Recap｜REI Network AMA with FilDA
On June 15, Shijun Song, the Founder& Development Lead of FilDA, was invited to the AMA about FilDA, in the REI Network international community. Shijun Song explained what makes FilDA special in the decentralized lending protocol and how FilDA’s partnership with REI Network will benefit both parties, and so on.
So many interesting questions from the community about FilDA’s vision and the future of the project. Thank you so much for supporting our AMA. Now let us enjoy the recap!
Q1：First, would you mind sharing with us a general introduction to FilDA?
A1：FilDA is a Web3.0 asset bank, which was launched on January 5, 2021. In a little over a year, FilDA has created nearly 20 million USD of interest income for deposit users, and the peak value of total deposits and loans exceeded 2.1 billion US dollars.
FilDA is a very simple way that allows everyone to participate in the DeFi protocol that promotes ecological prosperity and shares the fruits of ecological development by simply depositing and borrowing.
Q2：Could you share with us your products and features? What makes FilDA different from other lending protocols?
A2：With such a pleasing start on REI our next target is working to empower tokens on-chain and help users capture more value. This is the core purpose of FilDA, and it is also the part that we will focus on improving in 2.0. Specifically, in 2.0 we have made the following improvements:
1. In FilDA 2.0, we will start multi-chain deployment and operation. This aspect is to expand the user base, and actual platform usage, and it can also help FilDA become a true cross-chain network bank. When the multi-chain operation is completed, we will introduce FilDA 2.1, which is ready to support cross-chain lending. Users can deposit money on one chain and borrow/withdraw money on another chain, just like you can withdraw money from any ATM in the world!
2. Adopt the PCV token model and use 25% of the protocol revenue to form LPs to provide long-term liquidity support for $FILDA token.
3. Add a credit lending interface to support unsecured lending. For DeFi protocols with secure funds, a certain loan amount can be granted to them, so that they can borrow without providing collateral. For example, with the Alpha leveraged loan protocol built into FilDA 2.0, users can borrow unsecured loans from FilDA through the leveraged loan protocol, and then use DEX pools to mine for higher returns. While deposited funds remain within FilDA, they remain safe.
4. Add more loan parameter configuration options, such as loan limit, allocation of deposit and loan token rewards, security factor of loan assets, etc., which allows FilDA to provide loan services for more asset types.
5. Support a variety of synthetic assets as collateral. First, DEX’s LPs will be supported as collateral, which releases liquidity for LP users, who can mortgage LP to borrow more assets for further earning potential.
6. From the security level, in the face of seemingly endless attack events, we have added time lock and multi-signature management in FilDA 2.0. When the protocol is more mature, the authority will be handed over to DAO for governance. At the same time, we are also cooperating with auditing companies such as Paidun to monitor our protocol’s security mechanisms, providing reassurances as to fund safety.
Q3：Does FilDA has its own token? What does the actual Tokenomics of FilDA look like?
A3：We adjusted FilDA with reference to Curve’s model, and are currently developing a V2 version of DAO governance.
1. Users will get a deposit certificate after depositing in FilDA
2. Users can pledge the deposit certificate in the V2 version of the contract to get FilDA token rewards
3. After that, you can also lock FilDA tokens for a certain period to obtain veFilDA. The longer the lock time is, the more FilDA is locked, and the more veFilDA is obtained.
4. Users can vote on deposit assets through veFilDA, and the voting result will affect the mining ratio of different assets in FilDA.
5. At the same time, locking veFilDA will also affect the weight of the FilDA reward obtained in the previous step 2. Holding more veFilDA can make the same deposit and get different FilDA rewards.
6. In the future, more voting rights for governance proposals will be opened to veFilDA
Q4：What do you think the partnership between REI Network and FilDA will bring to each other?
A4：We are glad to be invited to join REI network. REI is to achieve a rapid, economical, innovative blockchain framework. So REI is friendly to DeFi services like FilDA. FilDA and its users will enjoy fast and no fee transactions on REI. Meanwhile, FilDA could provide lending and borrowing service for REI community, serving as the DeFi infrastructure. With FilDA, REI community members can gain exposure to more crypto assets without losing the position of REI coins.
Q5：When will FilDA be deployed on REI Network? Can you share with us the marketing schedule after that?
A5：FilDA-REI is already in alpha test. It is estimated to launch at the end of June, with a beta liquidity campaign for early adopters.
The next 5 questions are from the REI Network community:
Q1: How profitable is fildafinance to sustain your project? What is your business model? How can you bring mutual benefits for both your investor and your project?
A1：The fundamental part is lending and borrowing. When you deposit, you’ll earn interest and Filda token as a reward. With your assest as collateral, you can borrow assets to short or farm.
Most of interest will accrue in lenders account, while a small portion, about 10%, of the interest goes to the protocol.
Q2: Investors are extra skittish these days and are quick to leave projects after a short time. How are you working on demonstrating value to encourage users to invest for the long haul / in what ways are you making TVL more sticky?
A2：A steady stream of loyal users is crucial for any project, especially for emerging transactions like DeFi, where capturing them is half the battle. There are a lot of loan programs out there, so it’s up to the loan agreement to attract users to FilDA to allocate funds. We believe that the most important thing is to reassure users, because the security of investment is always the first priority. FilDA protocol code is safe and open source. FilDA has carried billions of dollars at its peak and withstood several abnormal fluctuations in the market such as 5.19, so FilDA is trustworthy and users can trust to borrow and deposit money. FilDA invested millions of dollars in security, five security companies, eight audit reports.
Moreover, the agreement itself uses liquidity mining to stimulate capital and guide liquidity. When the capital utilization rate is high, the income is also high.
Q3: Do the FilDA holders have the right to participate in the governance of the project? On what kind of decisions can they vote on about the project? AND Do you have any plan to create other features? Maybe yield farm, stake, or NFT project? Can you explain in more detail?
A3：FilDA token is the governance token of the platform. As the project gradually matures, including the maturity of users, the team will transfer the governance rights of the protocol to FilDA holders, especially long-term holders. The DAO V1 version is currently running on Heco. At the same time, we are working on a V2 version. The V2 version refers to Curve’s governance model. Users can vote for supported assets, and the voting results can change the mining ratio. At the same time, participating in the voting will also affect the mining speed and rights of individuals. We will finish it in the near future and release it on ioTeX when the time is right.
Q4: There are lots of cases where DeFi is getting hacked or liquidity provided getting stolen, and these cases scare the users. Which preventions do you take in order to protect the platform against cyber attacks and security breaches?
A4：This is a very important question, and users must clearly understand the risks behind their actions. As the operation team of the project, we also try our best to reduce user risk.
1.FilDA has been audited by at least 5 security companies
2. More than 1.5 billion TVL at the peak of the market, withstood the market test
3. The FiLDA protocol itself does not have a direct withdrawal function for third parties, and even administrators cannot withdraw vault assets
4. The team uses a multi-signature wallet to manage the protocol administrator account, and also adds a time lock. Any operation needs to wait before it can be executed after time, which gives users the opportunity to leave early before any dangerous operation.
Q5: Monetizing content without ads sounds great, but without ads as a marketing strategy, which strategies would be used for promotion in FilDA ecosystem? Will FilDA get to be known for many through ads in other platforms?
A5：We believe that good products speak and we make products with love. What’s more, Filda gains attention when cooperating with leading Defi protocols like Rei. So Most Fresh users come from word of mouth marketing instead of ads.
