$MOLTEN — molten.finance AMA Held December 1st @ 2pm EST
Trading Benjamins, [01.12.20 13:59]
[In reply to Zeus | No Proposal DMs]
Welcome to the Trading Benjamins telegram, if you are ready lets get this AMA with $MOL/$LAVA started!
Trading Benjamins, [01.12.20 13:59]
Thank you for taking the time out of your day and coming on to do this AMA with us! I can’t wait to learn more about the MOLTEN project first hand from you.
Zeus | No Proposal DMs, [01.12.20 13:59]
thanks for having me. excited to be here
Trading Benjamins, [01.12.20 14:00]
So to get us started can you give us a quick introduction of yourself for those who don’t know, as well as the basic outline of MOL (only). We will get into Lava after I promise/we can bounce back and forth as we go but first let’s get the understanding of MOL down to prevent information overload or any confusion.
Trading Benjamins, [01.12.20 14:01]
Also everyone, while waiting for us to respond to the questions you can check out the Molten website at: https://www.molten.finance/
Zeus | No Proposal DMs, [01.12.20 14:04]
Sure I’m the dev of Molten, which is a DeFi protocol with an auto-liquidity-generation mechanism.
What that means is the protocol essentially adds to the liquidity pool on every trade automatically, ensuring the LP continually grows over time, allowing for traders to easily enter/exit.
Molten is also deflationary, meaning 1% of every tx gets burned. This takes tokens out of circulation which, in addition with the auto-liquidity, creates a “price floor”
Trading Benjamins, [01.12.20 14:05]
Awesome, pretty straight forward.
$MOL has a 1% burn that is sent to a burn wallet, do you have the link to said wallet to prove this is indeed the case?
Zeus | No Proposal DMs, [01.12.20 14:07]
Yup! so we launched about 3 weeks ago with a 10k supply. As you can see, the supply is now 8,790 (over 12% burned).
Here are all the transactions to the 0x000 burn address:
Zeus | No Proposal DMs, [01.12.20 14:07]
(not sure why balance says 0 MOL — i think that’s an etherscan thing, but you can see all the transactions going into the burn wallet on every single tx)
Trading Benjamins, [01.12.20 14:07]
Math checks out! everything is going to the burn wallet as stated 👌
Trading Benjamins, [01.12.20 14:08]
you briefly just told us but what are the full tokenomics for MOL (Team tokens, circ supply etc…) and how do they support long-term development?
Zeus | No Proposal DMs, [01.12.20 14:11]
Sure, MOL launched with 10k tokens, with 90% added to the Uniswap liquidity pool.
7.5% of the tokens were used for marketing and 2.5% was used for dev fees.
We did a big marketing push the first 2 weeks so most of the team tokens have already been exhausted. It’s safe to say at this point, MOL is very decentralized and the majority of the supply is in the hands of the community (which was our goal)
Also, as I mentioned early, the total supply is now 8,790 due to the burns
Trading Benjamins, [01.12.20 14:12]
Coins are being burnt fast! 12% already.
Trading Benjamins, [01.12.20 14:13]
Is the team anonymous? Do you have any prior projects or experience in the space that you could share to help instill trust in your project?
Zeus | No Proposal DMs, [01.12.20 14:14]
Oh — should also mentioned we did a stealth launch were we bootstrapped the initial pool with 5ETH ourselves. After the protocol built sufficient liquidity, we took the 5ETH out to use for dev fees.
The reason we did a stealth launch instead of presale was partly for legal reasons, but also to distribute tokens in a more fair manner. Additionally, we had a max buy limit for the first 2 weeks to prevent whales/bots from hoarding the supply early one.
Zeus | No Proposal DMs, [01.12.20 14:15]
[In reply to Trading Benjamins]
Yup the team is anon and has launched several other DeFi projects this cycle (one of them hit $12M mcap at its peak). Unfortunately, we can’t say which due to agreements with other team members.
