We’re glad to share that recently we had an opportunity to interact with the Wolfonaire community for a highly engaging AMA session. The session focused on introducing Open DeFi DAO, our plan, mission, and more.
SUMMARY
The Wolfonaire is the perfect platform for blockchain enthusiasts, investors, traders, and other tech-savvy people to explore much more about Blockchain projects with Revolutionary Tech.
The AMA Session took place in three rounds: Introduction, Twitter Round, & Community Round.
INTRODUCTION
Admin: Please give us a short introduction about your Team and your Project.
Marek: My name is Marek and I’ve been working with early stage blockchain startups for a few years now. For the last year I’ve been working with Block Science helping develp the Token Economics for top blockchain projects. For the last few months I’ve been helping Open Defi transition to a DAO on the technical and integrations side.
Sami: Hi all, my name is Sami, like Marek I am an Open DeFi core team member. I am assisting Open DeFi in the transition to a DAO and mainly focus on DeFi strategies, ecosystem growth, and governance.
Marek: Regarding the Open DeFi DAO (OD DAO), it is the first Mutli-chain DeFi DAO that will pursue two main kinds of opportunities: Short Term Yield Strategies and Long Term Project Incubation Strategies.
The Open DeFi DAO will have access to short term strategies in DeFi ecosystems across several blockchains thanks to our first Incubated Projects, OptyFi that finds the best yield opportunities in real-time.
OptyFi is a great example of an incubated project that will come out of OD DAO. Incubated projects will address opportunities and challenges faced by all DeFi projects in this new multi-chain era.
Admin: For our members who are not already familiar with the project, can you give us a very high-level overview of what #OpenDeFi is and what competitive edge it brings to the Crypto Universe?
Sami: Open DeFi is one of the most unique and exciting projects bubbling in the DeFi ecosystem, and differentiates itself in many ways, firstly being there isnt really a DAO you can compare it to. The DAO will be the first of its kind when it comes to using the technology of DAOs to power incubation, and on top of that, the entire project will be focused on multi-chain development. While others are exploring multi-chain, the DAO will use its treasury to not only create new multi-chain yield opportunities with untapped chains, but also use the treasury to bootstrap liquidity on your favourite layer-ones such as Terra, Polygon, Moonbeam, BSC, Avalanche and many more. We will be using the power of permissionless governance to constantly launch new dapps and use cases for our tokens as well as launch with a gameplan to create the most diverse and profitable treasury in DeFi which our token holders can capitalize on.
Admin: How do holders of the #OpenDeFi Tokens benefit in the ecosystem? What power within your model do individuals hold? Why is it so attractive and what are the basic requirements to participate?
Marek: The Governance Token holders will be able to stake it in order to participate in the governance of the OD DAO. We have a second type of token, a Non-Fungible and Non-Transferrable Contributor Token (NFT) that will be awarded to members who actively contribute to the DAO operations. The Contributor Token will enable anonymous and pseudonymous community members to build a “digital resume/CV” giving them priviledges within the Open DeFi DAO, and also community incubated projects. One example is that we’re planning to give a Contributor Token holders a boost to voting power.
Sami: You can also use the Open DeFi governance token for multiple use-cases in oour DApp marketplace, the DApps that are included in our ecosystem will all be unique financial innovations that keep multi-chain and machine-intelligence at its core. This includes an ML-driven yield aggregator called Opty and many more to come including leverage, asset bridges, and defi passports.
Marek: The basic requirements for joining are simply to get ahold of the Governance Token which will be made available through Liquidity Mining, Airdrop, and a public IDO that we’ll be announcing in the coming weeks
All DAO decisions including how to allocate the DAO Treasury will be made by Governance Token Holders through Voting.
Admin: Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?
Marek: We’re in the final stages of development for our launch-ready MVP. As a mulit-cahin DAO we really wanted to tap into the multi-chain ecosystem immediately, and one problem we faced was with integrating non-EVM chains (for example Terra and Solana).
Sami: The solution we had for this was to first integrate with the EVM chains, and then expand out into non-EVM chains through tapping into community and grants from the foundations of other popular L1s that are not integrated in to the current “multi-chain” DeFi ecosystem.
Marek: One interesting challenge we’re overcoming with the help of some partnerships is, that our token will be used to bootstrap liquidity on many different L1's L2's sidechains etc.
We want our members to be able to participate in governance regardless of which blockchain they prefer to use. To solve this we’ve partnered with Gnosis Safe and Kleros to deliver an innovative cross-chain governance solution build on Safesnap
Admin: Can you please give us a short tutorial on how even a non tech guy can easily use and enjoy your platform?
Marek: We’re going to be creating a series of Youtube tutorials to walk people through the use of the platform. Some things are going to be familiar to DeFi users such as voting and depositing in vaults.
We’re working hard to make the UI/UX as intuitive and simple as possible
Sami: As far as joining the DAO there are several roles for people to participate in, some of these include:
- Yield Strategists: Help create strategies and new vaults that will help increase profits for the treasury and members of the DAO. Yield strategists can collaborate with our operations team and also potentially earn performance fees from the profits of vaults they help create.
- Researchers: Combine technical, business, and crypto knowledge to help produce and contribute towards the research and development of Open DeFi’s mission. Help generate original content for the Open DeFi blog that will educate the masses on the scalable, interoperable, and transparent future of finance.
