Dragonbite AMA Recap

04 Sep 202019:08

AMA

Dragonbite AMA Recap

Myko (CryptoDiffer)

Hello, everyone!😁

We are glad to meet here:

Calvin Chu, Builder

Calvin Chu

❤️

Myko (CryptoDiffer)

Welcome Calvin, thank you for taking your time today!

Calvin Chu

my pleasure!

Myko (CryptoDiffer)

Our team has prepared 3 questions for you to start with

Calvin Chu

nice!

Myko (CryptoDiffer)

Should we start?

Calvin Chu

let’s do it!

Myko (CryptoDiffer)

Okie
Let's begin with the introduction
Q1: Can you introduce yourself to our community?

Calvin Chu

ah sure!
Hey everyone, I’m Calvin, a core builder at Impossible Finance, a multichain decentralized incubator, launchpad, and swap. I previously worked on research and diligence for Binance Launchpad and built up the Binance Staking product to support 30 different blockchains.

Myko (CryptoDiffer)

Thank you for your answer!
let's pass to the project itself
Q2: Can you introduce Impossible Finance to us?

Calvin Chu

Sure! so, Impossible is a decentralized incubator, launchpad, and swap.

The incubator is there to help early stage projects get ready to create a community around their projects
The launchpad demoncratizes investment opportunities to the community.
and the swap allows for assets to feely circulately post-launch on our platform so users and project teams can treat Impossible as a one-stop shop.

Calvin Chu

by the way, I’m in the running for joining the impossible council on chain - if you have some IF tokens, feel free to vote on our governance proposals at https://gov.impossible.finance/#/

Myko (CryptoDiffer)

Superb!
We have one last question before moving to the community part
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Calvin Chu

ah yea! sure
We just closed our fundraise for $7M and are getting ready to launch our swap and launchpad in the coming months.
We’re also aiming to incubate and launch over 15 projects in the next year or so 🙂

Cryptodiffer Community

Impossible plan to relaunch it swap and IDO platform within the next quarter, and promise to continue to build further features to become a one-stop defi destination for all users. Will these features be designed in such a way that every Joe in the crypto world will be able to use it? I'm sure you know user friendliness is very crucial, hope you put it into consideration when working on your products?

Calvin Chu

yes absolutely - we want to make sure that impossible is accessible to all users! We joke that we are building defi for grandmas - even gradmas should be able to use our products. We want to simplify the investment experience on launchpads because without users, launchpads don’t work.

Cryptodiffer Community

While I was trying to familiarize myself with how the Impossible Swap will work, I read that the swap will offer a feature called Asymmetrical Tuning. Can you further expantiate on what this feature is all about, how it works and what makes it truly novel as claimed by the Impossible team?

Calvin Chu

yes! Uniswap and curve create “symmetric” liquidity on both sides of the pools for assets, whereas maybe incertain cases prices of the two assets ina pool act differently. Thus, we could for example provide higher boosts for a stablecoin side of a pool, and lower boosts for a non-stablecoin asset, or even different stablecoins like BUSD and USDT have different risk factors and we could provide different boosts to the different assets.

Cryptodiffer Community

Can you explain a bit about the IF token function? What are the advantages of IF token holders?

Calvin Chu

IF acts as the governance token for the IF ecosystem, in particular the swap that is going to be relaunched in Q3/Q4 this year. It will provide fee discounts and other benefits for the impossible ecosystem

Cryptodiffer Community

Could you tell us a little about what will be the fees imposed on transactions made by users? What will the percentages be and what type of transactions will be taxed?

Calvin Chu

right now the swap is designed for 0.06% fee trading for all assets, but this fee is adjustable for every pair by governance. So in future, stablecoins could be even cheaper, for example. You can participate in our governance by holding IF or providing liquidity in IF pairs, at https://gov.impossible.finance/

Cryptodiffer Community

I recently saw you were affected by an attacker. When it comes to fundraising, transparency is key, can you walk us through how this works? Will there be an account meant for each receipent where funds will be sent to and how can this funds be traced to help ensure that they won't be diverted or siphoned like the 'attacker' did??

