Coinlink x AMA Lovers Club
We did an AMA with the awesome team of the AMA Lovers Club today. In this article we would like to give you a recap of the most important questions asked and their answers:
Can you please introduce yourself and your background, also introduce the team working on CoinLink?
My name is Thomas, I am the CEO and co-founder of Coinlink. I have been working in the IT industry for over two decades and I have found my way into the Defi space two years ago. I am fascinated by how Defi contributes to the financial self empowerment of the people which for me is definitely not a trendy phrase but something that I really believe to be an important step in the democratic evolvement in all things financial. During my career I have led my own software company in which I have been working on software projects for large clients of the insurance industry. I have a background as developer as well as project manager which ensures that Coinlink stays on track even in such a lively and vibrant space as Defi.
René who is also a co-founder of Coinlink has been working as a developer for five years and is one of the early adopters of the Defi space. He has been a crypto miner for some time back in 2017 and then has been working on several Defi related projects, among them a trading bot, which was a contractor work he did in 2020. When he isn’t programming he spends a lot of time in the Defi space gauging new projects and what innovations they bring to the Defi space.
Marius is the third co-founder of Coinlink and has been working together with René and me on several software projects during the past two years, amongst them the aforementioned trading bot project. He has strong skills in web development and also has a strong private interest in trading in the Defi space. He also covers all aspects of market research here at Coinlink.
Can you introduce CoinLink, what critical problems does it solve that existing solutions are not solving and what’s the competitive advantage?
The Defi space is highly fragmented today and a lot of interesting opportunities are only available to tech savvy users. What most Defi apps are still lacking is UX that allows the everyday user to access the highly interesting Defi space more easily. This is where Coinlink sets in. Coinlink aims to make the user experience in Defi as seamless as possible, more in the liking of apps that users already know, like a banking app for example. Also one of the most interesting types of protocols right now is Yield Farming because it offers very attractive rates. Everyone who has farmed for yield in the past will most likely acknowledge that the experience in doing so is not really a pleasant one. It take multiple steps, some of them complicated, to push your starting asset through a Dex and then on to the desired Yield Farming protocol. Coinlink aims to alleviate this situation by offering a Smart Routing feature that takes care of most of the intermediary steps, at least as far as underlying blockchain technologies allow, and does this even cross-blockchain. As an end result you might be able to start with an asset on one chain, determine which Yield Farming protocol you would like to invest in, and even if that is on a different chain Coinlink would then route your token to that Yield Farming protocol with as few intermediary steps for the user as possible.
Two additional important features that I would like to highlight are our Portfolio Management and Transaction Tracking. Where right now with every Defi transaction users have to manually keep track of these, Transaction Tracking will keep their transaction history stored locally in their browser or in a backend and users can then process this data in which ever way they need, including for example preparation of tax statements and so forth.
Portfolio Management will give the users a valuable overview of their previous investments’ performance and that way allows them to make well informed decisions for their future investments.
Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
Sure, let’s first share the Coinlink roadmap here:
Development is in full swing already. At TGE, which will happen in the second week of December, a staking feature will be in place for our users. Also in December we will start integrating the first Dexes, Sushiswap, Dinoswap and Quickswap, and also the dashboard section in our app which will give the users the ability to trade and have a concise overview of their current balances. Next step will be integrating Yield Farming protocols to live up to our aspiration of a strong Yield Farming focus. All of that will also be reflected in the dashboard. Until March 2022 new features will be released on a regularly basis: The first version of our Transaction Tracking Tool as well as the integration of more Dexes and Yield Farming protocol to give users a broader overview of the market. Starting from Q2 2022 also bridging between chains will be implemented.
As for Cardano based protocols we are eagerly anticipating them becoming fully operative during December 2021 so we can also start integrating them early on which means that we are at the forefront of Cardano based aggregation services.
Can you briefly describe your PARTNERSHIPS so far?
As Coinlink is a cross-blockchain project with a focus on Yield Farming it follows naturally that we are seeking to establish partnerships in these realms. We have already announced that Coinlink will be live on Polygon from the beginning and integrate services there. These will be well known Dexes and Yield Farming protocols like Sushiswap, Dinoswap and Quickswap, with other protocols following suit until late January 2022. All of the projects that we are aiming to integrate will be vetted by Coinlink first to ensure that users get a fair and realistic overview over the opportunities that the market has to offer.
Polygon’s team is awesome in offering help on the development level for projects like Coinlink in we are in regular talks with the Polygon team on specific questions of technical integrations. A big shout out the Polygon team here!
As for Cardano based projects we are in talks with Sundaeswap, Minswap and Cardax who will offer the first and very interesting Dexes on Cardano. Once they are fully operative we will integrate them as well.
