Cookie AMA! Feat: JBJ Fourier🐇
Last week we held an AMA with the Crypto Titans Telegram Group! JBJ was in the hot seat as both twitter & telegram users fired away their very best questions! Without further adieu, here is the list of questions!
Q1. Can you introduce yourself to our community?
Greetings everyone! My name is JBJ Fourier, named after the famous French mathematician. I am the dev owner of Cookie Finance and I am super excited to be here today to answer your questions! Please do not hold back, the best critique is typically the most harsh. I will do my best to answer your questions to the best of my abilities!
Q2. Can you briefly tell us what is Cookie Finance ?
Yes, of course. Cookie Finance is a DeFi Insurance provider born from the need to provide security in Yield Farming.
We use Wrapped Farm Contracts to protect and insure the underlying farming token (Currently Banana & Cake Insured Farms Available with many more to come!)
Our users share a more relaxed and laid-back farming experience knowing they carry Insurance on their investments. 👍
Q3. Let’s now talk about the milestones you have achieved so far and about your upcoming plans?
Our major milestones include: $CHIPS token launch followed by the 1st round of Airdrops! This lead up to a soft project launch in the beginning of July with the CookieBake.Finance website!
We are currently entered into the ApeSwap BUIDL Program and separately, we have partnered with Ape to migrate to the Polygon network to begin providing coverages cross-chain.
Also happy to report a BSCScan listing, DAPPRadar Listing, VFAT.TOOLS Listing and many more to come.
Upcoming plans include more Insured Farms, Polygon Deployment and hopefully a graduation from the ApeSwap #BUIDL program!
We also have a couple of secret partnerships in the works that will be unveiled this/next week.
Q4. Every project has a story behind their name, Can you tell us more about the story behind this? Who are the team behind this project? can tell us their background?
Cookie was born from the need to provide security and protection in a trustless environment. I had the idea for a security token named Chocolate Chips a long time ago, but waited for the right moment to deploy the token. Currently the Cookie Finance platform contains 🍪$CHIPS, with 🍃$MINTS (lending token) and 🌾$OATS (governance token) to be airdropped to #HODLERS in the future!
The team is currently myself as single dev/owner with additional help with UI development from hired contractors. I am a full stack dev and trained engineer. I love the challenge of advanced mathematics and code, and I think you should also. If you would like to speak about how to get involved, please reach out to me via DM.
Q5. DeFi is one of the hottest and most sought-after topics in the blockchain space right now. Can you share your opinion on DeFi with us? Do you think DeFi will disrupt the current financial system? What is Cookie Finance’s approach to the DeFi sector?
Cookie Finance’s approach to the DeFi sector is to provide Insurance coverages such that large money may safely move into these ecosystems — and remain there.
My research has concluded that until Insurance is available on major assets in the BSC/Polygon Ecosystems, large funds will be hesitant to move into the space.
Cooke Finance solves this issue by offering Wrapped Farms with an automated payout in 🍪$CHIPS. Our platform will continue to add insured farms to protect users from major crisis such as rugpulls and flashloan exploits. 👍
And here we will put best questions from our members and Cookie Finance fans:
Q1) We’ve had serious issues with rug pulls from tokens lately and honestly, it’s nothing to laugh home about. My first question is, how secure are our funds with Cookie Finance? Are our investments safe.
Constant rugpulls are what drove the creation of Cookie Finance, to protect users from these exact issues.
It is a very serious issue and we have created a long term solution for yield farming that we feel is the next logical step in these systems.
We are continuously looking for new improvements to our farm contracts, our current wrapping solution implements a number of security features for preventing flashloan exploits and rugpulls from affecting the investor.
Q2) Can you list 1–2 important features of #CookieDeFi that put you ahead of your competitors? What is the competitive advantage your platform has that you feel most confident about?
The major features that put us ahead of our competitors are: the architecture of our system and the security features implemented in our contracts to prevent external abuses from impacting our investors.
We create wrapped farms that have set exposure limits, with fully automated and instantaneous payout of 🍪$CHIPS to the yield farmers if an adverse event is detected by our elaborate system of price oracle contracts, governance and auxiliary systems.
Q3) Could you tell me in detail, what mechanism does the Cookie Finance ecosystem implement in a case where users’ funds are stolen or blocked, i.e. what support would you provide in such a situation?
