Crypto AM shines its spotlight on Sheesha Finance
Sheesha Finance is a project that our team has put a lot of thought, time, effort and money into over the past four months.
The idea came about after having witnessed the explosion of Decentralized Finance (DeFi) over the past year. We decided to participate in many platforms over the past year and started seeing what worked as a product/service and what didn’t.
We then decided that we wanted to create a platform that was unique, easy to participate in, community driven and fair to all participants.
My past four years in the crypto and blockchain industry have given me a tremendous level of experience and enabled me to build a strong network of important people in the space. I have leveraged that experience and network to bring together a team of developers and industry professionals that would support each other in launching Sheesha Finance.
The past four months have seen the project grow from an idea to a platform which now is very close to launch. I am fortunate to be a part of such a wonderful team to work on Sheesha Finance and very excited as we approach launch.
Bootstrapped by the founding team
Unlike many other projects that have raised money from investors, Sheesha Finance has been bootstrapped by the founding team. The project will kick off with what we refer to as a Liquidity Generation Event (LGE), where from March 17 (provisional date) participants will be able to contribute Ethereum (ETH) or Binance Coin (BNB) and, in return, get Liquidity Provision tokens (LP tokens) on the respective network they chose to participate in.
In parallel to the LGEs running we will also be carrying out an external audit of our platform to ensure it is secure and free from smart contract errors. Once this audit is complete, the LGEs will end and immediately thereafter participants will be able to claim and stake their LP tokens with the click of a button.
“Why would anybody want to participate in Sheesha Finance?” is a question that many of you might be thinking.
At a high level, the answer is that, as a participant, you will have a quick and easy way to have a diversified exposure to a wide array of DeFi projects without the need to find these projects on an individual basis or invest in them directly.
Think of it as a DeFi ETF! The finer details are that by staking your LP tokens and staking our native token, you will be earning rewards in the form of our native token, tokens of other existing DeFi projects and upcoming DeFi projects that are due to launch.
The crypto industry is extremely community driven and, as such, Sheesha Finance will aim to build a loyal community that engages with communities of all other leading DeFi projects. This will be achieved by partnering with as many DeFi projects as possible and sharing communities among each other in the hope that our shared communities participate across partner platforms.
Not long after launch, there are plans in place to hand over control of our platform to the community and the founding team to only support the platform thereafter. The community will control the platform in the form of a Decentralized Autonomous Organization (DAO) where our native token holders will have voting rights on important decisions related to the platform.
Sheesha Finance will be fair to all participants in the launch of the platform by ensuring the native token is priced the same for all those participants.
The LGEs mentioned earlier run for a long period of time estimated to be between two to six weeks (depending on how long the audit takes), which we feel is a long enough period to allow for as many participants as possible.
The following example might be helpful in explaining how the equal price is achieved.
Let’s say the Ethereum network LGE lasts six weeks and, over that period, a total of 15,000 ETH is contributed by participants. On conclusion of the LGE these 15,000 ETH tokens are matched with 15,000 native tokens to determine the initial price of the native token as 1 ETH to all participants.
If you contributed 150 ETH in the LGE then you will be able to claim 1% of the total LP tokens created and stake them on our platform. The same principles would apply on both the Ethereum network and Binance Smart Chain network.
Since 2017, there has been an exponential growth in a use case of blockchain technology known as Non-Fungible Token (NFT), which is based around the concept of transforming art, music, land and many other tangible assets into a digital form.
At Sheesha Finance, we will be leveraging this phenomenon by partnering with highly reputable digital artists to create art NFTs with a hookah theme and rewarding them to members of our community staking our LP and native tokens.
Our future roadmap will also see a lending/borrowing service where native tokens and LP tokens can be put up as collateral and participants can borrow against them to trade/ invest in other projects or use for liquidity needs.
A lottery program will also be created where participants can use native tokens to purchase digital lottery tickets in the hope of winning prize pools. As DeFi evolves, Sheesha Finance will continuously bring in more products and services to keep our community engaged.
Thank you all for taking the time to read about Sheesha Finance and we hope that you will become a part of our community in the near future!
Saeed Hareb Al Darmaki
Saeed is Managing Director of Alphabit Digital Currency Fund, Chairman of eGovern blockchain consultancy company and Managing Director – MENA for CasperLabs.
He was also previously Managing Director at Binary Financial. He sits on boards of entities such as DEX, RealEx, MENA Fintech Association, BeMobi, Jahani & Associates, LEAD Ventures, Royale Finance, Artha, PAID Network and Kenzi Wealth. These roles have given him tremendous insight into the crypto/blockchain space and enabled him to develop a key network of contacts which has helped him grow his knowledge of the market exponentially.
Saeed started his career at ADIA in October 2009 as an Operations specialist then from May 2013 became a Fixed Income & Treasury specialist. In June 2018 he decided to leave ADIA to focus on the crypto/blockchain industry.
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