AMA TRANSCRIPT —
DEFIGEMHUNTERZZ x TRY.finance
Date: Jan, 2nd at 17:00 UTC
Location: t.me/defigemhunterzz
This will provide the direct transcript from the entire AMA.
Pop Smoke @DefiGemHunterzz, [02.01.21 11:02]
Lets start off with a brief description of what exactly is TRY.Finance? Is it a unique idea or a fork of another project? Please explain
Tony Warrick, [02.01.21 11:02]
[In reply to Pop Smoke @DefiGemHunterzz]
I can take this one.
Tony Warrick, [02.01.21 11:07]
TRY.finance is a fork of try finance v1–100. JK, it is a very unique project. Some of the mechanics behind is were inspired by other projects that had great success but none of those inspirations were cloned. Every part of TRY token contract is totally customized and has been optimized to give each feature the best results. We spent an obscene amount of time planning and building the key components that we believe will provide the best success for all of the features. We incorporated rewards for activity which also help expand the deflationary side of the project.
I try not to get to technical when describing it but I am a technical person lol
Tony Warrick, [02.01.21 11:08]
There is a lot more involved in the projects scope but we will cover most of those details over the span of this AMA.
Pop Smoke @DefiGemHunterzz, [02.01.21 11:08]
I see,
Pop Smoke @DefiGemHunterzz, [02.01.21 11:08]
What are some of these features?
Pop Smoke @DefiGemHunterzz, [02.01.21 11:10]
i like at least that its not an RFI clone to start, weve been seeing this a lot recently
Tony Warrick, [02.01.21 11:13]
To start we have what I think is a first in the industry, a transaction lotto pool reward. This pool is built from a 1% fee from every transaction, it is awarded to every 25th transfer.
For example:
2000 TRY are sent over 25 transactions
20 TRY are placed into the reward pool
YOU perform the 25th transaction
YOU are automatically distributed 20 TRY from the award pool.
Deflationary mechanism that burns 1% on each transaction.
Anti dump mechanics, which involve a 5% selling fee that distributes to TRYstake protocol users.
Buybacks that incorporate a rebalancer which are done every 2 hours. We utilized current rebalancer models and fixed their process so it did not directly counteract its performance.
LP farming that reward liquidity providers, that encourage LP providing.
Those are the main features.
Tony Warrick, [02.01.21 11:15]
All of the rewards are generated from the active supply so they are not going to have any inflation effects.
Pop Smoke @DefiGemHunterzz, [02.01.21 11:15]
So if i understand, you need to be THE lucky one to get the lotto reward? explain more please
Tony Warrick, [02.01.21 11:17]
[In reply to Pop Smoke @DefiGemHunterzz]
Yes, you must be the 25th transaction sender. (Bots blocked)
You know when there are many tx done on a token its hard to know you will be the 25th sender since so many tx are packed into a block.
But if you miss the reward, don’t worry its rewarded on every 25th transfer.
Pop Smoke @DefiGemHunterzz, [02.01.21 11:17]
what is the % of the buyback every 2 hours?
Tony Warrick, [02.01.21 11:18]
I honestly think this will entice a very active ecosystem and this feature actually helps generate deflation via the burn tx fee.
Tony Warrick, [02.01.21 11:20]
[In reply to Pop Smoke @DefiGemHunterzz]
The buyback is done with the initial liquidity provided in the presale, this is why the presale is important. Since this buyback process is initiated by the public it ensures that it will go on as intended as well.
1% of the LP in the token contract is used for buyback then 4% is rewarded to the caller and the remainder is burnt. Remember 1% does not mean there will only be 100 buybacks, it just means that it will use 1% of the existing balance on each use.
Tony Warrick, [02.01.21 11:21]
Let me explain how we optimized this process
Pop Smoke @DefiGemHunterzz, [02.01.21 11:21]
[In reply to Tony Warrick]
I see, so exemple 1% of 100% , then its 1% of 99% etc..
