[SUMMARY] Coffin Finance AMA 08/10/21

Transcript of our Coffin Finance AMA, handled by @coffinmaker and @0xlim.

  • Hi, what’s the major difference with Iron Finance?

coffinmaker: I believe you are referring to the previous version of Iron. There are few differences and I believe the main differences are the ff:
(1) FTM as collateral, not USDC. This means it has higher volatility. If you believe FTM’s value will grow, so is our collateral ratio also will grow/keep.
(2) burning mechanism when specific condition.

  • How do you plan to compete with your competitors?

coffinmaker: Coffin is a partial collateral project — FTM collateral. It has a unique position. I believe Fantom Opera is still undervaluation. I don’t need to compete with others, we can grow together.

  • What is your main goal with this plan? What would you like for Coffin as a whole to grow?

coffinmaker: I would like to bring a lot of users to Fantom Opera. As I said previously, I believe Fantom is undervalued so far and has more potentials. Before, I wanted to use cryptocurrency for a specific purpose, but it’s challenging coz of volatility. I believe some actual use cases need stability.

  • What are the precautionary steps taken to prevent a bank run?

coffinmaker: To prevent a bank run, preparing a circuit breaker, https://docs.coffin.finance/circuit-breaker, it’s just a delay for redemption, harvest interval & withdrawal lockup. Of course, it’s not enough. We have a unique burning mechanism for the COFFIN side. Only when CoUSD is below the peg, COFFIN transfer take tax/burn. The user has an incentive to redeem CoUSD when CoUSD is below the peg, but the user doesn’t have an incentive to sell COFFIN immediately.

  • What other projects have you worked on?

coffinmaker: Honestly, I’m new to web3. But I’ve been working for more than 16 years for IT, around 2005. When I was a university student, I started some Internet services. Not only one, but created a lot. I’ve sold one of the services to a listed company. @0xlim and @ziram have contributed some of the previous projects.

  • What's the game plan to increase adoption for Coffin?

coffinmaker: I need to say the COFFIN token itself has no limit, technically. Because redeeming feature needs to mint, as long as user supply CoUSD. However, the supply from farms as a reward is limited to 100,000,000. (CoUSD is genesis minted only 2 or 10… I forgot very small..btw. and no plan to distribute as a reward. )

  • We have seen AQU dev abandoned project, will you have a long term commitment in the project and any future corporation with other projects like curve to bring more use cases for CoUSD

0xlim: I’ve worked with @coffinmaker for a long time, we’ve had successful projects and he was committed to all those projects. I can attest full commitment of the development team and @coffinmaker to the project.

coffinmaker: Firstly, I’m not familiar with AQU. As you know, a lot of projects failed coz of some reasons. There is only one reason. Some, the reasons are scam/exploit, just failed, rug pulls, etc, etc. I will make a commitment as long as the protocol is growing, without failure, of course. Fortunately, I don’t need to make a lot of money for my life, but need to pay good salaries to devs, marketing fees for growing with the community together. Otherwise, I cannot invite more good devs. How we can commit is really depends on the situation, but I, personally, will do my best all time.

  • Your artist did a very good job with the artwork. Any plans for NFTs?

coffinmaker: Thanks a lot. They are made by a Japanese artist. Right now, no specific plan yet. But of course, I’m still thinking. I would like to release it somehow this month — with a good marketing plan. I believe, Fantom has less NFT liquidity, still wondering.

  • What marketcap will Coffin be releasing at?

coffinmaker: Well, we’ve minted 3M, initially. (I was thinking we need around the amount, initially. But coz we changed hard cap — we don’t need such amount. I’ve written it in the document. https://docs.coffin.finance/launch) Then, the listing price should be 1FTM = 4.5 COFFIN. It depends on FTM market price as well, so, how much.? anyone can calc?

  • What have the talks been like with other projects? Are you getting any assistance from them in any shape or form?

coffinmaker: Long time, been talking to spooky coz we need some logic to avoid tax/burn from LP-ing, similar with Tomb. ( TaxOfficeV2 logic ). I believe I can make an announcement “something” sooner or later. Btw, we’ve got a lot of inspiration from Spookyswap in terms of design. Been talking to others, also, but not time to disclose.

  • Who will audit

coffinmaker: It’s audited by Techrate. https://github.com/CoffinFinance/coffin-contracts/tree/main/audits We only have low issues. Just in case, I’ve fixed some and ask again. No 2nd audit report yet. To be honest, such an audit is not enough meaning, in my opinion.

