Impossible Finance AMA Recap

23 Nov 202101:47

AMA

Impossible Finance AMA Recap

Myko (CryptoDiffer)

Hello, everyone!😁

We are glad to meet here:

Calvin Chu, Builder @calchulus

Calvin Chu

Hello!
thanks for having me Myko 🙂
have always been a big cryptodiffer fan

Myko (CryptoDiffer)

glad to hear:)
Welcome Calvin, thank you for taking your time today!

Calvin Chu

for sure!

Myko (CryptoDiffer)

let's start with some introductory questions to get you acknowledged with our new audience
Q1: Can you introduce yourself to our community?

Calvin Chu

yes! absolutely
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)

Okie!
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 democratizes 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.

Myko (CryptoDiffer)

Super, lets finalize this part
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Calvin Chu

We’ve launched 5 projects already via our launchpad and have been able to help many more projects launch 🙂

Next up in our roadmap is to work on building out our multichain support and allow for more users to access awesome top-tier projects for launchpad in different chains

Cryptodiffer Community

I could see that the swap is designed for 0.06% fee trading for all assets, since you have a Governance in place, will it be possible for holders to vote for these fees to be adjusted for every pair? If it's possible, how do we go about it? What are the requirements for participating in the Governance?

Calvin Chu

yes! we are working on improving this and upgrading - you can always use your impossible tokens to vote on our governance portal at gov.impossible.finance

Cryptodiffer Community

Why do you think you need a decentralized YCombinator?

Can you explain the current pain points of crypto fundraising for both individual users and project teams?
@calchulus

Calvin Chu

we are working hard to make sure that we support projects of all stages as an accelerator to grow these projects and get them ready for a strong launch, not just for their token, but also their product

Cryptodiffer Community

I'm sure you are aware that launchpad exist because of the users, if there's no user there won't be launchpads. So what efforts are you making to help simplify investment experience for these users who are the life support of your project?

Calvin Chu

yes! We are making it easier for users to be able to support users in gaining access with the opportunity of investing in high quality launchpad projects

Cryptodiffer Community

You point out that "projects are also our users", but really how focused will Impossible Finance be on both the real users and the associated projects? And how beneficial will it be for both compared to other platforms?

Calvin Chu

it’s very important to support both sides because actually Abisola said it perfectly! need both to make a perfect launchpad

We make sure that teams get matched with excited, real defi users, and users get solid, high quality projects

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

we definitely are, as well as working closely with mobile wallets suchas Coin98, Blocto, one of our other previous launchpads, and Trust Wallet!

Cryptodiffer Community

Hi! 💹

While I was checking Impossible Finance's website, I saw a feature as "Asymmetrical Tunin". Can you please explain this in more detail? What are the advantages of this feature? How will users experience this feature?

@calchulus

Calvin Chu

Hey xperia! long time no see!
Our decentralized swap offers lower gas fee trading than other major swaps, and lower slippage, using its asymmetric tuning and liquidity boosts. Full details on our swaps mechanics can be found here. https://medium.com/impossiblefinance/the-impossible-v2-swap-4441b054ad17
It’s very important that swaps are efficient and low fees for users to use - if fees are too high, then volumes and revenues will not be high enough. We want to build something that real users will use, so this is a very high priority for us to ensure the gas fee efficiency and ease of use!

Cryptodiffer Community

I'm actually very new to the crypto world but whenever I read or try to make research on projects and successful IDOs, Impossible Finance is always mentioned. I believe your project has been a great one but can you expatiate the xybk liquidity protocol which places you above the competition?

Calvin Chu

:)) thanks! the xybk is the asymmetrical tuning above ^ you can check this same medium article out above

Cryptodiffer Community

Binance smart Chain blockchain is having high transaction speed and cheap gas fees, Do you have plan In mind to launch your mainet or switch to other blockchains in the future?

Calvin Chu

Yes! we plan to support other blockchains within 2-3 weeks! right now polygon, avalanche moonriver and a few other chains are high priorities for us

Cryptodiffer Community

Could you tell us about what are the features that your platform has that are really "impossible" to find in any of your competitors, and if there really isn't one feature that stands out, why then call it Impossible Finance?

Calvin Chu

we prioritize fairness, accessibility, and quality for our launchpad and we’re confident that we can make sure that no other launchpads can beat us in all 3~

Cryptodiffer Community

Impossible Finance recently announced a strategic investment from Perpetual Protocol and this will allow BUIDLers to build on top of Perpetual Protocol. As a BUIDLer, how can I apply to receive funding for incubation? What requirements do I have to fulfill to be selected? And what will I be getting from both Perpetual Protocol and Impossible Finance if finally selected?

Calvin Chu

yes! we love perp.fi ! you cna apply for incubation at impossible.finance/apply!

