The Impossible AMA Recap w/ BinanciansVN
On 2021/06/24, Impossible Finance and BinanciansVN together organised an AMA session to introduce Impossible Finance
On 2021/06/24, Impossible Finance and BinanciansVN together organised an AMA session to introduce Impossible Finance — A DeFi Incubator, Launchpad and Swap platform. This AMA was held in the BinanciansVN Telegram Group with the participation of Calvin Chu — a Builder at Impossible Finance.Below is a summary of the highlights from the AMA session.
1. Many users prefer to use smartphones and tablets more than PCs. Will Impossible Finance have compatible mobile apps for iOS and Android devices?
Yes, we are working on building up a seamless experience across all platforms! fun fact, at binance we saw that many users came from mobile platforms, and in defi it is no different with so many projects like Trust Wallet, Coin98, Math Wallet, and more, it’s very important to be mobile-friendly in Defi.
We are working hard to integrate as many different defi wallets in the meantime, and in the future, look towards building out more dedicated apps, but at first, we will start with ensuring that the impossible.finance interface is mobile friendly.
I’m actually very curious — can we do a poll later of what % of users use their mobile/ desktop to trade here in the Binancians chat?
2. Your app is not functional presently so could you share with us when your app will be fully functional and with what features you are planning to launch initially? Additionally, can you tell us whether your IDO is for the public to participate ?
Our swap product will go back live after further audits and reviews are conducted to ensure user safety. Smart contract safety is our number one priority, and that we will do everything we can to ensure that users can feel safe in depositing funds on Impossible Finance.
Furthermore, our IDO platform is still in progress, as we are still working on the product and aim to have it ready during Q3. The IDO will be open for all individuals to participate! Please stay tuned for more information on exact participation details
3. Regarding the recent hack, how does the Impossible Finance team plan to compensate or resolve your user victims?
ah yes, a very important question We will be taking a snapshot of all users holdings in our liquidity pools and compensating for losses. Full details will be coming this week on next steps for all affected users, but rest assured, users will be protected using our SAFU insurance fund. Stablecoin pools were not affected, so the majority of our users were able to already withdraw their liquidity.
At Impossible, transparency is key — we’re always going to build with our users in mind, and that we would much rather build in the open than hide or try to blame others for any incidents or losses — instead, we will always stand by the user because that’s who we are building for!
4. Who are your strategic investors? And what is going to appear as your roadmap for the approaching year? What’s your final goal for this year?
Impossible Finance was lucky enough to have over 125 funds and VCs participate in its fundraising, with funding led by True Ventures, CMS, Alameda, and Hashed. Many additional funds and builders also participated in the round, to ensure that we can have many collaborations with protocols and projects in the near future.
As for our upcoming roadmap, We plan to relaunch our swap and launch our IDO platform within the next quarter, and then continue to build further features to become a one-stop defi destination for all users
5. There are many swap platforms today. How are you different from others? What advantages do you have over your competitors?
Thanks for this question! We’re also very excited about our swap Impossible is building a decentralized swap that offers lower gas fee trading than other major swaps, and lower slippage, using its asymmetric tuning and liquidity boosts. Full details on our swaps mechanics can be found here.
It’s very important that swaps are efficient and low fees for users to use — if fees are too high, then volumes and revenues will not be high enough. We want to build something that real users will use, so this is a very high priority for us to ensure the gas fee efficiency and ease of use!
6. Having a launchpad offering on your platform is an interesting concept but what makes it unique from others? How will the team evaluate projects to be listed on your launchpad?
Yes! We get this question a lot lately.
Our launchpad is focused on the concept of “B2D ‘’ — business to developer — we want to ensure that project teams can launch targeted audiences of engaged users who signal their interest in a certain product category or sector based on their stake. This ensures that our project quality is top-notch, allowing for users. to always get the best quality deal flow via our launchpad.
Good projects = good launchpad…
7. Flash loan attack is nicely handled by the team. Will the advantage of both DeFi and Launchpad platforms gives it a unique advantage? When might we use the launchpad platform?
Appreciate your support regarding the flash loan attack, and we will continue to support our users 24/7.
Regarding your question, yes, we believe that decentralized launchpads have the potential of being able to help drive real adoption on chains for projects that are building in defi — for many centralized platforms, traders may not actually be USERS of products. As a result, by being a decentralized launchpad, we can help target users closer to truly trying out these products, and using the tokens in their ecosystem to the fullest.
8. Do we as investors of your tokens have the right to participate in the governance of the project? On What kind of decisions can they vote on about the project?
Yes! We actually have two tokens: IF is the core governance token of the swap and other non-launchpad products, which can control things like trading fees and discounts on trading, and the IDIA token is the core governance token to handle the governance of the launchpad, such as different staking parameters for the launchpad process.
9. As I know, Your project has just been dumped by a hacker, losing 90% of the value of the $IF token. I understand your sadness and sympathise. But may I ask, does Impossible Finance have its own insurance fund to compensate the unlucky?
yes — we have funds in place to help make all users whole and will continue to do our best to protect users always. Our token price may have dropped a bit, but we’re confident that this is just an opportunity for new people to come and purchase and join our community.
10. As I see, Impossible Finance provides services such as: Swap, Add Liquidity, Staking to get Rewards… These services are very popular and supported by many DeFi projects. So what is the unique point of Impossible Finance service? Do you have an advantage over others about APY(%)?
Impossible’s main unique points is our combination of onchain and offchain products to help projects and users all come to one place to get access to great defi projects and users like you!
Via our incubator, we can help grow early stage projects, and via our launchpad, we can offer them to you to participate in the IDO, and then via our swap, we can let you trade these assets on our exchange!
11. Binance smart Chain blockchain has high transaction speed and cheap gas fees. Are you planning to launch your mainet or switch to other blockchains in the future?
We will start with BSC, but our swap and other contracts are ultra efficient and can also be used on ETH mainnet. We will also pursue opportunities to launch on other EVM chains, such as Polygon, Fantom, Avalanche, Moonbeam and more!
12. A lot of projects disappear in these difficult market conditions. How can you ensure the sustainability of your token and what is the recipe for success?
This is a great question — our team has already been through many bear markets before and we lost a lot of sleep developing and going to hackathons even when defi wasn’t very popular. Our goal is to continue building things regardless of prices and focus on delivering a top tier product that even our grandmas can use — because we believe defi is a powerful tool that can level the playing field for all investors.
13. How do you plan to attract users, incentivize them in the early stages of deployment?
This is also a great question — thanks to our launchpad, and our close relationships with many project teams in the space and the amazing angel investors that we have in our round, we are able to tap into the different crypto ecosystems of other project teams and compound our growth of our own ecosystem. Each time we launch a new project via our launchpad, a new Impossible family is welcomed into our community. We are confident that our launchpads will continue to bring in many new users to our ecosystem, and are excited to grow this community alongside great groups like BinanaciansVN
Congratulations to all the winners that participated in the quizes during AMA. If you missed this one, don’t worry as we have more AMAs and activities coming soon!
Check out the IDIA token whitelisting campaign:
The Impossible Finance IDIA Token Whitelist Campaign is Officially Live!
Welcome and thank you for supporting Impossible Finance. If you win a whitelist slot in this campaign, you are eligible…medium.com
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