On September 20, 2020, Oropocket co-founders Tarusha Mittal and Mohit Madan were delighted to take part in an AMA session organized by Pramod’s Global Crypto Community over Telegram https://t.me/flipORhodlChat. Demystifying OpenDefi.Finance with the community was a wonderful session to let them know more about OpenDeFi and future roadmap with them.
Here are some highlights from the amazing AMA session.
@TheMohitMadan : Thank you for giving us this wonderful opportunity to be a part of this community and AMA. I’m Mohit Madan, CEO, and co-founder of OpenDeFi. We’re bridging the gap between traditional finance and Defi by fractionalizing real-world assets and building financial instruments/services on top of it.
@Tmittal: Hi Everyone, I am Tarusha, COO and Co-founder of OpenDefi. We are creating a bridge between traditional finance and Defi by bringing real-world assets to the blockchain.
Here goes the Q&A from the community
What exact problem is OPEN DEFI trying to solve in the blockchain industry that other projects can not solve?
Traditional markets trade about 300 Trillion dollars worth of assets every year. This includes stocks, ETFs, precious metals etc. In the next 10 years about 10% of this is expected to move to blockchain. We’re trying to be the enablers for that. Right now traditional investors are not able to invest in the DeFi space due to several problems such as :
- Lack of asset classes.
- Lack of financial instruments
- Price slippage
- Low liquidity
- Compliance challenges
What modalities are involved in becoming a validator node? The TPS battle remains one at the core of blockchain solutions, what’s your TPS?
The open nature of OpenDeFi allows various chains to be a part of the ecosystem. Initially we’re building on Ethereum with Matic as the side chain which has a TPS of 7,200
How are you going to give interest on physical assets by never holding them? Can property assets such as lands, houses be tokenized and get interest on those assets as well?
To answer your question – yes, that’s the idea that we’re going after. We’re tokenising an array of asset classes. Users can simply stake their assets to earn a rental/yield on top of it. This allows users to create a passive income source, and generate value on otherwise dead assets.
Could you please elaborate more about your tokenomics? What’s the total supply and what kind of plans do you have regarding the token unlocks in the future?
We’re strong believers of creating a breathable economy. Our total initial supply is 100,000,000. Of this ~40% is locked in smart contracts for various reasons(staking, team vesting etc). For our seed and private round, there’s a strict quarterly unlock schedule.
Please give us some details about your roadmap going forward, how do you plan to onboard users and gain more adoption?
That’s a good question. Our MVP is already live with Gold and Silver, and some financial services on top of it such as global fiat on-off ramp, asset backed debit card etc. Our roadmap for Q4 is to do the test net launch, and in Q1-Q2 2021 we’ll tokenize several assets classes. We’re right now speaking with several T1 exchanges for listing. Our main next is scheduled for early Q2, 2021.
In Blockchain Industry there are 3 core issues: Security, scalability and interoperability which will bring competitive advantages to blockchain projects. So, how does Your Project will solve these problem?
I completely agree with you. Let’s take them one at a time:
- Security: On-chain: We’re using some of the best publicly available chains with proven security records such as Ethereum, Matic, etc. Off-chain: The underlying assets are 100% insured and held by custodians. They’re audited every day.
- Scalability: We’re relying on layer-2 solutions such as Matic & Tezos for high throughput.
- Interoperability: This is one of the most salient features of OpenDeFi. Using OpenDeFi assets can be moved from one chain to another in a completely decentralized manner. Let me give you a pictorial representation of USDC moving from Ethereum to the Tezos chain.
Highlight OPEN DeFi 3-5 best features to get me convinced to take part in your project ?
- We are a positive-sum game as a network. The assets are 100% insured and audited.
- There is no price slippage.
- One can earn a yield on assets that would otherwise have been dead assets.
What is the GAP you are addressing in the market? What is the opportunity you are exploring? What is the problem you are trying to solve?
