Acta Finance LiveStream Minutes from March 7th
Below we’re providing you with compressed notes of the Acta Finance first-ever livestream and the rebrand announcement. You can always find and watch the full stream recording here. For those who want to quickly read and narrow down the key points, we provide you a short bullet-point rundown of all the things that have been said.
Find the key notes, milestones and development updates below.
Rebranding to Acta Finance Announcement (by Chris and Jiazi)
- Reason #1: The former name ADA Finance does not suit a project that is building a dual DeFi ecosystem on both Cardano and Avalanche, especially while Avalanche-side development is faster and almost ready for high-frequency usage that our ecosystem requires.
- Reason #2: Not everyone likes Cardano. With the name ‘ADA Finance’ we get directly affiliated with Cardano only, while we are developing, and releasing, on Avalanche first.
- Reason #3: It is more complex to tap into the Avalanche ecosystem with the name ‘ADA Finance’, than with a neutral name, like Acta Finance / ActaFi.
- Rebranding was accelerated immensely after Jiazi, the new CMO, joined the team, supported by Gytis, Head of Marketing.
- Initially, there were 3 people on branding — Artautas, Laurynas and Chris, none with any branding experience so bringing in marketing people really helped to put priorities where they should be and move faster.
- Marketing ADA Finance further didn’t make sense since we knew we’re gonna do a rebrand. Same goes for #IDO marketing.
- Chris and the team understand the frustration from the community asking about the #IDO but everything was put on hold.
- New name for the project is Acta Finance, it comes from a Latin phrase “Acta non verba” — “deeds not words”. It fits perfectly in line with the attitude of the team regarding project development.
- From now on, project and development updates will be done through biweekly livestreams and newsletters.
Development Updates (Chris & Laurynas)
- With the rebranding 2 subjects on development were also revised.
- Based on the current market standards, the staking rewards of the Acta Finance has been revised:
From 15% for the first 90 days followed by 20%;
To 12% for the first 90 days followed by 15%.
- The swap (ActaFi Swap) has been through a lot of analysis and research to please all possible users of the Acta Finance ecosystem. The ActaFi Swap becomes a multi-chain liquidity aggregator, with active liquidity.
- Website has been renewed, counting down the last hours until public release.
- Website is going to be more extensive than before, not just a one pager.
- Team worked heavily on smart contracts, namely staking, farming, affiliate, account milestones.
- Upcoming ActaFi Swap will solve a lot of issues of current decentralized exchanges; such as sleeping liquidity, trading activity, and volume.
- Strong team of internal developers working on the Avalanche side of the platform, while partners MLabs are working on Haskell (Cardano) side makes Laurynas confident in timely delivery.
- Smart contracts on Haskell are quite young and require more effort, therefore it takes more time to reach the same transaction throughput as in EVM-based networks.
- Avalanche is currently the best L1 for DeFi apps and protocols.
- Referral system will be based on decentralized wallets without any centralized. databases, and will reward users for bringing new people, actively trading and remaining engaged with the platform.
3 key features of the Swap (Chris & Laurynas)
- Concentrated liquidity (similar to Uniswap v3) — a lot harder to implement than the standard model of liquidity provision in a range, but more beneficial and efficient for the liquidity providers.
- Liquidity aggregation (similar to 1inch) — integration of different pools and different decentralized vendors into one interface allowing users to find the best swapping routes for them.
- Cross-chain token bridging — combining swapping and bridging functionality into one and executing both functions in one atomic transaction. It would allow swapping across networks. Users do not need to go across different platforms and analyze different routes separately.
Team update (Chris and Artautas aka ‘Arty’)
- Artautas is the COO of Acta Finance and is taking up a lot of executive responsibilities and managerial activities, leading teams and following up.
- People are by far the most important asset of the company.
- The team went through a whole learning curve on how to spot, coordinate and manage teams in order to develop something superior.
- Currently a strong and capable team is assembled with frontend, backend and solidity developers that are behind the project.
Partnership update (Chris)
- Announcements were being delayed ever since the decision of rebranding was made.
- News will start being released once the website is Live (March 10th)
- More than 10 partnership announcements in the pipeline.
- Acta Finance partnered up with an institutional liquidity provider with $5B assets under management to act as market-maker and liquidity provider of the swap. They suggested reconsidering and including the UniV3 dedicated liquidity functionality.
- Security partners going to help to secure the ACTA token and liquidity pools in a swap, will equip them with a ‘retrieve’ function allowing them to counteract hackers, rugpulls and other forms of DeFi exploits.
- MLabs is a development partner, one of the biggest contributors to IOHK and helping Acta Finance to make progress on the Cardano side.
- Lots of marketing partnerships, KOLs, Youtube video makers. 76 Youtubers with over 7M audience, Twitter KOLs with 2.8M audience — they will start making content once the website goes LIVE.
- Partnership signed with a centralized exchange. The CEX listing agreement has been signed. It however contains a paragraph that the name can’t be disclosed in a single announcement, else we risk losing our ‘safety deposit’ of 50,000$ USDT. We respect the agreements and will announce the exchange listing date after our IDOs have been performed.
- Vent Finance on March 14th.
- Paid Ignition on March 30th.
- An Avalanche-based launchpad IDO round to be announced in the coming weeks.
Tokens wrapped in NFTs
- TGE incentives will wrapped in NFTs.
- Incentive NFTs will have a lock of 8-month and 12-month lock.
- Wrapped staking rewards will have a 25% and 30% APY respectively.
- Seed sale, private sale and strategic sale investors have a 3-month cliff, followed by a 12-month vesting schedule, with quarterly release. A small percent (<10%) becomes available on TGE but they will have to wait for additional 6 months until the first release.
- Wrapped NFTs will hold locked tokens and rewards, but owners will have the option to trade NFTs on the secondary market.
$72,500 Airdrop in ACTA
- People active in Acta Finance Telegram and Twitter communities will be eligible for the airdrop.
- Twitter: Comments, retweets, quoted retweeted, referred people will score users Airdrop points.
- Telegram: A telegram-native game ‘Obstacle run’ will enable users to score Airdrop points and chat activity
- Airdrop will take place 1 month after the TGE and will be denominated in ACTA tokens.
- Our telegram game will be released soon! Get ready to have some fun, share the game and earn!
Hope you enjoyed our meeting minutes, more like this to come in the coming days so stay tuned. Join Acta Finance telegram right now — find all the latest updates and interact with the team directly.