NEOPIN X Official University of Crypto AMA Recap
NEOPIN’s Live AMA with CEO Ethan Kim was held on the Official University of Crypto Telegram chat group on April 5th, at 10:00 UTC. Here’s a recap for those who couldn’t participate in the AMA.
📅 Date & Time: Friday, April 5th, at 10:00 UTC
🗣 Guest: Ethan Kim, CEO of NEOPIN
📍 AMA Venue: Official University of Crypto Telegram Group
TL;DR
- NEOPIN is targeting the global RWA market, worth 7 trillion KRW, since 2023 by partnering with Japan’s Jasmy and collaborating with Klaytn Foundation to develop an RWA platform in Southeast Asia.
- NEOPIN offers diverse DeFi products as permissioned DeFi, including the recent launch of NEOPIN BDLP for RWA, providing up to 35.37% APY with stablecoin deposits.
- It also introduced Ethereum-based derivatives with high rewards and liquidity efficiency, providing up to 14.2% APY on Ethereum deposits by aggregating leading DeFi protocols like Lido.
- NEOPIN focuses on simplifying access to diverse DeFi protocols, enabling investment through a single, user-friendly platform.
- NEOPIN believes in the RWA market’s potential and plans to unveil various products based on real-world assets this year.
- NEOPIN is preparing significant platform-level news as its 2024 secret weapon.
[Session 1: Introduction]
Q. Could you please give a brief self-introduction?
Hello everyone in the Official University of Crypto community! I’m Ethan Kim, CEO of NEOPIN, the leading DeFi protocol on Klaytn. Thanks for having me today.
Just a quick intro about myself — I’ve spent over 18 years working in planning, strategy, accounting, and legal areas with global accounting consulting firms and government regulatory agencies.
With that background, I’m focused on building a solid legal and financial foundation for NEOPIN’s sustained growth as a Permissioned DeFi platform. NEOPIN has seen some exciting successes lately, and I’m here to chat with you all about our achievements and where we’re headed next.
Q. Could you also give a brief introduction to the NEOPIN project?
NEOPIN combines the strengths of CeFi and DeFi to enhance trust and stability, leading the Permissioned DeFi scene.
Since 2017, we have participated as a validator in various global blockchain networks such as Ethereum, Tron, Cardano, Cosmos, Klaytn, and Finschia, accumulating expertise and technical prowess in blockchain technology. Last year, we were selected as an innovative company by the Abu Dhabi Investment Office (ADIO), which operates the sovereign wealth fund of the United Arab Emirates (UAE), attracting direct and indirect investments. We are also collaborating with the UAE financial free zone, ADGM, to develop the world’s first DeFi regulatory framework through public-private cooperation.
Recently, we launched NEOPIN BDLP, a multi-DeFi product based on short-term US T-bill, and signed an MOU with Jasmy, a leading RWA and DePIN project in Japan, to pioneer joint business ventures in RWA data assets. We are also collaborating with the Klaytn Foundation to develop an RWA platform in Southeast Asia, focusing on capturing a share of the global RWA market worth 7 trillion dollars. We will provide more detailed explanations during the upcoming Q&A session.
[Session 2: Pre-collected Q&A]
Q1. NEOPIN BDLP utilizes various DeFi protocols such as Spark’s sDAI and Ethena’s USDe. What is the reason for choosing these protocols? And how do you see them bringing synergy to NEOPIN BDLP? Despite the high APY offered by NEOPIN BDLP, what potential risk factors are there? If there are any specific precautions users should take when using the product, please let us know.
NEOPIN operates as a Permissioned DeFi platform, offering a range of DeFi products. Last year, we pioneered Ethereum-based liquid staking in Korea and introduced NEOPIN Club Membership providing additional interest rates ranging from 1.5% to 3% on staking products including Ethereum, Klaytn, and Finschia this year.
