02 Sep 202002:08
DeCus AMA Recap
Myko (CryptoDiffer)Hello, everyone!😁
We are glad to meet here:
Daniel Kwak, Marketing Director
OIN FinanceHello everyone!! Excited to be here!
Myko (CryptoDiffer)We're excited to host you too)
Our team has prepared 5 questions for you to start with
OIN Finance😄 Thanks for having us. We love your community, and the mentions that you give us!
Let`s start with the introduction !
Q1: Can you introduce yourself to our community?
OIN Finance😄 Yes, of course
Hello everyone! My name is Daniel Kwak, the Marketing Director at OIN Finance. Coming from a background in equities research, then project consulting in the traditional world, it was easy for me to see the value a stablecoin can provide those that interact with crypto, and the ecosystem.
I now draw from my experiences in the traditional business world, as well my time at a public chain to really extract the value-adds and synergies that we can provide to our partnered projects, as well as our users!
Let's now start talking about the project
Q2: Can you introduce Oin Finance to us?
OIN FinanceWould love to
We at OIN Finance are creating a DeFi platform that empowers projects with DeFi functionality. We provide a service that is an easy solution to bringing DeFi to projects that previously didn’t have these functions, such as leveraging, stablecoin creation, and more.
Our first product, the OINDAO, allows projects to create their own brand labelled stablecoins by collateralizing their own tokens (e.g. create USDO by staking OIN). This creates an easy way for users to leverage their holdings for stablecoins, and for projects to create great use cases surrounding a comprehensively branded platform, while creating their own use cases within their ecosystem and staking.
This is just our first product, and we have lots more coming not just in terms of standalone products, but also synergies between them, ecosystem expansions, token utility, and more!
Myko (CryptoDiffer)wow! such a detailed introduction)
OIN FinanceHaha I can get a little excited
Myko (CryptoDiffer)Now some questions about goals
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
OIN FinanceThe big milestones are obviously our released product, and its growing ecosystem. The OINDAO is growing at an impressive pace, and we can’t wait until the partnered projects are listed on our platform.
To get into a little more detail though, we’ve had some exciting developments within the ecosystem:
Having 3 projects currently listed (OIN, STPT, and Frontier), we have many top projects also slated to list within the next quarter. Some big names are: Dash, Avalanche, NEAR, Paid, Harmony, and more!
We’re very excited to have such great interest in our platform from industry leaders, as well as the projects that haven’t grown to be giants yet.
We also have a growing list of community-focused initiatives that are exciting, starting with NFTs. We’ve announced a fast-track program and a collection with MEME, where partners have access to an easy on-ramp to the MEME eocsystem in standardized packages. We’ll also be releasing our own collection.
We also have Blind Boxes as an announced partner, and we can’t wait for the next step to take place (quite soon!)
There’s also other methods of rewarding our community that we haven’t announced yet that is sure to draw a decent crowd. We’re expecting some awesome rewards to come out of this one, and we hope we can get it to our community asap!
Myko (CryptoDiffer)oh well, thanks for your answer
we also have a bit particular question about OINDAO
Q4. Lately you seemed to have been releasing partnerships that are different from your usual OINDAO stablecoin listings, and are releasing some interesting ecosystem news. Is this a new direction?
OIN FinanceYes! We’re very excited about this new inclusion of extra-OINDAO activities that we’re going through
First, we are putting some extra focus on rewarding our community.
Until now, everyone’s been awesome in looking at the growth potential and future outlook of OIN itself. This has been a driving force not only for our community, but also us at OIN Finance.
Having the OINDAO out and really making strides in terms of partnerships and projects wanting to list, we’ve now have a bit more resources to turn to our community, and we’re giving back as best we can. The NFTs are just the start, and as mentioned above we have at least one great new reward coming out to the community. We wouldn’t be here without them, and we wanted to show our appreciation.
As for the ecosystem itself, we’re also looking to create ways to leverage the OINDAO as a platform, not just a stablecoin creation tool. This is exemplified by the MEME partnership, where a partnered project can come in, choose a fast-tracked option from a list that is discounted from their original costs to create their own co-branded NFTs. This, along with us building on layer-1 chains, we have some amazing opportunities ahead of us in terms of growth and synergies available to us
Myko (CryptoDiffer)well, thank you for making that clear
last question before we get to the community part:)
Q5. Anything we should watch out for in terms of future developments?
