OverDose Gems & Frankenstein Finance AMA Recap 6/7/2021
Here’s a recap of the recent AMA we did with OverDose Gems!
Od, [Jun 7, 2021 at 9:00:17 AM]:
The AMA with @frankensteinfinance is starting now!
Od, [Jun 7, 2021 at 9:00:33 AM]:
Hi @MonsterDefi , welcome! How are you today?
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:00:56 AM]:
hey @MonsterDefi
The Monster, [Jun 7, 2021 at 9:01:01 AM]:
Hello! How’s it going!
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:01:13 AM]:
doing great
The Monster, [Jun 7, 2021 at 9:01:17 AM]:
Thanks for taking the time to host this AMA
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:01:26 AM]:
thanks for coming
The Monster, [Jun 7, 2021 at 9:01:27 AM]:
Yes, doing great as well on our end
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:01:36 AM]:
lets start by introducing yourself and the team
The Monster, [Jun 7, 2021 at 9:01:50 AM]:
Sure
Od, [Jun 7, 2021 at 9:02:08 AM]:
Thanks
The Monster, [Jun 7, 2021 at 9:02:20 AM]:
I’m Monster, you can call me the “Head Monster” in charge at Frankenstein.Finance. We have a team that consist of 5 full time developers as well as extended staff on the creative design and marketing side of the project. We are all hardcore Crypto fanatics with an extensive background in blockchain and software development, online marketing, direct response sales, and decentralized finance. We love what we do and we do what we love!
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:03:00 AM]:
haha great to hear is this your first crypto project?
The Monster, [Jun 7, 2021 at 9:04:13 AM]:
We’ve been deep in crypto for many years, our devs have worked on various projects individually but this is our first official project as a team.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:04:39 AM]:
any high profile project we may have heard of?
The Monster, [Jun 7, 2021 at 9:05:42 AM]:
Most were just signed on to do various aspects helping projects but not any specific high profile one. All of our devs are very experienced in blockchain development in general.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:05:50 AM]:
I see sounds good is the team public?
The Monster, [Jun 7, 2021 at 9:07:51 AM]:
Our team is anon. Members of our team including myself still have mainstream businesses and clients in the B2B space so we prefer to keep our privacy as common practice for crypto since some of our clients still are not fully receptive to crypto and it can give them a negative perception etc.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:08:28 AM]:
yep, we feel it every day as well crypto still has a negative aura surrounding it
The Monster, [Jun 7, 2021 at 9:08:50 AM]:
Absolutely, as much as all of us love crypto, there is still that set of people who look at crypto like the ‘silk road’..
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:08:56 AM]:
but El Salvador is just the first step😄
The Monster, [Jun 7, 2021 at 9:09:09 AM]:
So it’s just best business practices to stay anon.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:09:30 AM]:
we always say that code speaks louder than words so it begs the question did you guys have an audit?
The Monster, [Jun 7, 2021 at 9:10:49 AM (Jun 7, 2021 at 9:11:06 AM)]:
Yes, our code is audited by Techrate. You can find the actual audit by visiting this link:
https://github.com/TechRate/Smart-Contract-Audits/blob/main/FRANKENSTEIN.pdf
We are doing more audits as well but the backlog and wait times from audit companies has been pushed out a few weeks. But we have more eyes looking at our code in the near future.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:11:19 AM]:
happy to hear
The Monster, [Jun 7, 2021 at 9:11:25 AM]:
Looks like audit companies are in good business as of lately!
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:11:57 AM]:
haha its always those service providers that are winning regardless of market going up or down 😝
The Monster, [Jun 7, 2021 at 9:12:13 AM]:
Anyone in the security or audit space seems to be winning ha!
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:12:40 AM]:
jk, I know auditors that work extremely hard, and they have a lot of responsibility on their shoulders
The Monster, [Jun 7, 2021 at 9:13:11 AM]:
We definitely will be doing more audits by different companies as we move forward. That is to be expected.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:13:18 AM]:
great anyways lets talk about Frankenstein Finance
The Monster, [Jun 7, 2021 at 9:13:25 AM]:
Sure
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:13:26 AM]:
can you give us an overview?
