OPENDEFI AMA Recap On REEF’s Crypto Community
Welcome, Dear Readers
Below is an AMA recap of OpenDefi AMA session Held on the 3rd of February, 2021, at 1:30PM UTC/ 2:30 PM WAT
Venue: Reef Telegram Group with MohitMadan (The CEO of Opendefi ) and Tarusha Mittal ( COO of Opendefi) where few questions were asked and answered. . The session was moderated by Nova
NOW THE RECAP
INTRODUCTION
NOVA: Pleasure to have TheMohitMadan (CEO of OpenDefi), and TMittal (COO of OpenDefi) with us for an AMA here!
TMittal: Hi Everyone,
NOVA: We are good to go now!
As our first question is an introduction one, let’s start with it.
TheMohitMadan: Hey everyone,
Glad to be here. A special thanks to the entire reef team for making this happen.
TMittal: Hi, I am Tarusha, the cofounder of OpenDeFi.OpenDeFi is tokenising real world redeemable assets and providing financial services on top of these assets. We have just launched Unifarm — a staking protocol, that enables users to be able to stake one coin and farm multiple.
The idea is to always create value for the end user.
TEAM QUESTION (Questions asked by the Moderator)
QUESTION 1
NOVA: Before starting the AMA, can you give us a brief introduction about yourself and OpenDeFi?
TheMohitMadan : I‘m Mohit Madan, co-founder and CEO of @oropocket
We’re on the mission to bring value to DeFi ecosystem. OpenDeFi tokenizes real world assets and builds financial services on top of it.
Unifarm ensures value creation for retail investors and projects.
QUESTION 2
NOVA: Pleasure to have you here guys, and thanks for the quick intro.
Let’s move to the second question.
I see OpenDefi will be using synthetic assets. What all assets are currently being worked on, and are in scope as of yet?
TheMohitMadan: We have already tokenized Gold and Silver. Users can instantly invest in them using their credit or debit cards.
For their convenience, we have launched mobile app on both android and iOS. Here’s the link to the same: https://oro.to/app
NOVA:Oh nice.
Good market to capture here!
TheMohitMadan: We’re working on tokenizing several asset classes including stocks, ETFs, art, real estate etc.
TMittal: We have gold and silver, tokenised already. We are working on a tonne of financial services which are going to help users with wealth creation and preservation.
QUESTION 3
NOVA: Loans/borrow market is really huge. What will be OpenDefi’s mechanism for providing such services? How will it work?
TheMohitMadan: Building financial services on top of real world assets is where the DeFi comes in.
Users will be able to instantly post their assets(Gold, Silver etc) as collateral and get instant loans in USDC at a very low interest rate of 1.5–5% per annum.
Other users can stake their Gold and Silver and earn yield on it, without any market exposure.
QUESTION 4
NOVA: So what is Unifarm, can you explain a little about it to our users? How will it benefit REEF Community?
TheMohitMadan: With Reef we’re working on deeper integration on several fronts. Whether its for liquidity on loans/stakes or swaps or for building more value for reef holders using UniFarm.
We launched Unifarm almost 90 minutes back and in just 15 mins of launch nearly $200,000 of REEF was staked on Unifarm
The users who staked their reef on Unifarm will able to enjoy 40–250% APY
These users will now be able to farm REEF, ORO, MATIC, CNTR and FRONT
QUESTION 5
NOVA: I read OpenDefi is cross-chain, does that mean the community can expect more unifarm like programs in future to promote the protocol?
TheMohitMadan: Yes, OpenDeFi is currently being built on Ethereum, Matic and Tezos. We offer instant cross chain transfer of assets between these chains.
TMittal: Yes, absolutely. OpenDeFi enables cross chain movement of assets.
In the future, there will be more cohorts/farms with projects that would be based on a particular layer 2 solution etc.
TheMohitMadan: Regarding Unifarm, we’re working on several farms in near future. These farms will be on ethereum, matic, binance polka and other chains.
NOVA: This is awesome!
This will be really helpful for the users, and will attract much demand.
Plus Layer 2!
TheMohitMadan: Yes, high fee of ethereum hurts everyone, and we want to make both OpenDeFi and Unifarm accessible to masses. The only way to scale this is with Layer 2 solutions.
We’re further working on exploring gasless transactions using metatransaction relays such as biconomy. That way users would instantly be able to stake without having to worry about the gas fee.
NOVA: Gasless transactions sounds amazing.
We all are facing such high ETH fees recently.
Great to hear this!!
TheMohitMadan: Yep, hurts everyone — users, developers
QUESTION 6
NOVA: It has been a while since the OpenDefi and Reef have been partners. How is that been going so far and what are you planning to ease user experience? Is there any plan to expand this partnership further?
TheMohitMadan: We are thoroughly enjoying working with the reef team.
While the launch today with unifarm had some initial hiccups — our Ops and Tech team is working on resolving it as we speak.
UX is the most important part of making DeFi accessible, and we’re focused on delivering a simple user interface with an amazing user experience.
NOVA:Same goes for us!
Unifarm gives our users a great opportunity, and i am sure they will be happy to use Unifarm and get such good returns
COMMUNITY QUESTION ( Questions asked by the Community Members)
COMMUNITY QUSTION 1: How Do you planning to promote your project in different countries, wherein English is not spoken well? Do you have a local communities for them to better understand your project?
