All things DeFi & CryptoLending AMA Transcript with Constant

Harmony hosted a public AMA with Claire Dang -Business Development Director at Constant in Harmony’s Telegram community. This is a transcript of the conversation.

Constant, extends a festive season offering for loans backed by $ONE as a collateral with 6% Interest.

Claire | Constant

Hey, I’m Claire from Constant team. So excited to be here :)

Sonny | Harmony CM

Happy to have you here with us Claire

Claire | Constant

Let’s hope we have lots of questions about Constant and we can assist the community in their crypto game

Nikolaos Kost | Harmony

A warm welcome on behalf of Harmony! Thanks for staying until late to be with us! I am sure there will be a great interest! Let’s spare a few more minutes, and we can start! Until then how about introducing yourself? Who is Claire?

Claire | Constant

Heyyyy! Thanks for having me into the community. I am Claire from Constant team and I am in charge of business and community building :). As you may know, $ONE is one of our latest collateral listed on Constant platform. I hope that thru this AMA we are able to clarify what we do and encourage the community to take advantages of Constant benefits

Sonny | Harmony CM

Well then let’s kick this off the event. With the increasing demand for DeFi product, I’m pretty sure the community would like to know what Constant is and what gives it an edge in the market?

Claire | Constant

Of course, I would love to brief thru about us. Constant is the leading crypto-backed p2p lending platform in South East Asia. With a steady 300% monthly growth, we support more altcoins than any other platform on the market. Until now beside $ONE we have 60 tokens on the platform.

Sonny | Harmony CM

Speaking of $ONE, we recently got listed on your platform, what caught your eyes about the project?

Claire | Constant

That’s a good question. Unlike other platforms, we do not just list the token because of the price or the hype from the market. We want to make sure that the project is legit and the team is supportive. Here are the criteria that we consider when it comes to a new token listing:

- A technologically sound platform: Constant has a team that checks project codes on GitHub

- Active community: the community is one that believes in the project from the beginning, there are true hodlers not just people looking to pump and dump.

- Reputable partners: listed on reputable exchanges (binance, kucoin, huobi, okex …)

- High volume: the 24-hour volume over the last 6 months is over USD 1 million.

Needless to say, $ONE is very strong in all of the points

Claire | Constant

As for our unique selling points, we are not a big corporate existing for market hype, we are a startup seeing the chance and the gap in the industry and try to grant more value to users. Therefore we have

- the best rates on the market (9%) for both investors & borrowers

- great 24/7 customer service

- no withdrawal fee

- wide-range of features: auto top-up, collateral excess withdrawals in the case of coin price increase, the option to pay off your debt before maturity, and more.

- A pro version that lets you know exactly where your order is, how long it will take to wait for matches, interest rates and suitable term limits…..

- A wide and consistent variety of promotional offers, like the promo on ONE right now that ill share soon ;)

Sonny | Harmony CM

Nice. Quite the “bang for buck” features you have there. Glad to see measures addressing asset volatility too. But let’s talk about the biggest headache in this industry; security. What are the security measures you have for assets on your platform?

Claire | Constant

During our operation, security is the most important thing that has become our positioning as well. In another way, we will not do anything that might harm or affect the security of the platform even if it means that we have less revenue. If you pay attention to the cap volume that we have on each token, we only accept 10% of 24h volume in order to be able to liquidate them on time without creating a bigger crash if the worst case happens (flash crashes)

In terms of collateral security,

Here’s how Constant keeps your collateral:

1. With erc20 coins, Constant keeps your assets on Smart contracts

2. For non erc20 coins, Constant is working with BitGo to ensure the safety of coins.

Claire | Constant

I’m not sure if I’m allowed to share the link, but if u check out our medium, there will be an intro bout Bitgo and how their insurance work

Sonny | Harmony CM

Ha, there goes the next question I was going to ask — insurance. It’s one thing to be secured, it’s another to be insured. With that bugbear out of the way, let’s take about one of the hottest service in the industry now; staking. Is it a service you’ll be offering?

Claire | Constant

Actually yes, we are having staking service on Constant. However, we do not do this for the profit, we have staking service to lower the interest rate for borrowers. As the collateral we hold are there without any use case, we allow borrowers to stake their collateral into constant and receive the interest rate to as low as 2–4% instead of 9%. However, there are 2 criteria we are looking for when it comes to token staking: we are able to unstake anytime and the reward is good enough for the interest rate discount. So fsr we have staked tomo, tezos and soon nebulas, fantom. Their community are going crazy over this feature!

