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OH! FINANCE x Satoshi Club AMA Recap from 15th of July

Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from OH! Finance . The AMA took place on July 15 and our guests were Rick (Chief Marketing Officer) and Mason (Tech supporter).

The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.


Gold Rocket | Satoshi Club: Hello again, dear Satoshi Club!

Mary | Satoshi Club: Hello, guys! How’s going?

Rick — Oh! Finance: Going very well!

Mary | Satoshi Club: That’s great! Let’s start our party! Could you please introduce yourself and tell us what is Oh Finance?

Rick — Oh! Finance: Technically Chief Marketing Officer — but I do a little bit of everything. I’ve got a background in dev/test, and a deep background in blockchain — so I do a little bit of everything.

Mary | Satoshi Club: How long are you in crypto?

Rick — Oh! Finance: That’s actually a big chunk of our team — we overlap all over the place which is fantastic as it keeps us in check!

Mason — Oh! Finance: and I’m one of the principals on the team, supporting the biz process/tech support. Rick and I started dipping our toe in by mining back in 2012/2013.

Gold Rocket | Satoshi Club: Yes, when you start a project, sometimes you have to be a multifaceted person.

Rick — Oh! Finance: Do More with Your DeFi Dollar. Simply put — the yield landscape is hard.

DeFi should be easy and accessible. Oh! will be making yield accessible to every person — from the whales and crypto degens — to people like my uncle who has no idea what USDC or Metamask is.

Gold Rocket | Satoshi Club: Also we would like to know about your team. Who is on the project team core?

Mason — Oh! Finance: Beyond Rick and me, we have two other named core devs, along with additional graphics/dev/marketing resources and a broad team of advisors both in the crypto and cybersecurity space.

They cover some of our core partnerships as well to help round out the approach for Oh!

Gold Rocket | Satoshi Club: I love that you are not anonymous. For the user, this is attractive.

Mason — Oh! Finance: We think it’s important too, it’s what I would want in a product that I’m putting my hard earned tokens into.

Gold Rocket | Satoshi Club: How long does it take to develop a project? What plans do you have for the future? And what can we expect from Oh Finance?

Rick — Oh! Finance: Our most immediate future plans is our upcoming IDO (details to be announced), as well as Token Generation Event (TGE), however our next platform goals are to launch as one of the first yield aggregators on Avalanche blockchain and to make the bridging process as seem less and invisible as possible to the end user.

After that, it’s beginning to build out new strategies, introduce more DAO votes and DAO concepts, as well as, launch new yield opportunities — with simplicity and security at the core.

Mason — Oh! Finance: It’s been many months in the making, and timing is important in Crypto, as you all know. Partnerships take time to nurture and develop, making sure that we have similar visions, establishing advisors that are there to support longer term, and not just looking to make a quick buck.

With a public team, we need to have longevity built into the approach, and make sure that the product is heavily reviewed through audits, and have the right supporter/influencers to tell the story the right way!

Q1 from Telegram User @kimzyemma

One of Oh! Finance goals is that user CAN DO MORE WITH DEFI DOLLARS which seems so confusing, oh! claimed to be DECENTRALIZED FINANCE and yet still stated that we can do more with dollars which is a government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it. What is the probability that Oh! Finance will move forward since there is no total governance by the team. Your research also proved that 99% of DeFi projects are building for crypto natives. 1% are building for the mainstream, non-tech savvy. What do you think about projects rushing into crypto natives and you going in the other way round?

Mason — Oh! Finance: So I’m going to challenge the assumption that 99% of projects are built for crypto natives! The biggest groups that we have seen show interest in market research are the ‘use case’ of people who are realizing that savings accounts don’t even beat inflation.

Banks effectively take your money, and do nearly the same thing that DeFi is trying to accomplish, through instruments the average user simply doesn’t have access to! So with users who have money in savings, or equities (stocks etc.) and want to have a better return, they are certainly looking into the CeFi products of the world, Nexo, Blockfi, Celsius — but as they dip their toes in there, the broader DeFi options start to come to light!

That being said, putting money directly into BTC/ETH/BCH and others brings additional volatility. So USDC does bring a level of ‘security’ given coinbase backing and a known quantity, would we like to see other options that USDC? Sure! If you all have done adoption and change management, change is hard! So some of the steps need to be incremental, Love the question!

Mary | Satoshi Club: So, you tell us to bring our money to Oh Finance instead of bank, right?

Mason — Oh! Finance: Oh! is trying to help provide a simple interface that doesn’t require moving between blue chip defi products, and the fees and complexity needed there, while outperforming yields! I wish we were ready for that now! For now, I think of Oh! as an alternative to a savings account.

Mary | Satoshi Club: Did you already test your interface on your friends or moms, for example?

Mason — Oh! Finance: Got to keep up with record inflation at least!

Rick — Oh! Finance: Taking on the banks will take time — there’s a paradigm shift that is occurring most broadly — we hope Oh! helps shove that along further and faster.

