Poly Network AMA Recap With Channels
Channels (@ChannelsFinance) officially announced its partnership with Poly Network (@PolyNetwork2) on 15th October, 2021. The Poly Network AMA with Channels was then held on 20th October in the Poly Network Telegram Community. From the Live AMA with Keran, CMO of Channels, this recap has been carefully drafted to ensure the full grasp of the information.
Moderator: Poly Network is a groundbreaking heterogeneous interoperability protocol alliance, which has already integrated Bitcoin, Ethereum, Neo, Ontology, Heco, BSC, OKExChain, Arbitrum, Polygon, Elrond, and Cosmos-SDK, and aims to build the foundation for Next-gen Internet (NGI) by enabling greater integration, cooperation, and innovation. Since the launch, the protocol has reached total trade volume of more than $14 billion USD involving more than 270K cross-chain addresses on different blockchains.
Keran: Channels is the leading multi-chain innovative DeFi lending with zero security incidents. Users can deposit money (including single currency and LP) and borrow money in Channels, and both deposit and borrow will receive platform currency CAN rewards. As a new generation of DeFi lending agreement, Channels quickly became the world’s fourth largest mortgage lending platform in just 7 months, and it is also the world’s largest LP mortgage lending platform, and it has never had any security incidents.
Channels has now launched BSC and HECO. TVL has long been ranked first on HECO for a long time. It became the second largest lending platform on BSC on the second day of BSC’s launch. It is also the largest LP mortgage lending platform on the two platforms, and the mining revenue has long been borrowed on BSC and HECO. The highest in the platform. As the world’s leading head lending product, Channels has always adhered to user asset security as the core and product experience as the basis to create greater value for users.
Currently, Channels supports 18 mainstream tokens and 10 LP mortgage lending on BSC, and 18 mainstream tokens and 11 LP mortgage lending on HECO, giving users multiple choices to the greatest extent. It is worth noting that users can pledge LP to lend a single currency, which can greatly increase the rate of return (at least doubled) while increasing the utilization rate of funds, and optimize the rate of return of users.
The platform’s token CAN was also launched on the Huobi Exchange on April 21 this year. The currency price has risen from US$4 to a maximum of US$18 in the last two weeks, which is a four-fold increase, and is currently US$14. Cross-chain and other benefits are detailed, so the CAN public recognition is still very high.
The community of Channels is very popular. The Telegram group has 30,000 followers, Twitter 43.8K Followers, and the Chinese community is also one of the most active in the heco project.
Ranked second in the HECO main node Channels, Channels returns 100% of the node revenue to users, and the current apy revenue is 5.05%
Channels also launched Binance Smart Chain (BSC) on August 25. Within 3 hours of launching, channels have achieved a total deposit and borrowing of US$180 million, making it the second largest lending platform for BSC. The staking method of LP+ single currency has been liked by users on BSC, and the price of CAN has also jumped to US$20 on pancake. On August 26, BSC also launched DAO community governance. The core purpose of DAO governance is to allow users who hold CAN to have a say, to achieve community governance and to achieve optimal governance through gameplay through market mechanisms.
QUESTIONS AND ANSWERS IN LIVE AMA
Q1：There are many similar projects out there, some have been quite successful. What is special about Channels compared to other projects?
Keran: I will talk about this issue from five aspects: product safety, user benefits, user experience, product highlights, and team background.
The first and most basic point is security. Channels is the first lending platform in the Heco ecosystem that adopts a decentralized oracle solution, and it is also the first lending platform to go online after completing open source, verification and auditing. There is no doubt that among all lending products, the safety of user assets is the most important. I believe that Channels is the safest lending platform. Before Heco launched its own oracle, Channels designed its own decentralized oracle solution, which is completely different from other lending products that use centralized oracles. In addition, Channels has been audited by Fairly Security and knownsec.com. In addition, we have also done KYC certification on Huobi Exchange, so there is no reason to abandon the project.
The second point is user benefits. At present, there are many ways to obtain income through channels. Take deposit and loan mining as an example. Currently, assets that can be borrowed on our platform include 17 mainstream currencies such as HT, HBTC, ETH, HUSD, USDT, UNI, and DOT. Most mainstream currencies have the highest deposit income on Channels, and most mainstream currencies have the lowest borrowing costs on Channels. Data will not deceive people. This is our comparison with other platforms. advantage. Deposit and loan can obtain mining income, and open the revolving loan mining function, which doubles the mining efficiency. At the same time, we are the first lending platform on Heco that supports LP mortgage loans and the largest LP lending platform on Heco.
