Our AMA with PancakeSwap 🥞
Today we had an amazing AMA with the PancakeSwap community on their Telegram channel. We felt it was worth sharing a recap with you.
Find the questions and answers from the two open sessions below 👇
Renan Rosa: How do you deal with other swaps (Burger, Fries, Coke, JustLiquidity)? In a partnership or competitor mode?
The Last Degen: Great question. We are always in a partnership mode. BSC is still in its early stage and working together is the only way to go. We are working on ecosystem partnerships as we speak. We have close contact to the Thugs aka Streetswap team. I have also talked with beefy already. Yesterday I got approached by JetFuel. We are open for partnerships, or lets say we are actively looking for them!
Mj: People say that the next boom will be NFTs after the Defi. What do you think about this?
Chef Chansey: Well, it’s impossible to predict the future, but we are very interested in NFTs and it is part of our roadmap to integrate NFTs in our ecosystem. We already have a few NFTs designed that will be released in a MVP version.
Miti TT: Will there be a code audit in the near future?
The Last Degen: Currently, there is no audit planned. Our code has been carefully reviewed and tested and we have studied all audit reports of Ampleforth. The code we have forked (uFragments) has been in production on the Ethereum mainnet for almost 2 years. We have also done threat modeling and are aware of all past exploits, like messing up the rebase with flash loans, exploiting race conditions in the AMM sync process, etc. Rest assured, we have added appropriate countermeasures. Ditto was also live on testnet for several days. You can read more on our medium. For future development, we will of course consider audits. But for the current code it is not needed.
Shiva | King Of DeFi: Do you believe it’s easy to reach a wider user base as the Binance Smart Chain is not really famous yet and DITTO is the first project of its kind, kind of pioneer..does it make the journey easy for you?
Chef Chansey: The user base is definitely smaller. But we hope to be able to address elastic supply fans from Ethereum (where there’s literally hundreds of these projects). I think that most users will be blown away by the fast and cheap transactions, it’s a vastly different user experience
TheReal_Crypto: Are positive rebased the way an investor makes money?
The Last Degen: Correct. With elastic supply coins, investors make money with a growing market cap. Since you always own the same % of the supply. if you e.g. own 1% of 100 ditto. You own 1 ditto. if there are several positive rebases and you now have a supply of 200 ditto… you still own 1% of the supply → 2 dittos :)
The Chosen one: As investors, how do guarantee we would be making profits with an elastic supply, won’t that push investors away, are there any incentives?
The Last Degen: I think this was already explained. You make money with positive rebases aka. a growing mcap. I recommend everybody to read our medium article → https://dittomoney.medium.com/elastic-supply-for-dummies-ce07ae3e2c5c, and watch some youtube explainer videos on AMPL. I know it is hard to accept that the price is not the most important thing ;) And as already mentioned there will be incentives to hold ditto and provide liquidity. You will earn rewards and we will have a decent APY for that!
Ildar N | Thugs.fi: How elastic supply token behaves in liquidity pool after rebases?
Chef Chansey: That’s an important one. Every rebase changes the balance of the pair contract. This means that the contract state has to be synced atomically with every rebase. If we do that, the price in the pool changes instantly with the rebase. Say, DITTO balance is 2% lower, price goes up by 2%.
mjrgp: How will you use the 10% ecosystem fund based on the token allocation?
The Last Degen: Good question. Let me quickly post the full token allocation. 70% public sale
(35% to be sold via IFO, 35% to be sold directly on ditto.money website)
15% LP staking rewards
10% ecosystem fund
5% initial liquidity
The Ecosystem fund will be used for partnerships and community growth. We want to use them in a smart way to bring more users to ditto and drive the ditto demand. E.g. like cake did it with TWT. A brilliant move in my opinion. The 50k DITTO for the syrup pool are from the ecosystem fund for example. And we can e.g. let the community decide if we want to allocate another 50k DITTO to the syrup pool once the first 50k are distributed.
Savioruz: What advantages does Ditto offer compared to other similar projects e.g. $cake?
Chef Chansey: DITTO is really complimentary to CAKE. Elastic supply tokens and AMMs are two different DeFi legos.
Jess: Instead of having elastic supply/ rebase, why didn’t ditto go for stable token? What advantage does it add to ditto network at large?
The Last Degen: We believe that stablecoins that are backed by FIAT are the biggest paradoxon in the crypto and especially in the DeFi space. We want to have an alternative to traditional finance, we want to unbank ourselves… so why are we building so much on coins that are backed with FIAT money??? We want to have a decentralized, self-regulated stable asset. Of course, it will not be as stable as BUSD/USDT/USDC… but it will be independent of traditional finance. And isn’t this why crypto has soo much potential?
Hector: Why is it better to use ditto than a stablecoin?
Chef Chansey: I wouldn’t call any of the two “better”. DITTO is part speculative investment. If market cap goes up your number of tokens goes up even though the value of each token is still $1. A stable coin simply mirrors a fiat currency.
Thank you to everyone who participated :)
