Recapitulation of CRAFTING.FINANCE PROJECT AMA event held at AMA LOVERS CLUB.

Venue: https://t.me/amaloversclub
Date: Friday, 21st May, 2021
Time: 13:00 UTC

The CRAFTING.FINANCE PROJECT team was represented by @Hellodevelop who judiciously shared with us detailed knowledge and information about CRAFTING.FINANCE PROJECT.

1st Segment: INTRODUCTION

Q1: Can you please introduce yourself and your background, also introduce the team working on craftingfinance?

ANS: I'm Potti, and I am the Chief Community Officer, I am a heavy Defi User and a Crypto early adopter.

Crafting Finance is founded by a US PhD team, members of the team have many years of experience in the development of Ethereum smart contract, and are familiar with the development of Polkadot technology framework Substrate.

Q2: Can you introduce craftingfinance what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?

ANS: Crafting is a synthetic asset project based on the Polkadot ecosystem. Similar to Synthetix, it provides the issuance and transaction capabilities of various synthetic assets, which can support the issuance and transaction of almost all types of cryptocurrency assets and real assets. The important modules of the product include MintR, Kingsman, and various synthetic assets (Raft, RaftStable, UnivRaft, BondRaft). MintR supports a variety of collaterals to generate various synthetic assets and even user-defined assets. The debt pool model DEX used by Kingsman does not require counterparties, which solves the problem of DEX trading depth.

We have four main competitive advantages comparing to other projects

(1) We support multi-token collateral to issue synthetic assets.

(2) We can forge all types of synthetic assets, such as Bond, stablecoins, customized assets, etc. directly.

(3) After allowing users to issue synthetic assets, they can choose whether to join the shared debt pool (SDP). This is our most important innovation.

(4) Multiple debt pools are natively supported (the synthetic assets issued by synthetix directly enter the debt pool, and multiple debt pools are not supported). In the future, the debt pool can be split based on various methods (when the liquidity is enough, it can be completed by DAO).

Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?

ANS: We have done a lot so far and we are ahead of our plan already. Just recently, we have completed the first demo of our sharing debt pool (SDP), which is a core module of the whole system.

We completed the seed round several weeks ago and will close the private round 1 in this week for raising funds.

In this month, we will complete the demos of the whole system.
In next two months, we will complete the testnet and complete the security audit.
In the end of Q3, we will launch the mainnet.

You can always find our roadmap on our website. https://crafting.finance

Q4: Can you briefly describe your PARTNERSHIPS so far?

ANS: We already have partnership with Acala and chainlink, and there are plenty of partnerships we are going to disclose.
We work with acala for parachain and chainlink for oracle.

Q5: Can you give an overview of your Tokenomics, and the UTILITY of the $ craftingfinance?

ANS: First of all, the token CRF is the governance token. So all the CRF holders can participate in commnunity governance.

And we have three ways to encourage users to hold CRF.

1. The system will also reward the users who're using the CRF as collateral, so the investors will choose to forge to get the reward, which will also benefit the liquidity of the system.

2. The fees collected from trading in Kingsman will enter the fee pool. Those fees will be used as rewards as well as buy back and destroy CRF.

3. Users who choose not to join the SDP will pay interest on their synthetic assets, and the interest will enter the interest pool. Those interests will be used to buy back and destroy CRF.

With all these three incentives, there will be a very solid support for the price of CRF and it will be beneficial to the long term holders.

2nd Segment: LIVE Questions

Q1: When i was researching about your project i found Crafting finance will actualize the project in few versions such as
1)Columbus
2)Zhangqian
3)Thorvaldsson
4)Vasco da Gama
Can you tell me the differences of this versions? How they can be useful for the users?
https://twitter.com/Profess95385296/status/1395729059204587530?s=19

ANS: They are different stages to add different features.
Columbus is the first version which will include all the basic features.
And because we have four types of synthetic assets, Zhangqian will add the third type RaftBond and Thorvaldsson will add the fourth type UnivRaft.
In Vasco da Gama, we will lauch a brand new Oracle which will let us include all kinds of assets all over the world.

Q2: What strategies have the team put in place to have a very solid support for the price of $CRF or how do you prevent early investors from selling their tokens and see reasons why they have to hold for long term?
https://twitter.com/KurangaHA/status/1395724733543555084?s=19

ANS: All our investors believe that we are a very promising project which will change the financial world. Our seed round and private round 1 have included top tier international institution investors. So we believe they will hodl the tokens for the long term.
And as I already mentioned, we have designed ways to support the value of the token.

Q3: With regards to Forging synthetic assets, are there special benefits for using $CRF as initial collateral instead of other tokens? Can you explain the difference between the fee pool and the interest pool as relates to crafting.finance? Finally, How do you intend to support the price of the $CRF token?
https://twitter.com/kerzy_f/status/1395726659295358983?s=19

ANS: Users use CRF as collateral will earn more rewards comparing to those use other tokens. 60% of this kind of rewards will be rewarded to users who stake CRF and join SDP.
 Fee Pool

Users trading or converting synthetic assets on the DEX will incur transaction fees. The fee ratio is set at 0.3%, and these fees all enter the fee pool. And all the fees will be converted to CRF using auction or DEX. 40% of the fees will be distributed as rewards to users who meet the specified collateralization ratio in the entire system, and the reward ratio is determined by the debt ratio. Another 40% will be destroyed. The remaining 20% will be reserved for future maintenance and development of the system.

Interest Pool

Uses who choose not to join the SDP will pay interest on their synthetic assets, and the interest will enter the interest pool. 80% of the interest will be converted to CRF and the converted CRF will be destroyed as another way to support the price of the token. The remaining 20% will be reserved for future maintenance and development.

Q4: I saw your roadmap. It’s really attractive and good. But we saw many time that project purposefully or because of some reason can't able to walk through their roadmap. This create a great problem for the investors. How can you ensure that this type of thing will not happen in Crafting Finance?
https://twitter.com/Hikma14508353/status/1395717221498769410?s=19

ANS: We are already ahead of our original plan. So everything is in good shape. We are very confident that this project will be the best project of synthetic assets all over the world.

Q5: 🍎What is the difference between the Kingsman and the Forge Module? what are the role of each module at the crafting Finance system?
https://mobile.twitter.com/WhiteGianmarco/status/1395572263865495553

ANS: Forge is where synthetic assets forged or minted. Users put collateral token into Forge and mint any synthetic assets as they want.
Kingsman is a decentralised contract exchange. Users can trade in Kingsman after they mint assets in Forge.

Follow Us On Our Various Social Media Communities For More Update;

Crafting Finance Community
Crafting Finance
https://t.me/craftingfinanceofficialgroup

https://crafting.finance/

https://twitter.com/craftingfinance

https://craftingfinance.medium.com/

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