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GAINS Associates

Oddz Finance— Telegram AMA — March 06

On Friday, March 06, we had the pleasure to welcome to our Telegram chat:

Shreedhar K Shreenivasa, Founder & CTO, and
Aishwarya Shivakumar Haroshivanahalli, Founder and CEO.

We asked them questions about the development of Oddz Finance.

Some sentences have been slightly edited for readability but the meaning has been conserved.

Summary

Oddz is the multi-chain options trading platform on Binance Smart Chain, Polkadot & Ethereum enabling users to trade customized options with rewards.

$ODDZ is a utility token to get access to the Oddz platform, to earn a share in settlement fees, to get a discount in transaction fees, to have a say in enabling options for new tokens and Oddz oracle upgrades.

Oddz aims to facilitate seamless derivatives trading including call and put options, conditional tokens, swaps, and perpetual markets for platform users with ultimate transparency and zero-gas fees to make transactions more economical and viable.

Oddz Finance raised $2.6M from reputable investors such as Woodstock Fund, AU21, Krypital Group, X21, Amesten Capital, TRGC, NGC Capital, EX Network, Altonomy, Lotus Capital, Lumen Capital, Maha DAO, DAO Ventures, Fire Protocol, and others.

Introduction

Q — Ayeley Commodore-Mensah from GAINS: Let’s start by hearing a bit about you. What did you do before crypto and did you have any other previous venture in crypto? How did you end up at Oddz Finance?

A — Shreedhar from Oddz Finance: Hello everyone, nice to be here and happy to walk everyone through our product! I worked for companies like Uber, Flipkart, and Cleartrip then frontier wallet before we started with Oddz.

We both used to trade together and Aishwarya did a lot of user research before finalizing the pain points that need to be solved in a options and derivatives trading platform.

A — Aishwarya from Oddz Finance: I worked in a few tech startups as a product and marketing Lead in Bangalore. Coming to my experience in crypto, I was a very active trader in both the stock market and crypto market for the last 3 years.

In 2019 We started to explore options trading platforms and traded in most of the platforms. In early 2020, we closely noticed the rise in volume in option and derivatives trading in cryptocurrencies and identified a lot of improvements that can be ported from the stock market to the crypto market in terms of user experience.

As a trader, we understood the pain points which restricts a lot of users from utilizing on-chain option trading platforms effortlessly which include — High gas fee, Dependency on Option Writers, Transparent Premium Calculation, Inadequate Liquidity and lot more, that’s when Oddz started along with my co-founder who has 10+ years of experience in Web development and 2 years of experience in Blockchain space.

About Oddz Finance

Q — Ayeley Commodore-Mensah from GAINS: Let’s learn more about Oddz Finance. What is the project about in a few simple sentences?

A — Aishwarya from Oddz Finance: Oddz is a Multi-Chain Option trading platform that was deployed on the Binance Smart Chain, Ethereum, and Polkadot striving to unleash its potential decentralized derivatives market.

A — Shreedhar from Oddz Finance: We are truly a multi-chain options and derivatives trading platform built on Binance smart chain, Ethereum, and Polkadot.

The initial idea was to start with these three blockchains but we ended up with a protocol that is highly flexible to integrate with any chain that is closed to EVM

Right from the pricing model to implied volatility feeds to real-time quotes, all are flexible and an oracle can be used on any chain.

Q — Twitter user @NguynHuuda89: The Oddz protocol is gamified in a decentralized manner to provide users with cutting-edge financial innovation to ease their on-chain option trades. Can you tell us about this gamification? How will gamification benefit users?

A — Shreedhar from Oddz Finance: We employ machine learning, present market conditions on a specific day/week along with the user’s history to recommend easy options. That should enable a user without much experience in options trading to get used to it

For advanced users, we have a customized options section where a high degree of customization is possible. For people who don’t want to spend real money, there will be a virtual trade section

We also have a social trading section where people can follow fellow traders on our platform and simply follow other’s strategy

The reason behind this gamification is to ensure we will have a high adoption rate and make options trading very much understandable and accessible :)

Q — Twitter user @sonywed: The percentage of the premium or profit is one of the things that matter most to us binary options traders, so how do you calculate it? How do you guarantee that it will be transparent? Will it be a fixed percentage or will it change according to some parameter?

A — Aishwarya from Oddz Finance: Generally any options premium is calculated by any of the popular mathematical models.

We use the Black Scholes model and there will be a provision for changing this price model to anything else such as a binomial model.

Implied volatility for the underlying asset, Current price, Expiry and Strike price are the driving factors of this model. Since we use the same formula while the user is buying as well as selling/exercising the options, it will be highly transparent.

Q — Telegram user Amina Peter: You said your platform offers a social trading section where people can follow traders. What are the requirements I must meet if I want people to follow me? Do you apply a rating system on advanced traders to follow? Will I receive benefits for people that follow and copy my trade as an advanced trader?

A — Shreedhar from Oddz Finance: Yes, it’s basically following the trading styles of top 10 gainers on the platform :) User will have a chance to chose and follow anyone’s trade of their choice

Q — Telegram user Cleotilde: Generally, users tend to make poor decisions when they do not have a detailed and reliable premium calculation. How does Oddz handle premium heat and how do these calculations positively influence users’ decisions?

A — Shreedhar from Oddz Finance: Showing all the metrics that are used to derive the option premium along with a slider to adjust as per user’s risk to reward ratio should help users to adapt to our customized options. A detailed preview for an easy option is also available

Q — Telegram user SimplyUnlucky: How does Oddz Finance Liquidity Pool work to earn profits? Are there any penalties if the user withdraws from your liquidity pool?🤔

A — Shreedhar from Oddz Finance: User can withdraw his liquidity anytime he wishes to, but if he is leaving the pool before a 14-day maturity window, their profits will be given to the users who are in the pool longer than 14 days. Rewards will be equally shared amongst LPs.

