Interviewing the CEO of DeFiBench, Mike Patel. We Discuss the Future of DEX’s, NFT’s, and THe Role of EDDA Token.
Today on The Day Bitcoin Makes a New All Time High I Interview a Friend and Pioneer in The Cryptocurrency DEFI Space. Mike is The CEO of DeFiBench.
Mike and I first met each other at a Crypto meetup in Prague in late 2017. We became friends and have stayed connected over the years. Prague is Mike’s home and happens to be our favorite city to spend Christmas in.
Watch the Full Interview or Read Mike’s Comments on DeFiBench Below.
1. - Mike how did you get involved with crypto?
I am Mehul (Mike) Patel, the Founder and CEO of DeFiBench. Short overview on my background: I have grown and exited several internet ventures from India to Silicon Valley since the year 2000 and have been rated as one of the Top 100 Digital Influencers in Asia by Pinstorm. I have hosted multiple Blockchain panels at the World Economic Forum at Davos, Switzerland over the past 3 years and was one of the few Indians invited to the biggest global Blockchain and Cryptocurrency conferences since 2015, so I have been around for a while.
2. - What prompted you to launch DeFiBench?
Well, I have been involved with DeFi ever since its inception. In May and June I was toying around with the idea of launching my own DeFi project. After searching for a number of days I finally found a team as enthusiastic and involved with DeFi as me. We started developing our platform and continued updating the plan and enhancing the concepts as rapidly as the DeFi space evolved.
3 - DeFiBench is a Crypto ecosystem. What are some of the main components?
DeFiBench is an ecosystem of DeFi applications. We created a one stop shop for DeFi with several key elements.
- Decentralised Asset Management which includes Yield Farming, Staking and more.
- An NFT and Digital Art platform.
- Decentralized Launchpad.
- EDDASwap - our DEX (decentralized Exchange).
At the core of this entire ecosystem is DeFiBench's native token, EDDA.
Holding the EDDA token will enable you to profit from ALL of the above elements of DeFiBench.
So you don’t have to put all your eggs in one basket!
We have many different elements on our platform, which are very well planned and being executed for the past few months. We are confident all will be profitable for EDDA token holders and at the same time provide great benefit to users of our platform in general, no matter which area of DeFi you are excited about! And the best thing is, many elements of our platform are already live in testnet and going into auditing and main-net immediately after that!
You can actually use our Decentralised Asset Management and NFT platform as soon as EDDA is listed and tradeable.
4 - I believe the future is bright for Decentralized Exchanges. How is your DEX different?
Our priority for EDDASwap is to eliminate risks, and provide users a completely secure trading environment. EDDASwap has “Liquidity Lock”, an optional feature whereby anyone that lists their token onto EDDASwap will have the ability to lock in the liquidity for the token for a designated period of time. Every project that wishes to legitimise themselves would be able to make use of this feature to create trust, and provide token buyers complete security.
Not many decentralised exchanges are fully audited by a third party. Security for users is the most important thing. EDDASwap is just part of what we do. Decentralized Asset Management, an NFT platform and a fully decentralised launchpad. Our governance is very robust and you will not only be able to decide about economic aspects but also technical aspects.
Additionally, DEXs generally reward LPs (Liquidity Providers) by distributing to them the trading fees generated by the DEX. In many existing DEXs, a percentage of these trading fees are retained from the liquidity providers, and distributed to the creators of the DEX.
However, in EDDASwap, this fraction of trading fees will be used to automatically market-buy EDDA Tokens! These will then be distributed to EDDA Token holders in the EDDA Vaults. Therefore, as EDDASwap grows and trading volume increases, the EDDA Token holders will be the ultimate beneficiaries always.
We will also promote more and more EDDA based pairs and provide incentives to DeFi projects listing with us for the same. These incentives could be of a wide range based on the needs of a project.
5 - NFTs are exploding onto the crypto economy. How is DeFiBench participating?
We believe that content is the king. Similar to how Netflix creates its own content we have chosen to create our exclusive NFTs which can be only availed by staking EDDA on our NFT Platform.
DeFiBench is not a NFT Marketplace like Rarible, Nifty, etc. This was a conscious decision by the team.
EDDA Holders can stake their EDDA tokens and EDDA LP tokens in order to avail DeFiBench’s exclusive NFTs created by leading 3D motion graphic designers, digital and NFT Artists.. We have already received our first-set of commissioned work from leading NFT artist Primal Cypher and will close partnerships with a few others too! -
I was happy to create this piece as a commission piece for @TheMehulPatel— PR1MAL CYPHER (@primal_cypher) December 10, 2020
for their promising $EDDA #DeFI project. CHECK THEM OUT and their really cool upcoming platform!#raredigitalart#cryptoart #digitalart#NFTart #NFT #NFTs pic.twitter.com/khsj7WOAwS
You can view our most recent NFT previews dedicated to the founder of Binance, CZ -
And the founder of YFI and KP3R Andre Cronje -
All of these NFTs are exclusive to EDDA Holders and can all be sold on famous NFT Marketplaces for high prices!
We are also exploring more aspects to the NFT spectrum in line with our thinking of constantly evolving with the space!
6 - The EDDA Token sale is happening now. Could you explain the token, its benefits and how one can participate?
Our contract has also been audited and the audit report states it is well secured with a 5000 supply never to increase.
The $EDDA Token is at the heart of the DeFiBench ecosystem.
DeFiBench has 4 key platforms-
Decentralized Asset Management (Vaults + Gain platform)
Edda Token Use Cases and Benefits -
1000 tokens will be distributed for free to EDDA Token Holders and Liquidity Providers.
Only EDDA Token holders can avail our exclusive NFTs by staking their EDDA tokens on our NFT platform.
Only EDDA Token holders can provide funds to projects on the Decentralized Launchpad to support other DeFi Start-ups.
EDDA Holders will also get a share of the transaction fees generated on the EDDASwap DEX.
You can participate directly via our official Token Sale page - https://ito.defibench.com/
Minimum contribution is 0.1 ETH, 1 EDDA = 1.25 ETH
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