Morphie Community AMA Recap — 21st Feb 2022
On 21st Feb’22 we hosted our very first Community AMA where we discussed the developments going on at Morphie and answered the community questions in LIVE Q&A.
In case you missed the chance to join in to this informative AMA, here’s the recap of the Live AMA with our founder Vishal and hosted by our community admin Fontenele.
Also here’s the telegram link to the AMA: https://t.me/MorphieNetwork/58905
Fontenele: We are honored to welcome our team, which is today represented by Vishal, Morphie’s Founder. Hello sir, can you make a brief introduction for today’s AMA?
Vishal: Hi All!! I am excited about today’s interactive session with our community
Fontenele: All right! Let’s start with questions? We are going to start with questions already asked by community members. After this, we will open the chat for a few minutes and some questions will be collected live.
Vishal: Great!! SO let’s start then
Fontenele: First one… In the future will there be a voting system for project holders? Some of our community members were asking about it. So, what can we expect?
Vishal: Well yes, of course!! That has been the plan for Morphie right from day one isnt’ it, to make Morphie a decentralized blockchain oracle that is run and governed by the community.
Fontenele: Great! That’s good news! Next one! About Roadmap phases. When will we go for Phase 3? Are we going to see any new partnerships in the future?
Vishal: So I would like to answer that in detail. We are currently working on phase 2 which is developing the Morphie Protocol!!
At the start of this year — we released our first set of 17 pairs of price feeds and we plan on adding more to the list in the coming days!! And now we are looking to integrate these price feeds within the projects built on the Avalanche network.
To add on this — Our team of developers are also working on Morphie VRF (Verifiable Random Function) that will provide cryptographically secure randomness for any blockchain-based applications such as games, NFTs and more 🙌
Fontenele: Awesome sir! Could you tell us something about the recent Morphie Network partnerships?
Vishal: Sure. As we are building the Morphie Protocol — we want other projects on avalanche to utilize them. This is where we partner with other innovative projects on AVAX, and explore the technical possibilities of integrating Morphie’s decentralized protocol.
1) We joined hands with AVME — a secured wallet for Avalanche-based NFTs & tokens where AVME’s inventive wallet and Morphie’s decentralised price feeds will be integrated by each other, to further advance both the products built on Avalanche.
2) Avaxtars is a popular play to earn NFT game on Avalanche and with them we are going to test the upcoming Morphie VRF by integrating in their gaming application to randomize the placement, creation, and/or distribution of in-game items such as NFTs.
Fontenele: That’s for sure is amazing for our community.
Many members of Morphie’s community wonder when the roadmap will be updated. Is there something to share with them on this? And how big is the team? On the website there are 3 people and some advisors.
Vishal: We are focused right now on finishing the Phase 2 and with further developments, we will be publishing a roadmap with timeline.
Answering about our team — Me, Nitesh and Samarth are the core members and there are other members as well who help us in the development and marketing of Morphie Network 🙌
Fontenele: Thanks for your explanation. Everyone is excited with the work you have been doing!
Vishal: And let me tell you that things have barely begun 😉
Fontenele: Lets proceed, next question! As an investor, why would we rather choose to invest with $MRFI ? What are the plans ahead to increase the value of $MRFI in the market & to attract many people to trade & buy $MRFI ? Any benefits for holding $MRFI for long?
Vishal: $MRFI is a utility token that powers the Morphie decentralized oracle network. There are a lot of benefits and features exclusive to MRFI HODLers such as -
1. Early Access to MRFI Validator Program — Users can stake MRFI tokens to become a MRFI validator
2. Users can Stake MRFI and earn up to 600% APY — https://app.avaxlauncher.com/morphie-syrup-pool
Also adding to this in future, $MRFI token holders will have the voting rights in the Morphie Network Ecosystem.
Fontenele: That’s excellent. Let’s talk about one important point. Almost every investor holds the token for the short-term without understanding the long-term value. So, how can you ensure people that holding this token is more beneficial for the long-term and what is your plan to increase the demand and scarcity of the token?
Vishal : aahh…that’s a tricky question. We do not want to say anything which will cause legal trouble. But just see our daily trading volume and current mcap. We are the lowest market cap oracle in industry at the moment, Oracle and Avalanche, both, are comparatively new to the blockchain and we know that both are in great demand as of now :-)
Further development in both Morphie and Avalanche will take the coin value to great heights 🚀 So I believe Morphie meets the specifications of an investor to hold a coin for long term
Fontenele: Oh yes, that’s really interesting 👀 👀
So, how will the Validator Program take place? Recently some users joined this program. What actions should be done by them?
