Transcription: Spin A Defi Derivatives Infrastructure | NEAR Philippines Interview

Andrey and Pavel from Spin Team

NEAR PH Ark:
All right, everyone, people in the Philippines, we are now here with people from Spin, they’re going to tell us about their project, and then how you can benefit and interact with the platform. And then we’re gonna discuss some NFT aspects of their project and also some other prevailing current affairs in the crypto market, and then how you can benefit from it if you will. So, we’re here with the Spin guys. And we’re going to ask them some questions about their background, and also what Spin is all about. So maybe we’ll start with Andrey or Pavel, whoever wants to go, maybe you can introduce yourself, and then your current role in the project.

Spin Andrey:
Yeah, of course. Hello, everybody. My name is Andrey. So now I’m located in Moscow and Russia. And my current role is product head of products analysts. Like I tried to figure out what’s happening in-depth right now what we can like, bring to our platform, how we can bring a clearer, more users and so like, to help them to interact with our exchange with a better experience, what needs for them, and we like want to produce it for them.

Spin Pavel:
Hi, everyone who watches us my name is Pavel. And I’m a project manager at Spin. I’m mostly working with the marketing team and sometimes making analytical research regarding our product and got into the cryptocurrency market in the middle of 2016. And almost immediately began working with crypto startups and crypto-fiat projects such as crypto fair exchanges, and dexes.

Spin Andrey:
So I started to work in groups in the middle of 2017. But actually lots of work, I started to invest I found with my friends, what is Ethereum, what it’s Bitcoin, and we started to mine Ethereum on video cards. Also, after I started, as a hobby, to invest in some projects in ICO, etc. But at the same time, I was working in traditional finance. So I understood what is crypto from the traditional points of view. So I was working with Euro bonds, with stocks, in some private, traditional hedge fund. And after a move to options, and after some friends invited me to work in crypto, it was in late 2019 and I found out what Defi is. And actually, it was and it is very interesting because it looks really like traditional finance, but much, much better without any borders, with like high APY’s and a lot of really interesting stuff. And yes, that’s how I came to crypto as like, full-time working process.

Question: What is the Mission of Spin?

Spin Andrey:
So we like want to suggest for people a centralized exchange experience but in a decentralized manner. Because spin actually is a fully decentralized order book. And centralized exchange is a problem because of its custodian which means that some exchange keeps all your money on their walls. And in some cases, yes, we can steal it, governments can block it, freeze it out, there are so many possibilities how money can leave you. In a decentralized exchange, so decentralized exchange actually, like started from Ethereum, from some automated market makers change, like uni swap balancer. But the main problem is, that they’re very slow and expensive. And we figured out actually, of course, we are not going to person this space, but they thought that we can, like bring the benefits of a centralized exchange and this decentralized together and to produce some order book and at the same time, order book and decentralized exchange, like one thing, and that’s how ideal spin, become alive.

Spin Pavel:
At the beginning of last summer, our key team members, which includes analysts. They created trading strategies traded on derby, which is a tax platform, and along the way, we're interested in the development of a tax index, while they were studying the market of derivatives and decentralized platforms, it became clear that defi is gradually replacing sapphire. Therefore it was decided to create a derivative index on Solana then a rebranding was made, we became actually Spin, and again to make our product on NEAR Team blockchain.

Question: What is the difference with centralized exchanges?

Spin Andrey:
Change is a decentralized exchange. That means it’s all operation processes through smart contracts based on the new protocol, according to some particular rules that anybody can check. So we as a team of the project, don’t have civility, to take our users’ money somehow, because everybody should obey some codes in a smart contract. So now we are in process of external audits of our countries, and after these audits, people will believe, and if there’s one way we will check our codes that their money is safely held in their own wallets, not in our hands like they can operate and trade on these smart contract, as it happens on uni swap for example, or optics one, so decentralized manner. And so why did we like decided to do Orderbook and a decentralized order book. So first of all, we need to, I think, compare ourselves a bit with Ref Finance, because it’s a lead, decentralized exchange on the protocol. So first of all, they’re like, typical automated market maker exchange, that means that it’s just easy to use, you can just come to it and swap some assets. But at the same time, first of all, you need to pay quite big transaction fees. It’s much bigger than our exchange. And also you can’t use some difficult or comprehensive archetypes. For example, if you come to Binance, you’re going to use I don’t know, marketers or limits or stop loss or take profit or trailing or so it’s more like comprehensive types of orders some instruments for real traders, not for people who just came to swap someone token to another. So yes, there are actually a lot of traders in the crypto sphere and we decided to really give them skills to have this centralized level of experience but in a decentralized manner. Because there are a lot of like, I don’t remember the sports. So there are a lot of problems with a centralized exchange, we can like remember Mt Gox history and quadriga CX is Australia and exchange history so they’re my money abusers were stolen because all of them keeping on some wallet, which was owned by the owner of exchange and so the same happens right now for the festival, for example, a lot of money from investors was freeze it in some like small exchanges, some small centralized exchanges in the world, over the world. And so on the Texas vice versa, you don’t have this problem because anybody except us, you own your money. So and that’s the end of my speech, I wanted to say that we will introduce derivative trading in the next few months. What is like we’re important parts for traders because of more liquidity, fewer fees for simplicity

NEAR PH Ark:
For the sake, ref finance is another dex on your protocol and spin is also dex but they could charge more than Spin if I got it, right.

