FNDZ — Telegram AMA — September 06
On Monday, September 06, we had the pleasure to welcome to our Telegram chat:
Valentino Cremona, Operations & Tech
We asked him questions about the development of FNDZ.
Some sentences have been slightly edited for readability but the meaning has been conserved.
FNDZ is the world’s best DeFi copy trading platform. Their platform offers a secure, easy-to-use, and transparent copy trading experience by leveraging DeFi architecture. Unlike centralized copy trading platforms, there are no hidden fee structures.
The FNDZ platform is governed by a large number of smart contracts (with audits), which significantly reduces the risks of being exploited by third parties or subjected to an exchange hack.
Through the FNDZ platform, users will be able to copy their favorite and best-performing trader without ever having to monitor the markets 24/7. Users can also own their assets and have them safely stored in their personal Metamask wallets.
The platform provides a fair order book (access to DEX liquidity) that is neither compiled by market makers nor manipulated in any other way. The FNDZ order book is simply a decentralized liquidity pool that provides fair order distributions.
Q — Ayeley from GAINS: Please introduce yourselves. What did you do before crypto and did you have any other previous venture in crypto?
A — Valentino from FNDZ: Hey I’m Valentino, my background is a decade in crypto. From trading countless years to helping structure ICO’s back in 2016, to building the first regulated crypto exchange and custodian in the NL, licensed by the Dutch central bank. Now going into the DeFi landscape and building FNDZ — an accessible open ecosystem for everyone to join and copy traders of their friends/ family or from experienced traders.
Q — Ayeley from GAINS: What is the FNDZ project about in a few simple sentences? How long have you been working on it and what was the inspiration behind it?
A — Valentino from FNDZ: FNDZ is the first DeFi platform that makes copy trading accessible from a truly decentralized point of view. Through the FNDZ platform, you will be able to copy your favorite and best performing traders (or even your successful crypto friend) without ever having to monitor the markets yourself. All you need is a wallet and with 1 click of a button, you can copy the trader you want. Our aim is to become a fully fledgedDAO (decentralized autonomous organization) and that’s why the term “contributing” is perfect. We contribute to the initial development of the project, but it will be the community, or rather the owners of the $FNDZ token that will decide the future direction of the project. Currently, about 30+ people contribute to the project with decades of experience in traditional finance, entrepreneurship, brokerage, and cryptocurrency trading. Our team’s talents are tailored to the task of developing the world’s easiest to use DeFi copy trading platform. After all, this is a platform for traders, made by experienced traders. We look forward to showing you our product, gathering feedback, and improving the platform.
A — FNDZ admin: And to add there, what we are doing here is taking a long proven business model out of the centralized finance space, with names like E-toro and Robinhood, and deploying it in the de-fi space. We noticed that the only players that were around in de-fi were massively missing a very important angle in their platforms, namely: Simplicity. We are not trying to reinvent the wheel here, we just decided that we wanted no centralization in a successful business model like this, so we designed the platform in a way that both experienced traders and people already involved in the industry can find their way into the platform, but at the same time keeping it extremely simple for new people to jump on board. We have chosen for de-fi, as we have seen the massive growth of the industry and at the same time being aware of the regulatory burdens etc. that are currently being created in the centralized crypto industry.
Q — Twitter user @tuan_iker: Could you please tell us the story behind the name FNDZ? How did you get the inspiration to build your project? How will this name affect people in your opinion?
A — FNDZ admin: So the story behind the name FNDZ (say: fundz) comes from a similar concept that we were running in the centralized finance space named: fundz. The name fundz gives a general idea about everything we do and what we will be doing in the future, in the end, it all has to do with having your funds at work under your own control. Our inspiration comes from the angle of improvement, we saw and see a huge future for de-fi but despite the fact that the potential is huge, the entry into the space remains difficult, we have seen that as an opportunity and decided to get FNDZ up and running in de-fi to create a simple and straightforward way into the space by copying pros. Where names like E-toro managed to become a real “go-to platform” for new people in centralized finance, we essentially strive to become THE platform in de-fi. The name would make sense to people I guess, next to that it’s short and catchy with a direct link to where it’s all about: your funds.