The Monster, [Jun 7, 2021 at 9:14:50 AM]:
Sure, Frankenstein Finance is the first yield farming optimizer for Fantom and Binance Smart Chain. We operate on both blockchains simultaneously. We provide a very clean and intuitive interface combined with features that our users enjoy while having some of the lowest fees in the industry with high rewards. We have a built in referral system, lottery, global workers with harvest claims, and we will be releasing a full blown DEX here in the upcoming weeks if not sooner that will allow you to set buy, sell, and limit orders on both FTM and BSC.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:15:44 AM]:
nice overview, it covers a lot of the points I wanna talk more about 😁 can you start by explaining what a yield farming optimizer is?
The Monster, [Jun 7, 2021 at 9:16:13 AM]:
Absolutely, Frankenstein is an AMM (automated market maker), a protocol created to maximize profit by searching for the best strategies in order to provide our investors with the highest yields, that’s why we say we are an optimizer, it’s the fact of constantly looking for the best farms and pools in the network, we then evaluate them, and incorporate them into the ecosystem to maximize returns.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:18:16 AM]:
so when an investor stakes tokens on your farms, you’re choosing the best farm out of PCS, gooseswap and the likes?
The Monster, [Jun 7, 2021 at 9:18:49 AM]:
Correct. We hand pick and only select the top performing farms that yield the user the best rewards.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:19:12 AM]:
I see, a bit like how 1inch aggregates DEXes
The Monster, [Jun 7, 2021 at 9:19:22 AM]:
So in a sense we are like an aggregator of the top farms from the most trusted projects.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:19:32 AM]:
interesting you also have auto compounding, right?
The Monster, [Jun 7, 2021 at 9:20:05 AM]:
Yes, all of our non native farms and pools auto compound
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:20:20 AM]:
what exactly does that mean?
The Monster, [Jun 7, 2021 at 9:20:51 AM]:
All farms and pools that do not include our native token which is $FRANK will auto compound. We plan on releasing some unique farms that will include our native token and will have auto compounding.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:22:13 AM]:
just last week we hosted a project that also did auto-compounding, but they chose polygon because of the near-zero fees why did you decide to go with Fantom?
The Monster, [Jun 7, 2021 at 9:23:52 AM]:
Fantom is a very interesting blockchain, we operate on both BSC and FTM but the fact that FTM is somewhat still in it’s early stages was attracting. They have very fast transaction speeds and extremely low gas fees. There was also less projects on FTM so we decided to see what we could do to get a first movers advantage there.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:24:59 AM]:
I see definitely solid points do you also do auto compounding on bsc?
The Monster, [Jun 7, 2021 at 9:25:24 AM]:
Yes, we do auto compounding on FTM as well as BSC, both blockchains.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:25:52 AM]:
how often?
The Monster, [Jun 7, 2021 at 9:27:09 AM]:
At the very minimum we auto compound once per day. The auto compound feature also happens every time a new deposit is made within that farm/pool. So based on activity this can happen every few minutes, hours, or multiple times throughout the day. I also want to mention that we have over 150+ farms in our catalogue LIVE.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:27:48 AM]:
and is there a backend that goes over all pools and does this auto compounding?
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:27:57 AM]:
very nice!
The Monster, [Jun 7, 2021 at 9:28:40 AM (Jun 7, 2021 at 9:28:46 AM)]:
Yes, we also allow any user to activate the auto compound via the “workers” feature.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:29:04 AM]:
nice segue what do these workers do?
The Monster, [Jun 7, 2021 at 9:30:02 AM]:
The workers module was created to help decentralize our harvest for our farms and pools. Whoever claims it earns the 0.5% from the strategy’s profits. This decentralizes the automation of our vaults, similar to what Acryptos does. You do not need to do this as a normal user, your holdings in the Vault will compound automatically.
If that is a bit confusing, basically any user can activate a global harvest on a farm/pool that generates an auto compound for everyone. For doing so and paying the gas, the user who claimed it is rewarded a small claim reward.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:31:24 AM]:
I see interesting haven’t heard of Acryptos unfortunately, so that’s a first for me I believe
The Monster, [Jun 7, 2021 at 9:31:51 AM]:
Throughout the day the claim rewards increase, it resets when a user claims it.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:31:57 AM]:
got it
The Monster, [Jun 7, 2021 at 9:32:15 AM (Jun 7, 2021 at 9:32:22 AM)]:
So it incentivizes uses as well as does a community service by activating the auto compound for everyone.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:32:31 AM]:
sounds like a possible hidden gem for a quick reward haha tell us about the lottery is it any different from pcs’s lottery?
