Morphie NetworkAMA Summary Recap With Shin Chan Community
We held a Live AMA with Marketing Lead, Mukul from Morphie Network on 26th September 9:00 PM (UTC+8). Here’s the recap for those who missed it.
JH | Shin Chan: Before the ama start, can you please introduce yourself and the team background?
Mukul: I am the Marketing lead for Morphie. I am a Marketing graduate and joint crypto in the late of 2019 when all the intitutional buys started and i saw the trend shift. So have been basically doing Marketing all my life.
Unfortunately Vishal, Our Co-founder wasn’t able to join the AMA today. I will introduce him too.
Vishal has been a software engineer for all my life and have an experience of 5 years in working in blockchain tech.
JH | Shin Chan: can you please introduce us about Morphie Network in short, and we would like to know if any news from Morphie
Mukul: Most important news that directly impact the community is that our IDO Whitelist contest is On!
& has been gaining some intense Hype in the recent past
We have over 1 Million entries in less than 48 hours. Coming to Morphie
Morphie is the first Oracle on Avalanche. We are a community driven oracle aimed at providing devs with accurate data feeds.
While there are a few notable names providing Oracle services, but they do have their own limitations. Some are centralised, some have a low transactional speed, limited pairs, expensive…
Our solution is to utilise Avalanche blockhain higher transactional throughput, faster speeds and secure network to build a completely decentralised, community driven oracle.
AMA Twitter Section Begins:
Q1: Can you tell us all more about the project idea, how it started? and specially why its needed or how is it disrupting?
Let me simply the question below:
the problem you are trying to solve?
Why you think thats the problem needs to be fixed?
Whats the solution you are proposing?
Mukul: According to Three arrows Capital, which is one of the most reputed Venture firm in the crypto space. Avalanche ecosystem is a blockchain of interest which should be closely monitored.
But for any ecosystem to flourish an Oracle is needed for providing information to the Smart Contracts. As these SCs cannot interact with the outside world. But due to Avalanche ecosystem just starting to develop there is no Oracle project on it yet. Which is why the Dapp development is hindered. With Morphie we aim to change that
So to cut it short
Problem: No oracle on Avalanche
Solution: Morphie Network
Q2: Can you tell us about market pie you are trying to conquer, your competitors and your Strength, Weaknesses Opportunity and Threats (SWOT) analysis for your offerings?
Mukul: Market pie we aiming and our goal is to become the single most trusted Decentralized oracle on Avax. and as we have a first mover advantage that is definitely a big thing for us to fulfil our goal.
We are largely focused towards the Avalanche community to start with — we have realised that a lot of development is taking place on Avalanche blockchain which is evident by the price action, TVL and growing community.
Coming to SWOT i think i will try to do a quick one
Strengths — Decentralised, community driven, utilising Avalanche blockchain’s architecture.
Weakness — TOUGH MARKET LAST COUPLE OF WEEKS 😉
So a mean to convert real world data to blockchain data
This can be actually used via a lot of Defi products, dapps and more…. Opportunities are endless
Threats — Some of the exisitng projects have a much much larger piggy bank and we have just started.
Q3: Morphie Network has a logo of a dog figure on its icon. Can you tell us what is the meaning behind this illustration? Where did the idea of #MORPHIE network came from? Can you share to us the story and inspirations behind Morphie Network?
Mukul: Morphie comes from Morpheus
Character in Matrix
Morpheus introduced Neo to Oracle. And therefore Morphie is our flag bearer for Morphie Network
Q4: I saw that whitelisting for $MORPH #IDO is now open. Can you tell us what are the requirements to qualify for the said #IDO? What benefits can we get from being whitelisted? Can you tell us how many spots will be the whitelist IDO is limited to?
Mukul: $MORPH IDO is scheduled for next week on AvaXlauncher.
To enter the IDO there are three options
1) Stake your AVXL LP tokens
2) Stake AVXL tokens
3) Gleam Contest
Every one in this 3 options get a guaranteed investment allocation.
Once guaranteed investment allocation round is over, the unsold portion of the token are available for sale to everyone.
But the hype for the IDO is very high as we are the First IDO on AvaXlauncher and i think $AVXL did a 500x at launch.
So i believe Morphie IDO will be a very oversubscribed and the hype can be already seen with the 1M contest entries already filled in less than 48 hours
So i highly recommend to Stake your AVXL to get a guaranteed investment allocation.
Other than that, AVXL token stakers and Liquidity farmers get an airdrop of our $MORPH token which is 15% of our supply. Which is quite huge
Q5: Can anyone tell me how to get confirm allocation for morphie token. If I stake only avxl token and did not stake LP then am I eligible for morphie allocation??
Mukul: This is a miss conception that a few Fudders spread in our community. We asked AvaXlauncher team to clarify it to their community and they recently did a post on it.
$AVXL stakers and $AVXL LP stakers will be exclusively incentivised for all the IDOs on our platform
By participating in LP Staking or Perpetual Staking program, you get an exclusive investment round in the upcoming Morphie Network IDO along with $MORPH airdrop tokens 💰
Read the complete details here 👇
All stakers and LP providers get a guaranteed investment spot which is proportional to their staked percentage of the total staked amount.
i hope this answers
Telegram Live AMA Begins:
Q6: It is says that “Morphie Network is the first Oracle on Avalanche Blockchain”. Then why you are launching on BSC at the first place? What is the reason behind it?
Mukul: We actually launch on BSC and Avalanche both.
There are a few key ecosystem parts missing in avalanche still which is why we were advised by our advisors to launch on BSC and later shift to Avalanche once those key developments happen. We expect to completely shift over to a avalanche in the next couple of month.
Q7: Why you and your team members are anonymous? Are you from one of those countries where crypto is illegal?
Mukul: Our team is not anonymous
You can find the details of the team over our website itself.
Q8: You mention that you will have a bug bounty program after the Audit round is complete. Can you tell us weather the audit is already completed or not? What is the results?
Mukul: An Oracle in itself is a fairly complicated thing — with multiple nodes, validators and data feeds interacting with each other
So the product takes time to be completed. once complete we will be releasing info over our announcement channels
Q9: Why did you choose #avalanche to develop and build Morphie Network? In the future when going into stable development, do you have plans to expand to many other platforms such as BSC, ETH, Polygon to increase your user base?
Mukul: Avalanche is a big project and has a lot of potential that can be seen with the growth of TVL over it
In very short period of time it has reacher $2.8B in TVL but still has no oracle built to cater to the Dapps and DEFi projects and that is where we come
Q10: What is the most ambitious goal of your project? And what is the main vision your project wants to achieve in the cryptocurrency market?
Mukul: To be single most trusted Oracle in the Avalanche Ecosystem
Q11: 🎋🎋🎋Will users with $MORPH tokens be able to stake? Can you talk about the advantages of owning $MORPH and the special rights it will enjoy?
Mukul: We have very intersting Staking and LP programmes coming to increase the security of the network.
Validators of the network need to stake their tokens in order to provide data to the nodes. And thereby preventing them from any malicious activity in the network.
Q12: The MhorphieNetwork project is a new project. Did you consider any inputs or problems from the community in building this project?
Mukul: Big bug bounty campaign coming when we release testnet of the product.