As it was announced previously, the partnership between BecoSwap and Kephi Gallery is making important steps forward.
On July 7th, an AMA (Ask Me Anything) session was conducted with both former participants of the KardiaChain Pioneer program. The AMA was hosted in the Official KardiaChain English Community, with Nico Verderosa — CEO/Co-Founder of Kephi Gallery and Todd Dang — CMO/Co-Founder of BecoSwap.
Missed the AMA session with Kephi and BecoSwap?
No worries! You can read the transcript here:
Question 1: What is your strongest advantage that you think will make your team leading the market? In contrast, what is your weakness? How do you plan to overcome it?
Nico — Given that most NFT marketplaces use Ethereum as their base technology, one of our strongest advantages is the low fees that come from using KardiaChain technology. And the other strong fundamental is interoperability. NFTs on Kephi Gallery will be minted using KAI but the buying/selling will take advantage of the dual node technology and users will be able to trade with any coin/token connected to KardiaChain.
As per our weakness, is probably to fight against the buy guys. Even though the fees on Ethereum are restrictive, it’s a worldwide known blockchain. We plan to overcome that with a strong marketing campaign that will not only make Kephi know, but also KardiaChain itself as an ecosystem.
Todd Dang — The DeFi field on KardiaChain is quite immature at the moment. BecoSwap is proud to be the largest platform on KardiaChain and KAIDEX as well, at total value locked and trading volume. There are many rooms for us and other functionality of DeFi products to grow.
About our challenges, we did face consistent selling pressure at the launching time. But it’s the rule of thumb of the farming games, we recovered quickly.
Question 2: Revenue is very important for any project for growth and development, What are the ways that generates profits/revenue to maintain your project and what is its revenue model? How can it offer win-win benefits to both investors and your project?
Nico- Kephi Gallery will charge a fee on top of the gas needed to mint, buy/sell NFTs on our platform. But even with that, the commissions will be incredibly low. We seek to have a big volume of NFTs created, bought and sold. At the risk of sounding repetitive, KardiaChain fees allow for us to profit more even if we charge a really low amount of comms.
As per the win-win scenario for investors, KPHI token will be farmed and used on the platform. Let me explain that really quickly.
We will award buyers and sellers of NFTs on a periodic basis, by awarding them KPHI tokens, this is the farming part. As per the utility part we are planning a broad Loyalty Program in which KPHI will have a big utility. From lowering the fees (yes even more), to appearing on featured Kephi collections to stand out, the program entails many aspects, making KPHI token a real utility token.
Todd Dang- BecoSwap have a developer fund, being filled up by farming actions of users. This is used for the continuous development process, marketing and adopting new DeFi projects to IFO and integrating with us.
They earn from farming, staking LP token then share a little bit for us to continue growing the Beco ecosystem.
Question 3: If a bear market comes and the KAI token dumps? Would this affect your project and what is your plan for this scenario? How will you handle your investors’ panic selling? And how do you think about the allocation of resources?
Todd Dang- We’re aiming to be the core Defi product in KardiaChain ecosystem. BecoSwap is one of the first products that will be built on top of KardiaChain technology.Bear market will affect all cryptocurrencies, as long as we keep building our ecosystem. The BecoSwap and KardiaChain community will recognize our effort. About the ‘panic selling’, we always have backup funds to take action in time!
Nico- Like Todd says, the bear market affects all crypto. In our case, the flow of Kephi as a gallery and marketplace would not be affected, as the users will only need KAI to pay for gas, they can acquire it straight away from KAIDEX or a CEX and use it to mint their NFTs, but could use a stable coin to sell their collectibles. It will be a matter of the platform to freeze the funds raised from the operations, most likely using K-USD.
Of course the KPHI price could be affected, but like I said before, we will offer many use cases for it and hopefully the demand for KPHI will only increase, even with a red market.
Question 4: Can you give us a preview of future plans, strategic partnerships, marketing, new functions or technologies, etc for this year and the future ?
Todd Dang- We are going to set up a partnership with some potential partners, who can fulfill the missing pieces of a full stack DeFi ecosystem, like Kephi with the NFT marketplace of BecoSwap. We are going to adopt some DeFi dApps on KardiaChain such as yield farming aggregators, auto-compounding system, KardiaChain decentralized name server.
Nico- As per our roadmap, our IDO will come this month. After that comes the main development of the platform which will take time, because we’d rather do it well than to do it fast. You have to consider we are basically building a cross-chain NFT DEX, it needs to work smoothly. But in the meantime we will form new partnerships. We already have partnered up with KardiaChain, BecoSwap and MyDefiPet from the KAI ecosystem, and Beer Money from outside. We are currently talking to more crypto projects, and also artists, galleries, artists collectives, Fine Arts schools, NGOs (we are currently talking to Bitcoin Argentina NGO) etc. When Kephi Gallery goes live, it will be with a lot of partners and institutions backing us.
Question 5: What will you do to compete with other similar projects?