The third point is user experience. The user experience of Channels has been praised and recognized by many users. Whether it is the convenience of interactive operations or the overall UI style, it is no exaggeration to say that Channels is currently the best lending platform on Heco. Our users use one word to describe Channels: smooth. We sincerely invite you to experience the channel: channels.finance I believe you will not forget it after using it.
The fourth point is the highlight of the project. Channels is the first project on HECO to support LP mortgage lending. The original intention of Channels is to expand the collateral, maximize the utilization of funds, and thus increase the income of users, because mortgage LP can also obtain income. . BSF is also the highlight of the platform project. It has deposited 57 million US dollars of LP, which can also be regarded as the well-known KOL’s security trust in Channels and the recognition of the project’s products.
The fifth point is the team. Channel team members are from industry-leading institutions and internationally renowned universities, and have extensive experience in the blockchain, finance, and computer industries. The background of the entire Channels team is still very strong and reliable, very young and energetic. They are a group of young people who are committed to making a difference in the DeFi world. In addition, the serious work style of the team has also won the trust and support of all sectors of society. Whether it is product design or community operations, we can see the team’s down-to-earth attitude. One more thing to add is that the angel investor of our team is Song Ying, one of the founders of Huobi, and Mr. Song is the first CTO of Huobi. This is also an important reason why our team’s technology is very professional. At the same time, Channels has received investment from institutions such as Gold Krypton Capital, Water Drop Capital, Axia8 Ventures and others.
Q2：How do you guarantee users’ asset security?
Keran: First of all, Channels is the only project on HECO that has zero security incidents since it went online in February 2021. The most important thing is technology. Only by being technically foolproof can the security of users’ assets be guaranteed. This is the premise. In order to ensure the safety of user assets, Channels independently designed and developed a decentralized multi-source data verification oracle solution, which has been upgraded to version V2. This is the first time on Heco, which reflects our technical strength, and it has not happened yet. There has not been any incident of user assets being stolen. In addition, we also have a professional risk control consulting team.
The second point is that the team is experienced. Channels project CEO Yang Ming team has rich project development experience before Channels, including DeFi project development experience. Attaches great importance to engineering safety and has extensive experience. This is the second point.
The third point is to be cautious. For example, the team completed the development of the project very early, and has been repeatedly testing for nearly a week. It has been online long ago, and it took some time to wait for the audit report. There are also currency listings, only mainstream currencies. Although this has been complained by many community members, it is clear that Channels puts the protection of user assets in the first place. Channels is also the first audit + source code + browser verification lending platform on the Huobi ecological chain. After all is completed, you can go online.
The platform mechanism is another important reason, and the setting of the platform mechanism should be reasonable. For example, the interest rate of some small currencies cannot be too high. The attack on VENUS is directly related to their high mortgage interest rates. In addition, there should be a certain risk reserve to ensure the safety of user assets.
Q3：How do users participate in Channels?
Keran: There are 5 ways users could participate in Channels
- Staking and lending：
2.Staking in LP：
For example, providing HT-USDT-LP inMDEX could get CAN and MDX rewards, the APY will be 41.45%.
users could stake CAN in DAO
Users can pledge CAN in DAO, APY is 38%, hold CAN can also participate in governance projects, have voting rights, and give your governance opinions.
Channels will hold mining even, such as mining CAN by staking BELT.
5.CAN could also mine other token, for example, CAN-MDX-LP could mine YF in YF.FARM.
Q4：What’s the recent development of Channels?
Keran: The picture above is the development milestone of Channels. Tell you about the recent development of the project:
Channels has consistently ranked first in the TVL of loan products in Heco, and the total TVL has been consistently ranked second among all heco products.
It is the world’s fifth-ranked mortgage lending platform, and the world’s first-ranked LP mortgage lending platform has also been recognized by many overseas evaluation agencies
● There has never been any security incident since it went online
● After full discussion with the community, after a vote, it was decided that the platform token CAN is about to be split, from 5 million to 1 billion. The split voting and security audit have been passed
● The currency price has risen from US$4 to the highest US$18 in the last two weeks, a four-fold increase, and the current price is 14.5 US dollars.
● Ranked second among heco nodes, Channels returns 100% of the node revenue to users, and the current apy revenue is 5.05%
● Just cooperated with the leveraged lending project Acmd.finance, tvl continues to make breakthroughs, and TVL is far ahead in the field of lending
● The community of Channels is very hot. The Telegram group has nearly 20,000 followers, Twitter 38.6K Followers, and the Chinese community is also one of the most active in the heco project.
