1st Developer AMA
Recap 23rd January
Ludwig von Mises:
Dear VELO Community, I would like to invite you to this AMA. It is an internal AMA, i.e. for the group here, but of course the whole DeFi community is invited as well.
New users are always welcome..! 😊
I would like to use this weekly / bi-weekly AMA for concrete discussions within the VELO community. We will not be able to discuss everything in detail, but we can call here topic concretely by name and plan next steps..
As this is the first internal AMA I would also like to use this opportunity to thank the community.. You are great!
I would also like to thank Suvi — she does a great job! I would also like to thank the dev(op)s, they do great work that is often done “invisibly” in the background. You spent nights developing, testing, safety testing and testing again.
Your work is unfortunately not appreciated enough and I am definitely looking for ways to improve it!
Further, I would like to look back and review the current status, like where are we, why are we there. A kind of summary after the good, the bad & the ugly principle.
After that we can enter into dialogue and I can tell something about the next steps and ideas.
Those who were here from the beginning can certainly still remember the launch well. I personally remember the moment when the first $500K were staked into the staking pool. They came within minutes, virtually out of nowhere.
In total, the community had almost $3M staked and so the 100M VLO was distributed to the community. That was the birth of the VELO DAO.
We have also seen that the DAO is willing and able to make decisions.
Two community proposals have already been proposed and executed!
The first proposal was the current MISES LEGACY pool and the second was the extension of the VELO project to the Binance Smart Chain (BSC). That is impressive in such a short time.
We have also already had two audits, and both have attested the high safety standard of the VELO project.
But there were some issues as well..
The initial website was inconsistent, error prone, had caching issues and finally had to be completely replaced. We had also underestimated the effort required to support the community and to find, coordinate and ultimately fund the necessary influencers.
Defi is a market where fundamental data has only limited relevance.
Increasing the reach of our marketing is something we will be doing in the next steps and milestones!
Where there is so much light, there is also shadow.
I personally regret the way the VELO token has been distributed!!
It had been carried out after “fair” model and I realize that it simply does not work. It was simply given away too cheap.
What was bought or obtained cheaply is also sold cheaply. This is human nature.
The current market valuation of $250K does not even begin to reflect the effort required for the development of the VELO project.
I am seriously considering starting a BUY-BACK campaign!
What I do consider a success, however, is the VELO DAO that was created as a result of the fair distribution.
The DAO is a legitimate structure and it clearly has control over the VELO project.
The DAO is the starting point for further projects.
It is precisely this DAO that may and must select, fund and also implement the future projects.
This means that you guys here are now in the duty! I know that you may not like it now… 😊
But those who tell you that there is such a thing as “free lunch” are lying…
Value can only be created by human action — I wrote a book about this sometime in 1949…
So what I propose is to work with the DAO..
I have an excellent development team that is able to implement the craziest ideas in a meaningful way.
I can bring ideas and suggestions and I am in daily exchange with some of the community.
I would also like to appeal to the community — place your suggestions, ideas and we can then together assess whether this idea can be implemented, how and where a budget can be found for it, in what time scale an implementation is feasible! Lets work together on the future on DEFI!
—
Now a short status on the concrete VLO-BSC project, which has already been 1) decided by the DAO and also 2) funded by the DAO:
1) The VLO BSC will have a supply of 100M VLO-BSC on the BSC — similar to VLO on Ethereum.
2) 20M will be distributed to the current VLO-BSC community as airdrop. The characteristics of the snapshot are currently elaborated and will be make public here.
3) VELO DAO will execute an ICO of at least 50M VLO-BSC. This budget is used for marketing, influencer deals, liquidity and other necessary expenses.
4) LP farming of VLO/ETH could also be rewarded with VLO-BSC.
5) The VLO-BSC token will be available on Ethereum BEFORE the technical launch on the BSC. I.e. the VLO-BSC launch as well as LP farming can already take place on Ethereum.
The exact agenda for the VLO-BSC rollout is not 100% ready yet, but we think that we will present it here in the next 7 days.
