DITTO — Whale Army AMA Session
DITTO is the first elastic supply token on the Binance Smart Chain.
https://ditto.money
https://coinmarketcap.com/currencies/ditto/
What is the “elastic supply token”?
https://academy.binance.com/en/articles/elastic-supply-tokens-explained
Guest of the AMA session:
Chef Chansey - DITTO co-founder.
Chef Chansey
Fellow whales, I’m one of the cofounders of DITTO. I’m a trader & coder since 2016. Happy to answer any questions
Q
Which % of rebase holders you expect to attract with the upcoming campaign?
Chef Chansey
As many as possible 😆 The total mcap of rebase tokens on Ethereum is roughly 500m? It’s a bit difficult to say how big the market on BSC really is. It’s a bet on the success of BSC in a way. But I think there are very good reasons for users to switch over.
We just launched this
https://dittomoney.medium.com/elastic-supply-token-holders-listen-up-ditto-has-a-deal-for-you-4bfceab29115
Basically we want to incentivize token holders on Eth to try elastic supply on BSC for a while. I don’t think they’ll switch back 🙂
Q
can BSC really handle much more volume than ETH, or is it just still less used? are you in a mid- longterm advantage with BSC?
Chef Chansey
It can, TPS is super high because it’s more centralized. POS with a low number of validators.
Q
Will you be listing on CEX outside pancake (tier 1)?
Chef Chansey
We’re definitely targeting the Binance innovation zone but there’s no concrete plans to list us yet. We’re not interested in listing on shitty CEXes, Pancakeswap is perfectly fine… we already have 1.3m liquidity there
Q
Are you not worried about a potential Nintendo law suit given the project’s name/branding?
Chef Chansey
Well, it’s a decentralized protocol so there’s no entity to sue. Also “Ditto” is a common word. In the worst case we’ll have to change our logo & artwork.
Q
Why should I use my Cake rewards to buy and Stake/ farm Ditto and not another project in Pancake?
Chef Chansey
Ha thanks for asking 😄 We’re rolling out compound staking soon, so you’ll be able to farm DITTO and CAKE at the same time with DITTO-BNB LP tokens. AFAIK that’s one of the first programs of its kind. We’re also talking to a couple of other projects to add more compound tokens. We had quite a good start so now lots of people are interested in talking to us (it was not that easy to find partners *before* the IFO 😉)
Q
How do you prevent the elastic protocol from being manipulated?
Chef Chansey
That’s not easy to explain in a short paragraph 😄 There’s a few components to it like using a TWAP oracle so nobody can pump/dump ahead of the rebase, atomically syncing pools to prevent stealing of tokens bc. of internal accounting mismatch and more. We are security pros though so security won’t be an issue.
Q
How does your rebase work? Differences to other rebase protocolls?
Chef Chansey
We have a variable rebase mechanism to better balance incentives. Negative rebase brings the price up to the target almost instantly (within hours). Positive rebases are “softer”. We want to prevent the death spiral other rebase projects fall into.
Q
With all rebases, How high can supply go and at what price. Do we have a chart?
Chef Chansey
https://ditto.money/dashboard/
There is no upper limit on supply. It depends 100% on demand.
The price stays around $1. The number of tokens in your wallet increases or decreases with rebases. Your percentage of the market cap is constant.
Q
What sort of APY are we expecting on the farming?
Chef Chansey
I would estimate 500% at the start and after a while it’ll normalize to ~200% as more LPs come in. It’s difficult to predict though. We’ll allocate some percentage of the supply to the program and the bonus pool will also scale with rebases.
Q
I’ve heard rumors that BNB-DITTO LP providers on PancakeSwap might be rewarded with super powered NFTs, can you elaborate on this?
Chef Chansey
NFTs & gamification is the next item on our roadmap after staking. NFTs will come with “superpowers” for holders. I can’t say much more than that for now 😅
Q
What are the main points you changed in the Ditto rebase concept after analyzing the + and — of the other rebase tokens? Some were already asked but may be there are still other points?
Chef Chansey
The variable rebase lag is the main innovation. Other than that, the frequency of rebases is high so everything moves faster.
Q
The ui is looking great, how are the dual staking tests going?
Chef Chansey
The smart contract is done but we’re still reworking the frontend. It’ll take another couple of days until we can launch the public beta. The beta will run for three days and be limited to whitelisted users. Details will be announced tomorrow
Q
Will the rebase tokens be available for me to sell immediately should i wish?
Chef Chansey
Of course 😄
https://exchange.pancakeswap.finance/#/swap?inputCurrency=0x233d91a0713155003fc4dce0afa871b508b3b715
Q
Just for the sake of asking some that got into cake early bought about $1 and got screwed
Hope early adopters won’t go through this with ditto as well?
Chef Chansey
There is never a guarantee in crypto. You can check our current mcap and compare it to projects like AMPL, and invest if you believe that DITTO is currently undervalued considering the quality of the project, positioning as the go-to elastic supply token on BSC and other variables. I can promise that we’ll deliver on our roadmap but not that the mcap will grow to a specific number.
Q
Can you explain what the negative/positive rebase percentage are and why you chose that specific algorithm
Chef Chansey
Positive rebase is (supply difference / 5), negative rebase (supply difference / q2), for the reasons stated above.
Q
Are there other rebase token on BSC in the making or are you the only one/ monopoly in the foreseeable future?
Chef Chansey
I’m sure that a lot of imitators will show up. But we have are the first ones to launch on the number 1 DEX and we’ll infiltrate the rest as well 😁. And of course we’ll maintain our good relationship with Pancakeswap.
Q
Do you have the contract address or BSC link?
Chef Chansey
https://bscscan.com/token/0x233d91A0713155003fc4DcE0AFa871b508B3B715
Q
Thank you sir, would you mind staying in this channel for a bit and we can tag if there is any questions over the next days?
Chef Chansey
I’ll definitely stay on if that’s ok, I’m always up for whale discussions!
This is an edited version of the AMA session — the full version you can find by this link:
https://t.me/whalearmy/77979
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