OIN AMA with Renard Zhang at t.me/amaroom
Eric: Thanks for taking the time @renardzhang. How are you today?
Can you please introduce yourself to the group?
Renard: I’m pretty good. Thanks for having me! @ERCSU
I have been in fintech and blockchain field for over 6 years.
Prior to this I was working within the United Nations system and traditional investment banking for almost 10 years. I provided strategy consulting services to banks like Standard Chartered and fintechs like Ant Financial. That’s also where I got to know blockchain and became obsessed with this amazing innovation.
My first experience with decentralized finance is to advise on a ConsenSys led atomic swap project as early as in 2018.
Eric: What was your first crypto purchase?
Renard: I was actually given free Bitcoin by a friend in 2015.
Eric: Did u keep it? or sell it?
Renard Zhang: I left it in a crypto wallet which I still have now
Eric: You have diamond hands sir.
Renard: Perhaps haha.
Eric: So what is Oin Finance?
Renard: Our goal is to address the congestion and high cost issues on Ethereum-based defi systems.
Oin Finance starts a liquidity pool on Ontology as we were drawn to the high performance of the chain. But we’re quickly expanding to other public chains. Qtum is a new partner we have.
Our goal is to build out a Ethereum-centered “Greater DeFi” ecosystem that will include 80%+ non-ETH assets in the crypto world.
In this ecosystem, ETH users can enjoy high-performance transactions and extreme user-experience without having to give up their ETH assets into other tokens.
Eric: So why Oin? is there meaning behind that?
Is it Coin without the Crap?
Renard: “We all in”
Eric: hahah nice!
Renard: All in a greater defi ecosystem!
Eric: Can you list one or two killer features of OIN finance that makes it ahead of its competitor?
Renard: For sure.
First, we have multiple way of receiving rewards.
OIN DAO, OIN Swap and Cross-Chain mining — we are the first one to create this unique mining opportunity in the industry. It’s based on PoS consensus.
Second, we won’t “divert” any liquidity from ethereum
Quite the opposite, we allow users to keep their ETH assets while enjoying the high-performance of other public chains such as Ontology.
In other words, we are building a solution to the congestion problem centered from Ethereum, not the other way around.
Eric: Nice. So what are the tokens in OIN?
Renard: We have our own native token OIN as governance token.
You can vote with it and earn rewards — very similar to the ones on other defi platforms
Eric: How big is the team?
Renard: We also have a stablecoin.
We will build a collateral pool. Other token holders can collateralize their asset (e.g. ONT) to generate USDO.
We are highly distributed and over 20 in total, but growing all the time, so kind of hard to say for now.
Eric: Nice. and the OIN is not mined?
Renard: We have various ways to getting it. but we’ll let the community to decide on that eventually.
Eric: What are the security features that OIN have?
Is it insurance backed?
Renard: Security is always our priority.
First, many of our tech team members come from Ontology and know all the detailed nuances of the blockchain. Secondly, we’ve done many rounds of stress tests.
Thirdly, we’ve invited several industry-leading security company like Beosin to audit our code.
Last but not least, we are rolling out bug bounty programs or even hackathons to help us fix bugs.
Users can also refer to our wp for details.
Eric: Can you talk about the public sale? How is it being done?
Renard: It will take place on our official website. Time is 21 Aug, 20:00 Hong Kong time
You can find a detailed guidebook on our official site soon. We will announce the guide publicly.
Eric: Nice. It its time for community questions.
Q:Can you please specify about the Legal Compliance of your Stable Coin $ USDO , how do you ensure its stability peg to $ USD?
A: The easy way is to compare us with MakerDao.
We are basically using the same logic, but of course they focus on ETH assets and we are thinking beyond that.
Q: OIN Finance is launching series of awesome products like OIN SWAP, OIN-LEND, OIN COIN, USDO etc. Will you ever develop an App or platform to integrate all this wings of your ecosystem for easy access by OIN Finance users. If so, when will it start? If not, why not?
A: That’s exactly what we are envisioning a super wallet including multiple assets beyond ETH ERC.
Q:What critical problems do you see occurring in the blockchain industry nowadays and why we need a DeFi solution in blockchain? What’s your aim to solve these problems & how will you solve?
A: People are driving too much traffic to Ethereum which can’t support
We are doing the opposite and make the Ethereum DeFi function much better.
Q:What is difficulties and chances that OIN Finance face right now while crypto / blockchain market is still young and need time to grow?
A: Our difficulty is the balance of speed and quality. We want to deliver the best products but we are ensuring the quality remains the first priority, especially security.
Q:The Defi space is still very young and most projects are still at the experimental stage, I would like to know OIN finance approach to DeFi? Which products are you building to help Bolster the DeFi Space?
A: Thank you Boylut. As most industries at their birth, the DeFi space is highly concentrated, while its access to compatible resources are fragmented and inaccessible. By this we mean that although ETH is home to many of the DeFi projects, but the value of all cryptos on the market far exceeds what is accessible on that platform alone. We are building OINSWAP, a liquidity pool, and OINLEND, a lending platform, all with cross-chain functionality. This will open up and bring together the different markets, allowing efficient transfer and leveraging of value within. Essentially, if you consider different countries and their currencies and systems, and how they function well together, they need a backbone system that will allow them to work together. That is what we will be.
Q:What are the differences between OIN swap V1 and V2? Are both available or is only V2 used?
A: Version 2 will include more assets. V1 is still ONT.
