OIN concludes an exciting AMA with DeFi Raccoons

We are thrilled to announce a successful conclusion of our AMA with DeFi Raccoons and their telegram community members on Sunday 21st, February at 11 am CET on the Telegram group of DeFi Raccoons.

The AMA session was filled with intelligent questions that boosted our enthusiasm as well. It was a very informative round where we not only got to answer everyone’s queries but also got to talk about our plans for the company.

While we understand that some queries might still remain unanswered, there’s nothing to worry about. This is just the beginning of many more exciting projects and campaigns to come.

Here are a few of the questions that really spiked our curiosity.

We like to start off with an elevator-pitch — for the people that haven’t yet heard of OIN Finance — tell us what it is and what are you trying to build?

Thank you for the chance!

We here at OIN recognize that DeFi will become an integral part of the crypto world. We are bringing DeFi functionality to those that have gone without, starting with our own brand labeled stablecoin minting service, the OINDAO. Once a project is listed, users can stake their favorite project’s tokens to mint a collateralized stablecoin (e.g., USDF for Frontier) for use cases such as in-ecosystem payments, leveraging while earning rewards!

Can you tell us about the origins of the idea for OIN Finance? What inspired you?

As with a great many projects these days, it all came from identifying a need.

Our founders saw that the next step in crypto’s evolution would be DeFi. Still, unlike smart contracts where you needed to create a whole new blockchain to take things to the next level, it was possible to provide a service that empowers regular projects with DeFi functions! It was as if you could provide a service that gave Bitcoin smart contracts. I was sold, and I’m sure it’s the same story with everyone at OIN.

Do you think smart contracts will ever come to Bitcoin?

Haha, a whole lot could be said, or not depending on your opinion, but I don’t think Bitcoin has a need for smart contracts. It serves its purpose as a store of value very well without it. Having said that, during the smart contract craze, it would have revolutionized the field to give BTC smart contracts, and I’m sure BTC would look very differently now.

Tell us about the team working on the project! What are their backgrounds? How many of you are currently engaged in it?

Quite diverse. From the founders, we have Richie, who has a Ph.D. in finance and was in the crypto space from the beginning. Our tech team is as diverse as you can get while still retaining the specialization necessary to code for blockchain. Advisors such as Danny JC, Moonwhale Ventures founder, bring an amazing scope and resources, while business drones such as myself and others on the team hail from funds, consulting, and other great backgrounds. We find it can spur conversation, become a great asset for the ideation phase, and provide a strong basis for the execution.

So, tell us about the platform? If you ask me, stablecoins are the first key for mass adoption of cryptocurrencies and bringing new people to this space. Regarding your platform, can anyone issue stablecoins?

I’ve been wordy with my answers and was thinking of cutting down, but I can’t with this great question!

Stablecoins — yes! It’s much needed, and I’d even say a necessary and integral part of mass adoption. Even just the argument that you can’t price goods and services with volatile coins is enough to convince me. For the providers, you need to have somewhat stable cash flows, even better if you can project cash flows, etc. It’s quite an essential part of merging the traditional business world with the crypto world.

As for can anyone do it, yeah, pretty much anybody on ERC20 at this time. We will expand to include other platforms. We do have internal guidelines that screen for some basic requirements, but as long as it’s a project with a reputable standing, you’re good to go. Just reach out to us, and we can help you get onboarded.

Can you tell us more about the staking OIN token and minting USDO1?

Yeah, it’s quite simple, really. You come to our OINDAO through the MetaMask phone app or our website, connect your MetaMask wallet, click stake, enter your amount, approve, and voila, you have USDO1 sent to your wallet. Rewards will accrue until you claim them. It’s simple for those that are familiar with crypto, but we’re always working to improve on its ergonomics.

So USDO1 is a stablecoin? And if it is backed by unstable assets, how do you make it more stable?

Yes, that is the OIN brand stablecoin. It’s a simplified version of MakerDao that’s optimized to apply to nearly any project. There are things such as a freezing point, where if the price falls below that price, it’ll halt all minting of that stablecoin. There’s liquidation points as well, where the OINDAO will return all assets to the users if and when the integrity of the stablecoin is deemed to be threatened by unexpected market movements (usually set to 110% collateralization, with the reference price being calculated to be somewhat of a black swan event).

We’re working on another upgrade to the OINDAO where the staking ratios vary depending on market movements, creating a more balanced pool in case of sustained market movements in one direction. That will be a great addition to the OINDAO features, and we’ll be able to much more confidently set the parameters of each pool. The pricing of the stablecoin itself will utilize stablecoin swaps and will essentially be only used as a stablecoin, restricting price movements.

Last week you announced the prolonging of the Uniswap Liquidity Pool incentive program, which continues from February 24th. What are your expectations here? Since it lasts three months only, are you planning to prolong it again?

That’s a tricky question.

The original one (including this extension) has been in part to calm our community in their worries that investors’ unlock will have a significant impact. The first open went smoothly without what many were worrying about, nor do we expect the second one too. It also is to provide liquidity to Uniswap, as it wasn’t this large. Depending on how we grow in the next several months, we may dial it back slightly and redirect the rewards gained here to other initiatives.

You partnered recently with Dash, and I am sure your community was excited to see a project with that reputation partnering with OIN Finance. When can we expect mutual stablecoin that can be accepted in crypto payments?

Haha, speaking of initiatives, yes, we’re killing it with partnerships!

But to be honest, this one’s a tricky question as I’m not sure how much I’m allowed to say. Regardless, there are two mechanisms that we’re considering, and it depends on how Dash wants to approach it. If it’s through one method, then we can probably get them done and online in three weeks? If the second, then maybe a couple of months. We’ll have an announcement on this later regarding which path they wish to take and what those paths are.

