DeFiner AMA Recap
CryptoDiffer team
Hello, everyone!😁
We are glad to meet here
Jason Wu (Founder and CEO of DeFiner)
Chyna Qu (Co-founder of DeFiner)
Founder and CEO of DeFiner, Jason Wu
Nice to be here
Thanks for having us here!
Co-founder of DeFiner, Chyna Qu
This is Chyna. I’m Jason’s co founder.
CryptoDiffer team
Q1: Can you introduce yourself to our community ?
Founder and CEO of DeFiner, Jason Wu
This is Jason Founder & CEO from DeFiner.
Co-founder of DeFiner, Chyna Qu
This is Chyna. I’m Jason’s co founder.
CryptoDiffer team
Q2: Can you briefly tell us what is DeFiner in 3-5 sentences?
Founder and CEO of DeFiner, Jason Wu
DeFiner is a decentralized finance network for crypto savings, loans and payments.
We started from Feb 2018, Minneapolis, US and specialized in DeFi lending.
The value we added to DeFi space is to solve the low utilization rate issue.
Our product can be found here http://h5.definer.org
You can deposit to earn interest and borrow against your crypto
CryptoDiffer team
Q3: Let`s now talk about the milestones you have achieved and about your upcoming plans?
Founder and CEO of DeFiner, Jason Wu
Our DeFi Savings product has started the beta try and been alive for few weeks. We have completed the audit from top 2 security companies like chainsecurity and trail of bits. You will soon see our ranking on defipulse
From the token side.
We are ready to launch our token very soon. We still have on last round private sale. partner with a very reputable token offering platform over US. Because we want our community to benefit from private sale and be part of the token offering journey.
Join our @DeFiner channel to get the most updated information.
We will start Liquidity mining around early October. Also, we are going to release social mining plan soon as well.
Co-founder of DeFiner, Chyna Qu
We can started of with our advantage.
Founder and CEO of DeFiner, Jason Wu
The current issues with Compound and Aave is the capital utilization rate is very low. Therefore, the spread between lending and borrowing rate is very high. Without solving this issue, we cannot bring DeFi to the main stream.
On average, the Compound borrower rate is 3-5% higher than the depositing rate. This interest rate earned by depositors is equal to the borrowing interest rate multiplied by the utilization rate. The utilization rate typically ranges from 40% – 75%. Or, if you reverse these numbers (60% – 25%), we see there is usually 25%-60% capital sitting there and earning nothing. This is the major reason that the spread between the borrowing rate and lending rate is so high on Compound.
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%.
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%.
In the same scenario at Compound, 0.35 million (350,000) USDC will sit in their savings pool and earn nothing. In this way, the spread between borrowers and lenders on DeFiner has been significantly lowered.
Co-founder of DeFiner, Chyna Qu
This 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%.
Here’s a link which help you to learn more about our advantage: https://help.definer.org/why-we-are-unique
To sum up, from a product stand point, there r 3 major differences:
🔑Optimized Borrow and Lend Rate
🔑Payback Loan with Collateral
🔑Fixed-term and Fixed-rate loan
Alright, lets move on to the further!
Co-founder of DeFiner, Chyna Qu
The next one we pick from the community is about security.
Founder and CEO of DeFiner, Jason Wu
Ensuring the Safety of Users’ Funds is our highest priority.
Non-Custodian:
With DeFiner, users are in full control of their funds at all times. There are no central human-controlled intermediaries that hold your private keys. Your funds are secured by smart contracts when they are on DeFiner.
Smart Contract Security:
We’ve conducted rigorous internal testing from top security firms such as Trailofbits and to perform thorough audits of our systems. These audits and all our smart contracts are verifiable. For more details, read through the DeFiner Quality Assurance Process.
Co-founder of DeFiner, Chyna Qu
Here’s an article if you wanna learn more: https://help.definer.org/definer-security-and-quality-assurance
The third point we did form a security standpoint is Over coolaterlized loans.
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. Read more details about this here.
Cryptodiffer Community
Q: Investors are afraid of scam, exchange is afraid of scam, partners are afraid of scam, so what does DeFiner guarantee not to scam investors?
Q: Defi is the trending, Yeild farming is the top traffic, Decentralized Finance is the future so DeFiner is confident enough to lead to fulfill its goals and mission?
Founder and CEO of DeFiner, Jason Wu
For DeFiner, we are a lending protocol. Therefore, there are profits from lending transactions. Therefore, it’s very transparent.
For example, if we have $100 M deposit from our smart contract, the profit of the protocol will be around $2M.DeFiner is committed to use the profit to purchase back our FIN Token. Therefore, there are $2M will be committed to purchase back token.
We only did a 1 million round for private sale. Therefore, to track the TVL is the best way to tell if a project a spam or not.
Co-founder of DeFiner, Chyna Qu
Following up on the previous topic, we would like to piggyback on the long term and short term questions. We are definitely not one of those projects that wants to be in the newest DeFi trend. Our project has been around since Fen 2018. When there wasn’t even the DeFi concept.
Founder and CEO of DeFiner, Jason Wu
Just Google definer or DeFiner. We Started the company back Feb, 2018. At that time, there is no DeFi. The name of DeFiner stands for decentralized financer to define the future of open Finance.
The past 2 years are really tough. We are so glad to been through the DeFi journey since very beginning
https://fintechnews.ch/fintechusa/8-undiscovered-early-stage-fintech-startups-from-the-us-to-watch-out-for-in-2020/33996/
https://www.techstars.com/newsroom/announcing-the-inaugural-class-of-techstars-hub71-accelerator
Cryptodiffer Community
Can you tell us about the motivation and benefits for investors to keep the FIN token in the long run? What plans do you have to help drive the demand and scarcity of the FIN token?
Co-founder of DeFiner, Chyna Qu
The next topic that we wanna touch on will be on the token side . I know u wanna know this.
Founder and CEO of DeFiner, Jason Wu
Distributed Profits
DeFiner redistributes all profits collected on the platform back to FIN token holders, including transaction fees and interest collected. Collected profits will be distributed proportionally according to your FIN holding ratio. The more FIN you own, the more profits you earn. Both Compound and Avee don’t distribute the profits back to the token holders. But we will.
Proof Of Premium (POP)
By contributing lending capital and collateral on the network, lenders and borrowers are entitled to a portion of the newly mined FIN. The duration and value of those assets staked will be used to calculate how much FIN the lender or borrower will get proportionally. The number of newly mined FIN follows a predefined deflationary curve.
Voting Rights
Decentralized governance is an important aspect of the DeFiner ecosystem. The FIN token is also designed to represent voting rights for holders. This keeps the platform secure, evolving, and allows users to decide on the trajectory of the platform. Each FIN token entitles you to one voting right, so owning more FIN gives more votes.
We still have one last round left for the private sale. Anyone can participate from our channel @DeFiner
Co-founder of DeFiner, Chyna Qu
Sadly the SHO is over. But like Jason mentioned. There’s another round left.
Founder and CEO of DeFiner, Jason Wu
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
🤩Checkout 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
Admin will never pm you first don’t send any fund to admin. Please be careful with scammers.
Cryptodiffer TEAM
Thank you for taking your time today.
Great answers!
Founder and CEO of DeFiner, Jason Wu
Thanks for having us here.