The Monster, [Jun 7, 2021 at 9:33:49 AM]:
Sure, the lottery is a part of our deflationary strategy, and yes it is identical to PCS lottery.
50% of the lottery jackpot is burned.
we do 4 drawings per day, 2 for BSC and 2 for FTM.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:35:07 AM]:
I see so pretty normal on that front
The Monster, [Jun 7, 2021 at 9:35:30 AM]:
Yes, just a fun feature that a lot of users take advantage of and helps offset the inflation of the token.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:35:50 AM]:
I personally really like those lottery features haha and pcs’s lottery is getting too big so those smaller ones are always nice imo
The Monster, [Jun 7, 2021 at 9:36:47 AM (Jun 7, 2021 at 9:36:53 AM)]:
As the users in our platform grow, so will the size of the jackpot winnings. That means more burn to go towards token value increase in the long run consistently.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:37:00 AM]:
yep, how does the referral system work?
The Monster, [Jun 7, 2021 at 9:38:26 AM]:
It’s pretty straight forward, you have a referral link tab in your account. It assigns you a referral link that you can use to pass on to friends. You earn 0.25% of every transaction for every wallet you refer. One level deep only per wallet.
Here’s a link to our docs for more info:
https://docs.frankenstein.finance/extra-info/referral-system
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:39:04 AM]:
cool, I like those viral tweeks
The Monster, [Jun 7, 2021 at 9:39:17 AM]:
You can have unlimited referrals. So that can add up nicely. This is all on chain and happens instantly.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:39:44 AM]:
thats great lets talk about the FRANK token does it have any fees or rewards any taxes in the system?
The Monster, [Jun 7, 2021 at 9:41:37 AM]:
Sure, Frankenstein has extremely low fees compared to other projects in our space. Here’s a breakdown of the fees associated.
All Vaults (excluding FRANK Vaults)
Buyback: 2.0% of performance fee will go to FRANK buyback and burn.
Network fee: 0.2% of performance fee will be used for network transactions.
Operational fee: 1.8% to platform operators.
Total fee: 4% on profits.
All Vaults (including FRANK Vaults)
Deposit fee: 0.1% (distributed to vault depositors)
Our fees are only on performance, there are no deposit or withdraw fees on your initial capital.
I hope that is what you mean by ‘taxes’.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:43:09 AM]:
yep thanks, so before we talk about the current state of the project I wanna talk a bit about the future DEX you’re planning to roll out
The Monster, [Jun 7, 2021 at 9:43:54 AM]:
Sure
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:43:54 AM (Jun 7, 2021 at 9:45:22 AM)]:
can you briefly give us its unique features?
The Monster, [Jun 7, 2021 at 9:46:53 AM]:
It will be a completely decentralized exchange. Users will be able toggle between FTM and BSC and exchange any tokens that exist on those blockchains. You will be able to set buy, sell, limit orders and fill partial orders. Holders of $FRANK will benefit as the transaction fees associated with the exchange will be used to buy back and burn Frank Tokens, another deflationary mechanism to grow the value of Frank.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:47:47 AM]:
will your limit orders support pcs and existing dexes?
The Monster, [Jun 7, 2021 at 9:48:30 AM]:
No, currently it will only work with operations within our DEX. But we cover BSC and FTM and tokens that exist on those blockchains.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:49:27 AM]:
I see. Have to say I’m kinda happy to hear it WONT work at the beginning, because most projects that promised that either rugged or didn’t deliver lol
The Monster, [Jun 7, 2021 at 9:50:14 AM]:
Yes, we strive to keep transparency and only deliver on what we know we can execute on and try to avoid the hype. With anything we will launch MVP and then iterate to improve based on user feedback.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:50:35 AM]:
sounds legit very nice, lets talk about the presale did you have one, or was it a fair launch?
The Monster, [Jun 7, 2021 at 9:51:07 AM]:
We had a fair launch.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:51:18 AM]:
what was initial and current liq?
