Hello Everyone!! In an another wonderful AMA session with amazing Generation Crypto community, Tarusha Mittal and Mohit Madan from the OpenDeFi team had joined the AMA session and answered the amazing questions related to OpenDeFi as much as possible.
Let’s check out the interesting questions asked by the community members.
Can you introduce yourself to the Generation Crypto community? What is your background and how did you come to the idea to create OpenDeFi?
I am Tarusha, the co-founder and COO of OpenDeFi. I have been a tech entrepreneur for a decade now. Been in the crypto space since 2013-14. This is my second startup in this space. I was also on the founding team of one of the first ethereum exchanges of India. I also host a podcast called – Living on Blockchain.
I’m Mohit Madan, CEO and Co-Founder of OpenDeFi. Right now the entire crypto space is < 400 billion. A giant like Fidelity can just gobble us up. With OpenDeFi we’re trying to expand the market itself by bringing real world assets like Gold, Silver, Stocks, bonds, real estate, art etc to blockchain
The Open nature of OpenDeFi allows creation of complex financial instruments on top of these asset backed tokens.
Can you name your competitors? What are the main competitive advantages of OpenDeFi?
Our biggest competitor is Synthetix, since they have several asset classes on their network. However since they’re only pegging to the price of the asset, and don’t have the underlying asset itself, every time the price of the asset fluctuates, the entire network goes in debt, which is distributed to all network participants, making it a negative sum game.
Where as on OpenDeFi, you can earn a yield on any asset that you’re holding – making it a positive sum game.
How will the value of the internal OroPocket token depend on the value of gold? How can you stimulate the value of the token?
The gold token is separate from the inherent $ORO token which is a governance token.
Although ETH 2.0 is delayed to next year, it will solve all exist problems of ETH and become the best choice for dApps in the future, so do you think this is a threat to Your project and how could you overcome this barrier?
Not at all, in fact that’s going to be good for us. We’re currently build on ethereum, matic and tezos. In future, we’re working on adding support for more chains. The cross chain functionality of OpenDeFi allows various chains to be clubbed together, and free movement of assets across them.
Why did OroPocket choose to launch its a first gold-backed token on Tezos blockchain? How does this benefit the ecosystem? Can you share details of OpenDefi public token sale and how to participate? Will your token sale follow a lottery format in selecting the 30winners?
The high cost of transactions(esp complex financial instruments) on ethereum made us look around for better alternatives. With tezos, not only do we get a great throughput but also the cost is very low. By working on multiple chains we were also able to do pour PoC of cross chain support.
OpenDeFi community sale round ended today and we’re proud to say that over 27,000 entries were received for just 30 spots. Here’s the list of winners: https://bit.ly/OROsale
Can you tell us the motivation and benefits for investors to hold Your Project token in a long term investment and What plans do you have to help drive demand and scarcity for the token?
We have a buy-burn back mechanism in place. The long tern strategy is the strategy to follow for opendefi because we are creating a financial ecosystem.
The Gold and Silver market is low-volatility, while the cryptocurrency market, on the contrary, is very volatile. Why did you decide to unite these markets? How can a cryptocurrency market participant benefit from OroPocket?
We simply ran a Proof-of-Concept with Gold and Silver. Very soon, you’ll see wrapped BTC, and other cryptos on the network as well. This opens up access to new asset classes for end users and investors, and also allows them to earn a yield on top of it, or get instant liquidity.
Why did you decide to create OpenDeFi on Oropocket? Why have you chosen them? What are the benefits for investors? ! Do you have your own token? If so what is it and what is it uses? Also, could you share your contract address? Thank you!
OroPocket is just the front end UI for OpenDeFi to enable better adoption, and get quick access to fiat ramp. 🙂 Our token is $ORO, and we’ll be doing the TGE in the next few days(date to be announced shortly)
A lot of people will want to know what the strength of Your Project is but I want to know the weaknesses and problems Your Project faces ? How do you plan to solve it?
A weakness would be that it is a process of DD to ensure that all assets that are being added to the network are compliant for the users in all ways but we have solved this by on boarding some of the best legal and compliance officers.
Have you considered migrating the OpenDefi token away from ETH ERC20? Do the limitations of ERC20 give you any concerns?
Instead of migrating away from a chain, we’re simply building bridges between different chains so assets can flow freely across them 🙂
What is the most ambitious goal of the project? I would appreciate it if you could share with us any upcoming updates? What should the community look for?
Our goal for the first year is to get $100million of assets under management. The upcoming updates are TGE, which will happen very soon and launch of testnet in mid November
Are you planning to promote your project in different countries, where English is not good? Do you have a local community for them to better understand your project?
Yes, since we’re an inclusive platform, we do intend to cross the language barrier very soon.
Many investors hit and run in the sell and sell session after listing on the first exchange, How did Your project prevent early investors from selling their tokens, and what benefits you would give them?
We have a very strict unlock schedule even for investors. For our seed round, the unlock schedule is 10% on TGE and then 22.5% every quarter.
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 is a hosted wallet, so yes, we do hold our users private keys in encrypted manner using military grade security. However, users always have an option of withdrawing their assets to any wallet of their choice
Can you tell me some final words about the token launch? When it will be, how 🙂
We’ll be announcing the TGE date this week, and intend to list it on Uniswap shortly. We’re also speaking with 2 Tier-1 exchanges for listing, as well 😉
Thank you for this wonderful opportunity. we have a special gift for all the community members. We’re giving 1 mg 24 carat Gold to all the members of this community.
You can claim the free Gold here: https://oropocket.com/u/?invite=GenerationCrypto