NEOPIN’s Live AMA with CEO Ethan Kim was held on the EnjoyMyHobby Telegram channel on February 16th, at 10:00 UTC. Here’s a recap for those who couldn’t participate in the AMA.
📅 Date & Time: Friday, 16 Feb 2024, 10:00 UTC
🗣 Guest: Ethan Kim, CEO of NEOPIN
📍 AMA Venue: EnjoyMyHobby Telegram Channel
TL;DR
- NEOPIN, the only protocol supporting both Klaytn and Finschia networks, aims to be the №1 DApp within the Project Dragon (PDT) ecosystem for global expansion.
- NEOPIN’s EVM bridge and Finschia bridge enables users to interact with various blockchain networks, while newly added liquidity pools enhance liquidity, fostering the activation of the Klaytn and NEOPIN ecosystems.
- To enhance user accessibility, NEOPIN expanded support for external wallets and strengthened bridge security to provide users with a safe DeFi environment.
- Collaborating with ADGM, NEOPIN will pioneer the global market with the world’s first DeFi regulatory framework, leading as a “permissioned DeFi”.
- NEOPIN Club Membership enables users to earn points through staking or pool deposits, and earn up to a 3% APR Boost when staking KLAY, FNSA, and TRX.
[Session 1: Introduction]
Q: Could you please give a brief self-introduction?
Hello, Enjoymyhobby community. I’m Ethan Kim, the CEO of NEOPIN. Thank you for having me here today.
To briefly introduce myself, I have over 18 years of experience in planning, strategy, accounting, and legal fields within global accounting consulting firms and government regulatory agencies.
Based on this professional background, I am committed to establishing a solid legal and financial foundation for the healthy and sustainable growth of the NEOPIN ecosystem. Additionally, I am dedicated to leveraging strong partnerships with global partners to fulfill NEOPIN’s core vision of ‘connection’ and ‘expansion’.
Q: Could you also give a brief introduction to the NEOPIN project?
NEOPIN is a decentralized finance platform service built on DeFi, enhancing trust and stability.
Since 2017, we have been actively involved as validators in various global blockchain networks such as Ethereum, Tron, Cardano, Cosmos, Klaytn, and Finschia, accumulating expertise and technical capabilities in the blockchain space. Last year, we were selected to join the Innovation Programme by the Abu Dhabi Investment Office (ADIO), which operates the sovereign wealth fund in the United Arab Emirates (UAE), attracting direct and indirect investments. We are also collaborating with the Abu Dhabi Global Market (ADGM) to develop the world’s first DeFi regulatory framework through public-private cooperation.
Just yesterday, with the confirmation of the integration of Klaytn and Finschia, the Project Dragon is set to be born. As the first step towards becoming the leading DeFi protocol in the PDT ecosystem, NEOPIN conducted major updates yesterday. I will provide more detailed explanations during the upcoming Q&A session shortly.
[Session 2: Pre-collected Q&A]
Q1: Please share NEOPIN’s key roles and vision following the integration of Finschia and Klaytn. Could you also discuss plans for service improvements to expand the ecosystem, such as increasing the TVL for NEOPIN DeFi services?
As the only DeFi protocol and governance member supporting both Klaytn and Finschia networks, NEOPIN aims to become the leading DApp in the Project Dragon (PDT) ecosystem, actively contributing to global ecosystem expansion.
In this regard, we conducted major updates yesterday to propel PDT ecosystem to the forefront:
- Launch of Finschia bridge enabling conversion to the Klaytn network
- Addition of USDT support on NEOPIN EVM bridge (allowing conversion from Ethereum USDT to Klaytn network nUSDT)
- New liquidity pools on Klaytn (NPT/nUSDT, KLAY/nFNSA, KLAY/BORA, KLAY/MBX)
- Support for MetaMask, Kaikas, and DOSI Vault
- Up to 3% APR boost for NEOPIN Club Membership benefits when staking KLAY/FNSA/TRX
Starting with these updates, the entire NEOPIN team is committed to striving for dominance in the integrated ecosystem of Klaytn and Finschia to secure a leading position. By establishing ourselves as the №1 DApp in the PDT ecosystem based on ‘permissioned DeFi’, we will lead the global expansion of the integrated ecosystem of Klaytn and Finschia.
Q2: How will the addition of USDT support to the EVM Bridge and Finschia Bridge impact NEOPIN users’ ability to interact with various blockchain networks? Could you explain the importance of introducing new Klaytn liquidity pools to NEOPIN and how it could enhance platform liquidity?
