LBank AMA Recap with ALPACA
Date: 22/04/2021
Time: 18:00 UTC+8
Venue: LBank Telegram Chat Room https://t.me/LBank_en
Guest: Firras (Business Development of Alpaca Finance)
Host: Saidul| LBank
Part 1.
Q1:
There are so many YieldFarm launching including Alpaca. How will you attract users with so much competition?
A1:
First, although there is competition, Alpaca is the leader in its field, so we’re already succeeding at this. To be specific, we’re the largest leveraged yield farming protocol on BSC, with almost a billion dollars in TVL, tens of thousands of user wallets, and are consistently top 5 in volume even though we’ve only just started listing on some smaller exchanges.
Second, we provide unique utility by offering leverage. Through this, users can use Alpaca to get higher farming yields. For example, if you have 10000 usd, you can borrow 20000 usd from Alpaca, giving you 30000 usd to farm. This would earn you three times as many yields as farming the same pool somewhere else. It basically works similar to leverage trading, just for farming.
Third, Alpaca is a leader on BSC in terms of safety. We’re working with two auditing firms and have a number of initiatives to enhance security.
Being a community project we value the community’s opinion and take suggestions and ideas seriously and see which one makes the most sense and how to further modify the platform with these suggestions. Trust goes both ways, so we value the trust giving to us and trust that the community values our efforts and delivery of new features. Just a site-note here: Alpaca’s TVL peaked at 1.5 Bn USD about 2 months ago and after a dip we are approaching 1 Bn USD today as we speak — we believe that there is no better proof of trust.
As mentioned the platform is highly secure and we have finished a comprehensive security audit with Peckshield just before launching our leverage yield farming and a second audit with Certik is coming up. All smart contracts are under a 24h timelock meaning that all changes on the smart contracts will only get active after 24h.
I believe with all these elements we do stand-out from the competition and will continue to grow.
Q2:
Every successful project has a few stories behind the scenes, What’s the story behind Alpaca Success?
A2:
All the primary team members are talented, passionate about the project, and work 80–100 hours per week. Our story is simple, hard work and vision. We believe as long as we do those two things right, success will follow, and it’s been that way so far.
Q3:
How can you ensure the safety for the Alpaca user?
A3:
Alpaca is amongst the safest and most secure projects on BSC, and here’s why:
● Our code is open-source, with every line having been combed through by hundreds of independent developers. We even have an ongoing bug bounty program to offer them high rewards if they spot as little as a minor issue. If you’re a developer, we invite you to look through our code on github.
● We’ve also had multiple top security firms provide audits for our code. All our smart contracts have been audited by PeckShield, and we also have an ongoing audit with Certik.
● Besides that, we’ve burned our LP tokens in the ALPACA-BNB PancakeSwap pool so they can’t be withdrawn.
● We’ve also locked up our LP tokens in the sALPACA-ALPACA pool in Wault Locker so they can’t be withdrawn until the pool is closed.
Then, there are additional built-in safeguards in place. For example, all the contracts we deploy are owned by a Timelock contract. Thus, any changes made by our developers will have a 24-hour lag before becoming effective. That means users will have plenty of time to withdraw their funds and exit safely in the case of any questionable update to the code. With tens of thousands of users, you can believe that every small change is under constant scrutiny from many participants. At times, it’s a tough job dealing with all their questions, but it’s honest work.
Q4:
What is the long-term target of Alpaca?
A4:
We’re working tirelessly to grow Alpaca Finance to become the #1 on-chain leverage protocol in all of crypto. We’ve maintained our number one position on BSC since we’ve launched, but our goals are to develop further.
In 2021 we will:
● Establish the most comprehensive and advanced leveraged yield farming ecosystem with highly-composable features, integrating with the top AMMs and protocols across BSC.
● Increase the ALPACA token’s long-term value and utility within our ecosystem through additional deflationary mechanisms and protocol use-cases, as well as across the DeFi-space through accelerating marketing and business development activities (partnerships, cross-platform lending, CEX listings, etc).
● Optimize protocol security and robustness through audits and the addition of multi-sig.
● Implement NFT campaigns leveraging Alpaca’s unique branding, and integrate those NFTs with platform features that improve engagement, deliver genuine utility, and offer increased yields.
● Establish Alpaca Finance as a foundational layer in the DeFi landscape through horizontal and vertical protocol integrations, unmatched composability and leverage offerings, and cross-chain expansions.
Q5:
What new features are you planning to roll out?
A5:
We will be launching new single-asset deposit vaults in the near future and more partnerships with other interesting projects. We will also enable strategies allowing to borrow of either asset in a pool, permitting powerful shorting and hedging strategies across our platform. We will integrate with more AMMs to integrate more pools (Suhsi,1inch etc) and add support for additional web and mobile wallets for our platform (TokenPocket, Math Wallet, WalletConnect, FortMatic, Portis, Trust Wallet, Binance Chain Wallet, etc.)
In addition to that we will establish a governance functionality for our token holders. This will enable them to participate in community votes and have an influence on the platform’s direction. We also would like to integrate with other leading lending platforms, ie. earn with Venus on top of ALPACA rewards.
There is so much more we are working on, the entire roadmap you can access here:
Part 2.
Q6:
Is it difficult to use ALPACA in an existing infrastructure, do you have to follow certain rules to be able to use it?
A6:
If you are referring to if using Alpaca as user is difficult — then that is a clear no. we have a very intuitive interface, good explanations and we even launched Alpaca Academy which gives you better insights in how to make your farming strategies more profitable but also helps you to understand better the risk elements across farming strategies. and if there are still questions — we have a very active community who is always happy to help and our FAQ’s answer most of the questions as well.
Q7:
I would appreciate it if you could share the next updates with us. What is the most ambitious goal of ALPACA? What should the community look for?
A7:
There are few things to watch out for:
We will be launching our Alpaca Vault pretty soon where you can then deposit Alpaca for lending, stake ibAlpaca, leverage positions Alpaca-BUSD beyond the existing staking of PancakeSwap ALPACA-BNB LP token. In addition to that you will see more Featured Project Pools on our platform as we are collaborating more and more with other exciting projects in the Defi space. In addition, our NFT campaign just got launched as well as Alpaca Academy.
Q8:
Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Does you have any special plans to attract and expand the community and improve the user’s experience?
A8:
Yes we do. As mentioned a bit earlier we value our community as we all were community members before as well — we are building this project for the community. Hence, will soon launch a governance vault that will allow community members to stake their ALPACA tokens; stakers will receive xALPACA where 1 xALPACA = 1 vote, allowing them to decide on key governance decisions. That means holders will be able to influence the direction of the platform.
Q9:
Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
A9:
You can refer to our Alpanomics in our documentation side (I can’t paste it in here unfortunately). However, all the information is there. You can also check our smart contracts.
Q10:
Most of the project with Anonymous team do rug pulled/exit scam. Why you decided to remain anonymous? Don’t you think that it will have a bad effect on your project? How can we sure that there is no chance of scam?
A10:
We have been around for a few months now and if the team wanted to rug-pull at some point, then it would have happened already. However, that is not on our mind, that’s why we have the time lock and all the other security elements in place. Don’t forget we have been audited by Peckshield and are conducting a second now with Certik. We are building something for the community and the safety is upmost important to us.
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