Crafting Finance AMA Recap

01 Oct 202106:43

AMA

Crafting Finance AMA Recap

Myko (CryptoDiffer)

Hello, everyone!😁

We are glad to meet here:

Obed Tiony, Core Contributor

Obed Tiony

Thanks @mykocryptodiffer i am excited to be here .

Myko (CryptoDiffer)

Welcome Obed, thank you for taking your time today!

Obed Tiony

My pleasure , and likewise glad to meet and interact with everyone here .

Myko (CryptoDiffer)

great
we have prepared some questions to start with
Q1: Can you introduce yourself to our community?

Obed Tiony

Thanks once again for the opportunity @mykocryptodiffer . Hello Everyone I’m Obed Tiony , and I am the Core contributor of Crafting Finance , a heavy Defi User and a Crypto early adopter.I got involved in Blockchain around 4 years ago,thought Defi would be a really promising aspect of the whole crypto world and that’s why I got into this industry.
@mykocryptodiffer Done

Myko (CryptoDiffer)

Okie
let's take a look on the project)
Q2: Can you introduce Crafting Finance to us?

Obed Tiony

Crafting Finance it’s a synthetic asset project, that provides the issuance and transaction capabilities of various synthetic assets, which can support the issuance and transaction of almost all types of cryptocurrency assets and real assets. The important modules of the product include MintR, Kingsman, and various synthetic assets (Raft, RaftStable, UnivRaft, BondRaft). MintR supports a variety of collaterals to generate various synthetic assets and even user-defined assets. The debt pool (SDP) model DEX used by Kingsman does not require counterparties, which solves the problem of DEX trading depth.
Moreover , we are excited to announce that we add and support NFT fragmentation function. Which will be dedicated to solving NFT liquidity and trading issues, providing a huge impetus for the development of the industry.

Myko (CryptoDiffer)

Thanks for the explanation)
The last question before the community part
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Obed Tiony

@mykocryptodiffer Thanks for the question 😊
Currently ,the most important things are launching of the platform, starting the liquidity and reaching a market cap of our RAFT. And we will focus on listing more kinds of synthetic assets and improve the TVL and market cap of the RAFTS. We will also launch our DAO system, which means Crafting finance will become a distributed project.
On our road map we have different stages of the whole project.Since we need to focus on the most important aspect and features, hence the need that we have to roll out these different features in stages.
Columbus is the First Version of Crafting Finance, we will launch Raft/RaftStable issuance, build SDP and Kingsman, and allow users to choose whether join the SDP
Zhangqian will enable the NFT Fraction, and the RaftBond will be online for issuance and trading.
Thorvaldsson-UnivRaft will be online for universal synthetic assets, user could use it to issuance smart assets.
Vasco da Gama -Will launch the brand-new oracle system which could feed every asset‘s price all over the world.

Myko (CryptoDiffer)

super!

Obed Tiony

Thanks .

Cryptodiffer Community

Q5: From where you get your project name? What is the main motivation behind your project? do you have any story to share?

Obed Tiony

We first thought of the name Crafting, which comes from the game Minecraft when one of the founder Anray’s sons was playing it. There is a Crafting Table in it, which can synthesize stronger props such as various props, ore potions, etc. Just like we can synthesize assets in this project.
Later we find that it is really a good name since Crafting named the synthetic assets "Rafts", which means that each synthetic asset is a "raft", and these rafts co-exist in the sea area of the shared debt pool, and like the sea, share The debt pool can provide Rafts with almost unlimited liquidity.

Cryptodiffer Community

What are the difference between 4 different class which is Raftstable , Raft, UnivRaft and BondRaft? What is the purpose of creating them?

