[CNN] — We are pleased to announce the AMA with Geist So welcome @Paul_69140 to the CryptoNite club.

[paul]- Hello everyone, glad to join you for this AMA

[CNN] — Nice to meet you!

[paul]- Nice to meet the cryptonite community!

[CNN] — How are you all doing today? Ready for a great AMA guys? 😉

[paul]- I’m more than ready and I’ve seen great questions under the twitter post 🙂

[CNN] — So, without making a delay Let’s start our AMA with a basic introduction

[paul]- Yes sure

[CNN] — We are really excited about the upcoming AMA with you! please tell us a bit about yourself and a brief intro about the project, please?

[paul]- So I’m Paul from Geist Finance. I’m the head admin there.

Geist Finance was launched almost two months ago, on the 6th of October. And since then we’ve had great feedback from the crypto community!

Geist Finance is a decentralized, non-custodial liquidity market protocol operating on the Fantom blockchain based on one of the largest DeFi protocols: AAVE. The Geist protocol has no governance and no VCs, instead it features a revenue earning token, sharing platform fees between token holders and liquidity providers (people who lend their assets).

If you want to understand more, please read those three visuals. They summarize the whole process.

We’ve upgraded very recently LP to PODL, which we will probably talk about later, besides that all is accurate.

[CNN] — Thank you! Let’s go to the next question.

Can you tell us a bit about the team and their experience with crypto projects?

[paul]- So the team is anonymous but they are all very experienced with crypto projects.

As our community sees quite often the project keeps on improving.
To reassure people that the project is legit, the team as introduced a ⅗ Multisig with a 48h timelock to avoid any possible issue.
The five people on the multisig are quite renowned which shows you the team behind the project is solid and trusted by the crypto community. The five are:
-Michael Chen (Fantom Foundation)
-Eerie (SpookySwap co-founder)
-Oxngmi (co-founder of DefiLlama)

-Charlie (from Curve Finance)

-Aveen (Co-founder of Geist Finance).

They all confirmed they are part of the multisig on LobsterDAO telegram channel.

[CNN] — Very detailed answer!

-Tell us, What are the main features that distinguish you from other projects and what competitive advantages do you have?

[paul]- The protocol has generated more than $37 million platform fees. 100% of which go back to users, half to people who deposit their assets, other half to people who stake/lock their GEIST tokens.

We have 860 millions TVL which is quite a lot on the Fantom network. We are second only to anyswap over the whole ecosystem.

Geist Finance allows users to become lenders or borrowers in a completely

decentralized and permissionless way while maintaining full custody

over their coins. GEIST liquidity mining employs a mechanism first introduced by Ellipsis Finance, where all rewards are vested for 3 months. Tokens can be claimed with a 50% penalty fee that is then awarded to the people who decide to lock their tokens for 3 months. At the moment the APR for locking GEIST is above 400% (this is not even APY!!).

[CNN] — Please tell us about the $GEIST token! What are the token use cases, distribution, and how to buy/get it?

[paul]- The best place to buy Geist token is on SpookySwap: https://spookyswap.finance/swap

We’ve been listed on several exchanges as well.

At the moment there are 110m tokens out of 1 billion tokens in total. We will reach 1 billion tokens 5 years after launch.

As said above, GEIST token is a redistribution token. So it means that by staking/locking it you will earn a good share of the protocol revenues.

So right now, out of the $37 million platform fees collected more than $18 millions have already been distributed to token holders. Out of the $54m current market cap this is a crazy 33% already distributed!

[CNN] — Here is the Last question from my side

Where can we find out more about $GEIST? Can you share all your social media links?

[paul]- The main point of contact is our telegram channel with over 6000 members already:

https://t.me/geist_finance

We have dedicated mods 24/7.

Same goes for our Discord:

https://discord.com/invite/b6cXdZRNSK

We have made our own FAQ:
https://docs.geist.finance/

And then you can follow our official twitter account:

https://twitter.com/GeistFinance

As well as the twitter account of our co-founder Aaveen:
https://twitter.com/AaveenHuijari

[CNN]- Thanks for the great introduction, we have several questions which were selected for the 1st part. Ready to start?

[paul]- Yes sure, let’s go with that!!

