LBank AMA Recap with CrossFi

LBank AMA with CrossFi

Introduction:

GUEST:

Bruce Hughes TCK:

Thank you so much for having me on your Community AMA.

I am Bruce Hughes. Co-founder and acting CEO of EagonSwap.

I represent a team of international committed members intent on bringing harmony to the biggest Trio in cross chain capability.

First five AMA Questions (First Part):

QUESTION 1:

Please introduce yourself and tell us a bit about your background

GUEST:

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 next 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 also resided in Singapore.

It very quickly became clear to me that the next killer app in blockchain is DeFi. The DeFi market is growing rapidly! It so 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. CrossFi is a one-stop platform for investing in DeFi assets! DeFi enables passive income, which is the pinnacle of money-making.

QUESTION 2:

Why is DeFi that important, what is DeFi in a nutshell?

GUEST:

It is a maximum disruption!

DeFi is the next step in the revolution of blockchain-based disruptive financial technology, which began in 2010 with Bitcoin. One area in which these Decentralized Applications (DApps) have taken off is cryptocurrency trading on Decentralized Exchanges (DEXs) such as Uniswap. These are entirely peer-to-peer, without any company or other institution providing the platform.

DeFi services allow you to:

• Borrow and lend cryptocurrencies to earn interest on various platforms.

• • Bet on the outcome of events.

• Create and exchange derivatives of real-world assets such as currencies or precious metals.

• Take part in a no-loss lottery on PoolTogether, where everyone gets their money back and one lucky participant wins all the interest that has accrued in a shared pot.

• • Buy cryptocurrencies known as stablecoins, which are pegged to the value of a particular currency or commodity. For example, DAI and USDC are both pegged to the US dollar.

• Staking of NFTs.

• • DeFi is sometimes known as “Lego money” because you can stack DApps together to maximize your returns. For example, you could buy a stablecoin such as DAI and then lend it on Compound to earn interest, all using your smartphone.

DeFi is growing!

QUESTION 3:

Can you introduce CrossFi, what critical problems does it solve, which existing solutions are not solved in the blockchain space and what’s the competitive advantage?

GUEST:

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:

• The immaturity of cross-chain technology.

• • Insufficient liquidity of assets.

• The problem of incomplete supporting infrastructure.

• • 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.

What was the reason to start a DeFi protocol focused on Filecoin?

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 or was the world’s 10th largest cryptocurrency by volume.

The situation was that ecosystem’s liquidity was very low. On the contrary, the 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. I can confidently say that the development and future potential of CrossFi is limitless.

QUESTION 4:

Can you give an overview of the Tokenomics, and Utility of the $CRFI token?

GUEST:

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.

• • The world’s best APY rate by staking Filecoin over a long period!

• Cross-chain liquidity protocol for Filecoin and other public chains.

QUESTION 5:

What are CrossFi’s plans for the near future? What has it accomplished from the beginning until now?

GUEST:

CrossFi is a young project, it started some months ago, so we are growing fast, and it is an extremely good entry point to get in when the project is this young! It is still just the beginning.

Currently achieved milestones:

• CrossFi has a community of 40,000+ total users.

• • We just had three very successful CSO (CrossFi Swap Opportunity) events, a swap & burn event. The first CSO was a $50,000 event. It was super successful and the Limit option was subscribed within the first 1 minute itself. A total of 922 FILs (Filecoins) were distributed and 1,82,414.4 CRFI tokens were burned on both the Ethereum and BSC chains in the first three CSOs. You can find the burn details in our Medium stories for example

the first CSO — https://medium.com/crossfi-official/announcement-first-crossfi-cso-is-successful-f6da3282bdd8

• CrossFi is listed on major exchanges such as Bittrex & Lbank.

• Trading volume statistics on the DApp:

• Active users: 800+

• Wallets: 2,000+

• 165,448 cFILs (synthetic Filecoins) staked.

• 128,475 cFILs loaned.

• 8,205,000 CRFIs (CrossFi tokens) staked.

