Recap: NAMA Protocol AMA — №1
NAMA Protocol, the first project from NAMA Finance, had a great AMA(Ask Me Anything) on June 14th, 2021 at 12 PM UTC |19:00 GMT+7.
Here is a recap of the questions & answers in the AMA event.
There were 3 sessions in the AMA
1. Introduction
2. Questions from Twitter
3. Free Asking
1. INTRODUCTION
Question 1.1: Please introduce yourself and tell how you started a crypto business to the community?
Answer: It is a great pleasure to meet you all today, my name is Harry Chu, the Co-Funder of NAMA Finance. Me and another Co-Founder Victor both started playing around with crypto back in 2017, still remember CryptoKitties? yes it was born in 2017!
We were very interested in NFT back then and always kept an eye on how NFT goes.
Victor also has been doing smart contract development since the same year, 2017!
He even released an online course teaching people to write smart contracts using Solidity in early 2018.
We conceived the idea of NAMA Finance actually at the very beginning of 2021, and did a bunch of research for a while, during that time we witnessed the NFT explosive increase soon after, which triggered us to make the decision to bring NAMA Finance to the community, to solve the two biggest problems that NFT is now facing but no one had solved them ideally.
Question 1.2: Can you introduce about NAMA Finance and how long your project launch?
Answer: NAMA Finance is a big universe, and NAMA Protocol will be our first step, the first project going to launch inside the universe. It has been launched for around 3 months as a project.
NAMA Protocol is a fully decentralized and community-driven NFTs liquidity protocol, that is built on multi-chain natively.
That means the NFT owners can use their NFTs as collateral to get loans on different blockchain networks.
For example, users can package their NFTs minted on the Ethereum blockchain, and get a loan either on Ethereum, Binance, or Solana blockchains. On the other hand, lenders can stake their Stablecoins (USDT, USDC, DAI, etc.) to lending pools on different networks to get high yield farming and gain attractive interest while lending to borrowers.
AI-based Oracle is another highlight of NAMA Protocol, it provides loan risk assessment which will be a huge benefit for both borrowers and lenders.
Question 1.3: Can you share with the community what NAMA Finance has been doing from the roadmap ?
Answer: We will launch our Application on the Rinkeby test network by the end of June so that people can play around with it.
Whilst the v1 App and the community governance beta will release in Q3, Layer-2 compatibility will also start at the same time.
There are tons more to come, please feel free to check up the roadmap in our Lightpaper, which can be found on our website: https://nama.finance.
2. QUESTION FROM TWTITTER
Question 2.1: As a Borrowers, what happen if I can’t make the full repayment amount and interest by the due date? how does NAMA proceed in such cases? Is there a reputation system to identify serious people from scammers?
Answer: If the borrowers failed to repay the loan in time, it will become a delinquent loan case.
In this scenario, the collateralized NFT assets will be liquidated to pay off the Lenders. There are different ways to liquidate the NFT assets. In the case of auction sale, the creditors will have the high priority to make offers in the liquidation, because they are the ones who are interested in the collateralized NFT assets thus invested in them.
In terms of the scammer, it is definitely something we take into account in the first place, and that’s why our AI-based Oracle values. We all know that NFT is only on the blockchain, no way for it to flow into a centralized exchange(Coinbase/Binance/Huobi), so everything about NFT is publicly accessible, for example, tx records, history owners, etc, it is very clear and transparent.
Our Oracle will keep running behind the scenes, those scam behavior like tx one rubbish NFT within different wallets to push up the price will be highlighted and rejected.
Question 2.2: Nama Finance offers a very interesting 35% of APY, but to take advantage of this APY users most lock their tokens from a period of time? Also rewards are paid Daily or per week?
Answer: The APY here is actually talking about the extra rewards in NAMA tokens, not the yield farming APY so there is no locking concept here. Besides, NAMA provides yield farming, you can also do yield farming of your choice.
Let’s back to this question, when a lender invests in one or more NFT assets, they will not only get their principal and interest back but will also receive extra rewards in NAMA tokens. This extra reward will be available when the loan successfully ends.
Question 2.3: In the beginning Nama Finance will use Ethereum, but then you will include a 2 layer solution, so can you tell us which 2 layers will you use? Polygon?
