AMA Recap Cryptoscreenh With Amara Finance

On 19 July 2021, Amara Finance conducted an AMA in the Cryptoscreen Community. Our guest is Neal of Amara Finance.

Lots of questions as usual from the Community about Amara Finance progress. The Amara Finance team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Cryptoscreen community. If you missed the AMA in person, read this recap for a deeper insight into Amara Finance.

Let’s take a look at the most interesting points of our conversation.

INTRODUCTION

Inol Granero :
Okey, Before I start the first session can you introduce yourself to our community?

Neal :
I am Neal, the head of Business Development of North America at Amara. I’ve been in crypto since 2017. I have a background in data science with experience in developing machine learning applications in different fields. I am here to bring Amara into a global perspective!

Inol Granero :
Q1. Can you tell the members a little about Amara Finance?

Neal :
My pleasure! Amara is a multi-chain assets lending protocol within the Polkadot ecosystem, focusing on open, privacy preserved, high growth asset lending markets.

We are very likely to be in the first few projects to be deployed on Acala Network. On the platform, we will launch high quality long tail assets and mainstream assets, cross-chain bridge protocol Mara-link, NFT related products, lossless lottery, variable interest loan, and a series of financial derivative products.

Inol Granero :
Q2. What do you think are the main features that differentiate Amara Finance from other projects?

Neal :
First, Amara is a lending platform that focuses on high quality long tail assets, which is very different from those leading lending projects that only cover mainstream assets. Long tail assets lending is very challengeable , however with huge rewards. And we are looking to build a model that is going to generate greater returns with less risks.
Second, Amara is developing its own cross-chain bridge protocol to allow users to transfer assets between other blockchains and Polkadot. With that, we will become a multi-chain assets lending platform and achieve multi-chain deployments.
We are also going to develop NFT related financial products, which is a very new concept in the space.
In addition to the product features, we take security very seriously. We will not only perform the best practice for our platform and smart contract, but also design adequate risk management for our products to minimize risks and impacts of extreme market conditions.

Inol Granero :
Q3. Why do you think your team can make Amara Finance succeed?

Neal :
We have an experienced and dedicated team with risk and growth in mind.
we are building market fit products with unique features.
We are early mover within Polkadot ecosystem that is looking to be the next generation of blockchain.

Inol Granero :
Q4. What are your ambitions for the future?

Neal :
A leading DeFi platform as well as liquidity hub in the crypto space.

Inol Granero :
Q5. What is your progress on your roadmap till now? And what is your future plan in 2021?

Neal :
We are a results oriented team as we focus on delivering goals that we promised. Things that we have accomplished:
In April, we published our whitepaper, completed the test of AmaraLend on Ethereum, and finished our seed round investment.
In May, our website went live.
In June, we deployed AmaraLend on the Acala Mandala TC6 network, did asset tests with USDT, ACA, BTC, and DOT, and began the yield farming on the test network.
We also developed a strategic partnership with Phala Network and initiated a global airdrop campaign.
We had the honor of being invited to join the Solana hackathon!
Last week, Maraland completed the final verification of data before launch, with optimized user experience development. Mara-link has enabled the bridge with Binance Smart Chain and Polygon Network with stable and secure connections.
We have also received grant support from Polygon for further development and integration.

In July, we will release our products in Beta for testing. You all are invited to sign up, complete the test, and get rewards.
At the end of July, we will release details about our IDO.
In September, we will work on upgrading our lending model that is going to implement the “Interest Rate Bomb”.
Also, AmaraLend V1 and Maralink beta version will be released.
From November to December, we will launch an Innovation Zone for high quality long tail assets.
For 2021, the goal for Amara is to ensure the successful operation of our platform and grow our community as much as we can.

QUESTION FROM TWITTER

Inol Granero :
Q1. 🔴 During these days, be a Multi-chain platform is an obligation, so can you explain us which chains have you planned to be compatible?

Neal :
To name a few, Phala Network, Polygon, Solana, and BSC. We are looking to build a comprehensive cross-chain bridging system.

Inol Granero :
Q2. Amara is built upon the top Defi components of Acala network. So,can you describe your collaboration with Acala network? What win-win benefits you have share to each other? As you are build by Acala,what advantages you see from them that brings innovation to Amara network?

Neal :
Acala’s robust DeFi components will accelerate Amara’s development.

We will also help develop and improve related componets on Acala Network.

Assets on Acala Network will be accessed earlier on Amara.

To Acala early adopters, especially Acala old friend NFT holders, there will be extra rewards for participating our events.

We are very likely to be the first application and platform on Acala, but more importantly, we will continue to support and contribute to the development of Acala and Polkadot.

The collaboration between Amara and Acala is a very important strategic move for Amara as well as Acala. Acala is the top project within the Polkadot ecosystem, which can help Amara attract more users in the beginning.
Meanwhile, as Amara builds the cross-chain bridge protocol and becomes the liquidity hub, the Acala network will be the first stop for the journey. Users from other blockchains will first flow into the Acala network.

Inol Granero :
Q3. Tell me about your native token, what are the use cases, what are the steps to follow so we can acquire it correctly, with which wallets is it compatible and how easy is it to generate profits with it ?

Neal :
MARA is the governance token on Amara. In the early stage, it will be mainly used for community governance.

please see attached for $MARA usecases. We are also conducting a global airdrop campaign. To learn more about how you can participate, please join our telegram channel and follow our social media.
Twitter:https://twitter.com/AmaraFinance
Telegram:http://t.me/AmaraFinance
Discord: https://discord.gg/3ajZuaNCxe

Our goal is to make sure the distribution of $MARA Token is equitable and sustainable for growth.

Inol Granero :
Q4. In future, did you have any plans to bring some cool Stakings, and Farming’s with good apy?? As it’s beneficial for both teams and users also?? And is their any plan to work on multi blockchains? As to it would be beneficial for Growth!!

Neal :
Yes. Staking and Farming for sure! Stay tuned! We have done some testing already.

Inol Granero :
Q5. As you move forward through your roadmap, what is your next priority/most important milestone? Does the AMARA FINANCE have sufficient base (Funds, Community, etc) to reach those milestones?

Neal :
Maralend and Maralink are our next priorities.

Yes. We are on the right track with community growing. And we have insitituional investors backing us.

LIVE/ FREE QUESTION

Q1. How do you introduce your project to countries where the majority of the population does not speak English, do you have a strategy to deal with it, so that people are interested in participating in your project?

NeaL :

We will work with local communities and medias to expand the awarness of our project.

Q2. Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?

Neal :

Our development is going well. The deployment will be around the end of August. Stay tuned! We would like to have you using our products and giving feedback.

Q3. Looking back to the day you started this project, are you pleased to see your progress and achievements so far?

Neal :

Yes. We have been growing tremendously. Things are on track. We expect to get more things done!

Q4. What’s the focus of the Amara Finance now? Build and develop products, win customers and users or partnerships? Are there any plans to burn or block unsold Amara Finance tokens? control flexibility, cost and security?

Neal :

We are working on these parts at the same time as we have a dedicated team for technology develoment, marketing, operation, and business development. We have burning mechanisms designed for our token to gradually reduce supplies.

Q5. How can developers & technical people contribute to AMARA FINANCE and How do you make plan to get them involved?

Neal :

good question! We will open source our code later for community driven development. Bounty Program is part of our plan and funds have been allocated as incentives. Let’s BUIDL!

 

 

 

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More information about Amara Finance

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Twitter

Medium 

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Channel

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Whitepaper

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