Obed Tiony

Synthetic Assets Forge to produce Rafts, the different kinds
of Rafts are:
NFTRaft The fractions of NFT assets, could be minted by any
one who has NFTs, support ERC721 and ERC1155
Raft Simple synthetic assets , can be cryptocurrencies such as
rBTC and rETH, stocks such as rAAPL, gold such as rXAU and any real-world assets
BondRaft Synthetic bonds are synthetic assets paying interest
issued by the system
UnivRaft Custom synthetic assets means that users can issue any kind of a financial contract through this system. By this way, we can stimulate any financial derivatives and include the whole world’s assets Crafting
RaftStable Stablecoins such as rUSD and rEuro

Cryptodiffer Community

Q1. I read that Crafting finance will be supporting NFT and it will be having another additional raft called NFTRaft. Can you tell us what an NFTRaft is? How can it be minted? And Who can Mint it?

Q2. From my research, I saw that the $CRF act both as the project token as well as the governance token. Can you tell us how it achieved both role? What are some of the parameters holders of CRF can propose and vote on?

Obed Tiony

NFTRaft The fractions of NFT assets, could be minted by any
one who has NFTs, support ERC721 and ERC1155,In Crafting, we will support any kinds of NFT for users to stake into the Forge system and forge the factions of the NFT, just like other kinds of synthetic assets. Basically, the system will support two kinds of fractions, SNFTRafts and BNFTRafts.
SNFTRafts is the single-mode, which is suggested to be used for the rare NFTs. The user could set the name, initial price and amount of the tokens. After the mint of the SNFTRafts, the NFT will be locked into the Forge-SNFT-Vault. The NFT will be unlocked only if any user buyout it..As collateral generate synthetic assets through staking CRF and earn contract trading fees. About CRF , CRF holders can use CRF as
collateral to generate synthetic assets, and according to the number of staked CRFs, the percentage can be calculated.
The fees incurred by DEX will be allocated to the fee pool, and proportionally rewarded to users who staked the CRF
CRF token economics
Governance token of CF. All the parameters involved in CF, including the increase or decrease of the types of collateral,
the adjustment of the collateralization ratio, the types of synthetic assets, etc., can be determined by voting by CRF
holders.

Cryptodiffer Community

How did you come up with the name Crafting Finance and can you tell us anything interesting story behind this project?

Can you explain the four main versions of your project which are
1. Columbus,
2. Zhangqian,
3. Thorvaldsson
4. Vasco da Gama?

@tionyobed

Obed Tiony

Columbus is the First Version of Crafting Finance, we will launch Raft/RaftStable issuance, build SDP and Kingsman, and allow users to choose whether join the SDP
Zhangqian will enable the NFT Fraction, and the RaftBond will be online for issuance and trading.
Thorvaldsson-UnivRaft will be online for universal synthetic assets, user could use it to issuance smart assets.
Vasco da Gama -Will launch the brand-new oracle system which could feed every asset‘s price all over the world.

Cryptodiffer Community

I am already familiar with some projects which offerrs synthetic assets such as UMA. So, what is the difference between Crafting Finance and other synthetic assets issuance platform? What is your advantages?

Obed Tiony

Here are some differences , or i can call it our advantage compared with other existing project , since we emerge to solve some current market problems . NFT Fraction Trading -As an energy for the Future.Which means not Only ERC20 Tokens, But Also ERC721 And ERC1551 Tokens Could Be Minted To ERC20 Synthetic Assets.lt’s this uniqueness that sets us apart from others.We can see Nft Fraction Trading in this project where NFT is very important
Flexible Collateral - we will allow use of different kinds of Collateral in the Forge for example BTC , ETH,NFT,CRF,DOT, KSM,etc the collateral rate is different for each kinds of the tokens
Universal Raft-Raft will support almost all kinds of potential synthetic assets.
Optional Crafting-User could choose whether entering the SDP, which will allow flexible position choice.
NFT fractions-Crafting finance will support the NFT synthetic fraction rafts.
Low Slippage-Due to the sharing of the whole SDP’s liquidity, the price slippage of trading in Kingsman is significantly lower than existing exchanges.

Cryptodiffer Community

Can you explain about (SDP)? what benefits does the Crafting Finance (SPD) community offer and why should users choose to join (SDP)?

