AMA RECAP with Cross Finance held @ Telegram
Good day to all! we have AMA portion with CrossFin A cheap-fee inter-Chain swapping & multi-chain Yield Farming.
Venue: t.me/DeFiProjectAMA Community October 24th 8 pm GMT +7
Guest: Ezhikov Vladislav
telegram ID: @ezcrossfin
Project Telegram: t.me/CrossFin
Host: Anita Williams & Amanda Simon.
THE AMA will be in 3 Phases
- 1st Phase. Questions will be from Team.
- 2nd Phase. Questions from Twitter.
- 3rd Phase. Questions from Telegram Live.
1st Phase: Questions from Team DPA.
Anita:
Q1. Can you briefly introduce CROSSFIN PROJECT?
Ezhikov:
Sure, basically Cross Finance or Cross Fin is a newly-born DeFi project on Binance Smart Chain, Currently, we have an AMM swap, which you can swap your BEP20 tokens trustlessly https://exchange.crossfin.io/#/swap
and a farming platform where you can earn more on your current assets by adding your funds into farming pools and earn the interest rate up to 200% https://farm.crossfin.io/
In the long run, we aim to build us as a very first cross-chain DeFi solution on Binance Smart Chain where users can not just swap but also invest (farm or stake), lend & borrow, liquidate their assets with every assets on every chain
What makes us different is that we put the trust in the synthetics model, not the wrapped trusted tokens, which means that with every assets you have on the out-side chain, we will always have a trustless synthetic version on Cross Finance. We are amont first DeFi projects which are totally decentralized.
You can check out our whitepaper: https://crossfin.io/WHITEPAPER.pdf
Anita:
Q2. What is the plan to ensure sufficient liquidity on exchange to fill market orders, especially as adoption increases and clients begin multiplying year-over-year for your project?
Ezhikov:
That’s such a great question. The question is related to a classic problem when it comes to marketplace model (AMM is one them), chicken-and-egg problem.
So, the direct answer is our farming platform. The farming platform https://farm.crossfin.io/ is where liquidity can be collected and used as the adoption increases and more and more users come and trade on Cross Finance AMM.
So, to answer your question precisely, I will answer what is our plan to grow the farming platform and the total liquidity poured in the site.
Basically, with the farming platform v1 as of now, users can add their funds into the farming pools and their funds will be directed to Cross Finance AMM and will be used there as liquidity. Currently, we offer pretty-good APYs which users can find them interesting to join us.
***Bronze pools: 146% APY
***Silver pools: 200% APY
Our farming platform has came up with many innovations which makes it a sustainable platform, also an interesting one for farmers to participate in.
For example, with Cross Finance farming, we fixed 2 major problems of current farming platform, which are
- Yield-farming native tokens are highly-inflated, thus affecting their price performances & farmers’ profit.
- More profit sources for yield farmers.
Please read here to understand our farming mechanism https://medium.com/cross-finance-defi/introducing-cross-finance-yield-farming-next-generation-farming-platform-with-groundbreaking-a9b071eaf3db
With all of these, we have grown the TVL of farming platform to roughly $4M
For the v2, we will allow farmers to stake their LP tokens which they get after adding liquidity on big AMMs on BSC such as PancakeSwap or BakerySwap. This would open a door for many farmers in the BSC community to join us and also bring more liquidity to Cross Finance AMM. Expectedly, the farming v2 will be launched after 1 weeks from now.
Anita:
Q3. The defi has so many problems, so what is the exactly unique proposition that CROSSFIN is trying to implement?
Ezhikov:
In the short term, we are
- One of the high-growth AMMs based on Binance Smart Chain
- A farming platform where users can earn on their BEP20 tokens sustainably & stably
In the long term, we are
An effective cross-chain DeFi solution where users can participate in many decentralized traditional-like finance services with the autonomy such as exchanging, lending & borrowing, etc
This is the short answer that every one can understand in 10 seconds
Anita:
Q4. What are the benefits of your farming platform? Can you explain the staking mechanism?
Ezhikov:
As for the staking mechanism in Cross Finance farming version 1, you will just need to store 1 assets to join the farming. The assets we are accepting right now is $CRP, $BNB, or stablecoin $USDY. It brings the convenience to users and we call it as single-token farming.
We are currently opening 3 farming pools, CRP, BNB, and USDY. When you add your funds into 1 of 3 pools, the USD-value of your funds will be quoted, then your funds will be split in 2 equal bags CRP & USDY, then the 2 bags are added into liquidity pools of CRP<>USDY pair on Cross Finance Exchange.
To go into details, let me explain how the farming works when you add funds into CRP, BNB, UDSY pool
- If you add liquidity into the CRP farming pool, half of your CRP stays the same, and half is locked in a smart contract to mint an amount of stablecoin USDY, with the value the same as the USD-value of ½ your CRP bag. Your original CRP bag now is distributed into 2 same-value CRP & USDY portions and added into 2 liquidity pools of CRP <> USDY pair. When claiming funds & rewards, you will receive your original funds as 2 CRP & USDY portions and rewards in the form of CRP.
