POFID discussion on Exchange listing & Sale: 08/09/2020

7 min readSep 10, 2020

The following is the transcript of Weekly-discussion held in our telegram group with community manager Dane Elliott.

Participant: Dane Elliott.

Question 1:

Veer: Could you tell us more about the sale format for POFID?

Dane Elliott: Sure thing. So as many here probably know, we listed on Uniswap on the 6th. We saw incredible growth that day, topping around 360% within a few hours if I’m not mistaken. Now that was just a minor listing to reward some of our very early stage followers.

Next, we will be doing an IEO tomorrow.

That will take place on Boboo and will be an EXTREMELY limited raise of 5000 USDT!

Again, this is to reward our early-stage users more than anything.

Question 2:

Veer: Could you tell us why did the team choose Boboo and Hbtc for initial listings?

Dane Elliott: First of all, it probably comes as no surprise to people that centralized exchanges usually offer very hard conditions for private projects. Our focus is not on raising funds at all. We are a tech project — a project offering real tech to real business — and we are a DAO. It is antithetical for a DAO to raise large amounts of money.

For HBTC and Boboo.com, they have provided very useful resources for us and being fans of the project themselves, will put in a lot of work to ensure we succeed long-term.

With that, you can expect a listing on one or two MAJOR exchanges in the next two months, so watch this space!

Question 3:

Emma: Why did the team skip on the pre-sale round before listing it on uniswap? And also could you tell us when do expect $pfid on big CEX.?

Dane Elliott: Great question Emma. As a DAO, we are designed to be owned by everyone in the community. We are not really looking to raise money, either private or public. The only reason we are offering these listings is to reward early-stage fans.

Question 4:

Emma: What are the plans going forward after the sale, there is no hard cap or soft cap mentioned anywhere?

Dane Elliott: Let me try to answer these questions together.

First, let me explain this 3% of tokens on Uniswap since this is a question we get a lot.

The 3% of the total supply of coins on Uniswap is pre-mined for the market. The current pre-mining is still ongoing and we expect to be completely redistributed in 3–6 months.

At present, a total of about 60,000 tokens has been mined, and the actual circulation will be controlled at 30–50,000.

The remaining 10,000–30,000 will be used for exchange activities, so there is about 80,000 pre-mined, which will be used to reward users.This adds up to about 1.5% and is the amount released to the ecosystem. This is more than enough for the trading market.

An additional 2%-3% will be used to support real-world business models. This currently makes up the investment committee’s share and the addresses involved and other details will be announced when approval begins.

Question 5:

Veer: So the distribution will take place over the next 6 months?

Dane Elliott: Yes, it’s difficult to predict the exact time, but certainly between 3 and 6 months. When it becomes necessary to introduce an institutional partner or investor in the first stage, we will release 1–2% of the fund-raising chips (long-term lock-up) as appropriate to ensure the development of the project, with a total of no more than 5%.

Question 6:

Pk: Which major exchanges are the team looking at?

Dane Elliott: We are committed to reaching people in the real (business) world, not just crypto enthusiasts. Our whole purpose is to revolutionize the infrastructure of traditional finance. If we are to do that we need to connect to people in different ways. So in addition to one or two large crypto exchanges, we will be very focused on listing on regional FIAT exchanges (with FIAT on-ramps that are easy for TradFin institutions to accept and deal with) in key countries and markets like Korea, India, Indonesia, and Vietnam.

Question 7:

Veer: How much funds is the team planning to raise and how can it be tracked?

Dane Elliott: First of all, we are a DeFi + DAO project. This is something we try to emphasize over and over again!. We do not have to have private or public offerings at all. Strictly speaking, a DeFi community with a DAO governance model should not have a fund at all.

With that said, we wanted to reward our early-stage users who have shown such a great interest in the project.

Question 8:

Tunde: Why is the project choosing to use booboo exchange, I lost interest due to that fact, that a bad exchange?

Dane Elliott: We have very purposely not listed on large exchanges at our initial stage. Why? The simple answer is we are not interested in having a huge surge and then having the exchange dump all out tokens in a few weeks. We are not here for the short-term. We are a DeFi project that has been in development for a long time. We wanted to very clearly distinguish ourselves from the many ‘DeFi’ (read: marketing!) projects out there.

Boboo and HBTC not only offered us a free listing but have also given us great support moving forward.

Question 9:

Emma: How do you plan to increase the sales when I don’t see anyone talking about the project due to lack of marketing.?

Dane Elliott: Marketing has not been a major focus up to now. This is perhaps shocking to many people following the DeFi space right now. But we are a DAO focused on the GRASSROOTS. We will increase our marketing activities slowly, but honestly, we would prefer to spend our resources on bettering our products first.

Question 10:

Veer: The next question is focused on the price of PFID. Since the current price on uniswap iOS $9 and boboo will be at $4, wouldn’t that impact the price of the token?

Dane Elliott: So, this seems like a very logical question. If I can buy the token at 4 USDT, could I not just sell it immediately on Uniswap and make 5+ USD on the spot?

Well, first of all, the IEO is extremely exclusive.

It is limited to 5000 USDT.

This USDT is for all our fans. So the amount any one person can purchase will be very limited.

But more importantly, the two tokens are different and cannot be swapper currently.

All Uniswap listings are ERC 20 tokens, i.e. tokens based on the Ethereum network.

Question 11:

Emma: Can we see more AMA and other promotional activities in this group as well in the coming weeks?

Dane Elliott: We will try out best. We already organize AMAs in other groups very often. I will be doing another AMA in a couple of hours and in 20 minutes we have a Korean AMA and slightly later a Chinese one as well. But I will try to do more AMAs in this group.

Question 12:

Veer: could you tell us how the price of the PFID is stabilized over the next 6 months of the sale? Since there could be a lot of fluctuations and volatility?

Dane Elliott: So as with most projects, we will inevitably see fluctuations, both as a result of internal news/developments and state of DeFi/crypto in general. I think that is very normal and nothing to fear. However, we have taken a very prudent approach in our tokenomics, listing for example on smaller exchanges and doing a very small IEO, not accepting institutional investment, etc, so that we can see stability for the first few months and build our way up.

I believe this model is much more prudent and beneficial in the long-run, especially for a project with tech and a TradFin customer base.

All here are aware of some of the marketing projects that we have seen. I won’t name any names, but you could probably infer what i’m talking about! [Enter food name]Swap ;)

Question 13:

Veer: could you tell us what will be the token circulation?

Dane Elliott: The first round of circulation will last around half a year and it is during this time that we will finish Novac, our first project offering.

Novac was designed to support the entire POFID product line, including a complete ecosystem of a wallet, a swap, an oracle machine, etc. Circulation during this first phase will not exceed 5%.

The core focus of the second stage will be cross-chain connectivity of assets, and its details and timeline will be announced at an appropriate time during the first phase./

Question 14:

Bhavin: Is the team from the USA?

Dane Elliott: The team is from all over. I’m from the UK, but we have people from Korea, Russia, China, the former Yugoslavia, India, Indonesia, Vietnam, Turkey

Question 15:

Emma: Are you planning on locking the liquidity on Uniswap?

Dane Elliott: As far as I’m aware, we haven’t planned that at present. But, as a DAO, all decisions are made by the collective. If this is something you are interested in, you are free to propose it to the community and, if it gets enough votes, it will be agreed upon.