Platinum Finance AMA

we hosted an amazing AMA with Platinum Finance on the 18th of July

And here we will put some of the best questions:

Q1. Can you introduce yourselves to our community?

Edward : Welcome everyone! So we’re part of the team from Platinum Finance, which is a yield farm based on the Polygon network that strives to achieve sustained returns for our investors
I’m Edward, the main dev of our team, and Random is our tokenomist/strategist/investment planner
Our team consists of some more people as well, including social media managers and 2 designers
Our story of why we decided to create a farm starts with us as a team just going into different yield farms together. We experienced the same things as everyone else- the sometimes insane returns, and the unfortunate rugpulls
So then we decided to come together to create our own vision of what a yield farm should be: a safe platform for farmers with sustainability in mind.

Q2. Can you briefly tell us what is Platinum Finance?

Edward : Ok, so Platinum Finance is a yield farm with concepts that we had planned and worked on for a long time, constantly deciding what would be best for our investors
It is the start of a broader ecosystem, as we plan to introduce a second layer farm as well as LP vaults in the future, and using a portion of the dep fees to reward our investors

Q3. Let’s now talk about the milestones you have achieved so far and about your upcoming plans?

Edward : So far, we’ve been able to demonstrate and achieve a few key points: our farm hasn’t died at all yet after our launch, which was roughly 4 days ago (typical Polygon farms die out within 2-3 days). We’ve added a community pool to rewards our PLATIN holders with DAI, providing more utility to holding our token. Our tokenomics are working very well, with decreasing inflation each day and limiting sell pressure from harvesting
Our future roadmap includes a layer 2 solution to work in tandem with our main farm – Platinum. Also, we are planning to add an auto-compounding pool for holders to stake PLATIN, and next month we will be looking to implement LP vaults that automatically compound for you.
Throughout this roadmap we plan to reward our community along the way, with community pools opening to distribute the community-voted token they’d like. At the moment the DAI community pool is more of a gesture of thanks to our community with the distribution coming straight from the fees, we are working on an investment strategy to reward our holders well into the future even more

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?

Edward : Well, we all were into this space for a long time. We are a team of 7 people, from different part of the world.
We have all been through the highs and lows of yield farming. We all know the risks on polygon network.
Thats why we decided to create a safe farm, with all the things we believe in.

Q5. DeFi is one of the hottest and most sought-after topics in the blockchain space right now. Can you share your opinion on DeFi with us? Do you think DeFi will disrupt the current financial system? What is Platinum Finance’s approach to the DeFi sector?

Edward : I absolutely love DeFi. I love the idea that I don’t need to have some bank review my documents and application form, just to get denied the ability to invest or loan
This especially can help people in under-developed countries, as we can see many examples of now: Cardano in Ethiopia, BTC in El Salvador, and I believe this is just the beginning
Our approach to DeFi is to be an absolutely safe place for people to make insane returns, especially compared to the traditional banking system. To further this vision in security and safety, I have also KYC’d myself to the RugDoc, who is an appreciated and well-known reviewer of DeFi safety and security

And here we will put best questions from our members and Lepricon fans:

Q1) As I know, yield farming can make you rich or make you suffer huge losses, Platinum aims to ocused on achieving sustainability and adapting to investors’ needs, can you explain how exactly? Will Platinum make investor interests sustainable but profits still increase?

Random : Well, good question,
currently we released our first Community Pool, we dont believe in burns and buybacks, since our max supply is low compared to other yield farms. Instead we will use the deposit fees for investements in other Cryptocurrencys, the returns of this Investement Strategy will be shared to our community in form of „Community Pools“ where you will be able to stake platin to earn dividends in a community Choosen Asset like Dai/BTC/Eth.
We think that this strategy will get more powerfull over time and will help to get rewards for our user over a long time

Q2) 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?

Edward : Of course! The typical yield farm strategy is “make your buck quickly and get out”, but the ideology with this is flawed- any type of get rich scheme quickly fails. All successful projects focus on the innovation and utility they can provide to the investor, and that’s our main goal. A sort of phrase that I have is this- “They key to a successful yield farm is utility”
The benefits to holding our token are based exactly in it’s planned utility- this includes a layer 2 providing extremely high incentive to holding the token, and our aggressive investment strategy of fees will only strengthen and provide higher returns the longer it goes on.
As Random said, we don’t believe in typical buybacks + burns, instead we focus on the utility and rewarding our investors long-term.

Q3) One of the key feature of the project is the “Community Pool“ where we can stake PLATIN & get rewards in the form of a Community Chosen Asset. Could u brief us on the types of rewards that can be gained from this pool? What is the minimum amount to stake,to recieve the rewards?

Random : Well the Rewards of the Community Pools can will be chosen through Polls by our Community.
We wont be using deposit fees on our Community Pools.
For now we have a Pool that rewards platin Stakes for Dai.
For the future we also think about rewards in form of Bitcoin, Ethereum etc..
Also there is no minimum stake ammount to get rewards.
The more Platin you stake, the more Shares of the Pool you get

Q4) Most solid projects with token utility and good infrastructure but perform poorly because investors dumped after listing on the first exchange. How do you prevent early investors from dumping your tokens?

