01 Sep 202008:08
ETHA Lend AMA Recap
We are glad to meet here:
Chester Bella, Co-founder of ETHA Lend (@chesteretha)
Chester BellaThanks for having me 🙂
Cryptodiffer TeamWelcome Chester, thank you for taking your time today!
Our team has prepared 3 questions for you to start with:
Let`s start with the introduction !
Cryptodiffer TeamQ1: Can you introduce yourself to our community?
Chester BellaI'm Chester the Co-Founder of ETHA Lend @ethalendcommunity. I have been in the crypto space since 2013. Initially as a market participant. Around 2017 is the time when we started building and conceptualizing products. Our first project back then focused around remittances. The idea was to allow people that don't have access to a bank account or credit card, access to traditional financial services, using crypto
My background is in banking and fintech. I used to work at N26, which is one of the fastest mobile banks in Europe, besides that I currently work until all our funding rounds are closed for a fintech company called Hypoport, which builds aggregation software for the mortgages market in Germany
Cryptodiffer TeamThank you!
Q2: Can you briefly tell us what is ETHA Lend in 3-5 sentences?
Chester BellaSure, let me try without making it too complicated 😄
Essentially what we built is a yield optimizer, which works on top of existing protocols such as AAVE, DYDX and Compound.
We have built an algorithm (that is by the way accessible on our gitbook if you want to test) that uses data points, such as current gas cost, volatility time frame of the underlying protocols and more to optimize the asset allocation cost-effective, depending on the amount someone would like to LEND
Since the protocol is composable, we could technically integrate any protocol and use the metholody of our algo, to do yield optimization
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
Chester BellaBeside finishing the development of our protocol and the first funding rounds, we are actively working on accelerating the Mainnet launch. Our contracts are being audited by Certik, one of the most reputed blockchain smart contract auditors, globally. We shall also march into the Polkadot ecosystem. The first and most fundamental step, which is closing partnerships with established key players in the Polkadot ecosystem. Additionally, also launch more protocol additions and Pools. We are also currently working to increase community activity and interactions on all our channels.
There is a lot of coming on for the ETHA Lend community in the upcoming months. We hope everybody is geared up and ready to witness the true potential of ETHA Lend.
Cryptodiffer TeamThank you for such detailed and interesting answers!
Cryptodiffer TeamIt is time to move to the community questions part.
Cryptodiffer CommunityCurrently more projects have been starting to use polkadot technology instead Ethereum, so can you tell us how was your experience working with polkadot? Do you have plans to use their Parachains?
Chester BellaThat's a great question! Initially we don't plan to have our own Parachain, we instead partnered with Clover, which will allow us to use our existing EVM code base on their Parachain on Polkadot (when they are live). The Idea is then to build an additional bridge that would allow us to interact with the differens DeFi protocols, that reside within the different Parachains
Cryptodiffer CommunityHow does ETHA Lend aim to streamline all the shortcomings of DeFi and why should users choose ETHA Lend?
Chester BellaAnother great question! While most yield aggregators solely focus on yield maximization at all cost, our yield optimizer uses multiple data points and optimization techniques to attain the optimum value and return on an investment. The key part of the ETHA Lend yield optimizer is that it understands the precise circumstances of a liquidity provider’s supply event. The discovery algorithm factors in the latest gas cost, the volatility of the asset’s current and past yield (currently up to 30 days), and the budget of the asset supplied, to determine the optimal asset allocation.
There is currently no DeFi solution (as far I know) that uses multiple data points to do asset allocation cost-efficiently 🙂
Cryptodiffer Community🔸I am an EXPERIENCED DEVELOPER AND ETHICAL HACKER, do you have plans for HACKATHON so as to check the security of your ecosytem periodically and also invite developers to build?
Chester BellaWe welcome ethical hacker, however we didn't set up any framework as of now, in how to reward them but this should be the least problem. The door is open for any developer to either get in touch to discuss and improve the protocol with us together, or simply directly via our repos on GitHub
Cryptodiffer CommunityWhat are the Tokenomics of your tokens and what are their usecases? How and where can I buy tokens and will there be scarcity paths or incentives for long-term holders?
Chester BellaThe ETHA token is an ERC-20 token, in regards to use case it will give the token holders on chain voting rights on the parameter changes, related to amendments and upgrades. Once the token distribution is ideally distributed, we will roll out staking, that will allow the users to lock their token for a period of time to earn rewards on fees generated by the protocol. The max supply is set at 30M and there will never be more than 30M token, since their is no minting function in the smart contract that can be called to 'print' more. We belive 30M is scarce enough
Cryptodiffer Community🥏How does the Gas Token work? Why is it not possible to exceed 52%? How high is the value of this Token?
