AMA Session with Aishwarya Shivakumar from Oddz Finance (ODDZ)
Guest: Aishwarya Shivakumar, Co-founder & CEO of Oddz Finance
Host: Iris of MXC Exchange
Iris: Today, we’re honored to have Aishwarya Shivakumar, Co-founder & CEO of Oddz Finance, to our community to give us a more intuitive introduction to their unique project.
Aishwarya, welcome. Would you like to say hello and introduce yourself?
Aishwarya: Hello everyone, Hope all of you are doing good. First of all, thank you for having me in your community. Happy to introduce myself and tell you more about how Oddz started. I worked in a few tech startups as a product and marketing Lead in Bangalore. Coming to my experience in crypto, I was a very active trader in both the stock market and crypto market for the last 3 years. In 2019 I started to explore more about options trading platforms and traded in most of the platforms.
Questions about the project
Iris: What is Oddz? Can you share with us more in detail?
Aishwarya: Oddz is a World First On-Chain Option trading platform that was deployed on the Binance Smart Chain, Ethereum, Polkadot, polygon and Elrond striving to unleash its potential decentralized derivatives market.
Oddz allows the creation, maintenance, execution, and settlement of trustless option contracts, conditional token agreements, and futures contracts in a fast, secure, and flexible manner. It focuses on building solutions that can propel the DeFi ecosystem by simplifying derivatives trading and enhancing the user experience.
The key features promoting DeFi users to utilize on-chain option trading platforms effortlessly includes :
1. Fraction trades
2. Transparent Premium Calculation
3. Zero gas fees
4. Adequate Liquidity
5. Customized Option Writers
Here is the detailed explanation about Oddz features: https://medium.com/oddz-finance/exploring-on-chain-option-trading-through-oddz-unique-features-48a4cfed3fe8
Iris: What triggers you to launch Odzz? What are some of the real-world problems/ pain points that Oddz aims to solve?
Aishwarya: Some of the real-world problems that Oddz is trying to solve are:
1. Budget Consciousness: The absence of technical infrastructure to enable users to chip in smaller amounts or fractions of currency to exercise options has resulted in limiting users from experiencing on-chain option trading.
2. Transparent Premium Calculation: The prevalent mechanism is not accommodative in terms of transparent premium calculations for options trading.
3. High gas fees: Due to the exploding activity on the blockchains, it is difficult to capitalize on market volatility. The rising transaction costs for complex on-chain option trading contracts has increased the concern for platform users.
4. Inadequate Liquidity: With the presence of market makers in centralized exchanges, the slippage costs are low. However, when platform users execute massive trades, particularly in size, the inadequate liquidity on DEX’s results in high slippage costs.
5. Dependency on Option Writers: The lack of automated, customizable option premium results in reducing the financial instrument’s usability.
Iris: What are some of the challenges that Oddz currently faces? How do you aim to solve them?
Aishwarya: I would say availability of onchain quotes for real time price and Implied volatility, partnerships with multiple onchain oracles that has support for multiple blockchains is something I am seeing would be game changes as we want to be a true protocol using which any DEX can build an option trading platform on any chain.
We built our protocol with a flexibility of using any oracle for price and Implied volatility feed. for example if Pancakeswap wants to have their own options trading interface on BSC, they can do so using our protocol, similarly quick swap on polygon can do so as well
This is on the protocol side.
Iris: That’s true for most of the DEXes
Aishwarya: Now coming back to the trading platform, as I mentioned earlier, users will have an interface to choose from our recommended easy options for new comers and there will also be a customized section for users who have a very good understanding of options.
Then there will be social trading for users who don’t want to understand but want to trade options.
Iris: Are there any exciting news or updates with regards to Oddz that you would like to share with the users?
Aishwarya: We have successfully integrated our protocol on Binance smart chain, Ethereum (kovan testnet) and Polygon so far. We are currently running more integration tests and taking the protocol through the rigorous testing process and we already submitted them for the auditing.
Protocol and the trading platform are ready on the testnet for our community to participate from June 7th (there will be a huge rewards for participation). As soon as we get the audit reports, we will go live on mainnet.
A lot of partnerships and integrations are yet to be announced 🙂
Here is the testnet details https://bit.ly/3vo0Jib
Iris: If you were to summarize your project in ONE word, what would it be? Why?
Aishwarya: Well I can say Robinhood for crypto currencies
Vision is to be a Robinhood (American popular stock trading platform) for crypto currencies. We want to see ourselves being the platform for users to come and spend time through our educational content, various option interfaces, then move the focus on to conditional tokens, futures, and other derivatives.
Our ultimate goal is to be one stop solution for all the derivatives.
Q1. I wonder if you have plans to create the NFT support and special NFT’s for Oddz in the future and what do you think about NFT’s?
Aishwarya: NFT’s definitely a game changer, and yes we have plans to support and bring NFT’s into our platform.
Q2: How is the $ODDZ token used in Oddz Finance platform. What role and function does $OODZ play in Oddz Finance ecosystem? What are the benefits of holding $ODDZ token for a long term?
Aishwarya: The $ODDZ token holders represent an integral part of the Oddz ecosystem, thus voting on various decisive moves and proposals for the protocol’s growth. Moreover, the primary motive of Dapps is to fuel the decentralization of authority; thus, the community holds a substantial bar in driving this.
Here are some of the token utilities of Oddz:
- Transaction fees: Platform users can employ an $ODDZ token to facilitate transactions in a seamless manner.
- Staking: Users can stake $ODDZ tokens on the Oddz protocol in an attempt to earn higher yields, thus maximizing returns. Tech-savvy traders also employ various yield farming strategies to earn greater returns.
- Governance: Users can strongly support or disregard protocol proposals through community votes depending on the rationality of the same.
- Referral bonus: If the user extends the platform’s support by spreading the word, they are entitled to referral bonuses.
Q3: You said your platform offers a social trading section where people can follow traders. What are the requirements I must meet if I want people to follow me? Do you apply a rating system on advanced traders to follow? Will I receive benefits for people that follow and copy my trade as an advanced trader?
Aishwarya: This one is a great question! The requirement is that you should be a top trader in our leaderboard, and yes, for every trade that is copied or followed from your position, you will be rewarded with Oddz tokens.
It was great answering your questions. Do check out our channel for more information.
Telegram Chats: https://t.me/oddz_finance
Telegram Announcements: https://t.me/oddz_fi_announcements
Lite paper: https://docsend.com/view/u8gpf6rtuhekhu4u
White paper : https://docsend.com/view/mefxr8h3ymzuhwqk
MXC trading: https://t.me/MXCtrade