Q1 — from @VidulaRukshan

If someone needs to borrow an asset from your platform, he has to deposit a certain amount of asset. Why should he borrow from your platform instead of selling that asset? If he sell asset, no need to pay interest like on your platform.

A1 — There are two different answers to this question:
-The first one is that right now, there is a Borrow APY, so that’s something you need to pay, BUT you also gain a GEIST rewards APR which is quite higher than the borrow cost. Here is the example for today for FTM:

So as you can see with the example above, both lending and borrowing on Geist Finance will earn you Geist rewards, symbolized by the APR under both APY.

-The second answer is more simple.While borrowing against assets you have deposited, you don’t need to sell anything. And many times you don’t want to sell, you just need some funds to pay for something or to trade over a short term period, but it doesn’t mean you want to sell your ETH or BTC for instance. Borrowing is then a better option.

[CNN] — Thank you very much for your answers and clarifications! ready to proceed to the next question?

Q2 — @imad_clicks

With so many projects being rup pulled and exit scams happening nowadays. What would you offer to the users of your platform to earn their trust and how would it make you different from other projects alike?

A2 — That’s a good question, and I think everyone should ask themselves this before they get their money into a project.

As stated above, the project is anonymous, but to reassure people that the project is legit, the team as introduced a ⅗ Multisig with a 48h timelock to avoid any possible issue.
The five people on the multisig are quite renowned which shows you the team behind the project is solid and trusted by the crypto community. The five are:
-Michael Chen (Fantom Foundation)
-Eerie (SpookySwap co-founder)
-Oxngmi (co-founder of DefiLlama)

-Charlie (from Curve Finance)

-Aveen (Co-founder of Geist Finance).

So this means that for any change to the protocol, 3 out the 5 names above need to confirm the change. And then there is a 48h timelock during which everyone can see the changes to the code before it is active and people can decide to remove their assets if they think it’s better for them.

We have a good community with many devs who are able to read the code and they usually talk about it with other users.

[CNN] — Thanks for those interesting details, clear answers are very appreciated for our community. Now is time to proceed with the next question🥳

Q3 — @AaPutun

Why do we need to own GEIST, what benefits does it have to be profitable for users? To ensure your strong growth, do you have a plan to build a strong community with many members who understand and are loyal to the foundation?

A3 — Different things to answer here:
First of all, Geist Finance is not a foundation, it doesn’t keep any money for itself and doesn’t have VCs.
The plan is indeed to build a strong community and I believe this is already the case. We have users who are building their own tools and sharing them with the community, our devs keep on improving the UI/UX and we’ve added new ideas to the platform like the PODL, which adds great value and we’ll talk about later I guess 🙂

You don’t “have to own GEIST” to use the platform, but to really benefit from it, you should.
Token stakers/lockers/vesters (please refer to visual above) will earn their good share of protocol revenue. Half goes to them, half goes to people lending their assets. The whole principle of the token is revenue sharing. We don’t really believe in governance tokens as we’ve seen that most of the time there is no real governance shared. With GEIST token, there is full revenue shared, and this will not change.

[CNN] — Thanks for your great answers! Ready for the next question?

[paul]- — yes! Let’s Go

Q4 — @BENSTOCK26

The biggest challenge facing projects right now is related to the current market conditions. So, can you explain the reasons why users and investors should participate in the long-term development of the Geist Finance ecosystem?

A4 — The first reason is quite obvious, financially speaking we have many users who have already managed to gain more money thanks to platform fees and penalty fees (when you lock your tokens) than the price of the token. So imagine what this could mean in the long run!

Then I can add the fact that users who have been here since the launch can see how quick the team was to react to fix things and to add new features. So I would say, join us, see how good the experience is and enjoy the quality of the code 🙂

Last point is more philosophical, we want to show that it’s possible to have a 100% revenue sharing token working in the long run and we want to show why we think it’s better than a governance token.

[CNN] — Thanks for the detailed information and answers. Ready for the 5th question from Twitter?

Q5 — @UDRansith1

  1. “36m Protocol fees has been distributed to the $GEIST stakers…”

Hello team, Can you please explain a bit about this quote, what is Protocol Fee? Is it available for every single staker?

