DETAILED RECAP FROM REEF AND AVANALANCHE AMA SESSION.

My name is Denko, I am the CEO of Reef Finance. I have a tech background myself. Started programming in early high school with C++ and did algorithmic competitions for a few years. Then I decided to start building commercial software and I joined an ERP provider where I built modules which are still used to this day (warehousing, accounting, etc.). After that I joined into one of the biggest healthcare platform providers in Europe (200m+ valuation now). Worked there for over 2.5 years and I led a team where we worked on a complex modeling tool for healthcare data.

Denko Mancheski:
Around 6 years ago I got into crypto and started blockchain development myself. My first experience was with the NXT blockchain which turned into Ardor. Of course, I did a lot of solidity throughout this time. I also did some Bitshares, Steem as well as EOS.

Since I am based on Slovenia, the development community is not so big, so I’ve been working with familiar people. 2.5 years ago we teamed up and worked on multiple blockchain as well analytics projects together. In January this year we decided to focus on DeFi and started building Reef.

The best way to learn about me is through an interview we published recently. I think it also contains certain ideas that others might find useful: https://reefdefi.medium.com/denko-mancheski-ceo-of-reef-finance-founder-q-a-dbc3d9f03bf7

Here is a bit on the origin story and how Reef's idea was formed: https://medium.com/reef-finance/reef-origin-story-5a16a4f346a8

Nicolas Lemaitre ∀:
That's quite impressive, thanks for sharing!

Q1 From @Sadu0ne on Twitter - The NFT world is spreading like wildfire and in the Q3 of Reef Roadmap, I noticed NFT Baskets. How is Reef Finance planning to enable NFT trading, storage, or yielding? @denkomanceski

Denko Mancheski:
Thats a great question. We believe that the most successful NFT landscape will be gaming

But the issue is that not many mainstream games currently have issued items on the blockchain

So we are building a P2P mechanism to trade Steam items. We will inject these functionalities in the Reef wallet which has multi-ecosystem support for multiple blockchains. This will allow us to create a basket through which people can get exposed to items from games like Dota, CSGO, etc..

This would be the easiest way for DeFi users to get exposed to this ecosystem

Besides this, we will be working with other projects and introduce baskets for other types of NFTs

we are already working with big traders in the steam ecosystem

Kevin Sekniqi ∀:
That sounds very interesting! Can you elaborate more on what Stream items are in this case?

Nicolas Lemaitre ∀:
Maybe we should move to the next question to respect our schedule

Denko Mancheski:
the steam items are also known as skins - those are basically assets that can be used inside the game for example they also have their own market example as you can see this item is being traded and has price so people can buy it and equip it in-game
there are items worth over 50k$ and there are items which are speculative

Nicolas Lemaitre ∀:
That will speak to a lot of gamers :) For NFT and a reminder to our community you can deploy them directly on our wallet you can check that here: https://medium.com/avalancheavax/road-to-the-avalanche-ethereum-bridge-3b4dbe8993dd

Denko Mancheski:
our analytics engine will pick the best exposure for you based on your risk levels .. just like we do with DeFi

Nicolas Lemaitre ∀:
I really like the idea!

Denko Mancheski:
yeah its awesome and we can extend it to next-level APY where certain traders will manage your exposure actively

honestly so far we could do over 100% APY but obviously it has capital limitations

so would be hard to make over 100% on 30m$

Nicolas Lemaitre ∀:
Next question: From @EricaSboom - What is the structure of Reef Finance? Is it a decentralized open-source protocol that anyone can contribute to? How do you plan to manage? @denkomanceski

Denko Mancheski:
It is a hybrid project basically - its fully non-custodial. Our analytics engine is a centralized component because atm its impossible to deploy it on any kind of decentralized infrastructure and achieve the processing power that we need. The basket engine, the revenue sterams and the rest of the components are fully decentralized and we will open sourcing certain parts very soon

Also some things that are not possible to decentralize are distributed (eg: the wallet which helps users cross bridges seamlessly)

Nicolas Lemaitre ∀:
A question for @sekniqi and @denkomanceski this time: From @ShironaDejeuner - With Reef introducing DeFi fiat input gateways and later on a debit card, and AVAX offering faster-than-Visa transactions and access to digitalized assets, do you think adventurous power users may move away from banks soon? Swapping that fiat under your mattress with a pen drive.

