Amara Finance AMA SUMMARY
Amara Finance wants to bring DeFi to a new era, by building a cross-chain aggregator on the Moonriver network. Could you introduce us a little bit to the Amara world?
Yeah of course. I am happy to share Amara with you here.
Amara Finance is a cross-chain financial aggregator for NextDeFi aiming to be the DeFi collaboration center.
Amara has three core products, AmaraLend, AmaraLink and AmaraPay.
AmaraLend is a lending protocol about LP liquidity.
AmaraLink is a multisig cross-chain bridge based on Chainsafe.
AmaraPay is a global payment gateway protocol.
It is known that Amara Finance belongs to Polkadot ecosystem, but Amara also has the desire for multi-chain deployment.
Amara’s aim is not only finding a position on Polkadot, but also introducing more assets and users into Polkadot and becoming a multi-chain DeFi collaboration center.
What role Polkadot ecosystem play in your project? Can you tell us how long you have been working on the Amara?
Yeah, Polkadot is very important for our project.
As a next-gen high-performance blockchain network protocol, Polkadot connects multiple exclusive blockchain networks to a unified one with a heterogeneous multi-chain network
and its excellent performance will bring greater value space and growth potential to the digital world.
Polkadot is built upon the Substrate framework and has significant advantages over Ethereum.
While sharing its security, cross-chain interoperability, and forkless upgrades on the chain, Polkadot with more chains and more specialization means more possibilities for innovation.
Polkadot allows developers to launch chains and applications leveraging a shared security model, without having to worry about attracting enough miners or validators to secure their own chains.
Polkadot’s parachains can use bridges to connect with external networks like Bitcoin and Ethereum.
Polkadot has already raised nearly $200 million, become a top ten coin by market cap, and started to be integrated with other networks, like Chainlink.
These features allow us to develop our platform.
As for me, I have been with the team since the very beginning of the project.
I am a witness for the whole development of Amara Finance.
It’s a long and hard way to go. But finally, we made it. I am so proud.
Can you say something about your team, and about your past? A lot of people from our community wants to meet you better, share your experience with us.
I‘d love to. Let me start with the team. everyone in the team is excellent. The core members are mainly from the US and China. Actually, we have members around the world.
We all understand that the blockchain is borderless so an international team is necessary for the development of our project.
Our core members are early code contributors to Polkadot and have rich experience in leading technology companies and blockchain projects, as well as in finance, media and community building.
Also, I want to introduce one teammate to you.
Kevin, the co-founder, has many years of practice in the traditional finance industry and worked at several listed banks, and has great knowledge of financial rules of various countries and regions. He has focused on and participated in several large-scale blockchain projects, and directed traditional financial enterprises to carry out reform in digital finance.
Attached is his link, you can read him on Linkedin. https://www.linkedin.com/in/kevin-kyser-167829225/
As for me, I started to learn crypto currency and blockchain in 2016.
I am also an early holder of Binance and NEO tokens.
My interest in blockchain came from Austrian School.
I like to read The Denationalization of Money by Hayek, which affected me a lot.
Later, I read the whitepaper of Bitcoin and other projects.
At the same time, I participated in some projects on public chain. I don’t want to say the names.
Then I was involved in DeFi and decided to be part of Amara in the end. I believe blockchain is the future.
The most impressive sentence for me is that you will never get wealth beyond your knowledge.
I also want to share this sentence with you.
Moonriver is a fresh network it’s interesting why did you choose it? It would also be nice if you could explain the function of $MARA token and expand our knowledge about his use cases. People are certainly interested in earning opportunities.
Yep, I totally agree that Moonriver is a cutting edge network. It’s full of opportunities.
We chose Moonriver for many reasons.
1 our project based on Polkadot ecosystem and Moonbeam is one of the most famous projects within.
And Moonbeam is very promising in development and has extensive community users.
We can see the hot of Moonbeam through Polkadot parachain solt auction.
2 Moonbeam introduced EVM on Moonriver earlier than any other parachain.
It is compatible with Ethereum and Substrate, which makes Moonbeam the best entrance to Polkadot world for solidity developers.
I want to thank Moonbeam team here.
They are very nice and helped us a lot, especially Derek Yoo, the CEO.
We are honored to cooperate with such an excellent team.
So after deep consideration, we decided to deploy our products on Moonbeam first.
As for MARA, MARA is the governance tokens of AmaraLend.
Users around the world can join the governance of AmaraLend by holding MARA.
Amara team seeks a decentralized governance way like DAO, aiming to build an excellent infrastructure for DeFi 2.0 with the efforts of all MARA holders.
MARA can be used for:
- MARA holders can vote online for the LP lending market. After learning information of related assets, MARA holders can vote if the lending market of corresponding asset should be open.
- Long-term supporters of Amara can be part of the platform governance. They will get service reward which is from the profit of Amara.
Can you tell us something about your marketing strategy? What are your plans for the future? What’s your plan when worse times come for crypto?
Yeah sure. Recently, our marketing program has been going smoothly.
We launched an airdrop event with Impossible Finance. Attached is the news link, hope all of you can join actively.
Users can follow us on our twitter, telegram and discord to learn about our latest IDO. one is on your platform of course.
We plan to start a wave of initial liquidity incentives. The detailed rule hasn’t been completed, but it will be friendly to our users because the solution is to give users incentive through their LP.
Because our users are mainly LP holders, we are exploring the feasibility of launching airdrop for LP holders.
