Siphon Finance Project Interview with BSCTimes
This afternoon @Bobjong and @siphon_finance from Siphon Finance stopped by to talk to Sergeant Pepper, Exile and I about their new project, as well as to discuss their plans for the future. To celebrate the BSCTimes and Siphon Finance AMA, members from the community who participate in the question and answer segment at the end will be selected to win a share of $125 in prizes! Stay tuned for announcement of the winners!
MadCow | Siphon Finance | NERDLIFE |: hey guys thanks for having us
Bob #BSC X #FTM: Hi all, Great to be here!
TheDev100x – BSCTimes.com: It’s a pleasure to have you here today! Could you please tell us all about your team, what your backgrounds are, and how/why you created Siphon?
Bob #BSC X #FTM: First off all, thanks for having us, we are really excited to do a AMA with you and your community!
To introduce myself, my name is Bob, crypto enthusiast since about 2013, my background with projects in crypto has mainly bin on the BSC, projects like Jetfuel Finance, Narwhalswap/Grandbanks and Autofarm, where I use to moderate the chats, handle the socials and/or also being responsible for marketing and partnerships.
Our dynamic team consist of 2 back-end developers, 1 front end developer and a python developer to maintain our stats paige/bot. We have a marketing and collaboration manager and a great team that handles the socials!
MadCow | Siphon Finance | NERDLIFE |: sure, so myself I was a Litecoin trader years and years ago but after the last bull run ended I took a long crypto break and came back a couple years ago and have been on BSC since it started. like bob I also have been moderator for many projects here including beefy (which is how I got my name 🙂 )
this is our first project for both of us, but we hired an amazing dev to help us out 🙂
TheDev100x – BSCTimes.com: So you guys have been around for a while then lol I have definitely seen your names around. It’s nice when a project launches and you know the founders are trusted members of the community.
MadCow | Siphon Finance | NERDLIFE |: honestly it feels like fate some days, Bob and I are so similar and we have been in the space a while but working on different projects so when we came together we were able to combine our knowledge and connections from many many BSC projects, we work really well together
TheDev100x – BSCTimes.com: That’s really good to hear! Excuse my ignorance here… but what does Siphon Finance do? How does it make money for investors? Could you please explain how Siphon Finance works? And do you have a roadmap for the future?
MadCow | Siphon Finance | NERDLIFE |: Siphon Finance is a protocol that works by pooling the presale raise into an investment fund and uses existing yield farming and aggregating protocols to generate a system of perpetual yield used for buybacks to add liquidity and burn the token, while also using a robust governance system to provide staking pools and pay investors dividends.
MadCow | Siphon Finance | NERDLIFE |: Roadmap wise we have a few things in store for the near and some for the farther future, near term we are making some deals with some existing projects to work together for instance we have spoken to a project that will make us a SPHN/BNB farm to earn their token and will allow us to use their pool to submit for vaults on beefy and the like
once we are all setup and running we also have plans to make “siphon savings” which will be basically a stablecoin vault but we will also boost the yield using stablecoins bought using a percentage of one of our siphons so we can boost the yield without the need for an emmissions token
and there have been talks about a lottery where people could win a percentage of each siphon 🙂
oh I forgot to mention we will also have staking pools available on our platform where holders can stake their SPHN for other tokens such as bnb and we also have our “bottomless bitcoin” staking pool that will be refilled with BTCB every 2 weeks and never run out. and we also have NFT pools where investors can receive dividends, but we will get into that later 😉
TheDev100x – BSCTimes.com: Oh man, you guys got some big plans then! This is very interesting stuff. I can’t wait to try out the platform and see it for myself. To be honest with you, I had never heard of a liquidity siphon before researching your project. How did you guys come up with this business model? Are there any examples of others, or is this a brand new concept?
Bob #BSC X #FTM: We sure do! And its just the beginning, we have a lot in mind for Siphon! Well the mastermind here is @siphon_finance who came with the great idea to build a “Liquidity Siphon strategy” , and we went from there. All from scratch, personally I don’t know any other project that does this. Especially with our NFT dividends and governance features!
TheDev100x – BSCTimes.com: I’ve been around for a bit, and I’ve never heard of it either, which is super intriguing. It seems like we’re at this stage in DeFi now where really fascinating things are being done with dApps and smart contracts, that werent even possible not that long ago.
You’ve told us about your dApp, the staking, farms, funds etc. How about your token, SPHN? I saw you did a private sale and sold out 312 BNB worth in less than 20 minutes, congrats guys, that big! Can you tell us about SPHN, the tokenomics, and how SPHN holders can earn profits? Do you have any mechanisms in place to protect the token price?
