Recap: DMEX’s joint AMA with Bird Finance

On Thursday, July 22nd, Bird Finance’s CMO Ye Rich joined the DMEX community for a live AMA. The community was highly enthusiastic as we received a lof great questions from our Telegram community!

If you missed this AMA, don’t worry. This blog post includes a complete recap of the live AMA session. Are you eager to learn about Bird Finance and DMEX’s partnership with them? Here we go :)

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Steward @DMEX:First of all, most of the partners in the community are not familiar with Bird Finance, so could you give an overall introduction of Bird Finance? The background of the team and what does Bird Finance do? And what is your vision?

Ye Rich @Bird Finance:

Bird Finance is a cross-chain income aggregation protocol with extreme deflation, which helps users find safe, stable and high-yield projects in the blockchain world, develop diversified mining strategies with compound interest, and realize asset appreciation.

Multi-chain asset allocation, disperses the risk of income aggregation on a single blockchain, through cross-chain infrastructure, crosses part of the assets to high-quality high-growth DEFI project, and provides higher multi-chain portfolio returns. The Token deflation mechanism ensures the balance between output and consumption and promotes the sustainable development of the Bird ecology. Based on the machine gun pool, Bird Finance will successively launch NFT products, Lending agreement, cross-chain Swap agreement, etc., to enrich Bird tokens and use scenarios, promote the retention of users in multiple scenarios, and give play to the Bird ecological long tail effect

Team background

Currently, Bird community has four core developers, including two from Silicon Valley giants, and the other two are core developers of well-known public chain teams.

One of them is one of the earliest pioneers in the field of solidity development in China. He has independently completed the state channel framework on Ethereum with OPCODE. Independently developed the contract to upgrade the DelegateCall Proxy framework and the underlying cryptography library by Solidity Assembly. If you are interested in the relevant code, you can share the core code later and learn from each other

Steward @DMEX: There are many excellent products in the revenue aggregator track, such as YFI on Ethereum and Auto and Bunny on BSC. What do you think are the problems to be solved in the current revenue aggregator? What are the advantages of Bird in revenue aggregation?

Ye Rich @Bird Finance:

1. To choose the direction of cooperation for docking, Bird will continue to look for the blue ocean of the current mining market and mines with less fierce competition in MDEX, Dodo and other related machine gun pools. Have a certain first mover advantage

2. The part of machine gun pool draws on the implementation of the project of Converter. When a user pledges the token into our aggregate wallet, we will provide the user with a pledge certificate similar to LP certificate, which starts with Bird or B. Around the re-pledge of voucher tokens and various other gameplay, we can give users a different Defi experience.

For example, pledge voucher token mining, mining NFT at the same time and so on. Borrowing from the token model of AMPL, HOGE and others, the governance token applies a bolder practice model based on the ERC20 interface.

A. 50% of the total token amount will be initially transferred to the black hole address.

B. If token is circulated, 6% of the circulation fee will be generated, of which 2% will be directly put into the liquidity pool to provide liquidity, 2% will be put into the DAO governance pool, and 2% will be directly distributed to all coin-holding addresses. As the direct distribution of 2% is based on the proportion of coin-holding at all addresses, Therefore, the black hole addresses will get the most allocation, which realizes the deflationary mode of circulation redestruction in a disguised way.

C. From the original design, we believe that the output of BIRD Token mined in machine gun ponds is balanced with the deflation in circulation, which is a healthy model for sustainable development. The continuous thickening of liquidity at the time of trade circulation also ensures the Bird’s continuous development to some extent.

Steward @DMEX: We can see that in the smart farm, the APY of the pool is very high. Could you roughly describe the principle of automatic mining of Bird Finace with us? What are the external benefits of the pool?

Ye Rich @Bird Finance:

APY is divided into three parts: 1. Base APR of pit 2. Automatic compound of machine gun pit

The APY on the bird-yield by pledge. The sum of the three parts APY constitutes the true APY of the machine gun pond

The principle of automatic mining: It is an automatic reoffer mechanism triggered by a contract Compound APY gain is implemented. The re-pledge of tokens that are simultaneously pawned into tokens generates the BIRD yield

This is the basic principle of machine gun tank. The external revenue pool is currently the base pool for MDEX. Currently 13 pools are connected. We’re going to continue to have access to more external pools and bring in more traffic

Steward @DMEX: Next, I would like to ask some questions about tokens. In the whole ecology of Bird Finance, how is $Bird token empowered? And can you introduce the “extreme deflation” mechanism of the $Bird token? And what are the benefits?

Ye Rich @Bird Finance: Bird’s enablement is tightly integrated with the ecological DEFI product

1. Liquidity mining is the basic guarantee of BIRD’s liquidity, so BIRD itself is the shovel produced by liquidity mining

2. During the use of the machine gun pool, the machine gun pool will charge a reasonable handling fee after accessing the output of the external mine pool, and about half of the handling fee will be used for BIRD repurchase and destruction

3. Launchpad also needs to use Bird to participate

As the eco-product line grows, Bird will cash out more and more of its value

Combined with the unique deflationary mechanism, it will produce a better enabling effect

Bird’s deflationary mechanism was mentioned in the previous answer

A. 50% of the total token amount will be initially transferred to the black hole address.

B. If token is circulated, 6% of the circulation fee will be generated, of which 2% will be directly put into the liquidity pool to provide liquidity, 2% will be put into the DAO governance pool, and 2% will be directly distributed to all coin-holding addresses. As the direct distribution of 2% is based on the proportion of coin-holding at all addresses, Therefore, the black hole addresses will get the most allocation, which realizes the deflationary mode of circulation redestruction in a disguised way.

