Wise Token Founder attends Telegram AMA with Gains Associates (Transcript)
Q — Ayeley Commodore-Mensah from GAINS: Tell us a bit about you. What did you do before crypto and did you have any other previous venture in crypto?
A — Peter: Before learning about crypto I was a Military Intelligence officer in the US Army. After returning from an Afghanistan deployment, I became a real estate entrepreneur, and I discovered crypto while looking for ways to invest my profits. I got burned BAD on my first crypto investment, which was a passive profit platform, and my frustration from being scammed drove me deeper into learning blockchain. Years later in 2019, I put together the team to build Wise Token: a safe, ethical, and fairly launched DeFi project.
Q — Ayeley Commodore-Mensah from GAINS: Tell us, what is the WISE token project about in a few simple sentences?
A — Peter: WISE is an asset-backed cryptocurrency designed to be a highly secure store of value. WISE products include staking, lending/borrowing, and liquidity providing. 100% of the system’s profits go to users, so owning WISE is owning a share of profit for the entire ecosystem.
Q — Ayeley Commodore-Mensah from GAINS: What sets WISE apart from other companies in the crypto space?
A — Peter: Definitely the asset backed nature of the token. Asset-backed, and price floors are only really seen elsewhere in stable coins.
Also the fact that all profits get distributed back to WISE holders is unique in the space.
Q — Ayeley Commodore-Mensah from GAINS: How many people are on the WISE team?
A — Peter: Besides myself there are 2 code developers, 2 German particle physicists (I did not plan that but it worked out great!), and a community manager on our core team. We also have an army of volunteers that help us with marketing. 🙂
Q — Ayeley Commodore-Mensah from GAINS: Great. Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A — Peter: We did have a big liquidity formation event on Ethereum, raising 55,900 ETH to form our market on Uniswap (currently $250 million of permanently locked liquidity). Money-handling is done by the contract through locked liquidity, etc. We do have another raise which is our liquidity formation event on BSC starting in 3 days! The team budget for the development of WISE has been paid by me thus far.
Q — Ayeley Commodore-Mensah from GAINS: Do you have plans to launch on other chains, besides Ethereum and BSC?
A — Peter: Absolutely! Our roadmap has Caper, Polkadot, and Cardano penciled in once those blockchains are ready. We will hold a liquidity formation event on each so that there will be a version of WISE available on each major blockchain, and backed by the intrinsically valuablle asset of that network. (BAcked by ETH on Ethereum, BNB on BSC, etc)
Then we can create an index fund token that is a piece of each all together in one.
Q — Ayeley Commodore-Mensah from GAINS: Talking of the roadmap, what stage is the project at? And what should we look forward to in the coming months?
A — Peter: We had a successful deployment of the WISE token and the staking contract on Ethereum. We are working on the lending contract which will allow users to borrow and lend many other crypros (not just WISE) as well as some innovations such as leveraged lending, which is basically earning an APY on your long positions. In the meantime, we are going through ecosystem expansion, which starts with a MASSIVE launch event on Binance Smart Chain three days from now.
So fully functional on Ethereum. Will be fully functional on BSC on 3 weeks, and working on some major additional products deploying later this year.
Q — Ayeley Commodore-Mensah from GAINS: What is the token use case and how does it capture the value of the ecosystem you’re building?
A — Peter: WISE token is the ultimate store of value for two main reasons:
1) Fair launch — The founder/team/advisors did not get any WISE for free and had to purchase it on the market like any other investor. This resulted in the complete economic decentralization of the token supply. The current biggest WISE holder owns less than 1% of the supply.
2) Asset-backed: The locking of the massive liquidity pool guarantees a price floor vs that asset. WISE on Ethereum has a price floor in ETH. WISB on Binance Smart Chain will have a price floor in BNB once the launch there is complete and the liquidity locked.
Having a well built token that doesn’t have inefficiencies is an important foundation, and the real value-driver comes from the profits from using the staking/lending/borrowing/liquidity providing products in the WISE ecosystem. Since 100% of profits go back to WISE holders, the demand for WISE increases as Total Value Locked in the system grows.
Twitter Questions
Q — Twitter user @Calebkure4: What is the top milestone you achieved so far since inception?
What are your plans and roadmaps for 2021 we should expect
Are there partnerships you would unveil. How do you intend to dominate in the block chain space?
A — Peter from WISE: Having 55,900 ETH come in for the liquidity formation event and briefly having the #1 largest pool on Uniswap was amazing! Our 2021 roadmap is PACKED FULL and it includes ecosystem expansion to BSC, Casper, Polkadot, Cardano, and well as our massive lending contract. We already dominate the asset-backed tokenomics space (no other projects have a price floor vs ETH and $250 million in locked liquidity to back it up) but the real game changer comes after our products include the full suite of industry standard lending/borrowing products later this year.
Q — Twitter user @ashes204bd: Can you give us an overview of Wise_token economics? Is the token designed to rise and fall with the success of the platform & does it include any scarcity paths such as stake, store, or burn?
