Credefi x IM community AMA RECAP
TELEGRAM AMA: Im Community & Credefi đ
â° AMA Timing : 01 November 2021 l 02:00 PM UTC l 21:00 GMT +7
Venue For AMA : https://t.me/imcommunityitw
đ Reward Pool 100 USDT
Bà Tân | : Welcome everyone. Today Im Community will host AMA with Credefi
Bà Tân | : Today our guest is: @valdimitrv, @ivogrigorov from Credefi
Bà Tân | : Please introduce yourself a bit: @valdimitrv, @ivogrigorov ���
Shv : My name is Ivo Grigorov and I am the CEO of Credefi, together with me is Valentin Dimitrov co-founder and COO
Shv : Thank you for the opportunity to connect with Im Community amazing community!
Shv : Credefiâs team has 40+ years of experience in finance â from private equity funds to commercial and central banks, and we are crypto believers as well, being in the space since 2016. We have been working in leading roles for several commercial banks, private equity funds, asset management institutions and the Central Bank of Bulgaria. In our experience we have seen time and time again the great deficiencies of traditional finance, while witnessing the tremendous growth of DeFi and the opportunities it opens and thatâs how the vision of Credefi was born.
Shv : We believe DeFi is the future of banking and are quite frustrated that so far it has very little connection with and impact on the real economy, itâs a closed universe. We aim to change that and open a brand-new niche in DeFi by enabling stablecoins to flow to real businesses and earn a fixed and non-crypto-related yield. At the same time we aim to become a gateway to DeFi for SMEs and render obsolete the outdated, bureaucratic and overregulated banking services SMEs now have to cope with, replacing them with quick, flexible and user-friendly funding solution.
Shv : Credefi is a first mover in the DeFi space connecting crypto lenders & SME borrowers from the real economy. Our platform enables decentralized and secured lending to portfolios of businesses, protecting lenders while providing them fixed APY that is uncorrelated with crypto marketsâ volatility.
Shv : Credefi is resolving some of the key challenges in DeFi and TradFi:
-On the DeFi side, DeFi yields are inconsistent, fragile, and evaporate in bear markets and the aftermath of DeFi Winter and the market crash in May â21 are a clear proof of that. We see that speculative borrowers cannot satisfy DeFi lending supply.
-On the TradFi side, small and medium enterprises are historically underserved by traditional banks and are borrowing at consistently high interest. There are not enough lenders to satisfy SME borrowing demand, pushing SMEs to alternative lending solutions such as peer-to-peer and crowdfunding which are billion-dollar industries in the US and EU.
Bà Tân | : Thanks for the introduction from Credefi team.
BĂ Tân | : Todayâs AMA will have 3 sessions
Sessions 1: The chat will be muted & the team will introduce themselves then we will ask some introduction questions to the team Credefi
Sessions 2: We will pick 5 Best Question from our members on Our Tweet (https://twitter.com/IM_Communityitw/status/1454688496870825989).
Sessions 3: The conversation will open to the community questions and the 5 best questions will be selected.
Bà Tân | : Requirements:
���Im Community (https://t.me/imcommunityitw)
���Credefi Official Chat (https://t.me/credefi)
���Credefi News Channel (https://t.me/credefi_news)
���Twitter Credefi (https://twitter.com/credefi_finance)
���More information about Credefi :
���Website (https://credefi.finance/)
���Bitcointalk (https://bitcointalk.org/index.php?topic=5330290)
���Linkedin (https://www.linkedin.com/company/credefi)
Bà Tân | : Start session 1 AMA.
BĂ Tân | : Question1. Could you please give us a simple introduction of Credefi? Whatâs the motivation for starting build Credefi?
Shv : Having spend most of our careers in traditional finance we have seen quite a few problem and exclusions to funding for some SMEs. Hence we decided to start Credefi and mitigate these problems by using a mixture of blockchain technology and traditional finance tools
Ahrix : @valdimitrv, @ivogrigorov Please say âDoneâ when you have finished the question, thank you.
