KuCoin AMA With BeFi Labs — Multi Wallet Integration with BRC20 & Ordinals

2024/04/08 13:28:04

Dear KuCoin Users,

Time: April 04, 2024, 12:00 PM - 12:56 PM (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session featuring the COO of BeFi Labs, Adam, in the KuCoin Exchange Group.

Official Website: https://befilabs.com/

Whitepaper: https://docs.befilabs.com/

Follow BeFi Labs on Twitter, Telegram and Discord

Q&A from KuCoin to BeFi Labs

Q: Can you explain what BeFi Labs is and what you are hoping to achieve?

Adam: BeFi Labs is a BRC20 Trading Terminal that integrates smoothly with well-known crypto wallets, giving users an enhanced trading experience right where they need it. We've tackled the main issues in the BRC20s and Ordinals market: making it easier to access, improving transaction speed, and reducing costs. We're liv, and you can try it here!

Just a few weeks after launching our terminal, we've drawn in thousands of traders, with hundreds more signing up each day, pushing our trading volumes to considerable levels—all organic without any paid advertising.

Our journey kicked off with an incredibly successful IDO on ApeTerminal, breaking all their previous records. Then, we raised $8 million in a Liquidity Bootstrapping Pool on Fjord, another achievement for us.

Now, we're listed on platforms like KuCoin, making us more accessible than ever. These milestones are just the beginning. We're barely getting started and are thrilled about the future we're creating for our community.

Q: BRC20s & Ordinals have gained a lot of traction and are becoming very popular. What makes BeFi Labs unique and separate from all the competition out there?

Adam: At BeFi Labs, we've taken a straightforward approach to the BRC20 and Ordinals market's challenges. Our strategy includes forming partnerships with leading crypto wallets such as Phantom, OKX Wallet, Unisat, MagicEden, Bitget, Trust Wallet, Leather, and others. These partnerships allow for direct BRC20 token trading through wallets our users already trust, streamlining the entire process.

We've also focused on reducing high transaction fees, refining our terminal to lower costs and make trading more budget-friendly. We understand the importance of every dollar, particularly for investors with limited funds.

Furthermore, recognizing the importance of speed in crypto trading, we've developed a unique dual-layer architecture that merges the advantages of DeFi with the practicalities of semi-CeFi. This design ensures that our platform operates efficiently, enabling fast transactions without any hiccup.

At BeFi Labs, our commitment is to our users. We address critical issues and constantly evolve to offer the premier trading experience in the BRC20 and Ordinals space.

Q: How do strategic partnerships enhance the trading experience at BeFi Labs?

Adam: For starters, on the wallet integration front, we've already teamed up with ten of the leading crypto wallets. But that's just the start. Our goal is to keep adding on a weekly basis, broadening access to BRC20 and Ordinals trading. This approach ensures that our users can trade using their preferred and trusted wallets directly on our platform.

On the dApp integration side, BeFi Labs is forging ahead with strategic collaborations with dApps like Beoble and Ordiswap, and we're also in talks to bring on board all the key L1s and L2s. This move is set to significantly broaden our terminal's trading capabilities across more networks.

These core strategies—notably our top-tier wallet partnerships and dApp integrations—give BeFi Labs a solid foothold, perhaps even what you'd call a first-mover advantage in this growing market. By working with leading Web3 brands, we can concentrate on enhancing our terminal, enriching the BeFi Reactor with more features, adding additional tokens to our terminal, launching the BeFi Liquidity Pad, and introducing perpetual trading for BRC20 and Ordinals. And this is just the start of our journey at BeFi Labs.

Q: Since launching on the mainnet, what feedback has BeFi Labs received about its trading experience

Adam: Going live on the mainnet was a big deal for us.

It was our chance to show everyone how trading BRC20 and Ordinals could be easier and better. We built a system that mixes DeFi with some semi-centralized parts, making sure transactions are cheap and quick. People have really taken to it, trading more and more each day.

The great feedback we've gotten, with over 90% user satisfaction, shows we're on the right track, making the whole BTCFi space more approachable and exciting for everyone.

Q: Can you go into some of the added utility for $BEFI and how you are incentivized for holding?

Adam: $BEFI holders benefit significantly through our BeFi Reactor, with perks including an 80% APY, 10,000 BeFi Points for stakers, and no trading fees during the stake period. They also get whitelist access to future BeFi Ordinals Drops.

