Recap of RioDeFi AMA with CEO James Anderson
RioDeFi’s CEO — James Anderson had hosted an AMA on our Vietnam Telegram channel last Thursday! This time, James had shared the latest updates on our development and launch of RioWallet Mobile App on Andriod and to answer some community questions. This is the time for you all to understand even more about RioDefi.
A giveaway campaign was organized to engage further with our community and 10 winning questions from the following participants were shortlisted, please DM @TheRioHero on Telegram to claim your reward:
Ba Khía (@Bakhia8)
Chạy Goviet kiếm tiền mua ETC (@tinh1206)
Dương Minh Đức (@duchhbg97)
Dũng Đoàn (@chidung7271)
Shubham Sharma (@Uniqshubham)
Minh Hòa (@Hectorscrypto)
Congratulations to them! Each of them won 15 $USDT
Below is the transcript of the AMA for those who missed it!
James Anderson: Hello everyone, it’s great to be here!
Anh: Hello James. Nice to see you here! Do you have great news for us?
James Anderson: Absolutely! Today the mobile version of the RioWallet launched, and I wanted our first AMA afterward to be with our own Vietnamese community, because you’ve been huge supporters of RioDeFi and RFUEL from the very beginning!
Anh: Sounds good. Anyone who has questions please send them up, James will answer them.
Duong ttt: Hello James. I have been waiting for ama with you a long time.
James Anderson: Hi Duong, glad to be joining you and everyone else on here.
Nguyễn Sơn: Is staking on rio wallet with stake on om is there any difference; Because unstake takes 8 days and I don’t want to waste time staking
James Anderson: We will have a higher staking rate initially for those who stake on RioWallet compared to MANTRA DAO. Plus there will be auto-compounding and the gas fees will be significantly lower.
Duong ttt: I appreciate the team’s efforts in updating the wallet and I am thrilled that it is done
James Anderson: Thanks! It’s been a long time coming. We’re glad to see it live as well. The transactions are super fast too.
Duong ttt: So I want to ask, does the wallet support crosschain?
James Anderson: Yes, right now we support the following assets for cross-chain: RFUEL, BTC, ETH, and USDT. Other assets will be supported soon.
Ba Khía: We’ve been waiting for you a long time here, James. Why is there still no stake function on rio wallet? Is it too difficult for your team level?
James Anderson: The staking functions are coming within the next few weeks. We’re in the midst of upgrading RioChain’s Ethereum Virtual Machine (EVM) integration to better support these functions so that we can make staking options simple for the average person, since some of the native Substrate-staking functions can be quite complicated.
Ba Khía: Wow, great. I hope it is not delay. Are you sure, James?
James Anderson: We’re testing the smart contracts on our testnet now, so I’m pretty confident that they’ll be completed soon.
Nguyễn Sơn: When is it possible to staking on the wallet and ios version so james; It’s sad that I can’t vote 5 stars for the app and download and use it because I use ip :)
Chạy Goviet kiếm tiền mua ETC: We see people having high expectations and a thriving rio ecosystem. But I see a response from the community. What commitment does he have to stay on track for the year 2021 has set
James Anderson: We’re very excited for our 2021 Roadmap and are confident that we can meet our goals. The RioDeFi ecosystem will be massive before the end of this year, with scalable dApps, NFT platforms, an Exchange, debit cards, and much more.
Duong ttt: Is there any campaign to PR for rst88 network?
James Anderson: Yes, we’re working with a PR agency and are ramping up our influencer outreach in order to bring more attention to RioChain and our unique ecosystem.
Cuong Nguyen: What dapps can appear on the rio chain and bschain?
James Anderson: dApps on RioChain will include MANTRA DAO, LABS, Lepricon, DragonBite, and 4+ additional projects before the end of this year.
Chạy Goviet kiếm tiền mua ETC: With a mission to accelerate the mass adoption of digital assets by bridging the gap between traditional and decentralized finance. What solutions Riochain have will drive the adoption of Blockchain-based products and services, leading to a more comprehensive, efficient and secure financial system. And let investors, partners, … feel secure and confident with their technology
James Anderson: We think that the way to do this is by making the user experience much better -> faster transactions, lower gas fees, greater scalability, fiat on-and-off ramps, easier wallet creation and management, simple access to market information, swapping, trading, and interoperability between blockchains.
