Luna Yield AMA Recap

At 8:00 UTC on August 13th 2021, PolyPAD had an AMA session with the Luna Yield project. At this AMA, Mr. Shagufta Sami — Chief Executive Officer of Luna Yield shared a lot of useful information about the project to the community.

Here is the AMA’s format:

  • Segment 1: Warm up (3 questions).
  • Segment 2: Answer the Twitter questions (5 questions).
  • Segment 3: Live Q&A (5 questions).

PolyPAD: To start the AMA, Could you please give us a brief description about your team and Luna Yield?

Luna Yield: Hey guys, I’m Sami Shagufta, CEO and Co-lead of Luna Yield. I was a full-time nerd from a young age, and got a background in Computer Science, and several other tech firms in Canada. I started digging in Crypto space in 2017, and was working for various projects such as ETHDapp, and ETH Foundation in Sweden.

In 2018, the Luna Yield team was formed. At first, we were only a team composed of a few humble geeks exploring how Uniswap works. Our team members have one thing in common: excitement for DeFi and Uniswap’s liquidity pool system. When we first got together, the whole crypto market was in a bear phase, with most tokens and projects having to rely on centralized exchanges to provide the liquidity and volume they needed.

After that, we started Luna Yield in mid October 2020, natively built on Solana as a way to expand the Solana Ecosystem.

Luna Yield is a one-stop cross-chain DeFi solution with a focus on delivering security, performance, and a great user experience to the space.

Powered by Polygon, Solana, Ethereum, and Binance Smart Chain, Luna Yield is fully decentralized and open-source, helping users to leverage their assets across platforms.

As a multichain yield farming platform, we offer our users the following features:

  • Luna Swap: A native Solana and Polygon swapping protocol that allows users to easily exchange digital assets.
  • Luna Vaults: Our yield-optimizing vaults allow users to compound the yield from their crypto assets and LP tokens. Luna Vaults will automatically maximize user rewards from different liquidity pools by compounding arbitrary yield farm reward tokens back into the initially deposited asset. Luna Vaults runs on both Solana and Binance Smart Chain, automatically optimize yield from both.
  • Luna Bridge: A set of cross-chain bridges that help users to transfer tokens and assets from one blockchain to another. Luna Bridge also offers blockchain-as-a-service (BaaS) for projects that want to be available on multiple blockchains at the same time.
  • Moon Launch: A decentralized launching platform that helps blockchain projects to raise capital on multiple different blockchains.

PolyPAD: Great idea! Thanks for your sharing! Then, we’ll move to segment 1: WARM UP. The first question: What’s the utility of the LUNY token?

Luna Yield: The native utility token of the Luna Yield ecosystem is $LUNY, specifically designed to become the heart of the ecosystem and its functions. By owning $LUNY, users can access a variety of products inside our ecosystem and, in the future, govern it.

By enabling the following primary utilities, $LUNY will establish strong intrinsic value and maintain demand, the long run by serving the following primary functions:

$LUNY acts as the base currency, powering the whole Luna Yield ecosystem. This includes Luna Vaults rewards, Luna Swap fees, Luna Bridge fees, and requirements for participation Moon Launch.

As a multi-chain project, the Luna Yield team believes that $LUNY shouldn’t be limited to a single chain. That is the reason why $LUNY will be the first token on Luna Bridge, and users will be able to easily transfer $LUNY from one chain to another.

While the platform has started out centralized, the Luna Yield team believes in its decentralized future and will later evolve move into a DAO. By that time, $LUNY holders will have a say in in all of Luna’s products.

As a strategy to maintain demand in the long run, $LUNY will have a de-flationary mechanism, up to the point of the total supply being reduced to 70,000 $LUNY. The deflationary mechanism will occur during the operation of Luna Vaults, Luna Swap, Luna Bridge and Moon Launch.

PolyPAD: The next question: Right now your app only supports Solana, when will you launch on Polygon and BSC? And which products are available upon the launch?