Tony Warrick, [02.01.21 11:23]
You have seen rebalancer functions on other projects, but they all have 1 flaw.
They reward liquidity providers directly into the trading pool before the rebalance feature is called. This makes the process have to rebalance it’s own rewards almost totally removing the features ability to properly maximize its potential. We coded the feature to not reward the pool directly and rather pool the rewards and distribute them directly to an alternative protocol, so both parts of the function have maximum effect.
Tony Warrick, [02.01.21 11:24]
[In reply to Pop Smoke @DefiGemHunterzz]
Yes, exactly. But its always 1% of the 100% since the balance is always 100% in terms of code. :)
Pop Smoke @DefiGemHunterzz, [02.01.21 11:26]
thats interesting, weve seen manual buybacks, and it didnt turned so well,
Pop Smoke @DefiGemHunterzz, [02.01.21 11:26]
people tend to dump on big buybacks
Tony Warrick, [02.01.21 11:27]
[In reply to Pop Smoke @DefiGemHunterzz]
Yeah I have seen that also, the issue with those is you have to trust someone to do them. The best buybacks are done automatically and performed by the actual token holders via contract functions. Users will make sure those buybacks are always done, especially if they get rewards for doing so.
Brian Barnett, [02.01.21 11:27]
of course, it’s very artificial and everyone knows the time to dump on buyback.
Pop Smoke @DefiGemHunterzz, [02.01.21 11:28]
wow
Pop Smoke @DefiGemHunterzz, [02.01.21 11:28]
so i dont need to trust you for the buyback to happen ..
Brian Barnett, [02.01.21 11:28]
It has to be random so it’s not manipulated to the benefit of sellers.
Brian Barnett, [02.01.21 11:28]
No, you only trust the code.
Tony Warrick, [02.01.21 11:28]
Smaller buybacks done on constantly overtime are better then big ones done randomly.
Brian Barnett, [02.01.21 11:28]
What makes TRY unique and great is that you only have to trust the code, not people.
Pop Smoke @DefiGemHunterzz, [02.01.21 11:29]
[In reply to Brian Barnett]
i like that
Pop Smoke @DefiGemHunterzz, [02.01.21 11:29]
Is your contract audited? If so please provide proof
Tony Warrick, [02.01.21 11:29]
[In reply to Pop Smoke @DefiGemHunterzz]
No, that is the best part of building trustless protocols.
Tony Warrick, [02.01.21 11:33]
Yes our token code was audited by solidity finance.
https://solidity.finance/audits/TRY/
I have heard a few comments in the past few days that some projects that used them performed rugs. The main thing I want to point out is that solidity did not specifically state that the team was unable to touch funds within the token contract in those cases. Just having your code audited means nothing, you have to watch for the verifications of the important things.
I will list some of the important audit findings now.
-The total supply is set to be 100,000 TRY at deployment. No minting functions are present.
-It is important to note that the burn fee can not be set over 1% and the anti-dump fee can not be set above 10%.
-Any ETH stored in the contract can only be used for these purposes; and cannot be withdrawn by the team.
-All transactions are subject to a 2% tax. 1% of this tax on transactions is placed in a pool that is rewarded to the sender of every 25th transition and the other 1% of every transaction is sent to a burn address.
-To discourage selling, 5% of all tokens sold on Uniswap are redistributed among participants in the project’s upcoming staking pool.
You can see they specifically stated we cannot remove funds from the contract, this means ETH and LP.
Brian Barnett, [02.01.21 11:37]
[In reply to Tony Warrick]
Yes, it’s very common mistake among people to consider that an “audit” mentioned somewhere on the project instantly means it’s rugproof.
There is not a single audit in the world that will tell you “Hey, the company is not planning to rug”.
Audit ensures the code is impenetrable and has trust mechanisms in place to make withdrawals/drains impossible and that is EXACTLY what our Audit Report says.
Pop Smoke @DefiGemHunterzz, [02.01.21 11:37]
[In reply to Brian Barnett]
but how can my group members or any other investors be sure that this not just another RUG?