The problem is ensuring that users have a better control on their finances, a better place to park their money, the ability to invest in places wherein one can earn yields and not just have dead assets lying around. We are bridging the gap between traditional finance and services and DeFi. Bringing the best of both worlds.
Each project has interesting stories before it is created. So can you tell people about the story that gave you the motivation to build and develop a great project like your?
We have known each other since we were 7 years old. We have worked together on several consumer ventures for nearly a decade. We have been working in the blockchain space for nearly 4 years now. I still cannot believe that global financial markets don’t function on weekends and only work for a few hours per day. We have been able to get a man on the moon, but we cannot provide market support 24/7. That’s our motivation.
Many Defi projects have the rug pulled an exit scam recently. Why should we trust OpenDefi not to do likewise?
Apart from the fact that we’re backed by some of the finest investors and operators, you should check out the token unlock schedule. Our team tokens are cliffed for 2 years and then linear unlocking from month 25 to 48. Read More: https://openfinance.oropocket.com/oro-tokens/tokenomics
What are the special advantages of opendefi using blockchain technology? Can you explain how the value of the token is bound to the value of opendefi Basically, what is the motivation for token holders to hold tokens?
The underlying token of OpenDeFi is ORO. It is a governance token giving the power to the community to make protocol changes, propose new asset classes etc.
ORO token derives inherent value from the fee pool of OpenDeFi which regularly would buy back the tokens from uniswap in an automated fashion and burn it. You can read more about it here: https://openfinance.oropocket.com/oro-tokens/burning-oro-tokens
Do you have any plans to attract non-crypto Clients or Investors to #Openfinance and how? What are the measures to increase awareness of Openfinance in non-crypto space? What is your plan regarding non-crypto users?
OpenDeFi is essentially a bridge between traditional finance and DeFi. At the very basic level, we’re bringing non-crypto and traditional investors to blockchain and Decentralized Finance space.
I want to have a LONG TERM INVESTMENT with this PROJECT, but I’m in doubts right now, how can you convince and assure me this project is SAFE and PROFITABLE?
Don’t invest in it as an asset class, invest in it to be a part of the new economy. There’s no doubt that traditional markets would adopt blockchain and OpenDeFi is simply enabling that.
How to be motivated to use OpenDeFi? What are the benefits of using? How OpenDeFi solve the liquidity problem?
- You get to invest in an array of asset classes such as precious metals, stocks, ETFs, etc.
- Instant exchange without the need of a counterparty(this solves the liquidity problem) Read more here: https://openfinance.oropocket.com/open-finance-opfi/architechture/instant-trade
- Instant low-cost loans
- Inbuilt hedging mechanism
- Earn yield on your assets
- Cross-chain support.
How does OpenFinance use cross-chain technology? What advantages does OpenFinance have over Cosmos, Oracle, or Polkadot?
You can read more about it here:
How will you attract potential users to your platform considering that it is powered by blockchain?
That’s why we have OroPocket – the front end interface for OpenDeFi. You can download the mobile app and see for yourself how easy it is to become part of the network 🙂
How does OpenDeFi keep users’ funds safe?
We’re moving to a non-custodial wallet system. We don’t need to build a new chain(no point in reinvesting the wheel). We’re building on Ethereum, Matic & Tezos chain.
Your metamorphosis is a laudable one, how have you been able to survive this longest bear market and continue building and developing?
With the support of amazing community members, close knit ecosystem and a wonderful team.
You organized an AMA session very rewarding and received a lot of questions related to utilities and technology, future vision, …So now I want to ask what do you want to receive from the community?
he idea is to mobilize and get support from the community. Please join our telegram group and see us through this journey.
If you have any more questions related to OpenDefi, kindly drop your questions over the comment box or you can also join our growing community over telegram https://t.me/oropocket
A special reminder to all community members, you can get 1 mg of Free 24 Carat Gold with this special invite link: https://my.oropocket.com/signup.php?invite=flipORhodlChat