Trading Benjamins, [01.12.20 14:15]
[In reply to Zeus | No Proposal DMs]
Haha, great answer. You literally just just stole my next question 👌
Trading Benjamins, [01.12.20 14:15]
This guy is good haha
Zeus | No Proposal DMs, [01.12.20 14:16]
[In reply to Trading Benjamins]
Making your job easy 😉
Trading Benjamins, [01.12.20 14:17]
[In reply to Zeus | No Proposal DMs]
That is fair. This is a quite common theme in the space. I wouldn’t want to dox myself if I was a dev lol.
Zeus | No Proposal DMs, [01.12.20 14:17]
[In reply to Trading Benjamins]
Yup, we want the code to speak for the project rather than the team
Trading Benjamins, [01.12.20 14:17]
In your medium you stated you’ve Improved on $LIQ code by adding anti-whale and anti-bot measures to $MOL, which measures are those and how did you manage to do this?
Zeus | No Proposal DMs, [01.12.20 14:20]
[In reply to Trading Benjamins]
great question- we limited buy transactions initially to no more than 2.5% of the supply i believe. This is because there are sniper bots on Uniswap that look for new listings and will just ape in with high gas. They’re usually able to get a good chunk of the supply, then dump at a 3–5x which can kill the momentum of a project early on
Trading Benjamins, [01.12.20 14:21]
Yes we have seen this time and time again. and have seen people get rekt time and time again because of this
Trading Benjamins, [01.12.20 14:21]
I also read you initially paused trading to prevent this as well? did this strategy work?
Zeus | No Proposal DMs, [01.12.20 14:24]
I dont think we did for the MOL launch but we did for LAVA.
Either way, there were no bots on either of these pairs. And if you look at dextools, you’ll see there’s no frontrun bots either
Zeus | No Proposal DMs, [01.12.20 14:24]
I believe the transactional tax helps with the bot problem as well
Trading Benjamins, [01.12.20 14:26]
[In reply to Zeus | No Proposal DMs]
Oh, I probably miss read but same idea, I was just curious if it worked. Which it sounds like it did, which is awesome.
Trading Benjamins, [01.12.20 14:26]
I know MOL can be staked to earn LAVA (we will get into lava right after this), what is the estimated APY%?
Zeus | No Proposal DMs, [01.12.20 14:28]
[In reply to Trading Benjamins]
that’s a good question! i actually have no idea since we’re not staking any ourselves lol. Plus, it depends on the price of MOL/LAVA and your pool share so tough to give an exact answer.
I think I heard someone say they were getting 700% or something recently
Zeus | No Proposal DMs, [01.12.20 14:29]
and keep in mind this is single-token staking so there’s no risk of impermanent loss
Zeus | No Proposal DMs, [01.12.20 14:29]
someone just sent this in our chat
Zeus | No Proposal DMs, [01.12.20 14:29]
Trading Benjamins, [01.12.20 14:29]
[In reply to Zeus | No Proposal DMs]
Good thing to point out, makes it a little extra comfy to do so then.
Trading Benjamins, [01.12.20 14:30]
520% not bad
Trading Benjamins, [01.12.20 14:30]
also everyone I did see someone post high 600%s last night so the 700% wasn’t just made up either.
Trading Benjamins, [01.12.20 14:30]
if people have any concerns lol
Trading Benjamins, [01.12.20 14:31]
people will look to fud anything just want to clarify this first
Trading Benjamins, [01.12.20 14:31]
Alright, let’s dive deeper into LAVA!
What is LAVA and how does it tie into the whole MOL ecosystem?
Zeus | No Proposal DMs, [01.12.20 14:33]
[In reply to Trading Benjamins]
so with MOL, the liquidity gets locked in the contract permanently
with LAVA, part of the liquidity gets locked, and the other part is given as rewards to stakers
this allows the liquidity to be decentralized further, and gives stakers the chance to earn actual ETH when they un-pair their LP tokens
as far as I know, no other project lets you earn actual ETH, and especially with single token-staking
Zeus | No Proposal DMs, [01.12.20 14:34]
it’s also a more efficient system because even if someone doesn’t un-pair their LP token rewards right away, they are still earning trading fees on those tokens
Trading Benjamins, [01.12.20 14:34]
Revolutionizing the game. With eth prices soaring who wouldn’t want more eth also.