- If you add liquidity into the BNB farming pool, half of your BNB is used to buy CRP at the market price, and half is locked in a smart contract to mint an amount of stablecoin USDY, with the value the same as the USD-value of ½ your BNB bag. Your original BNB bag now is distributed into 2 same-value CRP & USDY portions and added into 2 liquidity pools of CRP <> USDY pair. When claiming funds & rewards, you will receive your original funds as 2 CRP & USDY portions and rewards in the form of CRP.
- If you add liquidity into the USDY farming pool, half of your USDY stays the same, and half is used to buy CRP at the market price. Your original USDY bag now is distributed into 2 same-value CRP & USDY and added into 2 liquidity pools of CRP <> USDY pair. When claiming funds & rewards, you will receive your original funds as 2 CRP & USDY portions and rewards in the form of CRP.
By representing your funds in 2 currencies, the single-token farming mechanism captures the USD-value of your bag at the moment you participate in the farming. Over time, by being added into liquidity pools of the asset pair, 2 new currency bags reserve the original USD-value, thus ensuring that you would never suffer any financial losses no matter how much CRP and BNB price would fluctuate.
Anita:
Q5. Will you please elaborate your roadmaps from this year up to your target quarter of the year 2021? What is the biggest trade mark of your project that will give a huge impact to your investors?
Ezhikov:
End of the year 2021 is a bit too far but I'll try my best to answer the question. So, some things which are in the pipeline
- The analytics site will be launched in the next few days. This is the site where you can track all the data about Cross Finance (trading volume, total liquidity, TVL, etc)
- The farming platform v2 will be launched in roughly 1 week from now on.
- Along with that, we will keep improving the v1 by openning more farming pools with interesting APYs
- The p2p lending platform will be launched with the alpha version. This would be the first P2P lending on BSC
- First implement of synthetics protocol will be live on Decemeber expectedly. You will see the trustless version of BTC on BSC, the vesy first one in the market.
1st Phase is Done
2nd Phase Questions from Twitter
Amanda:
Q1. From @SweetDaisy1995
Most projects have gone through certain difficulties and challenges. What difficulties are you facing and how do you overcome them?
Ezhikov:
The difficulty that we are facing every day is DeFi is changing too fast and one who wants to grow always need to learn how to adopt fast.
You can see how many farming platforms in specific and DeFi projects in general are emerging everyday. So as a new DeFi project, we need to have good strategy to ensure the growth
The game-changer that we bet on big is the farming platform https://farm.crossfin.io/. We rolled out it with many innovations that can fix current problems of current yield farming, thus making sure that the platform has the advantages over others.
Also, we put our belief on cross-chain DeFi where wrapped tokens is replaced by synthetics. We think that this belief can postion us in the different place compared to others.
Amanda:
Q2. From @jnl203
What are the features of Cross Finance?
What makes it special that it goes #3 among best defi projects in Binance Smart chain?
Ezhikov:
Currently, on Cross Finance you can
- Swap BEP20 tokens trustlessly on https://exchange.crossfin.io/#/swap
- If you have CRP, BNB, or USDY, you can join the farming https://farm.crossfin.io/ and earn CRP from your fund
You can join 2 types of farming:
***Bronze farming: 146% APY, the model is like normal farming
***Silver farming: 200% APY, the model is like Binance Launchpool
- If you have put liquidity in some AMMs on BSC such as PancakeSwap or BakerySwap, you can wait until the farming version 2 is launched. With the v2, you migrate the liquidity you added on these site to Cross Finance by staking LP tokens on our site.
Amanda:
Q3. From @CryproBAKER
Currently many projects are issued their own Yield Farming just as a collectible thing without any use-cases of it,
So, what makes Yield Farming on CrossFin different from the others?
Can the Yield Farming on CrossFin be used in the real-world cases?
Ezhikov:
We see that there are 4 current problems with current farming platforms
- Yield-farming native tokens are highly-inflated, thus affecting their price performances & farmers’ profit.
- Users need to store at least 2 tokens to join farming. Single-token holders don’t stand a chance.
- Referral marketing is not leveraged to grow user-based
- Lack of profit sources for yield farmers.
What make Cross Finance different is we fix these 4 problems by proposing our own innovations. They include
- Single-token farming mechanism: Users just need to have 1 asset to join the farming
- Native token recycling mechanism: The more $CRP is added into the pools, the more $CRP is recycled and added into the current supply, so there would be a long-term scarcity of CRP
- Referral reward fund extracted from annual inflated amount: We extract a part of the annual inflated amount and use it for referral marketing
- More profit sources for farmers: Farmers will earn not just from farming rewards but also trading fee profit. It’s one-of-the-kind among other farming platforms.
