WalletNow — BSC Gemz AMA transcript — June 25th, 2021
Here is the full transcript of our AMA with BSC Gemz:
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: Well well, we are almost on time to start our AMA with WalletNow!
As always please remember to remain silent while we are talking, all interventions will be muted or banned. Please save your questions for later!
As usual best questions will get a price donated by the WalletNow team, Gemz team will get in touch with the winners later.
@Willy_Now are you there friend? :)
Willy Now: I’m here! 😎
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: Well, without further ado will get on to it 🙌🙌
Hope y’all get your coffe or beer readys :D
Well, @Willy_Now ! Despite the name “WalletNow,” your project isn’t actually a crypto wallet but rather a portfolio tracker, right? Can you tell us a bit about it?
Willy Now: That is right! We are crypto investors ourselves, and we created WalletNow because we were not satisfied with the existing portfolio trackers around.
Before building anything, we tested 13 different tools but we were not fully satisfied with them. That was when we realized that we could actually create a very distinguished product, with a heavy focus on what the investors really need! 🙂
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: Yeah, i got you! I have use a lot of DeFi trackers but still haven’t found the perfect one :P
Well, great to hear that you and your team decided to take cards on the matter and BUIDL
So, regarding your team, how manny people are you? Do you have prior experience in crypto business?
Willy Now: Samir (@Samir_Now) and I are the founders, we have been working in the software development industry for a looong time (more than 20 years). That gives a hint we are not very young 😄
Our experience with crypto before WalletNow was limited to the user side of the story, as investors and DeFi users
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: 20 years 🤯
Thats a lot of experience!
Willy Now: We have two trusted engineers working on the product, with previous experience, and that we know personally. Also, we recently hired a UX specialist (temporary) to help us completely redesign the website and the user experience.
But both Samir and I also contribute a lot, given our strong tech background
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: Ahh nice, i was digging around your website and thinked UX needed some more polish, glad that you are already on it!
Willy Now: Yep! Coming soon! 🙂
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: Soon™️
Nice nice, so I’m interested in know about a little more about your key features! What do you have to offer that other trackers like Yieldwatch, Apeboard, Farmfol, etc don’t have?
We can go briefly if you want and then dig into more details later :)
Willy Now: You will notice that we have a lot of different features. It would be hard to summarize them all here in a single response 😅.
Users have different needs, and it is impossible to anticipate all those needs, so we will always listen to our user’s requests and design solutions for them. WalletNow is is different for that! We are constantly evolving and adding new features.
To name a few, my personal favorites are: Active Monitoring, Time Machine and Custom Vaults
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: So we can dig right into it hehe, what are these features?
I was reading about the Custom Vaults and this was really mind blowing 🤯
Willy Now: Active Monitoring will alert you if there are any important fluctuations on our portoflio. It is integrated with our Telegram Bot, so you will get a notification on Telegram
Time Machine allows you to see a picture of your portoflio in the past. Complete, including historical fiat conversion rates and all!
A custom vaults are really special! You can configure some basic information about ANY FARM, and we will track it as part of your portfolio for you even if we never saw that protocol before!
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: Hahaha, love this! I can see in the past when my portafolio was a little more greener :D
Willy Now: hahaha, we are all on the same boat here
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: Yeah, this is really something useful, we all suffer when our favorite portafolio tracker delays incorporing new farms 😅
Now you can get to work and add it yourselve!
By the way, how do you handle what new farms are added to the tracker? Is there a voting system on place or a request board?
I know a lot of people complain about delays into getting the latest and hottest ones :D
Willy Now: We make that decision based on key inndicators such as TVL and active users, but we also give lot of voice to our users on the telegram channel: More requests, means higher change of being added natively, even if the protocol is small. If I recall correcyly we currently support 19 protocols natively
Differently from others, we don’t choose protocols purely based on partnertship. Actually, 90% of the protocols were integrated purely by reverse engineering, without their direct participation or partnership.
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: I see, you can’t stop progress haha
I was reading users questions and there was this one related to this particular feature
I’m already a user, and I love the Active Monitoring feature. Do you have any plans to monitor metrics other than token prices? For example, impermanent loss for LPs?