Answer: Yep, Polygon is a sidechain of Ethereum, and it’s definitely one of our top choices, as you may already know that the biggest NFT marketplace Opensea is also using Polygon as an L2 kind of solution.
On the other hand, non-fungible tokens are not the top priority to address for most of the L2 solutions like Arbitrum, ZK Rollup, and Optimistic, etc. We will keep an eye on those but they may not be the first choice to us in the foreseen months.
Besides Polygon, we’ll also consider the BSC, Solana, NEAR, FLOW, and WAX at the same time because those blockchains are sophisticated enough.
Beyond that we’d also experiment with the other emerging EVM compatible solutions like Harmony and OASIS network.
It’s gonna be a huge amount of work and challenges for our engineering team.
Question 2.4: Many people still don’t have much idea about how NFT works and how to get it, is NAMA Finance beginner friendly in the NFT world? Do we have to have advanced knowledge or is your project intuitive enough for inexperienced users?
Answer: User experience is one of the most important things when we design the NAMA protocol, that’s the reason why we have a well-versed UX — Kaylee, as one of our co-founders.
She helps to re-branded with a new logo and website and also has been working on the Application design from day one. Her main goal is to make sure our NAMA application is simple enough to use.
No matter if you are a borrower, a lender, or a yield farmer, you don’t need to be an expert at all!! Don’t worry about all the terminologies or fancy methodologies, all you need to do is follow our user-friendly, instructive UI step by step, and you will be sorted!
Question 2.5: Can you talk about how is the community governance in NAMA protocol? What power do the community members have, and how can it be executed?
Answer: Sure. At its inception, just like any other projects, NAMA governance will be delegated to internal team members.
A future iteration of the NAMA Protocol will introduce a decentralized governance organization (DAO).
The protocol will utilize the DAO mechanism to enable members to transparently propose, discuss, vote, and enact any proposal or rule.
All community members will have the opportunity to shape the future success of the NAMA protocol family.
3. FREE ASKING
Question 3.1: Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
Answer: As mentioned in the previous question, NAMA protocol is just the first step in the whole NAMA Finance universe.
NAMA protocol has the strength that our competitors are lacking of. For example, the AI-based Oracle, it will provide load risk analysis and price appraisal.
In the long run, the Oracle can be isolated alone at a unique service and it will become our second step in NAMA Finance universe.
Keep the core compatibility ahead of others, and always thinking about uses and products, will make us live long.
Question 3.2: What are you major goals, to achieve in the next 3–4 years? And What are your plans, to expand and gain more adoption?
Answer: NFT is going to be the future no doubt, it can be a very good bridge between crypto and the real world. Just like Opensea is the leading one in the buy/sell marketplace, we want to be the leader of this particular, NFT liquidity protocol market.
Question 3.3: Do your team have a professional background and sufficient experience in different fields? As the project develops, will new members from different sectors be added to your Team?
Answer: This is an interesting question.
Yes at this moment, our team has a very experienced smart contract developer who even has online videos to teach others how to write a contract;
we have Ph.D. in Applied Mathematics developing the AI-based Oracle;
we have members working for Deloitte, Vodafone, Alibaba these big companies, they are all very smart and well experienced.
In the future surely we will find new members when we grow. Hoping can work with one of you guys here in AMA, it would be amazing isn’t it!
Question 3.4: Do you have audit credentials, or are you working on auditing to make your project more secure and reliable?
Answer: Very good question.
Although we have very experienced developers working on smart contracts, but we still reckon audit is essential.
It is actually on our road map, we will do the audit bit with no doubt, it is very important to make sure we are really good, safe, and secure.
Question 3.5: 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?
Answer: Also a nice question.
Telling a story is easy, doing the actual work is hard, we totally understand that.
We are currently working hard to finalize the Application on the Rinkeby test network, developers are optimizing it now before publish it to the community so that everyone can play around with our exciting feature in the real APP.
At the same time, as you see what we are doing now, is doing marketing and attract users, make us sound!
Our App will be available on the Rinkeby test network by the end of this month, and will soon be on the Ethereum Main network, the NAMA token will be released before that.
So please stay tuned, and subscribe to our Twitter, Telegram, Medium, etc, we will update you very soon!
Thanks to the AMA host: https://idcryp.to/ama-id-crypto-x-nama-protocol/