Trading Benjamins, [01.12.20 14:34]
[In reply to Zeus | No Proposal DMs]
makes total sense and is smart.
Trading Benjamins, [01.12.20 14:35]
What enticed you to create LAVA and add it to the already flourishing MOL ecosystem?
Zeus | No Proposal DMs, [01.12.20 14:37]
[In reply to Trading Benjamins]
We wanted to build more usecases for MOL’s auto-liq-adding protocol because it thrives on trade volume. LAVA was an experiment in combining this unique mechanism with staking rewards, which benefits MOL holders as well.
The goal is to continuing to build more on top of these 2 tokens to create a synergistic effect that benefits the entire ecosystem as a whole
Trading Benjamins, [01.12.20 14:39]
How does one earn LAVA? Other than directly buying it of course?
Zeus | No Proposal DMs, [01.12.20 14:39]
You can stake MOL to earn $LAVA.
Zeus | No Proposal DMs, [01.12.20 14:39]
2% of LAVA transactions go into a reward pool that goes to MOL stakers
Trading Benjamins, [01.12.20 14:39]
is this done on your website?
Zeus | No Proposal DMs, [01.12.20 14:39]
yup: https://stake.molten.finance
Trading Benjamins, [01.12.20 14:40]
awesome, everyone you know where to go ^
Trading Benjamins, [01.12.20 14:41]
What are the benefits of holding MOL vs LAVA or vice-versa?
Trading Benjamins, [01.12.20 14:42]
or as someone asked me right before, “ask him which one pumps” haha.
Zeus | No Proposal DMs, [01.12.20 14:43]
[In reply to Trading Benjamins]
Hahaha well $MOL liquidity is great right now at $130k, most of it locked inside the protocol
Our focus is to get $LAVA liquidity up to attract more traders and buyers so we are working on some incentivizes to drive volume
Zeus | No Proposal DMs, [01.12.20 14:44]
One of the things we’re working on is a decentralized lottery game for LAVA that runs itself
Trading Benjamins, [01.12.20 14:44]
[In reply to Zeus | No Proposal DMs]
interesting, can you give us any hints on how this would work?
Trading Benjamins, [01.12.20 14:44]
or is it still a work in progress?
Trading Benjamins, [01.12.20 14:45]
Also is there an estimated time people can expect this to roll out?
Zeus | No Proposal DMs, [01.12.20 14:47]
[In reply to Trading Benjamins]
sure — it’s definitely a work in progress still but the idea is to have a prize pool of LAVA that anyone can enter to win by sending directly to the contract. We have some added game theory ideas to make it somewhat irresistible. The end goal is constant buy-pressure on LAVA
Zeus | No Proposal DMs, [01.12.20 14:48]
[In reply to Trading Benjamins]
Don’t have an exact date but hopefully within the next week or 2
Trading Benjamins, [01.12.20 14:49]
[In reply to Zeus | No Proposal DMs]
smart this kind of probably answers one of my next questions so I’ll ask it now anyways and you can add anything to it
Trading Benjamins, [01.12.20 14:49]
With higher gas prices the last few days and being lower liquidity coins, I’ve noticed your volume has slowed down. Is this a concern for you going forward, if gas prices were to continue to remain higher? Is there anything you can do to combat this going forward?
Or even if volume slows down organically is there any way you can create demand?
Trading Benjamins, [01.12.20 14:50]
[In reply to Zeus | No Proposal DMs]
Breaking news everyone, in two weeks or so Benny is winning the lottery!
Zeus | No Proposal DMs, [01.12.20 14:51]
[In reply to Trading Benjamins]
well we are praying to our Lord and Savior Vitalik everyday to lower the gas fees with a successful ETH 2.0 roll out
The cool thing with LAVA is we can temporarily lower the tax rates to make it more attractive for buyers to enter. Right now it’s at 6% which may deter some buyers.
