Hakka Finance AMA Recap: July 2022
1. What is the best product of Hakka Finance? The advantage of hakka DeFi products? Why is it the best choice?
There is no actual “best” product of Hakka Finance per se because they are all different and serve various purposes. It is a bit like asking what is the best product of Apple? Comparing the Macbook with the iPhone or the iPad doesn’t make much sense. However, iGain IRS is arguably the most useful of all in the current market conditions, because we’re undergoing a period of great volatility and inflation and simply holding stablecoins is not the best option. And iGain IRS allows you to speculate on DeFi interest volatility via Long and Short tokens, and also helps you to make money in a secure way with your stablecoin deposits.
2. What are Hakka Finance strengths? where is Hakka going to be in the next year?
Our main strength is that we do not rely on one single product, protocol or platform. That allows us to be extremely agile and flexible in case we see new waves of innovations in DeFi: our core team will be able to adapt and build a product to meet user demand. Whereas in the case you depend on one single product, if people stops using it, it loses its relevance. So the value of HAKKA relies primarily on its core team and its community. And next year we will be here, with more products in our ecosystem than before! The most groundbreaking innovations are usually built during bear markets, when there are less distractions, bubbles and hype.
3. What does Hakka mean?
Hakka is the name of a Chinese ethnic group! They are said to be extremely resilient and diligent in the way they run businesses, even during the harshest conditions, like persecutions, famines, being in a foreign country, etc. Hakka Finance shares the same mindset, but for DeFi.
4. What your short term plan in this bear market?
We’ve got some surprises for the rest of the year! Our engineers are busy to cook you the best-in-town DeFi products and we think you’ll love it! For now, what we can say is that we’re taking the time to educate DeFi users on our Medium. We encourage you to explore it because there are many interesting articles on how to survive in a bear market!
5. How did you achieve partnership with Fantom foundation for the ongoing campaign? Who is responsible for rewards? Is it handled by two sides or one?
Those are details we can’t reveal publicly. But we are responsible for rewards! We’re currently running a campaign with Fantom and Yearn where you can collect 3 DeFi Runes NFTs as well as 5,000 HAKKA by learning how to hedge against interest rate volatility!
4. Will the project team cooperate with some well-known singers to increase exposure, like the singer Mao Buyi?
The idea is interesting but it’s perhaps not the best timing to spend lavishly on marketing during a bear market, where everybody got rekt.
5. I’m interested in the team’s opinion on the current biggest risk in DeFi?
If anything, what the recent events in crypto have shown us is how resilient DeFi really is, because it is essentially transparent and secure, in the way loans are overcollateralized for example. It has revealed the weakness of CeFi and CeDeFi, and technically shallow projects. So we’re going through short-term turbulences, but we’ll survive the storm.
Another risk of course is everything macro-related, i.e. inflation, geopolitical events, etc.
6. 1. How do you rate the market recovery? 2. What difficulties are you facing in the context of this gloomy market? 3. What plans do you have to deal with those difficulties?
- We are not paying too much attention to short term market fluctuations. We are building resilient products that can survive under any environment.
- But one difficulty we can note is that it forces us to slow down on marketing and focus more on developing new products and educate the public.
- There are 2 large-scale projects in particular that we’re gonna launch this quarter and the next!