Calvin Chu

our exploit happend our our swap, not related to our launchpad contracts. Our full postmortem on that can be found here:
https://medium.com/impossiblefinance/impossible-finance-v2-swap-jun-21st-postmortem-94e4b59ad490

and we fully compensated all users that were affected, so no funds were lost.
https://medium.com/impossiblefinance/impossible-finance-100-compensation-plan-a4619ce1c1b7

our smart contracts for the launchpad have been audited multiple times and we will continue to ensure that our project is as secure as possible

Cryptodiffer Community

I commensurate and sympathize with you on the hacking of Impossible Fi which lead to about 90% decline in value of the $IF token. I want to ask, did your platform have an insurance cover to mitigate the effect of this attack to cover for the loss of investors fund on your platform ?

Calvin Chu

Our platform is in the progress of adding insurance coverage from third party teams, and this time the losses incurred by LPs were covered by our SAFU fund. Additionally, the IF price has already returned back to where it was pre-hack, and we’re excited to continue to see it grow as we work hard to build and ship product.

Cryptodiffer Community

What is the role of tokens in the ecosystem. Where can people currently buy i $IF, What is the functions of the tokens #ImpossibleFinance ?

Calvin Chu

IF can be purchased directly on impossible.finance currently. IF is our governance token for the impossible swap and other products build in our ecosystem. Soon, we will also have IDIA, the core governance and access token for dealflow within our decentralized launchpad platform

Cryptodiffer Community

I read that the Community members can submit their proposals to #BUIDL together, and vote on suggestions based on the weight designed for the $IF ecosystem.

What are the steps to go about this?

Calvin Chu

yes! go over to gov.impossible.finance for all the details 🙂

Cryptodiffer Community

How confident are you that the Impossible Swap V2 will lead/beat other AMM Swap designs? Were you able to address the issue of high gas fee and high slippage rate associated with existing swaps? Also, What competitive advantages does it have over swaps like Curve, Pancakes, Uniswap V3 and the rest?

Calvin Chu

yes, all the benefits of how it achieves these are here:
https://medium.com/impossiblefinance/the-impossible-v2-swap-4441b054ad17

Cryptodiffer Community

Smartphones and hand held mobile communication devices are mainstream and Ubiquitous with more than 5 billion users across the world. Has impossible Finance considered building mobile applications that are compatible with the popular mobile devices iOS and Android to enable mass adoption and ease of use of your platform ?

Calvin Chu

yes very much so

Cryptodiffer Community

You've said on your website that your financial products were previously only available to institutions and select individuals. This means you got a solid foundation for your project, could you tell us what services and products you used to provide and what were the selected institutions and clients that were granted access to your platform? Also, one of the main features of Impossible Finance is its impossibly easy procedures, like Swap, which would let users, swap tokens in a few clicks, so please tell us what are the available tokens, since no matter how easy it is to do, you need to have a large list of disponibility for it to actually be of use to the masses.

Calvin Chu

No, what this refers to is that we are confident that we will help launch the top-tier projects that were previously only available to maybe private investment opportunities.

Cryptodiffer Community

As I know you are doing an IDO campaign for IDIA. The way to participate is still the same, right? Can you talk more about the benefits of joining?

Calvin Chu

Yes, correct! Right now we have an ongoing gleam campaign to help bring over more folks to our social media channels, let me find the link
https://t.me/impossibleann/115

Cryptodiffer Community

When will STAX open again? Will the value stay the same in one year?

Calvin Chu

stax has migrated 1:1 to IF
https://impossible.freshdesk.com/support/solutions/ama_articles/80000651947-stax-to-if-migration
heres our migration guide

Cryptodiffer Community

I commend your team with how you handled the Flash loan attack on your platform. As your platform integrate both DeFi and Launchpad, does Impossible Fi has any unique advantage it is going to derive from such move ? When are we going to be able to use your platform ?

