DefiDollar AMA Recap

DefiDollar AMA Recap
DefiDollar AMA Recap
Cryptodiffer Team
Hello, everyone!😁 We are glad to meet here: Siddhartha Jain (sid), Co-founder and COO - DefiDollar
It is a pleasure to be here!
Siddharth Jain
Siddharth Jain
DefiDollar AMA Recap
Cryptodiffer Team
Welcome Siddhartha, thank you for taking your time today!
Thanks for having me
Siddharth Jain
Siddharth Jain
DefiDollar AMA Recap
Cryptodiffer Team
Our team has prepared 3 questions for you to start with! Let`s start with the introduction ! Q1: Can you introduce yourself to our community?
for sure, let me share a bit about myself and the DefiDollar team Hey everyone, This is Siddhartha, am the COO and one of the Co-Founders of DefiDollar Have been involved in the blockchain ecosystem since 2017 and prior to starting DefiDollar was working on Ethereum L2 scaling Always keen to learn more about cryptoeconomics and love to dig into on-chain data I take care of everything business side of things at DefiDollar - Operations, Marketing and BD 💪 My co-founder, Arpit is the tech brains behind the product and is an ex-google, ex-yc alum Both of us are DeFi- buffs and love to tinker with new products We are a 6 strong right now with 2 members working part time for now Actively hiring for multiple roles in the team right now 😇 Any solidity devs, do check out the role - https://angel.co/company/defidollar/jobs/954028-senior-solidity-engineer
Siddharth Jain
Siddharth Jain
DefiDollar AMA Recap
Cryptodiffer Team
Awesome, thank you for an answer! The next question from us is about your project! Q2: Can you introduce DefiDollar to us?
We started DefiDollar in the EthGlobal hackathon in May. During that time, there was a lot of talk about how to get Dai back on it's peg. Also this about the time when centralization of other stablecoins was being seen as a real risk. So, we thought about how we can reduce this risk and build a better and smarter stablecoin. We had the opportunity to participate in the Ideo co labs’ Product Validation Day, where we got feedback from the power users in DeFi. That led to a major change in the protocol design and we decided to build on top of Curve. DefiDollar ($DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It aims to provide a safe and stable way for users to hold their assets. It is currently live on Ethereum and built on top of protocols like Curve Finance and Yearn Finance. We have dual token design: - The stablecoin index, pegged to $1 - DUSD - A governance token - DefiDollar DAO ($DFD) $DUSD is a stablecoin optimized for peg safety, yield and diversification. The basket approach diversifies the risk, allows more types of collateral to be onboarded and allows integration with yield generating DeFi primitives. The inbuilt protocol mechanisms along with arbitrage helps keep the peg close to $1 Simply put if you want to hold a stablecoin that is insured against volatility and peg failure you should own DUSD. DUSD is the first index shipped by the team in late August 2020. The DUSD product portfolio also includes: A Savings account - To help LP’s earn IL free returns on their stable assets, deposit stablecoins and earn interest in stablecoins DFD Staking - Stake DFD to earn more DFD DefiDollar has enabled protocol fee sharing and the revenue generated is used for DFD buybacks and to fund the DUSD Savings account. The team is working on a bunch of exciting stuff that will help expand the scope for the DefiDollar ecosystem be it synthetics including indices and options products. The next to be released is ibBTC which will be a BTC index and will be launched in collaboration with Badger DAO. Really hyped to see ibBTC launch later this month(expected) https://medium.com/defidollar/defidollar-badger-dao-present-the-defi-benchmark-bitcoin-interest-rate-e13371244c82
Siddharth Jain
Siddharth Jain
DefiDollar AMA Recap
Cryptodiffer Team
Great! Thank you for an answer! We have one last question from our team before we start community questions round! Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
We have been live on Ethereum since late august and currently manage over $14 Million in DUSD . Aldo the DFD staking vault has ~40% of the circulating supply of DFD locked in it. Let me share some statistics We've been gradually gaining traction, Slowly but Surely! :) you can check out the graphs here: https://duneanalytics.com/sid_31/defidollar The savings account offers ~30% APY and is a great way to earn returns on your stable assets One can find our detailed roadmap here: https://docs.dusd.finance/roadmap we aslo shared in depth, what's next for the protocol this coming quarter https://medium.com/defidollar/defidollar-roadmap-449465749537 I'm personally excited for ibBTC that we are building out in collaboration with Badger DAO. It is expected to get in TVL worth hundreds of millions of dollars and is being built on top of Curve + Badger DAO + DefiDollar ibBTC will exist as an ERC20 and will become the the default BTC asset on Ethereum
Siddharth Jain
Siddharth Jain
DefiDollar AMA Recap
Cryptodiffer Community
The Governance token of the DefiDollar protocol is DFD. What primary functions will the DFD be serving and what will be its role in the DefiDollar ecosystem?
DFD is the Governance token of the DefiDollar protocol It will serve two primary functions: Governance : The DFD token will be used to make critical protocol decision like the following: -Whitelist & remove peaks -Assign peak ceilings similar to the ones in Maker Vaults to balance the index -Fine tune parameters like redemption fee within a peak -Decide on the distribution of the protocol income Protocol Backstop: -DFD will be called in to act as the ultimate backstop against volatility. Similar to the fashion in which MKR acts as the last line of defence for DAI.
