Recap: AMA with Lydia Finance
On 20/11/2021 at 2:00 PM (UTC), an AMA session was held on HurricaneSwap with special guest Broly, Community Manager of Lydia.Finance. The following is a summary of the content of the entire AMA.
HOST | HurricaneSwap
Welcome everyone to the Lydia Finance AMA! Today, we’re going to do an overview of this promising project. Now, let’s give a warm welcome to our esteemed guest, Broly , the community manager of the Lydia Finance team.
Broly | Lydia Finance
Hey everyone! Great to be here.
HOST | HurricaneSwap
Good to have you here as well! Let’s jump right in!
Part I Introduction to Lydia.Finance
HOST | HurricaneSwap
To begin with, what is your project exactly and can you tell us more about your vision?
Broly | Lydia Finance
Lydia Finance is an Automated Market Maker, Yield Farming, and Staking platform on Avalanche. Our vision is to be a one stop shop for all things DeFi, and offer our users an intuitive UI to complete all of their DeFi needs.
HOST | HurricaneSwap
One stop shop for all things DeFi. Sounds really promising!
Let’s move on to the next question:
What are some of the major milestones you guys have hit so far and why are they important?
Broly | Lydia Finance
We recently just launched our second IFO Maximus! This is a major milestone because it will help Lydia Finance grow even more than it already has by using our DEX for buy backs and offering higher APY on our farms and pools thus increasing our TVL.
HOST | HurricaneSwap
I’m sure it will boost your TVL a lot😉
Okay, next question:
How has your community grown since you first launched?
Broly | Lydia Finance
Our community has been growing everyday! We have gained more support and have many new holders that have come over from other ecosystems and are enjoying what we have here on Avalanche. We just recently reached over 5,000 holders!
HOST | HurricaneSwap
That is awesome! Bringing more people into the Avalanche Eco is what we are trying to do as well. I’m sure our community members want to know more about your tokenomics.
Can you tell us more about the tokenomics behind the project?
Broly | Lydia Finance
Ok sure, no problem.
In the beginning of Lydia Finance our emissions rate started at 12/LYD per second. After the community voting we have lowered it a few times and it is currently at 6/LYD per second. We have put in place many deflationary mechanisms to help slow the inflation of our token. Many of the fees from the platform are burned and our launchpad will burn half of the funds raised. We just had a massive burn of 12 million LYD that you can see here https://twitter.com/LydiaFinance/status/1460727271506026499
HOST | HurricaneSwap
Wow, 12 million LYD is a lot! I can see how Lydia is looking out for your LYD holders.
Now let’s talk a bit about the future.
Where are you heading in the next few years and what are the next major updates for you?
Broly | Lydia Finance
Over the next few years we are planning to keep increasing the utility of the LYD token on our platform, focusing on growth of our TVL and exchange volume. Our next big update will be the release of our NFTs AVAX Lions!
HOST | HurricaneSwap
AVAX Lions!
I’ll be sure to keep an eye out for that. And those are the 5 questions of PART I. Thanks for your informative answers!
Broly | Lydia Finance
No problem. Happy to answer these questions.
Part II Panel
HOST | HurricaneSwap
Now let’s jump into the exciting panel session to hear more about your opinions of Avalanche Eco!
First, let’s welcome Symington to join us!
Symington | HurricaneSwap
Hi everyone！Thanks for being here and sharing all the amazing achievements you made!
HOST | HurricaneSwap
The question of today’s panel is:
Why did you choose to build on Avalanche and how does your project benefit the entire Avalanche ecosystem?
Broly | Lydia Finance
Well I am sure your team and most of your community will agree with us that we believe Avalanche is the best blockchain available because of its speed and low fees. And for how our project benefits the entire ecosystem, we do so by offering many DeFi tools for users on Avalanche like our DEX, Lottery, Farms, Staking pools, Launchpad, bridges and more!
Symington | HurricaneSwap
I agree with Broly , I believe we all see the potential of Avalanche.
The transactions on Avalanche are very active, which provides good user support for the development of DeFi.
What HurricaneSwap aims to do is attract more $AVAX holders and traders to participate in the Avalanche ecosystem. As the first cross-chain liquidity DEX based on Avalanche, we can benefit Avalanche and create more value by providing more diverse cross-chain assets. I think that’s what Avalanche needs most at this point.
Broly | Lydia Finance
Yes, I think this is a large pain point that you and your team are solving.
Symington | HurricaneSwap
I can see Lydia offers so many DeFi tools for Avalanche users and that’s really important to encourage all the transactions and trading.
HOST | HurricaneSwap
Absolutely, making the eco more vibrant.
Symington | HurricaneSwap
The most common thing between HurricaneSwap and Lydia, in my opinion, it’s we value our product and trying to give our users better trading experiences.
Broly | Lydia Finance
Yes that has always been our goal. Make the UI as easy as possible for people who are new to the space and offer a quality product for users of every level in DeFi.
HOST | HurricaneSwap
Lower users’ barriers of entry is always important in the DeFi world.
Symington | HurricaneSwap
And I have to say I just love the way how you guys managing your community and all the social networks, so informative and interesting. That’s also a part of user-experience.
