Q: Welcome guys, happy to have youhere.
P0ulpe: Helloooo
Save Free Speech: Hey hey!
Q: To start off, how did you guys get into crypto? While we’re at it; could you tell us a bit about your team? What is your role in the team?
SFS: Alright! I got into Crypto in 2017. @CryptoHydrate on Twitter. Started building on Ethereum in 2020. I am an admin on the Reflector team. Started beta testing on ZRX in January 2020, went to their conference in SF in February 2020, then I fell down the rabbit hole of building on Ethereum.
I’ve done with @TimTemplet’s projects, mostly community building, Twitter and NFT work. Governance, etc. Reflector is intriguing to me because it has frictionless rewards. No gas needed. DeFi projects are gas intensive, so it’s not easy for new users, and expensive.
If I can share links, it will help, gonna show you guys some cool shit. Happy to get on video as well. I work for Comcast, I do Regulatory team management, Executive Coaching, wellness initiatives, etc etc. Based in Philadelphia area.
If an admin can go into settings and allow links for a short time that would be super helpful. Video as well, rather do video than type.
Duke: Hey everyone! I’m the founder and main dev of Reflector.finance. I’ve been involved with the crypto space for a few years now (since early 2018), mostly as a contractor for various startups in the space. When the DeFi space started exploding last summer I decided that it’s time to start a project of my own. So reflector.finance was born.
SFS: Keep the questions coming I like this fast paced boys!
D: When I first saw projects that have 1% redistribution tax I started thinking that this is way to little for people to get excited so I created a token with a 12% transaction redistribution task. It actually worked and we’ve come a long way since the start.
Q: For those unfimiliar with Reflector, what makes you guys unique?
SFS: answered this question — Also will type for any hearing impaired. This is an improvement from the Reflect Finance technology. Their 1% tax still allows swing trading, frontrunning, and the rewards are minimal. This takes it to the next level. You’re earning significant APY, which you can view on https://reflector.blockpour.com/summary.
Q: Nice man so you’re really encouraging holding and being a part of the bigger picture. You guys have a pair with Reflect, can you go into that a little more?
Don’t you think that a 12% is a high threshold for shor term traders to get in?
SFS: You do not have to stake in a smart contract, or trust anybody. You do not have to harvest to earn rewards. Some users are using Ledger devices, and using metamask bridge to keep reflector in cold storage and still earn rewards. Pretty remarkable.
D: The first thing is the generous redistribution rewards set to 12%. The second is that we introduced progressive deflation to the equation with the burn address. But even with this we were still just a modified RFI fork so we are changing that. The really unique things we are testing are layer 2 solutions like Loopring and Moonswap where users can trade with really low gas fees. Another unique thing that would be first to my knowledge is that we are testing hardware wallet staking on devices like the Ledger Nano. In addition to that we are also looking at launching our token on the Binance Smart Chain.
So there are a lot of things in the works. And we also have an awesome community.
Q: How does staking on a Ledger work?
Does it only work for nano ledgers?
Q: Awesome man, so basically you’re discouraging momentum trading and encouraging holders? Making it even more deflationary in essence.
D: Since RFCTR is using a seamless reward mechanism where you get staking rewards directly to your wallet and there is no staking interface needed this becomes possible. People would just download a custom made Ledger app and store tokens on the ledger. And they can watch their balance growing automatically.
Q: Could you go a little deeper into those additional L2 solutions that being worked on? Sounds exciting for holders.
D: Exactly and Ledger has a huge user base so the exposure could be immense.
Q: Gas fees + 12% tax on buy orders and 12% on sellorders. Interesting fundamentals, looking forward to seeing how this will play out in price action.
SFS: A few points in case anyone is hearing impaired: Reflect Finance, we want a great relationship with them, so a pool was made initially. Currently working to help them get listed on Matcha.xyz as a curated token so that deflationary tokens will be implemented into their UI, paving the way for all others such as Reflector, Rot, SAV3, NICE, etc.
A question about swing trading from my video: We see more dramatic pumps and dips. Traders need a 24% margin plus gas to be profitable. So they don’t kill the momentum on pumps, and they add to the momentum of dumps. Awesome for holders who benefit from the volume by amassing tokens in their wallets.
Q: How will for example layer 2 solutions like Loopring help with lower gas fees?
