AMA Session: SimpleSwap & Pitbull
This blog post will cover:
- Questions & Answers
On December 28, 2022, SimpleSwap carried out an ask-me-anything session with Pitbull (PIT) which took place on our Telegram chat. We talked to Mer, who is the PR Manager of the team, and Max – Pitbull’s Social Media Manager. They answered a number of users’ questions, and we have a recap of the session right here.
Questions & Answers
SimpleSwap: Security is the most important thing to consider when starting up a project or partnership, how secure is Pitbull for users and investors?
Max: You are right, security is arguably the top priority when it comes to a project. In Pitbull, this is a non-issue though, as it is completely decentralized and community-driven: nobody can touch the contract or liquidity and there aren’t any team wallet or tokens. It is run by volunteers. We also have been audited.
SimpleSwap: What is your ultimate mission in Crypto and NFT Space? Inevitably, the crypto and NFT market will experience massive growth in upcoming years, so which "role" would you like to play in this space?
Max: I would say our biggest goal is to prove that an entirely decentralized community-driven project can succeed.
You don’t need any funds, in fact, everything Pitbull has built was done by volunteers and with the help of our ever-growing community: we now have, after less than 2 years, one of the biggest communities with over 511k holders and 30+ listings between exchanges, wallets, and various applications.
Especially after 2022, we think people seek decentralization more than anything else.
SimpleSwap: Let's talk about your team. How has the experience and background of your team been effective in the success of your project so far?
Max: None of the people in the team has had any experience in managing a token before Pitbull; this is because as an entirely community-driven token every member, such as myself and Mer, works there as a volunteer.
So for us, it “just happened”. We loved the project and wanted to actively help it grow.
Through trial and error I think we have now reached a great synergy, we’re always trying to improve though!
SimpleSwap: Pitbull has so many products in its ecosystem like Pitstop, Pitcharts, Pitmag, PitDiscovery, and Pitsafe. How can users access so many products in your ecosystem? Are there different apps or a single interface?
Max: The products you mentioned, plus others from the PIT ecosystem work as surrounding platforms to the token. They are all connected, but all independent in their usability. Only Pitstop bundles several use cases on the same platform, such as Pitcharts, Pitswap, PitFund, and PitLottery. Several new use cases will be out next year, in line with the new, updated roadmap.
SimpleSwap: Is there a way for the community to contribute to Pitbull's progress? Do you have a governance model? How about any ambassadors, bounties, or contests we can help with in order to enable further adoption?
Mer: What you’ve mentioned in this question is what Pitbull is all about; the Pitbull community is made up exclusively of volunteers. PIT is a token managed by its community and that is where its true usefulness lies, as there are no title owners or access to its liquidity. Everyone can be part of it and help with their skills. We are very happy with the results we had in less than 2 years all thanks to our hardworking community; can’t wait to see what 2023 has in store for us.
SimpleSwap: What are some of the utilities of PIT token in your ecosystem? And if possible share with us the tokenomics.
Mer: Pit brings with it several utilities from its 100% decentralized self-deflationary renounced model. Those are PIT's tokenomics: on every transaction (buy, sell or transfer), 2% goes to the holders and 2% goes to the dead wallet.
- Passive income: 2% of each transaction goes to the holders: this guarantees Pit investors an ongoing reward for simply holding the stake.
- Burns 24/7: the smart contract automatically burns 2% of each transaction, which adds liquidity to the dead wallet.
The supply constantly decreases with each transaction, which means there will always be fewer tokens available; this also creates a higher floor for investors. So far, 60% of the total supply has been burnt by transactions, so the circulating supply is only 40%. That means Pit has managed to burn 1/5 of the circulating supply (10Q tokens) in less than 2 years of existence.
PIT is also the largest burner of BNBs in the entire BNB Chain, with over 90K BNBs (roughly $24M by current value) burned.
SimpleSwap: Where can we expect from Pitbull in 2023?
Mer: We have a lot of plans for Pitbull and plan to take it to the next level, regardless of market conditions. A new roadmap will be out in January and in that, you will find all our short-term and longer-term goals. One thing is for sure though, the main aim is to keep growing and making Pitbull easily accessible everywhere in the world!
SimpleSwap: Let's hope the new year will bring something truly exciting to the crypto community! And we wish all the best to PIT.
Question from the audience: How would you describe Pitbull’s difference from all other meme coins in one sentence?
Max: Because it’s entirely community-driven and decentralized, Pitbull has built everything you see with 0 funds - just community effort.
Question from the audience: Pitbull intends to do a lot of charity work. What organizations have you helped recently?
Mer: The Pitbull community has always been very active when it comes to charity. We have great foundation partners such as Kennel to Couch or Pitbull in Need with whom we have done our best to help. We are about to launch PitDonations which will facilitate donations between cryptocurrencies and fiat.
Thank you for your attention! You can read more about Pitbull here. And if you want to ask your questions in our next AMA or participate in other fun activities, follow our social media – Twitter and Telegram.