Spin Andrey:
Yes, a trade because the automated market maker exchange and they need so liquidity, you’ll need to take liquidity from users who will provide it and you need to pay them for it. And usually, IMAP protocols are less capital efficient than order book protocols. Because in order to book, for example, you need just one I don’t know, for example, what hundreds or 1000s of dollars for providing very slow small spreads and a lot of liquidity in some order book at the same time on our automated market maker essentially several millions of dollars for the same slippage call the same spreads and Cetera. Okay, sorry. Those points yes, that they need to pay off for all liquidity providers. All fleets. And so that’s why they like to take more feasts at the same time.

NEAR PH Ark:
All right, all right, everyone. So we see the difference there between spin and red finance just for you to have an option there. Do you got to know your options also the alternative providers?

Question: Will there be an exchange of Crypto to PHP Fiat?

Spin Pavel:
In the past, I worked a lot with crypto Fiat gateways. And I can say that aa s decentralized exchange, we want to happen to the fiat currencies itself. Because the service can be centralized only. We need to centralize coins to transfer fiat money to crypto and vice versa. But recently we have made the partnership with Near Pay, which provides crypto to fiat, and Fiat to crypto payments. So it depends on your payment if it’s possible in the future or not. But maybe in the future also, we’ll add several payment gates to choose from, like mercury or Simplexity, you know them but crap, crypto to Fiat and Fiat to keep the p2p exchange isn’t yet in the roadmap for our decentralized service. We will be happy to provide stability for buy and near for example, by Philippine peso, that will be great.

Question: NFTs on Spin?

Spin Pavel:
So, Freaky Elves is a generative art collection, which at the time of creation created in the form of you know privileged access to ideal, however, we don’t plan to stop there and in the future, we do not exclude the addition of utilities in terms of the product as well as various marketing activities related to the NFT and maybe in the future we’ll see how our collection is growing in terms of utilities

Question: Why Defi Derivatives?

Spin Andrey:
If you like to check some statistics now data platform has more trading activities than the usual spot platform because usually there is a program and provides you have fewer fees, more liquidity, and some leverage of course because people really like to use leverage but please don’t pray that it might be very dangerous and sometimes. So really like active trading derivative performs much better because of this stuff. But of course, if you want to invest in something for a long long time, it would be better to use some spot platforms for example in our case, we will we like right now provides spot trading and at the same time it will provide derivatives training so you can change of course during the training will have definitely fewer fees more liquidity, more comprehensive trading strategies, but still, it’s not like some spots assets and definitely if you like to want to invest in Bitcoin for example for 10/20 years, you better to choose of course portray and just bite and keep on your wallet. I think that’s all from my side, maybe I will add something

Spin Pavel:
Yes, so Andrew, prove me if I’m wrong, but for example, options can be used for hedging on the investments. So when people enter into defi and start, for example, buying or selling options, they can hedge the funds, without doubt, the fear of blocking. So the arrests will not be blocked if they use defi platforms instead of cefi (centralized finance)

Spin Andrey:
Yes, if we compare centralized and decentralized platforms this is right yes, actually like Pavel mentioned, and suppose I forgot about it that festival, we can use a narrative platform for hedging. For example, you have huge bags of different tokens on your spot. And you’re afraid some drop in prices. But you don’t want to sell all of your bags because they are placed on different chains, in different wallets. You can just hedge all of your stuff against some derivative platform, just for example, sell the same amount of bitcoin as the value of all your other assets. Or you can simply buy some put options. It’s like, in some cases, it might be a better way because you don’t. You can choose anything except premium for these productions. I saw like all these derivatives platforms just increase the number of instruments for traders and so you can, like use different and usually more comprehensive strategies for trading. And you know, this flexibility is always good, like the possibility to be flexible in trading in or investments it’s a really really great thing. Okay, so we are really waiting for your on-screen exchange and so if you have any questions, no marks I don’t know anything things to discuss. While you’re welcome on our Discord. We will answer and tweet with some enjoyment and joy I would say, but sorry on only the English language. And please don’t forget that yes, your market will finish sometime and we will start to gain money and prices of assets will increase. So, spend your time wisely. Spend it for some research, maybe some education, fund everything. Thank you for listening.

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NEAR is a decentralized application platform that is secure enough to manage high value assets like money or identity and performant enough to make them useful