Tony Warrick, [02.01.21 11:38]
[In reply to Pop Smoke @DefiGemHunterzz]
LOL again I will take this question
Pop Smoke @DefiGemHunterzz, [02.01.21 11:38]
i mean there are so many ways to get rugged
Tony Warrick, [02.01.21 11:45]
You want to ensure that there is also no possible way to have the token not get listed as promised as well.
I will go over both of the ways we coded the ability for those to not happen.
To start our presale contract sends all liquidity (60%) directly to the contract address.
Here is the proof that the liquidity pool has been set inside the presale contract:
https://etherscan.io/tx/0x7e9f944f18992d8631dd16a87f9c8a06b2ccf66ea1264468a270f48da7daeddc
The token contract has createUNISwapPair built in that will automatically create the trading pool with the ETH provided for liquidity. As confirmed by the audit these funds can only be used for this exact function.
To prevent rugs we also did not code in any withdrawal codes so all LP provided can only be used for buybacks.
We also will not hold enough TRY to rug the project. All of our marketing allocations are strategically set and even post listing allocations are locked on a vesting schedule. This is proven via the following Txid’s.
https://etherscan.io/tx/0xf7c043aeb5be613ccd03733ca27409aeb46d51e711cf2fd33ff9564d64ab2384
https://etherscan.io/tx/0xec927bfbbee54fc400cb2086dfbefad4bc449f0b2ab129acce1ee710f820c948
https://etherscan.io/tx/0xc209efd5d8c922bfb5400ffc5000678d0ff5e586e4aa0661a97655df4031c158
https://etherscan.io/tx/0xead4771e6704de097cd9c42d67f94e7661f632b1b9262f27fca2d81be001a27c
When it comes down to it code can make sure that the possibilities are almost impossible to rug, but we also know that the intentions of the dev’s are the main issue. We feel that we show our intentions via our code and vesting schedules.
Tony Warrick, [02.01.21 11:46]
[In reply to Tony Warrick]
To clarify, LP is locked indefinitely. Not for a year, not for 2 years, but forever.
Pop Smoke @DefiGemHunterzz, [02.01.21 11:49]
nice , so no mint, liqui locked, cant change the reward % to any other %
Pop Smoke @DefiGemHunterzz, [02.01.21 11:49]
Why do you have a blacklist on your contract?
Pop Smoke @DefiGemHunterzz, [02.01.21 11:50]
and how do you deal with bots/rewards
Tony Warrick, [02.01.21 11:50]
[In reply to Pop Smoke @DefiGemHunterzz]
That’s a great question and the first time I have been asked.
Tony Warrick, [02.01.21 11:54]
[In reply to Pop Smoke @DefiGemHunterzz]
You may have noticed many times over the life of crypto that some exchange or protocol is exploited by a hacker. Most of the tokens that had issues did not have a way to block those specific hackers ability to gain from the exploit. Which resulted from almost total loss of marketcap in some instances. TRY has the ability to use that tool as a way to prevent that from happening by blacklisting the hackers address independently and not having to shut down the entire ecosystem like some of the other times you have seen.
Pop Smoke @DefiGemHunterzz, [02.01.21 11:55]
[In reply to Tony Warrick]
can we compare that situation to COVER, with what happened recently?
Tony Warrick, [02.01.21 11:56]
Kind of, their exploit was a minting function exploit. However if they had the ability to block that exploiters address directly it would have adverted the entire after effect.
Tony Warrick, [02.01.21 11:56]
USDT has made great use of this feature.
Pop Smoke @DefiGemHunterzz, [02.01.21 11:57]
ok enough coding, hehe
Pop Smoke @DefiGemHunterzz, [02.01.21 11:57]
What are the tokenomics?