Shv : ok
Shv : done
Bà Tân | : Question2. What products does the Credefi team provide to users?
Shv : We have aimed to provide a wide range of products to cover the funding needs of SMEs. We have designed three specific phases the first is our portfolio lending phase where users can choose between four sets of borrowers based on their risk appetite. In phase two we have peer to peer lending where many lenders can choose one particular project and company which they would like to finance. In the third phase we have Trade finance where users can underwrite letters of guarantees for international trade purposes
done
BĂ Tân | : Question3. Security is an important element of todayâs projects, how safe is Credefi for users?
Shv : Our utmost priority is the security of our lenders and thatâs why we will implement a three-layer protection mechanism, consisting of:
- in-house proprietary credit scoring based on our vast financial expertise and validated by Experian â one of the Big Three credit scoring agencies in the world. Actually we are the very first blockchain project to partner with this financial giant.
- accepting both crypto and real-world assets as collateral. We are partnering with a EU-licensed financial institution that will manage the collateral on the lendersâ behalf and liquidate it in case of default.
- our very own Security Module (Module X) which will bridge the time gap between a borrower stopping payments and the moment their collateral is liquidated and returned to lenders.
done
BĂ Tân | : Question4. What is Credefi teamâs $CREDI token sale open plan? how can i buy it?
Shv : We are conducting our IDO on Cardstarter on November 8th, and subsequently after this we will be launching on a CEX and DEX. For further information regarding the upcoming sale please follow our official channels.
done
BĂ Tân | : Question5. What is Credefiâs development roadmap at present and in the future?
Shv : We have completed the alpha version of our platform which is now being tested internally and we plan to start a public testnet in November (open to select number of early project supporters â keep your eyes open for that one because letâs just say we appreciate those who have been with us from the very early stages
Also we have recently concluded our partnership with Experian, which is a first for the blockchain world. Experian is one of the Big Three credit scoring agencies in the world and their tremendous experience will help calibrate our risk-assessment models, allowing us to score borrowers precisely and not demand more (or less) collateral than is really needed, reducing friction in the lending process. We will participate in Experian Innovation Week in November as one of the keynote speakers and we are really excited to be an ambassador for DeFi in traditional finance circles, as well as the other way around.
Previously we have concluded partnerships with Polygon and two oracles â Lithium Finance and SupraOracles, who will help us get on-chain as much data from the real word as possible. Next, we will run our public testnet and bug bounty program and we aim to do the guarded launch of Stage I of our platform (portfolio lending) in December. In 2022 we will roll out Stage II and Stage III of the platform â peer-to-peer lending and trade finance services, while also expanding beyond the European Union to markets in East Asia, Latin America and the CIS region. We also plan to be cross-chain interoperable, so integrations with leading blockchains like Cardano and Solana are in the work.
done
Bà Tân | : End of session 1
Bà Tân | : We will move on to session 2
Bà Tân | : Sessions 2: We will pick 5 Best Question from our members on Our Tweet (https://twitter.com/IM_Communityitw/status/1454688496870825989).
Bà Tân | : Question1. What would be the strategies to attract new non-crypto users? How much would the initial investment be for these new users? Will it have any restrictions or will it be easily accessible to new users at your investment level? @Tannijahan09
Shv : Great question
Our long-term goal for Credefi is to become a gateway for real-world businesses to DeFi and blockchain technologies. To do so, we designed our product lines to allow for permissionless use of the protocol both by crypto-savvy but also newcomers. Thus, at the start of the platform weâre not implementing any restrictions or barriers for both borrowers and lenders to use the protocol. Still, more sophisticated users can dive in further into the platform to obtain higher yields and even participate in the protocolâs governance in the future.