Yes, there’s definitely cool things.
1. OINDAO Expansion: We will be growing the OINDAO. The partners will slowly start listing and become available on our platform, along with our OinStake V1.5 and V2 contracts that offer multi-token rewards, and price-fixed collateralization ratios for their stablecoins. Some of the delays in listing can be attributed to waiting for these new features.
2. OIN Finance Ecosystem: We are expanding into different layer-1 chains, and have even received grants to do so, such as NEAR! Another one will be announced shortly, and we will be looking to incorporate different parts of their ecosystem into ours.
3. Market expansion: We are also looking at entering into different markets, and conducting analysis on which region might make the most sense for us, and when. We’re hoping it’s soon. This includes exchanges, and we’re hoping we can reach the best audience that fits our community, and provide the best reach for our users.
OIN FinanceWOW you always have an amazing number of questions!
😄 Sounds good!
Myko (CryptoDiffer)people are interested in the project!!
Cryptodiffer CommunityWith the way DeFi is getting recognized among prominent names in the industry, it's obvious that it will soon become an essential part of the Blockchain space. What efforts are you making in ensuring you bring DeFi to all projects that need it, so that the infrastructure isn’t broken and fragmented? Could you tell us the solutions you've come up with to help projects to join the DeFi movement without having to go through much stress and difficulties?
OIN FinanceI think it’s important to note the difficulty in creating a truly cross-chain infrastructure where each platform interacts with each other seamlessly, as if they have native compatibility. There are many projects who are trying, but that functionality in and of itself is a great undertaking that takes the resources of a whole project to do.
For us, what we’re doing is bringing specific functions of DeFi to as many projects as possible. The OINDAO starts with stablecoin minting through collateralization in their own-brand-labelled stablecoins, and leveraging. We can do this with any ERC20 project currently, and we hope to have the NEAR platform integrated next in the near future (no pun intended). We also have several other platforms in line, waiting to be integrated. This allows all those projects and their respective tokens to come onto the OINDAO and enjoy the DeFi functions that we provide.
I think this is the best way to bridge the gap between the current defragmented market, and the future crypto space where everything is integrated, with a set amount of standardizations that allow things to work seamlessly with each other.
Cryptodiffer CommunityOIN Finance has really done well within it short space in the industry, you guys have managed to attract several top 100 projects, such as Avalance, Dash, NEAR and the rest. In your own opinion, what do you think these great projects saw in OIN finance for them to have gotten so much attached to it? In what ways will your be contributing to their development and crypto space at large?
OIN Finance😄 I love this question!
The answer is quite simple: Our platform offers a value proposition that they can’t turn down.
There are so many reasons to want to join the OINDAO:
1. Most projects have some form of value transfers within their ecosystem. OINDAO offers their platform a stablecoin BRANDED IN THEIR OWN NAME (e.g. USDF for Frontier), which allows them to minimize volatility risk for merchants.
2. It provides a great way to provide a staking pool with rewards, and a great way to increase TVL
3. It provides a great way for their users to leverage their holdings to free up some liquidity! Taking the STPT token as an example, users can come onto the OINDAO platform, collateralize their STPT to mint the USTP, and use that to buy more STPT! Or gamble on an ICO!
Cryptodiffer CommunityCan newbies with little cryptographic knowledge be able to successfully Use , trust & invest on OINDAO platform?
OIN Finance😄 Yes! We’re constantly being audited (our new versions of our product are being audited right now!), and you can trust us through the trust that top 100 projects have shown our platform.
You can purchase OIN through Uniswap, Pancakeswap, AscendEx, and more!
You can hop on to the OINDAO at dao.oin.finance, and follow the simple prompts to mint your stablecoins! Just remember to have MetaMask and some ETH for gas fees!
Cryptodiffer CommunityCould you explain what Liquidation threshold is in this context of stable coin collateral? Do projects have any way to protect against this?
OIN FinanceGreat product-specific question.
