Dear Open DeFi Community,
Open DeFi is delighted to share that on July 20, 2021, we got an opportunity to hold an extremely insightful AMA session with the Decentralized Club. Marek Laskowski and Sami Tannir, the core team members of Open DeFi represented our platform, features, mission, vision, and more to spread awareness about our unique project.
In the community-driven platform of Open DeFi, we make sure that you get access to all the crucial information even if you are busy. To keep up with this initiative, here we are releasing an AMA Recap through which you can get every second’s update of this insightful event. The session had four segments: Introductions, Twitter Questions, Website Questions, and Live Q&A Session with Community.
Decentralized Club is a group dedicated to spread awareness about all small and large crypto projects among group members that help them earn profit and make informed decisions while trading, investing, etc.
Introduction
[May] Hello, My name is May and I’ll be hosting the AMA with Open DeFi.
Today, we have with us some guests from Open DeFi. You’re both welcome and it’s an honor to have you here.
Could you both quickly tell us more about yourselves and your job descriptions at Open DeFi?
[Sami] Hi everyone, great to be here. My name is Sami from Open DeFi – I am helping with the DeFi strategy and partnerships.
[Marek] I’m Marek, and I’m a Blockchain and Data Science nerd. I’m helping lead the DAO on the technical side, with Smart Contract and other development 🤠
[May] Awesome! Let’s take some project introduction questions.
Q1. Briefly tell us about Open DeFi and the unique features it offers?
[Sami] Open DeFi is a permissionless venture DAO, on a mission to build the machine-intelligent and multi-chain DeFi protocols of tomorrow. The Open DeFi DApp marketplace includes ventures in which the $ODEFI token holders have decided to include in our ecosystem. These consist of Open DeFi products that interoperate to maximize and diversify revenue for the DAOs treasury, creating the most bullet-proof value accrual mechanism in DeFi. Our DAO will support and launch projects across all L1 and L2 ecosystems and capitalize on new DeFi market opportunities surrounding future digital asset classes, including NFTs, data tokens, and more.
[May] That’s amazing news!
Q2. What specific problem is Open DeFi looking to solve?
[Marek] When creating our DAO, we created a strong thesis which we worked around as criteria for incubating new DApps. When launching and accepting new DApps we aim to release DApps that are both Multi-Chain as well as machine-intelligent. We came to this thesis because we believe that in the current landscape of DeFi applications, DApps are not leveraging enough outside technology such as Machine Learning and Artificial intelligence (popular in TradFi) as well as not taking advantage of untapped and scalable ecosystems, some of these include Solana, Polygon, BSC, and Polkadot.
[May] Smart strategy right there with the AI tech.
Q3. How is OD DAO’s treasury being diversified?
[Sami] Our DAO looks at several different tools for diversification.
The Open DeFi treasury has two avenues through which income is generated: revenue and non-operating income.
The DAO will extract fees through the DApp marketplace and utilize its existing assets to generate yield/venture returns. With multiple income streams, the DAOs treasury income can consistently cover and exceed operational expenses, as well as generate a value accrual mechanism within the protocol to give the $ODEFI tokens value.
We have looked to the following assets to diversify our treasury:
- Stablecoin/Single-Sided LP Positions (Curve)
- L1 Asset POS Staking (Chorus One)
- Lending on money markets (AAVE)
- Senior debt in risk-tranching protocols (BarnBridge)
- Open DeFi Range Tokens (UMA)
- Tokenized real-estate/high-value NFTs (RealT)
- M&A / Early Stage Ventures (OptyFi)
- Yield farming treasury assets and LPs (Yearn)
[May] Looks good!
Q4. How do we acquire the OD DAO Governance Token $ODEFI and how will its price be positively affected in the long term?
[Marek] The governance token will be made widely available in a couple of ways including a healthy Liquidity Mining rewards program and a few other ways. One of the ways that we’re most excited about is through a contributor rewards system that will use a combination of non-fungible contributor tokens and governance tokens. The non-fungible contribution tokens (NFTs) are given out to recognize the unique contributions of community members, and the NFTs are usable to unlock contributor rewards when the Open DeFi DAO governance token launches. Please stay tuned to our Telegram, Twitter, and Discord for up-to-date announcements!