Denko Mancheski:
I believe the traditional financial industry will be based on multi-layered defi infrastructure soon especially with the rise of stablecoins I think this landscape is fintech 2.0 so definitely, banks will become like physical libraries

Denko Mancheski:
so definitely, banks will become like physical libraries

Nicolas Lemaitre ∀:
We will have two more questions after Kevin's answer, and then we will open the channel for questions.

Kevin Sekniqi ∀:
I tend to stay away from any predictions over what's going to happen, but I do think that there's huge value in self-custodied financial products. The speed of innovation of crypto when it comes to new financial products that provide users more financial freedom is far higher than that of mainstream finance. That alone, is worth quite a bit, so I do think we'll see more and more usage out of decentralized ecosystems over centralized ones.

Nicolas Lemaitre ∀:
From @haonguyen3800 - The partnership with Avalanche will allow Reef platform users to access the DeFi solutions at Avalanche. Will this partnership bring any direct benefit to $Reef holders or #AVAX holders? @denkomanceski @kevinsekniqi

Denko Mancheski:
Definitely. Reef users will be able to seamlessly access Avalanche's DeFi products, while Avalanche users are able to make better decisions based on their risk levels - and can also use Reef as a discovery mechanism to find out which financial primitives offer the most lucrative returns on avalanche.

Denko Mancheski:
We are planning to release staking and farming very soon. Regarding the token holders' benefits, it would be best for themselves to figure out by checking out how our tokenomics work and how the ecosystem is tied together with the token

Nicolas Lemaitre ∀:
Thank you for answering these questions from Twitter @kevinsekniqi & @denkomanceski.

Now, we will unmute the channel and take the community’s questions.

tayfun:
I think Avalanche and Reef integration is big news.
When will we see the Avalanche on the Reef.finance website as a part of solution and ecosystem?

∀ Abdouuu_la ∀:
On the NFT side, would you say it's complemetary to what the guys at Lukso are doing? (Digital fashion vs skins)?

dogukan:
what is your strategy to prevent the decrease of value because of ICO. as it will be always a danger for the price pressure..and sell pressure Will be there any sufficient token burn progress as since it is launched on binance it didnt performed well..

Dan ∀:
1. Are the 3 main chains of Avalanche set in stone or can other chains be added via governance in the future? For example a WASM-based smart contract chain to achieve even higher performance than the current EVM.

Jean Hernandez🛸:
What are the current and future growth strategies of the Reef community?

Gaz Man:
My question for the ama, I am trying to get my parents who are now living off their pension into using your platform. What will reef do to help their demographic to use reef whether it be through marketing or platform design? Thanks

✎҉﹏Ŧ₳ᛔᛙѦᚻ⬳ ⅯⱤ๏.:
Are you listening to what users ask about reff, are you taking into account the opinions of the developers to improve the ecosystem?

JoThree:
There has been a lot of talk on why the big supply of coins are needed in the ecosystem and what role they play, does REEF need to be at a certain value to work with this concept or is being used in the product stream going to bring more liquidity and raise the value for the coin?

Capt_Star1:
🖼🖼🖼🖼

NFTs have been a trending topic in the DeFi industry and has been speculated to be the future of DeFi; what are your thoughts on this and do you have plans for the NFT marketplace?

🖼

Emmie971:
What would we earn for farming and staking? What fees would be paid and will there be incentives to hold and not just farm and dump?

Maragung:
why didn't Reef start right away with Avalanche, before with Polkadot?