We are also in discussion with e.g. https://defi.org/ and may receive support for the project there.
—
What’s next?
VELO was an initial project of Ludwig von Mises.With the DAO, we can now tackle other goals. Project X is also taking concrete shape.
The idea is to place the VELO project under the umbrella of mises.finance.
mises.finance is an economic suite in the sense of DEFI — with own token, the $MSHARE.
It is a speculative and a dividend token for the mises ecosystem.
Right next we propose mises.cash with the $MCASH token.
$MCASH is a stable token that also uses BTC and ETH as collateral.
I.e. a BTC holder can stay long in BTC and can use the $MCASH token as a stable token in DEFI.
How will VELO holders benefit from all this projects?
It is your token, your DAO and your projects. You decide how the distribution of e.g. $MSHARE takes place.
I am sure that the community will decide in such a way that the VLO token holder will benefit maximally.
How exactly that should be — you decide it! Be smart!
I am now looking forward to your questions.
Suvi
I will open the chat now
Ludwig von Mises
Thank you Suvi!
Suvi
Thanks so much for this short history
I agree fully
And I am also very excited about the future
Ludwig von Mises
Yes, history is always of the future.
Riyan Priya
OF COURSE, you have prepared various ways to attract investors’ attention. Did you know that attracting investors is easy, the hard thing is, retaining them. so are you ready to hold their trust ?
cause like we knew that,
a lot of scam projects out there.
Lina
DEFI is one of the most risky features of the block chain now,
How does velo token help users to curb and avoid DeFi risks ?
clark Kent
Now, the token launch process is easy, but to develop the ecosystem, stabilize prices, expand the market is a challenge in every project? So what are your team first steps towards solving this problem? what is your plan to maintain token price & supply in the market?
Chugar Tx
Where am I?
Ludwig von Mises
Trust & trust are two different things. Scam is something that I do not want be associated with. Scam == Crime.
Ludwig von Mises
I see you clearly — you are in! 😊
Creamy
How do you see VLO gaining value on the shorter term?
Ludwig von Mises
“easy is relative”. Talking is cheap, executing always hard. We have enough ideas and have proven that we can execute.
Ludwig von Mises
Buy back & prevent weak hands dumping. Fair distribution is not working.
Ludwig von Mises
.. short term is relative. DeFi is a very volatile market. It depends a lot on timing.
kriptoevangelist
fair distribution needs more time — more people… many that have little… and some stable base…
Ludwig von Mises
it seem
Jnthn
When talking about bsc migration you will allocate 50 m to funding so does that mean that the other 50m is current vlo holders? Meaning that current vlo will have a 2:1 conversion to the new chain?
Ludwig von Mises
fair / unfair — can you give me a reason why someone in the community here should work for you? For you to bring value that you can skim? That is in reality of “fair” distribution model, that is not working in real world.
Ludwig von Mises
VLO-BSC, yes this is a interesting one.
Ludwig von Mises
BSC is a user chain, there are between 20%-50% of users that on Ethereum. It will simply increase the VELO territory.
Ludwig von Mises
In this new territory VELO users will have 20% of the supply — as a airdrop.
Jnthn
Ok sorry for my ignorance, so vlo will exist on 2 chains simultaneously then?
Creamy
Do you mean current VELO users? on ECR20? -> i guess this would be one of those long term holding privelleges 🙂 or am I missunderstanding?
Ludwig von Mises
no, 20M VLO will be distributed as airdrop. 50M will be sold as DAO ICO and another 30M max will be distributed for LP providers..
Ludwig von Mises
.. the point it that the VELO DAO will be able to market the VELO project with full steam.
Jnthn
Ok so then it will be a 5:1 ratio of current holders
Ricardo
You mentioned buy backs, is this set in stone?
What will happen to the bought tokens? Will they be added to liquidity?
Ludwig von Mises
In the pipeline is: BSC, mises.finance & mises.cash. In all those project the initial VLO have a stake in, since the VELO DAO is the project owner.