Luna Yield: As we constantly working since last year, we got our products ready, and Polygon Bridge and Vaults will be available soon after IDO. BSC Bridge and products will be available in early Sept.

Upon the launch, we are going to deliver Vaults on Solana and Polygon, along with the mainnet of Luna Bridge on Solana and Polygon.

PolyPAD: And the last question for this segment is: With recent Poly network hack, what’re your security measures to ensure cross chain transactions?

Luna Yield: First thing that we are doing right now, is to audit our programs and smartcontracts carefully. Currently, we are being audited by Slowmist and Beosin. Secondly, we are exploring partnerships with some 3rd party insurance firm, just to make sure that if our vaults got exploited, there will be insurance to cover the losses for the system and investors.

PolyPAD: Thanks for all your sharing. This is so impressive! And now let’s go to segment 2: Answer the Twitter questions.

Q1: Twitter ID: @arsyilass1109

How does Lunayield deal with other DEXs currently obstacles to accessing DeFi services, high gas fee with on-chain transactions, liquidity being fragmented to various protocols and services, trade fee, subpar UI/UX and lack of efficient market-making mechanisms?

Luna Yield: We are a DEX Aggregator, so naturally, our aim to become efficient in term of cost and speed. We also utilize 2 of the most impressive platform at the time: Solana on L1 and Polygon as the L2 to minimize the transaction fees and speed. You can always take a swap as our DEX already live. Just head over to Lunayield. com to experience our DEX.

PolyPAD: Q2: Twitter ID: @feby1105

Adoption is one of the most important factors that all blockchain projects should focus on to be more attractive in the invertors Eyes. Can you tell me what your project has done to achieve massive adoption in real life, real use cases & our real society?

Luna Yield: I think that the most important factor of DeFi is to achieve mass adoption. And that is also our first priority. That is also why we are building on Solana, since their blockchain can scale enormously in the future.

Look into our Vaults, you will see that it is an instrument to help people utilize their profits, saving or investing. In this time of need, where bank saving seems unsafe and inflation of the world’s economy seems higher than ever, our platform is the perfect choice to the people!

PolyPAD: Q3: Twitter ID: @Meziprayoga1

On your website you don’t mention that you have done any internal or external audit of your smart contract, so can you give us details if you have done any audit before? And in case you haven’t, would you plan to perform any review of your smart contract in the near future?

Luna Yield: Like i said, we are still waiting for the audits, as Rust take lots more time to audit than Solidity. But our sm contracts and programs are transparent, so everyone can see. We will also publish the audits reports in the right when they are available! With us, security is always our first concern.

PolyPAD: Q4: Twitter ID: @CryptoL41529434

Solana to solve problems such as cost and speed? Can you explain more about the solana network and its benefits? so can you explain how this network is adequate for Luna yield and its needs. Why not other networks such as BSC and Polygon.

Luna Yield: ‌Luna Yield was first built on Solana since it is now the fastest, cheapest, and most secure blockchain in the space right now. But we won’t limit our users’ options to Solana. Our platform will work on multiple chains, including Solana, Polygon, Binance Smart Chain, and Ethereum, and we are also considering adding Near and Avalanche in the future.

Instead of PoS like BSC, Solana using PoH, which allow validators to work together at the same time, solving the puzzle of “Security or Speed”.

Transaction fees and speeds on Solana and Polygon are significantly lower and faster compared to Ethereum and Binance Smart Chain. This allows more frequent auto-compounding, bringing much greater benefits in the long term.

This also benefits small and part-time investors and yield farmers the most, allowing them to access opportunities that are normally only accessible to whales and full-time farmers. Further, by allowing users to access pools across different chains, Luna Yield offers a wide variety to choose from that competitors cannot achieve.

PolyPAD: And the last question of this segment is from Twitter ID: @Riaajaaa1

All the product of Luna yield is absolutely great. The problem is Nearly 90% of investors only focus on short-term token price instead of understanding the real value of the project. Can you tell us the motivations and benefits for investors to hold your tokens in the long term?