NEOPIN operates as a DeFi protocol while also establishing an ecosystem akin to a mainnet foundation. Currently, we have over 50 partners ranging from gaming, metaverse, NFTs, to various services collaborating with NEOPIN. Enhancing liquidity within NEOPIN is a prerequisite for activating both the NEOPIN DeFi protocol and the ecosystem concurrently. Various Web3 projects would likely want to launch staking or yield farming products on a DeFi platform with substantial TVL. From the users’ perspective, larger pool sizes combined with trust would be optimal.
NEOPIN has pursued a multi-chain strategy to increase TVL and activate the ecosystem, introducing Ethereum liquidity staking last year and Klaytn liquidity staking, alongside supporting our own highly secure bridges while actively expanding partnerships. This major update should be seen as an extension of our previously employed strategies, aligning with an aggressive approach towards the integrated ecosystem of Klaytn and Finschia.
We all recognize the necessity of inflow of stablecoin assets for the expansion of the Finschia and Klaytn ecosystems and the increase of liquidity. With the addition of USDT support to the NEOPIN EVM bridge in this update, and the launch of the Finschia Bridge, users can now seamlessly convert Finschia between Ethereum and Klaytn networks. Finschia converted to Klaytn becomes nFNSA, while USDT converted to Klaytn becomes nUSDT, with existing Finschia and USDT securely held in vaults.
Moreover, liquidity pools for swapping Finschia and Klaytn, nFNSA/KLAY, as well as pools for Klaytn ecosystem expansion such as nUSDT/NPT, KLAY/MBX, KLAY/BORA, have been launched. These newly introduced yield farming pools initially offered a maximum APR of 4,075.84%, inviting anyone to provide liquidity and earn rewards. Further details are available through the NEOPIN App or Web: https://neopin.io/pool/
To celebrate the bridge launch and the addition of new pools, the NEOPIN DeFi Carnival campaign is set to start on Monday, the 19th, with a total prize pool of 10,000 USDT. You can check out the details here: https://bit.ly/4bEirTQ
With the release of the Finschia Bridge, USDT support on the EVM Bridge, and the addition of new Klaytn-based pools, NEOPIN aims to stimulate diverse transactions within the platform and provide users with increased liquidity and tradable assets, thus fostering the overall activation of the NEOPIN, Klaytn, and Finschia ecosystems.
Q3: It has been quite some time since NEOPIN was selected for the Abu Dhabi Investment Office (ADIO) Innovation Program. Could you outline the achievements thus far and shed light on how NEOPIN plans to maintain smooth relations with Abu Dhabi going forward? Additionally, NEOPIN previously required KYC for usage, but now supports external wallets like MetaMask without KYC. What’s the reason behind this, and how are these external wallets used? Lastly, with the recent Orbit Bridge hack, concerns about bridge and DeFi security have heightened. Was NEOPIN unaffected, and does it have similar vulnerabilities?
Firstly, regarding Abu Dhabi, The Munhwa Il-bo’s reporting team visited the Abu Dhabi office last January. Here’s the article link for you to check out: https://n.news.naver.com/mnews/article/021/0002619800?sid=101
According to market research firm IDC, investments in digital innovation in the Middle East, Turkey, and Africa are projected to exceed $74 billion (approximately 99.49 trillion KRW) by 2026. Global IT companies are flocking to the UAE, with NEOPIN leading in the blockchain sector in Abu Dhabi.
This year, the growth of “Permissioned DeFi” is highly anticipated.
NEOPIN is a pioneer in Permissioned DeFi. Last year, in collaboration with the Abu Dhabi Global Market (ADGM) under the Abu Dhabi Economic Department, we embarked on building a DeFi regulatory framework. The UAE government and NEOPIN aim to be the first to announce a DeFi regulatory framework globally. The announcement in July last year marked the beginning of this endeavor, and we are currently actively collaborating. NEOPIN’s DeFi products and wallets already incorporate security layers and technologies to provide a DeFi environment that everyone can use with confidence.
If NEOPIN becomes the first to announce a DeFi regulatory framework with ADGM this year, NEOPIN will become the first DeFi protocol to apply such a regulatory framework globally. Our goal for this year is to lead the global market as “Permissioned DeFi” after working diligently with ADGM. Through this, we aim to bridge the traditional finance and DeFi markets in the UAE, a financially advanced country.
