Nested Finance — Telegram AMA — March 16
On Wednesday, March 16, we had the pleasure to welcome to our Telegram chat:
Thong Tran, Community Manager
We asked him questions about the development of Nested Finance.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Q — Ayeley from GAINS: Please tell us about yourselves. Please tell us about your crypto journey so far and your roles with Nested Finance
A — Ruby from Nested Finance: I started investing in cryptocurrencies in late 2016: I subscribed to a student loan and invested everything in Ethereum. Since then I have worked at Fusion, a cross-chain protocol — Anyswap has been built on top of Fusion DCRM — and Ledger as a market researcher.
Last May, I decided to interrupt my studies in one of the most prestigious French engineering schools to launch Nested. It’s a choice I will never regret: it’s all about momentum, and I have accomplished so many amazing things since with only one idea in mind: “Democratizing and socializing DeFi.”
Now, with Nested I am ready to disrupt how we DeFi
A — Thong from Nested Finance: Hi everyone, my name is Thong, I am Nested community manager. I have been in Crypto since 2018 and have worked with Rudy at Fusion Protocol from the beginning of their ICO.
Then I have worked part-time in many crypto projects including Financial Layer 1 DCRM Fusion, Cross-chain Multichain (Anyswap), … Now that I discovered Nested Finance from Rudy, I think it’s going to be a game changer in DeFi very soon.
About Nested Finance
Q — Ayeley from GAINS: I have tested it myself and I am pretty convinced Nested Finance will disrupt DeFi. But for the sake of those who are now hearing about Nested Finance, tell us more about the project
A — Ruby from Nested Finance: Nested is a game changing social trading platform aimed at democratizing DeFi to facilitate financial connectivity for the crypto community.
Multi-chain and built to scale, Nested allows users to build a profile and then create, copy, manage, update, send and share financial portfolios.
These financial portfolios — the ‘Nested portfolios’ or NestedNFTs — are represented as non-fungible tokens (NFTs) reflecting sets of tokens.
This is an example of an NestedNFT
You, btw, have to copy this one in case you want to be eligible for the giveaway! It’s very simple, it will take you 20 seconds.
A — Thong from Nested Finance: For crypto and DeFi neophytes, Nested allows them to explore profiles and portfolios and replicate favored strategies. On the other hand, for more experienced DeFi users, influencers or community leaders, Nested allows to showcase portfolios, results and earn royalties every time said portfolio is replicated.
Nested’s team has focused on building a user-friendly-first app, while preserving the highest level of decentralization and security.
We basically want to socialize DeFi — making it more user-friendly and accessible to everyone
Q — Ayeley from GAINS: I tried this recently and I was amazed at how simple it was. How long have you been working on the Nested Finance project?
A — Ruby from Nested Finance: We have been working on Nested for the last 10 months now, I really wanted to have a product before marketing it!
Q — Twitter user @ECE5367: I Read That, Nested platform is based on “Financial NFT”. So, what exactly is this financial NFT and how does it work? How is this NFT different from the NFT we see day in and day out? And Do they have different or similar features to the typical NFT ones?
A — Thong from Nested Finance: The NestedNFT is a financial NFT. Imagine if the certificate of ownership of your house was tokenized in the form of an NFT, then this NFT would also be a financial NFT as it is backed by your home.
The NestedNFT is backed by financial assets like tokens (BNB, BTCB, SAND, etc.) and has an intrinsic value compared to JPEG NFTs.
A Nested portfolio is a NFT gathering many assets (up to twelve).
Rather than managing several tokens separately, the users only manage one and unique token, called an Nested NFT.
The ones you see Avatar JPG NFT out are not backed by any assets, and then don’t have an intrinsic value.
We want to make sure people don’t confused an NFT portfolio (art) with our Nested Portfolios which represent investment strategies
Again, our use of NFTs was made because of the technology’s potential, security, fees advantage and strategic reasons …. all of which you can learn more in our site
Q — Twitter user @ImMelike32: According to your site, with Nested Finance network, investors can copy the best performer trader so how can you assure that those traders are reliable? Even in market volatility, how can those traders can help beginners in crypto in earning more with their portfolio?
A — Ruby from Nested Finance: In 1 week you will be able to create a profile on Nested and share it to your community. You will be able to verify your Nested profile by associating your Twitter account.
People will then be able to identify the person behind a portfolio and feel safe about their reliability.
Q — Telegram user The Curious 👀: Is it possible to set up buy or sell orders within our portfolios? Or should we monitor on our own how our assets are performing?
