OIN Finance — Telegram AMA — March 23
On Tuesday, March 23, we had the pleasure to welcome to our Telegram chat:
Daniel Kwak, Marketing Director.
We asked him questions about the development of OIN Finance.
Some sentences have been slightly edited for readability but the meaning has been conserved.
OIN is the first DeFi platform to provide liquidity mining and loans on Ontology, and on other top platforms through cross-chain functionality.
Users can add liquidity on their own DEX’s and build their own market makers through OINSwap. Another project inside the OIN ecosystem is OINLend, where users can make loans or borrow cryptocurrency assets. OIN Chain is a layer built on top of the OIN platform designed to support the cross-chain interoperability feature of the protocol.
OIN token is the native asset of OIN Finance. It will be utilized as the governance token, as well as for collateral rewards and clearing compensation.
Q — Ayeley Commodore-Mensah from GAINS: What did you do before crypto and did you have any other previous venture in crypto?
A — Daniel from OIN Finance: To be honest, I’ve taken a long and roundabout road to get here. To keep it short, I started out in traditional finance in equity research, moved to consult, then jumped into blockchain in a business director role at a public chain. Also did further consulting within the blockchain space in regards to strategy, fundraising, and ops. This led me to OIN, as we all saw the rise of DeFi, and I saw a way to empower projects with DeFi functionality with a simple, easy to implement a solution that most projects can hook right into
About OIN Finance
Q — Ayeley Commodore-Mensah from GAINS: What is OIN Finance about in a few simple sentences?
A — Daniel from OIN Finance: OIN Finance is driven by a simple concept: Empowering altcoins with DeFi functionality.
For example, our first live product, the OINDAO, allows projects to create their own brand labeled stablecoins by collateralizing their own tokens. An example of this is say Frontier. Users can now hop onto our web app, stake (collateralize) their Frontier tokens to mint USDF (USD Frontier). Our partnered projects all have great use cases planned for their own individual stablecoins and are excited about the implementation and integration of such a simple platform into their ecosystem. Many are doing in-ecosystem payment solutions, as nobody likes to pay with a volatile token. Others are aiming for farming/staking solutions, as it’s somewhat of a hot topic these days.
Our future planned products, such as the OINDSWAP allows users to easily swap their newly minted stablecoins for other more mainstream stablecoins, which they can then use to double down on their favorite token, effectively leveraging their position.
We’re building an ecosystem that provides an easy on-ramp for projects to gain DeFi functionality.
Q — Ayeley Commodore-Mensah from GAINS: How many people are on the team?
A — Daniel from OIN Finance: Currently, we’re running with about 20 members. We’re a very lean organization, which I feel allows us to be quick in any movements we need to make, such as an amendment to our roadmap. This also keeps everyone highly motivated, as we know exactly how much influence each one of our contributions has on the success of OIN. We’ve been incredibly busy making sure that we deliver, and grow as much as possible
Q — Ayeley Commodore-Mensah from GAINS: Which chain does OIN Finance run on?
A — Daniel from OIN Finance: The OIN token is currently an ERC20 token. This was chosen as people who are seeking out DeFi functions first look to the ETH network. Although we can work with wrapped tokens at this time, we will also be integrating BSC and Polkadot later on, which are the next popular chains. This allows us to cover the vast majority of the market that will likely be seeking out DeFi functionality, and become active users of the services that we provide
We do always keep an eye on the market, and if demand rises for the integration of another chain, we are more than willing to add that to our roadmap.
Q — Ayeley Commodore-Mensah from GAINS: Does the project needed to be on the Ethereum blockchain to be able to create a labeled stablecoin like in the example with Frontier above? Or Polkadot based projects can have their own stablecoins, for instance
A — Daniel from OIN Finance: Haha yeah, at this time we can only accept ERC20 tokens or wrapped tokens. Dash is an example of this. They will be integrating their wrapped Dash tokens onto the OINDAO.
Q — Telegram user 🎖Sir DeFi🎖: On what other asset is it possible to create our stable token within OINDAO? Only USD? Don’t you provide services with EUR, YEN, or GBP?
A — Daniel from OIN Finance: We absolutely can, and are in discussion with some of our partners to create such stablecoins. They aren’t released or announced yet, and the project is looking at which currencies they want to create. Stay tuned for more info!