Cryptodiffer Community

1. Does Impossible Fi have any committment towards supporting upcoming open source creators and data researchers ? Are you working or in partnership with any builder or creator ?

2. Can you tell me about the relationship between @Impossible Fi and Ariadne Finance ?. I am interested in getting the Duelist King $DKT allocation. Can I get this on Impossible Fi ?

Calvin Chu

Impossible is very supportive of OSS and want to support open source and data in as many ways as possible!
we also https://twitter.com/calchulus/status/1450701491216338946 sponsored the Our Network data camp with Dune Analytics!
we also quite love our current launchpad Ariadne Finance and DuelistKing, our airdrop we just supported and are glad you guys all have a chance to participate in Ariadne still at invest.impossible.finance

Cryptodiffer Community

yes!
great question - i wrote a tweet thread on this
https://twitter.com/calchulus/status/1453010282033340418

Also, yes! if you have ideas, feel free to reach out to our team and chime in to our ecosystems ~
yes!
great question - i wrote a tweet thread on this
https://twitter.com/calchulus/status/1453010282033340418

Also, yes! if you have ideas, feel free to reach out to our team and chime in to our ecosystems ~

Calvin Chu

you can always chat with us within our telegram and discord and as more questions

Cryptodiffer Community

Most launchpads available usually make users go through a lot to get allocations and at the end of the day, give tiny allocations to users. How will the Impossible Finance launchpad ensure a fair sale and equal rights for all users?

Calvin Chu

impossible works to give users a fair share by giving average users and power users multiple ways to earn allocation ❤️

Cryptodiffer Community

Can you give us a list of projects that have done IDO on the IDIA platform so far and their success rate? Also, what are the steps that a user must fulfill to participate in IDOs on the IDIA platform?

Calvin Chu

yes! all projects can be found at invest.impossible.finance - just check the closed section!
Users must stake IDIA to earn allocation into launchpads~

Cryptodiffer Community

1. Has Impossible Finance considered adding insurance coverage from third party teams, as well as instituting SAFU funds to cover for losses incured by LPs in case of attacks such as the previous occurrence witnessed on Impossible Fi ?

2. How has Impossible Fi been able to prevent bots or fake users prior from participating in IDOs of projects using the Impossible Launchpad. In

Calvin Chu

yes! We already work with several insurance and bug bounty programs suchas Tidal finance and Immunefi!
https://immunefi.com/bounty/impossiblefinance/
https://medium.com/tidal-finance/impossible-finance-launches-insurance-fund-to-cover-up-to-1-million-worth-tvl-through-tidal-be7e629200a7

Cryptodiffer Community

Impossible Finance recently received funding from Perpetual protocol. What criteria will builders/projects fulfil before they can apply for funds? What additional support will you provide for them?

@calchulus

Calvin Chu

definitely check out impossible.finance/apply!

Cryptodiffer Community

You say that you are supplying your portfolio with agreements with first class builders, which will guarantee you to adapt to any type of project, both Dex, NFT and more, but could you really detail us what those associations would be? and are they already established?

Calvin Chu

we work with project teams in a hands on manner to support project teams and help teams build out their full product and ifnd integrations and partnerships

Cryptodiffer Community

In most cases only VCs and large private investors have access to top-tier projects, and this is why the reach keep getting richer while the poor keep getting poorer. How does impossible finance intends to help level the playing ground for everyone or your launchpad also favors whales more than retail investors like me?

Calvin Chu

we open up deals that would be only avialable for a select few and make sure that all of our community can participate

Cryptodiffer Community

I read a few months about and attack by a hacker. 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

everything can be checked in our smart contract!
https://debank.com/profile/0x1aBd0067f60513F152ff14E9cD26a62c820d022C
we have over 21 million dollars of staking in our contract currently!

Cryptodiffer Community

What is the final vision of your Impossible Finance project really? Will it simply become the best Launchpad platform in all of DeFi, in which most of the projects do their IDO on their platform? or do they have much more ambition?

Calvin Chu

impossible aims to be the best way for project teams to launch and build a community - we also think that we will set the standard as to how people should think about crypto investing

Cryptodiffer Community

1. Can the use of Impossible Finance simplifies DeFi for users to enjoy fairer investing, cheaper trading and better yields ?

2. I see that Impossible Finance has been hacked in the past. How did you restore investors confidence in your project and what development did you make since that time in terms of security ?

Calvin Chu

yes! we worked on supporting users and fully compensated all affected users https://medium.com/impossiblefinance/impossible-finance-v2-swap-jun-21st-postmortem-94e4b59ad490 here was the postmortem and we fully copensated:
https://medium.com/impossiblefinance/impossible-finance-100-compensation-plan-a4619ce1c1b7

Cryptodiffer Community

I understand that you are looking to "redefine the Launchpad experience", but could you really define what are the features you are looking to "redefine" in this type of platform and what benefits will we really get from making this change?

