Hello everyone!! It has been a wonderful AMA session with AMA Lovers Club Community over telegram. From the OpenDeFi team, Tarusha Mittal and Mohit Madan had joined the discussion and love the amazing questions asked by the amazing community.

It’s always fun to interact with new communities and share our vision with them.

Jumping straight to the questions asked by community members.

Can you introduce the OpenDefi and Oropocket to us, what’s the difference and relationship between open Defi and Oropocket, and what critical problems does it solve that existing solutions are not solving?

Oropocket is the user interface for OpenDeFi. OpenDeFi is bridging the gap between real-world assets and the DeFi space. We are tokenizing real-world assets on blockchains and then providing financial services on top of these assets, making these investments highly liquid and high performing.

OpenDeFi is creating a bridge between the traditional and DeFi space, we are merging them by tokenising tangible assets, and providing services like flash loans, staking, earning a rental or a yield on otherwise dead assets etc.

Right now the entire crypto space is < 400 billion dollars – A giant like blackstone or Fidelity can just gobble us up.

This ecosystem needs to grow and we’re doing that by bringing real world assets like Gold, Silver, Stocks, ETFs, Bonds, Premium real estate, art etc to blockchain.

OpenDeFi is bridging the gap between traditional finance and DeFi by tokenising these assets and building financial instruments on top of it.

OroPocket is the front-end layer of OpenDeFi. It works as an easy-to-use interface and a global fiat ramp. It’s available on both iOS and Android and users can download it here: https://onelink.to/oropocket

Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap.

We have done our Proof-of-Concept by tokenizing Gold and Silver and providing an easy way for users to participate in the network using mobile apps (https://onelink.to/oropocket)

We’re already done with the fundraising, where we raised $1 million from some of the best investors, operators and funds out there including AU21, TRG Capital, Alphabit, O1EX Capital, Lotus Cap etc.

We have recently closed some amazing partnerships with Frontier for giving users an easy way to access and stake assets on OpenDeFi. Another partnership with DFinance will allow users to build complex financial instruments within minutes using the High-Level-Language offered by the DFinance platform. We’re on our way to closing 7-8 partnerships more.

How will the transaction fee be determined for the gold and silver that users can buy with USDC? Could there be additional fees, costs?

The transaction fee varies between 0.1 -1% based on the volume of trade and available liquidity.

Right now we have capped it at 0.25%.

There is no hidden fee for insurance, transfers or anything else.

Users can instantly buy and sell, anytime. Yes, you can sell back your GOLD and SILVER for USD, anytime and anywhere, All you need is our app and an internet connection. 🙂

Just a few hours ago OroPocket announced its partnership with Dfinance. What do you expect from this new partnership?

This is one of the best partnerships that we have done till date. DFinance has an amazing High-Level-Language platform that enables users to design complex financial instruments within seconds. By collaborating with DFinance, users would be able to get access to all the assets available on OpenDeFi, along with in-build financial instruments like hedging, instant low cost loans, earning a yield on assets, cross chain transfer etc.

Open Finance said it bridges the gap between traditional finance & Decentralized Finance. How exactly do you aim to encourage participation on your network for sustainability? How do you help longer-term and institutional investors create value for their assets?

As I mentioned earlier the entire crypto space is <400 billion. Big money from hedge funds, institutional investors are not able to enter this space due to several reasons such as:

  • Limited asset classes
  • Lack of Compliance
  • Lack of financial instruments
  • Low liquidity
  • Complex and scattered UI

The Open nature of OpenDeFi allows on-chain KYC solutions to be plugged in to take care of compliance issue. We’re adding several new asset classes with stocks, bonds, ETFs etc enabling the hedge funds to effectively deploy their capital on the DeFi world. The cherry on the top is that they can earn a yield/rental on top of their holdings without any market exposure.

Open DeFi says it offers instant Loans/rental on assets. So how do you aim to mitigate risks such as counterparty risk, collateral risk, liquidity risk, conflicts of interest and other risks tied to default which often pose as threats to DeFi platforms offering loan services?

On OpenDeFi there are no counterparty risks as you’re not dealing with a person/buyer/seller/lender.

You’re dealing with a smart contract. If you’re holding Gold worth $1000 you can instantly get 700 USDC of the loan at a VERY LOW-interest rate of 2-5% per year. This allows users to take this 700 USDC and deploy it on Abra/BankofHodlers or any such platforms that give an upward yield of 10-12%

Why should we invest on your OROPOCKET Project? ‌Please give some great information about it.

Oropocket enables you to earn a rental-or yield on otherwise dead assets, enjoy a slew of financial services on top of the assets/investments which make them highly liquid. One can beat inflation, sneaky bank fees, high cost associated with remittance with Oropocket.

OpenDefi raised $1Million in Pvt funding & will not conduct a public sales round, Instead, you plan to offer an exclusive Community Round, can you give us details of this exclusive round and how to participate?

We have done a small strategic round with tier 1 investors, funds and operators. In order to make sure that community is able to participate on the same terms as these investors we have opened up a community round. We’re giving 30 community members an allocation of $500 each.

You can apply for the same here: https://bit.ly/OROsale

Under what mechanism does Open Finance allow the support of crossed chains? And are “plug and play” solutions for asset strings available for all or just for gamblers?

This is one of our best features. OpenDeFi allows free movement of assets across chains without the need of a central body. Here’s a pictorial representation of USDC being transferred from ethereum to tezos chain.

Cross chain support

Conclusion:

We had tried to cover the best questions related to OpenDeFi over this blog from the AMA session. If you have any further queries related to OpenDeFi, then do join us in our growing telegram community. We would be happy to answer your queries.

Telegram: https://t.me/oropocket

Website: https://opendefi.finance/

Whitepaper: https://openfinance.oropocket.com

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