Broly | Lydia Finance
Most definitely.
Symington | HurricaneSwap
Thank you Broly for joining us today and sharing all the amazing achievements!
Broly | Lydia Finance
Yes thank you we try our best to stay engaged with our community which also helps with building trust. I see you guys do the same and your community is quite large! Thanks for having me and it was nice talking with you.
HOST | HurricaneSwap
Thank you both for this amazing conversation!
I can see how passionate both of you are about the Avalanche Ecosystem and the ways we can benefit the Eco.
Symington | HurricaneSwap
Looking forward to our new farm and further partnership!
Broly | Lydia Finance
We are excited as well!
Part III Questions on Twitter
HOST | HurricaneSwap
Now let’s dive into the last part and ask the 5 questions from Twitter.
First one comes from @dodoavax who asks:
What will Lydia do differently on other launchpads?
Broly | Lydia Finance
This is a great question they we get quite often from new users of our platform
So for our launchpad we have a few things that make it very different from others.
1. There is no tier system so investors can invest as much or as little as they would like.
2. It is an IFO (Initial Farm Offering) so you use LP tokens to buy into the project that is launching.
3. We use the overflow method to make it more fair for everyone.
4. There is a basic sale for smaller investors and an unlimited sale which usually the larger investors like.
5. And last but not least we use half of the funds raised to burn LYD!
HOST | HurricaneSwap
I can really see how Lydia differentiates itself from the others in so many aspects. Great job guys! Okay, Question 2 from Twitter:
@ademonurclk Are burned LYD coins deducted from max. supply of coins?
Broly | Lydia Finance
Yes, so the max supply that you see (540 million) is actually less due to all of the coins burned so far. Currently we have burned 35,022,750 LYD! We are always trying to find new ways to make LYD more scarce either through utility or burns. Everyone loves token burns!
HOST | HurricaneSwap
Absolutely! That was a lot of LYD that you burned. Can really see how Lydia is user-focused.
Next question — @rey_gara Collaboration and partnerships are one of the cornerstones to making DeFi more widespread. Can you share some of the partnerships you have formed with existing blockchain foundations recently?
Broly | Lydia Finance
For sure!
We always love working together with other Avalanche projects so that we can help to propel the ecosystem forward together. As a newer ecosystem it is definitely essential for us to work together.
Sure! We have formed partnerships with most native Avalanche projects like Penguin Finance, AVME, Avalaunch, Olive, Snowball, Verso Finance, Baguette, Duel Network, Everest DAO, TaleCraft, Yield Yak, Canary, HurricaneSwap of course and we also have a partnership with Avalanche directly. I am sure I might be missing a few there but that is most of them.
HOST | HurricaneSwap
Impressive! Partnership is always a necessary key to success💪Moving on to the next question:
@ismayilsakeerg1 Can you explain what is Manual LYD and Auto LYD in Electrum pool? In the maximus farm you have shown the comparison between Maximus and regular farming which looks very aggressive how it is possible in Maximus?
Broly | Lydia Finance
Definitely! So the main difference between these two pools is that the Auto LYD pool will automatically compound your LYD tokens for you and you don’t have to pay the gas fees!
For our Maximizer Farms they have a much higher APY due to the fact that they take your LYD tokens that you farm and place them into an Auto LYD pool. So your rewards are making even more rewards and without paying the gas fees to send it to the Auto LYD pool and compound it. Plus it is all automated! You can just stake your LPs, sit back and relax.
HOST | HurricaneSwap
High APY and no gas fee — I’ll definitely mark it and try it myself😉
Last but not the least — @Gazianteplyy Earning the trust of investors is extremely important in a project. How do you manage to gain their trust and make them stay in the long term?
Broly | Lydia Finance
Yes we agree 100%. We have been around as a project since April 20th 2021. We are one of the earlier projects to build on Avalanche. We make sure we do our best to deliver quality and safe products for DeFi users and have had no issues to date. We also have our platform audited as well as our Launchpad code. When Maximus releases it will also be audited.
HOST | HurricaneSwap
I’m sure with all the previous achievements you’ve made so far and more to come, your investors will have strong faith in you and stick for the long term.
A big thank you Broly . This has been more than great!
Broly | Lydia Finance
It is always my pleasure! We look forward to hosting you in our Telegram group as well!
HOST | HurricaneSwap
Next Monday, HurricaneSwap will be creating a LYD/HCT farm! Lydia Finance will also be starting a farm for the HCT/AVAX pair!
Stake Here:
https://farm.hurricaneswap.com
https://www.lydia.finance/farms
About Lydia Finance
Lydia Finance is an Automated Market Maker, Yield Farming, Staking, and Launchpad platform on Avalanche. Trade, stake, pool, and earn $LYD and many other token utilities all on Lydia Finance.
About HurricaneSwap
HurricaneSwap is the 1st cross-chain liquidity DEX based on Avalanche. With the innovative LP-Bridge mechanism (Roke Protocol), users can trade popular assets of other chains without leaving Avalanche. Taking advantage of Avalanche, HurricaneSwap provides users with a high-performance, low slippage, low cost, and seamless cross-chain trading experience.