Calvin Chu

we want access to be fairer than ever before in accessing launchpads - everything we do is to open larger audience

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! check out coingecko for all of the exchange listings for both of our tokens!

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

Impossible’s launchpad mechanisms requires staking!

Cryptodiffer Community

How confident is Impossible Swap V2 leading / defeating other AMM swap designs? Have you been able to address the high gas tariff and high slippage rate issues associated with existing swaps? What are the competitive advantages over swaps such as Curve, Pancakes and Uniswap V3?

Calvin Chu

we’re confident in solving these issues and are excited to launch this across multiple chains

Cryptodiffer Community

I understand that in this third quarter they will carry out the first IDO, but this event will be of their own tokens? Or will it be the first presale of a project on your platform? If so, what would that project be and what date will it actually take place?

Calvin Chu

we already did 5!
🙂

Cryptodiffer Community

How can I buy this token? Is it available on any exchange?

Calvin Chu

yes! please check out the pinned message in our telegram channel

Cryptodiffer Community

What chains will you be on?

Could projects trying to get on the incubator hold lots of IDIA and sway governance?
@calchulus

Calvin Chu

right now no - we are making sure that governance is progressive here
https://medium.com/impossiblefinance/the-impossible-dao-85dc558a6efb

Cryptodiffer Community

From the introduction, I see that Impossible finance is a three (3l in one (1) platform, it serves as an incubator, launchpad and swap. I have couple of solid projects experiencing difficulties in raising funds, can I refer them to you? What requirements must they meet to be to benefit from the incubator program of yours? Will there be a kind of Kyc for them or how do you ensure that only Qualified projects get onboard at the final stage?

Calvin Chu

yes! we’re multifaceted - every project comes on a case by case basis
so we will review all projects closely with our due diligence team

Cryptodiffer Community

𖣘What about users who do not yet have IDIA tokens for the $ DKT bonus allocation? Where can they buy them and what requirements do they need? Thanks 😀

Calvin Chu

sadly the DKT subscription has passed - but feel free to check them out on pancakeswap

Cryptodiffer Community

Congratulations on the Impossible Fi hack, which reduces the value of the $ IF token by about 90%. I'd like to ask, did your platform have insurance to mitigate the impact of this attack and cover the loss of investor funds on the platform?

Calvin Chu

https://medium.com/impossiblefinance/impossible-finance-100-compensation-plan-a4619ce1c1b7
yep easy! 100% compensated 🙂
https://medium.com/tidal-finance/impossible-finance-launches-insurance-fund-to-cover-up-to-1-million-worth-tvl-through-tidal-be7e629200a7
and insurance to make sure it doesn’t happen again

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

we are a global team with users in many many countries!

Cryptodiffer Community

1. I learnt just this morning that ImpossibleFi $IF has invested in @art_wallet #1ART Series D round! What is the benefit of this investment to Impossible Fi and Art wallet?

2. Is there any upcoming project Launching on the Impossible Fi Launchpad ? As a project

Calvin Chu

❤️ yes we’re excited about Artwallet too! they’re s solid team

we are working on many more - please staytuned

Cryptodiffer Community

1. I am resident in the United States and I have not been able to participate in any IDO taking place on Impossible Fi ? Why is this happening to me ? Do I have any restrictions due to my locations ? Must I use VPN to participate in IDO on your platform ?

2. How can I be included in the Impossible Friends Whitelist for Mines of Dalarnia “Mining Apes” NFT ? What do I need to do ? What are the requirements to participate in IDO on Impossible Fi, do I need to get KYC certification ?

Calvin Chu

you actually should KYC using your non-US passport or information if you ahve one

Cryptodiffer Community

Hi! @calchulus

What are the use cases and benefits of buying and holding $IF? What will Impossible Finance offer users to make people to hold $IF? Is it possible to earn passive income when holding $IF? Is holding $IF better or holding $IDIA?

Calvin Chu

full details on tokenomics will be shared in our community later this year ❤️ we’ve been focused on product first

Cryptodiffer Community

How to handle the compensation process for all users affected by the V2 Swap Flash Loan attack really increased my confidence in the team and the entire IF project. But what is the IF team planning to prevent such attacks in future V3 swaps? Did you look for a loophole in V2 swap and deal with it?

Calvin Chu

thanks! we already have multiple bug bounties, and audits to protect our swap in the future

Cryptodiffer Community

Can you explain more about Impossible Finance's ssIDOs or the "Self Sustaining IDOs" feature? What makes it more decentralized and more efficient when it come to token launches?