Amanda:
Q4. From @CCryptoJenny
I am a newbie trader and just want to learn before I start investing, do you offer any educational courses that I can learn from?
Ezhikov:
You can find a lot from Google actually. And one the best way is to join us https://t.me/Crossfin. You can learn a lot of investing lessions here
Amanda:
Q5. From @Joyce0502
Any small coding error can permanently damage the entire assets of the LPs. This is the biggest risk of Yield Farming . How will you deal with this problem? Has your smart contract been audited by any blockchain system ?
Ezhikov:
We are in plan to work with a well-known audit firm to audit our smart contract. Based on the NDA, we can't disclose the name of the firm now. As soon as we have the audit result, we will announce it widely to all community.
Yes, I know that coding error can be big risk for DeFi projects as there have been many cases with famous platforms where the code sucked and users lost money. In any case like that, the team will be the one who take the responsibility to cover users' fund and Cross Finance is no exception.
2nd Phase Done
Final Phase Telegram Questions:
Q1: @han_jayy
What is USDY stablecoin? Can you explain the mechanism to create it?
Ezhikov Vladislav:
To serve the operation of Cross Finance, we have launched the USD Yield (USDY) as a by-community stablecoin for the Binance Smart Chain network. In the short term, USDY will be used within Cross Finance as the liquidating means of payment for various financial services on the ecosystem such as AMM, yield farming, P2P lending, derivative platform, etc. In the long term, as the collateral funds backing USDY become enormous, decentralized, and proven, the stablecoin can be used widely in the whole Binance Smart Chain network. Cross Finance is willing to be the first backer of USDY but won’t be the one controlling the stablecoin. In contrast, the Cross Finance community gradually will, by joining the Cross Finance yield farming & other community-governed platforms.
To mint the first Dollar Yield (USDY) coins, Cross Finance will use 30% of the total fund we raised successfully on the presale as the backed assets. It means that at the moment, USDY has a total collateral asset backing value of $360K.
Next Dollar Yield (USDY) coins will be minted by Cross Finance yield farming users based on the principle that the more value locked in the platform, the more USDY is minted. In that way, USDY is emitted along with the growth of the Cross Finance yield farming platform and each USDY coin being released always goes along the number of trusted assets backing at the same value.
Q2.
What is the significance of the stablecoin USDY in the growth of your platform?
Ezhikov:
Dollar Yield (USDY) coins will be minted by Cross Finance yield farming users based on the principle that the more value locked in the platform, the more USDY is minted. In that way, USDY is emitted along with the growth of the Cross Finance yield farming platform and each USDY coin being released always goes along the number of trusted assets backing at the same value
Q3. @jason_privacy
How much TVL Cross Finance has at the moment? How do you compare yourseld to Pancakeswap or bakeryswap?
Ezhikov:
Our TVL is currently over $4M. We are currently #3 among best DeFi dapps on BSC, PancakeSwap and BakerySwap are #1 #2 respectively.
Q4. @devid1224
Please give us some details about your roadmap going forward, how do you plan to onboard users and gain more adoption?
Ezhikov:
End of the year 2021 is a bit too far but I'll try my best to answer the question. So, some things which are in the pipeline
- The analytics site will be launched in the next few days. This is the site where you can track all the data about Cross Finance (trading volume, total liquidity, TVL, etc)
- The farming platform v2 will be launched in roughly 1 week from now on.
- Along with that, we will keep improving the v1 by openning more farming pools with interesting APYs
- The p2p lending platform will be launched with the alpha version. This would be the first P2P lending on BSC
- First implement of synthetics protocol will be live on Decemeber expectedly. You will see the trustless version of BTC on BSC, the vesy first one in the market.
Sure, basically Cross Finance or Cross Fin is a newly-born DeFi project on Binance Smart Chain, Currently, we have an AMM swap, which you can swap your BEP20 tokens trustlessly https://exchange.crossfin.io/#/swap
and a farming platform where you can earn more on your current assets by adding your funds into farming pools and earn the interest rate up to 200% https://farm.crossfin.io/
Q5.
Q.how do you attract investors to be interested in Your project ? because some investors only focus on short-term prices rather than long term?Q.Everyone knows, if you want to go fast, go alone, but if you want to go far, you go with your partners, so with Your Project which partners will promote and help Your Project reach and achieve the project’s goals?
Ezhikov:
In the long run, we aim to build us as a very first cross-chain DeFi solution on Binance Smart Chain where users can not just swap but also invest (farm or stake), lend & borrow, liquidate their assets with every assets on every chain
What makes us different is that we put the trust in the synthetics model, not the wrapped trusted tokens, which means that with every assets you have on the out-side chain, we will always have a trustless synthetic version on Cross Finance. We are amont first DeFi projects which are totally decentralized.
You can check out our whitepaper: https://crossfin.io/WHITEPAPER.pdf
