Ester.Finance X FTM Alerts AMA Recap
If you didn’t get a chance to catch our recent AMA with FTM Alerts, now’s your chance to get the run-down! We’ve transcribed the questions accompanied by answers from our lead developer, Tim, known as @esterfinance. Below is the excerpt and conversation with the FTM Alerts team.
Ester X FTM Alerts
Q. hello @everyone, happy to have @esterfinance with us this evening. could you introduce you and your project?
A. Sure. Good evening my friends. Ester Finance is the first native yield optimizer in Fantom network. We let users to earn compounding interest without manual steps. We are one month old and we’ve reached 3M TVL now. We’ve supported 16 tokens from SpiritSwap and SpookySwap. More and more tokens will come.
Q. great, if i remember even if you had warned the users to not buy the token at the launch you’ve had a bumpy launch, due to a liquidity problem on the first testing LP. Any regret on that?
A. Good question. Our initial liquidity strategy is inspired by Basis Cash. We thought it was a good idea but it seems not. Although we’ve told people not to buy, we feel sorry for it. But we are still moving forward. We will keep improving user experience and bring more features in the future.
Q. Do you plan to introduce additional utility for $EST (beyond staking for wFTM) to further incentivise investors? Also, what does (or will in the future) set your project apart from other fantom chain yield optimizers, such as Reaper and Grim?
A. We want to empower our token with more utilities. Maybe such like lottery, nft, game, etc in the future. Also, EST is our governance token so that EST holders will take part in the governance of our project. There’re some yield optimizers on Fantom, but some maybe not so clear in UI or doc. we want to bring users an easy-to-use and secure platform to enjoy the compounding interest.
Q. great plan :), do you have new partnerships scheduled?
A. Yeah. We’ve cooperated with Spirit, Spooky and Beefy Finance. And we’ve also contacted mlnl finance for cooperation. Some wallets are also included. More and more partners are coming in the future.
Q. what do you have choose fantom as blockchain to launch your project btw?
A. We are Fantom lovers. As we know, high gas fee and congestion of Ethereum is a big issue. We are shocked by the extremely low gas fee and high speed tx as well as the evm compatible features when we first get into the Fantom ecosystem. So we wanted to do something to make Fantom a better DeFi world. It’s an honor that we could be one of the contributors.
Q. Completely agree, Fantom is a game-changer and we are ALL still early. Can you tell us a bit about your team, how many members, your roles, etc?+ with the bigger plans for Ester that you mentioned, will the currently anon team reveal themselves to bring confidence to investors as the project grows?
A. Our team consists of 5 members now. We are all developers containing smart contract engineer, frontend engineer and backend engineer. I am the one who writes solidity smart contracts and manage the community. Currently we still want to keep anon but we will reveal one day. Thanks.
Q. Understandable! It definitely seems to bring more confidence to investors when at least part of team is revealed, but being committed to eventually do it is also great. it was your first crypto project?
A. Our developers have at least 3 years of blockchain development experience. We’ve done 3–5 protocols before. But the first time to do it autonomously? Yes
Q. great, so we can hope for bigs things in the future
Q. for the user who need to be reassured do your contract has been audited or if it’s a fork, the fork as been audited?
A. Forked from Autofarm and we changed some code to satisfy our needs. Autofarm has been audited, and we are planning to audit soon.
Q. With all of the yield farming hype, a lot of tokens are offering ridiculously high APY on liquidity staking. How does Ester Finance compare, and why should an investor choose Ester over other yield farming opportunities? We discussed the utilities you will add in the future, but why should they choose Ester today and near term?
A. Good question. We are thinking the same recently. Why people choose us? I think there’re some points that people care: 1. Is the project easy to use? 2. Is the project secure that I will not lose my funds? 3. Is there anyone I can reach when I get a problem? We want people to use our product. So we’ll have to handle these. 1. We’ll update our doc soon to make it more clear that what are we and how to use Ester. Also we are planning to change our UI so that will be more clear. 2. Our contracts are not upgradeable so we have no permission to change it. Forked from Autofarm and we changed some code to satisfy our needs. Autofarm has been audited, and we are planning to audit soon. Also, we’ve dropped admin and minter permission of EST token so we can’t mint more tokens, which means there will be no mint risk from us. Also, we will filter our future partners before cooperation because lots of attacks are from the partners. 3. We have a Discord server and many mods. People who have any questions can ask in the server and will be answered. The above is not enough, but we are trying to make Ester better and better.
Q. great, i really like your answer! i think this was the last question, can you link your discord and your twitter for that our users can find your project easily ?
A. Twitter: https://twitter.com/EsterFinance
Thanks so much for hosting this AMA. It’s an honor of us to be a member of Fantom ecosystem.
Q. it’s great to receive your here! i hope we will do another AMA in 6 month to see where your project is going?
We look forward to bringing additional AMA’s and information sessions to better improve the exposure of Ester to the DeFi industry.
Docs : https://docs.ester.finance/
EST Address: 0x181f3f22c9a751e2ce673498a03e1fdfc0ebbfb6