Calvin Chu

Thanks! yes we’re very excited to have the scaling and quality of centralized launchpads, and also the openness and fairness of defi platforms!

Cryptodiffer Community

ImpossibleFinance's vision is to make the financial playing field fair and accessible to all users. Could you tell us what the general plan will be to turn your vision into reality?

Calvin Chu

A lot of investment opportunities are only available to a few people today, maybe based on relationships, experience, or funds. We think that everyone should have the opporutnity to invest, and thats the power behind launchpads. Simultaneously, for project teams, they want to grow to larger audiences and tap into already engaged userbases onchain, not just traders on centralized platforms. This is exactly why a decentralized but open launchpad is super powerful for both investors and project teams
Also forgot one more function:
- $IF token will be used, once off, as the staking token to get access into our first launchpad which will be the $IDIA token sale which we raised the $7M for from over 125 different investors. Stayed tuned for the launch date which is targeted within the next few weeks!

Cryptodiffer Community

📍 What did you do about "Smart Contract Security", perhaps the weakest link of DeFi? Can users feel safe when depositing in Impossible Finance?

Calvin Chu

Yes - we have an insurance fund set aside and we will also be working with other platforms to offer defi smart contract insurance for Impossible! We area laso undergoing multiple audits in tandem and want to ensure that users ahve piece of mind in using our product

Cryptodiffer Community

Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?

Calvin Chu

yes 👍 in the long run our IF token will accrue value from the swap’s trading fees, which go to stakers.

Our upcoming IDIA token will accrue value to our users in the form of giving users acces to top quality investment opportunities on our launchpad

Cryptodiffer Community

Impossible Finance provides several tools that were previously only owned by certain institutions or individuals.

Then, what are the advantages of Impossible Finance with other projects?

Calvin Chu

we believe this is the best way to create an open investment opportunity for all

Cryptodiffer Community

@calvin sir I have a doubt full question can you explain this
👇👇👇
Defi is big side of Market and too many competitors.most of the feature are available in other platform also...how impossible finance is different from others?

Calvin Chu

Impossible sets itself apart with a builder first approach
by employing a “business-to-developer” (B2D) approach to attract the top quality project teams to serve the best quality launchpad deal flow to end users.

Cryptodiffer Community

Something common that I usually see in financial projects is that they have rates that are usually quite high and abusive with investors. Could you tell us if Impossible Finance has low fees? What solutions have you planned to provide an affordable and reliable investment choice?

Calvin Chu

Our fees are 0.06% for the swap and our launchpad currently is designed with 0 fees!

Cryptodiffer Community

where can i see your project updates? I want to participate in your project, is there any official/trusted link?

Calvin Chu

feel free to check out our social media channels:
IF Contract Address:
0xb0e1fc65c1a741b4662b813eb787d369b8614af1
STAX Contract Address:
0x0da6ed8b13214ff28e9ca979dd37439e8a88f6c4

Twitter:
https://twitter.com/impossiblefi
Telegram:
https://t.me/ImpossibleFinance
Telegram Announcement:
https://t.me/impossibleann

Telegram KR:
https://t.me/ImpossibleFinanceKorea
Telegram TR:
https://t.me/ImpossibleFinanceTR
Telegram CN:
https://t.me/ImpossibleFinanceCN
Telegram VN:
https://t.me/ImpossibleFinanceVN
Telegram RU:
https://t.me/ImpossibleFinanceRU
Telegram Esp:
https://t.me/ImpossibleFinanceSpanish
Telegram JP:
https://t.me/ImpossibleFinanceJP

Discord:
https://discord.com/invite/SyF3RzxQCZ
Coingecko:
https://www.coingecko.com/en/coins/impossible-finance
Get your IF:
https://swap.impossible.finance/#/swap

Cryptodiffer Community

Is the $IF token already listed on an exchange or DEX, CEX and how do you get your $IF token and what are the long-term benefits of holding $IF tokens for investors?