C. From the original design, we believe that the output of BIRD Token mined in machine gun ponds is balanced with the deflation in circulation, which is a healthy model for sustainable development.

The overall model of Bird has two core parts

1. Bird excavates the mineral, inspires the new user continuously, the new capital ~ gold enters

2. Bird buyback destruction, with its own deflation mechanism, ensures the balance between output and destruction

The balance between the two is the guarantee of long-term development, and we have seen too many DeFI end up dying of inflation

That was the initial consideration when we designed this model

Steward @DMEX: Could you introduce Launchpad of Bird Finance to us? Is it an IDO platform? If so, how can users participate in LaunchPad? How does it enable the $BIRD token?

Ye Rich @Bird Finance: Yes. Launchpad doesn’t just launch external partnerships.

We will also launch our own internal sub-products, such as NFT of Bird Ecology and so on

Participating in Launchpad requires holding NFT and using Bird to participate, in which half of the participating Bird will be destroyed, and the remaining half will be used for external cooperation and governance of Launchpad itself. Bird will directly exchange tokens of other projects and our internal projects, directly enabling Bird.

Steward @DMEX: Bird Finance will launch the lending function in Q3. I would like to ask how Bird Finance plans to encourage users to use the lending function. Are there short — and long-term incentives?

Ye Rich @Bird Finance: The machine gun pool is similar to how it motivates users to use it

1. Platform Token mining encourages users to deposit

2. DiVERSIFIED products can enrich the ecological linkage between Lending and other products, retain users, and create linkage effect between Lending and machine gun tank and NFT

In the long run, as Bird is endowed with more and more energy, its incentive effect is bound to be better and better

Steward @DMEX: We have learned that Bird Finance plans to launch NFT. Could you give us a brief introduction of your NFT product plan?

Ye Rich @Bird Finance: The image of NFT is a bird of different shapes and colors. NFT can be obtained in the following but not limited to several forms:

1. Output NFT through the certificate Token of machine gun pool;

2. Output through the launch pad;

3. Publish NFT with other platforms or projects.

4. NFT can mine, sell, continue to combine the liquidity of Bird to generate new certificates, etc.

NFT will delve into the specific use of the DEFI product. Such as:

1. Machine gun ponds The entry pass for some special pools is NFT

2. Air drop equity NFT

3. NFT replaces the use of free voucher of Bird Tools

Steward @DMEX: As far as we know, Bird Finance will be launched on BSC and will be integrated into more public chains in the future. Want to know the cross-chain solution of Bird Finance and how to solve the cross-chain cost problem?

Ye Rich @Bird Finance: The cross-chain cost should be combined with another problem to think

Cross-chain revenue issues

Cross-chain machine gun pool, the purpose is to find in different chains on the chain of their own high-quality pool, improve the overall flow and mining income. When another chain has a new high-yield pool, it is acceptable as long as its cost is kept within the high-yield gain range. And the cross-chain itself we’re not going to do.

We will look for quality cross-chain infrastructure, and as the infrastructure matures, we will gradually integrate the framework of multi-chain aggregate revenue

Steward @DMEX: We have learned that Bird Finance plans to create a highly autonomous community. Could you please briefly introduce the governance model of the community?

Ye Rich @Bird Finance:

The governance model is divided into several parts: Governance incentives, who governs, and governance decision matters.

On Governance Incentive: Bird 2% circulation tax directly enters the DAO pool and encourages the community to participate in governance. In the long run, this part has been planned for the long-term development of the community from the very beginning

The Token model determines that community governance will be a very core module. At the same time, the machine gun pool, Lending, NFT use process of all the fees, can also be used as a part of the incentive

About who governs: Two sections, multiple signatures of each community constitute the first layer of proposers. All users vote to determine the options for the implementation of the proposal

About governance decision matters:

1. The machine gun pool is connected to a new mine pool. The mine pool is decided by the community vote

2. Priority of Bird product

3. Development direction of major decisions of Bird Finance in the future, such as whether to launch CEX or not

Steward @DMEX:

Why does Bird Finance choose to work with DMEX?

Ye Rich @Bird Finance:

As you know, Bird Finance has only recently crossed to the Heco Chain, and after our extensive research we found that DMEX is one of the best projects on the Heco Chain. DMEX has an excellent product design in which the great potential of NFT is infused into crypto mining in a very innovative way. This testifies to the professional capability of the DMEX team.

Also, DMEX is a pioneer in the DeFi industry. It provides high return and stable earnings to its members, this also aligns with Bird Finance’s ideology. DMEX is also a respectable leader in the FIL, filecoin industry.

Moreover, DMEX’s liquidity mining pool is highly compatible with Bird Finance’s yield aggregator model, the cooperation between Bird Finance and DMEX will certainly bring lots of benefits and earning opportunities to both projects’ users. We see unlimited possibilities in more future collaborations with DMEX.

DMEX is a decentralized mining power financial service platform utilizing DAO and smart contract to provide innovative DeFi and NFT products.