  1. What are the short-term goals of this project?

A5–1. So the protocol fees are above 37m now, you can see it’s growing fast 😉

Protocol fees are what borrowers pay.
Here is the visual explaining it:

50% go to lenders, 50% go to stakers/lockers/vesters (there is just a part of FTM revenue going to PODL)

To answer your question, yes anyone who stake GEIST tokens will get a fair share of the protocol revenues.

We have received an important incentive from the Fantom Foundation, and we are currently distributing 125 000 FTM weekly to stakers.
All of those rewards are claimable at any time without any fee to pay.

People who are vesting earn the same rewards as stakers
People who locked GEIST, will earn staking APR + penalty fees which are quite substantial.

Here is the visual to understand the different options:

[CNN] — Ready to proceed to the next question?😉

[paul]- Yes! Go for it!

Q6 — @Opurbo31

Does your project support staking programs? If yes, how is your stake system work and what is the requirement for users if they want to stake in your platform?

A6 — If we are talking about staking tokens, the answer is yes and you will find more details above. The only thing you need is GEIST 🙂

If we are talking about staking LP, the answer is yes as well.

20% of the total GEIST emissions will go towards LP providers.
To do that you need to provide GEIST/FTM liquidity on SpookySwap and then you will be able to stake your LP tokens on Geist.Finance, the current APR is 600%.

[CNN] — thank you very much for the clarification😊

Let’s proceed to the next question🚀

Q7 — @GlopiNoli

How can $GEIST incentivize market liquidity? Does $GEIST have an internal market maker to ensure continued liquidity? What if people are interested in providing liquidity to $GEIST?

A7 — So the first part of this question is answered above. Geist protocol incentivizes market liquidity by rewarding people who provide GEISTFTM liquidity on SpookySwap and stake the LP token on Geist.Finance. This is fairly easy to do, and we will soon provide video tutorials for people who have never done that before.

BUT this is not all, far from it! Two days ago we introduced the Geist PODL!

PODL stands for Protocol Owned Dex Liquidity.

You can read the detailed article here:
https://medium.com/@geistfantom?p=8657c1f82691

The idea is that Geist will use 25% of FTM platform fees to buy LP from our users with a 10% premium. To do that, Geist has increased FTM rewards to stimulate lenders/borrowers which will increase FTM platform fees.

The LP tokens bought by the protocol are locked forever in the contract.

[CNN] — many thanks for the answers!

Q8 — @back_richy440

I notice Geist Finance giving a lot of rewards for its token holders. Are there certain conditions so that holders can get rewards? And do you still get profit if you give a lot of rewards to investors?

A8 –

There is something here I need to highlight more, I suppose, the team doesn’t get any profit from the protocol, and we don’t have any VC or anything like that, so there is no external cost.

Regarding rewards there are 4 different ways to obtain GEIST with Geist.Finance:
-lending/borrowing assets

-providing LP

-airdrops: There is currently an airdrop for people currently voting for our gauge on Curve, via CURVE and CONVEX votes. https://twitter.com/GeistFinance/status/1464317797018877962?s=20

-penalty fee rewards obtained if you lock your GEIST tokens.

Then there are platform fees obtained by staking/vesting GEIST.

Rewards obtained through staked/locked and vesting GEIST are fully accessible at any time with no fee and no conditions.

For GEIST rewards obtained via lend, borrow, providing LP and airdrops; there is a vesting period of 3 months. You can either choose to wait for 3months, during which you will earn the stake GEIST APR (currently 80%), composed of platform fees, you can claim at any time.

Or you can choose to claim your GEIST tokens right now with a 50% penalty fee. This fee is then distributed to people who lock their tokens for 3 months, to reward them for their long term trust.

\

[CNN] — Let’s do it 😉

Q9 — @kikiMD14

Do you have AUDIT certificates or are you attempting to audit your project in order to make it more safe and reliable?

A9 –

In terms of safety, Geist Finance is a fork of AAVE, one of the most robust protocol in DeFi.

Audit on Geist protocol is perpetual and on-going ; this is to ensure the safety and security of all funds.

A preliminary audit has been performed and can be found here: https://solidity.finance/audits/GeistProtocol/

Additionally, Geist Finance has recently completed an audit with PeckShield with no critical findings. Full report can be found here: https://github.com/peckshield/publications/blob/master/audit_reports/PeckShield-Audit-Report-Geist-v1.0.pdf

We actively choose not to rush through these processes to ensure all user funds are safe and secure at all times.

