Ready for More: AMA with OIN Finance
Our Meta Pool team is always searching for more ways to interact with all of our users and the entire crypto community, the AMA’s are just one of those ways, and maybe the most important one.
We at Meta Pool want the community to feel secure when they use our liquid staking platform, and that if there’s questions, doubts, concerns, you can reach out to us knowing we will provide the knowledge neccesary to join us in this journey!
Today we give you the best Q&A with the OIN Finance Community, with our Co-Founder, Claudio Cossio and Daniel Kwak as the Marketing Director and one of the founding team members of OIN Finance, hosted by the GFS Community in their Telegram Group.
As always we hope that we are able to solve any of your concerns, and please don’t hesitate to reach out to us! Keep on Staking!
OIN Finance
1. Welcome to the GFS Community! Can you give us a brief introduction about yourself and Oin Finance?
Hello! Thank you for having me here today! It’s exciting to finally speak to our Vietnamese community!
My name is Daniel Kwak. I am the marketing director and one of the founding team members of OIN Finance.
With my background in traditional finance (equities research) and project consulting, I transitioned into the crypto industry in 2017, and have been loving it ever since! It’s been an exciting ride in this fast-paced industry, and trying to bridge the gap between my past experience, and the potential of blockchain technology.
2. Can you share more about OINDAO V3 and it’s vision?
Yes, of course! Thank you! We’re super excited to get everything out there.
The OINDAO V3 brings with it a vast amount of upgrades, and now we’ve been able to release the first of our planned collateralized stablecoins (nUSDO) on the NEAR Protocol.
Simply put, users can now collateralize our partner’s tokens on the OINDAO to mint their own stablecoins, leveraging along the way and partaking in the many ways of earning rewards!
It brings not only a stablecoin to an ecosystem, but also a great foundational layer for any starting DeFi ecosystem, provides ease of use to the community and especially novice users, and bridges the gap between crypto and the rest of the world.
3. What are the cardinal differences between MakerDAO and OINDAO? How will your DeFi model improve the way staking derivatives are currently derived? How do you think OINDAO will take the next step in the blockchain revolution?
The biggest and most obvious difference is that we offer custom stablecoins. For example, for the NEAR ecosystem the stablecoin is called nUSDO (NEAR-USD-OINDAO) and is launched natively on the NEAR protocol. This provides easy integration into any DApps or projects on the NEAR ecosystem. Projects don’t have to bridge to get their tokens to and from NEAR, and they can easily integrate the acceptance of the nUSDO.
There are also various mechanisms that differ from MakerDAO, such as our Stability Pool. This is a staking pool that provides rewards for users to stake their nUSDO into for the purpose of backing the liquidation process. While earning OIN rewards, they also take the proceeds from any liquidations that occur. In essence, a liquidated vault’s debt is paid by the nUSDO that is staked into the Stability Pool, and the collateral (and premium) is transferred into the Stability Pool.
Through these mechanisms and more (such as the Stability Fee), we’re confident in our stablecoin’s ability to be a safe method of value transfer, and its ability to serve as one of the foundational pieces to any DeFi ecosystem. This allows us to also have what we’re calling the BD rush, where during the process of developing any onboarding stablecoin, we go out and find partners, use cases, and even explore completely new uses for a stablecoin for any partner. This includes crypto and non-crypto businesses.
This brings a turnkey solution for potential partners, where all they have to do is start engaging us, and we can start to develop a DeFi infrastructure in their stead.
4. Why did you choose to take stNEAR as collateral, rather than the NEAR token?
As NEAR has a significant number of users partaking in protocol staking contracts, a large portion of the circulating NEAR is locked up. As users wishing to mint their own stablecoins or leverage would need to deposit their collateral on our platform, we didn’t want to force the choice between NEAR staking and OINDAO collateralizing.
This is where Meta Pool was the logical choice. They offer liquid staking: users can stake their NEAR with Meta Pool, which will stake in the protocol layer on your behalf, and give you the stNEAR token in return which represents the value you have staked with them. This eliminates the dilemma of users having to choose between NEAR and OINDAO, and furthers the feature of leveraging for users.
5. Hello Claudio, I have a question, could you please tell us the connection between OIN and Meta Pool?
So we started this partnership a few months back and have been working closely with the OIN Finance team to support them in collaterizing stNEAR which is our liquid token.
We believe that stNEAR has the potential to be the 2x4 DeFi token on NEAR, since it is an asset that is always accruing in value.We are both symbiotic DeFi platforms that will enable NEAR token holders to unlock all the normal DeFi activities.
Such as borrowing and lending, and also engaging with AMMs and DEXs such as Ref Finance, unlocking some great yield rewards using the native nUSDO stablecoin and our tokens stNEAR and $META.
6. What is the key difference of staking NEAR on NEAR Wallet and Meta Pool Dapp?
The relationship between it is as follows:
- You have one staker to one validator node on the web wallet, on Meta Pool you are staking on 52 validator nodes and this is helping decentralized NEAR Protocol.
- The rewards payout in the web wallet takes 56–65 hours to claim and you have to claim all your NEAR on the web wallet, on Meta Pool you can get your rewards immediately and you can claim fractions of the total amount of rewards.
- Both solutions are non-custodial, which means that we do not have access to your private key (seed phrase).
One extra is that we do not run a validator node, because this goes against our ethos and will create conflict of interest. By the way, we also help NEAR stakers maximize their rewards since we are only selecting top performing validators who offer good APY and do not charge a high fee.