D: Level two solutions are actually scaling solutions for ethereum. So projects like Loopring Swap or Moonswap people can swap tokens with very low gas fees. This is crucial since ethereum gas fees are astronomical at moments and if the bull market continues very few people, especially ones with smaller amounts just won’t be able to afford the gas fees. This is where l2 is amazing since we could get more volume on RFCTR pairs. And with more volume, more rewards for our holders.
Q: You guys will still be available on uniswap right?
D: Of course.
Q: Any marketingplans for trading on those smaller exchanges?
SFS: Yes. What we’d likely need to do is fork the code and make “Reflected” Finance, which allows a 1:1.12 token swap (factoring in tax) and then hosting the project simultaneously on two chains. That also gives us an opportunity to make additional tweaks and features if we want to. The key idea remains, avoiding gas fees for our users and letting them earn risk free and securely without making transactions.
Do you mean centralized exchanges or decentralized?
Q: Loopring and moonswap.
D: Uniswap will always be the main place to trade RFCTR and once Uniswap V3 launches it will have low gas fees by default. But until then we are exploring additional options. They also bring more exposure to our project so it’s a win win.
SFS: If we added pools to other dexes on layer 1 on Ethereum (like our Uniswap pool) it would dilute our liquidity. For layer 2s, yes, once it’s working we’d market within those communities and beyond. New chains want adoption. So anyone building on them gets love.
D: Exactly…today was also a big day since we launched a test token on the Binance Smart Chain and all redistribution rewards are working….so launching on BSC is also an option we are exploring.
Q: I also heard you guys are lining up a Kahoot game initiative. Good stuff! Can you Elaborate?
SFS: Video above — basically, so much opportunity to draw new people in. We really want that new market, as Bitcoin has pumped and people want to make money, this gives them an option to make APY without doing any crazy transactions. Learning curve for our token is very low.
So how to incentivize it? We run a free game on Kahoot with no login. You can win an NFT for the top score.
Q: Those NFT’s are so dope man. Really like your community building initiatives.
Any sneak previews? Would love to see the NFT’s.
SFS: Then we post on Twitter and use hashtags that new folks might be searching. We want to help people avoid getting scammed and help them be part of a community without having to spend time on research.
SFS: This is the Series 1 NFT. The QR code takes you to our website. It was made by @Paterbox.
Q: To me personally, next to the NFTs, your branding really stands out. The simple forms and colours you guys use on your website speaks to me. Who is responsible for this an why did you choose this as a format?
SFS: Also, a lot of our graphics were created by MDS.
SFS: So for example, when someone comes into chat, we post that sticker.
We have a sticker pack you can add here: https://t.me/addstickers/RFCTR
D: We also changed our Logo recently…you can check it out on the website or in our telegram group https://t.me/reflectorfinance.
Q: Speaking of community building, what is your most Frequently Asked Question in the community?
SFS: Frequently asked question is: Why am I getting this Uniswap error.
So you need slippage to buy the token. We’ve seen people buy with 1% slippage, but most of the time you need 13% due to the tax. Uniswap is inconsistent here. So people get that “problem with tokens you are swapping error” when they’re aping in. We have gifs, and pics to help them fix the issue
D: The slippage is a tradeoff we hade to make in order for instant rewards to work. But it’s still easier and more decentralized than using a staking interface that is hosted on a server that can be compromised. We will be rewarding two of the best questions with $50 RFCTR each so shoot guys!
Q: So guys, on another note. Have you guys had an audit yet?
D: Not yet but it is something we are considering. Up until now there haven’t been any security issues and the contract is field tested but it always help to have an official seal of approval. The code is available on github and verified on etherscan so everyone can check it out or perform a 3rd party audit.
Q: Alright alright, good to hear, altough I always think that 3rd party audits make it more credible.
SFS: I believe RFI has had audits, it’s the same contract except for the tax adjustment. I want to talk about distribution too.
Distribution is critical for ANY Uniswap gem you ape into. This doesn’t just apply to Reflector. You do NOT want to see a pre-mine token with whales holding over 5%. You want to see the developer putting 90%+ of those tokens in liquidity and LOCKING them in Unicrypt. Unicrypt v2 has TONS of options for developers to do staggered unlocks in 1 transaction.
We just relocked liquidity yesterday, the locked liquidity is currently 80% of the tokens and equates to about $210k USD. Our biggest whale has under 5%, and that means we have a very decentralized and distributed tokens supply amongst holders.