Duong ttt: Vietnamese community believes very much in Rio’s ecosystem, we hope you will make more efforts to bring rio up. Finally question, do you have the ambition to turn into a parachain in the dot network?
James Anderson: Absolutely! This is one of our main goals this year.
Nguyễn Sơn: There are many ecosystems coming from sol today; avax; dot; atom … what makes James believe that rio will grow and be able to compete with the other ecosystems
James Anderson: Well first of all we will be cooperating with most of those ecosystems, and especially DOT since we’re built on the Substrate framework to become a Polkadot Parachain. We believe the future of blockchains is one in which hundreds or even thousands of chains can thrive, and we seek to connect to as many of them as possible to allow dApps to interact with many chains’ assets.
Dương Minh Đức: Hi James, what roadmap do you have to help rioex.io exchange that more people use it ?????
James Anderson: Once it is ready, we will have a huge marketing program for referrals and affiliates with exciting giveaways to attract many people to trade on our exchange. Additionally, we will make the user experience simple and secure. People will be able to withdraw in fiat currencies, which is a great benefit compared to most exchanges.
Duong ttt: I hope you will have good speech in the polkadot decoded
James Anderson: Thank you, but unfortunately my talks weren’t chosen to be in the final list.
Duong ttt: Really, why did I see your name on that list
James Anderson: 3 of my talks were shortlisted due to community voting, but they didn’t make it on the final schedule.
Dương Minh Đức: What do you think if the user transaction fee on rioex.io will be divided by a part of Rfuel holder ?????
James Anderson: RFUEL will definitely have additional utility on RioExchange, including transaction fee discounts for those staking RFUEL or using it directly to pay for the fees.
Dương Minh Đức: I see the RIO chain ico is quite large compared to other projects, can you explain a few reasons why ????
James Anderson: We think that there a lot of benefits to having so many functions under one ecosystem. It make the user experience much smoother and allows for DeFi dApps and blockchain technologies to better connect to the traditional financial world, because on the one hand we have a licensed exchange and on the other we have DeFi services that generate higher yields.
Dương Minh Đức: Do dapps like mantradao, labs, l3p … switch from blockchain eth to rio chain ????
James Anderson: Yes, that’s correct.
Duong ttt: Polkadot decode is a good chance to pr rio, if you are not selected then do you have other plans?
James Anderson: Yes, we will be actively promoting the RioDeFi ecosystem and RFUEL very heavily over the coming months, especially when our staking functions go live and dApps start moving onto RioChain. Plus we have a huge campaign planned for when our exchange launches.
Marco: Could you tell more about connection between Rio-chain with financial institutions such as big banks … ? What’s your plan ?
James Anderson: One of the toughest things for people now is to get their crypto trading or yield-farming profits back into fiat currencies and the traditional financial system, because many banks are scared of allowing deposits coming from unlicensed, unregulated exchanges. With our licensed exchange and integration of transaction monitoring software such as Elliptic, plus other innovations, we will make it much easier to turn cryptocurrencies back into cash.
Plus with some of our partnerships, such as with LABS, you’ll be able to purchase real estate with cryptocurrencies directly.
Additionally our debit card will allow for holding cryptocurrencies and only converting them into fiat at the time of sale, so you can HODL for longer and only convert to fiat when you pay merchants.
Dũng Đoàn: One of the ways to promote the project and attract users is to create local $RFUEL communities around the world. Does $RFUEL have any plans for this In 2021, will $RFUEL promote One Marketing? Because MARKETING is the source of almost every project?
James Anderson: 100% ! And we think Vietnam is one of the best places to build up our community, so we’d love to have help here to build a huge community of RFUEL fans!
Dũng Đoàn: Can you tell me what the main function of RioWalllet is?
James Anderson: For now it’s transfers and using dApps on BSC and OKEx Chain. Soon we’ll have native RFUEL staking, then RioChain dApps moving onto our chain and using RFUEL to process their smart contracts.
Chạy Goviet kiếm tiền mua ETC: The Raze network has other blookchain expertise. Why did you choose to cooperate with the Raze network, what benefits and improvements will it be for the ecosystem.
James Anderson: We think Raze Network’s privacy functions look very promising, especially for financial transactions.
Minh Hòa: when riowallet launch staking coupounding?
