The AMA Room
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The AMA Room

Definer AMA with Jason Wu and Chyna Qu

Introduction AMA

Eric: We are about to start!

Chyna: Hey guys! Chyna here.

Eric: Welcome @JasonDeFiner and @ChynaDeFiner. How are you two today?

Chyna: I’m good, Thanks for having us.

Eric: Can you two introduce yourselves to the AMA room community? What are your background and whats your current role at @definer

Jason: Thanks. This is Jason the Founder and CEO of DeFiner

DeFiner is the DeFi lending protocol with the best return and highest security.

DeFiner was found back in Feb 2018 Minneapolis, MN

https://definer.org/about/en.html

Eric: Interesting. @JasonDeFiner Can you tell us what were you doing before you founded Definer?

Jason:

Here is our company journey

Thanks, Eric

Chyna: And I’m Chyna Co-Founder and COO of DeFiner

Jason: Let me tell you my story with crypto, blockchain, and DeFiner

https://tech.mn/news/2019/10/05/beta-startup-showcase-definer/

Eric: Wow, you are part of Techstars

Jason: Blockchain never fails to fascinate me. I got my first Bitcoin back in 2013. I was curious about Bitcoin and just wanted to play around with it. Automation and the effectivity of transferring assets globally mesmerized me. With the automated network, transaction and settlement costs will be significantly lower and the service quality will be significantly improved.

When the concept of blockchain and smart contract came up back in 2015, I just cannot get my mind off it. I believe each generation has its own wave to catch and create greatness for the world. For millennials, it is blockchain, a global internet for value exchange.

Then came 2016, Ethereum blockchain goes alive and the smart contract functionality was well supported. I was also working on my CFA exams at the time. Then these two things came together. I thought to myself: There is an emerging digital asset market. So there must be a need for capital allocation and movement going forward. The technology is close to being ready for it. And, there it was — I had the light bulb moment of the concept of Decentralized Finance. Since then, I’ve been working on creating a start-up that focuses on a decentralized finance innovator with the ability to define the future of finance. That was the birth of DeFiner.

Eric: Cool start. smart contracts are quite the invention

so What is different with Definer vs. other lending products like Compound or Aave?

Jason:

We are a Techstars company, yes

The sale with Microsoft and other reputable investors as well.

Eric: Not a common thing in crypto!

Jason:

8 Undiscovered, Early Stage Fintech Startups from the US to Watch out for in 2020 | Fintech Schweiz…

Undiscovered, Early Stage Fintech Startups from the US to Watch out for in 2020

| Fintech Schweiz… Undiscovered, Early Stage Fintech Startups from the US to Watch out for in 2020fintechnews.ch

Chyna: We are not just a crypto project. We are a fintech startup that is aiming to change the world! 😊

Eric: @JasonDeFiner @ChynaDeFiner

Jason: Cool, great question. DeFiner comes to resolve issues. The spread between borrowing and lending rates is very high for Compound and Aave. It’s because of the low utilization rate issues

Eric: how does Definer improve upon this?

Jason:

Chyna: DeFiner Savings has successfully resolved this issue. Our Taurus DeFi Savings account deposits excessive capital to a money market like Compound or Maker to improve our capital utilization rate to more than 85%.

In this way, the spread between borrowers and lenders on DeFiner has been significantly lowered.

The chart below shows the interest rate comparison between DeFiner and Compound at different capital utilization rates. On average, DeFiner maintains an advantage of 2.46%. The largest advantage point happens at 51% capital utilization with an advantage of 3.65%.

Eric: The project has a token, what is its role in the product?

Jason: For example, let’s say there is a total of one million USDC in the DeFiner savings account, and 50% has been lent out to borrowers. We now have half a million (500,000) USDC in excess capital. The DeFiner savings pool contract will automatically deposit 0.35 million (350,000) USDC to the money market (at Compound Finance or Maker), which will then earn interest while the remaining 0.15 million (150,000) USDC will be held in reserve. This reserve ratio (now 15%) is adjustable and can be as low as 5%.

Chyna: FIN has three primary functions: 1️⃣Distributed Profits 2️⃣POP Proof of Premiums 3️⃣Voting Rights

Jason: The FIN Token is the Nucleus within the DeFiner Ecosystem

Eric: will this yield strategy be static or dynamic?

Jason: The DeFiner was founded to execute our vision of delivering trustless, decentralized financial services to the world. Thus, the native token of DeFiner was designed with one primary goal in mind — to achieve full decentralization. The FIN token is an ERC20, Ethereum-based, cryptographic token that connects all parts of the DeFiner ecosystem.

Eric: Can you explain to us this Proof of the Premiums concept?

Jason: Yes, Proof of Premium is liquidity mining. When users contribute the capital or borrowing the money, the system will reward them with FIN token. FIN token has the key role to redistribute the profits back to the community. We will release details of the plan about the proof of premium very soon. Any right now we are in the pre-mining stage

Eric: How big is the team and how will the company sustain itself over the long term?

Jason: https://etherscan.io/address/0x7a9e457991352f8fefb90ab1ce7488df7cda6ed5

Here you can check our contract for the mining activities

Chyna: We are a team of 20 (full-time part-time and contractors) with subject matter experts in smart contracts, engineering, marketing, and managing.

Eric: Tell us about the Coinlist sale. I heard it’s going quite well!

Jason: Absolutely

Jason: DeFiner’s FIN Private Sale for Our Community 🎉

DeFiner, the decentralized finance network for crypto savings, loans, and payments is hosting a Private Sale C of its native token ‘FIN’ on CoinList.

