Welcome to the Autostake Live AMA with The Gem Hunters, we would like to thank the team for attending today and sharing information with the community!
To kick this off could you please give us a rundown on what you guys have set out to achieve over at Autostake, theres a lot of staking, farming and reward eco-systems in crypto right now. Please tell us what are the key differences between what your doing over at Autostake and why it could be so appealing compared to other similar projects?
The project is split into 2 distinct phases. Phase 1 - Staking and Phase 2 - DEX
With the staking platform we’ve fixed a number common of issues that other projects have. The first, as the name implies, is the Autostake function. When a user purchases the token or buys in presale, the tokens are Automatically Staked on the platform. A little scary for some, as the tokens are not transferred to the user’s wallet, rather staked on the platform. User’s can connect to our custom built dApp at autostake.io (http://autostake.io/) and view their balance and staking rewards. This removes a barrier to entry for some as there is no need for them to manually stake the tokens, it’s done for them.
The second issue with so many projects is pump and dumps. Projects start off well then the presale investors tend to dump on masse, taking all momentum from the project. Autostake features a lock-up schedule that aims to fix this. All presale and subsequently purchased tokens enter a lock-up schedule, meaning that only 20% of those tokens can be withdrawn and sold every 7 days. We force everyone to have Diamond hands. So during the first week for example the only sells will be from people claiming their staking rewards (these are not locked). We’re expecting some pretty big green candles for the first 7 days. On that 7th day there will of course be a sell off. But it can only be a maximum of 20% of tokens purchased. We can therefore guarantee that after 7 days a minimum of 80% of all presale tokens will be holding strong. Not many (if any) projects have that amount of presale guys holding strong after a week!
Thirdly, we’re completely Bot proof - any front running bot trying to buy the token in order to immediately dump on a seller is in for a shock, as the bot will have its tokens staked and locked for a least 7 days. This should be fun!
Phase 2 is the DEX - I’ll keep this short!
The DEX is scheduled for release in Q4 and will continue to be developed after the Staking Platform has launched. Firstly users just be able to buy and sell AUTO without staking. Fees from this will be awarded to AUTO Stakers. We'll then be adding other tokens like ETH, USDT, ADA, etc to build it up into a full DEX - again the fees from these being awarded to AUTO holders. So, for example, when someone buys or sells ETH on the DEX, AUTO Stakers will be rewarded in ETH. Future features will include things like Fiat on-ramping, limit orders and trade automation, chart views etc.
Now we have a little info on the project lets hear about the team, whats your backgrounds, experience and are there any other projects have you worked for or ran?
There’s me CEO - I’ve been in IT for many years in the private sector and a avid Crypto head for a long time. My very first project was NFTLootbox.com (http://nftlootbox.com/) which was launched last year. We were one of the first NFT project to use Lootbox tech for a fairer way to distribute NFT Art. That project is still going strong with some great updates being rolled out including NFT Trade-up and Crypto Prize Lootboxes (little mini Loot Shill there!) More recently we ventured into more “Degen” tokens with Hyperdrive and Cashdog. A hyper deflationary token and a dog charity token. We’d donated $20k so far with Cashdog and a NFT adoption feature is being worked on. Kind of nice to give something back.
Then there’s Mr Kawdy the COO of Autostake – he’s been involved in crypto since 2015 ever since his initial investments in Bitcoin. He has an extensive background in project management and entrepreneurship. He made his name co-founding Chonker Finance and also co-founded LOOT. He’s advised for Block Duelers and is the founder of EARN Network. He also has technical experience and is the lead developer of CashDog.io & HyperDrive. We of course have to mention our wonderful full stack development team is Simple Breakthrough - they have built the backend for Auto plus work on NFTLootbox, Block Duelers and Stonk Swap to name a few. They are a super professional team and we’re lucky to be working with them.
The Autostake platform does what it says in the name, which is lock up and stake the investors tokens on purchase. Could you run us through how this actually works, how long are they locked for and what APR% is issued?