Duong ttt: During the uptrend season, every altcoin grow up so well, why is Rio’s price rising so slowly, I know price should not be mentioned, but it is one of the top concerns for investors.
James Anderson: I think our price has been rising slowly because people have been waiting to see more technical progress and actual RFUEL utility, which is ramping up rapidly now. When RioChain dApps and RioExchange come online, I think we’ll see massive movements in RFUEL.
Cuong Nguyen: Can I now transfer $rfuel from bitmax exchange to riowallet?
James Anderson: Ya, you can definitely do that and then RFUEL can be transferred within 2 seconds for only 0.1 RFUEL on RioChain.
Marco: What privileges when we join in the Rio Club, James ?
James Anderson: You can purchase tokens via private sale allocations for select projects that are either building on RioChain or that RioFund invested in.
Cuong Nguyen: If I’m have 70k $rfuel on my rio wallet then i can join rio club?
James Anderson: Yes, that’s correct. You just need to fill out this Google form https://docs.google.com/forms/d/1dcL4G8wtNaoN_l878eyZQ8OTG-qUqqTjrJ2zO0gj0Qs/viewform?edit_requested=true
Duong ttt: Do you have plans to list more exchanges? like binance
James Anderson: We’re definitely aiming for a Binance listing as they’re one of the best exchanges on Earth! I really love their whole ecosystem and what they’ve done for the blockchain industry.
A. zoel: Any update about rococo? I still cant see rfuel at list rococo
James Anderson: We did our part for connecting to Rococo and are hoping we can be added soon.
A. zoel: But rfuel team will join both auction right? Polkadot and kusama?
James Anderson: Yes, RioDeFi will be participating in both parachain auctions.
Shubham Sharma: When we see staking on Rio Wallet?
James Anderson: It will be available in a few weeks.
Shubham Sharma: If any airdrop for rfuel stakers in riowallet?
James Anderson: Yes, we will have higher staking rates (which are effectively airdrops), plus some additional airdrops coming that are yet to be announced.
Shubham Sharma: Cauz everyone attract with riowallet when we see if anyone stake / hold Rfuel in Riowallet. Ok , so how we transfer Rfuel from Okex to Riowallet cauz there are only Erc option?
James Anderson: You can use the “Deposit” function in RioWallet to move the assets cross-chain from the ERC-20 version to the RST-88 version of RFUEL.
Shubham Sharma: Cauz if i transfer from erc chain i oaid many fees give Any solution James!
James Anderson: You could use a slower transaction speed and wait for times when the gas fees are lower to minimize the Ethereum network fees. I personally use https://etherscan.io/gastracker to check.
The “Historical Gas Oracle Prices” option allows to see healthy minimum fees you can set, which can significantly lower the cost.
Cuong Nguyen: Is it possible to staking $rfuel on kucoin?
James Anderson: Our Kucoin staking program has ended for now, but we may start it again in the future.
Minh Hòa: How long for Rio club registation/
James Anderson: It’s ongoing, but you’ll need to register by early next week to participate in an upcoming private sale.
Minh Hòa: Why % staking on Bitmax reduce to 20%, when Mantradao up to 50%?
James Anderson: We will soon be lowering the APY rate on MANTRA DAO down to 20% as well.
Minh Hòa,: reward not fee?
James Anderson: Whoops, typo. Yes, I’ve corrected it now.
Shubham Sharma: When we see Exchange , debit card plz gives some Info James
James Anderson: In the coming months :)
Gambler: James has ended at bitmax too? 2 days without rewards
James Anderson: It seems the staking rewards recently ran out, so we’re sending more now.
Dảk Khao: want to support your project, Tell us more about the Ambassador Program and in what ways can we participate ?
James Anderson: If you’d like to become a RioDeFi ambassador, please reach out to our VP, Katerina @evolkova , for more information. Our ambassadors gain early access to our ecosystem updates, progress, and new projects.
Anh: Thank you for join AMA today with our Vietnam community
James Anderson: Thank you so much for hosting this excellent AMA Anh @peteranh910
RioDeFi accelerates the mass adoption of digital assets by bridging traditional and decentralized finance. Our vision is a world in which everyone has access to decentralized financial (DeFi) services. We develop solutions that connect banking institutions with blockchain systems. Our applications enable lower transaction fees, faster confirmations, more efficiency, better returns for savings account holders, and global reach.