Barman, SousChef & Bartender from Longdrink dropped by to talk to @CryptoGirlfriend about the new launch of Longdrink, as well as to discuss their plans for the future. To celebrate the Longdrink AMA, five members from our community who took part in the question-and-answer segment at the end were selected to win a share of $LONG token prizes! The team stuck around and answered many more, so please visit our Telegram.
☆CryptoGirlfriend☆: Welcome everyone! I am going to be the AMA host today. I have made @Barmanbiz @SouschefDev & @bartenderdev from Longdrink admins for the AMA. The chat is muted during the AMA. Afterwards, I will open up the chat for a few minutes for everyone to ask questions.
Longdrink will then select 5 questions to answer in the chat and the winning questions will receive 12 $LONG each. Let’s get started! Let’s start out my introducing yourselves and giving a brief overview of the project.
SousChef: We’re Bartender, Barman and SousChef, members of the core team at Longdrink Finance, the leading index protocol on BSC. Our goal is to create a decentralized asset manager that offers easy diversified exposure to a range of cryptoassets, being fully community-governed in the process
And of course, we’re very happy to be able to speak to you today 🍹!
☆CryptoGirlfriend☆: We are glad to have you! Nice to meet all of you. Can you tell us more about your backgrounds?
Bartender: Whilst remaining anon for now, our team has been working within DeFi for years, contributing to other protocols in the past on both a business- and tech-side. The core team is based in central Europe, mainly Switzerland. We have started building on Ethereum and then moved to BSC as were excited by the untapped potential in index products available within that ecosystem.
And we’re united by a shared passion for Longdrinks 🙂
☆CryptoGirlfriend☆: I’m right there with you. I could use a Longdrink…
SousChef: Tell me about it 🍹!
☆CryptoGirlfriend☆: Security is probably one of the most important parts of any project. What have you accomplished to warrant and secure the funds of users ? (ie: audits, timelock, bugbounty, multisig, flashloan proof, git review, etc.)
Barman: Security is and has always been top of mind for us.
Londrink Finance contracts have undergone an audit by Haechi, the results of which are publicly available here: https://github.com/LongdrinkDefi/contracts/blob/main/audit/HAECHI_AUDIT_Longdrink_Finance_Security_Audit_Report_Modified.pdf
Further, we are in talks with another auditor to manifest the security of our contracts.
On top of that, the contracts holding the users’ funds are governed by a 24hr timelock contract (https://bscscan.com/address/0x07502660e7aE8fB22b3a8DA56AeFbfC512f8A046#code). The timelock contract itself is owned by our multi-sig treasury wallet (https://bsc.gnosis-safe.io/app/#/safes/0x0eCAbF292833E2DFa59FD50c3b1Ba136B754F504/transactions). To increase transparency, we will set up a website for users to easily monitor the timelock txs, similar to what is done by Pickle Finance (timelock.pickle.finance).
Bartender: Since the very beginning, we have been running a bug bounty program, the details of which you can find here: https://github.com/LongdrinkDefi/contracts/blob/main/SECURITY.md
The index token contracts are flashloan proof. As each index is 100%-backed by the underlying assets, moving the pool balances of one of our underlyings (and thereby moving it’s value) doesn’t enable an attacker to mint or redeem one of our index tokens at a higher than intended price. We’ve laid emphasis on this in development and have had lots of discussions regarding this with our auditor.
SousChef: And by the way: All relevant contract addresses are linked on the Github (https://github.com/LongdrinkDefi/contracts/). We understand that moving forward community members would like to see our individual pushes and are preparing our code base to be shared entirely on Github. We think this is particularly important as we move to onboard new developers.
So, if you are an experienced front-end or smart contract developer, we’re looking to hire!
☆CryptoGirlfriend☆: You heard it here! Longdrink is hiring!
