Recap of AMA with Manes, Co-Founder of Lydia Finance
On the 6th of July 2021 @ 11:00 AM ET, An AMA session was held on Avalanche Telegram with special guest Manes, Co-Founder of @LydiaFinance. Below we present to you an excerpt from AMA with questions and answers. It was wonderful and very informative, Enjoy reading :)
Nicolas | Avalanche
Welcome @lydia_manes !
Manes | Lydia
Hey 👋
Nicolas | Avalanche
Before we dive into the questions, can you briefly introduce yourself to the Avalanche community, and share some background on your journey to found Lydia Finance?
Manes | Lydia
Sure
Hi everyone
This is Manes from Lydia Team
I am one of co-founders of Lydia Finance
As some of you know we are an AMM and Yield farming platform on Avalanche launched around 2.5 moths ago.
And continuously releasing new features for our community since then.
Today I’m here to answer your questions about Lydia Finance.
Nicolas | Avalanche
And we are glad to have you 😄
Okay let’s start with the first question from Twitter ! yavuzsc7 is asking: Will you be integrating with other networks soon or in the future? If yes, which networks and why did you choose that network?
Manes | Lydia
We started with Avalanche and will continue only with it forever.
We picked Avalanche as a platform because it is fast, cheap to use, truly decentralized and allows us to produce tokens based on block.timestamp. While it is not secure to do that on other EVM compatible platforms, no problem on Avalanche due to it’s guaranteed timestamps. This allows us predictable token production and offer much more accurate APR/APY rates.
Nicolas | Avalanche
Music to my ears ^^ for the second question we have kholis02031995 asking: Could you explain to me the burning process within the your project smart contract as it presents a very interesting function and How this process benefits the project’s ecosystem? Is it possible to do some type of burning of tokens manually?
Manes | Lydia
We don’t have a strict schedule to burn tokens.
We collect LYD tokens to burn from several sources such as AUTO-LYD fees, Maximus fees, Exchange fees, Lottery, Dev fees …
And we use them to burn tokens according to the condition of the market and current LYD supply.
Token burn is always good to increase scarcity.
But it is important to do it at the right time to get the best benefit.
Nicolas | Avalanche
Question 3 comes from DAO_Warrior: Great partnership between $AVAX & $LYD 👏👏 My question is about the IFOs. Are the projects in which users can use AVAX\LYD only on Avalanche chain or any other chains?
Manes | Lydia
IFOs will allow our users to buy a new project’s token with AVAX/LYD LP tokens.
And owners of new token will be able to enter farms we will create for the project and start to earn LYD right away.
Nicolas | Avalanche
Question 4 from luckymarkie01: LydiaFinance offers good features like lightning-fast finalization, low gas fees, and a 100% decentralized platform
Can you tell us how Lydiafinance has managed to make this possible and be a protocol with better functionality?
Manes | Lydia
Actually, Avalanche provides a great infrastructure to do that. Our apps work quite fast (almost as fast as a centralized app) with very low gas fees thanks to Avalanche’s great architecture.
Nicolas | Avalanche
Question 5 by yavuzsc7: Do you have problems with liquidity as you are a newly developing project? Are you considering giving the community new incentives to add liquidity?
Manes | Lydia
Getting more liquidity basically depends on having more & profitable farms. We released the first two steps of Maximus and increased TVL on us significantly. With Maximus step 3 we expect to get much more.
Avalanche is a new player in the DeFi world. Only a few months have passed since Pangolin released. And 2.5 months since Lydia Finance launched. We believe Avalanche will get more share from the DeFi market with upcoming improvements and more users and liquidity we will have soon.
Nicolas | Avalanche
Question 6 by Crosssy_: How do you distinguish yourselves among other #Avalanche projects? Can we name LydiaFinance as PancakeSwap of avalancheavax?
Manes | Lydia
Yes, we aim to be pancakeswap of the Avalanche ecosystem.