Brian Barnett, [02.01.21 11:58]
[In reply to Pop Smoke @DefiGemHunterzz]
100,000 TRY — Total Supply
60,000 TRY — Presale
29,700 TRY — Initial Liquidity
3,600 TRY — LP Farming Rewards
5,000 TRY — Marketing, Promotions and Community Engagement. (50% locked for distribution over 150 days)
1,700 TRY — Team Tokens
Presale — 1 ETH = 200 TRY ($3.075*)
Presale Max Buy = 3 ETH ($1,845*) (Bots Blocked)
Initial Listing — 1 ETH = 165 TRY ($3.72*)
Presale Hardcap = 300 ETH ($184,500*)
60% ETH (180 ETH — $101,475*) provided towards liquidity.
35% ETH (105 ETH — $64,575*) provides future development, partnerships, marketing, community building, cex listing and expanding team.
5% ETH (15 ETH — $9,225*) presale referral rewards.
*based on ETH price of $615.00
Brian Barnett, [02.01.21 11:59]
These are our tokenomics, we believe they are efficient and conservative.
Brian Barnett, [02.01.21 11:59]
The same info can also be viewed on our website :)
Brian Barnett, [02.01.21 12:01]
Also, we believe that with current tokenomics and presale funds, the rebalancer function will do its job perfectly.
Pop Smoke @DefiGemHunterzz, [02.01.21 12:01]
theres a question a lot of people asked me
Pop Smoke @DefiGemHunterzz, [02.01.21 12:02]
we can see the presale/listing price is not that different
Pop Smoke @DefiGemHunterzz, [02.01.21 12:02]
why, and why should I buy the presale and not the listing
Tony Warrick, [02.01.21 12:05]
Think of the presale as a guaranteed seat at the table, it is designed to give you an opportunity to get a spot at the lowest level. For how low the supply is with the mechanics behind TRY we feel that the spread between presale and listing price will not correlate to anything but upwards movement.
Tony Warrick, [02.01.21 12:05]
It can also be viewed as guaranteeing your own buyback, since the code does automatic buybacks with the liquidity.
Pop Smoke @DefiGemHunterzz, [02.01.21 12:07]
nice so me buying will give me some extra token, + my place is garanteed
Pop Smoke @DefiGemHunterzz, [02.01.21 12:07]
it makes sense
Pop Smoke @DefiGemHunterzz, [02.01.21 12:07]
comparing the total supply with the listing price
Tony Warrick, [02.01.21 12:07]
[In reply to Pop Smoke @DefiGemHunterzz]
Yes since there is a difference in listing price you do get more initial TRY via the presale.
Pop Smoke @DefiGemHunterzz, [02.01.21 12:08]
when is the presale starting, and for how long
Pop Smoke @DefiGemHunterzz, [02.01.21 12:09]
i see you guys are on point, we can see when someone built his own project and when someone just cloned it
Brian Barnett, [02.01.21 12:10]
Presale starts — Jan. 3rd at 16:00 UTC, the smart contract automatically deactivates when hardcap is hit, and we believe it will be hit in a very short time :)
Brian Barnett, [02.01.21 12:10]
Also, the listing will be automatic. Ensures by the Contract as well.
Brian Barnett, [02.01.21 12:10]
Literally every part of this project is automatic and trustless :)
Brian Barnett, [02.01.21 12:11]
@TRY_Tony I believe we haven’t mentioned our plans regarding CEX’es.
Pop Smoke @DefiGemHunterzz, [02.01.21 12:12]
yeah do guys plan on having other trading markets , cex? or will you just have uniswap.
Tony Warrick, [02.01.21 12:12]
I would like to also point out that we do have a 5% referral bonus paid in ETH directly from the contract address. If you have you metamask connected to the presale page you can locate your referral link. Https://try.finance/presale.html
Tony Warrick, [02.01.21 12:13]
[In reply to Tony Warrick]
Lastly the presale is hosted directly on our APP, all contract ABI integrations have been installed so the process is as simple as it can be.
Pop Smoke @DefiGemHunterzz, [02.01.21 12:14]
[In reply to Tony Warrick]
works with metamask?
