Intro: Let’s start with some background questions. Can you give us a brief introduction to DeFiner? What does DeFiner do and what problems are you trying to solve?
DeFiner is a truly permissionless and configurable DeFi lending protocol with 100% protected privacy. We are a Techstars and Microsoft-backed project and invested by renowned investors such as Techstars, NexCubed, SNZ, and etc. DeFiner was founded in February 2018 in Minneapolis, MN, and has quickly expanded globally.
The problem that DeFiner is trying to solve is a long-existing problem in the DeFi industry. Most tokens do not have their own lending markets. If you look at CoinMarketCap, you can find more than 10,000 tokens listed. However, less than 50 crypto assets are supported by current lending protocols today.
The reason these protocols are only available to top market cap tokens is the shared pool risk management model. Their standardized pool mechanisms can only support relatively similar volatility assets.
It’s hard for DeFiner lending protocols to scale under the current situation. And this is what DeFiner is targeted to solve nowadays. How? I will leave this as a teaser and answer it later. 😉😉
Q1 First of all, congrats on the launch on OKExChain yesterday. We are excited to welcome DeFiner to the OEC ecosystem. Could you give the audience some insight into how did the launch go?
Absolutely! As you mentioned, DeFiner officially deployed on OEC yesterday and at the same time, we launched our staking pool, the FIN Shark Pool!
Our TVL exceeds 10 Mils within 5 hours after the launch!
In fact, you guys are in for a treat today. It’s still not too late to get into the Shark Pool.
The Total Rewards in the pool are 352,000 $FIN The earlier you get in the more rewards you will be getting. Our current interests rates are
💸 USDT 41.51%
🦈FIN LP 752% 🚀🚀
Q2 Awesome! Those are some attractive numbers! Can you explain more about the staking pool? How can the audience participate? Are there any minimum requirements?
Absolutely. First of all, the pool has an awesome name! The FIN Shark Pool! 🦈🦈🦈
Our staking events started not too long ago: July 7th, 2021 00:00 (UTC). There are 325,000 $FIN in total.
More details in this blog post:
Since the model is linear, the earlier you enter the Shark Pool, the more rewards you will gain. There are no minimum requirements or restrictions. Users can deposit and withdraw anytime they want. The audience can participate RIGHT NOW if they want. Just simply go to: app.definer.org.
Here’s a tutorial that we prepared for users https://blog.definer.org/definer-x-okexchain-instructions
If you still have questions, join our Telegram Channel https://t.me/DeFiner
Our community manager will be able to help you answer any questions that you have.
Q3: Impressive! Now, I do want to learn more about your multi-chain initiative. To the best of my knowledge, DeFiner has always been on Ethereum. What drove you to go multi-chain and why did you choose OEC?
OEC is the very FIRST chain that DeFiner crossed! We are thrilled to kick off this initiative with OEC.
The high gas costs on the Ethereum network are widely known to DeFi players. This is a problem the entire ecosystem needs to work on together because high gas fees are not user-friendly for retail investors. For the mainstream lending protocols, the average cost to complete a deposit or withdrawal is close to $100 USD. The cost is just simply too high to bear for most DeFi users.
Our initiative will increase the usability of our users by reducing gas costs significantly. Plus, users will be able to easily access assets issued other than Ethereum.
We choose OEC bcos of the chain is user-friendly and cost-effective. It’s based on COMOS architecture. Also, the ecosystem is what drives us to choose OEC as well.
OKEx Chain is our first attempt in our cross-chain initiatives. But we are not stopping there. Chains like Binance Smart Chain, Solana, Polygon, Huobi Eco, and TRON are all in our plans for the future.
Q4: Let’s bring back the attention to the project. Can you tell us what is DeFiner’s key differentiator? Do you feel confident that DeFiner will have some outstanding features compared to those projects to attract users?
Our true differentiator lies in the solution of the problem that I mentioned just now. Not all tokens can open their own lending marketing due to liquidation and risk control mechanisms.
DeFiner’s next-generation product, DeFiner2.0, aimed to solve this problem by creating a 100% permissionless lending protocol. In DeFiner 2.0 anyone can create their own lending pool by using any token or digital assets they choose.