Q — Twitter user @DeewhyJ: When copy trading, can users adjust the percentage of their portfolio for each trade? Also, will there be a ranking system for traders so as to determine the best one to follow?
A — Valentino from FNDZ: Yes, they can choose a max 3% management fee and a max 30% performance fee. That is subject to the trader who sets up the vault.
Users can choose how much capital to deploy in each vault. And yes, we do have a ranking system, for this, we have an in-house algo that ranks and indexes the top-performing trader vaults. Performance is not only PNL % but based on a set of parameters that include but are not limited to volume, depositor amount, amount of trades, profitability, time of creation, etc.
Q — Telegram user Emeka: When a novice trader copies a trading strategy from a pro trader, will the novice pay a fee or commission to the pro trader for using his or her strategies?
A — Valentino from FNDZ: Yes, the retail user will be paying the management and performance fee to the trader.
Q — Telegram user 🌟𝙕𝙖𝙝𝙞𝙧🌟: I would like to know more details about the trading challenges, under what criteria do you choose the best traders? Are all users eligible to compete or do you have any requirements? Where does the prize pool come from? Is the prize the same every week or what does its value depend on?
A — Valentino from FNDZ: Everyone is eligible to enter tournaments, it’s a matter of being the best! Everyone starts with the same amount and in the end highest PNL for that time period counts. The prize pool comes from fees and the reward bucket.
Q — Telegram user Patrick: The project is mainly focused on SIMPLICITY so could you explain to me what are the main features for your platform to be considered simple to use? The FNDZ platform can be used by people who have never been in the cryptographic world?
A — Valentino from FNDZ: The user journey for novice retail users is mega simple. With only 1–2 clicks he can be following a pro trader and that’s all they need to know. With the trader profile UI’s you can easily see all the information, you need on 1 page that is relevant to make good decisions.
Q — Telegram user Ana Manzano: You point out that FNDZ is a platform for “novice and experienced traders”, but could you really tell us what features and tools do you have that can help novice traders? And also which one will you have for the most experts?
A — Valentino from FNDZ: Copy traders only need to have access to the statistics and information that governs the specific vaults. PNL is for example all tracked on-chain, so you will see who returns what PNL, etc. You can then follow the most consistent trader that you like. We will be showing some platform UI soon, then you will see.
Q — Telegram user Rimjhim: The main problem with traders on exchanges is that they are regulated by authorities. What has to be done to solve this problem in different countries?
A — Valentino from FNDZ: We are very aware of regulation. The only risk in the future is that regulators want all dex transactions to be KYC’d that are P2P. There are simple solutions like Blockpass to KYC wallets and keep on going with business as usual.
Q — Telegram user Nardu Roma: I see that your project allows traders to create deposits that they can then manage, where only by seeing PNL you can choose who to trade with. Can this strategy leave behind CEX, DEX, API connections, that only increase your regulations and have low speed in transactions?
A — Valentino from FNDZ: We are leaving behind the CEX world. I mean, you just make a vault, and then you can share that vault with your friends for example. And everything else is automated other than your trades. You can, for example, make a private vault and only let your friends enter that vault
Q — Telegram user Memo: Can I really benefit from FNDZ simply by being an Influencer without being a good trader?
A — Valentino from FNDZ: You can make your own vault as influencers, make it a private vault, and only allow people from your community in for example.
Q — Ayeley from GAINS: Can you let us know the role the token plays in the FNDZ ecosystem?
A — Valentino from FNDZ: The FNDZ token promotes an inclusive community with a number of useful features:
Governance: The FNDZ token is a future governance token that will be used to vote on governance proposals. Fee models, hiring people for protocol creation from treasury funds, and any other idea suggested by the community.
Creation fee: You will need to have a small amount of FNDZ to create a copy trading vault.