7. Besides that stake on Meta Pool we will get a $META token, so how $META will appreciate the value over time for Holders?
For us is by expanding the use cases for stNEAR which is the liquid token, we have a few farms on Ref Finance with some very attractive APYs.
Since the value of stNEAR is always accruing in value, it mitigates against impermanent loss on farms, and the goal is to distribute $META to those farms, since you are engaging with the liquid staking platform.
$META is our governance token and we were planning to also use it to distribute the earnings from the Meta Pool treasury. We also have our own farms with our native tokens $META <> stNEAR.
That is following the process of exposing LPs to $META rewards.
I would also like to extend an invitation to builders in the group. If you are building a dApp that could benefit from using stNEAR, please reach out to us, we would like to help support your project such as we did with OIN Finance.
Exploring GameFi and NFT/Creator DApps is something that we are very interested in.
8. What are the differences between OINDAO V1 and V3? Are both available or is it only V3 used?
The OINDAO V1 is a system-wide collateralization; if a liquidation occurs, the stablecoin itself loses its status as a collateralized token. This is currently used only as a staking platform for the OIN token, as development and interest from partners has moved to the V3.
For future stablecoins, the OINDAO V3 will be the platform that is used. It offers immense benefits such as a much more stable peg through mechanisms such as single-vault liquidations (i.e. only the accounts that are under-collateralized will be liquidated, and protect the value of the stablecoins in circulation), as well as multi-token rewards (the nUSDO is currently planned to have 3 different tokens in rewards just on the OINDAO), and more.
9. Can you give some use-cases from $OIN? Where can I stake $OIN?
Yes, of course! The OIN token will have two significant features:
- It will be used as a governance token for the stablecoin’s Stability Fee (users will be able to determine the Stability Fee rate to help control the supply of stablecoins, thus maintaining its peg).
- You can stake the OIN through the OINDAO V1.
- The Stability Fee will be collected (paid in the stablecoin), and used to repurchase and burn the OIN token on the market, making it a deflationary token.
There are further governance features we’re exploring, but we can’t reveal them at this time!
10. We have seen many projects that were victims of rug-pull and flash-loans, so can you share how the OIN pool system is safe and what technology or mechanism you’re using to counter rug-pulls and flash-loans?
That has been a point of great priority for us, as our platform handles the user’s hard-earned assets.
This is why we undergo as many audits as necessary, and work to get the smart contracts up to a level where our users can feel safe and comfortable in using the OINDAO. For example, the OINDAO V3 has undergone 2 third-party audits, 1 partner internal audit, and is currently undergoing more internal reviews through partners.
The audits (which have been made public) provide the confidence that a rug-pull is not technically possible, and the trust of our partners show that our team is putting all we can into making this a secure platform for the users.
11. Why did the OIN FINANCE project decide to work on stablecoin when there are many stablecoins on the market like USDT, USDC, DAI, etc?
What we’re doing is bringing the function of a stablecoin to the altcoin world.
Yes, ETH makes up like 25% of the crypto world, but that still leaves a significant amount of markets untouched. We’re integrating the best features of DeFi and stablecoins onto other layer-1s and protocols, while also developing, exploring, and implementing new use cases!
12. Can you explain how your Tokenomics Distribution is? How many tokens will be minted? And how many tokens will be locked by the team?
Yes, of course! There is a maximum of 100M tokens, with roughly 33M unlocked.
With the OINDAO V3 released, we’re not a deflationary token! The stability fees collected on the OINDAO will be used to repurchase the OIN token in a buyback program, and the bought OIN tokens will be burned!
There’s also governance features coming in so keep an eye out for further use cases!
For Meta Pool, we have 1 billion $META tokens. With roughly 42M $META in circulation. For now the governance mechanism is pending to be implemented.
We are targeting Q1 2022, when the ASTRO DAO platform is ready to do token voting through the User Interface. We are leveraging the native DAO solution built on NEAR Protocol. So still building out the platform.
13. Staking is one of the strategies to attract users and hold them long term. Does your project have a plan about staking?
Yes! We have many methods of staking!
- First, you can stake your ERC20 OIN tokens here on the OINDAO V1! https://dao.oin.finance/
- Second, we also have various methods of LP staking! From Uniswap, Pancakeswap, and now Ref Finance farms!
We’re always looking for ways to properly reward our community in a sensible and practical method, so always keep up to date through our social accounts!
14. So many projects just like to speak about the “long term vision and mission” but what are your short term objectives? What are you focusing on right now?
Great question!
To fulfill our long-term goal of becoming a must-have foundational piece to any DeFi ecosystem, we’ve got our hands full with a lot of tasks with the OINDAO and it’s partners.
- We’re constantly seeking out new use cases! We’re reaching out to everything from GameFi, Metaverse, Payment solution applications, and more! The OINDAO V3 being a turnkey solution, we want it to hold a complete package of “get on the OINDAO, and instantly get access to the best DeFi infrastructure”.
- To fulfill the first point, we need to establish a track record of a secure, proper platform that everyone can trust. This includes our many, many audits, strong performance of the platform, and a growing network of partners.
- And #2 brings in a large set of partners, and gives us more traction. Check out our website for the current public list! (We have a lot more in the pipeline!)
If you still have any doubts or wish to be part of our project, don’t hesitate to join our official platforms and reach out to our team!