Q — Twitter user @SmartchainN: Why did OIN Finance design OINDAO specifically for altcoins. What are your goals, and what point have you reached on the project roadmap, and what are the focus goals for this year?
A — Daniel from OIN Finance: Although BTC holds a significant portion of the market, the DeFi revolution has been happening, targeting altcoins. BTC has been more of buy-and-hold security and serves as an analogy to gold for a good number of crypto holders out there. As the rest of the market is seen often as having further use cases with a much higher level of activity in terms of development, we decided to look at altcoins. (That’s not to say, however, that we cannot do a wrapped BTC stablecoin in the future).
Our goal for this year is to really build out the OINDAO platform and gain as best an ecosystem as possible. Leveraging this, we will build further synergies with our future planned products, such as the OINSWAP, or the planned integrations into things such as BSC and Polkadot. This allows the products to function on their own, or together to create a truly diverse ecosystem for a one-stop-shop for DeFi functionality for partnered projects.
Q — Telegram user Memo: Currently, DeFi has multiple features and utilities that greatly benefit users, but if OIN really seeks to give its projects access to the blockchain revolution, could you really detail to us what is that “blockchain revolution that OIN will achieve with alt chains and currencies?
A — Daniel from OIN Finance: As DeFi develops, we’re seeing several focuses on some key features, such as yield farming, lending, and more. These, however, are often limited to one project, or only one functionality.
What we’re aiming to do is unlock the DeFi world for projects without access to these features, and unlock these projects to the users from the DeFi world. We’re providing a simple, easy to integrate platform that can empower those projects who have been longing for these functions for a long time. Case-in-point, the Dash community has been asking about stablecoins for a while now. We’re the platform that will be providing this functionality that will allow users to know the value they are sending when purchasing and the value that merchants will be receiving.
Q — Telegram user 👽 Crypto Jiren 👽: It’s no secret that DeFi is full of SCAM projects and useless tokens. My question is: How do you guys make sure that you are not serving a SCAM project? Do you have any review system for this? Tell us a little bit about this.
A — Daniel from OIN Finance: That is absolutely a great question! Short answer: Yes, we have internal metrics we use to determine the good standing of a project. We will be only listing and servicing the good projects of the crypto industry (this indirectly means that all projects on our platform are good projects!)
Q — Telegram user Jemo Kedurang: What is the reason OIN will be integrating BSC with OIN’s platform to explore its cross-chain functionality?
A — Daniel from OIN Finance: That’s absolutely it. BSC is becoming a popular solution to the cross-chain problem, and we’re looking to get to as many users as possible. After all, we’re looking to empower projects (and thus their users) with DeFi functionality. We wouldn’t want to deprive any great projects and their communities just because they’re not on Ethereum!
Q — Telegram user Deleted Account: Every successful cryptocurrency project must have a utility to demonstrate it can be used in real-world cases. So what are the uses and functions of $OIN? And how important is it?’
A — Daniel from OIN Finance: 😄 We love any and all inquiries! Any type of cooperation is welcome, and we will always try to see the best way to work together.
As for real-world use cases, it really depends on what you mean by real-world. To us, we’re empowering those within the crypto space to use their crypto in new and exciting ways. Leveraging their tokens, for example, is an example of a use case where we’re still limited to the crypto world, but still, a real use case as it brings a traditionally accepted (and necessary) part of finance into crypto.
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 — Daniel from OIN Finance: The currently available use case is staking on our platform to earn the staking rewards. We do have some exciting value-adds coming out soon though.
Firstly, as stated previously, our other products such as the OINSWAP will be a great value-add within the ecosystem itself. For example, you’ll be able to leverage your OIN holdings to purchase more OIN or any other token. Other products, such as the OIN Lend, will also be aided by the OIN token and the OINDAO.
The OIN token itself will also have voting rights further down the line. The functionality is not there at this time, but once our user base grows enough for it to make sense, we’ll start implementing voting on key issues such as fee structures, rewards, and more.
As for value-adds, as previously stated our products will redistribute our fees into the ecosystem. The fees collected will be held to cover operational costs, and the rest redistributed to our holders, stakers, and users. Our staking contracts will soon allow multiple token rewards which can distribute the different tokens earned from fees, or simply from token swaps with partnered projects.
Q — Twitter user @Seskia11: What are the ways that $OIN generates profits/revenue to maintain your project and what is its revenue model? How can it make benefit win-win to both investor and your project?