I would like to adjust a bit, instead of borrowing from Constant and pay high-interest rate, now u only pay incredibly low rate at 2% a year, nearly nothing. And still be able to have usdt to trade and $ONE to hodl

Sonny | Harmony CM

So, in other words, asset holders can delegate to myconstant?

Claire | Constant

If the tokens are supported to be staked, yes

Sonny | Harmony CM

Now the going crazy part makes a lot more sense — lending and staking your assets. That’s a silver bullet right there. What are your expectations for staking on myconstant?

Claire | Constant

I can see that along with p2p lending, staking is another trend in 2020. As it is a way to show commitment to the project, it also shows that you understand deeply bout the technology and wanna grow healthy profit as well as contribute to the community by being a validator. Most of the mainstream users won’t have enough token for that so Constant will help. Another good thing is as we are not professional staking company, we grant higher reward to the users

Jacek | Community Member

It’s good to hear that Harmony is in your portfolio

Claire | Constant

Thanks. Look forward to seeing you on our platform and more questions from u later

Jacek | Community Member

Whats the service web page?

Claire | Constant

DMed u to not bothering the chat

Sonny | Harmony CM

If I wanted to borrow, are there any limits to the minimum and maximum amount I can take out?

Claire | Constant

Our minimum amount for the loan is 50usd. The maximum is 10% of the 24h volume :D we have served multi-million dollars loan so as long as u have enough $ONE as collateral, it won’t be a problem ;)

Sonny | Harmony CM

and how much collateral would I need to put down say, for example, I want to borrow a thousand buck?

Claire | Constant

In order to borrow 1000usd, you would have to put in 1500usd worth of $ONE

Claire | Constant

Can I share the link or the screenshot for a better demonstration?

Sonny | Harmony CM

Sure thing

Claire | Constant

So when you log in at myconstant.com/borrow. You will see a list of tokens to pick as collateral

Claire | Constant

This is the real-time example that I just did. For 1000usd you will need 291,446 $ONE.

Then you can proceed to choose term, rate and transfer the token to wait for the match

Sonny | Harmony CM

Thanks, Claire. Picture certainly tells a thousand words. My only concern is, do I need to be KYCed? Most of us try to limit the amount of personal data we give out as much as possible

Claire | Constant

You are not the only one :D actually we are required to get KYC but only for fiat users. Therefore, if you only touch and withdraw stablecoin/crypto, there will be no KYC.

Sonny | Harmony CM

Oh, so you support fiat onramps?

Claire | Constant

Yes, when your loan get matched and you have USD in your constant account. You can choose to withdraw in fiat to a bank account or stablecoin. And you can lend in fiat as well :)

Lord Click | Community Member

Can I lend my ONE to someone else on the platform?

Claire | Constant

Right now we only have lending in stablecoin and fiat due to the volatility of crypto

Koen Apps | Community Member

Do you also plan the opposite, interest on deposit?

Claire | Constant

I might not understand what u mean. Can u elaborate more?

Sonny | Harmony CM

That feature certainly makes my options a lot more interesting, but what if I “fail” to make my repayment obligation on time? What happens to the loan?

Claire | Constant

We will have to liquidate your collateral to pay back the lender and the loan ends there

Sonny | Harmony CM

But no “reputation/credit score” damage to my account, right?

Claire | Constant

Nope, not at all. You are welcome to come back again for sure

Sonny | Harmony CM

Haha. Here’s a shot in the dark though — the unbanked and underbanked. Much has been said about them and much more has been touted as a solution. Do you have plans to actively woo them?

Claire | Constant

Our founder cares a lot about the unbanked. I know that otc trading is very popular in Africa and crypto has become the main currency there. We are currently working with a few communities there to push forward the use cases of constant as we might be a way for them to get USD

Koen Apps | Community Member

Now we can loan and pay interest. Will you also allow deposit and receive interest? Similar services offer to increase their lending capacity.

Claire | Constant

Yes, we are having it now and in all stablecoin/fiat. you can check out more here myconstant.com/invest

Koen Apps | Community Member

Will that be expanded to crypto, say deposit BTC / ETH, receive BTC / ETH interest?

Claire | Constant

Right now we do not have a clear plan for that yet as the crypto is volatile. Will update to u real soon if there is any news ;)

Gb | Community Member

Hello Claire,

1) A good dynamic with the community is vital to building trust between the platform and the users, how is the user support service? How fast is an answer given to the inconveniences or doubts?

2) What guarantee does Constant offer investors if a loan is not paid due to an error in the smart contract?

3) What are the entities or criteria that regulate the My constant platform?