Can you give an overview of the Tokenomics, and Utility of $CNLK tokens?
Token distribution will be as follows:
• Private Sale: 22%
• Public Sale: 3%
• Rewards: 20%
• Team: 20%
• Reserve: 15%
• Liquidity: 10%
• Advisors: 10%
The entire funding of private & public sale (25%) will be used for development, marketing and operations. Another 10% of the tokens will be used for providing liquidity to DEXes and CEXes to ensure that the Coinlink token will be available for trading in all the major spots that the community regularly uses. What probably is most interesting to our users is that 20% of the total token supply is reserved for rewards for the Coinlink staking feature, which will be in place from day 1 after our TGE, and for community rewards through our partners. These tokens will be released on a monthly basis. Accrued staking rewards on Coinlink will be paid out annually, and — Coinlink having a focus on yield farming — we will also team up with yield farming protocols where users will be able to stake liquidity pool tokens they got out of Coinlink token pairs.
As for the utility of the Coinlink token — apart from Colinlink’s staking feature — we are convinced that the future of the crypto space will be autonomously organized by the users through DAOs. That’s why our roadmap shows that Coinlink will hand over control over the project’s major aspects to the community via Coinlink’s voting system. This voting system will be implemented once all the core features have been finalized, which should be the case in Q2 2023.
Amazing project with Good qualities pls can you explain how your Yield Farming works and how can I go with the staking aspects and what is the preferred for Staking on this project?
Do I need to just contribute to staking and borrowing before I am entitled to Coinlink Reward?
Our staking feature will allow you to choose between two levels: Either flexible or fixed period. Flexible means that you will be able to withdraw your amount staked any time. With fixed period you commit your tokens to a specific period of time to be staked at Coinlink. Fixed periods can be chosen by the user as monthly periods. Fixed period will yield you more return in relation to how long you are willing to commit your Coinlink tokens to be staked. For example the maximum staking period of 12 months will give you a factor of 2 for the rewards calculations as opposed to flexible staking. Rewards will always be paid in Coinlink tokens. Please note that rewards will only be released after 12 months, even when choosing flexible staking. This way we will ensure that short time traders will not have a huge impact on price volatility of the Coinlink token.
As for borrowing no native Coinlink borrowing feature will be available at the start. However, according to our roadmap we will integrate external lending and borrowing protocols in the future.
I read that you consider that Polygon and Cardano are the most promising blockchains apart from Ethereum. Can you share with us why do you think so? Which features do you find the most useful for Coinlink?
Cardano has a unique approach of scientifically inspired peer review based development. The advantages of this approach already bear fruits in that Cardano has much higher transaction speeds and lower transaction costs than is now the case with Ethereum. It’s obvious that these are prerequisites for a wider adoption of Defi.
The same is true for Polygon. Polygon being a L2 solution for Ethereum solves many of the drawbacks that Ethereum suffers from right now and also has tremendously lower transaction costs and faster execution speeds than Ethereum.
That being said we also would like to highlight that our long term vision is one where users don’t even need to be aware on which blockchain thery are on when they are trading. We believe that blockchains and their underlying technologies are much more like what is going on under the hood in a car. Something a user should not be concerned with when driving from A to B.
In the long term we are convinced — especially as Ethereum v2 will enter the scene — that blockchains form the base technologies
Bridging assets between blockchains is right now an expensive endeavour. This is something where all users including ourselves are at the mercy of the market and especially of Ethereum. We are confident that bridging costs will drop considerably once Ethereum v2 is fully operative, which admittedly will still take a while. For that reason we also explore ways to bridge tokens between cost-effective chains directly, especially Polygon <–> Cardano.
Transaction Tracking is a feature that will aggregate all the data of a user’s transaction that have been executed through Coinlink. This allows the user to have all his aggregated transaction data in one place instead of scattered all over the computer as in most cases right now. Just imagine yourself preparing a tax declaration and then having to collect the data of all your previous transactions from different places. Not very efficient. Coinlink’s Transaction Tracking will take that burden from you, all your transactions listed in one place.
It may be noted that also historical data of transactions that were executed outside Coinlink can be displayed in Coinlink’s Transaction Tracking. However, as is the case with all external data sources, these data may not be as accurate as the one generated through Coinlink when doing transactions with us directly.
For reasons of efficiency Transaction Tracking data will be stored in Coinlink’s backend. The data stored is identical with the data that is also stored on the blockchain, in fact it is taken straight from there. So no privacy issues can be involved there and also no login will be required from the users side. Identification will take place solely through the wallet connected.