Nico- Like I stated before, our main competitors all use Ethereum and are non interoperable. This gives us leverage. But also, I for one think that the crypto ecosystem is full of potential partners rather than competitors. Decentralization brings that, the ability for people to jump from one place to another. We will of course try to make it appealing for artists and collectors to use Kephi Gallery, that’s why we will offer them a broad variety of products. Also, we will not only focus on images, gifs like most NFT platforms do, but all disciplines will be welcome.
Todd Dang- Like I said before, the DeFi field on the KardiaChain network is quite immature and there is lots of room for us to grow. Currently, BecoSwap is dominating KAIDEX and DeFi world on KardiaChain in trading volume and TVL. Our priority now is implementing a fully-functional DeFi platform to maintain our position, bringing more utilities to users.
We will push some marketing campaigns alongside, promoting our new IFOs projects and high yield post-IFO farming pools.
Q1- What is the future of Becoswap on Binance Smart Chain (BSC) and does Becoswap on BSC have any connections with Becoswap on KardiaChain? What is the solution of the price difference of BECO on BSC and KardiaChain after bridging?
Answer- The BSC BecoSwap will be community-driven as always. We will think about bridging two BecoSwaps together after the cross-chain bridge of KardiaChain has been established. In the best scenario, we will be able to implement the bridge with dynamic conversion rate, based on the community’s will.
Q2- In the tokenomics of Beco, 20 tokens are released per block. What does this actually mean? When is a block created? And is this block emission related to the APR?
Answer- The word “block” here refers to KardiaChain mainnet blocks, which are proposed and validated by their validators every approximately 5s. The current BECO emission rate is 20 tokens. That means for every block mined on KardiaChain blockchain, there will be 20 BECO tokens minted and distributed among all Beco farming pools based on their staked value. The emission rate is reduced by 1 BECO token quarterly, indicating that there will be less and less BECO minted overtime. The APR of a pool depends on its staked value, compared to total value locked in all farming pools. Then the APR may vary by the price of BECO token, producing the final APR of each pool.
Q3- what’s the point of IFO? What do participants gain for the basic model?
Answer- BecoSwap IFO is a super hot subject. In short, participants will pay for the new IFO tokens using BECO-KAI LP token, acquired from adding liquidity to the BECO-KAI pair on KAIDEX. This will motivate users to add more liquidity for BECO tokens on KAIDEX. Half of the sale value will be burnt, and half of it will be returned to the project owners. So if the full $1,000,000 USD allocation is raised for the IFO, then $500,000 of BECO tokens will be burned after that. This will also motivate users to add liquidity and stake on the new, high APR post-IFO farming pools.
You can read more about our IFO process here
Kephi Gallery Session:
Q1- How will you secure the authenticity of ownership of any NFT?
Answer- To sum it up we will have an algorithm that checks for duplicates within the platform and we will also conduct manual checks on the authenticity of the pieces. Avoidance of plagiarism or forgery is never 100% effective before the fact, but we will have our legal department and artistic department ready to take action should any issue arise.
If we encountered issues like this, we could block a certain account from operating within the platform and the user may be subject to legal actions as well.
Q2- What inspired you and your team to build and expand Kephi?
Answer- Well, last year, with the boom of NFTs, myself and my great friend and co-founder @VeryFirstTurtle realized how useful this NFT world was for rising artists, but also how restrictive it was for some due to high fees. I was already involved with KardiaChain and talked to the team about our ideas, saw that there was good potential, and we started planning.
What inspires us the most is the strong need of artists from undeveloped countries that still have trouble showcasing their work even with a lot of NFT platforms to do so. Paying 80–120 USD for minting one NFT could be very restrictive for most in many countries. And they are claiming to have a place where they can upload their entire artwork collection and, not only be able to sell it, but also show it, start building a reputation. Kephi Gallery will not only be a marketplace, but a gallery where everyone will be able to upload their material for the world to see.
BecoSwap is an established project as their dApp had already run on Binance Smart Chain. The team put a lot of effort into converting their SDK to run on the KardiaChain network during KardiaChain Pioneer Program.
After launching on KardiaChain for more than one week, BecoSwap still dominates KAIDEX as the #1 yield farm and AMM Swap in trading and volume total value locked. The project’s market cap is increasing daily, motivating users on the KardiaChain network to contribute and benefit themselves from the Beco ecosystem and KAIDEX. Besides current use cases, BecoSwap is aiming to build up a fully functional DeFi platform in the future which the following products:
- Initial Farming Offerings (IFO): A new form of fundraising similar to IDO, but the asset used to participate in the fundraising will be LP token from the BECO-KAI liquidity pool on KAIDEX.
- NFT Marketplace: The section for verified artists, offering users and fans access to artwork created by artists featured on BecoSwap. It allows users to bid or buy any of their favourite NFTs displayed.
Find out more about BecoSwap:
- Website: https://becoswap.com/
- Becoswap roadmap: https://docs.becoswap.com/roadmap
- Telegram: https://t.me/beco_swap
- Twitter: https://twitter.com/beco_swap
Media Partner: BeInCrypto en español