FinNexus Weekly-chat Recap: 10/02/2020
Participants:
Boris Yang — FinNexus Founder & CEO
Ryan Tian — FinNexus Financial Specialist
Question1:
Anas Y,：I have a question regarding, what is the team plan for having liquidity, as liquidity is one of the major challenges for any financial project?
Ryan：There are two aspects to this liquidity question, liquidity to our FNX native tokens and liquidity to the products.
Firstly, after FNX is listed on exchanges, there will be market makers that will handle the liquidity of FNX on the market. We have talked with a number of well know liquidity providers on the market. Also, we have made good relations with exchanges, there will be funds deposited specifically for the depth of the market.
Secondly, for the liquidity of the FinNexus products, FinNexus will later build its own OTC market for the transaction of these products, and FinNexus will act as the market maker, for the liquidity of its products.
Question 2:
Bitcoin Black：What is the total supply of this token?
Ryan：The potential total supply of the FNX tokens will be 500 million units, which is the upper limit of the total possible FNX tokens on the market. You may check all the details here https://medium.com/finnexus/fnx-tokenomics-62c582807219
Question 3:
Anas Y：Another question is would you please explain to us what is the major elements for #FinNexus ecosystem?
Boris：In a simple way it is assets. We think it is a core element for finance including open finance and Defi. So we could say protocol server assets.
Ryan：The key of FinNexus ecosystem is the counterparties and participants that FinNexus is trying to connect with its protocol clusters. In the startup stage, we wouldn’t call it an ecosystem. We would rather call them the FinNexus groups with common interests. It will include the asset providers, asset tokens, public chain tokens and the ones that may have interoperable inter-activities.
The long vision of FinNexus will build an ecosystem with its protocols and specific models, including the tokenization model and decentralized models. The elements will include the public chains we build our products on, the different stable coins, the dexes, and centralized exchanges, financial products that may have direct relations with other tokens based on the varieties of financial models.
Boris：If open finance want to get more users or investors, the problem is not the money. The point is more money need different risk preference. More assets in open finance mean more risk preference for money and then we could get more users.
Question 4:
NVRMND：What is FNX use case, or what is the benefit if I'm holding FNX in platform or wallet?
Ryan：In specific, holders of FNX are eligible for the following rights or benefits:
I. Rights of a higher rate of returns on tokenized products
II. Rights to invest in or transfer tokenized products with lower cost
III. Derivative rights, like early settlement, resale or interest swaps
IV. Comprehensive participation in the decentralized models
V. Staking benefits
VI. Interactions with other tokens in the eco
VII. Benefits on the FinNexus’ gains and development
• Underwriting
• Investment banking
• Market making
• Transaction commissions
• Direct investment in the tokenized products
Question 5:
Anas Y：Ok, if we have a tokenized asset, later on, how can I trade it sell or buy it? And Would I be eligible to have shared from the project’s profit ( like shares I mean )
Boris：Tokenized assets could be sold by wallet for example Wanwallet. We will keep issuing tokenized assets for users. You will get a stable annual return in around 12%.
Ryan：Think of the bond securities now in traditional finance. You don’t need to always hold it to maturity, actually, the bond market is quite active. Also, the cap of the bond market in traditional finance is over 200 trillion, much bigger than the equity market.
Later, FinNexus will be working as the market maker for the secondary market transaction.
Boris：The tokenized assets UM1S could supply 12%. Would we be killed by banks
Ryan：After all, the maker is working somehow as the central bank, there are many financial institutions like compound, dydx built on top of that.
Anas Y：Good to know, but how the protocol will work here, For example :
If I invested in any token sale in the #FinNexus platform and I want to sell to anybody else, how it works?
Ryan：It would also be interesting to see what will happen after SNX accepts ETH as collateral. Would SUSD challenge Dai?
Anas Y：I believe they will try yes 😅
Ryan：you mean the products like UM1S?
Boris：In the beginning, you have to find the buyer by yourself. But soon we will develop a function for trading. Anytime you could sell it or buy it.
Anas Y：I understand that but how can we both, the buyer and seller be safe and sure that there trade gonna go smooth and safe
Ryan：Yes as Boris said we will have the platform for the secondary market of the tokenized product in FinNexus later
Anas Y：At least before the OTC market is devolved or should we expect that to be ready soon enough?
Anas Y：A simple tool like to luck both the assets to perform the trade could be a good start, As I believe users will have concerns regarding there tokenized assets, and they can buy, sell it easily without having to be worried about being scammed or something …
One of the major milestones for bitcoin and cryptocurrencies which brought a lot more users in the early days, ways the exchanges itself …
Boris：Yes you are right. We are talking with different partners to supply liquidity. OTC is one of the choices.
Anas Y：
I appreciated of your patience with my many questions … I enjoyed the answers … thanks again @rainiefield Boris
Boris：
Yes. So we find some partners to supply liquidity is very important. Do not worry about it. We will put it in top priority.
I think you have given us some good suggestions besides your questions. Thank you very much.
Anas Y：
I’m really enjoyed our discussions here it’s always nice to have such healthy discussions … very appreciated for all the efforts made here
Question 6:
Roja Saja：You have created Wanchain. A project which is very different from FinNexus. How have you decided to change your paradigm? From Wanchain to FinNexus
Boris：From the whole industry view, there a so many public chains more than we need now. We think in the next step crypto world needs more dApp and assets to bring more users in. So everyone needs a tool to use blockchain easily. That is why we focus on open finance protocols. By the way, our team members have a good background in finance. We think we could understand finance and create great products.
Question 7:
Dejan Sisokovic：How many funds do you need to fully implement your vision?
Ryan：Well, we have to pave the road step by step. In the jumpstart stage, we have attracted attention from a number of partners and investors. We are confident that there will not be financial difficulties right now.
Boris：It is a great question. We do not want to raise a huge amount in the beginning. It will make the price under pressure. It is not fair to early holders. So we raise the money that could balance between our needs and investors. We hope the number is around 3–6 million USD. And then after we have some progress in Eco and value for FNX, we could ask for another round of raising.
Question 7:
Nadyns：Does your team have experience regarding defi projects/concepts?do you have any collaboration with other defi projects?
Ryan：Boris is a blockchain Veteran and the co-founder of Wanchain. I was working as an investment banker for 10 years. I have to say that technology is a great innovation, but the finance part and most of the methodology is the same as the legacy finance. We are confident that we will combine the two with the diversified expertise in our core team.
About FinNexus
FinNexus is the open finance protocol built on the Wanchain blockchain. It is a hub for connecting different decentralized ledgers to each other and users, and also for connecting with traditional finance applications. The first iteration of FinNexus will be a marketplace for hybrid decentralized/traditional financial products.
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