Q:What are the special advantages of OINfinance to be able to defeat another competitor, when the project’s goal has too many previous projects doing and developing?
A: We have a great team working on multiple public chains. Our competitors, by contrast, are trying to build out things in their own small ecosystems.
That’s beauty of the “bridge” we focus on building.
Q: Investors seem to only care about the price of the token instead of the real value of the project, how does OIN attract newcomers and keep members long-term with the project? What is the real value of OIN?
A: It is true that a vocal and active portion of the crypto and DeFi community only care about token price. There is a significant market however that is willing to accept the technology for use if given an easy on-ramp, along with legitimacy. This market, along with the current DeFi community that is among many things, aiming to utilize the market, its value, and its technology to the full extent, can all have an easy on-ramp to our platform. Through an ergonomic design of our apps, the professionalism and thoroughness in things such as security and legitimacy, and bringing together the DeFi space, we will provide the easiest on-ramp for our users that make sense.
For the second part of your question, our real world value, we can confidently say that as a DeFi service, it will provide exactly what the name suggests; DeFi services. Lending and leveraging assets have been a key tool in the traditional financial industry, and can even be said to be the pillar of the industry. Without such services, it is hard to build an infrastructure that is more than simple deposits and transfers. That is the value we bring.
Q:As we know OIN Swap V1 & V2 Pool is a Main Product of OIN & this DEX has many features in it but how the interface on this DEX will be easy for the user to understand? Don’t you think this? How you guys have thought to this problem?
A: I won’t say they are the main product.
It’s just the beginning.
Q:Yet another DeFi project with even a Funny Name, what Exactly are you offering that sets you apart from other projects as I don’t like the idea of 1 million project offering the same thing.
A: As for our name, we thought it was memorable! As for our competitive advantage, we’re set apart in our inclusive approach. We will be bridging and integrating as many platforms as we can with our cross-chain technology. We will provide an easy on-ramp and an ergonomic user experience to make the process as easy as possible for the newcomers, allowing for further growth outside of the DeFi space. Our Mission isn’t to simply become another DeFi project, it’s to become the gateway. One of the foundations of the new DeFi infrastructure that is necessary if we wish to fully grow the DeFi space into something more than a quick fad. While other projects, and some of them quite good projects may aim towards the same goal, I believe we are one of the unique ones in our approach and mission. This allows room for all of us, offering something different while complementing each other, creating synergies to grow.
I would say “cross-bridge” mining is a big thing that differentiate us from the rest.
Our cross-chain architecture enables OIN to hook into other blockchain networks (ONT, QTUM) and their applications, and vice versa. By opening up these existing networks, it broadens and strengthens OIN’s available offerings.
You may even do PoS mining on it. But of course perhaps not this month but our team is working on it.
Q: OIN Swap V1 & V2 Pool (Decentralize Exchange) will be an impressive product of OIN Network. However, Binance Dex will support MultiChain soon, Ferrum will also have a Dex with interoperable assets supporting, Troytrade also supports cross-chain feature. Do you feel pressure from these and have a plan to be out standing compared to them? Do you think ONT blockchain makes you free from tough competition? or are you just trying to get away from it?
A: Always feel pressure and that’s good for us
Ontology is just beginning. We are expanding to QTUM and other chains. ONT attracts us due to its high performance, DID and other features. But we also see the benefits of working with more public chains.
For ONT specifically, it’s low transaction cost is around 200x better (cheaper) than Ethereum and it has a built in cross-chain feature.
Ontology supports dapps built on top of its ecosystem. But we have no official relationship.
Q:You are in a portfolio of big projects such as MakerDAO, Quarkchain, and Cosmos. How does this provide power support for FinanceOIN and how does it direct your route?
A: We are honoured to be alongside some of the established names, and excited to see how we can work together. For example, we have just announced another addition to our planned bridge, Qtum. Through such cross-functionality and possible business partnerships, we can exchange technology, value, our markets, and more to create an environment that allows us to grow and legitimatize the DeFi space itself. Having other big-name players in the blockchain and DeFi industries only acts as a boon for all those involved, just by the fact that they have already laid out a lot of the groundwork for marketing, value capture, and legitimizing the industry in the eyes of the public.
Q: There is a Liquidity problem facing new DeFi projects, how do you overcome this and are your smart contracts audited for maximum security.
A: We are working with many liquidity providers and exchanges. But due to NDA, we can’t disclose their names for now. Some exchanges have even invested.
Q:Is OIN FINANCE aware of risks & uncertainty which could bring harm to it users, if yes? What mechanism have you put in place to hedge the market risk?
A: There are many risks to users in every space. By market risk, can I assume that you’re speaking to the ‘currency risk’ that volatile token price may cause within the liquidity and lending pools? This is addressed through mechanisms such as our clearing trigger set at 180% collateralization, which may be adjusted at a later date. A lot of the mechanisms are taken from the traditional finance industry, which can be said to be tried and true.
Eric: That about wraps it up. @renardzhang Please invite everyone to your channels and the public sale
Renard: Thank you so much your time and having us here. enjoy this AMA and happy to address more questions in our channel.
OIN Finance: Hello everyone! I hope we answered some of your more pressing questions. We truly did enjoy your insightful talking points, and are excited about your enthusiasm.
If you have any further questions, we can take them at our Telegram group: https://t.me/OIN_Finance_Eng
Otherwise, please contact us at:
Eric: Thanks for introducing us to this great project Renard . All the best of luck.