As promised : here’s our second article about the most frequently asked questions !
What are our partnerships so far ?
How much does it cost to use the platform ?
The Debt Protocol is directly involved in the $DEBT token. This means that there is no cost in using it, and the user automatically uses it when he buys $DEBT.
What are the Tokenomics ?
the total supply is 100 billion $DEBT
5% of the supply is in team’s wallet (vested 2% per week), and 2.5% is in marketing wallet (vested 5% per week). The wallets can be found on our website.
Is the protocol safe ? How can we make sure people pay their debts ?
It is ! Debts that are due are removed automatically by the protocol. For this reason, no one can escape to pay them (unlike the real world for some of our readers). Same goes for those who are owed — they will receive their rewards no matter what happens. That’s the strength of the blockchain technology combined with a real-world concept.
So how do I receive my rewards and pay my debts?
You don’t need to do anything in particular. Every time you do a transaction, what you owe and what you’re owed is automatically transferred by the protocol.
Most Defi projects are built on the Ethereum BlockChain, why is Debt built on the Binance Smart Chain?
The reason is actually quite simple. At the time we deployed our contract, the fees on Ethereum were stupidly high (and they still might be as you read). Our protocol writes a lot of data on the blockchain because of the amount of information a user has : debts, rewards, tier, last time he/she had his profile updated, etc.
The fees would have been way too big, on every transaction. Binance Smart Chain looked like a good alternative.
Even in the increase of Flash Loan attacks on the BSC Blockchain. How safe and secured is the Debt Project?
Flash loan attacks are ineffective on our protocol because there are no ways to get advantages of our token in such a short period of time. It’s been worked to be rewarding only for long term holders.
How many companies audited us ?
What is the meme park and what should be expected from it ?
With the Meme Park, everyone will be able to stake their tokens related to memes, like DogeCoin and Elon. With our unique concept, there will be transfers of tokens between users with conditions we will decide later.
What about the Governance of Debt?
Holders will decide about everything with this token. We want the community to be active in the project. They can decide to change the fees and the tier structure. They will also debate on future functionalities.
Can I see how much I owe and I’m owed?
Yes. BSCscan may not be updated, but your wallet is. (for e.g. MetaMask) It takes into account debts and rewards, even if you haven’t made a transaction to update your wallet yet.
I lost my hold bonus, is there a way to get it back ?
Yes, there is. You need to completely empty your wallet and re-fill it again.
Want to learn more about our project ?
The answer to the other questions can be found in our first article : https://debtprotocol.medium.com/debt-protocol-1-presentation-a74409b5c48d