Last week, we also launched the NEOPIN BDLP (Bonds Derivative Linked Protocol), a product linked to Real World Assets (RWA) that are expected to see significant growth in the market.
MakerDAO’s sDAI token is backed by RWA, specifically short-term US T-Bill, providing stability and reliability to DeFi products. Using stablecoins backed by RWA offers lower volatility and higher reliability compared to other digital assets products.
Ethena’s sUSDe is a synthetic dollar issued by Ethena Labs, presenting a globally accessible dollar-denominated deposit product in DeFi, a digital currency accessible to everyone without central authority control.
The main synergy NEOPIN BDLP gains from leveraging these protocols is a balance between stability and profitability. By incorporating these RWA-based dynamics into NEOPIN BDLP, we offer users stable investment opportunities with high APY. This balance contributes to bridging the gap between traditional and DeFi investments, enabling diverse investors to access blockchain-based financial products. Users can deposit stablecoins (DAI, USDT, USDC) and earn up to 35.37% APY (as of today).
However, despite the opportunities provided by high APY, investors should consider various potential risks such as protocol errors, market volatility, and liquidity shortages. Therefore, it is recommended that investors fully understand their investment goals and risk tolerance and review the terms of service provided by Spark and Ethena, among others.
Q2. How does NEOPIN SDLP differ from traditional staking methods, such as directly staking ETH on platforms like Ethereum 2.0 or using other staking protocols?
Just yesterday, NEOPIN launched a new Ethereum-based derivative product called NEOPIN SDLP (Staking Derivative Linked Protocol), offering high rewards and liquidity efficiency. This product combines various well-known DeFi protocols such as Lido and Sommelier Finance into a Yield Aggregator contract, providing up to 14.2% APY on Ethereum (as of today).
The core of NEOPIN SDLP lies in simplifying access and investment for users by consolidating complex and diverse DeFi protocols into a single platform. Previously, exploring and configuring multiple DeFi protocols individually required significant time and expertise. However, with the new investment approach offered by NEOPIN, users can experience efficient investing with just a few clicks.
NEOPIN aims for the mainstreaming of user experience (UX). By using NEOPIN, users can easily access various DeFi protocols in one place, simplifying the investment process. Consequently, it is expected to facilitate easier access to DeFi for new users and contribute to the overall growth of the ecosystem.
Q3. I got the impression that this product successfully incorporates the hot topics of RWA and AI into DeFi. In particular, it seems that strategies related to RWA will be very powerful, especially in bear markets or sideways markets. However, it’s disappointing that solely utilizing the Ethereum chain leads to high gas fees, making it difficult for those with smaller amounts to deposit. I thought that if similar products were launched on L2, it would make access easier for users with smaller amounts. I would like to ask if there are any plans regarding this.
Yes, we are certainly preparing for that. Our team members are all heavy users of Ethereum, so we are well aware of the burden of gas fees. Following the Denkun hard fork, we have been conducting extensive reviews on which L2 network could allow us to efficiently host large and stable RWA assets. In addition to product development, we are actively engaging in discussions and collaborations with various foundations for this purpose. We plan to introduce products that provide access to low-cost and stable assets, prioritizing security and stability to ensure that users can use them with confidence. We are dedicating a significant amount of resources to enhancing security and stability.
You can check out the 2024 NEOPIN roadmap at the link below:
https://medium.com/neopin-official/neopin-roadmap-updates-2024-f13ef2013150
Q4. I do have doubts about whether RWA can be practically implemented. Hence, in implementing these RWA products, I would like to know how NEOPIN views RWA and what your vision is regarding it. I think there are still high hurdles to overcome, and I’m curious about what preparations are being made to address these challenges.
NEOPIN holds great expectations for the market potential of RWA. We have anticipated significant growth in this market since 2023 and, in line with this, are actively discussing with various institutions and projects to launch RWA products. As mentioned earlier, last month we introduced the NEOPIN BDLP, an RWA derivative product based on US short-term Treasury Bonds, allowing users to deposit stablecoins (DAI, USDT, USDC) and earn up to 35.37% APY (as of today).