A — Peter from WISE: The cool thing about being asset-backed is that even if everyone were to leave, the market can’t be removed. If all WISE were sold back to Uniswap right now, there would still be 28,000 ETH on the other side of that pair and WISE/ETH would still be a top 10 pool on Uniswap. WISE is long term, and the biggest scarcity creator is the fact that 100% of profits go back to WISE holders, because as TVL grows, WISE becomes scarcer and scarcer as people buy it up to earn a slice of the profits.
Q — Twitter user @Niloy37474210: DeFi is great. But for DeFi, the gas fee is crazy high on Ethereum. So, any plan to move on BSC or other layer-2 solution?
A — Peter from WISE: Absolutely! Our liquidity formation event on BSC starts in 3 days, and there is over $500,000 in cash bounties for participating investors. I will be live streaming on YouTube every day of the event and there is a massive marketing push going on behind the scenes. We are raising a 200,000 BNB hardcap! https://wisetoken.net/bsc
AMA
Q — Telegram user Femi Oyinloye: What gives you the motivation to bring Wise project into existence, any interesting stories you can tell us?
A — Peter from WISE: The fire under my butt is from getting scammed that first time. I wanted to create an ecosystem where that was IMPOSSIBLE!
Q — Telegram user Dayo: “The contract has no set token supply” what advantage does this give your platform? What effect will it have on the price of WISE token?
A — Peter from WISE: Our supply is 528 million and has an inflation of 4% annually. (BTC had over 4% inflation before the last halvening and Ethereum has 2% inflation I believe off the top of my head.) WISE is definitely not one of those hyperinflation farm tokens that we have seen come and go. Additionally it has real profits that go back to its users including buy-and-burn which can make the token deflationary as TVL increases.
Q — Telegram user Sylvia vee: but Reservation Referrals it’s present too for bsc reservation or not?
A — Peter from WISE: Not for the liquidity formation event, but there is a referral system for staking (NOT A MLM). It’s a direct referral just like how you can make $10 for referring your friends to Coinbase, etc.
Q — Telegram user Humberto: You mention a lot on your website and docs about a LT Epoch, I don’t quite understand what this mechanism is, what is the importance about it on your ecosystem?
A — Peter from WISE: That was the liquidity formation event. Basically 50% of the WISE total supply got auctioned off for $100 million in ETH, and then that ETH got locked in a Uniswap pool with the other 50% of the tokens.
Q — Telegram user Amina Peter: If all profits get distributed back to WISE holders, so what is your aim of setting up this project? What do you want to achieve with it?
A — Peter from WISE: I want to achieve tens of billions TVL from lending just like you see with MKR Dao, Aave, Compound, etc. The reserve pool for our lending contract is held in WISE tokens and people who lend WISE to the reserve pool earn a slice of the total system provits. This will increase the demand for WISE as our TVL increases.
Q — Telegram user Lorenzero: Are you also interested in working on the NFT? How is the relationship between $ WISE and other projects that are also working on NFT?
A — Peter from WISE: Definitely! There are some very interesting ways we can utilize NFTs, but first I am focused on the bread and butter DeFi products which is our lending contract deploying later this year.
Q — Telegram user iffh sfnd: I’ve saw there 16 languages telegram community. But only 3 country that has more than 100 members (Germany, Netherland and Spain).
How WISE marketing strategies works?
A — Peter from WISE: Those group are community created and led, and we have members from around the globe. I definitely want to get the white paper and website translated into as many languages as possible so we can get discovered in other circles.
Q — Ayeley Commodore-Mensah: Why don’t you just establish a token bridge to move to other block chains. Why is there the need to do a liquidity formation event on other blockchains?
A — Peter from WISE: It’s part of the plan to have a version of WISE backed by each strong blockchain asset (couldn’t happen without another liquidity formation event). And then eventually have an “index fund” asset that is a piece of each WISE on each strong blockchain.
Also the staking contract is decentralized so the rewards for staking can’t be expanded or bridged over to other blockchains.
Q — Telegram user Ariana: It calls my attention that your token contract has no set token supply, according to your whitepaper it’s determined partially by confined randomness and referral bonuses, can you explain more about this subject? What’s the main purpose of doing it this way?
A — Peter from WISE: I answerred that a bit above. 528 million supply and 4% annual inflation.
Q — Telegram user Ultimate: Why should we trust and choose WISE project among other similar projects, any competitive features you have?
A — Peter from WISE: Yup!
Asset-backed
Price floor
100% profits sharing
Q — Telegram user Kenan: How does #WISE evaluate the importance of the user community?
Does it have specific plans to attract and expand the #WISE community in the near future?
A — Peter from WISE: Yes to BSC, Cardano, Polkadot, Casper, etc. We are already expanded to layr 2 as well. Quickswap DEX on Matic/Polygon is offering rewards for liquidity providing on their DEX. This is very high APY and it’s just one of the DEX partners that is offering this.
Q — Telegram user Hanchelt: So, for anyone out there who is thinking of buying more WISE (or other coins) and don’t have a hardware wallet, 100% recommend picking up a hardware wallet before making more stakes
A — Peter from WISE: Agreed! I use a Metamask wallet with a Trezor connected.
