Hello everyone!! It is always been a great experience interacting with new community every week. In an another wonderful AMA session with Gagarin Crypto Chat Community from Russia, joined by our co-founders Tarusha Mittal and Mohit Madan, and they had loved to answer the questions from this wonderful community about OpenDeFI.
Let’s jump straight to the questions.
COMMUNITIES gives a project a strong base, what are your plans on ” Global expansion and adoption ” with OPEN DEFI project?
You’re absolutely right. For any project to be successful it needs to have a very strong community and it needs to be GLOBAL. Our community @oropocket is aggressively growing by the minute and our team members are from various parts of the world – India, Pakistan, Egypt, Hungary, Nigeria, US, South Vietnam and Ukraine. 😀
How does Staking Flash Loans work? Does it mean that I can earn% for staking and at the same time receive a loan for it?
Staking and Loans are two different features of OpenDeFi.
- Staking: This allows you to earn a yield on your assets in the form of $ORO tokens.
- Loans: This allows you to get instant flash loans at a very low interest rate of 2-5% per annum.
We have inbuilt hedging mechanisms that allow you to earn yield with collateralize assets.
One of the problems with synthetic assets is that they are subject to a central oracle to track price. Overall how safe and advantageous are OpenDeFi synthetic assets?
I completely agree with you, that is why we’re working with startups like DIA, Orao, Bluzelle to get on-chain verified priced oracles. By adding redundancies from various protocols and price sources, we basically ensure that the process is as decentralized and open as possible.
What kind of interest is associated with the loaning? And are some discounts offered for the OpenDeFi token holders & stakers?
OpenDeFi allows you to get very low interest loans, and yes, the loans are even lower if you’re paying back in $ORO tokens. Here’s a chart with the exact rate of interest: https://openfinance.oropocket.com/open-finance-opfi/architechture/low-cost-instant-loans
As we know, some countries insist on regulating activities related to Blockchain and decentralized finance. How does OpenDeFi deal with so many different regulatory frameworks? What should a customer know before using the platform?
Regulation is a very critical factor for attracting institutional funds. The open nature of OpenDeFi allows plugging in of on-chain KYC solutions to make sure the compliance/AML policies are met. Apart from this, the underlying asset is completely insured against any theft/hack/war/natural calamity etc, and the custodian ensures that the token represent the rights to the assets.
Do you plan to build partnerships with local cryptocurrency developers and local project in each country to make the use of OpenDefi more global.
Absolutely, the open nature of OpenDeFi allows developers to build on it, and offer their innovative solutions to the users of the network. The more developers that join the network, the stronger we all get. 🙂
What tools does OroPocket offer for portfolio diversification by investing in multiple assets?
We have an app that is available on both Android and iOS apart from the web: https://onelink.to/oropocket
This allows you to instantly participate in the OpenDeFi network even if you have no knowledge of Defi/Crypto/Blockchain.
What are your main assets and stable coins within OpenDeFi? USDC I read, but are there also other stable coins and assets allowed?
Initially we’re going to start with USDC, in future we do intend to add other stable coins as well.
Does OroPocket store members’ cryptocurrencies? What can the OroPocket platform guarantee or promise when it comes to the security and privacy of its users?
OroPocket offers hosted wallet. The app is primarily targeted to new users, making it easy for them to transact on OpenDeFi. However, users can always send their assets to any wallet address. Users can also interact directly with OpenDeFi with non-custodial methods.
Projects that are not traded on major exchanges remain unnoticed. What do you think about listing the token on the leading exchanges? Do you have support from the government or Start-Up in your country? What is the regulation on governing the Blockchain?
Since we’re all strong believers in decentralization, we’re first going to list on Uniswap before listing on a centralized exchange. We are speaking with several tier 1 and tier 2 exchanges for the same.
Our project is incubated at IIT Delhi, which is one of the world’s finest institute for technology.
We’re giving 1 mg of 24 carat Gold to ALL members of this community. You can claim it here: https://oropocket.com/u/?invite=Gagarin