Recap of the Shield Finance AMA with Blockchain Space

On Sunday, April 11th, we had the pleasure to welcome to our Telegram chat:

Denis Gorbachev, The CEO of Shield Finance.

We asked him questions about the development of Shield Finance.

INTRODUCTION

Q~ Tell us about yourself and your role in Shield Finance project?

A~ I’m the CEO of Shield Finance. My responsibilities:

  • Manage the team

I’m a software developer with 16+ years of experience (coding since I was 14 years old). I’ve built numerous startups, including Pintask (a task tracker), Spire (an API integration hub), Moonbase (a derivatives exchange). I’ve also worked as a CTO for Rent Scene (a YCombinator Fellowship company).

Got my first Bitcoin in 2014, converted 95% of my net worth into crypto in 2017, founded Shield Finance in 2021.

Q~ Let’s learn some more about the project. What is Shield Finance all about, its mission, features, etc?

A~ Shield is 1inch for insurance. It’s an aggregator — it shows you packages from multiple insurance providers. Since we aggregate multiple providers, you will be able to find the best insurance for your use case.

Scenario:

  • You open the Shield app

We will take a fee for the service. 50% of the fees will be used to buy & burn $SHLD token, permanently reducing the supply.

Core features

  • Integrations with exchanges: buy insurance directly within the exchange interface.

Core benefits

  • Buy insurance that matches your use case (for example: no KYC).

Q~ What are the use cases of the $SHLD token, and also explain its tokenomics?

A~ $SHLD token has the following features:

  1. Buy & burn program: Shield Finance uses 50% of the fees to buy $SHLD token & burn it, permanently reducing the supply. We will buy at any price.

Initial market cap: $ 626,000

Initial circulating supply: 60,641,000

Total supply: 969,163,000

Seed sale: $ 110,000

Private sale: $ 600,000

Public sale: $ 150,000

Vesting:

  • Seed: Locked for 1 month, then 5% on first release, then equal parts of 12% over 9 months

More info:

Xiaolin : Has the private sale begun yet?

Denis Gorbachev : Yes, but it’s almost over, most of the allocation is reserved for funds & high-profile influencers.

Xiaolin : Wow, what about the public sale, any dates annouced yet?

Denis Gorbachev : We’re planning for Apr 21st. However, this is not official yet. Please follow @ShieldFinanceAnnouncements and https://twitter.com/ShieldFinance to get notified when we set the official date.

Q~ Considering burning and staking as essential part of a project, Tell us how Shield Finance token burn is done, and what are the requirements to stake $SHLD?

A~

Buy & Burn

We’ll accumulate the fees from Shield Finance users over 3 months, convert them to $ETH, then use $ETH to buy $SHLD on Uniswap.

Just like Binance and FTX, very simple.

Staking

You’ll send $SHLD to a staking contract, locking them for a minimum of 1 month. After the lock period ends, you’ll withdraw initial $SHLD + added interest (30% APY).

We’ll consider implementing extra rewards for longer lock periods.

Q~ What stage on the Roadmap is the project at? And what should we look forward to in the coming months?

How We’re at stage 2 of our roadmap

Q1 2021 (Completed)

  • Feedback from developers

Q2 2021

  • Testnet launch

Q3 2021

  • Mainnet launch

Q4 2021

  • Integrations with Polkadot insurance providers

Releasing a web app is our next milestone. We’ll integrate Nexus Mutual and Cover Protocol first, and add other providers later. I believe we can monopolize the insurance market by integrating with exchanges, wallets, farms. This will require a lot of partnerships, but with our investors it’s possible.

The integration will look like a button: “Buy insurance for this token”.

  • When a user clicks the button, we will display insurance packages.

Our button will be displayed within exchange / wallet / farm interfaces. The user won’t need to leave the interface. The user will see the button when he needs it the most — when he is fearful about his purchase of this token.

Scenario:

  • Alice comes to Uniswap, wants to buy a token — but she’s afraid of hacks.

Note: Web app will work with testnet first; we’ll move to mainnet at the “Mainnet launch” step of the roadmap.

QUESTIONS FROM TELEGRAM

Q~ Why should we Choose Shield Finance, what will you be offering that can’t be found in most DeFi insurance companies?

A~ You’ll be able to find the best insurance package for your use case. For example, if Nexus Mutual doesn’t have insurance for ABC token, but Cover Protocol has, you’ll be able to find that insurance through Shield Finance website, but not through Nexus Mutual.

Q~ You are talking about securing investors’ funds, but the concept of insurance covers more areas. In the future earthquake, flood, fire etc. Will you offer innovative solutions in insurance types such as? If so, how long will we wait for it?

A~ Yes, it will be possible to buy insurance for other events in the future. It will depend on insurance providers — when they release it, we add it to our website 💪

Q~ Many new projects made a good impression at first but were suddenly abandoned. How will you manage the project and token to gain a place in the market and become a best token in the blockchain world?

A~ We’ve got a buy & burn program. That’s the best way to link the cash flows of the company to the performance of the token. BNB & FTT prove that.

Other tokens (e.g. pure governance tokens) don’t provide price support through buy & burn.

Q~ 🙋🙋🙋🙋 Hello,

Which type of informations should I supply to have Shield Finance insurance ? Is the insurance limited for certain time period?

A~ Depends on the underlying insurance provider. You will be able to filter by “Requires KYC?” criteria (e.g. to buy insurance that doesn’t require KYC).

Q~ How can I buy your token ? Currently is it available on Exchanges?

A~ Please join @ShieldFinanceAnnouncements to get notified about the public sale.

Q~ Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?

A~ Buy & burn program is the ultimate long-term benefit. Just look at the performance of BNB & FTT. If we’re just 1/10th as successful, the market cap of the project will be much higher than now — given new developments & more integrations with exchanges and insurance providers.

Q~ How can users stay updated with #shield? Are there channels, including local communities where users can get the latest updates about #shield?

A~ Yes, feel free to follow us on social media:

https://shieldfinance.io/

https://t.me/ShieldFinanceHQ

https://twitter.com/ShieldFinance

https://medium.com/shield-finance-hq

CONCLUSION

Feel free to check out our deck:

Also, you might have questions about the team — yes, I’ve hired more people recently, we’ll update the website soon.

It’s really nice having the Shield Finance project in here!!!

You can check out their Website for more details. You can also follow them on Telegram and Twitter to keep up to date with all things relating to Shield Finance.

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Blockchain space gives room for discourse which regards crypto-related topics, projects and cryptocurrencies. https://linktr.ee/blockchain_space

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Blockchainspace

Blockchain space gives room for discourse which regards crypto-related topics, projects and cryptocurrencies. https://linktr.ee/blockchain_space