OpenDeFi AMA recap with Nano News Community
Hello Everyone!! It has been a quite busy week for OpenDeFi co-founders to manage the time along with other priorities as required, but without a strong community, no project will achieve success. So community building is required for mass adoption.
Across the globe, more and more communities were keen to know more about OpenDeFi.
OpenDeFi by Oropocket co-founder Tarusha Mittal joined the Nano News Community on September 30, 2020, over their telegram group (https://t.me/nanochatroom) to educate them about OpenDeFi.
Nano News community from Indonesia is having 15K enthusiastic members who are interested in blockchain space and want to gain more knowledge in this space and wants to get updated with recent developments.
Let’s check out the recap of the AMA session.
Can you introduce yourself to the community? What is your background and how did you join OpenDeFi?
Mohit and I have been entrepreneurs for nearly a decade, now. We have known each other since we were in school. This is our third startup together. Previously, we were working on one of the first Ethereum exchanges of India. We moved to Oropocket- which is the user interface layer for OpenDefi. We founded OpenDefi because we truly believe that users should have the option to be financially empowered and take decisions to create a more secure future for themselves.
Can you briefly describe what is OpenDeFi?
OpenDefi is a financial ecosystem that is creating a bridge between traditional finance and Defi. We are bringing real-world assets to the Defi space and enabling users to invest in multiple investment instruments and also enjoy a slew of services on top of these investments. This helps them in wealth creation and preservation.
You can find more details here: https://opendefi.finance/
What companies/projects do you see as competitors, and how does OpenDeFi stand out compared to them?
So, there are some projects like Reserve and Synthetix. But we are vastly different than them in multiple ways.
Synthetix is not a positive-sum game in terms of the network. We are on the other hand, are a positive-sum game, when it comes to the network.
We are doing our pilot with Gold and silver but we intend to add multiple asset classes to the platform to make sure that it is inclusive. We are enabling users to be able to earn a yield on otherwise dead assets, which they would not be able to do otherwise.
What is the use-case of the OpenDeFi Token?
There are multiple used cases for OpenDefi.
OpenDefi enables users to be able to invest in multiple asset classes on one platform in order to make it more inclusive for users to empower them to make financial choices that would embolden their life in the future.
We are doing a pilot with gold and silver.
For eg- if you are holding gold then you can use to spend it online or offline using a MasterCard, take a loan against it ( a flash loan) or stake this asset and earn a rental on it.
OpenDefi also makes international remittance a breeze. It is cheaper, quicker – the assets are fungible and can be sent across the world.
What are the major milestones OpenDeFi achieved so far & what are in the future pipeline?
The major milestones that we will be covering would the TGE event that would be happening on the 15th of October. Post that, there would be a slew of listings, on uni swap, and other tiers 1 exchanges. This would be coupled with more b2b partnerships – we are already in a partnership with Tezos and Matic.
What is OroPocket’s integration strategy in relation to traditional companies that continue to exist with their own systems?
Our integration strategy is simple – whenever we are going about tokenizing an asset, there are three parties involved including us, an insurer, and an auditor, as well.
The idea is to allow these big companies to be able to invest in the network by allowing them to interact with a smart contract instead of a central exchange so that there is no price slippage.
What key advantages does OroPocket have with blockchain technology than traditional exchanges for buying precious metals? What is the role and function of the blockchain on the OroPocket platform?
Blockchain adds an added layer of security and transparency.
The idea of allowing precious metals on the blockchain is simple – we are empowering users to interact with a smart contract rather than a centralized exchange allowing them to buy or sell without any price slippage. So, users can send money to an address and get the equivalent amount of gold tokens in their wallet, this works both ways.
The role and function of blockchain are for tokenizing, security, and transparency. Tokenising it, essentially opens up the potential to open up secondary markets. If you are buying via us then you have a chance of earning a rental on these assets, as well.
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?
That is true but we are unifying these two worlds to provide a more inclusive opportunity to our users. A crypto investor can benefit greatly:
- It is highly liquid.
- We are enabling flash loans against holdings
- We are providing a card – in select countries for the ability to spend these tokens in real-time
- We are enabling staking, which is empowering users to earn a rental on these assets
- Available on ios and android- multiple real-world assets are being tokenized on OpenDeFi.
- These assets are fungible
- Get paid, pay, buy and sell these assets with a simple UI
- Seamless international remittance
- There are several financial services that are provided on top of these assets
What are your plans to educate and raise awareness and adoption among the community to make more people understand OpenDeFi and its technology?
We are creating very interesting and detailed content that goes out on our blog and social media.
We are also working on a video course that will help users to get educated on the intricacies of OpenDefi. We also have a really amazing ambassador program, please DM for the details on that.
OpenDeFi is bridging the gap between physical assets and DeFi. Which are complete opposites, how do you achieve it without risking the decentralization and security of DeFi?
All the assets that we are empowering users to be able to invest in are held by custodians and under bailment so that even if the company goes under, you are still able to redeem your assets. We are trying to create a bridge between the real-world assets, and the Defi space. The bridge enables users to be able to earn a yield on otherwise dead assets.
How will your project generate profits/income to sustain your project and what is the revenue model? How will it benefit your investors and your project?
We charge a small fee for every transaction. There is also a developer fee allocation from the fee pool.
What is your strategy to fund the marketing campaign for OpenDeFi that will be needed to gain visibility and build a user community base?
We have successfully raised money. We have closed our seed round and we have an oversubscribed Private round, as well.
You guys are doing AMA’s in all groups & almost answering the same types of questions again n again? How do You feel about it?
We love it. We want to be able to clear out all doubts and garner support from the community in a big way.
Token burn” is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn?
Yes, we do intend to buy back tokens to control the supply.
Do you have support from the government or Start-Up in your country? What is the regulation governing the Blockchain?
Yes, we are incubated at IIT-Delhi which is a premier tech institute in India.
Projects that are not traded on major exchanges remain unnoticed. What do you think about listing the token on the leading exchanges?
It is very important and we are in talks with several exchanges for listing.
Adoption is one of the important factors that all sustainable blockchain projects should focus on to be more OpenDefi active in the investors’ eyes. What did OpenDefi do and plans to do to achieve real-world adoption?
We are on track with our roadmap, the first part of this project which involves tokenizing these assets has been completed already. You can check the roadmap and more details here :
It has been a great session with the Nano News community to let them know more about the OpenDeFi protocol. During the 1.5 hrs session, there are more than 500+ questions from the members related to OpenDeFi. Our co-founder Tarusha had tried to answer the maximum questions as much as possible.
We have a special offer for this community – it is an exclusive sign-up link, using which community members can sign up and get 1mg of gold for free.