- DeFi Due Diligence: Whether it is technical, business, legal, or token-economic related, the contributor reserve will be used to incentivize DAO members to help screen and assist in the due diligence of projects applying for venture investment.
- Designers: To help mold and design the brand and products of Open DeFi, we will be issuing tokens directly to brand and design experts who can help curate future banners, logos, and other media graphics needed to develop our brand.
- Marketers & Community Managers: Looking for experienced community managers and marketers to help moderate and generate content / engagement for our Discord, Telegram, Forum, Twitter and other social media channels.
Documentation: Written content creators who can help in the curation of guides, walkthroughs, docs, and explainer videos to help make Open DeFi as digestible and simple as possible for newcomers to the DeFi space.
Sami: We also have created a notion board that has several little bounties and full-time job roles that help grow the DAO, you can check that out here:
https://www.notion.so/opendefi/47c2d4f34ec54548b80e7e38ec42eccf?v=322f0987f2624e809eb7633bc303075f
TWITTER ROUND
Q. What kind of partnerships with different projects/platforms/protocols can we expect from OpenDefi in the future? Could you give us some examples of how other projects can leverage OpenDefi?
Sami: We are looking at several different partnership streams to make our DAO as efficient and wide-reaching as possible. We have identified 3 core groups of partners that we want to utilize
- Layer-ones – This is so that we can get the proper insights and rewards to tap into new markets
- DeFi protocols – Create new yield opportunities and ecosystem partners to help our incubation of new protocols
- TradFi/DeFi partners – Create new funnel for DApps and liquidity to flow into our ecosystem
We are getting ready to share all the partnerships we have finalized closer to launch but as a teaser we have so far partnered with Gnosis Safe, Kleros, IOSG Ventures, and more
Q. “Currently in the crypto market projects are trying to increase the usability of native tokens, so you can tell us in the future @open_defi is used for what purpose in your ecosystem. And why should investors hold it for the long term?
Sami: One thing that we have noticed with crypto projects is that they will release one use-case for the token, and once the rewards are dried up and the DApp is no longer exciting then its time to sell the token. With Open DeFi the focus is not to revolve around one core DApp but rather constantly roll out new DApps and create a DeFi ecosystem that is constantly evolving and composable within itself. Holders of the token can expect new use-cases to come out for the token on a monthly basis as well as benefit from the treasury decisions where revenue will in some cases be routed back to the governance members!
Marek: Regarding the question from jonny about cons of the project In general, We all talk about Positive points/Pros/Good Points & Features of any Project, no one Project tell about there Cons. So can you tell us Honestly the Cons & Lacks of #open (https://twitter.com/hashtag/open?src=hashtag_click) tokens? https (https://help.twitter.com/using-twitter/how-to-tweet#source-labels)://twitter.com/jonny25064148/status/1405221220203724801?s=20
Open DeFi is probably not for “platform maximalists”. What I mean by that is that if someone is an “Ethereum maximalist” or “Avalanche Maximalist” etc. this project is probably not for them. So I guess that could be seen as a downside for some people, in that we are working to grow the entire multi-chain DeFi ecosystem rather than a particular L1 or L2
Sami: linktr.ee/OpenDeFi
Any other of the twitter questions we didn’t get to you can forward them to us in our other channels!
COMMUNITY ROUND
Q. 💣Has any audit been done by your project? How secure is it to use your platform, tell us about adopted security measures? What steps will you take so that your security can last in the long term?
Sami- Yes we have gotten an audit by Coinspect and all our core contracts have been deemed secure! You can review them here:
https://opendefi.medium.com/open-defi-dao-audit-report-8e22d294e36e
Q. Why did you choose BSC platform for development? In the future, do you have plans to expand or develop your system on other networks like Ethereum, Heco or Polkadot?
Marek: So, we’re launching our DAO treasury on Ethereum because that’s where a lot of liquidity is right now. BSC is a good choice for vaults and Yield Farming due to the increasing opportunities there. We’re talking to many other Layer 1's and we have plans to work with Polkadot and others down the line
- We’re going to support MetaMask at launch but we will be adding support for other wallets, yes 👍
Q. For the future, do you have any plans to create own dex for staking, exchange and farm?
Sami- In the future we can as a DAO create anything as long as it falls in to our criteria of a DApp that we want to incubate, if we were to create a DEX it would have to inherit the following qualities
Q. NFT is really trending topic now in the market. So, how do Your project plan to onboard the development of NFTs and how do Your project plan to combine it with DeFi?
Marek: I think NFTs have a future in DeFi for sure. One way is through identity-related or social tokens, which is the basis of our Contributor Token NFT.
Q. Do you have user manual or short videos that would guide potential users of project to safely navigate your platform?
Sami: Sure you can check out our gitbook or ask questions in our telegram
https://app.gitbook.com/@opendefi-network/s/opendefi-network/
Q. Are you a global project or local project? At present, which market are you focus on, or is it focused on building and growing to gain customers, users and partners? Can anybody anywhere use this project without Any restrictions? What makes you believe that your project is worth choosing?
Marek: We’re a global project, and we’re not focusing on any particular region. Unlike many venture/ecosystem DAOs we’re permissionless and there’s no KYC to join the DAO
Marek:Thanks everyone for your wonderful questions!
Sami: Thanks all! Happy to connect with the Wolfonaire family
Sami: If you want to follow our project and learn more about the token launch you can connect with us on all platforms here!