Neirenoir:
@denkomanceski You mentioned the wallet will be distributed rather than decentralized. You mean the gateways, right? Is the Reef Wallet going to be open sourced and run entirely client side?

transminaza:
Good afternoon, tell me, please, how will commissions become cheaper when the Avalanche-Ethereum Bridge is launched? And why ?

Adrien:
Why did you choose to build on Polkadot rather than other solutions like Avalanche?

Anthony Salvatore:
Since users can count on this fully compatible and acceptable technological integration for the defi world, among other financial uses thanks to the great technology of the blockchain avalanche, they have currently planned together with avalanche to offer us more products and services where efficiency can be demonstrated. in the integration of technology?

Jd:
As a governance token $Reef will it be possible for holders to vote like burning of token, airdrop from partnerships etc.? @denkomanceski

Jean Hernandez🛸:
1.
How Reef benefits from the Avalanche ecosystem

2.
Why was Reef Finance built on Polkadot?

3.
Can Reef Finance have a breakthrough working hand in hand with Avalanche?

Capt_Star1:
What's your plan to attract investors and users who don't know about Cryptocurrencies? Is there going to be an education program?

JoThree:
Hi @denkomanceski
Reef Finance is a hybrid project, Do You really think accountability is the one of the problems for less adoption of a project?
Many Project considering adding privacy features such like zk proofs, will Reef Finance will add this feature too in its technology?

Denko Mancheski:
The farming is ending soon + the last batch of token distribution happend 2 days ago. We are releasing the first version of the product soon paired with big activities around it. We are also considering a potential token burn - which if it happens need to be done in a fully decentralized fashion through voting

Emmie971:
I'd like you to expand our knowledge about your tokenomics. What role does it play in your platform and how would you incentivize people to use and hold it? Token Burn and buybacks have also been trending lately. What are your thoughts and plans on this? (Deflationary/Inflationary tokens?

Calebkure:
Q.Can you expand our knowledge about Your Roadmap this year and the future and any Updates on your Research and development progress?

∀ Abdouuu_la ∀:
How is reef built on polkadot if there are no smart contracts still?

Anthony Salvatore:
do the reff and avalanche platforms work in a decentralized way or are they planning to create new centralized networks?

Capt_Star1:
Where can your tokens and NFTs be bought and what plans do you have about listing on major exchanges?

📊📊📊

✎҉﹏Ŧ₳ᛔᛙѦᚻ⬳ ⅯⱤ๏.:
methods and strategies to make a profit with this integration? any way to earn the coin, how to get rewards and at the same time make the coin useful?

Calebkure:
Most tokens built on defi eco system are characterized by serious security issues which plans do you have to combat that and ensure the security of funds?

Feranno:
Reef is a DeFi operating system powered by Polkadot. Can you please tell us what innovations and breakthroughs Reef is developing within the Polkadot ecosystem?

Nicolas Lemaitre ∀:
2 more minutes before I mute the channel again.

Jean Hernandez🛸:
Can Reef Finance have a breakthrough working hand in hand with Avalanche?

CoinTravolta:
Reef is a DeFi operating system powered by Polkadot. Can you please tell us what innovations and breakthroughs Reef is developing within the Polkadot ecosystem?

Anthony Salvatore:
in which way users can interact with both technologies at the same time are applications already available?

Sam29:
In this kind of project the protection of user's data and privacy is one of the important to make more investors to come and also many of projects face this problem too, so can you explain what kind of security guard you have?

Nicolas ∀:
If you are still muted and want to ask a question. You have to DM me to get unmuted

🟢 Joaquim 🔴:
Now I want to ask which companies do you consider as competitors? Compared with other DeFi projects, what advantages does Reef have that could stand out?

✎҉﹏Ŧ₳ᛔᛙѦᚻ⬳ ⅯⱤ๏.:
Can you give us an example of how reff finance and avalanche simplify our financial activities? Any use cases?

