Kebab Finance 1st Weekly AMA Recap- Saturday, June 12.
This Medium post includes a recap of the Weekly AMA Session and features the questions asked by community members, as well as Chef’s answers. We were happy to see such a fantastic response from the community and thoroughly enjoyed answering our community member’s questions.
You can see the original AMA conversation on our Global Telegram Channel here.
Find the AMA transcript below:
Moderator (David): Hey Kebabians! Welcome to our very first Weekly Community AMA Series 👋. I hope you all are as excited as we are.
This group has been MUTED; if you find yourself unable to post, this is only temporary as we will be opening the group during the live session and finally after the AMA; in other words, you aren’t banned from the group; it is only muted for our AMA.
We have selected the best Questions from Twitter. There will be a live AMA session, and everyone will be allowed to ask any questions. We will endeavor to answer as many of the questions as we can. The 4 best questions will be selected. So, without further ado, let’s get started!
@chefkebabi, could you please introduce yourself and go over your background before we dive into everything Kebab?
Chef: Hi! as you all know, I’m the founder and Dev of the project, I have been full stack developer over the 10 years and mostly interested in the blockchain side for the last 7 years, Involved in other projects; however, they were not Defi related, and it all started with the let’s try Binance Smart Chain idea initially.
Moderator (David): Awesome! Everyone is super excited about what is coming to Kebab Finance and also the recent product development. The community is super excited to learn more about the recent developments. So, could you briefly tell us about the recent developments before we dive into the questions?
Chef: Recent developments we released were the dashboard and the first of commodity tokens called KSLV ( Kebab Silver). We are recently working on those besides new partnerships and burn and governance tool.
Moderator (David): That sounds really great! So let’s move onto the first question.
Can you explain the facts about your bad opinion on V2 and why you decided not to migrate to it fully? because there is the reason why PCS did this for them ( adjust fees with more decentralized control, etc.
Moderator (David): Actually, this question is with regard to the recent V1-V2 decision.
Chef: We don’t really have a good or bad opinion about PCS V2, we just think it’s unnecessary, and we are unsure rather migrate to V2 or do our own version; we will be providing liquidity via V2 pairs. If we ever decide to migrate out of PCS V1, we will probably just make our own swap router.
Moderator (David): This is indeed very important to note, especially when it comes to the implementation of Kebab Finance’s own router.
We have another important question to look into. This one comes from another community member:
The concept of kslv is really interesting… do you plan to expand this idea in the future for different assets other than precious metals (and therefore correlated differently) to attract liquidities from different horizons into kebab finance?
Chef: Yes, essentially, we want to be expanding the idea of these tokens to other types of commodities in the future, not limited to just metals. The big picture for what we’re hoping to accomplish with our metal tokens is simply to introduce a new asset into the cryptocurrency space. Currently there are 3 broad classifications — crypto assets, synthetic stock tokens, and stable coins. We expect our concept for commodity-backed tokens to become the 4th type and grow in popularity and adoption as more people catch on to the idea. Of course, we also plan to be a major player in this specific space of the crypto ecosystem in the future.
Moderator (David): This is great 👌. In a nutshell, what is KSLV. We would like the community and the newcomers to learn a bit about this new concept. How can you explain it in a few words?
**Chef: **We just want to introduce a brand new asset class to the cryptocurrency space. It’s really as simple as that. If the USD can be pegged to a token, then metals and commodities are the next natural advancement.
Moderator (David): Awesome! If you wish to find out more about Kebab Silver, make sure to check our Documentation Page. This last question is important to explore. How can we be sure about kslv is 1–1 backed?
Chef: We will be publishing detailed information of our silver stock very soon. Probably in the form of a read-only Google sheet. You will be able to see exactly how much of each type of silver we own and where we store it, updated in real-time. The total weight of what we store should tally exactly with the total amount of KSLV/SILVER in circulation. As for the veracity and legitimacy of whether we actually possess this silver, we will prove that through audit reports, photos and any other methods suggested by our investors.
Moderator (David): Great! The community will have a couple of minutes to forward their questions in this live session. Afterward, TG will be muted for us to be able to answer your questions.
The channel is unmuted.
Community member: Thanks for AMA ! I have a question : Can you explain to the community how pegged token will benefit to the main token kebab ?
Chef: Well, first of all, what we initially think is if we can maintain the peg as silver, it will be a useful asset for people to use, and we plan to tie everything to the Kebab in order to create more buy pressure eventually if commodity token idea works and grow all the liquidity need to go through original token Kebab.
Community member: Chefkebabi, are there any IFO/ juicy partnerships to be expected soon?
Chef: IFO I can’t really say anything about it, it’s a tough process to find good projects. However, we will be communicating with several other BSC projects, and some partnerships will come with staking pools, However, you need to define the JUICY.
Community member: Can you provide some details about burn mechanism as well? with the launch of metal token, burn seems to be pushed somewhere in a corner. Is it good to go for release in Q2? How would it work? Is XToken contract ready? Thanks!
Chef: Okay, let me explain the situation with the burn one more time; it becomes a meme for our community, and I will be crystal clear about the delays and mechanism and what we think, so the initial idea was to create X token with governance ability; basically this X token was going to be second layer farming with Governance ability and eventually even some farms with multiple layers couldn’t sustain the stability on token liquidity and price; therefore we were taking our time to add more utility to the X token; also X token contract is ready.
Community member: Thank you for the details Chef.
Community member: In the past, new pools have been mentioned on Twitter by the team (eth). Is it still planned for the near future?
Chef: Well, currently, there is no way to get ETH yield; our pools with BTCB and BNB are only possible because of the staking we did without investments, and we redistribute them to Kebabians.
Community member: Understood, that’s why it hasn’t been mentioned again since April.
One more question: are you expecting a real take off of the project at the end of Q2, with burn implementation and the start of a proper marketing campaign around the project and kebab metals? Because the project is really undervalued right now.
Chef: Well we really want to make this burn idea, therefore, we will make marketing around it, and as you can see in the last couple of weeks we had a change in ideas and started to move faster for our plans and yes I think we will see some more stuff until the end of Q2.
Community member: It’s again about these pegged tokens; I would like to know with what you said; if so, this will only concern commodities, or are you open to other types of assets? ( securities, etc., etc.) or if it’s impossible and you focus only on commodities.
Chef: Honestly, anything is possible; however, we would like to take a different approach to yield farming first setup for us is commodities, and we will work around it; that’s one of the priorities right now, but we will try to invent new smart contract technologies to serve our purpose to make Kebab Finance more appealing for yield farmers.
Community member: No more questions for me! Thanks for all your answers 🙏.
Chef: Thank you guys for your interest. I will be personally more active on telegram to answer more questions daily.
Moderator (David): Thanks, everyone, for joining our 1st Weekly AMA Series. Thank you, Chefkebabi, for sharing insight on the project and for answering the questions from our community members. Please stay up to date by joining our social media channels for all the updates and future plans.
That ends the Weekly AMA Series.
Thank you all!