Referral: Per trader, a referral link can be created and shared with new joiners on a one-time basis. If the new joiner is profitable once the performance fee is due, the promoter receives a small % of the 20% performance fee.
Advertising: Traders who achieve a minimum of 10% performance over four weeks are able to buy FNDZ tokens to advertise their vault on the front page — attracting new followers.
We also have incentives for expert traders beyond what they will make from their management fees.
Trading challenges (tournaments) — FNDZ will have trading challenges where you can win FNDZ tokens by beating your competitors.
Leaderboards — you can take part in the leaderboard rankings by entering with your FNDZ tokens. Higher scores simply draw more fans. Higher earnings equal higher exposure. It’s simple.
Fee reduction — If you are a trader and hold a certain amount of FNDZ tokens your fees go down and you can yield a higher performance fee as well.
Read this to know more.
Q — Telegram user Murat: Can you explain FNDZ Tokenomics? Do token holders have the right to participate in project governance? What decisions can they vote for on the project?
A — Valentino from FNDZ: Yes, when we roll out the governance features, then FNDZ token holders get to vote on ecosystem decisions.
Q — Ayeley from GAINS: In the wild west of DeFi with scams and honeypots around each corner, how do you keep the people using your service safe?
A — Valentino from FNDZ: Well there are various things on the safe side, you have the smart contract which is audited by reputable firms like Zokyo. Then you have of course risk on the platform side which you build, so there we work with reputable security firms and perform all kinds of risk analysis and penetration testing. On the asset side, we like to curate the assets that are being traded. Here we protect users from absolutely illiquid coins.
Q — Telegram user 🌿Salto Angel🌿: You point out that FNDZ is governed by multiple audited smart contracts that will prevent losses due to hacking, but will that really be enough to prevent scams? If so, why have many other smart contracts suffered losses from hacking attacks?
A — Valentino from FNDZ: I mean, we will certainly get attacked once the TVL is big enough. That risk is a market and ecosystem risk. We do our best to prevent that from ever happening.
Q — Ayeley from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A — FNDZ admin: We raised funds for sure, within 72 hours we managed to fill up both the seed and private round from our well-established network. This brought approximately 3.3M in the capital. We use the money for the development of the project, marketing budgets, liquidity, etc.
For now, we are not focussing on any further raises other than the Trustpad launch, where we will raise another $480K dollar at $0.24 per token. This is also your last chance to grab some FNDZ tokens before they will hit the open market.
Q — Ayeley from GAINS: What sets FNDZ apart from the competition?
A — Valentino from FNDZ: It’s quite simple. We build a super easy and intuitive to use the product for the masses in crypto and you are already halfway there. Currently, we are only seeing complicated products with questionable UX/UI, that most retailers don’t understand. We are bridging the gap between experienced crypto people and novice market participants. The strength of FNDZ is that any retailer will be able to have an easy flow to upload capital from their credit or debit card into a wallet they control. From there on you scan the best traders on the platform based on their historical transparent history and then simply 1 click deposit into that trader’s vault. You are now copying the trader. This is what makes FNDZ so special. It’s going to be one of the first easy-to-use crypto products for the masses.
Q — Ayeley from GAINS: Let’s explore your roadmap now. What should we expect in the next weeks and months?
A — Valentino from FNDZ: Well, we are going to live with our IDO on the 14th of September on Trustpad. In the meantime, we are finalizing our product and working hard on delivering it by the end of October ideally. We are finalizing our marketing campaigns, talking to channel partners. We started our ambassador program which is now open. There we will have early access beta testing and iteration rounds. We will then drop the MVP, right after we will be working on building out the staking functionality, as well as starting to look at what ecosystem expansions we should undertake. Further roadmap updates will be announced as we go along. What we will definitely do is expand to further chains. That will be decided on by a number of assets on that chain, users, volume, etc.
Valentino, thanks for joining us and taking the time to answer our questions. We wish you the best in your IDO on the 14th. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS Associates 🐋
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