Q — Telegram user Demvrick: Can you please expatiate more on one of the special features of the Oddz protocol which is the Automatic option premium writer recognition? And what will the protocol transaction fee collected from users be used for?

A — Shreedhar from Oddz Finance: it will be collected to a DAO pool and be used for various purposes like compensating the gas fee, staking rewards, and hedging the liquidity providers.

Q — Twitter user @CalebKure: As a liquidity provider will lock assets and will get rewarded when staking ODDZ tokens. How long will the assets be locked, how will the reward income system provided by Oddz finance be like, and what will the percentage in a day, month, year, or APY staking limit be?

A — Shreedhar from Oddz Finance: There are two ways to earn staking rewards. 1. By providing the liquidity and staking the oUSD tokens they get 2. By staking the ODDZ tokens

There won’t be any time limitation for being in the pool but if anyone wants to quit the pool early, their rewards will be distributed to other users who are staying in the pool for longer(more than 14 days in this case)

APY for the staking rewards will be announced just before we enable staking that is soon after our TGE

Token

Q — Ayeley Commodore-Mensah from GAINS: What is the token use case and how does it capture the value of the ecosystem you’re building?

A — Aishwarya from Oddz Finance: The $ODDZ token holders represent an integral part of the Oddz ecosystem, thus voting on various decisive moves and proposals for the protocol’s growth.

It’s like people with prime subscription getting more benefits on amazon in our case, people who are trading the options with $ODDZ tokens are our prime users :)

Some of the uses cases of Oddz token

  • Transaction fees: Platform users can employ an $ODDZ token to facilitate discounts in protocol transaction fees.
  • Staking: Users can stake $ODDZ tokens on the Oddz protocol in an attempt to earn higher yields, thus maximizing returns. Tech-savvy traders also employ various yield farming strategies to earn greater returns.
  • Governance: Users can strongly support or disregard protocol proposals through community votes depending on the rationality of the same.
  • Referral bonus: If the user extends the platform’s support by spreading the word, they are entitled to referral bonuses.

Q — Telegram user Deleted Account: Can you explain your Tokenomics Distribution? How many tokens will be minted? And How many tokens will be locked by the team?

A — Shreedhar from Oddz Finance: You can find that here.

Q — Telegram user Nicolla Nelda: If I may know, which chains are supported by Oddz at the moment and what is already planned for the future?

A — Shreedhar from Oddz Finance: We are planning to integrate on Ethereum, Binance Smart Chain, Matic and Heco chain.

Competitive Advantage

Q — Ayeley Commodore-Mensah from GAINS: Are there any existing crypto projects doing anything similar, and what sets Oddz Finance apart from its competitors?

A — Aishwarya from Oddz Finance: Yes, there are quite a few option trading platforms, but we want to build a one-stop solution for all the derivatives.

Innovation — We are planning to leverage layer 2 technologies along with Relayer networks to execute our options trades that would help our users to trade at a lowered gas fee.

The protocol transaction fee that we collect from users, will be used to compensate the gas fee, to distribute rewards for staking users, and to hedge the liquidity providers for our AMM pool that eliminates the need for option writers.

Emphasis on both retail investors as well as institutional investors — Intuitive UI along with Easy options wizard should help users to buy option calls and puts within a matter of a few clicks.

Future looking roadmap — We are well prepared to test our protocol on Polkadot and fully leverage the power of Polkadot and better the trading experience

The high degree of expansion — Options trading for new tokens can be added with just a click of a button, our inbuilt oracle IVR feeds for new tokens will help us achieve this.

Finances

Q — Ayeley Commodore-Mensah from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?

A — Aishwarya from Oddz Finance: Yes we already raised 2.6M, here is the details 🎉Oddz Finance Raises $2.6M from Overwhelming Investor Support to build Multi-Chain Derivatives Trading Platform

The funding rounds attracted the attention of some of the prominent Blockchain and DeFi legos including Woodstock Fund, AU21, Krypital Group, X21, Amesten Capital, TRGC, NGC Capital, EX Network, Altonomy, Lotus Capital, Lumen Capital, Maha DAO, DAO Ventures, Fire Protocol and others.

Our strategic investors and partners will impart immense value in scaling Oddz Finance and its mission to fuel DeFi, thus spearheading to greater heights.🌟

💪The foundational team effort and expertise will be instrumental in driving Oddz Finance as the most seamless option trading protocol in the prevalent landscape

Dive into more details and Spread the word.

A — Shreedhar from Oddz Finance: Before we got started with fundraising, we made very good progress in terms of protocol development and that became very easy to attract more investors. in fact we were oversubscribed by a mile.

Business Development

Q — Ayeley Commodore-Mensah from GAINS: What stage is the project at? And what should we look forward to in the coming months?

A — Shreedhar from Oddz Finance: We have successfully integrated our protocol on Binance smart chain, Ethereum (Kovan testnet), and Matic so far

We are currently running more integration tests and taking the protocol through the rigorous testing process before we submit them for the auditing

Soon after our IDO on 18th, Protocol and the trading platform should be ready on the testnet for our community to participate(there will be huge rewards for participation)

As soon as we get the audit reports, we will go live on mainnet

A lot of partnerships are yet to be announced :).

It was a pleasure having you in our group today, guys. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS

Thanks everyone 🙏. It was great AMA session

Connect with us

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