we hosted an amazing AMA with MoneyTime on the 23rd of August
And here we will put some of the best questions:
Q1. Can you please introduce yourselves as well as MoneyTime ?
I’m one of the co-founders of MoneyTime, we’re really happy to be here, speaking of our project with your great community 😊
MoneyTime is a brand new innovative yield farming platform. Unlike usual dapps, we’re not using 1 token but 2.
The key token is the $TIME token, which is not valuable. It’s what we call a « tool token ». You can get $TIME by the pools rewards then you can use your $TIME to earn $MONEY.
As time is money we made sure that we the best way to earn $MONEY is staking or farming $TIME.
$MONEY token has $$ value.
Q2. What are the advantages of Your project ?
The advantages of using MoneyTime is our long-term vision. We brought new features for a stable price of $MONEY token and we hardly believe that this new token economic is really benefit for users as they can invest without having the fear of contestant dumps
Q3 please tell us about the goal you want to achieve in this year
For this year, we want to gain visibility and becoming nothing less but the most used dapp. We have the potential for it and we main high in our goals.
Q4. Every project has a story behind their name, Can you tell us more about the story
Time is money! In our project, the duality between the two is more accurate than ever. Stake $Time and earn $Money. With our Time Pools, the longer you lock your money in one of our pool, the more rewards you get.
And here we will put best questions from our members and MoneyTime fans:
Q1) One of the Tools that MoneyTime offers its users is the Emergency Burn Fund. Is this entirely developed by the MoneyTime team? What is this tool and what is the purpose of its creation? What other unique tools does MoneyTime offer to its community?
Yes it is entirely developed by the MONEYTIME team! The Emergency Burn Fund will be used in times where buy-side pressure is needed. An example of this would be during days where major stakes end and big rewards are expected to be minted (and perhaps sold). This fund will then be used to market buy $MONEY and immediately burning it to offset the selling pressure.
Q2) NFT is getting more popular now a days. It looks NFT has bright future. So do you guies have any plan to include NFT to your project?
We see a lot of potential in NFTs. One of our target this year is definitely to develop one of them and implement it in our project. We are collaborating with creative individuals to create the most effective NFTs possible
Q3) Currently, Binance smart Chain blockchain trending topic and It’s having high transaction speed and cheap gas fees, Are you planning to Moved other blockchain or launch your mainet in the future?
- Yes we are currently on the Binance Smart Chain, but one of our goals in the next quarters is to go Crosschain and explore other blockchains for exemple Ethereum or Polygon. We are currently working on it with our dev team!
Q4) A big problem for defi project seems to be that when farming starts,the prices goes down because people unload to put liquidity into farm.Will there be an incentive to hold and not just farm and dump…?
All the token economic is designed to prevent this issue. The harvest delay, emergency burn fund and the dual token system are 3 main features that help the stability of $MONEY token. We thought about every detail and that’s how we got to this token economic. Of course, we always invite you to DYOR first and read our documentation to learn more about our project! https://moneytime.gitbook.io/timeismoney-fi/
Q5) Moneytime has Emergency Burn Fund which will be used in times where buy-side pressure is needed, what kinds of buying activities will this emergency burn fund mechanism work with & what kind of impact do you intend that this emergency burn fund mechanism will have on your token?
Like explained earlier,the Emergency Burn Fund will be used in times where buy-side pressure is needed. An example of this would be during days where major stakes end and big rewards are expected to be minted (and perhaps sold). This fund will then be used to market buy $MONEY and immediately burning it to offset the selling pressure.
We do this by collecting 2% from the deposit fees from LPs (only for non-$MONEY TIME POOLS) and using it to market buy-and-burn $MONEY.
You can learn more about it in our gitbook
Q6) Are you working to AUDIT YOUR PROJECT to make it more secure and reliable??
Thank you for your question! We already have been audited by certik. The report has been made available this week you can lookout here:
Q7) While you build your project, do you take into account community feedbacks and demands?
Of course we do. We really take care of the community feedback and we already made choices that folllowed the will of our community. We even launched a testnet version of moneytime ( testnet.moneytime.finance ) and shared a form where users can report any suggestion or issue/bug.
Q8) I read that you are going to work using a dual token system, the $TIME & $MONEY token, i would like to know the utility of each of them, if it will be possible to staking both $MONEY & $TIME ? How are both tokens related in order to maintain the ecosystem of your project?
Yes. To make it simple: $TIME is a tool token. You can get $TIME by providing liquidity in one of our non-native pools. $MONEY for instance has a real monetary value. You can either buy it directly or you can stake your $TIME to get $MONEY as rewards.
Q9) Most investors only focus on the short-term token price instead of understanding the real value of the project. Can you tell us the motivation and benefits for investors to hold your tokens for the long term?
moneytime.finance is designed with one purpose in mind: to create positive price performance on top of great yield.
To do this, we need to counter-balance inflation by incentivizing users to stake & hold the native token instead of selling.
We solve this by rewarding LPs according to their staking lenght – they commit to stake their $TIME token for a specific length of time and cannot mint their rewards until the full time has been served.
Q10) Are you planning to promote your Project in a country/region where English is not good? Do you have a local community for them to better Understand your Project?
We already created an indonesian moneytime group and we’re planning to do the same for more communities. We don’t want to let anyone behind and that’s why we’re collaborating via AMAs with communities of all regions.
And this was the end of our AMA with MoneyTime.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- http://moneytime.finance/
Twitter :- https://twitter.com/MoneyTimeBSC