Bob #BSC X #FTM: Its a great time in DeFi indeed, especially the BSC has really cleared the road for new users.
Correct! We had a very successful private sale last saturday, we sold out within 20 minutes, 15,000 tokens at $12! Next up will be the pre sale this thursday were another 25,000 tokens will be for sale at $13 and we will list the token at $15 when we provide liquidity!!
Thanks we are still blown away by the speed of the sale!
Our token: SPHN, is the governance token for the siphon protocol and its related funds, it is used to control all percentages and to decide on future funds and siphons, it is also the key to access the earning opportunities on the platform including staking for tokens like btc/bnb and also receiving protocol dividends.
The SPHN token has a 100,000 max supply but only just over half of that will be circulating day one, and with the biweekly siphons burning from the supply it is a rather deflationary token. This will also protect the tokens price.
So there are 100,000 SPHN max total, where 25,000 will be sold during presale.
- 15,000 has already been sold during the private sale and 7,500 by Strategic Investors.
- 10,000 Dev fund locked for 1 month (5000) and 3 months (5000)
- 23,000 will be held in the governance controlled treasury.
- 8,000 locked in liquidity, until governance decides else.
- 3,000 for the SPHN staking pool on our site
- 8,000 for Partnerships etc
- 500 for promotions AND giveaways!!🥳
TheDev100x – BSCTimes.com: Oh man I better set a reminder for that presale then! I love that you are keeping the supply low. So for SPHN holders the utility/value is the governance aspect, the dividends (which I’ll ask about in a second), the fact that its deflationary (you’ll be burning tokens every 2 weeks) and adding more in the future for SPHN holders like the staking/savings.
Sounds to be very well thought out, could you tell us about the dividends, since they are sent out every 2 weeks, and the burns happen every 2 weeks, are they basically one in the same?
Bob #BSC X #FTM: Correct, the dividends, compound and burns all happen on a bi-weekly base at the same moment yes.
Our Siphon Dividends program is based around our NFT pools, Siphon NFT’s will be available for the (max 20 per pool) investors that deposit 100 SPHN into the pool. The pool will mint you an NFT that will entitle you to be sent an equal portion of 10% of each siphon divided between the others in the pool. (approximately $400 monthly for each investor in each pool to start, growing with every siphon) The NFT’s work like Syrup did on pancake, so when you enter the pool it will mint you an NFT, and when you withdraw your 100 SPHN it will burn the NFT and the next person who enters the pool will receive the NFT minted to their wallet.
it is possible to sell your NFT in an NFT market, but the person buying it will also be buying your 100 SPHN and instead of you, the buyer will now qualify to receive a share of the siphon.
TheDev100x – BSCTimes.com: Wow, this is mad scientist level stuff! I love it. You guys must have put a lot of time into planning and implementing this all. I love how you added the NFT aspect to the platform, to add value.
MadCow | Siphon Finance | NERDLIFE |: sorry I just would like to interject quick to talk about the siphons themselves for a quick second to help everyone understand them a little better.
Our liquidity siphons are the mechanisms that take the accrued yields and divide them up between the various destinations. the destinations are as follows:
- 20% used to Buyback SPHN / added to SPHN/BNB liquidity
- 20% used to buy BNB / added to SPHN/BNB liquidity
- 20% used for staking pools
- 10% stays in vault to continue compounding for later use
- 10% sent to Siphon NFT holders (dividends)
- 5% sent to treasury as BNB
- 10% Buyback SPHN to burn it forever
- 5% sent to dev wallet as BNB
to make it a little easier here’s an example:
Lets use a $120,000 siphon on a farm with around a 2% daily yield. so with compounding we should yield near $40,000 Biweekly, so from that: $4000 would buyback SPHN and burn it forever. $8000 would buyback SPHN to add to liquidity, $8000 would buy BNB to add to liquidity, $8000 would go to a staking pool, $4000 would continue compounding in the vault, $4000 would be split between max 20 Siphon NFT holders who meet requirements, $2000 would buy BNB and be sent to treasury, $2000 for team.
TheDev100x – BSCTimes.com: 😮, I am actually super impressed by this all. So if each pool has a max of 20 NFT’s, that also means that there are only 20 wallet addresses that could receive the dividends per pool? I’d imagine if thats true, the spots would fill up pretty quick?
MadCow | Siphon Finance | NERDLIFE |: yes, they likely will, but thats why we are also going to be using a robust governance system where holders could propose to increase or decrease the number allowed in the pool and could increase or decrease how many tokens they need to hold, and also increase or decrease the percentage allotment of each siphon going to dividends, once we launch its all up the the users after that
TheDev100x – BSCTimes.com: Interesting, WEN do you estimate, even if its a rough estimate, the governance would be live? Other than what you mentioned what kinds of things do you foresee the community proposing?
