BSC.chat Interview Transcript with Multiplier Finance — Binance Smart Chain
B
Here we go
D.R.Dudley
Thanks for having me guys!
B
Thank you for joining us
D.R.Dudley
I’m glad to be speaking to the BSC Chat guys for the first time! 😊
B
Ill start us off with an introduction and a few questions and then my partner @aobr95 will take over. He has some spotty electricity so if he disappears and I take over all good.
D.R.Dudley
lol okay
B
Welcome @multipliermarketing from Multiplier.finance — Thank you for joining us today. Why don’t you start it off with an introductory message about who you are, your background and experience and the role you play in the Multiplier.Finance
D.R.Dudley
Sure. Hi everyone! My name is Dudley and I’m the Marketing Director for Multiplier Finance.
I’ve been dabbling in crypto for many years now, and have a background in marketing.
As part of the core team at Multiplier, my role mainly includes getting the word out and creating more awareness. We each wear many hats actually. I guess that’s normal in such a rapidly changing landscape.
B
Thank you for the intro Dudley and it’s great to meet you. Have you been with the team since launch?
D.R.Dudley
Yes, it’s been around 2 years now since we began as a CEFI lender.
To give you some background on Multiplier Finance.
Multiplier Finance began as a licensed and registered CEFI lender in 2019, after which we transitioned into building dApps.
In 2020, Multiplier launched Simplified Stable Bonds (SSB) which is a yield farm, and TakoSwap which is an Automatic Market Maker Decentralized Exchange.
In 2021, we continued with the launch Multi-Chain Lend (MCL), an Aave-fork on Binance Smart Chain.
The development of MCL and previous protocols are fully backed by the Multiplier team. No token sale has been conducted to date.
B
Damn that is some great history. It’s also a breath of fresh air to see a proven project do some development on the Binance Smart Chain.
Okay so what prompted you guys to come do some buliding on BSC?
Are SSB and TakoSwap on ethereum?
D.R.Dudley
Well, last year after launching our yield farm and AMM DEX on Ethereum, we held a community AMA and asked for their suggestions.
One of the common topics was to launch on BSC. Let me grab a snapshot.
B
Thank you
D.R.Dudley
The team was also attracted to BSC for its quicker transactions and lower gas fees.
B
For those of us who might not know what is Aave? Can you tell us about MCL?
D.R.Dudley
MCL is a fair money market lending platform, where users can deposit to earn APY, and use the collateral to borrow other assets.
B
The landscape changes at a rapid pace and you seem to have a lot of experinece in the DEFI space. How do you feel about the growth in the last 6 months? It must be have been a lot of fun watching the space since you guys launched so long ago.
D.R.Dudley
Haha, the growth of DEFI has been explosive. Imo BSC was pretty exciting in the last 6 months.
It has been fun watching the general defi space, watching protocols reach billion dollar valuations over night. The way the space has been evolving through the way certain incidents played out, i.e. sushiswap’s vampire attack, yam finance’s astronomical growth from its initial farm.
But I believe there’s still a lot more way to go in the space. More innovation, more stories.
B
It has been quite a bit of fun Ill say. I been doing this shit for a long while now too and defi definetly resparked some enthusiasm for me
I have a couple more then Ill hand it over to @aobr95
D.R.Dudley
haha that’s great to hear.
sure.
B
Mozart Project just got screwed over today because they contracted a freelance developer to deploy their contracts. Is your development team all in house? Is there anything outsourced?
These guys raised 2000 BNB and they didn’t even have a developer on the team.
D.R.Dudley
We in house all our development.
B
Good to hear
We actually interviewed Mozart yesterday. When he told me they hired contractors to write their contracts I made a face.
D.R.Dudley
Oh. That’s not good. 😝
B
At this point Ill ask you to Share your social media pages, medium, any other resources users might find useful. If you make it all one post I can pin it for the next 24 hours. After you make the post @aobr95 will take over.
D.R.Dudley
Join the Multiplier Discord Server!
Check out the Multiplier community on Discord — hang out with 1,841 other members and enjoy free voice and text chat.
Twitter: @multipliermxx
Telegram: @themultiplierio
Discord: https://discord.gg/2fatBM7
Medium: https://multiplierfinance.medium.com/
Main website: https://multiplier.finance
Aorlan
hello welcome @multipliermarketing, how good you are here.
D.R.Dudley
haha thank you Aorlan.
Aorlan
ok my questions will be more in the style that users do.
D.R.Dudley
sure.
Aorlan
what is a lending protocol?
D.R.Dudley
A lending protocol is a platform where a user can deposit his crypto as collateral, and use it to borrow other crypto assets. e.g. deposit USDT and borrow BNB.
This will help to:
1. unlock the value of HODLed crypto without selling it.
- allows you to enjoy the potential appreciation
2. Margin/ leveraged trading
- amplifying the investor’s loss or gain
3. To earn interest as a lender
here are some of the lending and borrowing rates on our website https://multiplier.finance
Aorlan
ok sounds great, I imagine there is a risk factor?
D.R.Dudley
Yes, if your health factor falls to below 1, your collateral is at risk of liquidation.
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To prevent this, all you need to do is to:
a) deposit more collateral
b) reduce borrowings
Aorlan
I’ve been looking at the platform, actually use it, can user A liquidate user B?
