Moderator: Can you introduce yourself to our community ?
Tarusha: I am Tarusha, the co-founder and COO of OpenDefi. About me – I have been an entrepreneur for a decade now and been in the crypto space since 2013-14, tinkered with mining et al. This is my 2nd crypto startup – I was also on the founding team of one of the first Ethereum exchanges of India. I also host a podcast in this space 🙂
Mohit: I’m Mohit Madan, CEO & Co-Founder of OpenDeFi. I have been in the crypto space since late 2013, and have gone through the journey of mining, trading, and building. We’re now bridging the gap between traditional finance and DeFi with OpenDeFi.
Moderator: Can you briefly tell us what is OpenDeFi in 3-5 sentences?
Mohit: OpenDeFi is simply an enabler for “big money” to participate in the DeFi space. Right now institutional funds are not able to participate in the space due to a lack of financial instruments, asset classes, and compliance.
We solve this problem for them by tokenizing real-world assets and building financial services on top of it. The open nature of OpenDefi allows on-chain KYC to be plugged in that solves the KYC and AML problems. To sum up, in a sentence – OpenDeFi is an enabler.
Moderator: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
Mohit: With an amazing team split across 4 continents, we have successfully completed our MVP by tokenizing Gold and Silver. We have also launched a global fiat ramp, instant swap, and mobile apps for both android and ios. (https://onelink.to/oropocket). We’re now on track to do our testnet launch(alpha) in Nov and audited launch in Dec. Q1 & Q2 2021 will purely be focused on tokenizing more asset classes and enabling developers to build complex financial services.
Community: How exactly is Open DeFi advancing the collaboration of DeFi projects across borders and blockchains? Which products are you working on to make it an glitch free experience?
Mohit: DeFi is right now limited by several problems that’s stopping big money from flowing in – compliance, ease of use, limited asset classes etc.
We solve the problem by tokenising real world assets, and building financial services on top of it.
To make sure that it is easy and convenient for everyone to participate with OpenDeFi, we have launched a mobile app that basically allows you to invest, sends, receives instantly.
Community: What tools does OroPocket offer for portfolio diversification by investing in multiple assets?
Tarusha: We are going to be adding multiple asset classes on the platform like art, premium real estate, stocks, and commodities.
Community: Open DeFi claims to be “instant exchange. No price slippage”. Since this can only be achieved through liquidity (people are willing to invest capital), how do you plan to achieve this goal?
Mohit: Interesting question, since we’re tokenizing real-world assets, essentially each token is backed by the underlying physical asset. So liquidity is only capped at the number of assets available. There are no counterparties or order books. Users interact directly with the smart contract. The price is derived from Oracles.
Community: Why is OPEN DEFI an ” open ” project? What is the uniqueness behind the name?
Mohit: OpenDeFi is open because of seamless integrations with on-chain apps/dapps and cross-chain support. 🙂
Community: Can you list 3-4 deadly features that make the OPENDEFI project stand out from its competitors?
- Earning a rental on so called dead assets.
- Cross chain value creation by enabling easy movement of assets
- No price slippage
- Flash loans
Community: What’s the end goal of OpenDefi? And How are you mitigating risk?
Mohit: The end goal is to have an open, inclusive, 24/7 operational and decentralized Nasdaq. The capital should flow freely without any discrimination.
Community: What kind of interest is associated with the loaning? And are some discounts offered for the OpenDeFi token holders & stakers?
Mohit: Essentially the risk on loan depends completely on you. For example – get a 40% loan against your collateral is far safer than getting a 90% loan. This way you can prevent yourself from getting liquidated in case of wild price movements.
$ORO holders enjoy lower interest rates: https://www.notion.so/bfc5f1d4eeab485d8820cc12f5c7f2da?v=9d656250cb2f4bdebc4e4c69b5a3532e
Community: Does OpenDeFi allow cross-chain support? If yes, which chain is currently available?
Tarusha: We are building on Ethereum, Tezos, and Matic.
Community: Closing the gap between physical assets and DeFi, investing in real world assets”, how does this working model ensure their decentralization, do not fear that this is an obstacle to preserve their autonomy?
Mohit: The insurer protects the underlying assets while the custodian ensures tokens represents the rights to the asset. We only partner with the best. Right now the Gold, & Silver that we have tokenized is being held by Galmarley Ltd, which managed about $3billion AUM. On top of it we have insurance and independent auditor to ensure tokens represent the right to the underlying asset.
Community: What does OpenDefi see as the biggest barrier preventing DeFi assets in particular from gaining widespread adoption?
Mohit: Compliance, bad UX, low liquidity are some barriers that are currently plaguing the DeFi space.
Community: Why are you using DIA and Bluzelle startups as your oracle, and not experienced Chainlink or Band? How will you ensure a decentralized and open process?
Tarusha: We are using multiple oracles for multiple assets. Please be patient, we have some superb announcements coming up!
Community: How will OpenDeFi solve the scaling problem? And what can OpenDeFi offer to overcome the threat of centralization?
Mohit: We’re solving the scaling problem by building on layer 2 solutions like Matic that offer high throughput of 7200 TPS
Thank you @makscryptodiffer For giving us this wonderful opportunity. Before we end this AMA we have a special gift for this community. Since we ❤️ CryptoDiffer, we have decided to offer 1 mg of 24 Carat GOLD to all members of this community. All they need to do to claim it is signup here: https://oropocket.com/u/?invite=CRYPTODIFFER