Edward : So this is a good question, since I’ve been a part of many farms that seemed solid but unfortunately fail. Ultimately, investor psychology is what plays a large role in this. You need them to trust and believe in your vision of what you have, and be able to confirm your vision with actual updates and developments. I believe that our team has been able to demonstrate this so far, and we plan to keep on keeping our investors trust as high as possible.
Another aspect to this is tokenomics: if your initial token amount is 100 and then you emit 1 token/block, inflation will do a 180 and roundhouse kick the token to the ground. This is why a lot of thought went into our tokenomics, trying to achieve a great balance of inflation. This specifically helps limit the sell pressure possible, and greatly helps stability

Q5) Revenue is an important aspect for all projects to survive and maintain the project / company. What are your plans and ways to generate profit / revenue of token? In regard to this please explain your income model????

Edward : So our deposit fees are will what be used to generate revenue for the project, through an aggressive investment strategy that includes different parts, such as typical AAVE/CRV
Staking/lending, some amount to swing trading, and being on the lookout for token launch gems, but this whole time we keep in mind our investors deposit fee safety. With this combination we have in mind (and the above is just a part of this, we will soon release our full strategy), we believe we can generate returns higher than any typical yield farm that provides dividends
well like i already said above, our main focus will be our Investement Strategy.
Some of our team are experienced traders.
We are currently planning the best Strategy, we fill focus on using airbitrage trades on big Cryptocurrencys like Bitcoin and Ethereum.
Also we will use like 10% of the Investemement Pools for a more agressive strategy, more will follow soon.

Q6) Adoption of tokens in the ecosystem is one of the good things to increase usability and spend so what is the role of the ecosystem token $PLATIN? How are PLATIN$ tokens distributed? And how does PLATINUM control its emissions?

Random : Well platin will be the first token in our ecosystem, it will be more like an Investment Token once we are finished with farming. You will always be able to interact with Platin in upcoming Layer2/(Layer3?)
Since we have such a low Supply of 7800 Platin, we dont see any sense in burning tokens.
With Community Pools, we dont just burn the money, it will still be availabe in the polygon ecosystem, shared to our platin holders

Q7) With all the noise of crop farming writing a lot of characteristic writing APY ridiculously high on liquidity. How does platinum financing compare, and why would an investor choose it over other farming opportunities?

Random : So there has been insane hype with the yield farming space. We believe our investors will prefer a stable farm that they feel safe to leave their funds in, meanwhile generating a very generous ROI. To ensure the project’s safety, the contract is a fork of goose that has been audited MANY times, and we have received the lowest risk rating from RugDoc, including that I have provided my personal identification information to them, to prove that we have no interest in cheating our investors. We’re passionate about this project, and we believe that we can provide an amazing new service

Q8) One of the biggest problems with a lot of DeFi & Farming projects seems to be that when farming starts, the price drops because people are offloading to put cash on the farm. Will there be an incentive to hold PLATIN dollars and not just farm and dump?

Good Question, thats why we think its important to have a higher farming multiplier for staking Platin.
Also we choose an inital supply of 10% to reduce the token inflation to a minimum after some time.
Also you will be able to stake platin earning other Cryptocurrency, this should make it more attractive for people to hold it over a long time.
Also the dividends will grow over time, since part of the deposit fees will be used for Investing in other Cryptocurrencys.
So at all we have the vision to make platin to something like an Investement Token to earn other Cryptocurrencys.

Q9) In your Road map you mentioned RugDoc Review, RugDoc KYC and RugDoc Advertisement, can you please explain further about these? How do users use them?

Random : So I’d love to clear this up. RugDoc is the defacto golden standard for yield farms, with a dedicated team that review contract code and their security. We have the lowest risk rating in this sense, there are no exploits found at all. RugDoc KYC is a service where if a developer were to perform a malicious action, they would release the devs personal identification information to the corresponding authorities to be brought to justice. Since I want my investors to feel safe, I’ve made sure that we have the lowest risk combined with the KYC. We will be paying for a full audit before we introduce LP vaults, as any vault code is inherently riskier and needs to be fully audited. We’ve run multiple ads on popular Polygon sites, including Polychart, QuickChart, as well as a RugDoc ad, which provides our project with great exposure
So there have been many questions concerning investor safety and security, so I’m now looking for a question to reply to besides this topic, as I believe I’ve explained all the aspects that our project is absolutely secure

Q10) As your project is built and grown, how do you take into account community feedback, contributions, and requests?

Random : The entire focus of our project is our community. We believe this is the most important factor besides token utility in a successful farm, and we want to reward our community as much as possible. We run many polls in our telegram group asking for what pool/community would be liked next, and before taking any large decisions, we always love to check our community’s input on this as well. We’re extremely
to our entire community for supporting us, and we want to give them the best farming experience they can have. Another example is I’ve been accepting many different DMs from our community with specific input or requests they like, and making sure to review each one and think about it. One such recent example was a community member asking for a USD price of whatever you have staked, and that’s now implemented. We want to build a great product for customers, were they know that their voice is heard.

And this was the end of our AMA with Platinum Finance.

If you have any other questions you can ask here:

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