Date & Time: June 3rd, 13:00 UTC
Guests: Ritam Gupa, CEO & Co-Founder of Defi 11
Host: Marilena Egittom — Launchpool Social Media Lead
Launchpool was excited to host Ritam Gupta for an interactive Ask Me Anything session with the Launchpool Community. The AMA comes in anticipation of Defi-11’s $400k Allocation Mining Event on the Launchpool pre-IDO launchpad. The session lasted for 1hr, and consisted of questions from Launchpool Team and questions from the community.
Questions from the Launchpool Team:
Marilena: Welcome Ritam! It’s great to have you here today to share some details with our community on your upcoming pre-IDO launch. Please tell us a bit about yourself, the project, the team, and your involvement with the space.
Ritam: So, I am the CEO and Founder of DeFi11. I have been working in the Blockchain space for almost 7 years now. I started my career as a blockchain developer initially, then moved to consultation and eventually landed up into business. During this journey I have worked with a few blockchain tech giants as well in the past — Deloitte EMEA Blockchain Lab, Bharti Airtel, etc. To mention some of my colleagues in DeFi11 we have; Sparsh Jhamb — Chief Blockchain Officer, Yajash J — Chief Technology Officer, Tushant Suneja — Operations Manager, and then we also have a solid list of advisors on board.
What makes your project unique, and what is the project’s vision to bring upon a turning page in the cryptoverse?
In the most precise manner, DeFi11 is the world’s first completely decentralised gaming ecosystem that is totally community owned. Governed by the community and operated by the community. It was last year when the pandemic hit the world and we were under lockdown. The two industries that got a good boost because of it were obviously Defi (Decentralised Finance) and Gaming. That’s when DeFi11 was born. DeFi powered gaming ecosystem, including Fantasy sports, NFT virtual hybrid world, predictions, betting, etc. completely transforming the world of e-sports and bringing in decentralisation was what we dreamt of.
Honestly, we are the first of our own kind. Unique in every possible way! :)
Indeed a very special project! What made you choose Launchpool as your launchpad partner for the AME?
What a nice question to be answering! Why would someone not choose Launchpool? We are highly impressed and appreciators of the Launchpool community and team, your efforts and support. Definitely our go to AME launchpad!
Thank you! We are very proud to have you on our platform and appreciate the affinity with our community and its interests.
Talking about our community, what is the total allocation you’ve set aside for the Launchpool AME?
We have set aside a total of $400,000 worth of $D11 tokens at a price of $0.10 which is the same price as our private sale round.
Are there any KYC / AML limitations or is the AME open to everyone? Please list any countries that are excluded from the allocation event due to regulatory reasons.
The countries excluded from this sale are: United States of America, Canada, People’s Republic of China (but not including the special administrative regions of Hong Kong and Macau, and the territory of Taiwan).
What happens after the Allocation Mining Event? Walk us through the tokenomics: total supply, initial circulating supply, initial market cap, initial vesting, total vesting period (from launch until when will the last token be vested for), etc.
Post AME, users will be awarded with their $D11 tokens via Launchpool.
Breaking down the tokenomics:
Total Supply — 275M
Initial Circulating Supply — 42M
Initial market cap — $950k
Vesting is 0% at the Token Generation Event and then a linear release over the next 8 months.
Can you confirm the exact date?
Deposits will open on 7th June, Monday.
Allocation Mining Opens on 8th June, Tuesday.
Allocation Mining Ends on 13th June, Sunday.
Payment Window will be closed on 14th June, Monday.
Amazing, we have 4 days to dust off our $LPOOL tokens!
Could you please share more on the development & product roadmap, milestones etc. What’s Completed? What’s In Progress? What’s Scheduled?
We are ahead of our Roadmap already! In terms of development, we are planning to launch our Beta Application on 11th of June. We will also be running a massive referral programme for the users then. The IDO comes right in June, details will be out soon. Stay tuned to our TG for that: https://t.me/defi_11
How will the funds be used? How was the project funded until the AME?
The project has successfully raised $3.5M in seed and private round with backers including Alphabit, AU21, A195, X21, FOMOCraft, Protocol Ventures, GBV, etc.
The exact distribution of tokens and funds utilisation is on www.defieleven.com
Besides the list of backers you just shared, any strategic partners that you can tell us about? Who is helping with the Audit for example?