Q — Telegram user Moises: Why are you raising a capitalization of 200,000 BNB? It’s not much? What will they use it for?
A — Peter from WISE: It is the liquidity formation event. 100% of those funds end up on Pancakeswap, locked forever, creating an unremovable market.
WISE is non profit.
Q — Telegram user Lee Chen: What is the strategic planning put in place for marketing Wise token to adopters in the crypto space?
A — Peter from WISE: Actually a large portion of our users are WISE investors as their first crypto. We are trying very hard to make things easy and understandable from an outside perspective.
Q — Telegram user Cross Bianca: $ WISE might one day be trading on Binance or Coinbase. Do you believe so?
A — Peter from WISE: Absolutely. Binance maybe this year, but no promises. 😉
Q — Telegram user Mutia Putri utami: hi sir
What security features does WISE have that can protect its users? is it really safe?
A — Peter from WISE: 100% decentralized with no admin keys. Yes, as safe as using Uniswap.
Q — Telegram user Dies Lienas: WISE most similiar to Bond system, the different one is it can withdraw anytime.
but there was penalty models applicated.
Would you tell some?
A — Peter from WISE: For traditional WISE staking you cannot remove your stake without penalties (but you get to choose how long you stake for). However there are many other options that give you versatility such as providing liquidity to partner DEXs and lending WISE to the reserve pool to earn a slice of profits. Both examples can be removed at any time without penalty.
Q — Telegram user 𝔸𝕓𝕕𝕦𝕝𝕝𝕒𝕙: “I got burned BAD on my first crypto investment, which was a passive profit platform”
This caught my attention because many crypto users have been scammed by new projects.
What do you think we should look out for in $Wise token that would convince us that our investment is safe?
A — Peter from WISE: The decentralized nature of the code (and the formal audit to back that up if you can’t read code.) The key is NEVER give anyone else control of your crypto. With WISE, the funds always stay in your wallet. You never have to give them to a third party.
Q — Telegram user Akeem Anike: I have not heard about leverage lending before, can you pls tell me more about leverage lending and what makes it different and better than the normal lending?
A — Peter from WISE: I’m glad you caught that! Leveraged lending is one of the new products we innovated and will release with the lending contract. Imagine having 5 ETH but being able to lend 15 ETH to the contract and arn APY on that the whole time. It’s like a leveraged long position that also earns APY.
Q — Telegram user Loan Dang: Why did the Wise token team choose to develop tokens on the ERC-20 platform? What role does blockchain technology play in your network?
A — Peter from WISE: Ethereum is the biggest and most decentralized blockchain in the world. There is a reason that 90% of all projects in crypto are on Ethereum. We haven’t ignored the other blockchains (we are launching on BSC in 3 days) but Ethereum will always be an important market.
Q — Telegram user ti lo: What is the Wise Token team planning to help drive demand and scarcity for tokens? And, do you have any plans for recording / redemption?
A — Peter from WISE: Staking locks up tokens and creates scarcity. On Ethereum 88% of all circulating WISE is staked for an average 840 days. That’s pretty scarce! Once we deploy our lending contract and have a demand for more WISE being lent to the reserve pool, this will create scarcity as well. Lastly, the rewards from our partner DEXs for providing LP create scarcity.
Q — Telegram user Derry Sufandi: I’ve tried WISE calculator.
For 1000 WISE at 365 days will get total return 1.080,77 WISE.
Small amount either revenue.
But, how WISE keep the price stable? Any guarantee?
A — Peter from WISE: That is just an example, but also remmeber WISE is backed by ETH. So if ETH goes to $5000 then those 80 tokens will be looking pretty juicy! Our staking is also based off supply and demand and 88% of the circulating supply is staked (thats a LOT). On BSC I expect much less to stake because of all the other ways to earn in the system that were not available when we launched on Ethereum 4 months ago.
Q — Telegram user 🌼 Seoyun 서윤 🌼: We have witnessed that many projects initiated with inexperienced team members fail due to easily preventable and simple mistakes. Are the experience and career of your team enough to avoid simple mistakes? What are the data that will make us trust your team?
A — Peter from WISE: Great question! And we didn’t even trust our formal audit. We conducted our own internal testing and also held a bug bounty with 100 ETH in rewards. To date we are solid, without any issues, and I have reason to believe my developers are some of the best auditors in the space as well.
Q — Telegram user Xos: I read that Wis is currently listed on Uniswap, Bittrex, Bilaxy, Hotbit and Biki, so I wonder, what are the next exchanges? Is Binance in your plans?
A — Peter from WISE: Yes, but can’t speak much more on that just yet.
Q — Telegram user Tu¢ng Xuan: How about the DEX / SWAP platform, are you interested in working on it?
A — Peter from WISE: We are working with Quickswap already and we are working on integrating with Zero exchange as well. I’m very happy to build more partnerships with DEXs.
Ok I think I got everyone that wasn’t a duplicate.
Thank you everyone for the participation! — Peter from WISE
It was a pleasure having you in our group today, and taking the time to answer all our questions. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS
BSC launch page
Thank you everyone 🙂