What is SOAR?
SOAR is an ERC-20 with a frictionless yield generator mechanism that applies a 1% fee on every transfer and instantly distributes the fee among holders. This is the easiest form of staking that exists today. Holders do not need to deposit tokens anywhere and wait for fees to be delivered. Fees are awarded by the smart contract and automatically reflected in the holder’s balance. There is no inflation in SOAR, as the same tokens are redistributed among holders based on transaction volume.
Q & A with the Team
One of the best ways to better get to know a project is to talk with that project’s founders and team members. We took some time to interview the SOAR team in a Q & A format to let them showcase the amazing work happening with SOAR.fi.
Q: What makes soar.fi unique amongst all the other projects that exist within the DeFi space?
A: Hello, this is 0xSoar, founder of SOAR.Fi. First of all, you need to find a problem worth solving and only then develop a product or service that fulfills it.
We noticed three major untapped issues.
– The leftover ETH beneath failed projects or which stopped delivering.
– No system for projects to merge their liquidity.
– No easy way for users to swap their liquidity from one pool to another.
This is how I came with the idea of SOAR, a novel product in the cryptocurrency sphere which aims to solve all of the above.
Q: SOAR was launched without a Fundraiser or ICO and your team provided the initial liquidity on Uniswap, this makes SOAR stick out amongst other projects. Please explain the rationale behind this move.
A: My vision was to build a project from the ground up into something with a high impact and significance in the DeFi ecosystem. It also made no sense to market our product as a “Liquidity Absorber” and raise money for liquidity. Even if I knew it could turn out to be a bumpy road, I decided to cover the initial expenses and start from the ground up as I strongly believe in the team I’ve assembled to build the products. So far, it exceeded our expectations, and we are pleased to have a healthy and organic foundation built before we launch our main products.
Q: As the project’s founder why have you chosen to remain anonymous? Do you think this makes the project lose credibility?
A: We are entering the era of anonymous cryptocurrency projects, where the only element that matters is product delivery. Anonymity is a right in the cryptocurrency space, and it should be respected by every party involved in a project.
Q: What blockchain have you built your project/ token on and why?
A: SOAR token and its products are built on Ethereum. We chose it as it’s the most secure and most commonly used platform for dApps.
Q: Are you concerned about the high gas fees on Ethereum, how should the community and its users overcome this issue?
A: Gas fees on ETH are an issue, and they might continue to be for a while. We decided to create a bridge to Binance Smart Chain to mitigate the gas issue and allow users from other ecosystems to partake in the SOAR journey.
Q: With many interchain bridges like Solana’s Wormhole, Cosmos’ Stargate, and Polkadots Moonbeam, will you consider making the SOAR token interoperable?
A: Once the product is delivered, our primary focus will be to increase users by searching for partnerships and interoperability solutions.
Q: Your project has a liquidity migration feature, how this can benefit new or existing users of SOAR?
A: The Liquidity Migrator is a smart contract that seamlessly swaps the liquidity from one pool to another. SOAR.FI aims to solve essential issues investors face when they engage with their Liquidity Pools while also building an increasingly liquid ecosystem. Each migration will require X amount of SOAR to be purchased to migrate liquidity to SOAR LP.
Q: In the future you plan to release SOARX as a Yield Farming Token, why do you need a second token for the project and what will be the benefit to SOAR holders?
A: SOARX will be the utility token for our upcoming token launchpad (NovaPAD). NovaPAD will be a framework to launch community curated projects comparable to Polkastarter, where users decide by voting with SOARX tokens the projects launching on the platform. SOARX token will be farmed with SOAR/ETH liquidity or by staking SOAR according to data that we will provide as we get closer to the launch. To give a simple answer on how SOAR benefits from SOARXs presence: To farm and own SOARX, which gives you the right to vote & participate in NovaPAD sales, you need to provide SOAR/ETH liquidity. You can’t add SOAR/ETH liquidity without holding SOAR.
Q: Describe the main vision of soar.fi and give us your goal for the project 1, 3, and 5 years into the future.
A: Our aim is to become a continually expanding liquid ecosystem. We want to develop the best version of our products, raise the adoption of the Liquidity Migrator and launch successful projects through the upcoming launchpad.
Q: Where is the best place for the community to interact with you?
A: Our most active community is on Telegram. Join us, and let’s talk!
Q: Why is Staking Rewards a good partner for your project?
A: The most advanced data tracker for yield-providing assets definitely goes hand in hand with a novel liquidity congregator paired with a non-inflationary yield mechanism. Don’t you agree?
Conclusion
The SOAR.fi project is really unique in an era of copycat yield farms, SOAR is doing a great job of providing innovation to the DeFi industry. I am particularly excited for the releases scheduled in their roadmap regarding the SOARX token and NOVAPad. One of the most impressive factors of SOAR.fi is that they held no Fundraiser or ICO. There is a lot of potential with this project and the fun is just getting started!