[CNN] — Thanks, guys for the detailed information and answers . Ready for the last question from Twitter?

Q10 — @deasley_paige

As a very young and new project, how can you convince crypto users that Geist Finance is a project with a lot of potential and what, unique or advantageous, features do you have that will attract investors as users?

A10 –

I would simply say, come and test us! But here some of our main features:

  • Our model is robust and we’re happy to see people come to challenge it 🙂
    Come talk to us in Telegram/Discord, there is always a mod available to answer your questions! A happy community who believe in what we are building.
  • The Fantom network is much less expensive than most of the networks so you can come try Geist protocol without spending huge amounts of gas fees.
  • The protocol is less than two months old and we have already seen major upgrades like the PODL as explained above, and the Curve Gauge with already 150 millions in it. We also have airdrop for Curve votes to ensure nice rewards for people staking their assets directly on Curve.

The fact that we’ve built a 100% revenue sharing token, with a Curve Gauge and a PODL is quite unique in the crypto ecosystem.

Part 2

[CNN] — Thank you very much for sharing. Now get ready for the most emotional part of our AMA — live questions!!!

Dear community, we will open the chat soon. Please prepare your questions.

Geist guests will select 5 of them.

⚠️ Please remember the rules.

🚨Only genuine questions will be rewarded. Copied questions will be disqualified

🚨For Part 2 of the AMA, every user will be allowed to post a maximum of 3 questions.

🚨One message should contain a maximum of 1 question.

Thank you for understanding and good luck!😉

So many Questions Thank you, Everyone!!!

[CNN] — @Paul_69140 please choose the 10 best questions and answer them😊

[Q1] — Mahdhi Ismath , @m_ahdh_i

[ANS] — Is it possible that you will build a thriving community that truly cares and supports the project for a long time, rather than just making a temporary profit?

Any plans to better connect with the community? Because we know the power of the community to easily make famous projects?

The whole point of the project is to show that it can work in the long run.

To show that revenue sharing is better than governance 🙂

We consider already that are community is quite thriving. 6k+ members on discord after less than two months. This is not bad!

The way we do things is that we take people’s voice into account.

We didn’t do a discord at first, people asked for it, then we did a discord.

Then we did a chinese channel.

Now they want more news on Twitter, we will try to work on that.

Also we have more and more people with many followers retweeting stuff about Geist (and I assure you we don’t pay for that!) so it shows the project is snowballing!

[Q2]- 🙋‍♂️🙋‍♀️আমি বাতরুম থেকে বলছি 🙋‍♀️🙋‍♂️ , @balerbatrum110

[ANS] — IS This Your project only for elite investors, how about others with small funds, is it open to everyone?

It is of course open to everyone.

The good thing regarding Fantom network is that transaction costs are quite low compared to Ethereum.

I don’t say you can come with $10, but I’d say that you can definitely start with $50–100 worth of Geist.

If you want to deposit assets, you’ll probably need a bit more than that to be able to see rewards in the short run.

[Q3]🌾BNP🌾,@bnpvay110

[ANS] — Many projects only focus on the price of their tokens in the market but not on the utility of the tokens, and can your tokens deliver real value in the world?

This is very important to us. That’s why 100% (not 95% or 99%) of the protocol revenue goes to users and token holders.

If you think about it this protocol is very useful. I for example, own ETH that I don’t want to sell because I think the price will go up, I am very happy to deposit it on Geist.Finance as I know I will get rewards from it. And if I want to trade or maybe I have unexpected stuff I need to pay, I can borrow against my ETH and I know I will repay.

In the longer run, if DeFi takes over TradFi, Geist is simply the replacement of the Lending/Borrowing markets.

You are just very very early 🙂

[Q4]Haiyaaaaaa , @Haiyaaam

Where I can buy your tokens now, what are your current contracts address and how can I buy them and what are the benefits?

[ANS] — The best place to buy is on SpookySwap:

https://spookyswap.finance/swap\

The contract address for GEIST is:

0xd8321aa83fb0a4ecd6348d4577431310a6e0814d

The benefits are mostly that this is a revenue sharing token that will allow you to earn half of the platform fees.