A great question. A network of price oracle contracts constantly monitor the prices of the respective underlying farming tokens and compare to various relative stable coins or network tokens. Along with this system are hard-coded, automatic, instant payouts if an adverse event is detected. No human involvement is required.
With the contracts, a Time Weighted Average price (TWAP) is calculated for all of the tokens, and if a thresholding is detected, the contracts are snapshotted, with all farmers compensated in 🍪$CHIPS.
Q4) In one of your Tweets I was interested in
“Cookie Finance accepted at @ApeSwap #BUIDL Program !”
It’s a Good Chance!
Share with Us the Details as We Are So Excited For This Too?
Yes this is correct! We have been accepted into the #ApeSwap #BUIDL Program!
https://twitter.com/CookieDeFi/status/1417485611724849155?s=20
We worked very hard to reach this goal, and we are excited to receive all of the support from the major exchange!
Q5) How to make your project successful in the future? how do you promote your project in your local community or just outside your country? Finally, what is the vision and mission of your project and is this project long term?
The project first started through the need to provide Insurance for family members such that they could safely benefit from Yield Farming. The environment has very good APRs, but can be extremely dangerous. I needed to solve this issue.
I quickly wanted to involve friends from the local community, and I am very happy to say that now a number of my friends and family members are using the insured farms to protect their Cake and Banana tokens from adverse liquidity events.
I will continue forward trying to protect people from dangerous events, this is the goal of Cookie Finance. Our platform will include multiple tokens 🍃🌾🍪 carrying multiple purposes. I hope that you join us as we push forward with new partnerships, networks and protections
I have to say, EXCELLENT questions. There are a number of extra ones also that I will type up some responses to from twitter after the AMA.
Q6) Revenue is an important aspect for all projects to survive and maintain the project/company. How have you been able to build a complete project and what is the way to generate profit/revenue of the token? What is the income model?
Great question! We currently have the insured farms taking 20% of all proceed and applying to 🍪$CHIPS Buybacks and Auto-Liquidity into APE LP 👍 The more Farms we add, the more Insurance/Transaction Fees we capture. There will be a net-positive cycle created from this process.
Q7) In your token economics, I noticed that your project native token $CHIPS currently has an unlimited Max Supply And a weekly Emission rate of 6000 CHIPS per Week. Could you tell us how you intend to reduce the supply and circulation of $CHIPS? What’s your Burn Model like?
Yes! we plan to reduce the emissions of all the Farms in a gradual process to alleviate excessive inflation. There is the potential for the Auto-liquidity feature to include a burn of tokens during each transaction as well.
https://docs.cookiebake.finance/tokenomics/burn-map-usdchips
See our Burn map above for some milestones we would like to hit, with included burn
Q8) Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same?
Currently, all Cookie Finance treasury & escrow funds are locked in a Beefy Vault, Timelocked Contract. We plan to implement a Decentralized Autonomous Operation (DAO) in the future, where I will relinquish all of my control of our governance contract. The organization at that point will be effectively controlled by Cookie Finance #HODLERS.
Q9) Farms are backed by the native token $CHIPS. So, does that means the farmer has to buy $CHIPS continuously? as we know the concept insurance premium?
No, the Insurance System and functions are buying back the 🍪$CHIPS on a regular interval. There is nothing you need to do! You just sit back and accumulate your typical Farming Rewards while also Insured in a contract, while ALSO receiving $CHIPS rewards…
Q10) Can you please tell us the Uses of the $CHIPS coin and what benefits it gets for $CHIPS holders? what achievements have been achieved and for the future what plans are CookieFinance doing.???
I think this is an important question. What is the value for holding $CHIPS? I will tell you now. 🍪$CHIPS will give you the ability in the future to govern the entire operation. The holders of 🍪$CHIPSwill receive proportional amounts of our future airdrops of tokens for our platform. Remember, we plan on having Insurance, Lending, Governance.
And this was the end of our AMA with Cookie Finance.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- https://cookiebake.finance/
Medium :- https://cookiefinance.medium.com/
Twitter :- https://twitter.com/CookieDefi
Linked :- https://www.linkedin.com/company/obortech
Reddit :- https://reddit.com/r/CookieFinance
Discord :- https://discord.com/invite/WZk3454qHk
Github :- https://github.com/CookieDeFi
