If you’ve missed our latest AMA session with CoinsPaid CEO Max Krupyshev, we have prepared an article for you with all the questions and answers.
Here you will find the info about Staking and Farming of CPD, the latest news about CPD Foundation, Burning CPD and more!
Q: Which CPD programs (farming, staking) will be available for holders in the future? And when?
A: I think we’ve already tried a lot of things, right? The staking & the farming, too. And we just don’t see this having a very long lasting effect on the price or basically on the wellbeing of the community even. And I’ve participated, I think, in the biggest farming project that we’ve had with the highest yields. I guess it was Uniswap — $CPD and USDT. I remember there were five people involved in farming, right? And I was just one of them, just as a user. So, we see that these instruments are a bit overrated, and what we do, we just sort of lower the price even more. So, we are thinking of something different we can do. At the moment I don’t have clear plans on how exactly to continue with the farming or staking.
Dmitry: Actually, we are working on the plan for staking & farming for the coming months, but we still keep it on hold, because we’re working with merchants. We’ve run a large-scale custdev interview of our merchants, and in order not to create additional selling pressure on the token, we decided to postpone this farming program for a few weeks to get a clear understanding of the market condition and the token’s demand, and then we will be able to renew our farming program on BTC and Ethereum. We will give an update as soon as possible.
Q: Do you have any updates about getting CPD listed on centralized exchanges?
A: We have to list at one reputable exchange, at least. But I guess you’ve probably heard about that. Nothing new so far, I’m afraid. So, I’ll give you some information about the Foundation.
Now, we’ve already set up the foundation in Zug, Switzerland. We’ve opened a CPD Foundation bank account in Switzerland. In order for CPD Foundation to start running, we basically need to have the capital injection which has to be done in Swiss francs. So, we have to put money in Swiss francs into the Swiss bank account. And the case is that we collect money in USDT & USDC.
And so far the project doesn’t have a bank account and doesn’t have Swiss francs. I think we just need a few days to figure out how to handle the Swiss foundation problem in a correct way. Originally, there was the idea that we would make a donation to the foundation in crypto, and they said it’s fine, but the initial one has to be in the Swiss bank. This is a small detail, but it is delaying the project just a bit. Just to make it clear, the Foundation is ready. There’s a small thing left.
We already have a few green lights from the exchanges, and I think as the market falls, negotiating with exchanges will be getting less complicated and I believe in general, the noise and the overpricing from them will be much easier. And of course, for us as a centralized platform, it is quite nice to be listed on centralized exchanges so we can in a very natural way connect our liquidity tools to this exchange and basically be able to buy and sell quickly without need to go through web3, where fees are higher, and basically it will be the more natural sort of balance of demand and supply from you or from traders who are there.
I don’t think it will remove the liquidity from the DEXes or remove the trading volumes from the DEXes, but at least for us and for the newcomers to the community, it will be easier to just go on centralized exchanges and to use CPD in the more usual way.
Q: What plans do you have for further community development?
A: Well, I think that we have to build a community around the consumer product, which is the wallet. I understand it right now. You just download it from the Apple Store or Google Market. It’s not a very competitive wallet yet. But there is a road map, right? There are some challenges we are facing along the way in order to make this really cool.
For those of you who are following me on Facebook, you see that I did open the position for the CPO. So, we are looking for a chief product officer. For the person who will help us with basically developing the products better and quicker. So, if you have an experience, you’re welcome to send us your CV.
But I think it’s again rotating about the product, because just offering our Community things which are not connected with the business, it might be useless. Speaking of just sharing with you the updates, collecting from you the feedback. Understanding what you like or don’t like, what your ideas are — for us is extremely valuable. And we really appreciate you doing this.
There will also be nice activities with the football club that we sponsor in Cyprus. They did quite well throughout the season. Not that they won everything they could, but doing just fine. I think in fourth place right now, so they will be playing in the league next season and we will be planning a lot of activities with them, and the community will be involved in it. It’s gonna be cool.
Q: Will there be token burning? And when?
A: As I say every AMA, we had this in the deck, that token burning events might be possible as soon as all the tokens are in circulation. As I said before, we are not opening any of the allocations before we make the utility work. All the allocations are still unclaimed. Before all the tokens are in circulation and there is a need for them, we will not be doing any burning.
Q: Have the companies working with you started to buy CPD?
A: Some of them have, but the number of those who have is not satisfactory to me. So, we have hundreds of them, and now just a dozen of them buy CPD regularly. So, the accounts team and the sales team are working on activating them, explaining how everything works.
But we just see that this is not happening as quickly as I expected. And it’s not like we see the problem and we do nothing. We will find our approaches to speak with them, to explain them and also have some activities with the marketing team to make more of the custdev to understand the problems and needs of the clients a bit more and to offer them a better integration of CPD.
Q: How do you protect CPD from falling to 0$?
A: Basically, we don’t. I honestly buy when the price decreases because I believe, and it looks like people just buy when it goes down. I don’t think there is any sense in selling it below a cent, because no one in the world bought it cheaper than one cent. Why would people sell it lower when the business is working with the business?
So, we don’t do anything crazy to protect it from going to zero. And I don’t understand why someone wants to sell it with big losses.
Q: Does $CPD have any plans to migrate to different blockchain networks? For example Near, Solana
A: I don’t think our problem is the lack of blockchains at the moment. So we’re on Polygon where nothing is happening. We are on BSC and on Ethereum. I don’t think there is any need for this. I don’t think there’s any difference. I would say, among all the priorities that I have, adding more blockchain is somewhere in the very end.
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