The OINDAO V1 uses a token to currency collateralization ratio. E.g. The USDO1 pool users must collateralize 35 OIN to mint 1 USDO1 regardless of the price of OIN. That means as the price of OIN increases, the overall collateralization rate goes higher and higher. Coversely, it means that if price decreases far enough, the collateralization rate may decrease below $1 woth of OIN tokens to 1 USDO1. This puts the stablecoin holders at risk.
The liquidation threshold, or just liquidation point is how we handle this risk. It is a failsafe, the last line of defense in cases such as a flash-crash. These are set at prices we don’t expect to see in a regular market, and through analysis have determined to be an abnormal condition, such as a flash crash.
Our future versions, such as the V2, will be a price-fixed collateralization, such as $1.5 worth of OIN to 1 USDO. This solves a lot of those headaches, but presents some other conditions that are mitigated through other means. More on that soon!
Cryptodiffer CommunityWhat gives the value of $OIN ? What is the role of it in-out your ecosystem? Could you please mention some advantages of holding $OIN in the long-term? What are the important achievements $OIN has achieved so far?
OIN FinanceThat is a long list of questions! I’ll answer the first to give the others a chance
1. Value of OIN
- The current value is that it represents a portion of the redemption fees gained by the system. We have fee sharing models that will be announced in the coming months, and provide a better picture on just how value will flow WITHIN the OIN token.
- It will be a governance token. It will help determine thigns such as fee structures, which projects we should list next, etc. We also have some cool governance features that involve other project’s ecosystems, but we’re not quite ready to announce that yet. Keep an eye out though!
- As stated, we have some awesome reward mechanisms (outside of fee sharing) coming your way. Keep an eye out for mentions on community-focused initiatives
- Lastly, we’re looking at fee discounts with the OIN token. More on that later as well!
Cryptodiffer Communitywithout proper marketing and capital infusion, project dies, how do you convince us you have adequate marketing power and capital to push this project to the top project?
OIN FinanceOf course! Capital, cashflow, and everything else to do with a traditional business still applies to crypto businesses!
Having several of our co-founders from traditional finance backgrounds, we’re well aware of this problem, and we’re confident in our ability to keep being a going concern.
In the very short term, we’ve been receiving grants left and right! They’re obviously not enough to keep us going for dozens of years, but more than enough to cover the costs directly related to the grant in question.
Anything past that though, we have our fees from the different products we have/will be releasing.
Cryptodiffer Communitywhat projects do you consider competitors and what differentiates you from them, if there are any?
OIN FinanceOf course!
The biggest name is MakerDao, but they operate in a very different way. First, they only allow you to mint the Dai using your project’s token, not an own-brand-labelled token which provides great use cases within a project’s ecosystem, as well as having a holistic branding strategy. The projects are also able to customize their collateralization pools and contracts through what we call Key Parameters, such as collateralization rates. We also look to any project that need DeFi functions as long as they’re in good reputation, whereas MakerDao pretty much takes a very select few.
There’s also Opendao, but they’re running a highly focused and simple collateralization to stablecoin platform, whereas we provide a holistic package, including future products such as the OINSWAP
Cryptodiffer CommunityWhen will version 1.5 be released?
OIN Finance😄 1.5 is ready, but our V2 developed so quickly that the next project to list will likely use the V2. It is in the last phases of its audit at the moment!
Cryptodiffer CommunityWhat's your long-term vision for marketing and the $OIN ? How will you increase the adoption of blockchain by institutions?
OIN Finance1. Long-term vision: We’re looking at creating a one-stop shop for crypto projects to simply hook into DeFi functionality. We will be the go-to for any projects that are looking for a simple way to leverage their tokens, while also creating a stablecoin for their ecosystem, and that’s just for our first product, the OINDAO!
2. Institutions are already increasingly adopting crypto as I’m sure you’re well aware. How we add to that is quite simple; by providing DeFi functionality to the crypto space as a whole, not just in one fragmented space, we’re creating an environment that is easy for institutions to hook into. Imagine this: if the majority of the popular chains have their own stablecoin, it is MUCH easier for merchants to agree to take said token as payment. Businesses, especially traditional businesses NEED stable and predictable cashflows for their operations
Cryptodiffer CommunityDo you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
OIN FinanceYES! We are already burning a portion of our fees from the OINDAO! This means in the long-run, we will become a deflationary token! There’s some more exciting news surrounding this topic, so stay tuned!