MadCow | Siphon Finance | NERDLIFE |: we are planning to have governance up and running right away when we launch, the actual system in place will allow any holder to make their own proposal which every other holder can vote on, and we will make sure to include the SPHN in the NFT pools and the staking pools in our snapshots also.
I think Bob has a couple things to add about governance too.
TheDev100x – BSCTimes.com: Bob, along with your answer, could you fill us in on requirements for proposals? Will there be a SPHN amount you must hold?
Bob #BSC X #FTM: Governance is one of the main features of the SPHN token, every aspect of the siphon protocol is subject to possible changing via governance, Holders could propose to change the biweekly burning, or increase/decrease the NFT dividends for example like @siphon_finance mentioned. They could also increase or decrease the amount of users allowed in the dividends pool or completely move the Siphon to a new pool entirely. We always wanted to implement this feature to give the community a voice. And are really happy we are able to do so at the start!
Very good question and one thats still in consideration by us, you do need to hold a certain amount of SPHN to be able to vote or propose, personally i would like to invite the community to think allong and propose the amount needed to be able to do so.
But also no amount at all is being considered!
TheDev100x – BSCTimes.com: Really cool of you guys to open the platform up to the community from day one. It sounds like you guys really value the community.
MadCow | Siphon Finance | NERDLIFE |: our goal in essence with everything we are doing is just to set up a base layer on everything like we will choose the starting pools and the starting allocations but we are not financial masterminds so we figure the community as a whole will do a better job at steering us in the right direction than we could do alone, so we want the community to play a role in every decision, any funds spent from the treasury will need a vote even paying the mods will need to be approved.
MadCow | Siphon Finance | NERDLIFE |: also one more cool thing on a related note is all of our project wallets that hold any project funds will be multisig controlled, there will be 2 sides to the multisig, team side and community side, through governance we will nominate and vote for 3 community representatives and every single transaction will need to be approved by 2 team members and a community member for it to get pushed to the chain, so without community approval not a dime goes anywhere
TheDev100x – BSCTimes.com: Oh, multisig, NICE! It sounds like you guys have thought about just about everything, and with a platform like this, where you will have a complex smart contract and hold onto a large amount of funds, I’d imagine you are taking security seriously? Are you going to testnet the dApp and/or get some audits done on the smart contracts?
MadCow | Siphon Finance | NERDLIFE |: yes absolutely, so for the dapp itself we will get that audited asap and will be able to launch that part with the staking and the nft pools etc right away, then for the actual siphon that will be controlling all the funds in the pools at the start of the project will be controlled manually for now, using a hardware wallet and the multisig mentioned earlier, and it will start to generate yield while we finish the smart contracts that will divide up the funds, once completed they will be tested on testnet then will go to Certik for a thorough audit before any money touches them, by the time they are audited and ready for funds we should have enough yield to run the first siphon as soon as we transfer the funds to the audited smart contracts that will siphon and divide (add liquidity and burn and send out dividends) every 2 weeks automatically
TheDev100x – BSCTimes.com: Oh wow, Certik audit, that’s really good news guys! Great launch plan as well. I am glad to hear security is being taken this seriously.
I have asked a bunch of questions, and I am sure there are community members out there that would love to get a chance to ask some, so why don’t we open the chat back up for 5 minutes to allow the community to chime in? Sound good guys?
At the 5 minute mark, we’ll re-mute the chat, and you guys take your time answering whichever questions you would like! Just let us know when you are done.
By the way everyone, the team at Siphon Finance will be giving away $125 worth of SPHN tokens, to selected winners, so get your best questions in!
Bob #BSC X #FTM: Sounds good!
MadCow | Siphon Finance | NERDLIFE |: sounds great
MadCow | Siphon Finance | NERDLIFE |: wow guys, so many amazing questions but it would take days to answer them all, but you can always come ask in our telegram any time we are happy to answer anything we can
Bob #BSC X #FTM: Definitely! Feel free to join us at https://t.me/siphonfinance we happy to answer all off your questions!
Community Question #1
Angel: With the amount of rugs happening on the bsc lately, are you afraid of having the funds stolen? Do you plan having a way of emergency insurance for investors in this case?