Barman: Referral reward! Drinks are on us🍸
☆CryptoGirlfriend☆: I’m glad you taking security so seriously. Regarding the tokenomics: You currently offer 3 tokens, right? What is their purpose? What is the supply? How do you use them? Where are LPs stored? Where are stored the underlying assets? Sorry for so many questions lol
Bartender: Haha no worries!
SousChef: That’s what we’re here for!
Bartender: Longdrink Finance currently offers three tokens, two of them indices ($BEV and $L1Q), as well as one governance token ($LONG). Let me elaborate…
$BEV (Binance Ecosystem Value) is our original index token, aiming to capture the growth of projects on BSC by uniting the top 10 projects in one. To view the current allocations of $BEV, click here: https://longdrink.finance/#/bev
$L1Q (Layer 1 Quality Index) is our second index token, bringing together the eight leading blockchain layer-1 projects. allocations: https://longdrink.finance/#/l1q
Re supply cap: The index tokens have no supply cap, as they can be directly minted through longdrink.finance with either BNB or BUSD. Both $BEV and $L1Q are always 1:1 backed through their underlying assets. Therefore, every index token always has an inherent net asset value, which it can be “burned” for on our website. The underlyings of all indices are stored in their respective contract, which can be found here (https://bscscan.com/token/0xc7dAC962C166a26038EC4Bc5d0E2a3Fe0ff3cE58) and here (https://bscscan.com/address/0xF8d5C25a47D28866B4C1cE285F42997c690F941c).
SousChef: I’ll take it from here @bartenderdev :)!
Let’s talk about $LONG: While our index tokens are more generally used for exposure to specific parts of the crypto market, $LONG governs all current and future TVL of the protocol. Be it voting on new indices, rebalances, etc. Whilst we already have two products live, this is still early days of platform growth, so the utility is still limited and a bet on future growth. In the future, we’ll have a revenue share (similar to xSushi). Revenue will be generated through small fees on mint/burn, arbitrage on indices and yield-bearing indices.
$LONG has a max. supply of 2m, with a current circulating supply of around 1.6m. The remaining 400k $LONG will be distributed throughout the next two years, with the majority going to stakers on our website.
All three assets can be paired with BNB to provide liquidity in their respective Pancakeswap pools. These LP tokens, in return, can then be staked on our website to accumulate further rewards in $LONG. Holders thereby benefit from both the LP fees from Pancakeswap, as well as yields in $LONG.
☆CryptoGirlfriend☆: How do you manage the underlying tokens? Do you rebalance them? If yes, do you make a poll?
Barman: The underlying tokens of both $BEV and $L1Q have been carefully selected through employing a market-cap weighted methodology and enforcing a 25% max. weight cap on any one token.
In the future, we plan to hold governance votes on index rebalances to better align them with market developments. Future compositions of the tokens will therefore be wholely decided on by the community, done through definite voting via snapshot and indicative polling in our communities.
☆CryptoGirlfriend☆: It’s great to have the community involved in decisions. I think it builds a stronger community that way with the sense of being part of something bigger.
SousChef: For all the people joining the channel right now – this is Longdrink Finance answering all the questions you might have about index protocols on BSC – join the bar and prepare your questions 🍹!
☆CryptoGirlfriend☆: Yes, get your questions ready!
Regarding the roadmap, what are the next steps?
SousChef: Our next steps include a new yield-bearing index as well as auto-compounding pools. By doing so, we expect our revenue-sharing mechanisms to gather further steam, which will enable us to launch single-asset staking of $LONG in an xSUSHI-style. All this paves the way for $LONG to become an asset which makes holders directly profit from the growth of the platform, strengthening the decentralization of the protocol.
For more details on our roadmap, take a look at our medium article here: https://longdrinkfinance.medium.com/raising-the-bar-d6238cc0a5e6
Bartender: Also we’re in the process of moving our roadmap to a notion page to make it more collaborative moving forward
☆CryptoGirlfriend☆: That’s great. It sounds like there are different ways to earn money
Bartender: To us it is important to make this become a communal and not a hierarchical project. We invite everyone to contribute.