Ludwig von Mises
yes, good summary.
Creamy
Great
Ludwig von Mises
This is my personal summary — the MCAP is too cheap and it makes sense to buy it back via a OTC deal.
Jnthn
Any plans on extending to other chains or will BSC be “permanent”
Ludwig von Mises
Sure, with Suvi we have a privileged access to TELOS and thus to the EOS world. We are looking for various reasons to polkadot (mises.cash will be there as well since $MCASH is a private and anon token).
Ricardo
Will liquidity from the ERC20 be moved to BSC?
Or both chains will coexist?
Jnthn
Awesome 👍
Ludwig von Mises
BSC is interesting because of Binance DEX. So once you are on BSC the way to Binance DEX or even Binance is not far.
Ludwig von Mises
No, the both chains will be in parallel.
Ricardo
Will the price be related between them, or totally independent?
Ludwig von Mises
This is a interesting one. There is a UNI swap clone on BSC, but since the transaction TPS are much higher on BSC, the velocity will be higher as well. I personally think, the VLO BSC will be more expensive. Remember velocity == value.
Jnthn
Where will discussions about details take place? Will it be discussed behind the scenes, or will the community have a chance to chime in?
Ludwig von Mises
“behind the scenes” means in Defi + DAO just another TG channel. If you want to participate, you have skills, time just ping me or Suvi. There is a lot to do!
Jnthn
Ok sounds good, I’m not sure how much I can contribute but I would be interested to see 👍
Ludwig von Mises
Sure, that’s how it works. The DAO already has a budget and will have more in the future. This means that contract work can also be issued.
Suvi
great answers and questions all😊
Is there something still that was not answered 🤨
Ricardo
What skills are you in need of the most?
Jnthn
What is your stance on philanthropy?
Ludwig von Mises
communication, organization, networking, marketing, technology, solidity, web, rust/c/c++/python, zero-knowledge (for mises.cash)..
Ludwig von Mises
This is a very open question… 😊
Jacky Brown
For now, how about token burn to decrease supply and automatic rebase without the need for a hero every 12 hrs. 😃
Ludwig von Mises
You had a chance to read the WP?
Jnthn
Also have you given thought to perhaps doing a bond sale similar to the upcoming Telos t-bonds to lock up vlo on the back chain?
Jnthn
I skimmed through it a little bit 😶
Ludwig von Mises
.. this can definitely be part of the mises.finance economical suite.
Digital Buddha
Automatic Rebase might be good. The rebase button seems a bit gimmicky.
Ludwig von Mises
ok, but burning without the economical reason is just reducing the supply.
Creamy
When bsc intergration is complete, I can see that the price will be higher on bsc. How do you maintain value for the ethereum pair? If one would like to convert fully to bsc, there is a risk they would be/feel financially stuck in ECR20
Ludwig von Mises
“auto” is in the ethereum world not really possible. It requires always “external” energy + a hero who is paying the gas.
Suvi
👌
Jnthn
Rebase button can be created into an Auction where the highest bidder gets to active the rebase when he or she pleases. Funds from the auction can go back into the vlo fund
Jnthn
Use case number 1️⃣ for vlo 👆
Ludwig von Mises
On BSC this is just another token in the BSC ecosystem. So basically the VLO community here will get 20% on the economy upfront and the DAO will get additional budget due to the DAO ICO.
Jnthn
Once rebases, the auction starts over again
Ludwig von Mises
Nice econ game. I would love to receive a full spec for that usecase. 😊
Quitra
Any plans for a eth-bsc bridge for vlo? Or will they be completely unrelated other than release?
Ludwig von Mises
That budget will be used to market VELO more.
Jnthn
It Incentives movement of vlo so then there will always be a baseline movement 😉
stare
more personal question but what sparked your interest for coding and has it just been a hobby or profession since then
Ludwig von Mises
Yes, this is a good one. We are now discussing exactly this with the BSC guys. Maybe they will be some sponsoring on this..