Chester BellaLet me break it down so it is clear. The 52% gas cost savings can be achieved by burning gas cost, this is a conservative number. Because it depends on the time a user mints and burns those tokens. Cost savings should be in general higher, let me explain. Every user has has to create a smartcontract wallet to interact with the protocol, this safes additional cost, since the user does not have to pay any approval gas cost, that you normally pay when using your web3 wallet for interaction with new protocols or swaps e.g. And you have of course as well our algorithm that takes gas cost into consideration to get the most cost efficient asset allocation based on the budget of the asset you would supply
The user's smart contract wallet is owned by his Web3 wallet (e.g Metamask) only
Cryptodiffer CommunityWhere does the project name come from? What does it mean for you and why did you choose that name for your project?
Chester BellaThe name is more or less a continuation from a project we started called ETHA Remit. At the time we were focusing on remittances. Due to regulatory uncertainty around 2017-2018 in regard to crypto in the UK and payments processors not being keen to work with crypto we solely shifted our focus. You can read more about on our Medium blog post 🙂 You can read more about it here: https://medium.com/etha/our-beginnings-and-vision-transitioning-to-etha-lend-71e296119207
Cryptodiffer CommunityAre you a global project or local project? Can anybody anywhere use Your project without any restrictions?
Chester BellaThe protocol is permissionless and decentralized. Technically anyone with an internet connection can access it, from any country in the world
Cryptodiffer CommunityCan you share your roadmap with us? What is your main focus for this year and are you planning to list on big exchange?
Chester BellaYou can have a look here: https://medium.com/etha/introducing-etha-lend-dd3cc40b136b with a breakdown, and of course on our website: https://www.ethalend.org/
Cryptodiffer CommunityRecently ETHA Lend announced their partnership with Clover. Can you tell us what is the main reason behind this partnership? What kinds of new opportunities will this partnership creates for the whole Polkadot ecosystem?
Chester BellaYou can read a detailed breakdown about it here: https://medium.com/etha/etha-lend-and-clover-collaborate-to-embark-a-future-of-seamless-cross-chain-defi-yield-optimization-a8ef8056aa2b
Essentially it allows us to use our current code, on their parachain on Polkadot
Cryptodiffer CommunityAs we know Scalability is a major problems in most of Blockchains & Dapps. So, How Your Project solves Scalability problems and allows Dapps a great scalability?
Chester BellaThis is a well known issue, that has been impacting us as well, especially since the end user pays pretty much the cost, by paying high gas fees. This was our main motivation to expand into the Polkadot ecosystem. We have hopes that is will change, once everything is up and running. I'm still confident that upcoming L2 solutions on Etherreum might fix a few of the current issues we all are facing
Cryptodiffer CommunityProjects that are not traded on major exchanges remain unnoticed. What do you think about listing the token on the well major exchanges?
Chester BellaA few exchange listings have been announced: https://twitter.com/ethalend
You can expect to see more 🙂
Cryptodiffer CommunityAre there any additional requirements to the possession of ETHA to enable governance?
Where can we access the ETHA token and what buying pairs do you have available?
Chester BellaThe token is swappable here: https://v2beta.dodoex.io/exchange/ETHA-USDT
Cryptodiffer CommunityDo you have any guide or tutorials videos for newbies to get started and learn about your project and what you do?
Chester BellaNot yet, but as soon as we deploy on the mainnet and everything is up and running we will make some tutorials
Cryptodiffer CommunityWhere do I get information about your team? Why do you prefer to be anonymous? Do you have a plan to identify your team later?
Chester BellaWe are actually not anonym at all 😂, we are just focusing on the product development first, before anything
We have already completed 1 audit, that is accessible in our repo. The second audit is pending : https://certik.org/projects/ethalend
Cryptodiffer CommunityThere are many wallets on the market. What are the biggest advantages that Scala Vault offers users over the many other wallets available? In addition to the Android version, are you planning to include an iOS version soon?
Chester BellaWe are planning to launch an IOS and Android app in the near future
Cryptodiffer CommunityEthaLend uses a portfolio rebalancing for optimize the users' asset allocation, how do you achieve it? is there an intelligent alogorithm behind or how is this data analyzed for optimize the users options?
Chester BellaYes, we use our own algo. The endpoints can be accessed in our GitBook
Cryptodiffer CommunityHow can users stay updated with this project? Are there channels, including local communities where users can get the latest updates??
Chester BellaYou can stay up to date, Via our main socials here:
Cryptodiffer CommunityWe are living in the advent of YIELD FARMING and Liqiudity Mining, can you share your personal opinion on Yield Farming and also Briefly explain your Liquidity Mining Program?
Chester BellaYield farming at all cost to maximise earnings isn't sustainble in my opinion. The complexer it gets, the more it puts assets at risk. The evidence is in the current hacks, that have been quite frequent recently. We have a more risk averse approach in our solutions, and focus soley on yield optimization
Cryptodiffer TeamThanks for your time @chesteretha
Thank you to everyone who took part!