Recap of the Budz Finance AMA with Blockchain Space
On Tuesday, April 13th, we had the pleasure to welcome to our Telegram chat:
The Salamandalorian, The Lead developer and founder of Budz Finance.
We asked him questions about the development of Budz Finance.
Q~ Briefly introduce yourselves, a bit of your backgrounds and how you got into crypto?
A~ Let me introduce myself, my personal background is in indie game dev, web development, and app development — this expanded over to blockchain dev in 2017. I’ve developed many projects for and around HEX since inception, alongside a few other projects in the crypto space for personal use.
Now it’s time for myself to give back to crypto through BUDZ — this is a long-term focused project with an ever expanding niche within the growing crypto and cannabis market. I’d love to hear any ideas you guys have for the project going forward, and am happy to discuss any questions you have in mind.
Q~ What is Budz Finance all about, explain its importance and are there incentives for participating?
A~ BUDZ Finance is an innovative spin on the farming clones we see all around us. We aim to make it fair and sustainable for all who enter now and in the future, alongside giving great attractive incentives through variable high APY in the Growroom, a stable APY in the Seedvault, and deepened game-theory through our unique burning mechanism.
A bonus incentive for participants is our referral system, that rewards both users +5% forever.
Q~ What is the token use case and how does it capture the value of the ecosystem you’re building?
A~ Our token has its base layer of use-case through incentive structures such as farming/staking to create passive income in a sustainable way. Referring users rewards both users, giving incentives for both parties to play.
Within crypto, we aim to provide a sustainable and secure place to earn yield, as we feel many past farming projects have become unsustainable or have been simply rugged.
We have a 50% liquidity lock and ~10% total token supply lock from founders. You can also view founder burn rates on the UI and verify within the contract.
Expanding on this, our project aims to directly target areas of the crypto and cannabis markets, utilizing 2 of the strongest currently growing niches combined to create a well marketed product with likeminded people, ultimately creating a strong community.
Q~ Budz Finance offers a high variable APY on LP farming, how is this APY is calculated?
A~ Farming (our Growroom) APY is dictated by the $ value of total BUDZ farmed per year, compared to the combined $ value of locked LP and their corresponding backed assets e.g. (BNB/BUDZ , ETH/BNB etc) .
This means as $ values of assets change, APY is variable. Price goes up, APY follows and vice versa.
The formula for Growroom is as followed;
((Your LP token Balance * Global APY / Individual LP APY) * Minutes Past Stake Time / Halvening)
Q~ What are the next plans for Budz Finance, what should we look forward to in the coming months?
A~ So with only 1 week until 420 — we have some great plans regarding our short-term future ;)
and of course plenty of expanding ideas for the long-term.
In regards to short-term, we will be rewarding our participants in multiple ways. Details will be released closer to the date/on the date.
In regards to long-term, we have NFT developments on going, which will include farming options and utilization in our upcoming mobile game.
We believe gaming has all the game-theory aspects needed to bring crypto to the masses and we hope to bring BUDZ into this space with full-force.
QUESTIONS FROM TELEGRAM
Q~ Token burn is important for investors, do you have any plan burn or buy pack?
A~ Yes, token burns are important for both investor confidence and project sustainability.
BUDZ implements a very unique burning mechanism, not yet seen in crypto.
Any user can burn BUDZ.
Burning BUDZ increases your Seedvault staking APY (up to a maximum of 2x — 84%)
Burning helps the network by burning a copy of burnt amount from the pancakeswap pool of BUDZ/BNB — this lowers supply, while pumping the price and simultaneously increasing Growroom APY for all participants.
Users can view founder burn amount on the website UI , and verify this in the contract.
Expect many future founder burns 🔥🔥🔥🔥
Q~ Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is #budz smart contract, and did you ever audit it via any external party?
A~ Indeed, we believe strongly in contract security and community trust.
BUDZ has been 2 time audited by Techrate and The Audit Institute
You can view the audit reports here;
Q~ So many scam projects around us. And almost 90% projects with anonymous team do rug pull. At this point why you decided to remain anonymous? How can we trust you?
A~ We understand your concerns.
We aim to combat investor worries through a multitude of ways.
A perfect example of our dedication to the project is during our initial migration from version 1, we announced with plenty of time while allowing investors to decide to sell tokens into our liquidity. We then dropped users 1:1 BUDZ on the new contract, while replacing said liquidity out of our own pocket on the current final audited contract. This can be confirmed on chain and through our community
Following from this, we have locked 50% of liquidity, we have locked ~10% of total token supply, we are consistently burning supply everyday, we are always building and aim to give community incentive and rewards often.
In regards to remaining anonymous, unfortunately cannabis is still illegal in our country (we are in the UK if this helps) , therefore anonymity is a must for reasons beyond crypto.
Q~ I see you have a refferal program, what do I earn for referring users to Budz Finance, how do I get my refferal link?
Our referral program rewards both users!
This makes it beneficial for the user clicking the link, while also creating an easier marketing angle for the marketer themselves.
5% bonus is applied to staking and harvests for the referrer and referree.
Users who refer to budz.finance must have staked/farmed in the past, users cannot self refer.
You can find your referral link at the top of our website after connecting your wallet, or simply send anyone the link below (replacing YOUR-WALLET-ADDRESS with your bsc wallet address);
Q~ Can you list 1–2 killer features of this project that makes it ahead of its competitors?
A~ BUDZ is no clone — we created this project from the ground up and is unique in multiple ways.
Let me elaborate…
BUDZ utilizes a symbiotic relationship between burning, staking and farming to maximise growth and sustainability.
Our farming APY is variable, when price goes up, APY follows , you can find our farming section within the Growroom.
Our staking mechanism allows users to burn BUDZ to increase their APY from 42.0% , to maximum 84.0% ! Find staking in the Seedvault.
Our burn mechanism complements these by not only increasing YOUR staking seedvault APY, but also pumping price, and increasing the farming growroom APY. It does this by burning an equivelent amount of BUDZ from the pancakeswap BUDZ/BNB pool.
To maintain sustainability as price rises, an APY halvening is implemented to occur periodically. This period increases each time by 7 days, and only effects the Growroom APY and decreases inflation by half each time.
This unique relationship is aimed to create sustainability, while maintaining attractive yield forever.
We have a halvening event , that is community called and extends each time.
Please see our Medium article for information on migration from old contract if you are still holding old tokens.
It’s really nice having the Budz Finance project in here!!!
Join us now! Enjoy quality articles, daily curated news, insightful infographics, and enter a vibrant, fun, and knowledgeable community!
- Main Telegram group : Friendly and growing community that discusses upcoming projects as well as trading opportunities and crypto in general.
- Telegram announcement channel : Subscribe to never miss one of our News.
- Twitter : Follow us now on Twitter for more updates.
If you want to email us: Blockchainspace001@gmail.com