Regarding value accrual, the token has a diverse set of revenue streams including short-term yield farming and long-term incubation strategies, and a key way this happens is through synergies occurring between DApps on our upcoming marketplace.
[May] Q5. What should we expect from your roadmap in the second half of 2021?
[Sami] Our next half of the year is quite eventful. As it currently stands, we will begin with a follow-on to our successful 950+ developer hackathon in August through September, this will help funnel new developers into our ecosystem as well as promote Open DeFi across the general DeFi landscape. Following that we will release V1 of our DApp marketplace, starting with our first incubated project OptyFi. The OptyFi Protocol provides simplified access to optimized yield across DeFi. The Protocol evaluates thousands of yield strategies across hundreds of liquidity pools, dozens of protocols, and multiple blockchains. OptyFi optimizes capital as assets deposited into vaults are continuously deployed into the most profitable strategies based on predefined risk profiles and preferences. Followed by OptyFi, we will round the year off with our second incubated project, a new algorithmic stablecoin.
[May] Yay! We love stablecoins!
[Marek] I also think the hackathon is a super idea. Thanks!
[May] Awesome, awesome developments from Open DeFi.
Twitter Questions
[May] Q1. Can you highlight one or two similarities between your range tokens and the more conventional equity or convertible debt we witness in everyday finance? How do we use these range tokens to guard against liquidation or loss?
Twitter Username: @theyasflower
[Marek] Thanks for the interesting question. Range tokens are very similar to conventional equity/convertible debt. Investors who purchase range tokens are essentially lending funds to the DAO and could earn a decent yield on the capital (e.g. USDC) provided. Also, the tokens are similar to holding a call option which gives them the right to convert the debt at a maximum price per native token (the high price range), they are also guaranteed a certain amount of the DAO native tokens at maturity regardless of the price action.
This limits downside exposure to the price of the native tokens because they would always receive at least the equivalent of the notional value of the debt unless the price eventually goes below the low price range. In addition, if the price exceeds the agreed call option strike price at settlement, the investors (i.e. range token holders) would have positive exposure to the native tokens.
[May] Mind-blowing! Could use some range tokens in this bear season 😅
[Marek] Haha! Yes, but I hope it doesn’t last too long regardless 😜
[May] I hope so too!
Q2. Will there be a public offering for Open DeFi? How to get tokens in the fastest way in the early bird? What incentives does $OD Token bring to the community and investors?
Twitter Username: @annamuskto
[Sami] $ODEFI ** 🙂
But yes, we are planning for a public offering later this year. The fastest way is probably to participate in our early contributor rewards program that is going on right now. Of course, after the token launches, there will be many ways to get it including liquidity mining and airdrops.
The token is a utility token that enables its holders to participate in the governance and operations of the Open DeFi DAO. It will also be used to bootstrap liquidity on new DeFi protocols and blockchain platforms. The value will accrue to the token through the treasury diversification strategies we mentioned earlier. Ultimately, all the decisions of the DAO will be made by governance token holders, including how the treasury is allocated and used.
[May] @annamuskto
It’s $ODEFI, not $OD “Wen airdrop sir?” 😂
[Sami] Lol, more details soon!
[Marek] Yeah, we’ll announce things well in advance!
Q3. What plans have you made to keep Open Defi free from manipulations?
Twitter Username: @SerenayEkraj
[Marek] Open DeFi’s number one priority is security. For every iteration we have made, we have gotten an audit from numerous auditors. This includes our token, vaults, airdrop, and staking contract. There will also be a bug bounty program on ImmuniFi and a testnet soft launch to allow for community audits and whitehat hackers to help discover bugs in our system.
[May] Cool. Please share your social media links so our community can keep tabs on yours.
[Sami] You Can connect with us on all our socials here!
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
[May] Cool cool. Love how organized your project is, I must say. Let’s now take three questions from our website community. Are you ready?
[Marek] sure thing!
Website Questions
Q1. Partnerships give DAOs a very wide reach so please tell us who you have partnerships with in the DAO or general crypto market?
