FAQs

Frequently Asked Questions

What is Quail Finance?

Quail Finance is a blast native dApp that facilitates liquidity to users based on rotation & minimum bid. Quail Finance is inspired by the traditional idea of Chit Funds in the South Asian Region.

How does it work?

It works the following way. Alice creates a Quail Pot. Alice sets the amount, rotation cycle, interest and number of participants. Alice invites Bob, Max and others to participate in the pot. Alice, Bob, Max & Others deposit an equal amount at every rotation cycle. Smart Contract Determines turns for each participation. Alice, Bob, Max & Others participate and rotate liquidity until the end of the cycle.

What is a Pot?

A pot is a pool of deposited funds and has the following components. 1. Participating Amount 2. No. of Participants 3. Pot Size - Amount x Total Number of Participants 4. Timestamp - The time when the winner of the pot is revealed.

Who guarantees the transparency of results and the safety of the Pot?

Smart Contracts will guarantee the transparency of the pot. At the time of launch, all smart contracts associated with the product will be audited & open-sourced.

Why will this idea work in crypto?

This idea will work in crypto because this enables global participation and gives users access to global liquidity without requiring any collateral.

Are there any fees?

Yes, there's a one-time 0.005 ETH fee during profile creation and a 1% fee on pot size.

What happens when a participant doesn't participate in the next round after taking a pot?

If a user doesn't participate in the next round after taking a pot, the group can invite a new user to join to fulfill the no. of participants.