BSC.chat Interview Transcript with AscensionProtocol — Binance Smart Chain
B
Thanks for joining us today we have @AscensionProtocol . 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 Ascension Protocol Project.
Ascension Guide
Hello everyone! I am Ascension Guide, lead community manager and cofounder for Ascension Protocol. I have a bachelors in business management and I have extensive experience managing other communities and businesses in real life. I have been into blockchain since 2015 and started investing in 2016/17. I believe blockchain can play a pivotal part in shaping a better future for the world if used properly. That’s where I believe Ascension Protocol can come in and be my first real positive contribution to the cryptocurrency market and society as a whole.
Ascension Protocol is a Decentralized Autonomous Organization (DAO) that allows users to vote on modular investment strategies using funds generated from DAO voted liquidity pulls. Ascension Protocol incorporates RFI’s fee distribution mechanic while introducing a bunch of novel concepts such as tiered fees, liquidity locking, and liquidity pull investment via modular, smart contract based strategies. The project is aiming to be one of the very first fully decentralized ecosystems offering risk-reduced opportunities to generate income for its DAO members.
B
Thank you for the introduction. That is a great background the team should be lucky to have you. I remember when you guys first launched over a month ago now I think. Congnrats on making it this far by the way. It shows strength and character, and it’s a great way to earn the trust of the wider community. Looking forward to your continuous efforts and development.
I was going to ask you next fora brief description of the project but you already gave us one so we can go onto the next question, which is about the team.
How many of you are there and what are you all working on? Is the solidity developer in house or sub contracted?
Ascension Guide
There are 3 of us at the moment! Me and Matt are working on community management and social media along with partnerships. And our developer is my friend in real life that goes by Solidity and he is the lead developer for Ascension Protocol. He has extensive experience developing and deploying applications and smart contracts in multiple sectors. He primarily specialize in solidity coding and react/javascript applications. We are looking to expand our team as things ramp up and we are in talks with other developers as we are moving on to some very intriguing and in-depth developments.
B
That’s good to hear your developer is your friend and in house. It’s hard finding a good developer to work with. And sub contracted developers are super risky not only for the teams but for investors. Thank you for the detailed response, not all teams are that open about their teams. Appreciate the candor.
Can you go into a little bit more details about the following? Some of us myself including might not quite understand what these features are and it would be great to hear about them.
Tiered Fees,
Liquidity Pull Investment
Ascension Guide
Our platform includes a tier based transfer fee system, meaning that users are able to “ascend” to higher tiers. This means that they pay less taxes per transaction based on their tier. Once an account reaches 1,000,000 tokens or more, they have the benefit of paying no taxes at all, known as “god mode.” We also intend to “ascend” users portfolio through risk-reduced investment strategies. Our users can vote on these strategies through our on-chain voting process. These on-chain voting is voting on Ascension Events.
An Ascension Event is the terminology we use to describe the DAO voted liquidity pull utility of the protocol. To explain further, users of Ascension Protocol are able to propose any of the avaiable strategies at any time. Any proposal that receives the required number of votes becomes primed to execute, at which time an “ascension event” would occur and liquidity would be pulled for use in the aforementioned strategy.
The Ascension events have numerous safety mechanisms to prevent their abuse. One such mechanism is the price increase requirement. Once an ascension event occurs, the amount of liquidity pulled is recorded by the smart contract. For the next ascension event to occur at this point, the value of the liquidity pull itself must rise 10% from the previous pull. this means that in order for our liquidity pull utility to continue being used, the price of ASCEND must rise. This drives value for the token itself and is one of the primary ways we ensure the safety and longevity of the protocol.
There is also a minimum time requirement between each Ascension Event, currently set to 1 hour. This is one of the many variables that the community will be able to modify at a later date through our governance program, allowing for the self governed, autonomous community we intended. The lock liquidity function is available for ALL users who have > 1 ASCEND, meaning that any user who hold stake in the protocol is able to utilize this function and receive the reward. The current reward for pressing this button is 5% of the lockable supply, offering yet another way to generate passive income with our protocol!