We have released so many features in a short period. And working on more to grow with the ecosystem and provide the best financial tools to our community.
Nicolas | Avalanche
Question 7 by gatturamesh1981: Can you explain what is Manual LYD and Auto LYD in Electrum pool? 2. In the maximus farm you have shown the comparison between Maximus and regular farming which looks very aggressive how it is possible in Maximus?
Manes | Lydia
Manual LYD is the most basic pool on our Electrum Pools. You put money there and take it out any time you want. No unstaking fee. Good for short term investments.
Auto-LYD is an auto compounder pool. You put LYD there and users who like to get Auto-LYD Bounty compounds it. So you don’t pay for tx fees to compound. There is a 120h unstaking fee there. Better for longer term investments.
Maximus is a combination of our regular farms and Auto-LYD pool. Puts money on corresponding regular farm and takes profit out to the Auto-LYD pool to maximize. Offers the best profit for long term investments.
Nicolas | Avalanche
Question 8 by makelz03: Aside of offering fast and low gas fees, what are the differences and advantages of
@LydiaFinance to the other platform? How can you assure safety ang security of LYD tokens?
Why would we choose @LydiaFinance?
Manes | Lydia
Yield farming is our strong side. We provide different ways to earn: Regular farms, Manual LYD pool, Auto-LYD pool, Maximus (Maximizer) farms. You can choose us if you like to get high profit.
And we are the first CertiK audited platform on the Avalanche ecosystem: https://www.certik.org/projects/lydiafinance
Nicolas | Avalanche
Question 9 comes from scientiaax: I heard Lydia Finance’s next step is “Initial Farm Offering” how can AVAX holders extra benefit earn? How is IFO different from ICO and IEO?
Manes | Lydia
Initial Farm Offering is a way to allow users to buy a new project’s token before adding it to farms.
Once the IFO completed users could stake their tokens to the new farm we create for the project and start to earn LYD tokens with high APR/APY
Nicolas | Avalanche
And last question from Twitter comes from CurrentTR: What are your plans for farmers to reduce sales pressure ?
Manes | Lydia
Auto-LYD compounder and Maximus farms were the first to steps of our plan for that, and we reduced sell pressure significantly with them.
We believe 3. step of maximus will help more to reduce it.
Nicolas | Avalanche
Okay thanks for answering those questions @lydia_manes. I will now unmute the channel for some time to allow the community to ask some questions :)
Gökhan
Is there any technical issue or challenge you have faced before, can you tell us how you solve or overcome it?
Manes | Lydia
We face technical issues every day and solve them 🙂 I don’t remember a particular one honestly.
F₳ᛔᛙѦᚻ ⅯⱤ๏.
Now that Lydia Finance is running on the Avalanche network, what new features and benefits will users have when using this DEX and what kind of utility will the Avalanche native network tokens have in earning more tokens?
Manes | Lydia
We focused on Maximus step 3 and IFO currently. As i described above those 2 features will be quite profitable for our users
Star Lord
What future expansion you guys are hiding behind your hood, any surprises we can expect ?
Q) what are your plan for your community , to engage them any further , any expansion in the same near furture?
Q) what are the current uses of $LYD, are their any plan to increase it’s usuablity to keep the price stable
Manes | Lydia
We have some surprises for sure. Please stay tuned for them 🙂
Ramesh Gattu
Thank you Nicolas for selecting my questions from twitter comment here is my another set of questions to manes
1.What kind of giveaways planned for middle/longterm todo list to attract more users?
2.Why the rug pull Migration code removed?
3. In the Certik audit Electrum not burned in emergency withdraw and the report says it will allow bad actors to repeatedly mint more electrum tokens with LYD tokens can you clarify that?
