Hakka Finance AMA Recap: June 2022
Yesterday, we had our 5th AMA (Ask Me Anything) for the year on the Hakka Finance official Discord server, and we were joined by around +40 people from the Hakka Community!
After the brief announcements, we then proceeded to answer the questions from the community one by one. Here are some of them:
1- By what criteria do you choose investors? Could a start-up company with limited capital be an investor?
That’s the whole purpose of DeFi: its permissionless! Anyone can invest and without minimum barrier to entry!
All the Hakka Finance ecosystem products are available here.
2- Why does iGain IRS choose USDC, USDT, DAI, and no other stablecoins? Are other stablecoins not stable? What do you think of TRON stablecoin USDD?
You guys have seen what happened recently with algorithmic stablecoins like UST and USDD. Not all stablecoins are created equal, They do not have the same structures, the same guarantees, etc. We have opted for the ones we believe are the most secure, fiat or crypto backed, and with high enough rates of adoption among DeFi users. Although, we want to point out that there is ALWAYS a degree of risk, even if it’s very low.
3- How do you rate the development of DeFi in the current context?
We’ll tallk about it more in details on our Medium blog. There’s a lot to say about the latest market development, but long story short, we have literally built iGain IRS for people to survive in that kind of environment. If you want to survive a bear market, your portfolio should not exclusively rely on crypto tokens “going to the moon”. During a market downturn, you have two alternatives: you can either rely on fixed income, getting yield from your stablecoins. Or take advantage of volatility by longing or shorting it.
And with iGain IRS you are able to do both.
4- Do you believe the US government is pushing the crypto market towards more fear to gain control over it or is it just a bubble burst?
We don’t comment on political events, and on that very topic we prefer to not give you an uninformed take. All we can say is that there is massive macro uncertainty and crypto is certainly hit the hardest due to its lack of maturity and inherent volatility.
5- Is there a plan for marketing? I believe in you and what you all are doing, but Iam down bad on my initial investment. I DCA and stand by HAKKA, but some sort of added incentive would help raise conviction in these uncertain times
Yes, although it is not very wise to fight against a whole bear market, there is a lot of stuff that will be rolled out for the rest of the year, including partnerships with large DeFi communities like Fantom and Yearn with a joint campaign, as well as a lot of text and graphic content to educate the DeFi community while going through these hard times.
We also hope to have our marketing team expand this month and the next! More products are under development and a new system for people to get an intro to the Hakka ecosystem in a fun way will be launched too in Q3!
6- Why would you recommend Hakka products to so many people, even in a red market?
In fact, we recommend Hakka products ESPECIALLY in a red market. As we said, iGain IRS is supposed to help you take advantage of downturns, or simply earn secure income from your stablecoins — In case things are going really, really bad, we have built a while ago 3F Mutual, an insurance to protect yourself against DeFi systemic risk, if MakerDAO collapses. There is almost 2000 ETH (2 million USD) inside!
7- Currently, the environment is more suitable for BUIDL than HODL. What are your engineers most focused on right now?
Our engineers are focused on a whole new Hakka product that will be launched hopefully in Q3 2022! We’re pretty excited about it because it’s a product that is completely unique in DeFi!
8- I staked HAKKA last year and the new HAKKA stake and now that website link is gone. Where’s the link to the stake site?