  • What drove you to create a stable coin protocol and any plans to create a yield-generating mechanism for it?

coffinmaker: In the beginning, I want to use cryptocurrency to pay fees to contributors for CGM/UGM which I created. But coz of volatility, I believe it’s not suitable. Plus, I prefer enough liquidity and love decentralized. I’ve researched some logic for stable tokens, not only full collateral, algo zero collateral, partial, etc. In cases of zero collateral, I believe it needs a burn mechanism or using an unstable token as collateral, otherwise, it’ll be just Ponzi. I think partial is one of the most challenging fields.

  • So why you are using coUSD instead of USDC. It might peg to one dollar but its only usable after coffin burns

coffinmaker: USDC is centralized token. We cannot see its collateral smoothly. We are in Defi, I believe we need decentralized tokens with capital efficient.

coffinmaker: I also agree with you, the pegging is a big deal. The burning mechanism is only on the COFFIN side, not CoUSD side. And, it’s one of the unique challenging.
I expect, it’s working, personally, but cannot assure you that it works absolutely well, of course.
So far, a lot of such projects failed even though project owners expect it to work well — that’s my concerns. I need to say, it’s super DYOR. I don’t recommend my mom to invest any.

  • Can I just start redeeming on Mainnet if I want to test?

coffinmaker: Our test is also on Mainnet, so you can try. Test tokens is not for production — it’s just for testing purpose. We can give enough Test COFFIN token, but Test CoUSD is limited, coz CoUSD consists of FTM & COFFIN.

  • I have concerns about coUSD pegs how can you control arbitrage so fast, and also what if no one single stakes COFFIN for XCOFFIN when coUSD below USD

coffinmaker: Good question. It’s challenging — we need enough liquidity, and a lot of small investors. When coUSD is below USD, COFFIN transfer take tax/burn, so I believe, holder don’t want to sell COFFIN immediately though.

  • When can we use Mint/Redeem function?

coffinmaker: After end of Presale, after initial liquidity on Spookyswap and before starting farming. Now, on the document, it’s immediately after end of presale but just in case, I will revise just before starting farm — after end of presale. https://docs.coffin.finance/launch On test environment, it’s working.

  • In terms of marketing, will you guys be ramping it up soon? or after presale and launch?

coffinmaker: Honestly, not enough marketing resources for now. We want to ramp it up after presale & launch.

  • Why not run the beta before the ICO, let us test the product before the ICO sale?

coffinmaker: You can join the test, then, can consider whether you join. It’s safe for you. You can ask @ziram to give some test tokens or you can ask me also ( but i might be late reply )

  • Just would like to clarify on the pre-sale time? On coffin Website, it shows still around 20 hrs left. But on pre-sale site, it shows only 12 hrs left?

coffinmaker: It is expected for 20 hours…. will contact..

  • Slightly off topic but I was asleep when the presale react message was posted and would love to join .I was one of the first people in the discord so I would love to support and take part.. Hoping it’s not too late.

coffinmaker: Thanks, and timezone is one of my concern too.

  • Here is a hypothetical question for you. Have you ever thought about what to do if your project gets exploited somehow (I’m almost sure that won’t happen, cause I see the difference between other algorithmic projects.). But I also wonder how you would resolve the problem in that case.

coffinmaker: Thanks. There must be possibility! So far, a lot of algo stable token projects failed. Honestly, I need to say — it depends. In case of insider or knowing the “hacker”, it’s possible for us to nego. If i cannot tell, need to re-start new project with compensation plan. I would also like to hear of a lot of opinions from you about it.

  • How many people are in the Coffin team?

coffinmaker: @0xlim, @ziram (as junior), a guy ( not in discord often; cannot speak english. only a little) one more part time. Only a little. But would like to hire more after successful launching.

0xlim: Thank you everyone for your questions! This has been a very good AMA session. We appreciate all your support and interest.
We hope this sheds light and give a lot of insights about coffin and provides you with enough data to work with us in building COFFIN FINANCE Community . Have a great day everyone!

coffinmaker: Thank you!

About the giveaways, Congratulations to the winners!

We are going to contact you via Discord DM and release the giveaways after our launch — it is to create initial liquidity and launch smoothly.

We will also make an announcement on Medium, Discord and Twitter afterwards.

Discord | Twitter | Document | Memento Document

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Welcome to Partial Collateralized Algorithmic Stable Token Project on #Fantom. => Join our community. http://discord.gg/bG7MqNGKxV #ftm #coffin #defi

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Coffin Finance

Coffin Finance

Welcome to Partial Collateralized Algorithmic Stable Token Project on #Fantom. => Join our community. http://discord.gg/bG7MqNGKxV #ftm #coffin #defi

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