AMA RECAP: NewB.Farm x IM Community on 22nd September 2021 UTC 2PM
On 22nd September 2021, NewB.Farm held an AMA session in both IM Community and NewB.Farm Vietnam community with the aim of providing audiences with more information about the NewB.Farm project.
Segment 1: Introduction Segment
Q1. Could you please give us a simple introduction of NewB.Farm ? What’s the motivation for starting build NewB.Farm ?
Adam: Newb.Farm is a yield farming aggregator platform running on Binance Smart Chain (BSC) that was launched on the 17th of May 2021. NewB.Farm yield farm currently has 15 communities around the world with over 22,000 members in community groups. — We have reached approximate $20 Million TVL in less than 4 months.
Our team mainly from Europe & Asia, we are involved in cryptocurrencies related field since 2017, and now we have moved our preference into Decentralized Finance, DeFi in its abbreviated form, enables the deployment of traditional finance products like lending, staking & borrowing using smart contracts that are permissionless and trustless.
Thousands of crypto enthusiasts have taken advantage of these opportunities to multiply their capital and earn substantial profits. However, the DeFi sector, particularly Yield Farming, is still in its early stages, and most DeFi platforms today come across as complicated for people who aren’t crypto-savvy or as NewB likes to call them, “newbies”.
This means that thousands of potential yield farmers are excluded from these earning opportunities solely because of technical complexity. As a result, a new breed of next-generation DeFi platforms is springing up that seeks to bridge the gap and NewB.Farm is leading this trend.
Newb.farm is to bring more users around the world to expand their understanding on Defi and to educate them that Defi is not as complicated as it seems.
Q2.What are the services that NewB.Farm provides to users? What features does it have?
Adam: Currently, our core service is yield farming and/or liquidity mining via our vaults on our platform. To date, we have a total of 14 active vaults.
More products will be launched in the very near future, so stay tuned.
When you deposit in our vaults, not only you will get return of the deposited coin/token, but you will also get additional rewards in form of NewB!
It’s double staking for triple rewards that include NewB token!
Q3.Benefits that users receive when becoming a Farmer on NewB.Farm ?
Adam: NewB.Farm has launched an affiliate campaign called Share N’ Thrive that incentivizes community members that actively promote the yield farming platform.
With the affiliate program, we alocated up to 3% rewards.
Q4.What role does the $NEWB token play in your ecosystem? What are the benefits of long-term holding?
Adam: The target role for NewB tokens is to be a full governance token in the NewB ecosystem.
This is where users/hodlers can participate in policy making process in NewB governance. Also, at the same time, receiving profit shares and/or interest from every product in the ecosystem.
As for the benefits, NewB initial price start was $90/ token, we believed that NewB price will accelerates around $170-$200, Market tremendous support have moon NewB price to $260-$270.
https://dex.guru/token/0x545f90dc35ca1e6129f1fed354b3e2df12034261-bsc
Q5. What is NewB.Farm plans for this year ？
Don L: I think NFT needs no introduction in terms of growth opportunities. As such, one of our many exciting developments include NewB NFT marketplace. This is a place where NFT lovers can mint, list and auction NFTs.
The asset collections being launched are primed to be crowd-favorites given a variety of reasons that can’t be disclosed just yet.
In parallel, the platform will also continue introducing new vaults & staking pools for liquidity providers to maximize their capital. There are also plans to have NewB token listed on more exchanges, thereby expanding its ecosystem even more.
Segment 2: Twitter Segment
Q1 from @monirha07589232
NFT is really a hot topic in the cryptocurrency market now. So how is your project planning to develop NFT then how is your project planning to integrate it with DeFi
Adam: NFT really has taken the crypto space by storm! NewB.Farm has already development plans for NFT in its pipeline and we will be developing some interesting products in the very near future.
Being a yield optimizers, NewB.Farm will definitely integrate NFTs with DeFi. However for more on this, you would have to stay tuned and wait for our updates!
Q2 from @manivasagan4444
Revenue and profit are important factors to maintain and develop the project. So what is NewB Farm revenue generation model?
Andam: NewB’s revenue comes from farmers’ harvesting 15% of vault fees and 0.2% of withdrawal fees, so the NewB platform will enable farmers to recieve more benefits.
The platform will also have better profit margins to create more Defi products suitable for the economic needs of each country, In order to achieve a win-win profit model for all.
Vault fees on vault users’ profits are use to perform market buy-backs and these $NewB are burnt out of supply forever in the near future.
https://newb.gitbook.io/newbfarm/
Q3 from @Lidiamga
The main problem with yield farming is the impermanent loss, which occurs when you provide liquidity to a liquidity pool, and the price of the deposited assets changes with respect to the moment you made the deposit. Does NewB Farm have any measures greatly diminish this factor?
Don L: That’s a great question. Let me start by saying that impermanent loss (“IL”) have always existed, even in traditional financial markets. Therefore, it is not that different in the DeFi space.