Telegram Username: @zelafet
[Marek] We announced a partnership on data with DIA a little while back. We have also announced that we have partnered with Gnosis Safe and Kleros on a unique cross-chain decentralized governance tool. We’re also partnering with others including IOSG on project incubation, and Gitcoin on a regular series of Hackathons that will be happening throughout this year and next year!
We do have many more exciting partnerships in the pipeline, which we are eager to announce, but aren’t quite ready yet. Will will be making those announcements through our Telegram group, Twitter, and Discord.
[May] Dear community, please explore Open DeFi via this link: https://linktr.ee/OpenDeFi
We don’t want to miss out on anything now, do we? 😎
Q2. A lot of projects use Certik for audits. Is there a particular reason your project was given to Coinspect for the audit? And is Open DeFi compatible with both EVM and non-EVM chains?
Telegram Username: @CloudJumper97
[Sami] Coinspect has a long history of doing audits and they are well regarded by everyone we’ve spoken to in the blockchain space. They provided a bespoke experience, were quick, flexible, provided excellent feedback, and most of all was very thorough. Thanks to our collaboration we made improvements to the airdrop Merkel Distributor contract made popular by Uniswap by adding Safe ERC20 functionality and generating full test coverage!
[Marek] Initially, we will be focusing on EVM-compatible chains for our first deployments. We are excited about non-EVM blockchain platforms as well, in particular Solana, and are going to be bringing Open DeFi to non-EVM chains as well 🤝
[May] It’s Solana SZN, really 😎
[Marek] and Multi Chain DeFi SZN (soon!)
Last question for this segment.
Q3. Adoption is a challenge for any blockchain project, especially in this sensitive period of the entire market when many blockchain projects die because only a few are using their platform. What is your team’s strategy and vision on this issue?
Telegram Username: @Caryln18
[Sami] Our strategy is to expand the Open DeFis ecosystem to a wide variety of participants and not just traders. As far as joining the DAO there are several roles for people to participate in, some of these include:
- Yield Strategists
- Researchers
- DeFi Due Diligence
- Designers
- Marketers & Community Managers
- Documentation
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
[May] https://t.me/decentralized_club/564218
We’re 75% done with this session but I am 100% impressed with Open DeFi! 💯 It’s amazing! We’re moving on to the most awaited segment on the AMA – the live segment! On my mark, the audience will flood us with questions. Please pick the best, and only the best four questions to answer 😎
Live Q&A Session with the Community
[May] Over to you! @RegularMarek @samitannir
[MH CRYPTO] So many Rug Pulls and exit scams are happening now. How can we trust this project and believe you are not the same as them?
[Sami] To answer this one quickly, our DApps, smart contracts, token address, etc. is handed over to the governance and public multisig on Day 1. We are also a fully public core team.
[Hamza Shafiq] Where can I buy it, also can you share all the links to all your social media platforms if possible?
[Sami] linktr.ee/OpenDeFi
[J Mags] On your Launchpad program, how would you verify if an applicant’s project is legit and won’t rugpull from their investors?
[Sami] All applicants are fully transparent teams that have come from recommendations of other investors with fully thriving communities, the launchpad program does not accept projects that could pose a risk to members of the Open DeFi ecosystem.
[J Mags] I see you will be holding a Hackathon this coming May 3–23, 2021. May I know what the prizes and rewards will be for participants and winners and how to join?
[Sami] This hackathon is now over, although there is a new one coming up next month! In the last one, we had over $250K in prizes and 20+ sponsors including polygon, Badger, Synthetix, and more. The hackathon brought in just under 1000 new developers to our ecosystem.
[Eberth] Is your artificial intelligence safe? Is it fully insured and tested?
[Sami] Yes! The developer of our ML algorithm was a former wall street financial engineer and has had the code verified safe by over 3 auditing firms and other ML experts.
[Sami] @MsMayMay Done. I have answered the best 4 in my opinion!
[May] Okay, Great! Thank you @RegularMarek @samitannir …for your time today. It was a pleasure having you both!
[Sami] Thank you, everyone!
[May] We will stick around for amazing news from Open DeFi. We wish your project the very best! Have an amazing day! 🙂
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