CrossFi’s Roadmap:

• 2021 Q2

• Launching Filecoin-Lending platform

• 2021 Q3

• Launch of the CrossFi Swap Opportunity (CSO) plan

• 2022 Q1 and to the future

• Launching multi-asset network switching protocol & the L2 integrations

• Listings on other exchanges, currently newly listed at Lbank

• 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

Listings on other exchanges

Additional onboarding of institutional clients

Inclusion of CRFI in various investment funds

Launching the DEX

…much more, stay tuned!

The next btig step is that we are building a DEX, with some USPs, so stay tuned

we are setting a new countdown for the brand new roadmap, will be published soon.

Selected five Questions with Answers from the Telegram community (Second Part):

@Ambrosemcconnell

QUESTION 1:

What are plans for global expansion? Are you focusing on the market at this time or focus on building and developing or getting customers and users, or partnerships? @paul_odermatt

GUEST:

Thank you Alexis Gross for your question. We are expanding into more countries regarding marketing. It is important to us that we can offer fundamentally good products, so it is a win-win situation for all. You have to bring value to the crypto market, which is as important as good marketing. We are in the process of working with large investors and interesting partners, which we will announce soon. The next product is the DEX and some partnership which will be great!

@I_Love_Crypto46

QUESTION 2:

NFT is in top trends in crypto world right now. What do you think about this? Does EpicHero have any plans to add NFT to your ecosystem? @paul_odermatt

GUEST:

Hi, I love crypto, by the way, I love it also 🚀 Multi-Asset Adapter Protocol (MAP) technology 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. This technology also allows NFTs to be collateralized and allows NFT owners to borrow on NFT assets or sell shares in NFT assets to provide partial ownership of these NFTs.

Since CrossFi’s MAP technology was initially developed to provide liquidity to accumulated assets, it is in perfect condition and position to do the same for NFTs. Each fixed asset contract has a start and expiration date for the original fixed asset, so it must be an NFT so CrossFi can take advantage of the NFT boom. I don’t know exactly about EpicHero, but could be

@bradfordregalado1995

QUESTION 3:

Token Burn or BuyBack program plays an important role in increasing Token value Do you have a token burn or buyback program plan to attract investors?

GUEST:

Yes, we do burn tokens. For example, we arrange CSO events (CrossFi Swap Opportunity) — a swap & burn event, which are very popular in our community, the community can buy cheap and also CRFI tokens are burned. This event is an additional recipe for success and the community loves it!

@Jaqueline_Ramirez_29

QUESTION 4:

It’s easy to make a token but it’s really hard to make this token valuable? So what’s your strategy to make your token more valuable and what’s your plan to maintain token price and supply?

GUEST:

Hi, eric cartman! There you have caught a key question, this is so. The token can only gain value with the help of the community along with a service that is useful and in demand in the blockchain space. Our vision is to create an ecosystem by offering crosschain solutions, this is still not well solved today, but will change in the future. We will be at the forefront of this solution. In addition, NFTs, DEX, etc. are important elements of the ecosystem. The DeFi market is at the beginning, and we are in a very good starting position here!

@deneen_wheatley_55

QUESTION 5:

Can you share Your opinion about Defi & NFT? What makes your NFTs rate special?

GUEST:

Hi Degen Lover. Yes of course. Regarding DeFi, it is obvious that the banks are getting strong competition. An example: Why should a bank have its offices in a prime location? at the end of the day, it is the customers who pay the banks for these properties. By means of DeFi, simpler solutions are possible which are much cheaper and more efficient, just as the Internet was back then. We are really at the very beginning. Of course, rules and laws are limiting to some extent. The wave of DeFi projects has only just begun. In the field of NFT, I see interesting combinations and the possibility of offering new products and solutions, not just art, etc. In any case, more power goes to the community instead of to the central institutions. To bet on single NFTs is very risky, but to invest in platforms that are willing to unlock a DEX and NFTs in the future is a good long-term investment and less risky from my point of view… as always I am not a financial advisor… If you look at the market cap to the traditional financial world, you see that there is still a lot possible in the blockchain area, especially in the area of DeFi — gehe mit CrossFi den weg, wir werden dabei sein!

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