This also ties in with forming a community DAO to govern these things
Trading Benjamins, [01.12.20 14:52]
I think we all are praying for this 🤣
Trading Benjamins, [01.12.20 14:53]
I’m glad you said this about the community DAO, was just going to talk about this.
“All the tax rates and percentages are dynamic and adjustable through community voting and DAO (upcoming roadmap feature).” This is taken directly from your medium.
Has community voting/governance begun and if not when will it begin?
Zeus | No Proposal DMs, [01.12.20 14:54]
[In reply to Trading Benjamins]
not yet, but will be set up by end of the week. We had some delays this week due to a DDOS attack on our website, and integrating mobile staking which a lot of people wnated
Trading Benjamins, [01.12.20 14:55]
[In reply to Zeus | No Proposal DMs]
Is everything safe and cleared up now?
Trading Benjamins, [01.12.20 14:55]
is everything “safu”
Zeus | No Proposal DMs, [01.12.20 14:55]
[In reply to Trading Benjamins]
yessir. we added Securi, one of the best firewall services to our website
Trading Benjamins, [01.12.20 14:56]
Based move.
Trading Benjamins, [01.12.20 14:56]
all additionl layers of safety are always welcomed!
Trading Benjamins, [01.12.20 14:57]
I read in your Telegram group that you are starting a “whales group” of sorts. Can you explain how one can get access to said group? What prompted you to create such a group?
Trading Benjamins, [01.12.20 14:57]
https://t.me/moltenfinance
Trading Benjamins, [01.12.20 14:57]
check it out
Zeus | No Proposal DMs, [01.12.20 15:00]
[In reply to Trading Benjamins]
not necessarily a “whales” group as the minimum to join will just to be holding 10 LAVA
the idea is to create a “community inner circle” group of people who care about the project and want to see it succeed
our team bootstrapped this project ourselves and we have busy lives, other commitments, etc. so the more community help we can get, the faster we can grow
The 10 LAVA requirement is just to keep the quality high and discourage lurkers who don’t really want ot contribute anything
you don’t need to have a particular skillset to join, but if you know design, development, marketing, etc then we’d love to have you
Trading Benjamins, [01.12.20 15:03]
Are you worried with such a group, certain people will have massive advantages over others?
For example: $TEAM created a whales chat from the start. You needed 3k coins to access said group. I was in the group and I can definitively say I had a massive advantage of when to buy and sell, over people who were not in the group, given the information I was privy to. Because of this I manipulated price in my favour many times, where as people who weren’t in had no clue or chance.
Trading Benjamins, [01.12.20 15:04]
I should also add, at the time 3k $TEAM was not a lot when they made the group.
Zeus | No Proposal DMs, [01.12.20 15:09]
[In reply to Trading Benjamins]
yup that’s a very valid concern which we’ve considered, and we’ll have to be selective about the information we release of course. However, I think the value generated by community brainstorming and execution outweighs the possibility for manipulation
plus, the inner circle group won’t hear EVERY piece of news first. they will help with the ideation and brainstorming of new features as well as admining, branding, marketing, and biz dev (partnerships). the actual decision for whether or not to execute will still be decided by the DAO which everyone will have access to.
and for major announcements, we will announce to the main group so it’s more fair for everyone
Trading Benjamins, [01.12.20 15:11]
Basically even though it’s not set out to be or meant to be a whales chat. Over time if price of LAVA increases to say $100, the chat essentially becomes a chat for bigger investors. Which is what happened with TEAM. Origianlly any one could get in but as time went on and price 10x it cost a lot to get in the group for new members. If this happened with LAVA would you reduce the price of admission to access the group or maybe consider to always set it at a USD amount vs a set amount of LAVA so it’s always a fixed cost making it fair for everyone
Zeus | No Proposal DMs, [01.12.20 15:13]
[In reply to Trading Benjamins]
Yup that’s a valid point, and if it comes to that, the DAO will ultimately decide on the entry fees.