Next, let me clarify the reason why we added support for external wallets.
With the recent integration of Klaytn and Finschia, NEOPIN conducted major updates to become the leading DeFi protocol in the PDT ecosystem, including bridges, new Klaytn pools, and membership benefits. The most requested feature from the community has been the expansion of support for external wallets. Responding to the community’s feedback and to become the top DeFi protocol, NEOPIN has expanded support for external wallets in this update. As NEOPIN now supports wallets like MetaMask, Kaikas, and DOSI Vault, we anticipate improved accessibility for users. We appreciate any feedback related to NEOPIN services on the NEOPIN Discord: https://discord.gg/neopinofficial
Lastly, let me address the question regarding bridge security.
With the frequent occurrence of hacking incidents these days, many people are expressing concerns. As mentioned earlier, NEOPIN has incorporated high-level security technologies into the wallets and DeFi protocols under development and is developing products to the level of traditional finance.
NEOPIN is structured similarly to the Wormhole Bridge and adopts the ISMS certification standard for internal system controls to prevent insider suspicion, ensuring that no one within NEOPIN can directly verify the keys. Signature of bridge assets is conducted using a dual KMS system and internal bridge validation signatures, adopting a hybrid method that ensures secure signatures even within centralized systems. While claiming to be 100% secure against hacking is unrealistic, we are examining past issues to continuously develop and move forward in a better direction.
It is because of NEOPIN’s efforts that it was able to establish itself in the advanced financial zone of ADGM, which is a very difficult area for blockchain projects to enter, and focus solely on product development. NEOPIN is pouring its efforts into technology development and research to allow transparent decentralized financial activities based on verified security layers.
Q4: What is the process to earn NEOPIN Club Membership tier and what benefits do members get?
The main benefits of NEOPIN Club Membership are as follows:
- APR Boost: NEOPIN Club members can receive a bonus APR Boost of up to 3% in addition to the base APR when staking KLAY, FNSA, TRX.
- Event & Airdrop Privileges: Holding Membership tiers increases the chances of winning in lucky draw events.
- Exclusive Membership Community: Gain access to exclusive news and event information provided only to club members through a dedicated Discord channel.
For further details regarding these benefits and more, you can check the link here: https://bit.ly/49Bl1bz
To obtain Membership tiers, you need to accumulate points through staking or pool deposits on NEOPIN. Upon reaching certain points, you will be granted a tier, and by further engaging in staking and liquidity provision, you can attain higher grades. For more information on membership, please refer to the Docs here: https://docs.neopin.io/membership/neopin-club-membership
In particular, there have been many requests from the Finschia community to receive NPT as rewards for FNSA staking. Reflecting the opinions of the Finschia community, we are offering highly competitive benefits, so we kindly request your active participation in NEOPIN.
Q5: I saw the announcement about the AutoRM protocol. Are there any plans for additional burning mechanisms in the future?
This year, we aim to focus on gradually reducing the circulating supply of NPT by effectively executing the AutoRM protocol, which was proposed last year and received community consensus. With the growth of the DEX, we anticipate a natural reduction in the circulation of NPT, resulting in a clear positive feedback loop in the bull market phase that will continue from this year.
However, if the positive feedback loop falls short of the expectations of our team and the community, we will actively consider the addition of other mechanisms. We believe that this will serve as an opportunity for both the NEOPIN protocol and the community to grow together beyond expectations.
For more detailed information about AutoRM, please refer to the link here:
https://docs.neopin.io/tokenomics/neopin-economy/automated-reallocation-mechanism-autorm
Q6: There have been regulatory issues that prevented NEOPIN from interacting with other DeFi, such as Swapscanner or integrations with other platforms. With the recent integration of non-custodial wallets like MetaMask and Kaikas, I’m curious if interoperability with other DeFi protocols will now become possible. The recent trend in DEXes is increasingly focusing on centralized liquidity for capital efficiency. I wonder if NEOPIN is considering introducing centralized liquidity models like V3 or stablecoin pools in the future.
The rapid adoption of new technologies and third-party integrations in the form of money legos has its advantages and disadvantages, akin to two sides of a coin. Given NEOPIN’s prioritization of security, stability, and user asset protection within regulatory frameworks, we’re dedicating significant efforts to expanding based on well-established protocols that have undergone long-term validation.