Bartender: Yes the index tokens appreciating in value, in case the underlying assets appreciate. And through the governance token increasing in value as the project, TVl and revenue grows.
☆CryptoGirlfriend☆: Before unmutting the channel, can you share the main links to follow your project please?
Bartender: Of course: To stay up-to-date on join the mission of Longdrink Finance, we recommend hopping into our Telegram (t.me/LongdrinkFinance) and Discord (https://discord.gg/5tPFExe5Sm). Also make sure to follow our twitter at https://twitter.com/LongdrinkDefi. Join the discussion, become an active member of the bar, and shape the future of Longdrink Finance. Everyone’s welcome as we push to grow towards becoming *the* community-governed asset manager within DeFi.
SousChef: Also, congrats on reaching 4k members in this channel @CryptoGrlfriend 🥳!
☆CryptoGirlfriend☆: Thank you!! I’m going to unmute the channel now so you can ask your questions
☆CryptoGirlfriend☆: Thank you for answering all of the questions! Please select the top 5 for your prize winners and I will contact them.
Bartender: Welcome everyone to hang out at our bar: https://t.me/longdrinkfinance 🍹
☆CryptoGirlfriend☆: Everyone be sure to join their TG to continue asking questions!
Bartender: These are the users that asked our favorite questions:…
Community Question #1
Abu Baqr: What are the key milestones on Longdrink’s roadmap – both things Longdrink have already achieved and things that we can look forward to? Any partnerships and short/long term technical milestones that Longdrink want to talk about or bring some attention to? ☺️☺️
Bartender: Achieved: Launch, $BEV, Operation Bombshot, second index launch. Now we’re looking to roll out our third index, which will be a yield-bearing index. Afterwards, we’re looking to cover nfts and gamefi. Start having all niches covered within BSC and then expand beyond BSC. As for key integrations, we’re currently discussing with Beefy and autofarm about an autocompounding vault. ALso speaking with Alpaca about a grazing range program. Medium-term we hope for our indices to gain utitlity by being accepted as collateral on Cream and Venus. Long-term goal is to have our major indices listed on Binance to be to enable every retail investor to have easy exposure to the highest quality assets within DeFi. Probably missed a bunch of additional one 🙂
Community Question #2
Marjerlin Buitrago: Will we have special events at the Bar? Giveaways? AIRDROPs?
Barman: Yes, we actually do. Most promenently is our operation bombshot which lets you earn LONG by posting pictures of you enjoying your Longdrink 🙂 More here: https://longdrinkfinance.medium.com/announcing-operation-bombshot-10d039701b29?source=your_stories_page
Community Question #3
Tolga: When you go to a pub, you pay a tip to Bartender:) So what is the “tip” on Long Drink DeFi Project?🥂
SousChef: The best tip you can give us is being an active and kind member of our community and contribute to Longdrink Finance to see it flourish and grow together with you 😉 – the bar staff would be most delighted to see you!
Community Question #4
Rocket: Safety and security are always the most important things. So what is the security mechanism of Longdrink to ensure user data do not become the target of hackers? ☺️☺️
Barman: Our contracts are secured by a timelock contract which depends on the multisig, hence two important factors to emphasize the security of the protocol. Adding to this, we got audited by Haetchi 🙂
Community Question #5
Aliya: Going through LongdrinkDefi Tg i noted something related with BEV NFT’s, what will be the use of those NFT’s in the Longdrink ecosystem ?
SousChef: As of now, the NFTs are a way to reward our community and show them our gratitude for believing in the project and participating eagerly. The possibilities of what will happen with them in the future are wide open. For now, bragging rights and their inherent artistic value are the main use!
☆CryptoGirlfriend☆: Thank you so much for being here today and answering all of our questions!
Bartender: Our pleasure 🍹
Bartender: Let me emphasise: asset management will be a huge topics within DeFi in the coming years. This industry is still in their infancy as more intricate products are currently being build. We are leading this development on BSC. I’d love to collaborate with many of you on this journey !