Willy Now: Great question! Yes, we have MANY plans to improve our Active Monitoring. One of those plans is exactly to include a configurable threshold of impermanent loss!
We also want to monitor the overall liquidity of all your tokens (I.e.: If the available liquidity drops below a certain threshold, you get a notification).
Another plan is to detect vault “leaks” and notify if your number of tokens dropped without our interaction
Some of you may remember the issue with Autofarm+Venus a couple of months ago…. I personally lost some good money on that incident. 😭
WalletNow will help prevent that 😎
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: Oh I’m very sorry to hear this, as a part of the Autofarm community i know team is working hard on getting that tokens back! Hope it resolves nicely :)
But glad that you are already building to protect future users from an incident like this!
This is also very interesting, a very complete tool!
And related with the Telegram Bot, are there any security concerns of linking my TG acc with my wallet?
Willy Now: To link your TG account to your wallet, you need to prove ownership of both, so that is a secure operation. I mean, no one but yourself can do it.
When you link your account, the only information stored are: The telegram’s “Chat ID” which is used to send you notifications, and your public wallet address.
Nothing more is stored, so even in the most catastrophic event, you are still 100% safe.
But, we take security very seriously, so everything is encrypted very strongly, even data which is considered public
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: Yeah, i read all your privacy and security section, seems like you are very commited to high standards of privacy
Also, digging through your features i saw that you also have some CeFi integration, specifically with Binance CEX. Can you tell me a little more about how that works? And maybe also some remarks security wise!
How linking my Binance Acc works in this case?
Willy Now: Sure! Our CeFi tracking leverages read-only Binance API keys, which are secure by default, and users can revoke at any time.
You just generate a new key for WalletNow and configure it on your WalletNow account.
It is important to highlight that we will never ask for any login data!
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: It is important to highlight that we will never ask for any login data! >>> KEY ASPECT folks!
Are you planning on integrating another CEXes on the future?
Willy Now: Yes! We want to hear the community and their requests. Whatever exchange is more widely used by our users, will be the one we will consider for integrating next!
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: Alright 🙌🙌
And regarding integration, how about other chains? Right now are you working on BSC only or are there another in place?
Willy Now: Yes! We started with BSC only, but we have already started working on the first cross-chain integration. You can read more about our roadmap here: https://docs.walletnow.net/roadmap
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: Thanks for sharing, something to look forward then. I’m a very high believer that the future will be Multi-chain!
So better be prepared 💪
Willy Now: Same here! Lots of innovation still to come everywhere
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: So, like we all know, nice stuff usually is not free! Can you let us know about how the tokenomics of your project works with the service you provide?
I read that you are offering a $WNOW token!
Willy Now: Sure! $WNOW is our utility token. It serves exclusively to unlock our most advanced features such as the Telegram integration, Time Machine and many others.
It has a fixed supply of only 10 million tokens, and all the tokenomic details can be seen here: https://docs.walletnow.net/wnow-tokenomics so I won’t go into the details of that here.
Our free tier will always be available. But we will soon have two tiers where you will need to hold $WNOW tokens:
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: What is available for the free tier? 😄
Willy Now:
SILVER: Every $1 of $WNOW held allows monitoring up to $300 of portfolio (0.33%)
GOLD: Every $1 of $WNOW held allows monitoring up to $200 of portfolio (0.5%)
On the free tier you get only the natively supported protocols (no custom vaults). And also you don’t have the Telegram features, among another minor limitations
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: Some users were worried about how the token holding count if they are providing liquidity in some AAM! Is this compatible with your tracking system?
Willy Now: Yes! Not only they count, but actually it is even better than that: You get a 10% bonus for holding LP tokens instead of the plain WNOW tokens 🙂
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: 😎😎😎
Nice to hear! It’s always good to provide some extra incentive to liquidity providers, they should be taken care 😄
I got another user question!
Are there any plans for your project to incorporate the tracking of trading and gas fees? That would be an amazing feature.
