Recapitulation of CrossFi PROJECT AMA event held at AMA LOVERS CLUB.
Date: Sunday, 3rd October, 2021
Time: 16:00 UTC
The CrossFi PROJECT team was represented by @Paul_odermatt who judiciously shared with us detailed knowledge and information about CrossFi PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on CrossFi?
ANS: Let me introduce myself briefly:
I am Paul Odermatt, CEO of CrossFi and have been in the crypto space since 2012. I invested early in crypto and was thinking about starting a company in the blockchain space. I analyzed the financial market and quickly realized that real estate is the biggest asset.
So, I founded a company that tokenizes real estate via blockchain. It was not easy, because real estate is highly regulated and the legislation is different in each country. This was a first-mover project in the field of blockchain and real estate, which I was able to build up successfully. After building the company, I took a break to focus on the new big thing in blockchain. Through the previous company, I got a deep insight into the Ethereum Blockchain and the formation of smart contracts. I also got to know the inventor of the ERC 20 token at an early stage. I did an MBA and MSc.
From time to time I lecture on blockchain and finance at the University of Liechtenstein. I have also visited the World Economic Forum in Davos several times for speeches and discussions. I have a very good network in the area of blockchain, investors and financial service providers worldwide, especially in Crypto Valley Switzerland where I live. For a short time, I lived in Singapore. So, for me, it is clear that the next killer app in blockchain is DeFi. The DeFi market is growing rapidly! So it happened that at an early stage I met the team of CrossFi, which is very strong, hardworking, focused and shares the same vision as me: A one-stop platform for investing in DeFi assets! DeFi enables passive income, which is the pinnacle of money-making.
So before we proceed to the next question.
How big is the team working on CrossFi?
so we are about 25-30 people.
Q2: Can you introduce CrossFi, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: CrossFi is a decentralized finance (DeFi) project specialized in multi-chain & cross-chain loans and synthetic assets.
It offers interoperability between various blockchains and aims to connect isolated liquidity of existing public chains.
CrossFi is a cross-chain liquidity-sharing protocol. Liquidity is needed by various network assets to solve the main problem of DeFi platforms. The team is mainly divided into two core tasks, the team focusing on developing the basic cross-chain DeFi agreement, and the docking of third-party network assets.
The development of the CrossFi protocol intends to provide liquidity to digital assets. Interoperability connects chains of various assets in different networks solving the problem of insufficient liquidity in the original chain. CrossFi liquidity balance allows you to use the assets while still keeping them staked in the original chain, thus helping the original chain maintain liquidity as well as allowing you to use the assets on CrossFi.
CrossFi aims to solve:
A) The immaturity of cross-chain technology.
B) Insufficient liquidity of assets.
C) The problem of incomplete supporting infrastructure.
D) The problem of limited investment opportunities: we are building one platform for DeFi investments (staking, liquidity providing, lending, synthetic products, etc.) for different blockchains and projects, like a one-stop-shop.
Q3: I always love the idea of solving liquidity problem as it's one of the major problem of Dex but some project tends to solve this problem however, they fail at the end because they probably don't have what it takes
I don't know if you can open up on how CrossFi tends to counter this problem
A little digging would do 😄
ANS: correct there is often a lack of liquidity, for example, a project also needs sufficient liquidity for a listing on a exchange.
Multi-Asset Adapter Protocol Technology (MAP) is a key component of CrossFi, an infrastructure for cross-chain asset lending and liquidity sharing networks, allowing users to connect assets on incompatible public chains by utilizing MAP.
The combination of MAP with the utility token CRFI helps solving this problem.
each project and chain have sometimes different problems so we started to support the Filecoin, other coins are still coming.
Q4: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Of course
CrossFi is a young project, it started 3 to 4 months ago, so we are growing fast, and it is an extremely good entry point as soon as the project is young! It is just the beginning.
