BSC.chat Interview Transcript with Bourbon Finance — Binance Smart Chain
Below you will find the transcript of the interview between Bill Cashidy of BSC.chat with the Captain from Bourbon Finance. This interview was conducted in the BSC.chat Telegram room April 18, 2021.
Bill
For our second interview of the day we are having a CHAT with the Captain himself. I hope he’s kicked back with his glass of Bourbon ready and willing to take what we got for him.
Captain Bourbon
🥃
Bill
I’ve been lucky enough to watch him launch the project and also see it grow. He has the tenacity of a grizzly bear and seems to have what it takes to make a successful project. Not a lot of developers can even make it past that first month but here we are the captain still has a floating ship and a well manned crew.
Thank you for joining us today sir.
Captain Bourbon
Thanks for having me!
Bill
Start it off with an introductory message about who you are, your background and experience and the role you play in the Bourbon Defi Project?
Captain Bourbon
Alright, so I am just a hobby developer. I have been learning various programming languages since I was in high school. I started Bourbon DeFi as a hobby project and with help from the community the project has grown and grown into what it is today.
Bill
Okay, thank you for the introduction, we always get varying answers as to how much information people reveal about themselves in this one. It’s a good question, let’s move it right along and get into the project questions.
So you are a hobby developer and this started as a hobby project for you. But what was it that sparked your interest about the Binance Smart Chain, how did you hear about the chain and why did you ultimately decide to build your project here?
Captain Bourbon
I heard about BSC from just following tech news really. I think I heard about pancakeswap first and was interested in how it worked and how the whole yield farming idea worked. When I learned that the project was open source, I just had to try to make my own project. As someone who was always interested in tech and computers I really wanted to get into the inner workings of how BSC and yield farming works.
Bill
It is all pretty fascinating to me as well. Let’s expand a bit on the topic of smart contracts. What role do you think smart contracts will play in the web moving forward? Let’s say 5–10 years down the road? Do you think a lot of the websites we interact with will be smart contracts? How do you see smart contract applications changing the way we use the internet? Any thoughts on that?
Captain Bourbon
Smart contracts are an amazing way to interact with code that anyone can check. Traditionally everything has had a server and a database which is vulnerable to hacks. With the block chain and smart contracts not only can you run a server less setup where all of your data interacts with the block chain instead of a database, the code is immutable. There are still vulnerabilities but I think it can me a lot more secure than traditional ways of storing data.
Bill
That is well put, I hope that people reading this appreciate that statement as much as I do.
Let’s talk about Bourbon, briefly describe the project. It’s a yield farm fork, what makes it a little more unique? The concept is great but tell us a bit about your vision and how you plan to set yourself apart from other yield farms.
Captain Bourbon
So Bourbon exists as a three layer farm. We have three different levels of rarity, the goal is to help people earn interest on assets they stake but to also create extra incentive to leave their assets with us instead of just dumping the rewards. You can come to bourbon and stake BUSD for example and earn bourbon barrel token. With that token you can stake and earn Rare bourbon and then of course Top Shelf bourbon. I have tried to create a clear economy for the token instead of a token that basically just gets converted as soon as it is farmed.
Bill
That is definitely a huge problem for some of the yield tokens out there, i’ve witnessed it first hand with the thugs project and I can see some of the larger projects still experiencing that issues. Yield farmers have a tendency to offset risk by selling their yields, it’s only natural. It’s nice that you are giving them other opportunities.
Can you expand on the tokenomics of each of your tokens? You have BRRL, RBT, and then the TSB (I think that is correct). What are the emission rates, ever expanding? Any deflationary burning tokens? Tell us about the initial distribution, etc.
Captain Bourbon
So, the first token was Bourbon Barrel it has an emission rate of 1.5 and currently has 3 million tokens. It has the bourbon derby which is the only automatic burn we have out of the other tokens. Rare Bourbon has an emission rate of .1 and started out with a supply of 10,000. Top shelf will have a total supply of 100 tokens and the emission rate will vary as we do promotions. Top shelf holder get extra bonuses in the farms. The thing all three tokens share in common is that we lock liquidity with fees, which I haven’t seen any other farms do. Most farms do not charge fees for their native tokens. We have a 1.5% deposit fee which locks LP tokens, this should guarantee that as long as we have people making deposits the platform will grow. I think that is important for people who are investing their assets they want to see growth for storing their savings.
Bill
LP is such an important factor, so many teams miss it. They incentivize random users with air drops, those users drive down the price because they just sell. The people who should get the most attention are LP’s, and auto adding liquidity is, as you say a good way to ensure some lengevity.
Tell us about your team. Is it just you or have you brought anybody on board to help out?