Willy Now: Haha, It already does!
For all investments, you can track how much gas fees you spent on it, and you can also see your “Net profit” (which is basically the total yield minus the gas fees spent). 😁
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: Ahh, amazing! I’m always having a hard time trying to include tx fees in my PNL
I was checking the remaining user questions and seems like i miss a good one related to tokenomics!
An user want to know why did you choose a model that requires users to hold $x worth of $WNOW to monitor $y in the portfolio? YieldWatch had this and it annoyed me because price fluctuations of the token changed the amount I was able to monitor constantly. Or will you use TWAP or something more user-friendly?
I think the oposite can be a subscription service for example
Willy Now: To be honest, that was a tough decision. Our original plans were to charge a monthly or yearly fee.
In fact, we got as far deploying the Smart Contract to control all that in the mainnet (I can send the address of it, if you are curious to see some bit of history 😂).
But we had to listen to our users, and the vast majority of them wanted a token-based business model, so we decided to change the strategy.
Price fluctuation is certainly a downside of this model. But we are talking about a tiny fraction of your portfolio, so you can mitigate that problem by buying with some buffer, and it will still be a reasonable amount for the service provided.
TWAP is an option that we are considering to smooth out temporary fluctuations. That is certainly an option 🙂
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: Yes, certainly this can help to mitigate some of the issues of this model
It’s fair, you can’t make everybody happy! In the end community driven projects can achieve a lot more IMO
But it’s still interesting because if you are using a service tha you believe in and support maybe you can even profit in the future!
Willy Now: Exactly!
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: 🤜🤛
Well, we are getting to the end of the questions! I got a few last ones and then the floor will be open if anyone wants to ask something more!
Before last questions, can you please share your official links and socials!?
Willy Now:
Sure, here they are:
- Telegram (English chat): https://t.me/WalletNow
- Telegram (Announcements): https://t.me/WalletNow_Announce
- Twitter: https://twitter.com/WalletNow
- Medium: https://walletnow.medium.com
- Reddit: https://www.reddit.com/r/WalletNow/
Hope I didn’t forget some 😄
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: Hey guys and gals, remember to always double check that you are using officials links!
Very very important :D
So, for the people that stayed to the end 🥳
Can you give us one piece of alpha here in Gemz that almost nobody else knows yet?
Can be a new feature, a partnership, etc
🔜™️
Willy Now: Okay… I’ll give you two 😉
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: Ohh fancy!
Willy Now: 1. We are finalizing our tests for the membership plans TODAY! This means they will be launched between today and tomorrow 😛
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: 💯🤩
Willy Now: 2. Our team is already working on integrating Polygon (MATIC) as the first cross-chain integration. Probably that is not a big surprize that we chose it 😄
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: Ohh yeaah!!
❤️❤️
Very good to hear!
And for the last we have one that our buddy Biggie Smalls used to ask in every AMA, so I’ll ask for him — What’s one question nobody ever asks you that you wish they would, and what’s the answer?
Willy Now: Wow, this one is tough! Let me think. 😂
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: It is haha
Willy Now: Maybe something like: “What is your definition of SUCCESS for WalletNow?”
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: Tracking Cz wallet? HAHA
:D
But do tell me about it!
Willy Now: Well, my answer would be:
I will consider myself successful with WalletNow when we are recognized by the community for “Making the difference” in the life of crypto investors and a key contributor to the growth of DeFi
But, I like your definition as well 😂
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: 🤣🙌
I think the two are related!
Willy Now: We would probably need to mint more WNOW tokens for that though 😛 haha
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: 😂😂
Well, i really liked the answer and I think you are making the right steps!
Willy Now: JK. CZ, if you are here, I’ll be happy to offer you a free lifetime access 😁 🙄
Agustin152 🇦🇷 👨🌾 | CM at 🚗🌾: The custom vault feature is already a mind blower indeed!
Well, hope y’all enjoyed the AMA, i certainly did
Hope you had a good time too @Willy_Now !
Willy Now: I certainly did! thanks a lot for hosting me today!