A — Daniel from OIN Finance: Currently, the OINDAO generates revenue when there are redemptions of the stablecoin to redeem your collateralized tokens. There is a minimum 0.3% fee, and one way or another the value of the fees gets redistributed into the ecosystem. For example, the OIN pool’s fees get burned, while other token’s fees are held by the foundation wallets. They can then be airdropped, used as incentives in our other programs such as LP incentives, or a whole host of other methods of redistribution. We are currently exploring the best method to do this, as we also have to consider our future coming products.
Q — Twitter user @KevinSalom1: I was really struck by your recent post announcing your partnership with Dash. Quite interesting! Can you tell us a bit about this? What do you expect or why do you need Dash to OIN? Do you think you have the capacity for this?
A — Daniel from OIN Finance: Yes of course! We’re super excited about our initiative with Dash and look forward to seeing what we can build out together. The first and most obvious initiative together is to get Dash onto the OINDAO to mint their own stablecoins. Once this is done, it truly opens us up to a world of possibilities, which we’re exploring together. As they’re a payments project, they have an immense amount of uses for stablecoins, are spread out around the world, and have a great future and a vast world of possibilities in just exactly how we can leverage this technology.
We spoke in a bit more detail about the possible use cases (such as different front-ends, different fiat currencies, etc) in our AMA. You can check it out on their YouTube channel.
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 — Daniel from OIN Finance: We’ve already had a successful, highly oversubscribed raise last year. Between the private rounds and the public pre-sale, we’ve raised enough money to ensure that we are operational and liquid enough to truly see our ecosystem grow. The fees from our products then kick in to cover operational costs and ensure we can last, so no we won’t be having any further raises.
Q — Ayeley Commodore-Mensah from GAINS: What stage is the project at? And what should we look forward to in the coming months?
A — Daniel from OIN Finance: We’re currently at an early stage I would say. Only one of our many planned products has been released, and we’re open to adding more if the need arises. That’s one of the key strengths of our team, as we can pivot once we recognize a change in the industry.
The ecosystem that’s currently building on that first product is now hitting its stride, gaining a great number of projects that want to join, such as Dash, Avalanche, and more. The use cases that will be budding from just the OINDAO alone will be a massive boon to the OIN and partner’s ecosystems. Our roadmap also shows room for growth, as adding say, BSC or OINSWAP would greatly increase the use cases and utility of not only the OIN token but also the platform itself.
So in the next few months, that’s what you can expect to see. Further partners will be joining us in our goal of bringing DeFi to more and more of the industry. Our target for the end of Q2 is 10 projects on OINDAO. We have some exciting partnerships that are away from the OINDAO as well, adding value outside of the basic stablecoin minting process. We’re excited and I can’t wait to see our community’s reaction once these things truly start happening.
The recent partnership announcements show what will be happening in the coming months, and we will truly show what we can do with those partnerships.
Q — Telegram user 👽 Mars Crypto Community 🌔: Investors want to know the concrete products of projects and invest in business products or MVPs. At what stage is the development of your OINSWAP, OINDAO, and OINLEND products?
A — Daniel from OIN Finance: OINDAO — already released! That’s basically all I’ve been talking about this AMA!
OINSWAP — far long in development. We are consistently reviewing its features, mechanisms, and functionality (of course along with its security) until release.
OIN Lend & OIN Bond — still in the design phase. We’re determining the best mechanisms that will allow these products to flourish, and are weighing several scenarios.
Q — Telegram user James Daniel: How can I know more about OIN Finance, do you have any guide or tutorials you can give me?
A — Daniel from OIN Finance: And the perfect question to end on!
First, we have great community managers and members that can answer questions in our Telegram group. Our website is quick access to us with links to all our channels. Our Twitter is an easy source of quick bite-sized updates, and lastly, our Medium page is a great source of some more in-depth information, such as partnership details and tutorials.
Please feel free to connect to us at any time in any of the methods above!
We are glad you joined our group today to interact with us. We learned a lot and we are looking forward to having you join us again another time. Anything else you’d like to say? — Ayeley Commodore-Mensah from GAINS
😄 It was a pleasure to be here! And these were definitely the most insightful questions I’ve ever had in an AMA! Love the community! 😄 Thank you for having me, and thank you all for your enthusiasm! — Daniel Kwak from OIN Finance