TMittal: Yes, we would be starting with 5 regional communities in the coming months
COMMUNITY QUSTION 2: What problems is OpenDefi to solve to make it easier for Crypto users? Please let us know how evolving the roadmap is right now. What will happen this year and in the OpenDefi ??
TheMohitMadan:
Our testnet is already live on dev.app.oro.network
Our mainnet is expected to go live in coming weeks.
COMMUNITY QUSTION 3: While you build your project, do you take into account community feedbacks and demands??
TheMohitMadan: Absolutely, in fact we have a group of alpha testers called Pioneers.
You can read more about it here: https://blog.oropocket.com/announcement/be-an-oro-pioneer/
COMMUNITY QUSTION 4: What kind of use-cases does the Opendefi token have? What kind of value does it play and bring to Opendefi ecosystem?
TheMohitMadan: You saw the recent Robinhood issue?
OpenDeFi is the best example to address that. By tokenizing real world assets and adding them on blockchain we enable users to seamlessly trade them, and offer financial services on top of it as well, such as lending, earning yield on assets, asset backed debit card, instant cross border transfer etc
COMMUNITY QUSTION 5: what are the ways that generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
TheMohitMadan: We charge a 0.25% fee on all transactions
COMMUNITY QUSTION 6: How is the Opendefi token used? How to keep motivated to hold Opendefi tokens for a long term?
TheMohitMadan: ORO is the governance token for OpenDeFi. Using ORO you can get instant low cost loans, you can earn yield on assets.
And now with the launch of Unifarm you can stake it and earn other tokens such as REEF, MATIC, CNTR, FRONT on unifarm.co
COMMUNITY QUSTION 7: Essentially, most of the problems you’re solving would be solved when ETH 2.0 launches by end of the year. How do you fear Opendefi would become redundant then?
TheMohitMadan: OpenDeFi is being built on Ethereum, Matic, and Tezos. We’re not competing with Ethereum chain, we’re simply adding asset backed tokens to different chains and enabling developers to build financial apps on top of it
COMMUNITY QUSTION 8: Do you have mechanisms such as buyback and burning to regulate the demand and supply of Opendefi , so as to increase its intrinsic monetary values?
TMittal: Yes, we do have a buy back-burn policy in place.
COMMUNITY QUSTION 9: How many wallets that can support $Your Token until now? And do you have any plan to build your own wallet?
TMittal: Our token is an ERC20 token. The stable-tokens for Gold and Silver are available on Matic, Tezos and ETH
COMMUNITY QUSTION 10: Staking seem to be popular right now on many blockchain project. Can you please explain the detail about $ OpenDefi staking plan and the benefits of adding “staking”???
TMittal: Unifarm was launched today to give the maximum benefit to the end user — one can stake one token and farm many tokens.
we have launched the first pool with Centaur, Reef, Matic, Frontier and ORO.
COMMUNITY QUSTION 11: How is Unifarm development going? Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?
TheMohitMadan: Unifarm development is going quite well. We just launched our first pool with ORO, REEF, MATIC, FRONT and CNTR two hours back.
We’re now working on fixing the bugs.
We have several new pools coming up in coming days and weeks.
We’re working on building on Matic, Binance chain etc, and offer wallet support for trust, ledger to ensure wider participation.
COMMUNITY QUSTION 12: How important is the community to you? And how can we collaborate or help you for the development of the project?
TMittal: We have an alpha testers group called Pioneers, please apply for that to be a part of the elite group of bounty hunters
COMMUNITY QUSTION 13: While you build your project, do you take into account community feedbacks and demands?
TMittal: Absolutely. Please join @oropocket and lend us your suggestions.
COMMUNITY QUSTION 14: What difficulties have been encountered during the development of the OpenDeFi project?
Is there a time schedule to add BSC support to UniFarm in the future?
TheMohitMadan: BSC should be live on UniFarm in the next few weeks
COMMUNITY QUSTION 15: When can we expect unifarm build on tezos ecosystem?
TheMohitMadan: We’re working closely with Tezos team on several fronts. You can expect this sometime in late March.
COMMUNITY QUSTION 16: Explain how OpenDefi run in Collaborative Compliant Ecosystem ? What is its operation principle ? How to comply with regulatory authorities in terms of KYC, DD and AML??
TheMohitMadan: That’s a great question. Compliance is one of the biggest factors that’s stopping institutional money to enter DeFi space.
With the open nature of OpenDeFi, on-chain KYC solutions can be plugged in, ensuring ease of use for institutions.
COMMUNITY QUSTION 17: Do you guys have Collaboration with Financial Institutions or Private Companies?
TMittal:Yes, we are backed by some of the best names in the market and are also working with institutions from the traditional space to ensure a more inclusive approach to providing financial freedom to the end users.
COMMUNITY QUSTION 18: On other platforms, users are constantly clamoring for improvements without being heard. How does OpenDefi deliver power to the players over the project and development within it??
TheMohitMadan: We’re a community first project. Apart from having super active community on @oropocket we do monthly video calls with the community to get their feedback on our offerings
COMMUNITY QUSTION 19: As a community driven project and me a developer am interested in contributing to the project, do you have such programs??
TheMohitMadan: Yes, we have a super rewarding Pioneers program for developers, designers, pen testers. You can apply here: https://blog.oropocket.com/announcement/be-an-oro-pioneer/
The AMA came to an end at 3:36 UTC / 4:36 PM WAT
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