Another partnership was with Terra Virtua, which is actually an NFT project. What would be the use cases for one NFT stablecoin?

There is one ubiquitous use case with all projects joining OINDAO, and that’s leverage. If you’re a fan of TVK, you don’t have to dump any TVK tokens to go gamble on other projects or even just double down on TVK. You can stake, mint stablecoins, and turn around to use those stablecoins to purchase other tokens. A fast-track and streamlined process for providing the offramp is not ready quite yet, but it should not take too long.

The second, almost ubiquitous use case is pricing! Pricing for NFTs. Quick and simple. Otherwise, I would like to let TVK announce their plans for the stablecoin, as utility, use cases, and implementations are constantly changing and evolving.

Your plans are to integrate into the Polkadot ecosystem based on your roadmap. What do you expect from parachains in general, and in your case specifically?

As stated previously, we try to bring DeFi functions to the rest of the crypto community. We try to empower other projects and unlock assets to the DeFi community. So, we’ve set our sights on Polkadot. They are immensely popular these days, and opening up our ecosystem to the DOT platform will allow us to cover a significant portion of the crypto space in one fell swoop.

OINSWAP will be another great feature on your platform. How is the progress on this?

As mentioned above, a great strength of OIN is that we can pivot when necessary. And with our ability to pivot, we also have some significant announcements and changes planned surrounding the OINSWAP, but that’s for a later date.

We saw the changing winds and understood that we could target a much more urgently needed function of stablecoin minting rather than another swap service. OINSWAP has thus taken a backseat, and although we are on schedule, we’re currently focusing hard on OINDAO. It is grown massively within the past month with many great projects joining, with more scheduled to be announced.

Can you share what the community can look forward to in the upcoming months?

Of course!

We have some great and unique announcements planned. To be honest, it’s some of the most exciting announcements that I’ve had the pleasure of being a part of in my whole career. We’re pushing to get as many projects listed on OINDAO as possible and building out partnerships/processes surrounding the OINDAO as thoroughly as possible. It won’t ONLY be OINDAO that gets all the good projects on board, but also our whole process/ecosystem that allows OIN to provide these services.

As previously stated, we have some amazing things revolving around updates to the mechanisms of OINDAO, such as variable staking ratio pools, multi-coin mining (multiple tokens can be rewarded to one pool. E.g., FRONT and DASH being rewarded to the OIN-USDO pool), LP tokens integrating the above, etc.

We’ve stayed quiet for a while, but that is because we’ve been waiting for this moment where we’ve built out enough to announce. We’ve built out enough to now push hard to truly expand during our growth phase, and it’s a big one. It’s a long stretch of effort that is now showing the fruits of its labor, and I can’t be more excited for what’s to come!

After the first round of AMA, DeFI Raccoons opened the conversation for all the users. The members asked several questions, and the team chose the three most versatile questions to cover all the bases. The three questions that the team chose are:

At the moment, I don’t see OIN Finance having any activities or events such as partnership, fork/swap, burn, feature release, and so on. Can you reveal what event or program in the future?

I beg to differ! Please ensure that you’re following the correct channels, as there were a lot of fake accounts claiming to be OIN during our ICO. Our ICO was quite popular, which attracted a lot of scammers.

Just in the past couple of weeks, we’ve announced Terra Virtua, DASH, and Fire Protocol. LP incentive program was also announced. The website was recently updated, and going slightly further back, we have STPT and Frontier joining.

All this is not just us listing OINDAO unilaterally. It’s a legitimate partnership, and we work together to make it happen.

I’ve mentioned above some of the things we’re doing, and where we’re heading but simply put, we have exciting things coming, not boring incremental progress that doesn’t really impact anything.

Keep an eye on our Twitter channel and our Telegram channels, and I promise you you’ll be pleasantly surprised.

Much of the industry is currently based entirely on the welfare of Ethereum! How does OIN Finance plan to become the platform that allows value to flourish in the DeFi space? Also, why is cross-chain technology crucial in DeFi?

That’s why we’re cross-chain! We will be expanding bit by bit to encompass as much of the market as possible and look toward including the whole of the relevant crypto space in our ecosystem as necessary. That’s why we’re looking at DOT as our subsequent cross-chain integration and why we’ll continue looking to other platforms that offer the best reach.

As for flourishing, we’re offering easily onboarded DeFi features to any crypto company, whether their designs were born with it in mind or not. We can bring DeFi functions to your project regardless, and we will unlock these features for their community or unlock their community for the DeFi space. That’s what we’ve set out to do, and so far, we’re thriving.

You have very strong partners such as Quarkchain and STPT network. How did you find quality partners, and what are the selection criteria?

Great question, but I’d also like to add that all our partners are strong. Dash, Frontier, Fire, Terra Virtua, and many more to come are all amazing, and we’re lucky to have them.

Having that said, here is a quick distilled version of what we look for. Please remember, though, that listing on OINDAO as a reputable company is enough to start a partnership.

1. Synergy — What can we do together that’s more than just listing on the OINDAO (we have a couple of announcements coming up regarding this)

2. Community — What are their communities like? Does it give not only us but the OINDAO and all its members more reach?

3. Tech — Amazing tech, or versatile tech, or something special about their tech that gives us options to explore how the partnership can develop.

These are just some of the things we look for. Many other factors come into play when considering partnerships, but these are the things that immediately come to mind.

The successful AMA was concluded at this point. However, we have several exciting announcements and similar projects in the pipeline. Keep following this space for more.