A — Thong from Nested Finance: We will have the feature of stop limit buy and sell order for an NFT or a group of NFT ( an NFT that includes many other NFT inside it) . This feature will be available in Matryoshka
Q — Telegram user Kahraman: I learnt that Nested Finance allows users to replicate other users’ Nested portfolios. So what will then be the benefits of the creator whose Nested portfolio was replicated? And is there a limit to the number of users that can replicate/copy a user’s Nested portfolio?
A — Thong from Nested Finance: There is no limit to the number of copied Portfolio. Nested is not only a DeFi tool to create, manage, share Financial NFT Portfolio, it’s a tool for experienced trader to guide their followers through a passive investment approach. The more credibility the Portfolio creator gains with his/her followers, the more people follow the passive strategy and will copy the Portfolio of that trader.
The royalty itself is the advantage. You are literally paid to be copied.
The other advantage that will be alive in a few weeks is the airdrop. The formula will take in consideration the number of copies.
Q — Ayeley from GAINS:When can we expect the public rounds, (IDOs)? I also know the Nested Finance platform works on Avalanche, BSC and Polygon. Will the token also be cross chain?
And above all, what will be the utility of the token in the Nested Finance ecosystem?
A — Ruby from Nested Finance: We can expect the public round by the end of the year once Rubik will be live. The token will be cross-chain indeed!
A — Thong from Nested Finance: The NST will mainly be a governance token: as a token holder, you will be able to monitor Nested protocol’s metrics (fees, royalties, etc.) but also to submit proposals.
Also, as a token holder, you will benefit from a discount on platform fees. We will encourage our users to lock them the longest as possible and to lock as many tokens as possible to benefit from multiple advantages within the platform.
We will also, with a part of the profit, either buy back the NST tokens on the market and lock the purchased tokens for one year (the DAO will decide) or distribute the profit to token stakers.
Finally, there will be mechanisms to bootstrap the liquidity of the tokens on decentralized exchanges.
Q — Telegram user Rahmadania: Can you tell me a little about security please? Have you done a platform audit? Are smart contracts error free? What are the test results?
A — Thong from Nested Finance: Security is our priority! We conducted three private audits and two public audits. There were more than 20 white hacks whose job was to find vulnerabilities. The last public contest happened two weeks ago
Some of the hackers complimented us about the code. We also set up a timelock function; there are seven days between the time the team decided to push smart contract updates and the time those changes are live.Of course, all our smart contracts are managed through a multi-sig to strengthen security
Q — Ayeley from GAINS: So with this achieved, how has the support for the project been in terms of financial backing?
A — Ruby from Nested Finance: There are too many projects promising amazing things, but finally, they end up delivering something disappointing or nothing at all. I am proud that thanks to our work, Nested will never belong to these kinds of projects.
We have raised USD 7.5M so far from the biggest institutional investors and angels.
Q — Twitter User: How far along are you with your roadmap and what should we expect in the coming weeks and months?
A — Ruby from Nested Finance: Today, you can already build, manage, share, copy portfolios, and earn royalties each time your portfolio is copied. Our architecture is already modular, so you can plug many protocols on the fly! This is where we are today, and what is called Lego.
The next version is Tetris
For Tetris, the idea is to focus more on community and social features — with the ability for users to comment on portfolios, communicate through a chat box, connect to and follow other profiles, tip performing portfolios, etc. Basically the idea being that we socialize the use of DeFi as much as possible.
Tetris will also be a technical and exciting challenge as we will plug yield and lending platforms such as Aave, Curve, Convex, and Yearn — more will come later. Then, our users will have the opportunity to stake their assets from the Nested interface and directly to other platforms.
Under Tetris we will also be scaling and integrating other chains, namely Celo, Optimism, Arbitrium, Ethereum and Fantom.
Then the next version: Rubik
We will plug borrowing protocols, you will now be able to borrow directly from the Nested interface and build complex trading strategies. At the end of Rubik, people will be able to build and copy trading strategies but also saving and borrowing strategies.
Your Nested portfolios will give an APR
Finally Matrioshka! People will be able to set limit orders directly from the Nested interface and import their NFTs to their Nested portfolios. Your portfolio won’t only be a set of ERC20/BEP20/… anymore but also a set of NFTs (BAYC, MAYC, etc.).
Thong and Rudy, thanks for coming into our community, and taking the time to answer our questions about Nested Finance. Do you have any final words for us?
Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS
Also, to stand a chance to win a raffle
1.Go to this link for the GAINS Associates Portfolio
2. Connect Metamask
3. Press Copy this portfolio
— Thong Tran from Nested Finance