Tony Warrick, [02.01.21 12:16]
[In reply to Pop Smoke @DefiGemHunterzz]
Yes we do! This is why I coded in the logic for the sell fee to be incorporated on more then just UNIswap. We can list on multiple markets, even CEX and the code provides the logic to make sure all have the same sell fees. This ensures that there will not be any way for TRY having to avoid more trading markets because the fees logic was not capable.
Tony Warrick, [02.01.21 12:17]
But of course it’s always one step at a time, so we start on UNIswap and then go from there.
Tony Warrick, [02.01.21 12:18]
[In reply to Pop Smoke @DefiGemHunterzz]
Yes it does, you simply enter the amount of ETH and click buy, metamask will pop up and then you complete the process there.
Pop Smoke @DefiGemHunterzz, [02.01.21 12:19]
Have you worked on previous projects before?
And what is TRY to you? Is it just a temporary project like most others until your next one?
Tony Warrick, [02.01.21 12:24]
[In reply to Pop Smoke @DefiGemHunterzz]
I have been coding solidity since 2017 so of course I have worked on countless projects. However, I was a dev for hire so I was only providing code base for protocols. Over the years I have noticed that the honestly of most of the projects that were hiring out for code has turned sour. I finally had enough of letting my amazing protocols go to waste on projects that didn’t properly have their communities best interests as priority.
Try is my baby, I am very proud of it. It is not just a temporary project. It is much more then that, its the start of a legacy. Of course there will be many ways to expand TRY and help grow the space with other projects in the future. But that will be possible because this legacy will carry on the ability to have complete trust in anything we do in the future.
Tony Warrick, [02.01.21 12:26]
When I was doing work for hire I was under NDA so I cannot disclose the names of the projects. But I can tell you that we had hands on helping build many of the protocols that you have used or still use today.
Pop Smoke @DefiGemHunterzz, [02.01.21 12:28]
What can we expect from the team in the comming days/weeks moving forward in terms of Marketing & Development?
Tony Warrick, [02.01.21 12:28]
We will be missed by many that had us build code but it was time we made the move. I am honestly happy to finally be able to deliver a project with my visions.
Brian Barnett, [02.01.21 12:31]
[In reply to Pop Smoke @DefiGemHunterzz]
We have already began marketing efforts before presale and as you can see, we’re gaining traction. We were very strict on what kind of services we would use, so we have a 100% real traffic ratio in the group and will continue this path.
After presale funding, we will hit much harder at marketing and have much larger budget to do so. We have some big, popular promoters in line that I’m sure most of you have heard of but I won’t disclose their names yet, you will see yourself :)
Pop Smoke @DefiGemHunterzz, [02.01.21 12:33]
perfect, so i think we went over everything, if we forgot something thats what questions are for!
Pop Smoke @DefiGemHunterzz, [02.01.21 12:34]
Chat is open for questions
TradeWindz, [02.01.21 12:37]
What does the RebalanceLiquidity function do?
TradeWindz, [02.01.21 12:38]
[In reply to TradeWindz]
Is that the buybacks?
Pop Smoke @DefiGemHunterzz, [02.01.21 12:38]
[In reply to TradeWindz]
yes
Brian Barnett, [02.01.21 12:39]
[In reply to TradeWindz]
Rebalance makes sure the buybacks are complete, yes.
jointhefuture4.0, [02.01.21 12:39]
so I’ve seen you have been audited for the code part that is unique to your protocol
Brian Barnett, [02.01.21 12:40]
[In reply to jointhefuture4.0]
Correct
jointhefuture4.0, [02.01.21 12:41]
[In reply to Tony Warrick]
oh okay. so I’ve also seen this has been addressed before, but would you be willing to let those parts also be audited? should be a quick take if its industry standards but help investors gain more trust
Tony Warrick, [02.01.21 12:42]
[In reply to jointhefuture4.0]
Yes we have already discussed that and will provide that assurance.
