Nov 4, 2022
📣 Conflux AMA Recap with Goledo Finance
A recap of our AMA session with Goledo Finance. — A lending protocol launching on Conflux eSpace!
Interview Session
Earlier this week we hosted an AMA session in our English Telegram channel with Goledo Finance, a lending protocol launching on Conflux eSpace. Here’s a recap of our AMA:
Q: Host (Yildirim): Can you briefly describe your project for those in our community unaware of Goledo Finance?
A: Goledo (D Round): Goledo is a cross-chain lending and borrowing protocol based on Aave.
Depositors earn passive income by depositing their digital assets into the algorithmic liquidity market, while both overcollateralized and undercollateralized loans are enabled for borrowers.
Goledo aims to provide healthier governance and staking models that benefit liquidity providers and token holders. Everyone can access the protocol directly with smart contracts, where third-party services will be gradually available to enrich the product.
Q: Host (Yildirim): Why did you choose Conflux eSpace, and what are your expectations for this chain?
A: Goledo (D Round): Conflux aims to connect decentralized economies to strengthen the overall DeFi ecosystem globally. Its fast, scalable, solidity compatible, zero congestion, low fees, and compliance features offer unique advantages for building and scaling projects.
By deploying on Conflux — a permissionless PoW/PoS hybrid Layer 1 public chain with significantly lower transaction costs compared to other chains (such as Ethereum or Bitcoin), it makes Goledo an ideal protocol to lend and borrow quickly.
Conflux eSpace, in particular, is essential for its EVM compatibility. This key feature makes moving assets back and forth from other chains significantly easier. With a combination of low gas fees and compatibility, it’s easy to see why Conflux eSpace has such a bright future.
Q: Host (Yildirim): What tokens will you support or plan to invest in?
A: Goledo (D Round): Currently, Goledo supports the Conflux native token CFX as well as BTC, USDT, and ETH.
We want to focus on the four to start, but we are always open to new tokens if we have enough support from the community.
We’re confident we will add more tokens to the list as eSpace develops.
Q: Host (Yildirim): What is your governance token, and what is your plan for it?
A: Goledo (D Round): GOL is our native token. Goledo users will receive GOL as a reward for lending and borrowing actions. This GOL is vested for three months.
Users can still get their rewards immediately, but you will lose 50% of your GOL as a penalty (more on that in a bit). We have a fascinating use case for Gol. Stakers of GOL will be able to receive 50% of the protocol revenue. Stakers can freely stake and unstake whenever they like.
The key point is that while the GOL is vested, it will also earn revenue fees just like if it was staked. If you want to make more rewards, you can lock your GOL. Locking allows users to receive the usual 50% of revenue PLUS the early fees from users who withdraw their GOL early. That is the same penalty fee I mentioned earlier. The idea is to incentivize users to stay in the protocol for a longer time rather than quickly cashing out. We want to build something long-term, not a quick cash grab.
Q: Host (Yildirim): Goledo is incubated by Conflux. Can you tell us more about that and the process of being part of their incubation program?
A: Goledo (D Round): Conflux has been great in helping us get started. Being an incubated program means they helped set up the initial funding to get the code written and ensure the protocol functions at a core level. They required set milestones to ensure we focus on building a real protocol that will benefit the whole ecosystem. They are also helping collaborate on marketing events, like this AMA, to ensure people are aware of Goledo.
For those who want to know more about Conflux’s newly launched Incubation Program. Here is the link ⤵️
Community Questions
Before the live AMA we asked our community on Twitter to send Goledo Finance their questions. We pre-selected 5 questions for Goledo to answer during the AMA. Here is a recap:
Q: What’s the advantage of supplying BTC / ETH / USDT on Goledo for investors? — @nstrn_crypto
A: The advantage is the potential yield. The interest rate return is generated based on the demand for these tokens. There are a lot of different use cases that come to mind, such as hedging or trading on a firm conviction. The borrowed tokens need to come from somewhere, right? That will drive interest rates and generate a solid return.
Q: Do you have any plans to spread awareness about Goledo Finance in countries where English is not used? Do you have a local community like India, Vietnam, Indonesia, Thailand, Korea, etc., so they can better understand Goledo Finance? — @MagdaSupercars
A: This is an excellent question because it is a challenge for us.
We want more than just an English group; we must balance our time and resources. We highly encourage people to develop an unofficial group to talk and discuss things about Goledo. Seeing a lot of activity in an unofficial group gives us confidence that it is worth supporting other languages.
Q: How do you convince everyone or investors that the Goledo project is safe long-term? Then are you sure that the Goledo project can compete with other big projects out there? — @Honda28218828
A: We aren’t concerned with what many other big lending projects are doing out there. We are currently focused on developing our niche in Conflux eSpace. We are just starting the development of eSpace. It should also assure people that we are a Conflux incubated project, so Conflux has confidence in helping us get off the ground for the long term.
Q: How secure is your smart contract’s code? Did you ever audit it via any third party? What has been your biggest challenge in Goledo Finance project development? — @Boredbull1
A: We take security seriously. To that end, we had our smart contracts audited by Peckshield. The audit has yet to be publicly available as they are wrapping it up. Once it is complete and ready to be shared, we will let everyone know. Peckshield is a highly regarded smart contract auditing firm. Should the need arise, we are open to having someone else ensure there are no other issues with the protocol. Protocol security is always an essential point of trust with users, even more so in DeFi. There always seems to be some new attack, so we will keep an eye on our security.
Additionally, we are collaborating with ImmuneFi, Web 3.0’s leading bug bounty platform, to set up an ongoing program as an extra layer of security.
Q: Currently, most investors only care about profits at the moment but ignore the long-term benefits. Can you give them some reasons why they should buy and hold your token in the long term? — @SChulanol
A: The most significant thing people need to remember is that Conflux Core and eSpace are at the beginning of building an ecosystem. As more protocols come online, demand for CFX and other tokens will increase, increasing the velocity and direction for tokens. This is the key baseline for our long-term high expectations for Goledo, which everyone should remember when they look at GOL.
Goledo Finance is currently on Testnet and will be launching on Mainnet soon. To follow their journey, join their social channels here:
🐦 Twitter: https://twitter.com/GoledoFinance
💬 Telegram: https://t.me/GoledoFinance