Q2 from Telegram User @meml97

I read that Oh! Finance aims to make a difference in the DeFi space by achieving a consistent 10–21% APY on stablecoins, with additional rewards earned in OH tokens. Can you tell us more about this? Other DeFi platforms offer to people a 1–10% APY, which could change depending on a lot of factors, but you, on the other hand, are attempting to have a consistent 10–21% APY, how will you be able to do that? How will Oh! Finance be able to reach a consistent % while having a really high % if we compare it to the APYs other platforms offer? Other platforms haven’t been able to offer this % of APY before, is there any risk you are taking here in order to be able to do so?

Rick — Oh! Finance: Great question, and candidly with the market crabbing the yields have dropped a bit from those advertised peaks (more demand for lending creates higher yield), however we are still seeing yields in excess of 10%+. Of course there is always risk (we’re attempting to mitigate that risk through good audits and insurance) as well as a strategy that is based on stablecoin volatility across a defi index of lending products.

Through the use of auto compounding, intelligent gas logic, as well as, rebalancing we can have a yield that is something we are proud of.

Mary | Satoshi Club: When we will be able to try this in live version? Will you start with beta?

Rick — Oh! Finance: We plan to start with beta, tentative timing is next month!

Stay tuned to our announcement channel for details on that beta:

Mary | Satoshi Club: If market will drop more are you sure that you will be able to fulfill all promises including 10%+ APY or it can be lower?

Mason — Oh! Finance: First off, there are no ‘promises’, and of course there are always external factors. Anyone who would tell you otherwise is likely not truthful.

That said, volatility itself tends to actually lead to higher performance, and part of our slogan is to ‘Be Ready for the Bear’, meaning that USDC and stablecoins provide some volatility protection to non-stable assets. APYs have to reflect the base tools, but the product can outperform the underlying rates through strategy.

Rick — Oh! Finance: However, we will strive to get the highest APRs possible which involves paying close attention to ecosystem rewards (such as MATIC for MATIC summer) — so that will always help as new chains and new yield opportunities launch. Our team is well adept at working across multiple chains — it’s all about making that bridge near invisible that will be crucial here!

Mason — Oh! Finance: Markets will drop and rise, and catching falling knives isn’t fun. It’s definitely a reason I’m so heavy into DeFi along with the other networks that allow for the continued expansion across the globe.

Q3 from Telegram User @h1drX

Users deposit funds to earn APY and get rewarded with Oh! Finance Governance Tokens. Can you tell us about the OH token use cases? Once users deposit their funds to earn OH tokens, what are the profits that can be given to the token? Also, where can we buy the OH token? Is it listed on any DEX?

Rick — Oh! Finance: The OH! token is a multifaceted token. Holding the token will allow you to vote in governance (as you would expect). Those votes include refining strategies, adding networks, etc. Additional, similar to the NEXO model holding tiers of OH tokens will enable a boosted APR. This is a tried and true model helps set a token floor. Finally, protocol fees go into buying back and burning the token. Additionally, a portion of those fees will go towards providing insurance liquidity on bridge mutual!

Mary | Satoshi Club: Which fees will your protocol have? What will your users pay for? Will OH holders have fees discounts?

Rick — Oh! Finance:

Prior to yield earned, users will not see any fees beyond the stated APY. Fees are built into the protocol on the yield earned.

Q4 from Telegram user @Cheriemike

In your Roadmap Q3, you plan to launch Defi Index on your platform. What is this Defi Index? What is the aim and function of the Defi Index on OH! Finance? What are the criteria of the Defi Index and can you tell us how the Defi Index is maintained? Thanks.

Rick — Oh! Finance: So this is an extension of the yield defi index. So at launch our platform will rebalance on the many lending protocols; ultimately, like a mutual fund, we want to offer staking and earning against a large cap defi index.

So the super simplistic way of looking at this is like the QQQ on the stock market. super well known with people that invest (that are non-crypto) people — trying to create a similar vehicle inside of DeFi.

As for how it’ll be maintained — still building this concept out to be perfectly honest. We expect there to be a DAO component here — voting on which DeFi offerings should be in that index and how we can build strategies against it. This would be usdc in > gets rebalanced against all the defi products inside that vehicle > yield out.

Mary | Satoshi Club: Gotcha! So, it will partially depend on your community decision.

Rick — Oh! Finance: It’s a roadmap item. Something we are excited about, but not the ‘primary’ focus at this time. We have big plans to take on the banks and traditional mutual funds. The goal is to get companies to more broadly figure out how and where they invest their 401Ks etc.

There’s a “meme” in the space that there’s no point in Governance tokens — but I think Sushiswap and Maker Dao might disagree. They just haven’t been done right to this point. You have to truly give power to the token holder to ensure there’s value in that vote.

Q5 from Telegram user @ysasoma

Can you tell us about the security measures you have put in place to keep your community safe, knowing that there are projects that even being audited have been attacked and have lost the assets of their users, what else is being done in OH! Finance to maintain security and prevent attacks?