Siddharth Jain
Siddharth Jain
DefiDollar AMA Recap
Cryptodiffer Community
1. Can you give us some list of partners and advisors you have been working with to make the DFD platform one of the best in the industry? 2. I heard that you are building ibBTC. Can you tell us more about this and with whom will you be building the IbBTC with?
1. we are working with some of the best projects in DeFi Key Partnerships inlcude Curve Finance, Yearn Finance, SushiSwap - Onsen,Badger DAO - BTC index, Cream Finance - Iron Bank, Opyn - Option Coin We added the Curve liquidity pools as the first liquidity pools for the index and also for stablecoin swaps when a user mints DUSD With yearn - we are leveraging their yVaults to earn added yield for our protocol users DFD and USD are a part of SushiSwap's Onsen program as well Regarding the option Coin - We envision options to be huge this coming year in DeFi , hence building a way to aggregate liquidity from options' protcols and use them as collateral in DefiDollar using the Option Coin 2. We are building ibBTC in collaboration with Badger DAO https://medium.com/defidollar/defidollar-badger-dao-present-the-defi-benchmark-bitcoin-interest-rate-e13371244c82
Siddharth Jain
Siddharth Jain
DefiDollar AMA Recap
Cryptodiffer Community
I read that DFD is the Governance token of the DefiDollar protocol It will serve two primary functions which are Governance and Protocol Backstop. I know of governance but I've not heard about protocol Backstop before, could you describe it briefly for us to understand?
It is similar in terms of how MKR acts as a protocol backstop for DAI. In case of DUSD falling away from its peg of $1, as a measure of last resort DFD will be used to make the protocol whole The DUSD index is stronger than any single coin and can average out the volatility.
Siddharth Jain
Siddharth Jain
DefiDollar AMA Recap
Cryptodiffer Community
What are the products of DefiDollar Ecosystem? Which one you think is the unique and most proud of?
We have the following: DUSD - The Stablecoin Index, Live already having ~$14 Million locked Savings Account - The DefiDollar savings account , has ~$4.5Million worth stablecoins deposited ibDFD - The DFD staking vault that allows one to earn more DFD the upcoming ones include ibBTC - The Bitcoin Index being built in collaboration with Badger DAO OptionCoin - Aggregating options liquidity and then using the optioncoin as collateral in our protocol, in collab with protocols like Opyn I think i have covered some of the most interesting ones, remainder look like repeated ones or not very relevant
Siddharth Jain
Siddharth Jain
DefiDollar AMA Recap
Cryptodiffer Community
Do you also support USDT, DAI, TUSD and USDC for now, what are the benefits of that?
we support these coins - USDT,USDC, TUSD and DAI for now these can be used to mint DUSD right now but we are lookign to expand the coins supported as well
Siddharth Jain
Siddharth Jain
DefiDollar AMA Recap
Cryptodiffer Community
1. What profit sharing system has DefiDollar put in place to help attract more users to it platform? 2. Will you be introducing something like buyback or token burn so as to help drive up the price of the token?
2. we do have a buyback mechanism - it is basically protocol fee sahring enabled https://medium.com/defidollar/protocol-fee-sharing-enabled-via-the-dfd-buyback-vault-12ea9b104753#:~:text=DefiDollar%20DAO%20Token%20(DFD)%20buyback%20vault&text=The%20protocol%20income%20currently%20channeled,25%2C%2014%3A00%20UTC.
Siddharth Jain
Siddharth Jain
DefiDollar AMA Recap
Cryptodiffer Community
is DFD - one of the best connected and established projects on ETH branching out into the BSC which should get a fair amount of interest from people at Binance trying to raise the BSC..
We just announced the bridge this week to BSC 🙂 https://medium.com/defidollar/bridging-defidollar-dao-dfd-to-binance-smart-chain-using-multichain-xyz-b1eeae357887 Really excited about the possibility of what can happen on that front
Siddharth Jain
Siddharth Jain
DefiDollar AMA Recap
Cryptodiffer Community
How much investment has DefiDollar raised in the past year and what are the strengths of DefiDollar to do so? thanks !!
we have raised a seed round from marquee investors https://medium.com/defidollar/defidollar-raises-1-2m-to-be-the-risk-insured-stablecoin-layer-for-defi-f5c76a7afe25 you can read more about it here
Siddharth Jain
Siddharth Jain
DefiDollar AMA Recap
Cryptodiffer Community
Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
you can find the deails on tokeneconomics and release schedule here: https://bit.ly/3mzvQSC We have really exciting bits coming up for DefiDollar with the ibBTC and BSC launches coming soon(no exact dates - 😉 ) Would love to see more of you involved with us in our community chat @defidollar_community I am really humbled by the many questions posted by the community , would have love to answer more of them but the paucity of time says otherwise
Siddharth Jain
Siddharth Jain
DefiDollar AMA Recap
Cryptodiffer Team
Thank you @sid_31 for your time, great answers! thank you everyone who took part today! Do not forget to join @defidollar_community to learn more about the project!
Thanks for having me @makscryptodiffer it is really an honor for me to interact with the community
Siddharth Jain
Siddharth Jain