MadCow | Siphon Finance | NERDLIFE |: so some of the precautions we are taking are for the startup siphons we will only invest into projects that have been audited professionally and verified by community, but also once the project is live funds are only moved based on community vote so any new pools we invest in would require most of the community trusting the project for the funds to be moved there. That is also why we we decided on splitting the funds into a few siphons from the start instead of our original idea of only creating one, that way if something happens to one of the siphons the rest of them will maintain the project, we can also vote as a community to instead of re-investing in the same vault to grow existing vaults we could take that alotment and send it to a security fund instead, but because we are using the presale funds pooled and not using deposits on our dapp we can easily handle the loss of some of the funds if the worst case came true, and still be able to maintain all the staking pools and a solid amount of buybacks and liquidity and in a few months we will grow back what we lost.
Community Question #2
T̵̢̛̺̖̻͓̻̟̖̮̾͆̏̋̀̄̈́̕o̵͗ ̢̜́m̶̛͕͒͛͋̋̓e̴͎̩̠̭̻̭͙̟͌̀̎̒̔͂͘ͅr̷͖̩̖̜͐̋͘͝, : Why do you choose bsc for your project, and now bsc is slow,will you move it to another blockchain like ftm or heco
Bob #BSC X #FTM: To start, guys what a great AMA its bin so far and you are coming up with alot of GREAT questions. Big up to @TheDevil100x for this great session.👍
One thing we havent mentioned yet is crosschain. So this question leads that in well i think.
Well, we began the idea of Siphon finance, when the BSC wasnt congested like we experience now and then these days, still we think the BSC is a solid base to start on. We as a team are very familiair with the BSC itself aswell with alot of the projects that thrive on it. We are indeed looking into crosschain features and FTMopera is high on the list to explore. That said more chains are being looked into but crosschain is definetly coming and its a no brainer if you ask us!!😁🔥
Community Question #3
David Carey: Which one of these aspects is important for you?
- Increasing Token Price & Value
- Empowering Platform Development
- Building Community Trust
- Expanding Partnership Globally
In what order?
MadCow | Siphon Finance | NERDLIFE |: I would say for us our number 1 will always be the community, we want you involved in every decision and everything we do.
Between having a strong community and the biweekly buybacks the token price and value will just naturally increase, development and partnerships are going to be big for us also, because siphon does not have an emissions token we are already working on building lots of partnerships to provide constant yield to our holders on other farms, development wise we have a lot ideas that will require lots of work but this is our baby so we will build it always 🙂
Community Question #4
Angel: I remember hearing from you on February on twitter. What took you so long to launch?
Bob #BSC X #FTM: Oh men indeed! Honestly We came with the idea back then, had all things sorted out to launch at a very great platform, which due to circumstances on their side didn’t went through sadly. After that we have tried a few other platforms but came to the conclusion to take a step back, develop a lot (by then) future features, and implement those before we launched, to me this was the best decision we made. Siphon is now so much more complete and advanced, it will benefit the user big time instead of when we launched a month or 2 earlier. Great to still have you around and that you are interested in Siphon!👍
Community Question #5
J. Marin: Why Siphon? What is the relationship of the team with the name?
MadCow | Siphon Finance | NERDLIFE |: for fun too I want to grab this one, just to explain.
the idea behind the name is that we are “siphoning” liquidity from existing farms into our own liquidity 😉
Bob #BSC X #FTM: And as for partnerships and more upcoming updates, i suggest you all to keep a close eye on all our social media channels! 👀
MadCow | Siphon Finance | NERDLIFE |: I guess that’s all the time we have hehe 2 hours seems like a solid time, we are always available in chat to answer you questions, was awesome being here with you guys. thanks so much for having us 😀
TheDev100x – BSCTimes.com: Gentlemen wonderful job! Thanks for spending so much time with us! I can tell you guys are passionate about Siphon, and the BSC community. I wish the best for your platform, and I can’t wait to get into that presale…. By the way can you tell us about it?
eXile 🔶: Thanks for your time!!
Bob #BSC X #FTM: Really appreciated your time and effort guys! We should definitely come back in time!❤️
TheDev100x – BSCTimes.com: We would love that! Please keep us informed of your future updates!
Bob #BSC X #FTM: So the presale will be held on Thursday, token price will be set at $13/ SPHN, you can visit our website https://siphon.finance on Thursday were you will find the BUY button, from there its a easy ride. You will get SR tokens that will be swapped for SPHN tokens 1:1 when we launch soon after the pre-sale. The currency to buy SPHN with will be BNB . Were considering BUSD as well. Well have a medium up for that as well on
Bob #BSC X #FTM: Definitely!🤝
TheDev100x – BSCTimes.com: Awesome! I got my reminder all set up. Great job Siphon team! 🚀 Save me a seat on the moon when you get there please!
cryptoporky: Great ama
Bob #BSC X #FTM: Likewise! We really apriciate all of your time!
Sergeant Pepper (BSC TIMES): Great job, guys!