4) What is the target to which constant is directed and how will they convince them to invest

Claire | Constant

Thanks for the very detailed questions

1. we are mainly gmt+7 and customer service team is 24/7. You can check our telegram group @constantp2p or our trustpilot page to see the feedback on our customer service. I’m not gonna brag about the interest rate or our technology but we surely have best customer service in the world

2. We have third-party to revise the code and so far there is no loss yet as you mentioned. You will get your interest fully when the term ends, but if the borrower repays early, you will have interest rate up to that day + bonus that you can reinvest instantly

3. We are under the law of the US gov and we have third-party to do custodian and accounting

4. I do not quite get this. Would u mind sharing more?

Koen Apps | Community Member

How about EUR and / or SEPA deposit support?

Claire | Constant

We can support eur by wire transfer to the US

Sonny | Harmony CM

And is there any plans to make crypto “spendable” via debit cards?

Claire | Constant

We love that but we will take things slow due to legal and compliance. Moreover, we wanna focus on p2p lending first and do that perfectly

Sonny | Harmony CM

Speaking about legal and compliance, what’s been the biggest regulatory challenges you’ve faced

Claire | Constant

It would be the credit/debit card you mentioned. Moreover, we faced some challenges coming to the Chinese market as somehow the gov hates p2p lending :D. After all, everything is good as we are non-custodial, we are merely a platform connecting people and the interest rate is not too bad

Tony Montana | Community Member

1) What makes Constant different from other P2P lending platforms?

2) How you guaranteed the secured returns for investors?

3) What are the differences or improvement of the constant “PRO”?

4) Constant is capable to control the volatility than affects the cryptocurrency collateral?

Claire | Constant

1. What we offer at Constant

- Some of the best interest rates on the market (9%) for both investors & borrowers

- great 24/7 customer service

- support for over 70 altcoins and counting

- no withdrawal fee

- wide-range of features: auto top-up, collateral excess withdrawals in the case of coin price increase, the option to pay off your debt before maturity, and more.

- A pro version that lets you know exactly where your order is, how long it will take to wait for matches, interest rates and suitable term limits…..

- A wide and consistent variety of promotional offers

2. Already replied

3. In Constant pro, we show all of orderbook (borrow and lend orders) so you will see what rate and terms are there to get matched instantly without waiting blindly. Moreover, u can see the trend of matching rate to take advantage of the platform

4. No, we cannot. We simply follow the market

Sonny | Harmony CM

DeFi has evolved from a movement to basically the fastest growing and the most accessible facet of the blockchain industry. In your opinion, do you think we are at risk of saturation?

Claire | Constant

Behind all of the hypes in crypto, I still see that the users in this industry are very few and scattered. Among that, there are not a lot of savvy users as well. Therefore, what we aim for is not an expansion in crypto world but the mass adoption. For example, the interest rate in Holland and Japanese banks is negative. Or the unbank cannot borrow money due to credit check. Constant is trying to break all of those barriers. So yea, the ocean is still blue

Dice | Community Member

Is Harmony $ONE a DeFi p

roject?

Sonny | Harmony CM

Harmony is a layer 1 protocol that can be used to build anything that involves the transfer of values, including DeFi and Cross-Fi

Kudo Shinichi | Community Member

As I know, constant is decentralize lending and borrowing platform. Is it full decentralize or not? When I use $one to lend is a smart contract or control by constant

Claire | Constant

We do not have $one lending yet. And as you know, no one can control smart contract where we store the collateral

Sonny | Harmony CM

Looks time has caught up with us, guys. Our most sincere appreciation goes to @claire_dang for taking the time out to join us today. Looking forward to your product development down the line. However, before you go, I distinctly recall you mentioning something about a promo…

Claire | Constant

One more good thing to $ONE users: within this week, all loans against $ONE and under 3 months would receive 6% apr instead of 9% apr!! It is a huge discount to make u guys decide more easily and get to know the platform. With this discount, you can get usdt to buy more $ONE to hodl without spending extra budget. Averagely the leverage would be 2x to 3x the initial amount

Sonny | Harmony CM

Thanks, Claire

Claire | Constant

Thanks again for the warm welcome @Bowtiesarecool. If you guys have any question, feel free to ping me or the group @constantp2p for quickest help!

Harmony

To scale trust for billions of people and create a radically fair economy

Nikolaos Kostopoulos

Written by

Advising governments & interest groups on cryptocurrency & FinTech regulation in the European Union.

Harmony

Harmony

To scale trust for billions of people and create a radically fair economy

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