Currently achieved milestones:
- CrossFi has a community of 40,000+ total users
- We just had a very successful first CSO (CrossFi Swap Opportunity) event, a swap & burn event. The $50,000 event was super successful and the Limit option was subscribed within the first 1 minute itself. A total of 444 FILs (Filecoins) were distributed and 81,140 CRFI tokens were burned on both the Ethereum and BSC chains. You can find the burn details in our Medium story - https://medium.com/crossfi-official/announcement-first-crossfi-cso-is-successful-f6da3282bdd8
The next CSO will be on the 10th of October and monthly CSOs are now planned.
- CrossFi is listed on major exchanges such as Bittrex
Trading volume statistics on the DApp:
o Active users: 800+
o Wallets: 2,000+
o 117,298 cFILs (synthetic Filecoins) staked
o 73,000 cFILs loaned
o 5,380,975 CRFIs (CrossFi tokens) stake
Launching a one-stop Lending platform
Test docking modules on the mainstream public chain
Launch of the CrossFi Swap Opportunity (CSO) plan
2021.Q4, stay tuned!
Launching multi-asset network switching protocol & the L2 integrations
Listings on other exchanges
Ongoing talks with a blockchain which is among the six largest blockchains according to market cap
Launching the improved DApp desktop browser solution
Synth-based markets DEX development
Expand the application ecosystem of CrossFi
Launching the DEX
Listings on other exchanges
Additional onboarding of institutional clients
Inclusion of CRFI in various investment funds
…much more, stay tuned!
Q5: Can you briefly describe your PARTNERSHIPS so far?
ANS: Okay, CrossFi’s partnership with DataLine and DCTech has attracted investments. The two companies will provide leading Filecoin mining companies with 180 PiB storage power. DCTech and DataLine have 5PiB & 3PiB of daily storage increases respectively.
CrossFi and the two companies have provided loans to the Convention by concluding the first Filecoin lending support and more many large and mining companies jointly have made Filecoin the industry standard. This greatly increases the financial service efficiency of the Filecoin ecosystem aiming to solve that problem from 30% miners.
Talks are ongoing with a blockchain that is among the six largest blockchains according to market cap, stay tuned!!
Q6: Finally before we proceed to the community live segment
Can you give an overview of the Tokenomics, and UTILITY of $CRFI token?
ANS: thanks, of course... CrossFi (CRFI) is a governance token for the CrossFi ecosystem. CRFI holders will be able to claim rewards if they stake their tokens, provide liquidity, and participate in key governance votes. CRFI is utilized as gas for executing on-chain operations and for paying services.
Our goal with CRFI is to align the incentives between the participants of the CrossFi ecosystem and the liquidity providers. The token mechanisms described above have two main goals:
• To connect isolated liquidity of existing public chains
• To democratize decentralized finance
CrossFi currently has a DApp with staking and flash loans (borrow) features. Users can easily support liquidity to the CrossFi ecosystem and generate profits by staking their synthesized Filecoin (cFIL) or CrossFi token (CRFI).
CrossFi provides the following products:
- DApp with DeFi features; Flashloan and liquidity pool (staking) for Filecoin and CrossFi. World’s best APY rate by staking Filecoin over a long period!
- Cross-chain liquidity protocol for Filecoin and other public chains.
of course voting will also be possible in the future etc.
2nd Segment: LIVE Questions
Q1: CrossFi aims to unlock the value of all PoS tokens, this is wonderful but why did you choose Filecoin (FIL) as the first project to start with? What are some of the issues you see with FILECOIN which make it suitable for such a liquidity solution?
ANS: Before the start of the project, we were seeking necessary liquidity demand for the Filecoin ecosystem in the market. At the early stage of Filecoins, users need to stake for 540 days and keep it locked even though it is the world’s 10th largest cryptocurrency by volume.
The situation was that ecosystem’s liquidity was very low. On the contrary, Filecoin distribution mining range was very widely distributed. These two reasons are why we got the first DeFi products for Filecoin. We also have plans to gradually increase other network support services. The Filecoin ecosystem has grown even larger, has grown the ecosystem of cross assets and is committed to sustainable development. We can confidently say that the development and future of CrossFi is limitless. Of course certainly come more coins to it, I'm looking forward and will then soon give announcements in this regard!