In response to some concerns about the RWA market and the high implementation hurdles, NEOPIN sees these as challenges that we must overcome. Real estate assets in the UAE, where NEOPIN is located, are considered to have high future investment value. Since NEOPIN’s headquarter is in Abu Dhabi, we view these assets as excellent items for tokenization, and we are also in discussions with partners who hold various physical assets, including commercial vessels and transportation means.
At the end of last year, NEOPIN, in collaboration with the Klaytn Foundation, signed an MOU with Praya Laranindo, a comprehensive logistics company specializing in shipping operations in the Indonesian region, to enhance RWA tokenization projects. Through this collaboration, NEOPIN and the Klaytn Foundation are jointly developing an RWA business model that tokenizes assets related to the vessels owned by Pelayaran Korindo, ensuring reliability and practicality. Please refer to the attached article for more information: https://decenter.kr/NewsView/29X5N3GVAJ/GZ03
NEOPIN believes in the growth potential of the RWA market and plans to unveil various RWA investment products based on different physical assets to NEOPIN users within the year. We are confident that these products will create long-term value connected to the real economy. NEOPIN will continue collaboration with institutions, product development, and market analysis to realize our RWA vision and strive to become a leader in the RWA market.
Q5. Recently, my MetaMask wallet was hacked, and since then, I’ve started feeling uneasy about storing assets in my personal wallet. I wish there was a more upgraded security system in place to protect assets, including those in staking products. I would like to hear your thoughts on this matter. It would also be great if we could stake a wider variety of coins on NEOPIN. Do you have any plans regarding this?
Due to the frequent hacking incidents happening nowadays, many people express concerns. In NEOPIN’s dApp and wallet, we have implemented security layers and technologies related to this issue, providing a DeFi environment where everyone can use it with peace of mind. That’s why we were able to establish ourselves in the advanced financial zone ADGM, where blockchain projects find it very challenging to enter, and focus solely on product development. NEOPIN is committed to pouring efforts into technology development and research to enable transparent decentralized financial activities with confidence, based on verified security layers.
Regarding staking, MATIC staking is planned to be added, and we are also considering supporting ARB staking once it goes live. If users have any specific coins they would like to see added for staking, they are encouraged to visit the NEOPIN Discord and leave suggestions and feedback. Our team will do our best to reflect these suggestions as soon as possible.
NEOPIN Discord: https://discord.gg/neopinofficial
Q6. This is my first time using NEOPIN. Could you please explain how users who are unfamiliar with NEOPIN, like me, can access unique features such as Membership?
Thank you for your interest in NEOPIN. 💎 NEOPIN Club Membership is a program designed to provide users with more benefits. Below, I’ll introduce the exclusive membership benefits of NEOPIN.
One of the main benefits of NEOPIN Club Membership is APR Boost. NEOPIN Club members can receive up to a 3% additional reward boost on the basse APR when using KLAY, FNSA, TRX, ETH, ATOM, and NPT staking products. For eg., you can enjoy up to 4.57% APY on Ethereum staking, up to 14.40% on FNSA, and up to 8.60% APR on KLAY, among others.
For detailed APR Boost information based on membership tiers, please refer to the image below.
In addition, holding membership tiers increases your chances of winning in various lucky draw events and airdrops conducted by NEOPIN, as well as grants access to exclusive Discord channels available only to NEOPIN Club members.
To obtain membership tiers, you need to earn points through staking or pool deposits on NEOPIN. Once you accumulate a certain number of points, you’ll automatically be granted the corresponding tier, and you can upgrade to higher tiers through more staking and liquidity provision.
For more detailed benefits and how to earn points for NEOPIN Club Membership, you can check the link below:
Q7. The Klaytn and Finschia merger mainnet in the second quarter of this year is highly anticipated. Are there any platforms or app developments underway that will allow the use of these two mainnets together? If there are any emphasized points or considerations for users when the merger ecosystem is launched, could you please introduce them?
