FAQs

Who is the team behind Bamk.fi?

1,177 degens and counting.

The core team has mostly been doxxed if you have been active enough on X or Telegram

Is Bamk.fi funded by VCs?

No.

We had many calls with several VCs prior to launch and decided to decline any VC investments

What will BAMK utility be?

Governance. Further details to come

Is Bamk a typo of Bank?

Yes.

Where did the Nakamoto Dollar idea come from?

The term Nakamoto Dollar or NakaDollar was coined by Arthur Hayes in his Dust on Crust blogpost. The idea for a synthetic dollar has been around for a few years with several prior attempts like UXD Protocol and USDv from Valiu.co. Ethena's USDe has been the most recent and most successful so far.

What prevents the team from running away with the collateral, or issuing unbacked NUSDs?

Technically - nothing. But our own incentives prevents this.

Tether, Circle or centralized exchanges where large amounts of money are in custody also could run away with deposits. But they don't because of 1) legal reasons and 2) profit incentives.

The Bamk.fi protocol is already revenue generating. There's no point running away with one lump-sum amount and be on the run from law enforcement forever, when if we do the right thing, we can keep earning perpetually. Tether recorded a net profit of $4.52 billion this quarter.

The yield is 1,000%! How is that sustainable?

The yield comes from BAMK tokens and we do not expect it to stay that high forever. The yield is also only an approximation. As BAMK rewards from Season 1 will only be received ~9 months from now, the actual amount users will receive may be very different.

The yield figure shown is only based off of current TVL and current BAMK price, and both could drastically change within a 24 hour period.

Please submit any questions you wish to be added to this page in the Bamk.fi telegram