● SBF has deposited 57 million US dollars of LP in Channels in August. BSF is also the highlight of the platform project, and it can also be regarded as the well-known KOL’s security trust in Channels and the recognition of the project’s products.
● The BSC (Binance Smart Chain) was launched on August 25, achieving a TVL of USD 180 million within three hours, making it the second largest lending platform on BSC.
Q5：What is the future planning of Channels?
Keran: In the future, channels will continue to focus on user assets in the first place, continue to create value for users, and become a better lending platform. Channels may consider multi-chain development, and a hundred flowers bloom on each public chain. And we hope to provide users with the best service and the best experience, so that users can borrow more high-quality assets on Channels, and deposit users can get higher deposit income.
Channels also ranks first in the TVL lending field in HECO, so the important content in the near future is the arrangement of splitting, cross-chain and product optimization and upgrading, which will be completed in Q4 one after another, and I will introduce them one by one.
● Split, after a vote, it was decided that the platform token CAN is about to split from 5 million to 1 billion. After the vote is passed, the platform arranges an audit as soon as possible and has passed the audit of Chuangyu, the security company. Due to high-risk issues, Channels has always put user asset security as the first priority. After the exchange process is passed, the split will be carried out. Huobi has already supported the split plan on September 1 and provides exchange services.
● Cross-chain on August 25th, Channels recently plans to cross-chain to Polygon, BSC and other main networks to open up the multi-chain DeFi ecosystem and realize the joint development of the Heco chain and the BSC chain. For users, it provides a new and secure lending platform that optimizes user income. For DAPP project parties, the lending platform is the underlying infrastructure, and more DAPP projects can be superimposed on Channels to increase the user’s capital utilization rate and annualized rate of return.
● Support multi-chain deployment, users can use Channels on BSC, Arbitrum and HECO. The PolyNetwork supports CAN cross-chain 1:1 exchange between BSC and HECO. Exchange URL: https://bridge.poly.network/token/CAN
● Product upgrade
1. DAO upgrade, optimize DAO governance rules, thereby increasing the rate of return of user deposit DAO
2. The product V2 version, the team will optimize the product on the basis of loan
3. Cross-chain, there will be plans to deploy more on-chain to achieve cross-chain innovative DEFI products.
Q6：As officially announced on Oct 15, Channels now partners with Poly Network for the cross-chain solution. So why did Channels choose Poly Network?
Keran：Poly network is well-known as realizing blockchain interoperability, building the next generation internet, and is also a partner of many BSC and HECO projects; channels trust Poly Network. The second reason is that 1:1 exchange is the core of our appeal, allowing users to truly experience 1:1 cross-chain operations. The third point is that the cross-chain speed of poly network is very fast, which largely meets the needs of our users, so we chose Poly Network. Channels are also multi-chain deployment projects, and we will soon open the cross-chain of arbitrum BSC and HECO.
COMMUNITY LIVE QUESTIONS
Note: 5 questions were chosen and answered by the AMA guest in this session. The AMA Rewards for this session was $300USD in total.
Q1: Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know who your ideal consumer is for your product?
Keran: Yes, the team consider community feedback. We have the DAO system. Users who hold $CAN can propose and vote for them，so channels are projects built by the community.
Q2: Is your project a global project ? What are your plans to make your project best in the crypto world?
Keran: Channels is a global project. We have a good user base in Southeast Asia and Turkey. Expanding to more countries is also a goal of Channels now. Let more people use decentralized banks -channels.finance
Q3: What is the most ambitious goal of your project? What is the ultimate vision that your project is trying to achieve within the cryptocurrencies market? I would appreciate it if you could share with us any upcoming updates?
Keran: Channels is the largest decentralized lending platform on HECO. We need to have good results in BSCand Arbitrum. Please look forward to our V2 version, which will bring you more surprises.
Q4: Can you explain how is your tokenomics distribution? How many tokens will be minted ? And how many tokens will be locked by the team?
Keran: The total number of $CANs is now 1 billion. On HECO, BSC and Arbitrum, the team is considering the destruction mechanism to help stabilize the price of $CANs, and is also looking for new landing scenarios for $CANs.
Q5: How can I do my research about your project? Do you have any Whitepaper released and can you provide me all the social media links and blogs?
Keran: Free to join us:
🌐 Website: channels.finance
🔥 Telegram: https://t.me/ChannelsEN
📚 Medium: https://channelsfinance.medium.com/
The AMA with Channels has aroused considerable interest from the audience. Please stay tuned with the next Poly Network AMA next week.