Ludwig von Mises
Me and coding? I am a econ guy.. 😊 The only coder I knew was Alan Turing..
Creamy
Okay, it is a bit difficult to see the value of holding eth-vlo tokens up until the airdrop. What is your response to the scenario in which eth-vlo gets dumped for bsc-vlo. It appears as if the choice of running these two paralell is that you halve the value of each pair.
Creamy
Response to preventing the scenario.
Ludwig von Mises
.. and the reason why I am now in Defi is the fact that our banking system is broken (we just do not know yet..)
Ludwig von Mises
And why you are sticking just and only to the BSC case? For me the mises.cash is much more interesting, since the need for a crypto-backed stable, private & anon token is huge.
Suvi
I in fact it sees it doubles the value 🧐🧐 you will have the stake in both.
Ludwig von Mises
yes. And this is one of many projects that the DAO is already working on.
Jnthn
Because if you dump vlo eth you get less from airdrop. I hope I understand this correctly
Creamy
yes and after airdrop is complete?
Jnthn
Because of potential buy back??? I believe??
Creamy
Point i am trying to make is that diverted resources lead to diverted returns. Regardless of the quality of each resource; the more you offer the less each resource will bring to the table.
Jnthn
Buy back usually offers more than market price
Ludwig von Mises
Not sure if I got it fully. What is the concrete question?
Creamy
Okay, thats fine 🙂 Would love to here more about the details of this when they are ready. Conceptually I am all for these developments; I am just trying to look at how I can maintain the investments that I have already made!
Chugar Tx
In the case of a buyback, would the bought vlo be added to the liquidity? In the sense creating a “price floor”?
Suvi
not if they are expanding over the current market. This is simple. 10 apple farmers sell apples at apple Market. There is no room for another 10 apple farmers. But apple farmer decides to expand to FRUIT MARKET whose customers never visit apple market. More potential users. This does not dilute anything, quite the opposite.
Creamy
Jump to the scenario where both chains are running parallel; after the airdrop, if BSC will be inherently more valuable (lower gas, etc) -> this can create a scenario in which eth-vlo becomes unatractive. Now how does this stop people from abandoning the eth-vlo ship?
Creamy
I think buy back is more or less the most concrete answer to this question; which is fine. Curious to see what the details will be.
Jnthn
Eth velo can be used as a reserve maybe?
Jnthn
I’m just throwing out ideas lol don’t take it as sustainable Creamy
Creamy
Dw 🙂
Ludwig von Mises
it depends who is going to buy them and at what price.
Ludwig von Mises
I see here more interesting option to distribute the VLO-BSC via LP for VLO/ETH. Like you are providing liquidity for VLO-ETH and earn VLO-BSC.
Creamy
+
Chugar Tx
As someone who can’t legally use binance, that’s no fun :(
Ludwig von Mises
One idea would be to have a low-friction bridge between VLO and VLO-BSC so that people can decide where their token should “live”, like 80/20 or 40/60..
Creamy
Exactly, great. this idea, or another that serves a similar function is what I personally was looking to hear.
Ludwig von Mises
Interesting — binance will earlier/later install more regulatory processes such as KYC, FinSEC, etc. Therefore I think we need asap a stable, private & anon token in Defi, later even with own infrastructure. Imagine a stable token that is integrated with a renBridge (the home of renBTC) so that you can “jump” from one chain to another.
Ludwig von Mises
without a central party..
Ludwig von Mises
We can delegate this building blocks to some 3th party, like BSC them self. Other projects have similar issues/ideas. My hope is that we do not need to develop such a component our self.
Ludwig von Mises
All right — if there are no further questions, I would like to thank you. I would like to hold this AMA on a weekly/bi-weekly basis to keep the communication channel open.
Jnthn
Great!👍
Suvi
Thanks so much!!!
This was very insightful
😊
👍
Creamy
Thanks!!
Jnthn
Thank you!
Chugar Tx
I’m a HUGE fan of ren
kriptoevangelist
Good work @SuperMises