I saw that you can liquidate and take the assets.
D.R.Dudley
Yes, this can be done in the liquidation page.
If user A’s health factor falls below 1, User B may help to liquidate up to 50% of his borrowed assets.
Liquidation
https://mcl-docs.multiplier.finance/faq/liquidation
Here’s more information on that.
Aorlan
great, I found that curious and interesting.
Tell us about your tokenomics, are there any burns? What kind of fee’s are users looking to pay? What is your project AMM of choice?
D.R.Dudley
There are no burns incorporated at the moment, but there are plans to add deflationary elements once the protocol starts to generate revenues, which are generated from loan origination (0.001%-0.0015%) and flashloan fees (0.06%-0.09%).
When it comes to AMMs, we are currently on Uniswap (ERC-20) and PancakeSwap (BEP-20).
Aorlan,
And any listing interest in an exchange with BINANCE?
D.R.Dudley
currently no update on that.
Aorlan
ok ok
What is the difference of the multiplier.finance in ETH to that of BSC, different token names and different prices? Why?
How many audits does the protocol have?
D.R.Dudley
MXX is ERC-20 on Ethereum Blockchain, while bMXX is BEP-20 on Binance Smart Chain.
Our previous ERC-20 protocols which utilized MXX tokens were part of our “distribution stage”, used to establish and grow a vibrant community.
Currently we are focused on the “utility stage”, with bMXX at the centrepiece of the MCL protocol. As the MCL protocol grows, so will the usage of bMXX.
Users with MXX may convert to bMXX through our converter/bridge, and stake their bMXX on the governance module in MCL. There are no rewards left for MXX.
MXX is converted to bMXX in the ratio of 100:1.
In terms of audits and security:
Multiplier treats safety and security of users’ funds with utmost priority.
All protocols that we’ve built are first audited before being released to the public.
Multi-Chain Lend Security Features:
1) A public bug bounty program of which no major bugs were found.
2) A successful full audit by CertiK.
3) CertiKShield coverage for users’ assets of up to $100,000.
4) Integration with Chainlink secure oracle price feeds.
5) A secondary and ongoing audit by Kudelski Security (audited Solana, Monero, Waves and Crypto.com)
6) Reputable Multi-sig holders
Being an Aave-fork, it is also worth mentioning that the Aave protocol has had 5 prior audits (so technically MCL has been audited 7 times).
Regardless, no protocol can be completely safe, as there is always room for exploit by malicious players.
Multiplier continues to schedule an ongoing series of audits by other leading cybersecurity firms to ensure that the MCL protocol is as safe and secure as possible.
Aorlan
So, in ethereum they will not continue building, they will focus on only BSC. great information.
D.R.Dudley
Yes, currently we are focused on MCL in BSC.
Aorlan
and i think being fork of Aave your project is likely to be audited multiple times right? adding the aave audits.
D.R.Dudley
haha yes. Being an Aave-fork, it is also worth mentioning that the Aave protocol has had 5 prior audits (so technically MCL has been audited 7 times).
Aorlan
Incredible, I have not seen a project that has multiple audits.
but…
What risk can the protocol have? Is it probable that they exploit it as they did with venus?
D.R.Dudley
MCL is based on a different codebase from Venus. Smart Contract challenges that Venus faced is not applicable. Additionally, Venus’ exploit was due to the listing of a certain type of collateral asset, which should have been deemed too risky at the start.
The Multiplier team continues to observe and learn from these lessons, and we strive to prevent similar incidents from happening to us.
Aorlan
Being a fork of Aave makes it more secure, it is a leading project in ETH, and it is good that you guys study all that, to avoid those errors.
D.R.Dudley
Thank you 😊😊
Aorlan
BMXX token is in a Staking pool in Pancake, what is its end use?
Marketing is very important for projects, what strategies do you plan to do to attract the attention of new BSC users?
D.R.Dudley
The current APY for staking in bMXX/BNB PCS staking pool is around 250% in passive income.
Like most other marketing in the space, we continue to hold AMAs (be it in telegram or live video streams), we have collaborations with other parties, and we continue to get the word out through our twitter and other socials.
Aorlan
So I saw BMXX used for governance, what benefits does the user get?
D.R.Dudley
Multi-Chain Lend distributes protocol fees (loan origination and flash loan fees) in the following ratio:
- 70% goes to lenders
Lenders who deposit collateral, will receive 70% of borrow fees in that token (e.g. BNB).
- 20% goes to stakers
Users who stake bMXX will receive 20% of borrow fees in a variety of tokens supported by the protocol (e.g. ETH, BNB, BUSD, DAI, USDT, USDC and BTCB). 400 bMXX is also shared daily between stakers.
- 10% goes to Reserve Pool
Use of reserves are decided by the community through governance.
Aorlan
sounds amazing, good returns.
Thank you for Joining Us Any final thoughts to share?
D.R.Dudley
Do remember to try out our MCL lending protocol.
Some unique features:
1. stable borrowing rate
2. flash loan support
https://multiplier.finance
thanks for having me guys! It’s been a pleasure.
Aorlan
thanks to you for taking your time here, this is postponed many times lol. today it was possible.
D.R.Dudley
Haha that’s okay. I’m glad we finally had the AMA.
See you soon! @billcashidy @aobr95 @hamid_1372_2