Calvin Chu

hey! yeah we wanna give more opportunities to set the standard of how fundraising should be!
done!
those are all the questions 🙂
@mykocryptodiffer these are soo good!

Myko (CryptoDiffer)

Thanks a lot!
you've covered lots of questions

Calvin Chu

my fingers are tired haha

Myko (CryptoDiffer)

seems like i know the reason)
chat is unmuted! thanks everyone for your questions

Calvin Chu

:))
really great having everyone
if you guys want to learn more about impossible finance, please check out these links
🔥🔥🔥@Ariadne_finance IDO happening NOW🔥🔥🔥
medium.com/impossiblefinance/the-impossible-finance-ido-5-ariadne-token-sale-ac44a5710a20

Get your IF and IDIA
https://swap.impossible.finance/#/swap
Website:
https://impossible.finance/
Swap:
https://swap.impossible.finance/
Medium:
https://medium.com/impossiblefinance/latest
Chart:
https://dex.guru/token/0xb0e1fc65c1a741b4662b813eb787d369b8614af1-bsc

https://medium.com/impossiblefinance/the-impossible-finance-idia-token-whitepaper-254c6f7629c3
IF Launchpad Format FAQ

OFFICIAL TOKEN ADDRESSES
- $IDIA BSC smart contract address: 0x0b15ddf19d47e6a86a56148fb4afffc6929bcb89
- $IF BSC smart contract address: 0xb0e1fc65c1a741b4662b813eb787d369b8614af1

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

Telegram KR:
https://t.me/ImpossibleFinanceKorea
Telegram TR:
https://t.me/ImpossibleFinanceTR
Telegram Chinese:
https://t.me/ImpossibleFinanceChinese
Telegram VN:
https://t.me/ImpossibleFinanceVN
Telegram RU:
https://t.me/ImpossibleFinanceRU
Telegram Esp:
https://t.me/ImpossibleFinanceSpanish
Telegram JP:
https://t.me/ImpossibleFinanceJP
Telegram PT:
https://t.me/ImpossibleFinancePT

Discord:
https://discord.com/invite/SyF3RzxQCZ
Coingecko:
IF https://www.coingecko.com/en/coins/impossible-finance
IDIA https://www.coingecko.com/en/coins/idia

What is IF Token?
IF Token is the Governance Token for Impossible.Finance.
https://impossible.freshdesk.com/en/support/solutions/articles/80000604788-what-is-if-token-

📈 OFFICIAL IDIA TRADING LOCATIONS
- Impossible Swap: https://swap.impossible.finance/#/swap?inputCurrency=0xe9e7CEA3DedcA5984780Bafc599bD69ADd087D56&outputCurrency=0x0b15ddf19d47e6a86a56148fb4afffc6929bcb89
- PancakeSwap: https://pancakeswap.finance/swap?inputCurrency=0xe9e7CEA3DedcA5984780Bafc599bD69ADd087D56&outputCurrency=0x0b15ddf19d47e6a86a56148fb4afffc6929bcb89
- Poloniex: https://poloniex.com/exchange/USDT_IDIA
- MXC: https://www.mexc.com/exchange/IDIA_USDT

GUIDES
- How to use Swap: https://impossible.freshdesk.com/en/support/solutions/articles/80000604797-how-to-use-if-swap-
- How to use Launchpad: https://impossible.freshdesk.com/en/support/solutions/articles/80000771636-how-to-use-launchpad-public-sale-

IDIA Details:
- Hardcap: 240,000 USD* (increased to 300,000 due to oversubscription)
- Hard Cap Per User: 10,000 USD
- Public Sale Token Price: 1 IDIA = 0.075 USD (BUSD)
- Token Sale Format: Stakeweight Subscription

ABOUT US
- IDIA IDO Details: https://medium.com/impossiblefinance/impossible-ido-idia-token-sale-performance-update-81c6e5982b55
- Research report: https://gateway.pinata.cloud/ipfs/QmXfdCHYTTD8usWY85mQnFU7ecmWrD8KDuaxk6b5vARkkE/IF%20Research%20Report%20Project%20%231-%20IDIA%20Launchpad_vF.pdf
- Whitepaper: https://gateway.pinata.cloud/ipfs/QmSXzevkMPU3z2nZFthEvzdzwpbXDR8Em62XqkKw8g4hTR/Impossible%20Finance%20IDIA%20Official%20Whitepaper.pdf

IF vs IDIA
IDIA is mainly focused on our Launchpad while IF is focused on the governance of Impossible Finance. That said, both are linked to each other.

How is allocation calculated
https://impossible.freshdesk.com/en/support/solutions/articles/80000801997-if-launchpad-format-faq#2.-How-is-Allocation-calculated