Obed Tiony

SDP(Sharing Debts Pool) is the most important component in the Crafting finance system,SDP will allow users to short the market and provide liquidity.Crafting into the system means putting the collateral into the SCP (sharing collateral pool) which will support the liquidity of the SDP. We think the Optional-joining-SDP and the Multi-SDP are great innovations for the users who would like to use Crafting as a financial tool, not only a mining project. With the Optional-joining-SDP innovations, we could split the functions of minting rafts with the function of trading. User could only use the Forge to forge the Rafts, and use the Rafts to do shorting or other things. And after that, user could choose to join the SDP, to do some trading strategy such as hedging or buying some ETF even shorting the pool. User could use the Kingsman to trade their Rafts even they have not minted their own tokens(which means they bought it on the secondary market) and have not crafted into the SDP. So the system will be more reasonable and efficient.

Cryptodiffer Community

Hi @tionyobed

You will support NFT synthetic fractions. How are NFTs fragmented and fractionalised? How does this allow you to create NFT liquidity and tackle NFT trading issues? What type of NFTs are supported for fractionalisation and how will user use your NFT Forge to achieve this?

Obed Tiony

The purpose of fragmentation is to solve these problems by making NFT divisible, and to improve the convenience of transactions. That is, an NFT can be divided into hundreds, tens of thousands or even billions of fungible tokens. Therefore greatly enhancing its liquidity and market discovery of prices.In Crafting, we will support any kinds of NFT for users to stake into the Forge system and forge the factions of the NFT, just like other kinds of synthetic assets. Basically, the system will support two kinds of fractions, SNFTRafts and BNFTRafts.

Cryptodiffer Community

As a specialist in solid code-auditing, I am interested in knowing about the security system of your platform. Can I study your source code and help to report problems of bug in your contracts. Did you use reliable third party audit vendors for your Smart contract audit ?

Obed Tiony

Security is always our top priority. We will do a code audit and a lot of trial runs before the main net launch. We will use the best vendors in this industry and we will even use formal verification technology to make sure the codes are good. And the project is fully decentralized and open-source, so everyone can check the code on Github.

Cryptodiffer Community

Crafting finance supports NFT Synthetic Fractional Assets. So what makes you think Fragmentation is important in NFT? What problem do you intend to solve by adding the
NFT fragmentation function?

Obed Tiony

Just like traditional artworks, NFT also has the problem of poor liquidity. Due to lack of trading activity, it is difficult to determine market prices. Without real-time prices, it is difficult for the entire NFT to be used as collateral for borrowing. Therefore, NFT is a competitive asset that still has some shortcomings:
1.Lack of liquidity leads to excessive slippage in the buying and selling process
2.Lack of market pricing, hence difficulty to value
3.Not a good collateral,because of low capital efficiency
4.A large amount of capital expenditure is required to have the opportunity to obtain a high price NFT. The purpose of fragmentation is to solve these problems by making NFT divisible, and to improve the convenience of transactions. That is, an NFT can be divided into hundreds, tens of thousands or even billions of fungible tokens. Therefore greatly enhancing its liquidity and market discovery of prices and Crafting’s NFT fragmentation will be dedicated to solving NFT liquidity and trading issues, providing a huge impetus for the development of the industry.

Myko (CryptoDiffer)

Hey, Obed
thanks for your answers!
Please note that there are several conditions to win ama
Important!

A message from Crafting team about the rewards distribution!

Hey, thanks for supporting Crafting Finance to organize this ama, about the reward we would like raising to 2000 $CRF to your community members.

500 $CRF for questions raise rewards
5questions for 5users , 100 $CRF for each

1500$CRF for Twitter and telgram task reward
Follow Crafting twitter
Retweet and like
Join Crafting financetelegram

15 lucky winners , 100 $CRF for each

———————————————————————
here's the media links :
Crafting Finance Offical Channel
🌐 website: http://crafting.finance/
🚅 Twitter: https://twitter.com/craftingfinance
🚤 Telegram group: https://t.me/craftingfinanceofficialgroup
⛴ Discord: https://discord.gg/89upsrRUNY
🚢 Medium: https://medium.com/@craftingfinance

Obed Tiony

You are welcome .