Naturally, Uniswap V3, stablecoin-based protocols, and other LP efficiency maximization strategies are under research and development by our team. Despite the crypto market’s rapid changes, NEOPIN aims to provide timely responses without delay.
However, in terms of priority, we plan to first introduce derivative products based on major assets like ETH and real-world asset-based DeFi products that generate yields in the physical world.
Q7: NEOPIN has stated its goal for 2023 as “leading the global Web3 ecosystem.” Could you provide a detailed explanation of how this goal is progressing?
As mentioned earlier, NEOPIN is pioneering the establishment of the world’s first DeFi regulatory framework. It’s not just about creating regulatory guidelines but also building a DeFi platform that users can trust and confidently utilize, in collaboration with global experts. Since establishing its presence in Abu Dhabi, NEOPIN has attracted attention to the Middle East from many next-generation projects and talents, spanning blockchain, AI, smart farming, and other emerging fields. Abu Dhabi offers a rich growth infrastructure focused on fostering next-generation technologies alongside clear guidelines.
NEOPIN is dedicated this year to expanding “permissioned DeFi’’ and striving to become the “№1 DeFi platform for Project Dragon.” With a market capitalization of approximately $8.16 billion for Klaytn and $2.5 billion for Finschia as of February 15th, the integration is giving rise to a project worth about $10 billion. NEOPIN aims to become the top DeFi protocol in the PDT ecosystem and plans to introduce various products to expand its global ecosystem. Additionally, launching various DeFi derivative products and RWA products and solidifying its position as a platform that offers verified DeFi products are also crucial missions.
NEOPIN aims to become the “decentralized finance platform” of the crypto world. It strives to be a crypto financial service that is easily accessible and at the forefront of innovation, throwing new topics into the ecosystem. Above all, NEOPIN aims to be a project that crypto holders can trust and use, striving to be a reliable entity like a “decentralized finance platform,” with no gossip or issues arising during the initial two years of service. We ask for your continued interest and support in NEOPIN’s future endeavors.
[Session 3: Live Q&A]
Q1. What are the roadmap plans for 2024?
As you may have gathered from today’s AMA and major updates, the entire NEOPIN team has been working tirelessly. Therefore, while the announcement of the 2024 roadmap may have been slightly delayed, we aim to announce and publish it by the end of February.
Q2. You mentioned that NEOPIN has a structure similar to the Wormhole Bridge, but Wormhole Bridge has a history of hacking. Should we be concerned about vulnerabilities?
As mentioned earlier, the utmost priority for the NEOPIN team is security. With this mission in mind, NEOPIN has not experienced a single security incident in the approximately two years since launch. Drawing inspiration from the structure of the Wormhole Bridge, the NEOPIN team has incorporated many aspects of the latest technology and incident cases to develop and improve a structurally robust bridge. Additionally, beyond bridge design and implementation, monitoring and detecting abnormal transactions are also crucial aspects. Therefore, significant investments in infrastructure and personnel are made to address these concerns.
Q3. What are the goals NEOPIN aims to achieve in the PDT ecosystem?
As of February 15th, the market cap of Klaytn is approximately $8.16 billion, and the market cap of Finschia is around $250 million. Project Dragon, the merger of both mainnets will lead to approximately $1 billion market cap. However, those involved in the merger and those anticipating post-merger outcomes are unlikely to simply expect a market cap based on simple aggregation. Personally, I hope that PDT will be included in the top 10 global market caps.
Considering the capabilities and vision of the Project Dragon Foundation, I am confident that my hope is not merely wishful thinking but something that can be realized in 2024.
NEOPIN aims to be the top PDT DeFi protocol and drive global expansion of PDT. Currently, NEOPIN is building a solid track record in regulation and the global sector. By actively leveraging this, we aim to drive global growth of PDT and provide liquidity to the global community within the PDT ecosystem as the leading DeFi platform.
Additionally, the NEOPIN team is accelerating product development and R&D in the decentralized finance sector based on real asset-backed tokens as the next growth stage. Through this, we will introduce a variety of blockchain-based products backed by more stable assets and establish an environment where they can be easily accessed. We will share related news most promptly through the official NEOPIN Discord channel.
Check out the Liquidity Pools on NEOPIN!
🥇 BORA / KLAY ▶️ 59.56% APR
🥈 nUSDT / NPT ▶️ 52.27% APR
🥉 nFNSA / KLAY ▶️ 37.95% APR
*The displayed APRs are estimated and should not be considered guaranteed rates of return.