Following the announcement of the Klaytn and Finschia mainnet merger in February, NEOPIN has taken significant steps by conducting a major update and swiftly introducing the first DeFi product in the merger ecosystem of Klaytn and Finschia. The update included:
1/ Finschia Bridge, allowing the conversion of FNSA to the Klaytn network,
2/ EVM Bridge, enabling the conversion of Ethereum-based USDT to the Klaytn network,
3/ New liquidity pools based on Klaytn (NPT/nUSDT, KLAY/nFNSA, KLAY/BORA, KLAY/MBX),
4/ Expanded support for MetaMask, Kaikas, and DOSI Vault wallets.
This update was the first step towards NEOPIN’s Project Dragon (PDT) ecosystem. Just a month after the update, NEOPIN secured the top position in Klaytn DApps. NEOPIN’s TVL witnessed rapid growth, surging from $20.97 million on January 8th to $63.36 million as of March 29th, more than tripling in just over 80 days based on Ethereum-compatible assets alone. When including assets beyond Ethereum, the consolidated TVL surpassed $190 million. (Related article: https://www.techm.kr/news/articleView.html?idxno=122367)
In the second quarter, when PDT integration is scheduled to be completed, we will introduce PDT staking products for Project Dragon Mainnet and a governance voting protocol that allows user participation. This aims to provide competitive DeFi products within the Project Dragon ecosystem and propel it to become a community-centered blockchain network. Support for KLAY/FNSA <> PDT swap migration is also planned.
With these plans, NEOPIN aims to establish a foundation for the Project Dragon ecosystem to grow and evolve through user participation, thereby providing more investment opportunities for Klaytn and Finschia communities.
[Session 3: Live Q&A]
Q1. Does NEOPIN have plans involving AI?
Last week, we launched the NEOPIN BDLP (Bond Derivative Linked Protocol), a new RWA-based multiple yield farming protocol that includes AI elements. Through NEOPIN’s proprietary AI algorithm, it analyzes and provides users with the optimal asset management ratios tailored to each individual. Users can efficiently utilize complex DeFi products based on their preferences and on-chain data. By depositing DAI, USDT, USDC, users can currently enjoy up to a 37.07% APY (as of April 5th).
In addition, we are continually preparing DeFi products related to the trending AI tokens. We are currently working on the second major update, and we will work hard to introduce even more diverse products in the third major update.
For your reference, the newly launched BDLP product can be checked at the following link: https://neopin.io/ai/
Q2. You mentioned that NEOPIN has a structure similar to the Wormhole Bridge, but Wormhole Bridge has a history of being hacked. Should we not worry about vulnerabilities in the Wormhole Bridge?
I believe the most concerning aspect for users regarding DeFi is undoubtedly the risk of hacking. When building our own NEOPIN bridge, we meticulously compared and analyzed instances of vulnerabilities found in existing bridges (including Wormhole) to design our own bridge with an architecture that prioritizes security and stability. Since our bridge was built from scratch, not merely through a hard fork, it would be reassuring for you to use it.
Q3. Are there any secret weapons that Neopin is working on for 2024 that haven’t been disclosed in the roadmap?
Yes, as you mentioned, we are indeed working on something for 2024 that we consider our secret weapon. This is not just a simple product or protocol update but a major platform-level announcement. However, since it’s not yet at the stage where we can share specifics with the community, I kindly ask for your understanding that I’m limited in what I can share at this point. Rest assured, we will soon announce exciting news that will excite the community.
Check out the New Products on NEOPIN
🏅 NEOPIN BDLP (RWA) ▶️ 37.07% APY
🏅 NEOPIN SDLP (ETH Auto-Boost) ▶️ 13.2% APY
*The displayed APYs are estimated and should not be considered guaranteed rates of return.