Vishal: Yes — we have seen good number of people joining our Validator Program and we are excited about that. Morphie Validators are responsible for proposing and committing new blocks to the blockchain and participate in the block consensus. Validators stake their $MRFI tokens as collateral to work for the security and data integrity of the network and in exchange earn rewards. Funds staked by validators will be locked in a smart contract Validators will earn fees for every request by a dApp or a smart contract, after Morphie’s Mainnet Launch.
Our testnet will be LIVE in the coming months!! More info is here — https://morphienetwork.medium.com/early-access-to-morphie-network-validator-program-f4e5a2ec8921 (Link to medium article on “Early Access to Morphie Network Validator program”)
Fontenele: Great sir! We are all happy to follow Morphie Network growth and development! Frequently we see some comparisons in the Crypto world. One of them that shows up from time to time is: If there is Chainlink already, why do you think Avalanche chain needs Morphie?
Vishal: Morphie is working passionately to provide an actually decentralized oracle without any possibility of data manipulation. With our high security using multiple data sources and PoS mechanism, we will stay an edge above our competitors. Moreover projects in future will use more than one oracle to make sure that the data provided is authenticate
Fontenele: Next question! How many overall quality projects are you in negotiations with?
Vishal: We are looking to partner with multiple innovative projects on Avalanche network, which are going to integrate MRFI price feeds in their protocol and are also helping to scale the avalanche ecosystem. We have announced a couple with many more to come!!
Fontenele: That’s good to know! We are all with nice expectations! Could u tell us what’s the reason behind the volatilty of the Morphie token price?
Vishal: Well it’s a very low mcap hence small price movement moves volatility index a lot 🙂
Fontenele: Indeed ser. Also, there have been claims stating Morphie Network as “slow rug scam”? Like this one, as example. https://twitter.com/AvaxDyor/status/1494351214661750788
What is your take on this?
Vishal: FUD only! Saying anything to them just deteriorates our own standard 🙂
Fontenele: That’s true.
Vishal: We tend to IGNORE such FUDs and continue developing our protocol
Fontenele: Will Morphie be added to more Avalanche based DEXes?
Vishal: Yes…and to add some more excitement for the community, we are in touch with some Avalanche based DEXes to introduce lucrative farming pools for MRFI token. So stay tuned for more info!!
Fontenele: Good sir! Sure we will. Thank you very much. Now we go to the community members’ questions. Chat will be open for a few minutes and questions will be collected live. All right?
Vishal: LFG 😉
Qs. Crazore: Why the core team is not writing in the group to give updates to the community from time to time? Sometimes it is frustrating to see that only 2 moderators are handling everything without giving answers.
Vishal: To actively engage with your community — we have decided to conduct these regular community AMAs so you will see us more now 🙂
Qs. Mark James: Many people say it’s a scam, what you guys have to say to them?
Vishal: We ignore such FUDs and focus on building the Morphie Protocol
Qs. Mister: When we will get more updates on validator program? Has been a while already.
Vishal: Very soon ser. Stay tuned !!
Qs. Crazore: Are there any CEX listing planned?
Vishal: For now we are in talks with some DEXes on AVAX — so buckle up for exciting updates there
Qs. Mister: Some users claims some issues while claiming their rewards on Syrup pool on both chains(AVAX/BSC). Like huge fees for transactions. Could u clarify on this? When it will be 100% solved?
Vishal: We will look into these issues and resolve them. You can DM me if there are any
Qs. Willy Vaughn: Validator program is more profitable than staking Aproximately how much apy of validator program?
Vishal: I recommend you to go thriugh this read for more clarity ser — https://morphienetwork.medium.com/early-access-to-morphie-network-validator-program-f4e5a2ec8921
@FonteneleDude I think I answered most of them!!
Fontenele: Good ser! Let’s close our AMA then!
Vishal: Yes! Thank you Morphians for your time and questions. We look forward to conducting more such sessions!!
Fontenele: Would like to thank you very much for your job! It was an amazing AMA today!
Vishal: Thanks for hosting this!!