Captain Bourbon
Yeah, it’s just me developing. There are a few in the community that try to hype us up or get the word out and a few that have helped with applying to various listings like coin gecko. They have helped out a lot and without the community Bourbon DeFi wouldn’t be where it is today.
Bill
Good, that is one thing I love about the DeFI space is there are always a bunch of people trying to help out.
Okay, at this point I’ll ask you to share some project resources. Website links, social media links, docs, anything you think is important. I’ll pin this post tomorrow for 24 hours, so if you can make it all one post, I’d appreciate it.
Captain Bourbon
Bourbon Finance — A DeFi exchange on Binance Smart Chain (BSC)
Earn BRRL through yield farming or win it in the Lottery, then stake it in Distilleries to earn more tokens! Initial Farm Offerings (new token launch model pioneered by Bourbon Finance), NFTs, and more, on a platform you can trust.
https://bourbondefi.gitbook.io/bourbon-finance/
Bourbon DeFi info.
We aim to have the most farms and highest rewards to earn Bourbon Barrel tokens.
✅MasterChef under TimeLock contract.
✅No tokens pre distributed for a fair launch.
✅Mint tokens with stable coins to prevent impermanent loss when value increases.
✅All fees will be used to add liquidity.
🥃
Bill
Great!
Captain Bourbon
Thanks!
Bill
Security is important especially here in DeFi. As project owners we are handling a lot of money and people are putting their trust into us. How have you gained the trust of your users and what methods would you recommend for other project owners? Has your project been audited by any professional security firms? What are your thoughts about audits?
Captain Bourbon
There have been a lot of scams around these projects lately and there has been a big push from the community to get audits and timelocks but in my experience. The timelock and the audit doesn’t secure you from a rug pull. Unless you are watching the timelock address which most people are not, it is not preventing the dev from pulling all the funds it merely delays it. I think the best way to be safe with your money is to really get to know who the dev is and ask questions. Are they present in the community? Do they know what they are doing or are they just looking for quick cash? I think you can figure out pretty quick what the developers motives are if you just do some due diligence. Will that protect you 100% of the time, probably not. But these big audit companies are really just a false sense of security.
Bill
I tend to agree with your sentiments about audits. I think it’s easier to get a read on a person than it is to understand an audit anyways. You can trust a security company or you can trust your own instincts, the ladder has always done me better.
From my experience there are a lot of moon chasing annoying ass people out there. I’ve endured some major fud storms of my own and there are definitely some hurdles for project owners to overcome. What has been your biggest challenge since launching the project? How do you overcome obstacles and stay motivated?
Captain Bourbon
The biggest challenge I had was getting the Bourbon derby up and running, I had made this promise to everyone to bring it to fruition and it took me a while but I finally got it deployed and they what a major relief. I love a challenge so each time the community challenges me with a feature I have to bring it to fruition I can’t let something get the best of me so to say.
Bill
I have some tickets for the derby.
Oh shit it ran, I didn’t win.
Captain Bourbon
Haha, maybe next week.
Bill
Yup, I’ll play some more.
Captain Bourbon
🥃
Bill
What about some partnerships? I saw you had some things going with the Knights Defi project? How did that happen? What was the agreement? Do you have plans for any other partnerships?
Captain Bourbon
A lot of people in the community supported both projects so we came together and did a partnership where you can farm native tokens on each others platforms. It’s great when the community asks for something and as devs we can make it happen. We have some more partnerships and things in the works. I’m always open to doing partnerships. The first pool we ever did was with shitz.lol.
Bill
Yeah shitz, is the shitz!
lol
Okay
Captain Bourbon
Heck yeah!
Bill
Let’s go with one more questions and then we can wrap it up..
Give us your vision for the project over the next 6 months to 1 year. What do you plan to accomplish? Any specific milestones you want to hit? How do you plan to get some marketing done and make more people aware of the project?
Captain Bourbon
The next steps for the project are to get the derby reward pool working, which will add Bourbon Barrel to it automatically and introduce more pools in “The Bar” Which allows people to earn BUSD or various other cryptos with our native coins. We are also in the process of getting listings on various websites and exchanges. We will probably run an adwords campaign as well.
Bill
Great!
Hey Captain, it’s been a pleasure chatting with you. You seem like a great guy and I’m excited to see what you bring to the table.
Really appreciate you taking the time to be here today, I will pin your message tomorrow. The chat is open, if anyone has additional questions now is your chance.
Captain Bourbon
Thanks for having me today and thanks for adding to the community and making it a great space.
Bill
It’s my pleasure. I enjoy the atmosphere over there and the community is full of great folks.
Captain Bourbon
🥃