Q2: As a one-stop platform for investing in DeFi, What Is the importance of WEB 3.0 to the efficiency, solution and innovative in DeFi offered by Cross Fi ?
You had a great introduction in the group, however, I couldn't help but notice you didn't mention about security audit. Have you done your due diligence by conducting a security audit and How's the result of the audit ?
ANS: Yes, we have been audited. The audit was done by BEOXIN, and can be checked on the official website and DApp.
We, at CrossFi, attach great importance to network security and users' privacy. First, the principle of maintaining safety is to control potential errors and failures, and to constantly test and inspect the system. This includes writing standardized contract code according to norms, avoiding unnecessary external interface calls, and limiting the right to call interfaces.
And we will iteratively validate the performance of this mechanism in various environments, ensuring that there are no potential loopholes in flashloans and other new DeFi mechanisms.
Secondly, we are actively working with third-party auditing firms and white-hat companies to maintain system security. Trust and security is everithing at the crypto space!
Q3: Can you tell us about your loan system in CrossFi? In PoS model, most assets are locked up, preventing them from being utilized, how will CrossFi bring liquidity to locked assets? Will you be expanding to other assets in various networks or just Filecoin?
ANS: The Multi-asset Adaptor Protocol has currently freed 117,298 Filecoins (FIL) till October 3rd and 5,380,975 CrossFi tokens (CRFI) are deposited, and 73,000 FIL loans have been provided, you can see more on the DApp (dapp.crossfimain.com). DeFi product types include regular deposits and withdrawals that allow you to freely deposit and withdraw money, and regular deposits are divided into 90 days, 180 days, 365 days, 540 days. Users can receive both FIL and CRFI as interest income by staking Filecoin and CRFI respectively. Users can freely choose the staking product that suits them, and in the case of regular products, the principal can be withdrawn after expiration, and the profits generated during the staking period can be withdrawn at any time. Yes of course are we adding new Coins soon. For example: We are in ongoing talks with a blockchain which is among the six largest blockchains according to market cap.
Q4: I don't understand much about "synthetic ETF", so can you explain in a nutshell what a "synthetic ETF" is? does it have any use for users/investors?
ANS: Hi Lastri Septiani, synthetics are like a combination of cryptocurrencies and traditional derivative assets. The market of tradition derivative is huge world wide, bigger then the real assets behind it. So you can build a synthetic for everything, we will deposit the synthetics with CRFI as kind of security. For example there are a lot of gold derivatives, but they are not deposited/backed with gold, they are deposited/backed with other assets. This market is so huge that it will be a benefit to develop that on blockchain, it is a mix of the old fashioned finance system and the new "blockchain" system, a better one at the end! I am a comlpete beliver of the new system!!!! The liquidity problem concerning the not permanent losses is a different question, for that is a lot contet in the web.
I'm curious, how does this CrossFi project work so that it can later become a very large project? Should there be a collaboration with one of the biggest projects? thank you
ANS: We will announce soon about great partnerships, it is something going on, but i can't tell right now! 😀
Q6: What is Synthetic Asset? What can it do and how it works?
ANS: We will provide the community with content to this topic soon.
Q7: If you have an idea of what CrossFi will look like after this year?, with one or Two of the most important milestones the CrossFi team is aiming for before the end of the year will help you a lot.
ANS: Thanks ansia fadilah, so we get great new partners and listing on some exchange / exchanges, additionally are creating a better web solution for desktop users which is coming soon.
Q8: Can you tell us which chains Crossfi Supports? And do you support Layer 2 chains?
ANS: ETH & Binance Smart Chain, coming soon Polkadot etc. Nice one is on the pipeline, more information will be announced soon
Don't forget the coming CSO event! More informations you will get at our webpage.
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