done
Bà Tân | : Question2. Im excited to see that,you will have your IDO on CardStarter. I would love to get into this project ASAP. So could u guide us on how to participate in the IDO?What are the pre requisites?And when will it be launched in secondary markets? @LinhHong211
Shv : Weâve prepared a short user-friendly manual on how to join the IDO event that is available here: https://medium.com/@credefi/credefi-ido-detailed-instructions-on-how-to-join-ido-on-cardstarter-1a1bad6b60af
It will guide our community through the whole process of applying and participating in the Credefi IDO at the CardStarter launchpad. If any questions remain unanswered, you can always contact us or CardStarter in our official channels. Please note that the registration is open until November 3rd at 3PM UTC.
done
Bà Tân | : Question3. Users often care less about technology, but rather the value of the token. How do you manage to strike a balance between developing the technology and also improving the value of the token? @QuNguyn61793298
Shv : Technology is what allows us to develop such an innovative hybrid between a FinTech solution and a DeFi protocol that revolutionizes established inefficient means for financing SMEs. The success of our product is based on technology and the performance of our token is based on the performance of the protocol. Credefi has strong fundamentals and substantial growth potential and we believe the performance of the token will follow the success stories weâll be announcing soon.
done
Bà Tân | : Question4. On most of Defi loan platforms currently one of the issues are the overcollateralized loans when borrowers are required to lock-in too much of their assets in order to receive a loan. How do you plan to resolve the overcollateralization but yet mitigate risks for the project? @BoLm46102023
Shv : We have solved the overcollaterization issue by implementing risk-based pricing using our proprietary credit scoring models and accepting real-world assets (RWA) as collateral. Since RWA are a lot less volatile than crypto assets we can require a much lower collateral percentage. It is worth mentioning that we can do a mixture of both real-world and crypto assets collateral when providing a loan.
In order to secure the funds of our liquidity providers, we have also partnered with an EU licensed financial institution that will serve as collateral manager in case of non-performing loans. Security is a top priority for us and this is the reason why we have implemented our 3-layer security mechanism to defend our lenders and LPs.
done
Bà Tân | : Question5. Credefi will solve the key challenges that DeFi and TradFi face today, but could you really describe to us what are those big challenges that you are facing? and really the only platform that is working on solving them in CreDeFi? @PiloT9804
Shv : These challenges are the main reason why we started Credefi. In the DeFi space you have lots of speculative borrowing which in bear market conditions cannot satisfy the lending supply bringing the APY on stables to low single-digit numbers. On the TradFi side, small businesses historically have been underserved by traditional banks and have been charged high interest rates with excessive collateral requirements.
With Credefi you tackle the above issues by:
Enabling investment of stables into assets with low correlation to the cryptomarkets; and
Opening access for SMEs to the ever-growing DeFi ecosystem with billion dollars of TVL.
There are other protocols tapping into the world of TradFi but we have a mix of seasoned TradFi experts understanding the needs of DeFi users and protecting their funds by having in-house proprietary credit scoring, partnership with one of the Big Three Credit Reporting Agencies, accepting both digital and real-world assets as collateral, and our security module, Module X, providing extra stability to the protocol.
done
Bà Tân | : Congratulations to the winners of session 2.
@Tannijahan09
@LinhHong211
@QuNguyn61793298
@BoLm46102023
@PiloT9804
Bà Tân | : Alright, Session 2 has finished perfectly. Appreciate your detailed responses @valdimitrv, @ivogrigorov ���
Bà Tân | : End of session 2
BĂ Tân | : Weâll move on to session 3
Bà Tân | : Sessions 3: The conversation will open to the community questions and the best questions will be selected.
BĂ Tân | : Donât forget to join the group https://t.me/credefi
Bà Tân | : Group will unmute now so everyone can ask questions.
Bà Tân | : Thanks for the questions from the community.
BĂ Tân | : Now letâs give our dear guest @valdimitrv, @ivogrigorov some time to go through them.