Luna Yield: While short-term token prices will always be affected by market condition, long term prices of the token will depended on its tokenomics and utility.

The native utility token of the Luna Yield ecosystem is $LUNY, specifically designed to become the heart of the ecosystem and its functions. By owning $LUNY, users can access a variety of products inside our ecosystem and, in the future, govern it.

By enabling the following primary utilities, $LUNY will establish strong intrinsic value and maintain demand, the long run by serving the following primary functions:

$LUNY acts as the base currency, powering the whole Luna Yield ecosystem. This includes Luna Vaults rewards, Luna Swap fees, Luna Bridge fees, and equirements for participation Moon Launch.

As a multi-chain project, the Luna Yield team believes that $LUNY shouldn’t be limited to a single chain. That is the reason why $LUNY will be the first token on Luna Bridge, and users will be able to easily transfer $LUNY from one chain to another.

While the platform has started out centralized, the Luna Yield team believes in its decentralized future and will later avolve move into a DAO. By that time, $LUNY holders will have a say in in all of Luna’s products.

As a strategy to maintain demand in the long run, $LUNY will have a de-flationary mechanism, up to the point of the total supply beding reduced to 70,000 $LUNY. The deflationary mechanism will occur during the operation of Luna Vaults, Luna Swap, Luna Bridge and Moon Launch.

In the long run, we will have a small circulating supply, which incentives early holders.

Also most of our products will revolving around $LUNY, so long term token holders will be benefited the most!

PolyPAD: Thanks for giving us detailed answers in this segment! Let’s go through Segment 3: live Q&A.

We will open the group for approximately 1 minute to get community to ask questions, after 1 minute the group will be muted again, and AMA speakers choose the best 5 questions and answer them.

Luna Yield: Lots of questions!!

PolyPAD: NFT is getting more popular now a days. It looks NFT has bright future. So do you guies have any plan to include NFT to your project?

Luna Yield: We are actually exploring GameFi options, as NFT and GameFi are somewhat interesting in our eyes. However, we will not rush out anything or announcements ahead of time, since we prefer to utilize our current products first. So NFT will have to wait.

PolyPAD: How do we invest in the project? Do we have locking period or a minimum requirement to be eligible?

Luna Yield: Our IDO is in few days, Monday, August 16th. Polypad is one of our IDO host, and we are extremely grateful for that. Solpad is another one, and we also conduct on our own platform. Make sure to head over all of the above platform socials to get to known more about us and how to invest.

PolyPAD: How do you think about Asia market for the development of your project?Does your project have any global ambassador programs to attract more users?

Luna Yield: To us, community is the most important aspect. We just recently open the Turkish Community for Luna Yield. Asia is of course one of the biggest market in the industry, and maybe we will open a separate India community next, according to our users vote.

PolyPAD: I’m a developer, and I’m interested in contributing to your project alongsides earning, Do you have any Bug Bounty to check for vulnerabilities?

Luna Yield: We actually having a bounty program coming in September, with rewards up to $5,000. Stay tuned in our socials for more!

PolyPAD: You say Luna is the safest, fastest way, the question is how do you deal with fees? How much does it cost to approve and swab at Luna? And how do you deal with security guarding against scam tokens? And can I use LUNA swap when I get early?

Luna Yield: The cost for each transaction now is less than $0.1, which is basically nothing compare to other platforms.

You can always use Luna Swap. We got it on mainnet few weeks ago, along with our Luna Vaults (now has TVL of nearly 2 Millions, thanks to our early adopters).

Head over to Lunayield.com to explore and earn some early $LUNY!

PolyPAD: These are impressive answers. Thank you for joining the AMA today and sharing a lot of useful information about the project. Again thanks for taking your time with you.

Luna Yield: Don’t forget the IDO will be taking place in Monday guys! Lets go to Luna together!

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