Cryptodiffer CommunitySmart contracts are susceptible to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you tested it through any of the parties?
OIN FinanceOur smart contracts are already heavily in use, with over $7M in TVL! We do understand the importance of security however, as we’re handling our user’s assets. That’s why we take auditing very seriously, and why our v1.5 and v2 have been taking so long to be released. The V2 is in its final stages of auditing, and we’ve had our partnered auditor go through it in as much scrutiny as possible. It’s looking good so far though!
Cryptodiffer CommunityI would love to stake $OIN , how does Staking work, what's the minimum amount of $OIN I need to stake, the prospective annual returns and anymore information I need to know?
OIN FinanceAwesome! We love stakers!
Currently, there’s 2 methods: through the OINDAO, and through AscendEx (formerly BitMax).
OINDAO is simple. Just have some ETH in a MetaMask wallet with your OIN, go to the OINDAO and stake! Minimum is 3500 OIN.
AscendEx is also simple! Minimum is 100 OIN, and is automatically compounding.
The current APY is roughly 40%. Since it’s a fixed number of OIN per block, the APY has gone down a bit since inception due to its popularity. Still a very popular option for our community!
Cryptodiffer CommunityAs a community member willing to spread the word of OIN Finance in my local community, what guide can the team provide for me to work with? How can I get close to your community managers and will there be any bonus or rewards for me if I bring proposals to the platform?
OIN FinanceWe love active community members! Our community managers are awesome over at https://t.me/OIN_Finance_Eng and will help in any way they can.
If you have specific proposals, you can also message them directly, or e-mail me at firstname.lastname@example.org
Cryptodiffer CommunityWhat do you think is holding the DeFi space back? What is preventing the mass adoption of DeFi products?
OIN FinanceI don’t think many things are holding it back. Remember, DeFi is quite young in the grand scheme of things. We’re just used to the lightning quick pace of crypto and DeFi, and are just itching for adoption. It’s already happening though!
BUT you’re right that a few specific things are the next roadblocks. Regulation, fragmentation, and public perception.
Regulation is quite obvious; many places in the world heavily regulate blockchain, and until investor and user protections become more bonafide, adoption will be a bit slower.
Public perception: This is just a waiting game. Once DeFi becomes a bit more used, and a bit older, it’ll happen naturally. Look at what happend to crypto in general. At first everybody thought it was a scam, now everybody holds Doge (hopefully OIN soon).
Fragmentation: This is key, and something key for DeFi specifically. Financial systems require a seamless integration to each other, as a key function of a financial system is transfer of value. For DeFi however, we’re finding new and intriguing ways of working around this, such as bridges and wraps. Us providing DeFi functions to all projects, including those outside the ETH ecosystem is also a bridge between now and full cross-chain standardization.
Cryptodiffer Community😁 What was the biggest mistake you did in your entire crypto journey? And how did you deal with it?
OIN FinanceI would say it has a common theme. I paper handed a lot!
Lesson learned. Buy and hold. Stay loyal to your project! In this case, OIN!
Cryptodiffer CommunityWhat competitive advantage does OIN Finance have compared to other projects of the same model?
OIN FinanceWe haven’t seen anybody do the exact same thing we’re doing, as in the specific functions of our proudcts, their value propositions, with a holistic product line-up, and qualitative properties of our ecosystem.
This is what I think sets us apart. In general there are many that do one or two things we do, but we bring the best parts that can create synergy within a system, and bring them together. In order of big competitive advantages:
1. We provide projects with a simple, near plug-and-play solution to bring leveraging and own-brand labelled stablecoin minting. And this is just our first product!
2. Our future products will help flesh out the ecosystem, and provide better on and off-ramps to our platform. It will help create synergies, such as the OINSWAP providing an easy way to use your newly minted stablecoins.
3. We’re building with and expanding into several top 100 protocols, and will be able to incorporate other chains, whereas many are restricted to ERC20
And I think that’s all the time we have for today!
Myko (CryptoDiffer)Thank you Daniel! that was a great AMA, i bet people got a lot of new info!!
OIN Finance😄 Thank you for having us!
Always love this group for its liveliness! There were some awesome questions!