Bà Tân | : @valdimitrv, @ivogrigorov Please choose the best 5 questions and answer it for session 3
Q1. Staking programme is very important for any project, Can i stake your token? Do you have any plan of starting staking programme?
Shv : Yes you will be able to stake CREDI tokens in our ModuleX and mint our governance token xCREDI right after the launch. Early stakers will enjoy the best conversion rate between CREDI and xCREDI, as well as increased APY and additional rewards as soon as the platform starts operations.
Q2. AUDIT play an IMPORTANT role in enhancing the stability of any PROJECT. Do you have AUDIT CERTIFICATES . Or are you working to AUDIT your project to make it more secure and reliable?
Shv : Our development team is constantly looking for and acting to resolve any potential vulnerabilities, however small they may be. We would also conduct a bug bounty program after IDO and implement all relevant findings to ensure maximum security of our platform when we launch.
We have recently passed a smart contract audit with Armors Lab â a leading provider of smart contract audit services with a very good reputation. We will be publishing the report soon â please follow our official channels for the latest updates.
Q3. Revenue is an important aspect for all projects to survive and maintain the project/company. How have you been able to build a complete project and what is the way to generate profit/revenue of the token? What is the income model?
Shv : We believe one of the goals of DeFi is to cut the middleman as much as possible and allow money to flow seamlessly and without friction (fees). Thatâs why we do not do arbitrage between lenders and borrowers and do not have an interest spread â we are not a bank after all! Also we do not leverage our lendersâ capital by staking it on other platforms, etc. â funds go straight to SMEs and lenders have full transparency on where their money is deployed and what projects and companies they are funding.
Of course the platform has to earn revenue to keep the lights on and we do so by charging borrowers a fee when they obtain a loan â this is our only source of revenue.
Q4. Credify proposes to provide APY on stablecoins. On which stable coins crypto users can get 10 % APY on? Any specific list? Will community have voice in making decisions with regard to lending of funds to SMEâs?
@ivogrigorov
@valdimitrv
Shv : Initially we are starting with all of the proven collateralized stables like USDT, DAI and USDC. In the future we will expand the list. Yes we have a governance element included in our project however it is further down the roadmap
Q5. Do you have burning and buy back mechanism to help the value of your token. By boosting the value?
Shv : Our tokenomics is designed and inspired by the latest trends and developments in the space. We have implemented a 2-token economy model, which secures and stabilizes the platform, while increasing APY for our stakers and token holders. Through staking our native token CREDI in our ModuleX, you will be able to receive higher APY as well as mint our governance token xCREDI. Additionally, we have implemented a buyback and burn mechanism of xCREDI, in order to return part of the revenue generated by the protocol.
Shv : Thank you all for the great questions and sorry for not having sufficient time to answer all of them. Letâs continue the discussion in https://t.me/credefi where youâll also find information about our community calls. Join us to continue the party ���. Thanks and see you soon.
Bà Tân | : Thanks for the useful information from @valdimitrv, @ivogrigorov
Bà Tân | : End of session 3
Bà Tân | : For questions that have not been answered today, you can send them to @credefi for answers.
���JĹhn L��� : great AMA
���JĹhn L��� : thank for your time @valdimitrv, @ivogrigorov
Shv : Thank you for this opportunity it was a pleasure
Bà Tân | : IM Community, if you would like to know more about Credefi ! here are some useful links for you:
Official Website: https://credefi.finance
Twitter: https://twitter.com/credefi_finance
Telegram: https://t.me/credefi
Bitcointalk: https://bitcointalk.org/index.php?topic=5330290
Bà Tân | : Allright, I declare the Im Community AMA with Credefi has ended.
Thanks to @valdimitrv, @ivogrigorov | Credefi joined us and provided us with Credefi information, we hope that this knowledge makes us understand more about https://credefi.finance (https://credefi.finance/)
To the members, thank you for following this event to the end. winners will be announced soon.