Manes | Lydia
We don’t have a strict giveaway schedule. We do that kind of spontaneously. We deleted rug pull migrator code because it allows to do rug pull 🙂
Mahfud Fauzi
Nice event, I want to ask something. Lydia Finance is DEX, so will trading fee as cheap as other Avalanche DEX such as Pangolin for example? thanks
Manes | Lydia
It depends on pool and liquidity actually. We offer cheaper rate for some pairs like ETH-AVAX. I think YY has a UI for that to find out who offers the best rate.
Adv. Sandip Sharin
1) What will be the post-COVID-19 impact on your company and the industry, if u feel there’ll be any?
2) What are the key projects team @LydiaFinance is working on this quarter?
Manes | Lydia
Covid 19 is not good for world but allowed us to stay at home and work more:) We are working on IFO and Maximus for this quarter.
Yavuz Selim Çelebi
The Lydians were the civilization that found the money. This invention has survived to this day, and we use money in every part of our lives. Does Lidya Finance, like the Lydians, have an innovation that can radically change the conditions of the current period and continue into the future?
Manes | Lydia
Thats what we focudes on. Provide the best lucrative tools to ours users and add as much as utility to our token. Eventually create new use cases for our token.
zybk70
AMM DEXs in the #Avalanche ecosystem were focused on getting users from each other and this did not benefit the growth of the ecosystem. To be honest, I was critical of this situation. However, the news of Lydia and Penguin’s partnership was really good.
In this context, my questions will be:
1-What is the main reason for this partnership and its contribution to liquidation?
2-What kind of projects do you have for transferring new users and flow liquidation from blockchains other than Avalanche?
Manes | Lydia
We will have a LYD/PEFI farm soon with a good allocation. I believe we will have a good liqudity there.
And currently we are in contact with a project outside of Avalanche they will launch on us and move a reasonable amount of liqudidity and we will add new users to our community. More details about it coming soon.
sarah may gloria
I have read that you would also like to announce that you will be adding Initial Farm Offerings (IFO’s) to your platform. So my question is what will it help with Avalanche once it is released?
Manes | Lydia
It will allow our users to invest in a new project and use tokens on our farms to get LYD yield
Batuhan
Do you consider cooperation with different DeFi projects apart from the partnership you have established?
Manes | Lydia
Yes, we constantly working on that. Having partnerships and growing with ecosystem.
Furkan Aytekin
Why lydia finance prefer avalanche blockchain? Why not others
Manes | Lydia
Avalanche is the best and the most promising EVM compatible platform available. Thats why we picked it as a platform.
Cross Over
Currently manual LYD pool has 275%APR. Whats your plan to fight with such high inflation and protect LYD investors from value depreciation? Early investors have already suffered a huge loss.
Manes | Lydia
We reduced our emission rate from 10LYD/sec to 8 LYD/sec. We will keep doing it periodically with our community’s decision. And with token burns we believe we will create scarcity and it will help token price. Token price is an important factor on APY/APR
Adv. Sandip Sharin
3. Which resources do you use to keep up with the industry news?
4. What, according to you, is the greatest challenge the industry is facing?
5. What is the most interesting trend you see in 2021?
Manes | Lydia
I think the top challange is to bring avarage users to DeFi world. Every platform working on it with marketing and making their platform easier to use.
Nicolas | Avalanche
Thank you so much for taking your time to answer these questions @lydia_manes. It was great to have you here!
Manes | Lydia
Thanks everyone for your questions! It was great to be here.
About Lydia Finance
Lydia Finance is an Automated Market Maker, Yield Farming, and Staking platform on Avalanche. Our intuitive UI and comprehensive documentation/tutorials allow every level of users to invest in DeFi and maximize their earnings by taking advantage of Avalanche’s lightning-fast infrastructure with very low gas costs. Trade, stake, pool, and earn $LYD and many other token utilities all on Lydia Finance.
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About Avalanche
Avalanche is an open-source platform for launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche is the first decentralized smart contracts platform built for the scale of global finance, with near-instant transaction finality. Ethereum developers can quickly build on Avalanche as Solidity works out-of-the-box.
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