Calvin Chu

it is available on our own platform, impossible.finance

Cryptodiffer Community

The Impossible Fi application is not yet functioning. However, can you describe the likely features that the application will have at launch and tell the community when to expect the application to be functional. Meanwhile, is your IDO open for publication participation or only to selected few choosen by your team ?

Calvin Chu

you. can actually already swap today and we will be working on our IDO platform for its upcoming launch very very soon, stay tuned in our social media channels for an excct launch date. All users who abide by the public rules can participate. if it’s just a select few chosen by us, that’s not a launchpad, that’s a "club"

Cryptodiffer Community

Good morning

As an individual user ,In what ways can I contribute to the development of Impossible? Do you have Ambassador programs and what are its benefits?

Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relationships?

Calvin Chu

feel free to jump into our telegram and social media channels and show your love for impossible - we’l lbe working on more ways to involve avid community memebers shortly 🙂

Our team is a multichain project so we will be working with many teams to launch on multiple chains 🙂 We’re in no hurry to announce lots of partnerships - we let our product speak first

Cryptodiffer Community

📌 Your project had a misfortune a while ago. Regarding this attack, did the Impossible Finance team compensate your user victims for all their losses? Did this attack damage the prestige of your project, or did your users support you?

Calvin Chu

yes 100% compensation. https://medium.com/impossiblefinance/impossible-finance-100-compensation-plan-a4619ce1c1b7

our community has repeatedly shown us love for the support even despite this event 👍

Cryptodiffer Community

Calvin Chu

already asked ^

Cryptodiffer Community

Who are the IMPOSSIBLE FINANCE ecosystem stakeholders and what mechanism has IMPOSSIBLE FINANCE put in place to help ensure that all these stakeholders participating in the protocol jointly maintain the normal operation of the protocol?

Calvin Chu

our token holders are our stake holders and we are working on using our governance paltform at gov.impossible.finance to make it fully open for everyone to participate
Our team is focused on ensuring that we do not track or otherwise utilize users data for any type of malicious activity. We stand by the user in ensuring that no data should ever be shared without any permissions, etc.

Cryptodiffer Community

Until what corner of the world do you plan to arrive? that is, to what extent in the world do you think IMPOSSIBLE FINANCE will be solving people's problems with their infrastructure?

Calvin Chu

global! we think everyone should be allowed to invest

Cryptodiffer Community

What plans does Impossible Finance have concerning security asides auditing? How will you be sure your various pools are protected from exploitation and also guarantee users funds?

Calvin Chu

We are also working on additional bug bounties, such as our bug bounty with Immunefi with rewards upto 94K USD!
https://immunefi.com/bounty/impossiblefinance/

Cryptodiffer Community

Since impossible finance will hold custody of users fund, I think smart contract safety should be your utmost priority considering the hacks that happened lately. What effort are you making in ensuring that deposited funds are safe? Has any audit been carried out?

Calvin Chu

yes, we have been audited by multiple teams for each of our contracts 🙂

Cryptodiffer Community

Is security in the Impossible Finance Room a priority? such as Audits and some reviews from Blockchain programmers

Calvin Chu

absolutely! we also get many review from peer developers at other projects

Cryptodiffer Community

Can you tell us about your priorities and ultimate goal in your roadmap for the remaining half of this year? In which areas does the team make the most effort?

Calvin Chu

our goal is to launch this launchpad and then start helping more projects reach audiences like Cryptodiffer 🙂

Cryptodiffer Community

The manner in which you handled the compensation process for all users who experienced losses from the V2 Swap flash loan attack has really boosted my confidence in your team and in the IF project at large. However, what plans are being put in place by the IF team to prevent the occurrence of such attacks in the coming V3 Swap? Have you fished out and addressed the loopholes of the V2 Swap?

