans ?
We have worked diligently to create our own ecoystem within the Apefarmer project. We have key utilities for $APEF, but what we have finished, is our vaults (farming), our NFT auction house for our Apefarmer Genesis NFTS (with utility), and our Apefarmer “Lucky Apes” (use apef weekly to win in lotto). Besides development, we have secured an amazing launchpad with Starter.xyz and have been fully audited, with a second audit on the way!
Its safe to say, we are going to produce a product vs many projects that produce a dream.
Q4. Every project has a story behind their name, Can you tell us more about the story behind this? Who are the team behind this project? can tell us their background?
Well, as you know a common vocabulary amongst the broad crypto community, is “Aping” into projects or into really anything crypto related. We wanted to create a project where these type of crypto holders want to “Ape” in. DeFi is also huge in crypto and at the forefront of innovation in this space, so it just made sense to have a project named Apefarmer.
The ApeFarmer team consists of 4 highly trained developers (web/solidity/frontend/etc) and myself. Combined, we have over 40 years experience in the crypto space. Everyone on the team is 100% for crypto and highly trained with a very serious interest on “Getting things done” and producing a working/safe project.
Q5. NFT is one of the hottest and most sought-after topics in the blockchain space right now. Can you share your opinion on NFT with us? Do you think NFT will disrupt the current financial system? What is ApeFarmer’s approach to the NFT sector?
Myself and my fantastic team believe NFTS are going to be the DIRECT onramp of new people into the crypto metaverse. From gaming to DeFi projects they will be at the forefront of innovating this space. NFTS won’t directly disrupt the financial system, but they will be apart of the change. AND its MUST needed right? Centralized finance is stoneage technology at this point and ONLY rewards the rich, NFTS/DEFI/& crypto in general is changing that.
ApeFarmer is approaching the NFT space with utility in mind. Within our protocol , holders of $APEF will be able to bid on Genesis ApeFarmer NFTS. They won’t just be a pretty picture, they will allow passive income in the form of fees generated. After someone wins a NFT, by simply holding it, they own a piece of ApeFarmer directly.
And here we will put best questions from our members and ApeFarmer fans:
Q1) ApeFarmer will launch an IDO by the end of October with #Starter. How, through this IDO, will you help build a community that will benefit EVERYONE in the long run? I read about your delay regarding this IDO, what have been the reasons for this delay? What can we expect?
I will start with the Delay. The Delay was for two reasons, firstly, we had not built up our community well enough at that point to have a amazing launch. Secondly, we were slightly behind in development due to our auditing firm delaying our audit. Both measures have been taken care of. We have hired on a marketing team to help grow the community and we have contracted a second Audit from Watchpug (that works very fast).
The IDO in general gives us credibility, because we get the “Certified Starter” Tag, meaning Starter.xyz is standing behind our project and is vetting for us. It also exposes us to their community and their large social influence in this space. Its a win-win working with Starter.xyz and they also have an amazing team and community
Q2) I read in an article in your medium that your project will implement deflationary measures to maintain a steadily increasing market capitalization, what exactly are those measures?
One thing to note, is that the $APEF native token is inflationary, because the smart contracts associated with the Farms, mint $APEF to reward farmers. With that said, we have made a entire ecosystem within $APEF that require the use of $APEF to interact with. Basically all of the categories of our project auto burn $APEF to use it. The Apefarmer Lottery, NFT auctions, & DAO (governance) all require the use of $APEF to interact with. Those tokens are burned when used! We also do weekly burns from the Fees Generated. The utility of the token helps outweigh the inflation. Pancakeswap has a similar model, but we offer more utility for increased burns.
Q3) To be a great platform for both Investors and for it’s users Transparency and security is important. Can you tell us some details about your transparency (likes team members) and your security mechanism. Have you already completed the audit of your platform?
Needless to say, we are making our platform as secure as possible. Our team is not 100% public, but we have been Doxxed by Assure.defi. They are a KYC partner that helps give us credibility. Security is extremely important to protect investors funds and although we have professional developers, we have completed an audit with TechRate. We are also finishing an audit with WatchPug. But, we will not stop there. We will be having a 3rd audit from Certik after launch and a bug bounty with Immunedefi. We are taking all necessary precautions to secure our platform.
Q4) Apefarmer will offer “Safe Ape” and “Degen Ape”. How do these options work and how do they differ between the two and how do they optimize performance within the platform?
We set up these two sections to create a barrier between Projects we have partnered with or directly spoken to. Safeape vaults are projects we personally vet while the Degen Ape section was selected for projects that we are not partnered with or have not spoken to directly. Performance will be the same in both sections, similar apr/apy, so both sections will autocompound your yields with gas efficient transactions.
Q5) as usual there will be a transacation fee in every yield farm, can U list the fees in ApeFarmer? where the fees goes? are there a deposit fees to enter the vaults?
Yes, we do have fees for utilizing the platform, obviously this is to support the ongoing efforts of our project, development, with a small% being burned. We have 0 deposit fees, so you are not paying to enter our farm and we have 0 withdraw fees, so you are not paying to leave. All FEES generated are from the rewards your farm generates. All fees can be viewed in our whitepaper: https://apefarmer.gitbook.io/apefarmer/
Basically, all fees are not from your initial investment. So if you ENTER with 1000 $APEF, you leave with 1000 $APEF + your rewards. This is the same among all vaults
Q6) Apefarmer is built in BSC, and I could see that through the exchanges it is possible to make bridges with other chains, will you offer in a future support included for other chains directly within the platform such as SOL, POLYGON and others?
Great question! So, yes we are being built on Binance Smart Chain, BUT we will be multichain. We will be supporting Matic and ADA in the shorterm, and SOL & AVA in the long term. Plus much more. On our roadmap for next year we will be launching Apefarmer V2 that will cover as many chains as we can.
Q7) Can you briefly introduce your tokennomics? And tell us more about the Total Supply and Starting Price of the token? How many tokens will be minted in the future and how many tokens will be locked by the team/Investors?
We have a small starting supply of 800,000 $APEF. The starting price of $APEF in IDO will be 0.0015 BNB and at launch on pancakeswap 0.0019 BNB. The project is inflationary as discussed early in AMA, but have included deflationary measures.
Q8) Is your platform suitable for crypto beginners? Or does it only limited for professional users ?
Our platform is extremely easy for crypto beginners as long as you know how to use a crypto wallet (ie. Metamask, trust wallet, coinbase wallet). We will have a special “Ape Zap” that will automatically make your LP tokens or swap from BNB to token of choice to use our farms.
Q9) Regulation is very Apefarmer important. Many projects were closed in many countries due to failure to use the correct regulations and permits. In order to go global how does your team deal with these issues?
Good question. As regulation is different in all countries, we cannot comment on whether or not you should use the platform. $APEF is a governance token, so in most countries its not classified as a security. I would consult with a CPA or legal official to know if you can use our platform. It is decentralized so anyone can use it, if they choose.
Q10) In IDO Must stak 50 $START token to participatels. It mandatory to activate kyc, when participating in ApeFarmer Project ?
With the Starter.xyz IDO platform, you must stake 50 $START tokens to participate. You can buy and stake at anytime with no timelimit to participate, just as long as its on the day of IDO. There will be NO KYC requirements to participate in the IDO.
And this was the end of our AMA with ApeFarmer.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- https://apefarmer.com/
Medium :- https://medium.com/@ApeFarmer
Twitter :- https://twitter.com/ApeFarmer
gitbook :- https://apefarmer.gitbook.io/apefarmer/
audit :- https://apefarmer.com/audit