RAI Finance Year End Review for 2021

In 2021, RAI Finance further enhanced its core platform, gradually transitioning from a DeFi product in traditional narrow sense to a broader DeFi product with social attributes. It has made headways in technology, market, partnership and community aspects. 2021 has passed, and 2022 has already come. Below is an overall summary and review of the RAI Finance ecosystem in this article.

Product & Technology

In April, RAI Finance released V0 test product.

In May, RAI Finance released the Beta product, releasing the swap function for the first time.

In August, RAI Finance released BetaPro product, added user wallets for the first time, and launched the social trading system (STS).

In October, RAI Finance released public test version — Beta 2.0, upgraded the social trading system (STS), and fixed known bugs and optimized functions based on user feedback.

RAI Finance released Beta 3.0, added the Polygon test network, aggregation trading function and multiple asset trading pairs, and deployed to Rinkeby and Polygon test networks at the same time.

In November, RAI Finance launched the Bug Bounty Program with Immunefi.

RAI Finance also officially launched on the mainnet of Ethereum and Polygon.

By the end of December, the RAI Finance platform had more than 7,000 users and more than 4,500 portfolios created by users.

Global Market

In April, RAI Finance (RAI) launched on Bithumb, a top digital asset trading platform in South Korea, and opened RAI / KRW and RAI / BTC trading pairs;

RAI Finance (RAI) launched on Huobi Global and opened trading pairs RAI / BTC, RAI / ETH and RAI / USDT;

In June, RAI Finance launched on the decentralized trading platform KLAYswap in South Korea, and opened the KLAY-RAI pool.

RAI Finance (RAI) launched on the digital asset trading platform Bibox, supporting RAI / USDT trading pairs and grid trading services.

In October, RAI Finance initiated a token ticker change from RAI to SOFI. It also rebranded its logo via community vote.

In November, the RAI-SOFI tokenswap function was launched on the official website of RAI Finance to facilitate the ticker change.

In December, Bithumb and Huobi Global announced its support for RAI-SOFI swap and launched SOFI trading pairs.

Cooperation

In February, RAI Finance, STP and Cobak jointly launched the Korean Polkadot Alliance (KPA). KPA is a non-profit organization based on Polkadot ecosystem’s leading projects and teams, with many capital and projects joining soon after its set up.

In March, RAI Finance officially entered partnership with the Polkadot heterogeneous cross chain agreement Darwinia to explore more possibilities for cross-chain asset transactions.

In April, KPA (Korean Polkadot Alliance) held the first online video Roundtable meeting;

RAI Finance announced cooperation with Litentry, a decentralized identity project, to provide better user experience for Polkadot-based cross-chain trading products.

RAI Finance started running a node of The Graph, a decentralized retrieval and query protocol.

In May, RAI Finance reached cooperation with the Meter, a layer-2 network solution, to jointly expand the scope of cross-chain transaction assets and enhance the interoperability of cross-chain assets.

RAI Finance integrated with the Chainlink Oracle.

Furthermore, RAI Finance also reached cooperation with excellent projects such as layer-2 network solution Meter, Polkadot non-mortgage lending system Bandot, Tidal, Bounce and Avalanche in 2021.

Linking to Darwinia’s heterogeneous cross chain protocol, Meter’s independently developed cross-chain bridge and Avalanche’s C chain will facilitate Polkadot, Ethereum, BSC and other public chain assets to quickly access RAI Finance and realize better cross chain interoperability solutions. RAI Finance is expected to allow more ecosystem users to experience our social trading in 2022.

Community Dynamics

RAI Finance held more than ten AMA events in 2021, covering well-known communities and media in many languages around the world, including Monster Community, 7 o’clock Community,Bitwell Community, PANews, TernaryCapital, Bihu, Coinko, Bibox, Encryptclub, etc.

Furthermore, RAI finance has been covered by top media both inside and outside the industry, such as Businesswire, Yahoo, Businessinsider, MarketWatch, Coindesk, Cointegration, Forbes, ChainNews, etc. It was also mentioned in the DeFi paper led by the South Korean government as a top DeFi example of Polkadot ecosystem in South Korea, and its global influence has gradually increased.

In May, RAI Finance launched the first phase of the “ Brain Trust” recruitment plan;

The first RAI Finance “Brain Trust” was officially formed and the first internal test task was released. It was composed of global senior users of DeFi who weregiven a prioritized internal test experience for all versions of RAI Finance products. The first “Brain Trust” event brought together hundreds of essential Bugs and suggestions.

In June, RAI Finance officially released the development roadmap: from earth to universe.

In August, the two-week internal test of RAI Finance Beta Pro was successfully completed. A total of 699 applications from all over the world were received for another “Brain Trust” project. After screening, a total of 137 people officially formed the second “Brain Trust”.

In October, RAI Finance released the Beta 2.0 global public test event, which received in-depth use from nearly 6,000 users around the world. Nearly 4,000 users created portfolios, and about 95% of the portfolios were profitable.

RAI Finance launched a global public test campaign; more than 6,000 users used the social trading system (STS) and created more than 4,000 portfolios; The first-time released Aggregator function in the test network products had also accumulated nearly 1,000 users.

In December, RAI Finance launched the Global Mainnet Event, and thousands of community contributors and loyal users participated. At present, the number of users of RAI Finance mainnet products, as well as number of portfolios created by users, are experiencing steady growth.

In 2021, RAI Finance delivered its Mainnet product along with developing a vibrant community to further enhance the platform. Stay tuned for future updates and governance proposals from the community in 2022!