Calvin Chu

thank you Kenechukwu!
We are very confident in our v3 swap and the ability to make sure that this swap is going to be 100% secure. We’re also adding more tests and more visualizations to ensure that all users know exactly what our swap is capable of doing.
Appreciate your question here!

Cryptodiffer Community

I want like to know more about your project and How it can benefit me in a long way, can you help me with any guide?

Calvin Chu

please check out impossible.finance for more details 🙂

Cryptodiffer Community

Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?

Calvin Chu

our fees generated from the IF swap will be used to buy back and give rewards to stakers in the form of IF.
IDIA will be used t ostake to earn allocation into future launchpads

Cryptodiffer Community

Projects can progress more easily with the support of strong investors. Could you tell us about the interest and support of strong strategic investors for your project?

Calvin Chu

Yes, our strategic investors ahve been immensely helpful in building a strong cohort of value add teams to help the projects that we are working on launching!
feel free to learn about our backers here
https://medium.com/impossiblefinance/the-impossible-launch-e3190c7a4e08

Cryptodiffer Community

I am so sorry about the recent hacking of the Impossible Finance platform. However how does your team intend to compensate or manage the loss of users of your platform who fell victim of this evil act ?

Calvin Chu

we already fully compensated all users, according to this plan: https://medium.com/impossiblefinance/impossible-finance-100-compensation-plan-a4619ce1c1b7

Cryptodiffer Community

How to get IF tokens? When will the public sale take place?

Calvin Chu

swap.impossible.finance

our IDIA token is yet to be launched -so stay tuned
and you can participate in the sale directly on Impossible Finance’s homepage - users will need to stake IF to earn IDIA allocation in the launchpad

Cryptodiffer Community

Hello @calchulus ✋

You have two different tokens in your project; $IF and $IDIA...

What will be the functions of these tokens, did you add attractive features for investors while designing your tokens?

Thank You

Calvin Chu

IF can be purchased directly on impossible.finance currently. IF is our governance token for the impossible swap and other products built in our ecosystem. Soon, we will also have IDIA, the core governance and access token for dealflow within our decentralized launchpad platform

Cryptodiffer Community

Smart contracts are susceptible to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you tested it through any of the parties?

Calvin Chu

yes we ahve tested and audited with multiple parties

Cryptodiffer Community

Talking about governance on IF, can the decision to have just 3 members of the council be reviewed by the community? Going forward, once a Council member's 12 months in service is over, can he/she nominate himself/herself for a second term on the Council seat and what's the maximum number of tenures allowed for each member of the IF council?

Calvin Chu

it is! users can vote right now on gov.impossible.finance! theres 3 hours remaining on this vote!

Yes council members can currently run again, but this is a rule that could be changed by governance!

Cryptodiffer Community

In what ways do you think IMPOSSIBLE FINANCE contributes so that financial institutions can benefit from the advantages that DeFi offers?

Calvin Chu

we built impossible for the retail user like you, not huge institutions that already have access to huge deals

Cryptodiffer Community

Can you list 1-2 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?

Calvin Chu

we’re confident that our smart launch system is the safest, fairest way to launch a token for project teams and the easiest way to invest in a launchpad for users!

Cryptodiffer Community

Liquidity, Transaction fees and slippage are always important factors in Finance services. How does IMPOSSIBLE FINANCE solve the above problem to attract users?

Calvin Chu

our v2 swap covers both!
https://medium.com/impossiblefinance/the-impossible-v2-swap-4441b054ad17

Cryptodiffer Community

In crypto, do you expect stiff competition among the increasing launch pads? Are there any creative features that set your launchpad apart from others? What terms will you apply when choosing projects to be listed on your launchpad?