Read the full announcement on our blog: https://blog.definer.org/privatesale!

To help clarify some of the questions you might have on the sale, here’s a detailed guide on the Coinlist Sale:

https://blog.definer.org/coinlist-tms-sale

Saving’s Smart Contract:

https://etherscan.io/address/0x7a9e457991352f8fefb90ab1ce7488df7cda6ed5

Stay tuned for more updates:

Join our Telegram Channel:

@DeFiner

Follow our Twitter for more details: https://twitter.com/definerorg

Announcement channel:

https://t.me/DeFinerNews

⚠️⚠️ — — — — — WARNING — — — — — — -⚠️⚠️

There are scammers pretending to be ADMIN. Always remember that our ADMINS DON’T DM FIRST!

There are scammers who created a scam group! Please change your privacy settings > Group

Our official Community is @DeFiner

THERE ARE NO FIN TOKENS at the moment. The listed FIN tokens on uniswap or other exchange/dex’s are FAKE.

Eric: I will now open the floor for the community questions. Please allow 2–3 minutes of questions to be dropped. then @JasonDeFiner and @ChynaDeFiner can pick at least 10 questions to reply to

Community AMA

Q: Security remains a threat to the user’s fund. How often does Definer carry out security audits? What blockchain problem is Definer solving that competitors such as AAVE, Compound cannot solve?

A: We can start with the security questions. Security is also our highest priority

We’ve conducted rigorous internal testing from top security firms such as Trailofbits and Consensus Diligence to perform thorough audits of our systems.

We also performed multiple testing sessions. here’s our security roadmap https://help.definer.org/definer-security-and-quality-assurance

On ensuring user’s fun security side, we do over collateralized loan

All loans on DeFiner are over-collateralized, meaning the loan is backed by assets worth more than the loan. These are digital assets residing within the smart contract and available to go to the lender if the borrower defaults on the loan. The maximum Loan-to-Collateral-Value (LTV) ratio a loan position can be is 85%. On average, the LTV is below 50%, ensuring the overall default rate is very low

and Insurance

DeFiner has partnered with Nexus mutual to provide up to $20,000 in coverage for each registered account with an outstanding balance of over $5,000.

Here’s an article that contains more details

https://help.definer.org/how-does-definer-ensure-the-security-of-users-funds

Q: What are the competitive advantages of the DeFiner project?
What would be DeFiner’s most similar contender in the market today in terms of scalability, security, features, and adaptability?

A: The next topic I would love to touch on is our competitive advantages

The major difference between us and compound is we do instant loans with a better interest

which we mentioned just now and I won’t go into details too much

Other than that we have two features that differentiate us: Payback loans with collateral & Offering fixed-term and fixed-rate loans

DeFiner has an option for borrowers to pay back the loan with their locked collateral. To do so, the borrower pays a 2% fee to a 3rd party liquidator, which pays back the outstanding principal and interest on the loan. In exchange, the liquidator gets the equivalent amount of collateral with a 2% discounted price.

Q: 1. Where we can buy #definer TOKEN?
Will you list on more exchanges in Q4 2020

A: Let’s touch on the token side.

Our DeFiner Token is called FIN. Currently, the only way to get it right now is through the Coinlist Private Sale which we talked about at the beginning of our AMA

For your second question regarding the exchange, I will say join our Telegram group @DeFiner and more to come

Even though the Coinlist is 80% gone, it’s still not too late to participate

https://blog.definer.org/coinlist-tms-sale

This is the detailed instruction on the Sale

alright.

The next question is ….

I’m pretty sure I saw this in the crowd. But I couldn’t find it to quote

But the next topic that I would like to touch on will be on our partners.

Our relation with Microsoft is that we are a part of the program called Microsoft Startup. This is a program that provides benefits and acceleration to the early-stage tech projects. The goal is to graduate to a co-marketing stage with MS. DeFiner is also a Techstars backed company. We are a fresh grad class of 2020.

https://www.techstars.com/newsroom/announcing-the-inaugural-class-of-techstars-hub71-accelerator

Closing Remarks

Jason: Cool. A great pleasure to be here today.

Jason: Our links:

Welcome to the new financial frontier.🙌 Let’s start it off with a brief intro of DeFiner!

🗣DeFiner is a true peer-to-peer network for digital savings, loans, and payments. Powered by blockchain technology, DeFiner’s decentralized financial (DeFi) platform enables users to effortlessly lend, borrow, and earn digital assets within a global network.

👀Read about us on Medium: https://medium.com/@DeFiner/definer-define-the-future-of-open-finance-ba5298ecfc89

🤩Check out our new website: https://definer.org

💪Follow us on twitter: https://twitter.com/definerorg

💪Join our Telegram Channel:

https://t.me/DeFiner

🚀 Join our announcement channel: https://t.me/DeFinerNews

Official Private Sale Form:

https://share.hsforms.com/1F7K41f1aSX-eaeE3Pb6vZw3xgcl

UI/UX issues form: https://definer.org/issues

Admin will never pm you first don’t send any fund to admin. Please be careful with scammers.

Eric: Ok. the team has to wrap up. Please go to @definer for more info and join their Coinlist sale. It’s a low cap gem of a project!

Thanks, @JasonDeFiner @ChynaDeFiner for the time

Chyna: Thanks for having us, Eric. Great AMA

Jason: Thanks, Eric!

To join in on the discussion feel free to join our group @amaroom

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