KuCoin AMA With Turbos Finance (TURBOS) — The First Perpetual Powerhouse and DEX Aggregator on Sui
Dear KuCoin Users,
Time: May 16, 2023, 14:00 - 14:57 (UTC)
KuCoin hosted an AMA (Ask-Me-Anything) session with the co-founder & CEO of Turbos Finance, Ted, in the KuCoin Exchange Group.
Official Website: https://turbos.finance
Whitepaper: Click to view
Follow Turbos Finance on Telegram and Twitter.
Guest
Ted — Co-founder and CEO of Turbos Finance
Q&A from KuCoin
Q: Please give us some background about yourself.
Joe: I'm Ted, Co-Founder and CEO of Turbos Finance, a passionate crypto believer and research scientist with a strong background in derivatives, on-chain data, and decentralized exchanges (DEXs). I'm thrilled to be leading the team at Turbos Finance, one of the pioneering developer projects dedicated to the Sui ecosystem since June 2022.
Throughout my journey, I've been actively involved in building the Sui ecosystem and contributing to the development of public goods. For example, decentralized finance (DeFi) can transform the traditional financial landscape. With Turbos Finance, we are dedicated to pushing the boundaries of innovation and driving the adoption of DeFi on the Sui network.
Q: Can you tell us more about Turbos?
Joe: Turbos Finance is a non-custodial and hyper-efficient decentralized exchange (DEX) invested by Jump Crypto and Mysten Labs. Built on Sui in June 2022, Turbos brings a universal notion of digital asset ownership and unprecedented horizontal scalability to DeFi.
Turbos is devoted to bringing DeFi to Sui's developers and users. We partnered with Jump and Wormhole to ensure strong liquidity and efficient trading. Mysten Labs supports Turbos to enhance Sui's ecosystem protocols through CEX partnerships, on-chain liquidity, user growth, and mass adoption initiatives. Turbos are paving the way for wider DeFi options with our lice CLMM spot trading on the Sui manner.
Q: Can you tell us more about the benefits of concentrated liquidity and how it differs from traditional AMMs?
Joe: The concentrated liquidity model is the cutting-edge generation of AMM. It comes with several benefits. First, it offers up to 4000x capital efficiency. So liquidity providers earn more fees by providing liquidity in a selected price range.
In the meantime, liquidity providers can optimize their exposure to various market conditions. Unlike traditional AMMs, concentrated liquidity mitigates impermanent loss and offers LPs more customization and flexibility in managing their positions.
Q: Please give us an insight into your products.
Joe: There are 4 product streams in Turbos: CLMM DEX, TurboStar, TurbosBoost Campaign, and Perpetual AMM.
Turbos concentrated liquidity market maker (CLMM) DEX is live on the Sui manner. Turbos CLMM DEX allows users to provide liquidity at specific price ranges to maximize capital efficiency and reduce the impermanent loss for liquidity providers, ensuring a sustainable and profitable trading experience. Users enjoy great prices by trading on a CLMM compared to traditional AMM.
TurboStar aims to expedite the growth of Sui ecosystem projects by facilitating seamless fundraising, heightened awareness, and access to Initial DEX Offerings at presale prices. To protect investors, the TurboStar program implements strict anti-rug-pull rules.
TurbosBoost Campaign is an innovative IDO/IEO opportunity for Sui's ecosystem builders. Through the TurbosBoost Campaign, the community vote for and support their favorite protocols. Among those who set up AMM pools on Turbos via Initial DEX Offerings (IDOs), the most promising protocols will be referred to top-tier Centralized Exchange partners for potential listing and investment opportunities.
Further down the roadmap, Turbos offers Perpetual AMM, an efficient perpetual trading product enabling traders to open long/short positions of crypto assets easily.
Q: What about the auditing process for Turbos Finance?
Joe: As a DeFi protocol, we take security very seriously. Security and trust are of utmost importance to us at Turbos Finance. Therefore, we have partnered with CertiK, a leading blockchain security firm, to audit our smart contracts and protocols thoroughly. The CertiK audit ensures that our platform is secure and free from vulnerabilities, providing users with peace of mind when engaging with Turbos Finance.
In addition, we're partners with two of the leading security firms on Move-language: OtterSec and MoveBit. Through working with industry-leading security partners, we ensure the safety of our platform.
Q: Highlight some key achievements from your previous token sale.
Joe: Our previous token sale was a tremendous success! During our Token Generation Event (TGE) on May 15th, we connected with a vibrant community and raised over 340 million in our Seed and Private SHO on DAO Maker. Witnessing the overwhelming demand and support for Turbos Finance was truly exciting.
Additionally, our public round on TurboStar — our own IDO platform concluded within an astonishing 3 minutes, showcasing participants' strong interest and enthusiasm.
We also conducted a public sale in collaboration with the Cetus community, which sold out within 7 minutes. These achievements are a testament to the growing recognition and adoption of Turbos Finance in the DeFi space.
Free-Ask from KuCoin Community
Q: When and where can I buy your tokens?
Joe: Yes, we're listed on KuCoin, a great partner to work with! In addition, our tokens can be bought on ByBit and Gate.
Q: Short-term investors in the community and market are ever-prominent. How can you assure us of holding your token in the long term?
Joe: As discussed, there are multiple product offers on our roadmap. The TURBOS token holder will benefit from our products, like sharing fees, participating in governance, etc.
Q: Do you guys feel satisfied by seeing your progress and achievements till now, when you look back to the day you started this project?
Joe: It has been quite a long journey. It takes work. The move language is truly designed for the next generation of blockchain. I'm very happy to see where we're today. As long-term builders, Turbos will continue pushing our product and onboard the next billion web3 users
Q: How do you plan to improve the interaction with new users and users outside the crypto space?
Joe: User interface (UI) and user experience (UX) in the web3 space is generally better than in web2. Turbos tries to reduce all the friction possible when onboarding users. We always invite non crypto native people like our family members to test our products. If my parents can use our products without problems, most people in the web3 space will have no issues.
Q: Currently, many people are looking at NFTs, metaverse, and games. What advantages will you have in this field?
Joe: Sui is an exciting ecosystem for builders. I have seen it in my eyes; so many teams put hard work into NFTs, metaverse, and games. Turbos are actively expanding our partner network in those fields. And we would love users from that side to be able to trade tokens seamlessly on NFT marketplaces and in games. NFTs, metaverse, and games are the fields where the opportunities for web3 mass adoption are, and Turbos is excited to be part of this!
KuCoin Post AMA Activity — Turbos Finance (TURBOS)
🎁 Participate in the Turbos Finance AMA quiz now for a chance to win $10 in TURBOS!
The form will remain open for five days from publishing this AMA recap.
Giveaway Section
KuCoin and Turbos Finance have prepared a total of $2,000 in TURBOS to give away to AMA participants.
1. Pre-AMA activity: $1,000 in TURBOS
2. Free-ask section: $50 in TURBOS
3. Flash mini-game: $400 in TURBOS
4. Post-AMA quiz: $550 in TURBOS
. . .
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