Calebkure:
Is there plans for incorporating Nfts into your ecosystem

Tunahan:
Glad to join Avalanche community

Luis Alberto:
what is the best achievement so far in reef finance?

Feranno:
😄 I believe Reef is a user friendly platform providing ease of on-boarding and maximum profitability for users. For the future of Reef, what do you look forward to and what excites you most?

Capt_Star1:
What are your top 3 priorities for 2021? Can you share some plans on your roadmap for 2021?

J O 3 6:
There's already collectibles

Eduardo ∀:
Reef if you could go back in the past would you choose which project to build your platform, Avalanche or Polkadot?

Sam29:
In the world cryptocurrency competition, features are of the utmost importance to attract investors and the community! Can you provide a list of killer features that scare your competitors over your project?

JoThree:
What Reef Finance and Avalanche duties in regard this partnership and what are the benefits for both users/supporter ?

CoinTravolta:
Crypto people say that the next boom will on NFT after the Defi, Do you agree with this? And what are the plans of ReefDeFi to build on NFT concept/Technology ? Any future idea about NFT?

Emmie971:
😉😉😉

Do you currently have a bug bounty, shilling contest or ambassadors program wewe can assist in?

📊📊📊

Jean Hernandez🛸:
1
Why was Reef Finance built on Polkadot?

2
Two characteristics that convince me to add Reef to my investment portfolio?

Calebkure:
Would there be tokens buyback and token burn for your token

What makes your token spectacular to invest in and the problems it would solve?

🟢 Joaquim 🔴:
Reef’s partnership with Kava opens so many opportunities for Reef's users. What more do you see Reef accomplishing from this partnership?

Nicolas Lemaitre ∀:
Channel muted Kevin and Denko will answer

Denko Mancheski:
We are working on a pooling mechanism. This will allow users who want to save on fees to create an "order" for the basket engine and there is another smart contract which is buffering those orders. Either on a certain amount or certain timeframe the orders will be squashed and routed through the basket engine. It might take 20-30 min to get exposed instead of 30 seconds, but you will pay substantially lower fees - also this is only for blockchains such as Ethereum - on Avalanche this problem does not exist

https://reef.finance/roadmap

Reef will be deployed on multiple parachains on Polakdot. First inline are plasm and moonbeam.

The product and the token are tied together

Reef currently has 3 income streams: Basket engine, protocol fees and interest paid by powerusers who borrow tokens from the Reef pool in order to increase their voting power. All the 3 income streams are currently flowing in the Reef pool. In the future, through voting, we plan to introduce Reef Treasury which will be the recipient of the income streams, and the DAO can further decide how to allocate the funds (eg: grants, buybacks, etc.)

The reef token is a governance token, so the users will be able to vote on different proposals (releasing new features, readjusting certain parameters in the system, etc.). Besides governance, the token is powering our infrastructure, so you can pay the protocols fees with it. It can also be used to stake into the Reef pool and get RPTs (Reef Pool Tokens), but it's also going to be used in the yield distribution mechanism (customizable payout ratio for the yield that the basket generated), which will allow the user to farm the Reef token and directly stake it into the pool.

Kevin Sekniqi ∀:
Speaking for the first part of the question: I think NFTs are a really awesome growing class of assets and I'm excited to see them explode in popularity.

The world of art dealing hasn't moved to the digital world, but it's ripe for disruption with blockchain. I'd love to see rare, limited editions art pieces on Avalanche. I'd love to see the emergence of the next digital "Bansky", artists that are primarily "online" but have incredible following.

Denko Mancheski:
We do have an ambassador program. https://medium.com/reef-finance/announcing-reef-ranger-ambassador-program-f1f178267a63

Nicolas Lemaitre ∀:
That's a WRAP!

Thank you so much for taking your time to answer these questions @denkomanceski. It was great to have you here!

Denko Mancheski:
Thank you as well! it was a pleasure