The Monster, [Jun 7, 2021 at 9:52:45 AM]:
To set initial liquidity combined it was around $15,000 and currently our liquidity is around $1,000,000
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:53:22 AM]:
haha those fair launches for projects with a product are legit moon missions have to keep an eye for those
The Monster, [Jun 7, 2021 at 9:53:52 AM]:
Also to mention, we have only been live 3 weeks. So it’s still very early for those to get on board before we roll out the DEX.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:54:23 AM]:
any eta on the dex?
The Monster, [Jun 7, 2021 at 9:54:57 AM]:
We are in the final stages of just fixing some UI aspects of it, it’s complete but official live roll out we are hoping within this week. So it’s coming very soon.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:55:22 AM]:
wow those are some big news nice
The Monster, [Jun 7, 2021 at 9:55:42 AM]:
Yes, we are looking forward to it!
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:55:52 AM]:
what’s the current TVL?
The Monster, [Jun 7, 2021 at 9:56:19 AM]:
Together it’s around I believe $9,000,000+
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:56:34 AM]:
by together you mean both chains?
The Monster, [Jun 7, 2021 at 9:56:44 AM]:
correct.
The first 24 hours of launch we surpassed $20,000,000+ in TVL.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:57:00 AM]:
impressive
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:57:08 AM]:
very nice! the first 24 hours are a local maximum though
usually if you can achieve that again, you’ve got a moon mission
The Monster, [Jun 7, 2021 at 9:57:29 AM]:
But this was before all the crypto markets crashed, and the rest of the crazy things that happened in Crypto… Never a boring day right?
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:57:43 AM]:
haha definitely, May 19th, I won’t forget this day
The Monster, [Jun 7, 2021 at 9:58:14 AM]:
Haha! What a day for crypto right
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:58:22 AM]:
definitely so the DEX is some major news, but do you have a roadmap?
The Monster, [Jun 7, 2021 at 9:59:25 AM]:
We have a standard roadmap, just covering the foundational stuff that every project should have like audits, listings, and etc. The DEX is a big piece that is happening soon.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 9:59:38 AM]:
I see
The Monster, [Jun 7, 2021 at 10:00:08 AM (Jun 7, 2021 at 10:01:05 AM)]:
Instead of creating a huge roadmap with hype that may or may not be delivered, we prefer to stick to actionable and executable milestones that users can trust we will deliver on. Most milestones that are several months ahead never actually make it. I think everyone can agree.
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 10:01:06 AM]:
yep you’ve got a point, notable marketing news you wanna share?
CEX listing maybe?
The Monster, [Jun 7, 2021 at 10:02:31 AM]:
We are currently not listed on any CEX since we are still new. We just did had some promotional rollouts with BSC Daily, and of course we have the honor of doing an AMA with you lovely people here at OverDose Gems! That’s a notable thing if you ask me 😉
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 10:03:04 AM]:
haha that’s definitely bullish news very well then, I’ll be following especially for news on the DEX 😜 do you have anything to add before we open the group for questions?
Cryptik | Co-Owner of OverDose Gems, [Jun 7, 2021 at 10:05:22 AM]:
Thanks for coming Mr. Monster
The Monster, [Jun 7, 2021 at 10:05:43 AM]:
Awesome, thank you for hosting us! We appreciate your time.
Here’s some link for our telegram chat and resources:
Our main page:
Telegram Chat: https://t.me/frankensteinfinance
Telegram Announcements: https://t.me/frankenstein_ann
Twitter: @FrankenDefi
Documents: https://docs.frankenstein.finance/
Od, [Jun 7, 2021 at 10:08:15 AM]:
Thanks a lot!
We will now open the group for the community questions
The Monster, [Jun 7, 2021 at 10:08:25 AM]:
Thank you to everyone who took their time to join us on this AMA. If you have any more questions feel free to ask them in our telegram chat: Telegram Chat: https://t.me/frankensteinfinance
END. (All questions were taken back into Frankensteins TG Chat.)
Thanks to OverDose Gems for hosting, here are links to their social.
Be sure to follow them!
Twitter:
@overdose_ai
@cryptiktg
Telegram:
@overdose_gems_calls
@overdose_gems_group
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