Yes, we have been partnering up with a lot of heavyweight projects in the market currently. We keep mentioning our partners as they get announced on twitter and Telegram. Recent partners include DeFi Gaming Coalition and VulcanForged. For the audit, Certik and Zokyo are helping.
What is the expected cap at TGE? How do you expect your token to gain value over time, any mechanisms to support the DeFi component (staking, burning, earning, spending, others)?
Market Cap on launch will be approx $950k and we have various different things lined up for supporting the token journey including $D11 staking and then LP staking campaigns. We also have a deflationary token model in the application that will support the token holders. The company puts 20% of its revenue in buying back the tokens and burning them and hence “decreased supply and increased demand.” With every game being played on the platform, the price of the token is pumped up, completely sustainable and scalable.
As you mentioned revenue, where will the revenue come from? Could you elaborate on your business model?
The revenue is generated from every game being played on the platform. Company takes in 5% fee from the reward pool being collected in every game, a very small and minimal amount. 20% of this revenue goes to buy back the tokens from the market and burn them and hence a deflationary token model is created, eventually making a sustainable model for both the application and token.
That’s fantastic! We are actually done with the first batch of questions, thank you Ritam!
Questions from the Launchpool Community
About burns, is there a planned duration for burning and token buy back?
There is no duration fixed. The burning amount gets automatically adjusted along with the number of games being played, making sure that no more than 5% supply is burned at any point in time.
Do players earn tokens or points when they interact with games on the platform?
Yes, in two ways:
- Users play via $D11 tokens, they get a discount on entry fee.
- Rewards in $D11 tokens for them even if the user loses the match.
Which blockchain is the $D11 token built on?
We are on ETH and Polygon.
*Ritam had to leave — Tushant (Defi-11 Operations Manager) takes over*
What are the core value propositions of the $D11 market that go above and beyond today’s popular markets?
Tushant: Core value propositions are a hassle free experience along with Decentralized experience. That would mean you don’t have to waste your time while registering yourself on the platform. You can just create your account with a single click without entering any information and start playing, “Just hop on and start playing and earning” all just with a single mobile click. $D11 would be the key to change your values which are limited to only trading. It will open your cryptocurrency worlds possibility from a single task i.e from trading, staking, betting, prediction and to 11 exciting features. So it would give the users and the $D11 token the chances to become the greatest coin ever!
What sports does the $D11 platform target?
As for now we have cricket and football. But each quarter there will be voting to decide which features and games are to be added, so that we give the community what it needs.
Can you explain what DeFi11 brings to the crypto sphere in terms of value in this current moment and in years ahead?
As we saw in a sudden rise in the gaming and the crypto universe last year, it is a parabolic curve. Due to lockdown and Covid, these two universes were the only means of entertainment to a large percentage of the population. Since then we thought of combining both of the universes together to give our users a platform where they don’t have to log on and make a profile, they just have to download the app and start playing.
Most projects have to go through certain difficulties and challenges, what difficulties might you face and how will you overcome them?
Without challenges and difficulties everything would be easy. So we take feedback on each step and from each member of our community and then assign it to our team to work on it. On a daily basis we also decide where we are lacking and what needs to be done to improve and due to this only we are running ahead in our roadmap. It feels good to be having all of your support beside us that gives us the strength to do all these things in such a short span of time!
Great, thank you Tushant for stepping in and answering a few questions!
We need to wrap up the AMA session for now, the unanswered questions will be picked up by Defi11 chat mods in their Telegram Main channel. It was a great pleasure to have such strong participation. We will announce when the staking is open for the D11 token $D11 #AME. Stay close with Launchpool!
Thank you Ritam & Tushant — till next time!
Thanks for being a wonderful host. Thank you Launchpool for inviting us over. It’s a pleasure being acquainted with your community.
DeFi11 is a defi powered gaming ecosystem for fantasy sports, NFT virtual hybrid world, Marketplace, predictions and betting. The entire platform runs as a chain agnostic solution with a decentralised mobile application. It has a deflationary token model for $D11 tokens, the value for what is pumped up with every game being played on the application.
Launchpool ($LPOOL) leverages communities, knowledge, expertise, contacts and capital to provide crypto projects with the best possible start to life, maximising their chances for success in this fast moving & dynamic space.