As a rule of thumb, users are always urged to equip themselves with the relevant knowledge and know-hows before venturing into this space, especially the basics.
Since IL is usually unavoidable due to market forces (supply and demand), we at NewB.Farm have deployed a range of strategies to mitigate the effects of IL.
The following are some of the strategies:-
(1) NewB.Farm regularly publishes articles educating users on DeFi and conducts weekly online seminars for users to participate and learn more about the benefits and risks/rewards of DeFi.
(2) The team at NewB.Farm constantly vets and shortlists projects that fits our requirements and strategies. We do this to avoid liquidity pools that are risky and hyper-volatile. A liquidity pool which is hyper-volatile has a greater effect of IL.
(3) There are also stablecoin pairings in NewB.Farm. This might be the best strategy for users to avoid or mitigate the effects of IL. In a bull market, it might not be ideal to provide for these types of pools as users might not yield potentially exponential returns (after all, the value of stablecoins are always pegged to the value of traditional currencies). In a bear market however, users can opt for these pools as IL is minimal while still earning at the same time.
In conclusion, users are also encouraged to employ their own strategies. Losses only become “permanent” when users withdraw their liquidity. If it is within the users’ strategy, just HODL.
Lastly, always DYOR before deciding to provide liquidity for the pool(s) of choice. The above is not financial advice.
Q4 from @mac_sip
Which market is NewB focusing on developing? How do you assess the development potential in the Vietnamese market? Does the team have plans to develop in the Vietnamese market?
Adam: NewB has limitless reach to the global market. NewB moves forward via our global community. From ordinary families to companies, NewB plays a very important role. The Vietnamese market definitely has huge potential in terms of developing ourselves there.
Data already shows that there are already 660 million U.S. dollars in circulation in cryptocurrency in Vietnam alone as well as the highest amount of users and adoption rate in south east Asia. With that NewB definitely looks into broadening our horizons and developing our community in Vietnam.
Q5 from @TUyn03668561
Marketing is a very important issue for every project. It can be said that Marketing is the key to the success of the project. So what marketing strategy does NewB have to attract more users?
Adam: NewB.Farm introduces the latest breakthrough in the digital age of finance which is DeFi and with that, we look to broaden our horizons by being the pioneer in this digital age. we strongly believe that staking will replace ‘fixed deposit’ introduced by centralized institutions. we will further enhance this by introducing more staking pools which will provide higher returns and security within our platform to provide a more diversified and high yield staking platform. Furthermore, we are also able to provide financial services to all groups of entities from individuals/families to Small Medium Enterprises all the way to Multi-National Companies either in financial aid/recovery ranging from household expenses to business expenditures.
Segment 3: Live Segment
Question 1: Where can I buy your tokens now, what are your current contracts address and how can I buy them and what are the benefits?
Adam: You can buy our token from ApeSwap / PancakeSwap.
THIS is our contract address: 0x545f90dc35ca1e6129f1fed354b3e2df12034261
Question 2: Staking programme is very important for any project, Can i stake your token? Do you have any plan of starting staking programme?
Adam: Hi ! YES You can stake NewB token. Currently our pair NEWB — BNB (ApeSwap) is offering approximately (APY — 388%++).
Now is BEST TIME to stake into NEWB.FARM! Shopping month.
Question 3: What are your security measures in place from hacks and bugs in smart contracts? Have you done any audit to make your smart contract secure?
Don L: Hi, yes we do understand the concern regarding this.
Firstly, as DeFi is rapidly growing, we always urge users of DeFi to be vigilant and practice good diligence when interacting in this space. Always DYOR!
Our team do have in place proper safeguards and procedures before launching or introducing new features or products on NewB.Farm. We also ensure that all security measures are covered (including vigorous stress test) and we will optimize it for the best user experience.
Lastly, yes our smart contracts and codes are audited by external parties, all of which could be found on our info page.
Question 4: Can you provide the project roadmap and tell us a little about your plans for 2021 and your plans for next year 2022?
Adam: 4th Quater 2021
- Launching NFT products
- Crosschain Capability
1st Quater 2022
- Posiblities of Lending and borrowing protocols.
2nd Quater — 4th Quater
- To be Reveal SOON. Stay on our Twitter / Telegram.
Question 5: Which chain are you using for your native token and do you plan integrate to BSC, POLKADOT in the future?
Don L: Hi, thank you for your question.
Our native token is initially launched on Binance Smart Chain (BSC) due to its affordability, ease of use and scalability.
We also do have in our development pipeline for cross chain capability, targeting to be launched on chains like Polkadot, Polygon, Avalanche, etc.
To hear the latest on NewB’s development, please stay tuned!
Please Join NewB.Farm Communities Below:
NewB.Farm Official website: https://www.newb.farm/
NewB.Farm Official link tree: https://linktr.ee/newbfarm
NewB.Farm Official gitbook: https://newb.gitbook.io/newbfarm/
NewB.Farm Official Twitter: https://twitter.com/NewBFarm
NewB.me Official Community: https://www.newb.me/