Personally I would be in favor of keeping the entry price the same to reward the early supporters of the project
Trading Benjamins, [01.12.20 15:14]
very fair points and well thought out answers above
Trading Benjamins, [01.12.20 15:15]
We are almost done I promise, just noticed we are 75 minutes in 🤣
I read that with the release of LAVA, 1,000 LAVA were added to the MOL staking rewards to reward early MOL investors. This was said to last 7 days after release. Is this still the case, when does the 7 days expire? Will there be any other additional incentives to the staking rewards in the future?
Zeus | No Proposal DMs, [01.12.20 15:18]
No worries, these are great questions. And yes that 1,000 LAVA was used to boost APYs for the first week. The bonus reward period will end this Friday.
As far as staking incentives in the future — yes, we plan on creating new pools but need to think about those carefully to make sure they actually fit into the Molten ecosystem rather than creating random tokens and ending up as just another food farming project 😆
Trading Benjamins, [01.12.20 15:19]
[In reply to Zeus | No Proposal DMs]
haha oh boy, you mentioned FOOD I’m pretty sure you just sold yourself to half the people here
Trading Benjamins, [01.12.20 15:21]
Last question, where do you see the project in 3–6 months?
Trading Benjamins, [01.12.20 15:22]
Or more so where do you want the project to be in said time.
Zeus | No Proposal DMs, [01.12.20 15:25]
[In reply to Trading Benjamins]
oh man I feel like i’m at a job interview now! 😉 in 3–6 months, we want at least 3 more tokens with real usecases integrated into the ecosystem, but not built by us but other developers who see the value in our auto-liquidity-generating protocol and want to build cool stuff on top of it. we’d want to see the MOL DAO govern everything autonomously as well
this would mark a huge milestone in decentralization which was a big value of ours from the start
Trading Benjamins, [01.12.20 15:26]
Really good answer… you are hired sir!
Trading Benjamins, [01.12.20 15:27]
Before I let you go is there anything you would like to add or say before?
Zeus | No Proposal DMs, [01.12.20 15:31]
and just to add on to that- we’ve seen over and over what happens when the success of the project solely relies on 1 person or team. aka every dead project from the 2017 ICO bubble.
the team either loses motivation (cause they’ve made their money and don’t care anymore) or progress is really slow because there’s a single point of failure
that’s why we want to start decentralizing MOL and LAVA right away. we’re still gonna be here to keep building and adding to the ecosystem, but we’d like the community to start generating ideas and making decisions to continue driving the project in a direction that even we could not possiblly have envisioned.
hence why the DAO is our next milestone item
Zeus | No Proposal DMs, [01.12.20 15:32]
[In reply to Trading Benjamins]
i’m actually good on my end. just wanted to add this was one of the best AMAs I’ve done. very thought provoking questions
Trading Benjamins, [01.12.20 15:32]
Thank you, always nice to hear!
Trading Benjamins, [01.12.20 15:33]
Thank you so much for your time today, and thank you for coming to our AMA! I had a lot of fun doing this today, I personally learned a lot today. Anyone who is here watching, for more information please check out Molten at the following links:
Website: https://www.molten.finance/
Telegram: https://t.me/moltenfinance
Etherscan: https://etherscan.io/token/0x1443e7c1cce72662545d94779120c59251447e91
Medium:https://moltentoken.medium.com/molten-mol-a-fair-launch-deflationary-token-with-a-perpetual-liquidity-meta-market-making-efa6f8c56d16
Like all our other AMAs, the Molten AMA today will be added to our directory of AMAs on Imgur.
Zeus | No Proposal DMs, [01.12.20 15:34]
my pleasure, thank you @TradingBenjamins for the opportunity!
Trading Benjamins, [01.12.20 15:35]
You’re always welcome in here or back anytime. You provided very good, concise, well thought out answers and I appreciate that a lot. Makes my job easy 👌
Trading Benjamins, [01.12.20 15:36]
Like all our other AMAs, the Molten AMA today will be added to our directory of AMAs on Imgur.
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