Other half goes to people who deposit their assets.

[Q5]Akii Boy , @AkiiBoy

Can’t $GEIST holders involve to getting decisions about Geist Finance ?

[ANS] — GEIST holders are already involved on decision making for Geist Finance, we forward all the suggestions to the team, and you will see that we have many very clever members.

I personally spend hours with some of them thinking about what we can improve.

Our dev team has been in Crypto and DeFi for a long time. They’ve come to the realisation that governance tokens actually don’t govern much.

As most of those tokens have VCs + dev team who owned substantial amount of tokens/voting rights. Many normal users don’t usually vote. If you add to that the fact that core developer’s proposal are usually much more easily communicated, it leads to team keeping full control even when there is actually a voting structure.

[Q6]VR , @VR66V

20% of GEIST token allocated to airdrops. What are the qualifications required to participate in it? And what is the process of airdrop distribution?

[ANS] — Several airdrops already occurred:

-First one was for Aave of course as we are a fork of Aave

-There was one for Ellipsis, as we are using part of their system as well.

-We have done one already for our gauge on Curve. This improve the rewards of Geist Gauge on Curve x Fantom

-Another one is under process for Curve as well (there is a chance that there will be some more frequently for Curve

-One should occur for LobsterDAO NFT holders.

This one is very clever I think. Lobster DAO is the channel for all the devs and old guns of the crypto world. The group decided to create an NFT to reward people who are bringing help to the community.

Well we are rewarding those people 😀, and at the same time we are increasing Geist awareness with devs learning about us.

On the other side of the airdrop btw, all the people who had locked/staked Geist received an Airdrop from Blizz Finance already as they forked us, and the amount was quite huge!

[Q7]Jackpot 1M$ , @Jackpot1m

While you build your project, do you take into account community feedbacks and demands?

[ANS]- While you build your project, do you take into account community feedbacks and demands?

Building a community, with people who know and understand well our platform, its mechanics and our product is from the beginning one of our main focus.

That’s why we dedicate so much resources in having a Telegram and Discord channel with admins 24/7, willing to answer questions and exchange with the users. I think at the moment we have 14 active mods to be sure that all the questions are answered quickly.

More specifically on feedbacks, we created a dedicated channel for suggestions on our Discord and we always welcome constructive discussions with the community, that in some case results in improvement in the platform.

[Q8]Angel ╩╦╩ @AngelYourHeart

Everyone knows, if you want to go fast, go alone, but if you want to go far, you go with your partners, so with Your Project which partners will promote and help Your Project reach and achieve the projects goals?

[ANS] –Well first of all our biggest partner/support is the Fantom Foundation.

Lucky us that’s the most important support you can get on the Fantom Network 🙂

Then we see more and more important name in the defi world talking about us so that’s good.

Spookyswap was there from the start as well.

[Q9]Eternal (DONT PM ME IF YOU SCAMMER) , @EternalHumanity

Financed (DeFi, etc) by a modest amount, and another coin/token became one of the leading protagonists of blockchain technology. Did you anticipate that the project would be successful?

[ANS]- Like said before our team is composed of specialists. DeFi is something they’ve been working on for quite sometime and we are quite aware of the recent evolutions.

Our philosophy is to under promis and over deliver. We don’t want to be part of the cryptosphere stating everywhere that they gonna change the world and nothing happens afterwards.

But we are confident about wat we do and we would like to maximise the possibility that this “new” ecosystem can offer.

To summarize, we hoped that it would be successful but you can never be sure.

[Q10]2000$ / Month is my salary :(@twenythousand

Does your team have a training and guidance system for newcomers to cryptocurrency? How do you attract and reach them?

[ANS] –For us, User’s comprehension of our platform is essential. We have trained admins who are ready to answer any question or help on specific requests from the community. We provide a dedicated documentation that explains our platform features, as well as diagrams to get a full understanding of the different functionality.

In addition we are working on Video Tutorials that will be released soon. They will walk you through every step, providing a more visual explanation.

And to attract people, we believe that our protocol is very good and that it will attract people by itself. We are starting to see more and more people talking about us which is a very good sign 🙂

Thank you very much for your answers and your time! It was an amazing AMA!

you are doing a very beautiful and high-quality project! We are honored to have you here today.

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