Users can deposit LP after AmaraLend v2 is launched and get more benefits under security.
And for the market, I think the market won’t affect us too much.
When the market is down, people will focus on value itself but not the growing market bubbles which won’t exist too long.
For Amara, downmarket might be more beneficial because people want to get higher APY by depositing their LP.
Users also can borrow Amara stablecoin USDA.
As we know, one of your products is a payment gateway “Amara Pay” Tell us something more about it. By using this feature users will be able to earn in some way? For example through cashback, maybe in future?
Yeah, Amara has three core products: AmaraLend, AmaraLink and AmaraPay.
AmaraLend is the most important among the three core products. It’s a lending protocol.
AmaraLink is a multisig cross-chain bridge developed by ourselves, which achieves the cross-chain transfer of specific assets between Moonriver and Polygon, BSC.
AmaraPay is a global payment protocol, which is an important supplement to Amara ecosystem.
If you are a user in a compliance area, you can:
- buy crypto assets with legal currency in ease and compliance
- apply for real asset cards or virtual cards to manage crypto assets
- achieve offline payment by the crypto assets real-time price in most countries and regions around the world
It can be said that AmaraPay will open up the boundary between traditional finance and blockchain finance.
In the future, crypto assets will be more closely related to our real life.
We will use it in our daily lives, not just the speculation in the secondary market.
Can you tell us more about your partnerships and projects that support you? I’m also curious to know, what is for you most unique in Amara?
Firstly, I want say Amara’s partners will be recognized after official announcements based on substantial cooperation in products or business.
At present, Amara has a pragmatic cooperation with Phala Network with whom we launched the original AmaraLink which of course experienced technical iterations or reconstructions.
Also, we received Polygon grant to develop our bridge.
And we are integrating Chainlink price feeds system.
Moonbeam supports us a lot, although it is not officially announced yet.
We also partnered with Harmony, a very strong public chain, on which AmaraLend will be deployed.
And days ago, our first IDO successfully closed on Solarbeam, the biggest DEX on Moonbeam.
Synapse and Anypad of course, for our upcoming IDO.
There are some partners we are still negotiating with, including the star projects on Polkadot.
We can’t say too much about it.
If you are interested in our partners, move to our official website please.
Most unique in Amara? Interesting question for me. Let me think for a while.
I think the most attractive thing in Amara is the team.
The team is making progress step by step.
All team members are learning and practising.
They apply the latest knowledge to Amara development.
We had nothing at the very beginning.
But now, we have innovative products, global community and institution partners.
All these fruits are based on the team’s efforts.
Though we are not the best in blockchain field, we are the most diligent.
What is the meaning of the name of the project and why did you name it that way?
Glad you ask for the name. Naming a project is a very interesting process. It’s like naming your own baby. We thought about many names, such as Fides, which has the meaning of trust and good faith. Eventually, we chose Amara for its simple structure with “A” at the beginning and end of the word, which also implies the meaning of a top graded project. And more importantly, we would like to continue growing the Amara ecosystem with the blessing of “everlasting” the name brings to us! Thank you.
Can you please provide me your official telegram group links and social media links? I have seen many similar groups
Yeah, pls follow us on:
You will see local communities in the pinned message on the tg group. and welcome all the friends to join. Thank you.
A common problem is that nowadays most investors are only interested in initial profits and ignore long-term benefits! So can you give them some reasons why they should buy and hold your tokens in the long term?
Hello, thank you for asking. just as I said, MARA is the decentralized governance tokens of AmaraLend. holders can participate the govenance of the project, you can decide the where the project should go, that means, you can avoid the risks and help to grow. also we have solidated products to support the project. so I believe it’s worthy for users to hold our token in the long term.
While you build your project, do you take into account community feedbacks and demands?While you build your project, do you take into account community feedbacks and demands?
Good questions. We attach great importance to the community. for now, our community covers 16 countries and language regions, including English, Russian, Persian, Chinese, Vietnamese, Turkish, African, Indonesian, Arabic, German, Srilanka, Pakistan and Thailand. we also have ambassador program, these communities are operated and managed by local ambassadors. we respect them and appreciate their work for Amara.
Hacking incidents can happen even on the world’s most secure systems. Is Amara Finance secure enough from hackers? How do you manage if there is an attack on your platform? How does Amara Finance ensure that the assets of your users are safe and secure? Do you have insurance for users? Have you done an audit by any third party before?
Security is indeed a key issue that all the projects in DeFi have to face. Once there is a problem with safety, the project can be a disaster. Amara attached great importance to security, and took many pragmatic measures to ensure the security of users’ assets from the very beginning. First of all, all external DeFi protocol partners involved in AmaraLend must be reliable and time-tested protocols, such as CRV. This is also the reason why AmaraLend v2 finally plans to be deployed on BSC. Secondly, in terms of mechanism design, AmaraLend introduces an insurance program to prevent bad debts. Finally, reliable auditing is essential. If necessary, several auditing agencies can be invited to cross-audit the code. Please be assured that all Amara products will be audited before launch. Thank you.
About Synapse Network
Synapse Network is developing a cross-chain investment and start-up acceleration ecosystem based on blockchain technology to give everybody an equal chance to contribute to great upcoming projects and to do so early on. We are bridging the gap between the traditional & crypto market. The idea of the Synapse Network technology goes beyond the standard offer of launchpads available on the market, becoming a true technological brand providing tech solutions.