Sorry lol a lot to write and I wanted to make sure it sounds correct. Our project is very in-depth so these answers will be. My dev is here to help out maybe to simplify them for you guys lol
B
Actually I would prefer these answers you are giving, this is the information we definetly need and want. And I can tell you are excited to tell us about your project, at least it seems that way. So my apologies, I just wasn’t sure if you were actually here because it wasn’t saying you were typing lol. All good. If your Dev wants to jump in here they are free to answer questions also.
Your team had to launch a V2 token, what was the reason for doing so? Improvement on the contract? How well did the transition go for you guys?
Ascension Guide
The launch went very smooth actually there was a slight bug in the system because we had to many decimals which is a problem with other rfi coins. The contract is fine now and it was an automatic airdrop to all ASCEND holders based on their holdings of V1. So holders did nothing but receive their coins and sit back and rake in their taxes!
B
It was pretty smooth I was part of that air drop so I can attest to that response 🙂
It’s not easy running a DEFI project, it comes with a lot of FUD, flaming, mean spirited people. It doesn’t help that having a decent telegram is somewhat important, because telegram is rough.
The markets hurt sometimes too, and we are in a bull market.
I’m not trying to make this a doomsday scenario, just expressing my thoughts and experience in regards to how hard this is and I’m sure you know that also.
What I do want to know is how do you stay motivated through all this, how to you stay focused and continue moving forward?
Ascension Guide
Well I was dealing with some health issues so it was definitely tough and a cryptocurrency is only as good as it’s community and much of the community was a bit disappointed at first because the engagement was low but we were working hard and constant community members just wanted price movement and said things like “wen moon” which is fine we get it’s an investment but everyone needs to show support and engage back to our developments. That’s why we are working on building the community right now to get a more engaged community. We have been nonstop developing from the beginning and have released 3 new strategies for the DAO and are working on some revolutionary strategies that include snipe-listing and a front-run bot! I as a person want good things for everyone and want to do what I can to make sure people get the most out of our projects. We just started the Ascension events and all our holders just received free Pancake tokens less than 3 days ago. I wholeheartedly believe in Karma so getting discouraged may happened but I will nonstop work until this project offers benefits to our holders now, through bear markets and years to come. Giving people opportunities to make money without the risk of using their own funds at the end of the day makes me feel good about the project especially with the amount of scams and rugs that take place in this market, some that I have fallen to myself and still fall to this day.
B
great answer bro 😎
It instills confidence
And thanks for being open about talking about yourself
Ascension Guide
Of course our project is always based on honesty and openness
B
So share with us this. Any advice for developers or professionals looking to launch a defi project on the binance smart chain?
Ascension Guide
Well from the development aspect I’ll have to leave that to my developer to answer! If he is around to jump in. But from management aspect the best thing to do is be honest with your community and keep them engaged as much as possible even if development is a bit slow. And when I say slow it doesn’t even have to be slow you know how the market moves and how crypto investors act. They want gains and they want them now. So I say to take your time and take a deep breath if you are developing something for the long term and to truly help investors they will come and the loyal ones will stay! Just keep your head down and do what will help your community in the long run.
B
It’s been really great getting to know you and learn more about your vision and goals. I love the fact that you are looking for long term growth and the secondary fact that you don’t let this moon shit phase your growth or development. I am impressed, can’t say that enough.
I’d like to ask one last questions, and if you can make it all one post that way I can pin the post for the next 24 hours.
Can you share with the community your resources, websites, twitters, mediums, telegram channels, docs and anything else you feel would be relevant? maybe a link to your most recent medium post too?
Really appreciate you taking the time to come on, if you have any final thoughts please share. If anybody in the community has questions please go feel free, the floor is now open.
Ascension Guide
Sure I’ll gather them and post it now!