Rick — Oh! Finance: The two biggest are securing the best auditors. Halborn (and soon Qunatstamp) are literally the best in the business. I could be wrong, but I don’t believe one of them has been behind an audit of an exploited protocol. Secondarily, INSURANCE. We’ve done a lot to ‘learn from the mistakes of others’ as the contracts are concerned and to make sure we follow every best pattern and practice that exists — to minimize as much risk of exploit as possible.

But with all things defi — we can make no guarantees — anyone that is saying otherwise is lying. So offering an insurance interface directly on staking is unique to the space and a critical missing piece. It’s why banks have FDIC, and why you buy homeowners or car insurance.

Bridge Mutual, Mike M. is one of our core advisors!

Mary | Satoshi Club: Good choice! Which advantages did you find in this collaboration? Why didn’t you choose CertikShield, for example?

Rick — Oh! Finance: Usability — BMI has an API that enables in-app directly from our interface insurance offering.

That’s first of its kind in the insurance space. Buying it and using it should be easy.

Q6 from Telegram user @ItsMelissa3

A few weeks ago Oh! Finance announced a challenge: The #OhNoChallenge, where the community had to show you a picture of their bank’s APY for a chance to win. It is a very original challenge. How did you come up with the idea for this challenge? Do you plan to do more challenges like this soon? It is a very creative way to involve the community with the ecosystem.

Rick — Oh! Finance: I think we need to run this challenge again — we did it too soon! We’ll be doing some fun meme and sticker competitions as well. How we came up with it: banks stink — defi is the future.

Mary | Satoshi Club: Do you have stickers?

Rick — Oh! Finance: Not yet! Our designers are working on our onset as we speak.

But the community obviously makes fantastic things too! So we’re excited to see what our Oh! community can dream up.


The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.

Q1 from Telegram user @Tony253210

I’m an active user of stablecoins pools, like curve, so can you explain us what are the guarantees or unique opportunities that you offer me to change them for you?

Rick — Oh! Finance: We aren’t trying to replace curve. We want to leverage curve. Curve will be one of the lending protocols we compound into. The issue with ‘just curve’ is it misses peaks and valleys from other protocols — it also puts all the protocol risk in ‘one bucket’ Adding to that, I’m a big user of curve myself.

Q2 from Telegram user @JoxesXIII

Is USDC your flag token as a lending asset or could you include other stablecoins such as DAI and USDT in the coming weeks / months in such a way that the deposit options are more flexible and thus earn the same% APY more or less, regardless of the stablecoin used?

Rick — Oh! Finance: Roadmap will see USDT and likely DAI, but at this time USDC is the most accessible, as well as, the most collateralized stablecoin (lingering issues with USDT). We want the ‘normie’ to vault — USDC is the most normie friendly.

Q3 from Telegram user @ethcypherpunk

What are the ADVANTAGES that Oh Finance has over other known in the sector such as YEARN Finance, RARI Capital etc?

Rick — Oh! Finance: Interface and usability. As well as risk mitigation through have a defi yield. Insurance as well. But usability usability and usability. Click, vault, done.

Q4 from Telegram user @victorogb

Talking on the Oh Finance insurance services to be rolled out in the coming days, what categories of insurance products and cover would be made available to the community?

Rick — Oh! Finance: You can insure your vault. So if you vault $1,000 to earn interest and you choose to insure your USDC and a protocol exploit occurs your $1,000 will be returned via Bridge Mutual.

Q5 from Telegram user @nguyenben

What is the strategy that Oh Finance offers to attract users and increase token value?

Rick — Oh! Finance: A true governance token that actually incentivizes multiple DAO aspects. Think of owning your own bank. As well as, a holding requirement for additional yield!

Q6 from Telegram user

Rick — Oh! Finance: We’ll be launching on Avalanche — our IDO partner hasn’t been announced, but will be announced soon. We should be the first or one of the first yield aggregators on the Avalanche blockchain.

Q7 from Telegram user @doithay1617

Staking is going mainstream, how does Oh Finance make it easier?

Rick — Oh! Finance: Making the user interface as plain and simple to use as humanly possible. We’ve spent a tremendous amount of time building welcome and education bots (as just one example)

Q8 from Telegram user @sweetdoge

Hello @RickOhFinance When do you think your uncle will start using crypto?

Rick — Oh! Finance: Hopefully with Oh! Yearn, Vesper, Harvest, etc. all scared him. It was too hard to use and ‘didn’t make sense’

Q9 from Telegram user

Rick — Oh! Finance: We’re a doxed team with backgrounds from Microsoft, Amazon, and Oracle. We’re putting our reputations on the line here.

Q10 from Telegram user @vedamatrix

Why USDC coin is important this Oh Finance? Why not create your own stable coins?

Rick — Oh! Finance: Algorithmic stablecoins are dangerous, and USDC (and USDT and even DAI) are already established. No need to reinvent the wheel there. Reinvent yield. Not stablecoins!


As usual, for the third part, Satoshi Club Team asked the chat 4 questions about OH! Finance. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.

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