This will open up a broader ecosystem, such as initial loan offerings (ILO), non-collateralized loans, off-chain asset-backed loans, fixed-rate loans, term loans, etc.
Some key points for DeFiner 2.0, permissionless, configurable, privacy and multichain.
There aren’t many projects out there that are doing this at the moment. We are very confident that DeFiner 2.0 will for sure make us stands out in the crowd.
Q5 DeFiner 2.0 sounds like a very interesting concept. Cloud you tell us a bit more details about the features and functions in DeFiner 2.0? Now that you are on OEC. What will be your focus next?
DeFiner 2.0 is definitely our main focus for the rest of the year.
There are four major features that we implement in DeFiner 2.0
- Lending Factory: DeFiner 2.0 will have a built-in, configurable Smart Contract Factory that offers the user total control over their lending pool. Smart Contract Factory will generate a smart contract based on the different configurations users can input when creating their own lending pool. The lending factory successfully solves the risk control issue by creating an isolated lending pool.
- Configurations: The configuration mechanism can manage the risks better because we are able to separate different risk levels by creating and then separating another pool. Essentially, our Child Debt Market works to isolate the risks from our main savings pool. DeFiner offers users to configure three categories: 1. Risk Control Model; 2. Interest Model, and 3. Oracle Model.
- Connection to Money Market: Isolated market is good for risk separation but not for liquidity. That’s why DeFiner 2.0 connects all of these child debt markets to money market protocols, like Aave, Compound and DeFiner 1.0 to solve the lack of liquidation issue.
- Privacy: Privacy protection is another critical matter in the current DeFi lending ecosystem.is new update will enable users to transfer their balance/s within our contract without disclosing any destination address information.
Here’s an article to learn more about DeFiner 2.0: https://blog.definer.org/definer-2.0-intro
Q5 Let’s talk about FIN. Who are the FIN ecosystem stakeholders and what mechanism has FIN put in place to help ensure that all these stakeholders participating in the protocol jointly maintain the normal operation of the protocol?
There are four major stakeholders in the FIN ecosystem: FIN Token Holders, DeFiner Savings Market; DeFiner Loan Market, and FIN Liquidity provider.
FIN Token holders can deposit into the savings market and earn high-interest rates.
Borrow stablecoins or other crypto assets against your FIN at low interest.
Want to do Yield Farming to earn high interest? Borrow them against your FIN easily.
Token holders can also earn passive income by becoming a Liquidity Provider and earn over 400% interest and join DeFiner LP Club to gain platform revenue.
Here’s a graph to help better explain the details of how each stakeholder interacts with each other.
Q6 How can you ensure us that your security is strong enough? Did DeFiner Audited by any third party?
DeFiner is secured and audited by the top auditors in the world such as Trail of Bits and Consensys Diligence. All the audit details can be founder on our main site. Definer.org
We are very confident in our smart contract as well. Our head of smart contract, Jitendra Chittoda, is one of the pioneers in solidity. Jitendra comes to us with a wealth of cryptocurrency experience in smart contract engineering, and is well-known in the Ethereum development community for publishing the ERC-1068 standard for peer-to-peer lending smart contracts, and is responsible for designing and developing ETHLend, which is now called AAVE.
Q7 what is your main goal to achieve in 2021? Where do you see DeFi is going under the current market?
The major goal that DeFiner is trying to achieve is leading the 3rd generation of DeFiner lending protocol.
If we look at the history of DeFi, the first generation of the lending protocol is peer-to-peer lending, while the second generation is the savings pools model protocol. DeFiner is poised to lead the DeFi space with our third generation DeFi lending protocol, a true permissionless and configurable protocol with 100% privacy protection.
The DeFi industry is still in its infancy. There is definitely more room for the industry to grow as the regulation become more mature. This year we are already seeing majority people are starting to get educated about crypto and DeFi. I think this is a huge step in the industry. You can tell by all these events that are taken place in the industry such as Coinbase IPO, Pay Pal starts to accept crypto and ect. These all marked up as a step forward in the industry. It has grown from a niche market to a general market. We will definitely see more development in the second half of this year.