Poly Network AMA Recap with RAI Finance
The decentralised finance application, RAI Finance(@RaiFinance), was invited to Poly Network (@PolyNetwork2) AMA, taken place on April 28 in the Poly Network Telegram Community. From the Live AMA with Kevin, Core Contributor at RAI Finance, this recap fully grasps the information discussed during the AMA.
Poly Network is a global cross-chain protocol for implementing blockchain interoperability and building Web3.0 infrastructure. Poly Network has integrated 20+ blockchains, including Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Arbitrum, Optimism, Metis, Boba, OKC, HECO, Neo, Ontology, Zilliqa, Gnosis Chain, etc. Since the launch, the protocol has enabled cross-chain asset transfer of more than 16 billion U.S. dollars involving more than 354k addresses on different blockchains.
RAI Finance is a decentralised finance application that provides digital asset users with social trading system, aggregated swap on heterogeneous blockchains
QUESTIONS AND ANSWERS IN LIVE AMA
Q1 Could you introduce what problems RAI Finance intends to solve?
A：We want to solve problem: Most of the current DeFi products are using the high APY as the main driving force for investors to participate, and lack of creativity for products, forming an unsustainable “mining and selling” model. With the decline of APY, DeFi products have also entered a development bottleneck period.
Our team also has some thoughts about this phenomenon. From the perspective of the traditional Internet, many products will eventually form a deep linkage with social networking with the explosion of user volume. When DeFi crosses the APY-dominant stage, DeFi is also likely to develop towards socialisation.
RAI Finance hopes to start from the social trading sector and provide a new development model for the next stage after the DeFi industry breaks ground. Around social trading, build a comprehensive platform that allows users to continue to have fun in DeFi.
Q2 RAI Finance aims to become the epicenter of Web 3.0 decentralized finance, what features does RAI offer to serve its users for this purpose?
A：Users of RAI Finance can explore features such as creating index tokens, cross-chain trading and socialization with the other digital asset traders.
STS: Social Trading System combines both digital asset trading and socializing, users can create their own portfolios, or invest in other professions. Different from the traditional index, on RAI Finance, each portfolio generates a unique token, which makes it easier to calculate, invest and share.
Aggregator: RAI Finance supports ETH and Polygon asset trading aggregators, in the future, RAI Finance will support more blockchains and finish the cross-chain trading aggregator. Now we are working on it based on Substrate code and the polkadot ecosystem.
Governance: RAI Finance provides an onchain governance section, users’ proposals can be voted by SOFI token and accomplished automatically via code.
Wallet: In the Wallet section, users can edit their own profiles like social media links, and check their asset status, rebalance portfolios.
Q3 Could you now give us an insight into the tokenomics of SOFI?
A：SOFI, the native token of RAI Finance, total supply is 1 billion, now is available on ETH, Polygon and BSC
SOFI has usage scenarios as below
1. Governance: The SOFI token has the governance function. The holder of the token will vote on proposals to decide how RAI Finance can develop in the future.
2. Ecological incentives:SOFI is mainly used to attract and reward users and traders who bring liquidity and create valuable portfolios. The bi-weekly swagger trading competition is alive, welcome to join in and experience. https://twitter.com/RaiFinance/status/1516276948892532740
3.Promotion: For professional traders who want to promote their own portfolios, they can use the SOFI token to get a promotion slot on RAI Finance website.
If you want to know more about SOFI, please check here
RAI Finance furthers its Social DeFi Ecosystem and Changes Token Ticker to SOFI
Introduction: RAI Finance, Building the Ecosystem for Social DeFi
Q4 Why did RAI Finance choose Poly Network among others for partnership?
A: We have analysed more than 10 bridges in crypto industry, and chosen Poly Network because Poly Network provides safe and fast bridge services for blockchain projects. It has integrated 20+ blockchains, including Ethereum, BSC, Polygon, Avalanche, Fantom, etc. It has enabled cross-chain asset transfer of more than 16 billion U.S. dollars involving more than 340,000 addresses on different blockchains. All good data gives us confidence for cooperating with Poly Network. Even though it faced a huge crisis last year, Poly Network team fixed it in a good way and didn’t lose.
Q5 Any exciting plan for future developments？What shall users expect?
A: RAI Finance aims to be a hub connecting Social and finance in the Web3.0 world. In the future, together with our community, RAI Finance will support more blockchains and provide more creative social functions. For SOFI token, this development will bring more usage scenarios and incentive events.
In 2022, we are working on adding more social functions and cross-chain functions, welcome to join in our community and future testing events.
The AMA with RAI Finance was successfully concluded. We will have more AMA coming in the following weeks. Please stay tuned!