We're not stopping there. Our future plans include rolling out the BeFi Liquidity Pad and introducing perpetual trading for BRC20 tokens, enhancing $BEFI's utility even further. Plus, stakers can become eligible for future airdrops from projects participating in our Liquidity Pad, adding another layer of value to holding and staking $BEFI.

These initiatives are part of our long-term strategy to keep $BEFI integral to an ever-evolving and expanding ecosystem at BeFi Labs.

Q: What are the next meaningful milestones for BeFi Labs?

Adam: Our roadmap is packed with milestones designed to enhance our platform and community experience. Having recently opened public access to our terminal, we're now focusing on several key developments:

Firstly, we're lifting deposit limitations and adding more trading pairs to broaden our users' trading options.

A mobile version of our terminal is also on the horizon, making trading accessible on the go.

We're excited about launching a series of campaigns with our wallet partners, further integrating our ecosystem with the broader crypto community.

Following this, we'll introduce liquidity provision management, first for projects and then for our users, creating a more dynamic and flexible trading environment.

The next few months will see us rolling out perpetual trading options for BRC20 tokens and launching the BeFi Liquidity Pad.

These steps are all part of our short-term go-to-market plan, aimed at delivering a comprehensive, user-centric trading experience.

Stay tuned for these updates as we continue to build at BeFi Labs.

Free-Ask from the KuCoin Community to BeFi Labs

Q: Can you share any insights into the future roadmap beyond 2024, including potential new features or expansions?

Adam: We've got many future roadmap milestones for 2024 yet to be achieved, including BeFi Liquidity Pad, perps for BRC20 tokens and LP management for users and projects. We also have a very interesting surprise for our $BEFI holders that we're doing with Travala.

For beyond 2024 we will adapt to where the market is and what the users need.

Q: Hello, I would like to know if your project is exclusively for elite investors or if it is open to everyone, including those with small funds. Can you please clarify?

Adam: Our trading terminal was specifically designed to attract small investors by substantially reducing trading fees so small budget traders can participate and profit.

Q: What incentives exist for long-term $BEFI holders?

Adam: There are many incentives built into our BeFi Reactor which contains staking pools - one of them is still open! These benefits include: consistent 80% APY, 10k BeFi points, WL for upcoming BeFi ordinals drop and more surprises we're cooking for our community! One of these includes a surprise with Travala - stay tuned for the details!

Q: Do you offer any Bug Bounty programs to identify weaknesses? How do you plan to ensure the completeness of your project?

Adam: We currently offer a Bug Bounty program! You can go to our dApp which is live here and provide feedback on the experience and gain BeFi points for doing so. The greater the bug the bigger the reward!

Q: Almost 80% of investors have mainly concentrated on the token price in the short term rather than comprehending the genuine worth of the project. Could you please enlighten us on the motivations and advantages for investors to hold onto your token for the long term?

Adam: We are building a whole ecosystem of products and services in the BTCFi space, including the trading terminal itself which is live, perps for BRC20 tokens (in dev), BeFi Liquidity pad which will enable BRC20 projects to bootstrap and raise funds for liquidity that will be funneled and deployed into our terminal for better transactions. This is just the next few weeks of our plans!

Q: How does BeFi Labs plan to expand its asset offerings and deepen liquidity in the future, and what impact will this have on the trading experience for users?

Adam: We are adding more trading pairs starting next week!

In addition, we plan to deepen the liquidity in the next couple of weeks to enable smoother transactions also for large traders.

KuCoin Post AMA Activity — BeFi Labs

🎁 Participate in the BeFi Labs AMA quiz now for a chance to win 37.143 BEFI!

The form will remain open for five days from publishing this AMA recap.

BeFi Labs AMA - BEFI Giveaway Section

KuCoin and BeFi Labs have prepared a total of 6,300 BEFI to give away to AMA participants.

1. Pre-AMA activity: 2,125 BEFI

2. Free-ask section: 175 BEFI

3. Flash mini-game: 1,400 BEFI

4. Post-AMA quiz: 2,600 BEFI

Sign up for a KuCoin account if you haven’t done so yet, and ensure you complete your KYC verification to be eligible for the rewards.

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