I think most of these have been answered above - the APY is just a calculation of the 200,000 tokens awarded each year and the total number staked. We’re expecting the APY to be around 30-40% but it will change depending on the number of staked tokens. Obviously this is not as high as some other projects promise, but it will be sustainable which is far more important than eye catching APYs.
Sustainability Is Better Than Short Pump!
We agree - We're more interested in a long term project!
This is certainly an interesting feature, are you the first to implement the idea and what can we expect price wise? I.e surely it will perform well whilst no one can sell, but during unlock periods, we will obviously see some volatility, have you predicted or forecasted any figures? As far as we know we are the first the use the Autostake features. The code is completely custom and has been developed for many months. I’m pretty sure you’ll see some clones coming.. SafeBabyAutostake anyone? 🙂
We expect a huge increase in the first week yes, but even after that the release schedule is such that we should maintain growth for a long time. After a certain period of time there will be a balance between the release schedule and the token buys. At that point we should have a fair valuation for the token. As for the actual price, the market will decide. I could say X amount but it would just be a guess. We did some moonsheets for fun, but no one knows for sure what the price will be. But we expect bigs things for sure!
Lets get some insight into the $AUTO token, what usecases does it boast, what are some of the basic tokenomics and how does it all get incorporated into the Autostake eco system? Tell us about the staking options, what pools will you provide, what APR% can we expect?
Sure! First usecase is of course staking for rewards. Future uses will be linked to the DEX - we’re looking at users being able to use AUTO as a cheaper DEX fee - similar to binance and BNB. But holders will also be rewarded from fees collected from the DEX. For this we’re looking at other pools users can contribute to. One would be Auto/ETH LP pools which could offer higher rewards due to the LP being of greater benefit to the AUTO ecosystem. But there will be others too. APY I think was covered above.
We heard your already building a Dex where the $AUTO token can be bought and sold, so this means investors tokens wont be locked for long periods and they can actually trade the token? What else will be incorporated into the DEX? Hows the progress so far, when can we expect some results?
The DEX is firmly in Phase 2 - work so far has been limited to research and planning. But the Simple Breakthrough team are ready to begin the second the staking platform is up and running. The DEX, in at least a simple form, will be released in Q4 as per our roadmap. Initially it will just be to trade AUTO but will continue to be developed with more pairs and features being added periodically after the initial launch. Eventually it will be a fully functional DEX. We can’t wait to get started! As the DEX grows in features and volume, so the rewards for AUTO holders increase. This makes holding AUTO a great long term investment. The DEX will likely end up being the larger part of the overall project. But for now it's Phase 1 full steam ahead.
It's Been Great Having Both @Chonkybob @MrKawdy Here , Before We Get To Our Last Question TGH Would Like To Thank The Both Of You For Joining Us Hete Today!
Thanks so much for having us! Hopefully we answered the questions well 🙂
Yes , The Awnsers Have Been Fantastic
Just a reminder that our public sale is open at 6pm UTC today! And that we are launching on both ETH and BSC - so whatever your preference we got you covered.
Lastly lets get a brief overview on some of the recent and upcoming catalysts, what can investors expect to see from Autostake? How hard are you guys working? What have you done so far and when can we expect the sale and listing of the $AUTO token?
We’ve had some pretty intensive marketing, long days and late night! The Public sale is open at 6pm UTC as mentioned, and will run for a maximum of 72 hours. The platform launch is due on Monday but will be brought forward is the sale completed sooner.
One of the major catalysts for growth will be the Chart. Huge and rapid growth due to the demand and lockup periods should in itself bring a lot of attention to the project. We expect this time next week everyone will be talking about Autostake, some wishing they’d bought sooner 🙂 We have some pretty big Twitter guys set to post before and during the sale - so don't miss out!
Great Job On The Marketing Guys 😎
We've got some YouTube coming as well and are working on onboarding some tik tok folks - the works!
We would like to thank the Autostake team for attedning the AMA with us today and sharing information with the community, please find more information below!