Calvin Chu

yes theres a lot of launchpads out there, but we want to differentiate ourselves via quality, not quantiity. too many launchapds ahve sold a ton of tokens without really supporting their project teams . We’re confident in our long term aproach to protect users and give them good investment opportunities.

Cryptodiffer Community

IMPOSSIBLE FINANCE develops many products, which is an advantage when it can meet almost the needs of users. However, does developing many products make management difficult? How do you ensure the quality of all IMPOSSIBLE FINANCE products?

Calvin Chu

no, we’re very excited to have lots of products in our umbrella because want users to have all the options at their fingertips

Cryptodiffer Community

"TRANSPARENCY" is highly valued by investors. Can we believe that you will be a completely transparent project?

Calvin Chu

yes! we believe in 100% transparency and supporting everything in an organic way. Unfortunately many project teams dont prioritize this, and thats when they lose the confidence and support of their communities. This is why from the start we are wokring on open governance!

Cryptodiffer Community

I'm very excited to know your vision of how decentralized this world is 10 years from now & what kind of role IMPOSSIBLE & all of it's partner has at that time?

Calvin Chu

we are hopeful and confident taht we will be the go to launchpad for all kinds of projects in the future, and the one-stop shop for investors for all their investment and trading needs

Cryptodiffer Community

🦋 With the development of DeFi, many exchange platforms have emerged. Well, were you able to build a platform different from the others? Will you have attractive aspects such as lower gas cost, lower slip?

Calvin Chu

https://medium.com/impossiblefinance/the-impossible-v2-swap-4441b054ad17

Cryptodiffer Community

What are the ways for your project to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?

Calvin Chu

our swap and also our partnerships with other project teams is our bread and butter for our opportunities to earn revenue as a portocol!
@mykocryptodiffer done with all the questions!
let’s take 5 more from the community 🙂

Cryptodiffer Community

It is very important in building a project efficiency is present and something that the community will always look forward to invests and monitor. How Impossible Finance different to any other swaps and how are you making sure that you will, maybe not stand-out but can give the community better output that would surely for the long run?

Calvin Chu

again - please check our our swap doc
https://medium.com/impossiblefinance/the-impossible-v2-swap-4441b054ad17

Cryptodiffer Community

I was one of the victims of the recent hack on Impossible Finance but I was glad with how the team handled the situation. However, what measures are already in place to prevent future occurrence of the situation? How soon should we users expect our funds back and where will the team be getting funds to return to affected users?

Calvin Chu

Hey Hakeem! Super thankful for reaching out
We have already distributed funds to all users affected -if you did not receive a reimbursement yet, please contact our admins in our telegram chat

Cryptodiffer Community

Smart contract safety should be the number one priority for all projects and teams should do everything possible to ensure that users feel safe in depositing funds on their platforms. Have there been any audit or reviews conducted on the smart contracts of the Impossible Finance's swap product to ensure user safety?

Calvin Chu

Yes our team has undergone multiple audits for each of our smart contracts

Cryptodiffer Community

What are your targets for 2021, what is on your roadmap?

Calvin Chu

we’re excited for our launchpad launch and we will have several projects launching with us the rest of this year!

Cryptodiffer Community

1. I understand that Impossible Finance have two tokens (IF and IDIA). While IF is the core governance token of the swap and other non-launchpad products, which can control trading fees and discounts on trading, what are then the utilities of the IDIA token?

2. How do you ensure the stability and sustainability of the IF and IDIA token?

Calvin Chu

IDIA is focused on access into launchpads via a staking mechanism!
IDIA drives value because if our laucnhapds do well, IDIA will be a coveted asset to get users into these deals

IF will earn revenues from the swap, which will get good trading revenues if our launchpad does well
I think that’s it!
really awesome questions from the entire Cryptodiffer community!

Myko (CryptoDiffer)

Thank you a lot for your time!
It was a pleasure for us

Calvin Chu

really appreciate all the engagement from the community, cheers everyone!