We have a 12 million initial supply, and 15% is currently in the burn wallet. The burn wallet is earning rewards just like any other wallet, so we have a strong deflationary measure for our token.
Soon, over 2 million tokens will be in the burn wallet compounding. So the supply is constantly decreasing.
at 12% tax, this means 1.8% of that tax is burned every time.
D: Another thing where RFCTR differentiates from other projects is that liquidity providers also receive redistribution rewards since they compensate for impermanent loss that occurs with most uniswap tokens.
https://etherscan.io/token/0x16b1eb8b8e9058800bf0ba3684f805a6711a1d2c#balances
SFS: You can see holders here. Keep in mind, Etherscan takes a while to update the actual totals. About a 36 hour delay in updating rewards. (so burn wallet appears as 14.6% right now). Transparency is incredibly important with these projects. So if you invest with us or with another project, make sure to do this kind of research
Q: Anything else you’d like to add regarding tokenomics?
SFS: We really want people interacting with our dashboard and giving us feedback. Here’s a cool feature many don’t know about. Currently to see live trades on Dextools you need 20,000 DEXT tokens. https://reflector.blockpour.com/trades
if you use our dashboard, it’s actually a few seconds faster than Dextools with the 20,000 token subscription, so if you’re swing trading a giant pump, you can see the latest price movement, buys/sells etc without a dextools subscription.
This is also cool because Dextools subscriptions require you to connect your wallet, which leaves the door open for security risk/exploitation (small risk, but still there), using our dashboard doesn’t require wallet login!
we had this custom built for our users to benefit from.
https://reflector.blockpour.com/apy
this shows APY, it’s not currently updated (working with developer) it utilizes The Graph oracle technology to pull the data.
https://reflector.blockpour.com/summary
here you can see our market cap, total fees collected (to holders) and % of buys/sells in 24 hours. It’s an awesome tool, they have other tokens as well.
Q: Why have you decided to make such a tool?
Where can we find the Roadmap and what part of it are you most excited about?
SFS: #1 it gives our holders the ability to see live trades without a dextools subscription. I’m excited for a possible BSC (Binance Smart Chain) deployment. It’s working on testnet, so it may be quite easy to launch it.
Also, with Ledger native support, you could literally buy RFCTR, put on a Ledger, and lock it in a safe, and because your wallet exists on the blockchain, it’s earning rewards in cold storage and you never have to connect it to Metamask to see the deposit. The second you reconnect to the blockchain, your token totals would update. Ledger is working now, but you need to connect to a computer to see the rewards. Many of our users storing on Ledger.
D: Yesterday we locked the liquidity for an additional year….there is a lot of testing and exploration being done on scaling solutions and hardware wallet integration…we are targeting to have L2 solutions working in Q1 2021. The best way to find out what we are working on would be to read our whitepaper… you can find it at: https://reflector.finance/files/Reflector_Finance_Whitepaper_V1_00.pdf.
Q: You guys got so much going on. I have the honour to be a member of your admin group and to see the motivation and drive of every one of you is quite impressive, what do you think causes this work spirit?
D: I think it has a lot to do with transparency and trust in the community. There are so few legit projects out there especially if you look at the uniswap projects. So having a transparent relationship is most important here. And also fun memes and tokenomics of course.
D: A crypto youtuber is currently working on a video for RFCTR. Stay tuned for it tomorrow.
Q: What do you think will be needed for Reflector to become a massive success? And what is your longterm vision?
D: You probably meant RFCTR😂 Our vision is to become one of the biggest projects in the DeFi space with unique features and to be on the map when the next altseason happens. Growing the awesome community and developing features that are useful to people like L2, Ledger, BSC etc. There are also ideas about branching out to Polkadot or Cardano blockchains but that is a discussion for another day.
Q: Will there be any exciting news in the near future you could share something about?
After that, Is there anything you’d like to present to our community before we move on to the community questions?
D: If development goes according to plan we should see some major announcements about L2 solutions or the Binance Smart Chain launch in the coming weeks. And a lot more but I have to keep some things a surprise😉
Q: Thanks guys, you really gave us some valuable insight.
If you’ve done the research and feel the project is right for you, you can ape in using this link. Never invest more than you can afford to lose in ANY project. Be safe out there!
Our Twitter is here; https://twitter.com/ReflectorFin
DeFi game closes Friday 1/22: https://twitter.com/ReflectorFin/status/1349103007284256769?s=20
