LBank AMA Recap with TPY
On 14 April we held an AMA with the TPY, hosted on LBank official telegram channel. If you missed this telegram session, here’s another chance to get a full transcript of the AMA event.
A brief introduction about myself, I’m Brockwell Sim, CEO & Co-founder of Thrupenny DEFI Protocol.
My journey started when i was introduced to cryptocurrency trading some time around late 2016 and that is when I got really fascinated about how blockchain technology could revolutionise the world. Besides trading, I started learning about bitcoin mining, which eventually led me to the United States. Together with a team of 4, we managed to establish a mining farm that requires us to set up 2500 mining machines from scratch. During the period of time when I’m there, I’m blessed to be certified by Bitmain as an official Mining Farm Operator.
After the end of my contractual term, i came back to Singapore (My hometown) and started on a NFT project as a project lead which has successful launch of a primary sales of 5.7 million USD and a secondary sales volume of 23 million USD.
Throughout all these years, it has always been my desire to create a DEFI protocol that will be the new financial backbone of the current system.
After countless hours of planning and researching, the Thrupenny team and I are finally ready to embark in this amazing journey together with everyone.
Thrupenny is a lending protocol which aims to overcome the current deficiencies of the DeFi crypto lending space by integrating an inbuilt derivatives DEX to allow derivatives-based risk management, stabilizing interest rates, and efficient utilization of the lending pool to avoid over collaterization.
Pre Section 1
1.The persisting issue of Cefi ?
First of all, one of the issues that CeFi has is that it charges the users relatively high commissions and fees. It is inefficient due to multiple intermediaries. The application for a loan tends to be slower and inefficient because it has to go through multiple authorities before your loan is being processed. Cefi goes against the idea of decentralization, as the funds deposited are controlled by a central entity. This introduces a risk of a single point of failure. It is also proven to have a high barrier of entry because Users have to go through multiple processes, all the way to the ground rules that they set hence making it less accessible. Last but not least, one of the main issues that I would like to address is the distrust and lack of transparency ,in centralized finance you have no other choice but to trust the exchanges, applications and companies with your assets. It’s up to them to decide what to do with it and you do not have the transparency to what they were using your money for which in certain aspects making it prone to mismanagement, fraud and corruption. The innovation of DeFi aims to overcome the persisting issues that CeFi currently has. It is the answer to financial liquidity and freedom.
2.What is Defi , and how it solve the current Cefi problem ?
That’s a great question, DeFi is built on three main components, Cryptography, Blockchain and Smart Contracts, making an entirely new financial system that is permissionless, fast and efficient because it removes the third party element of CeFi with the help of smart contract making the transaction on the blockchain happens automatically. that also helps lower the cost and fees to operate. transparent because of the nature of blockchain, the transaction data is recorded on a public ledger that is available for everyone to see, making it immutable as well. Highly accessible due to eliminating the need for KYC. Therefore Defi is becoming massively adopted and becoming the new backbone of the world’s financial system.To sum it all , Decentralization gives everyone an equal opportunity to be treated fairly with no central authority acting on your behalf.
Section 1 Question
Q1. What is Thrupenny ?
. Thrupenny Protocol’s main design proposition aims to transform Defi lending with it’s decentralized lending pool and in-built derivatives exchange (DEX) system . Thrupenny’s lending protocol makes lending, borrowing andearning interest on crypto assets more accessible for everyone with a yield farming and flash loan arbitrage automation system. Intergrating an In built deriatives DEX that allow derivative-based risk management, stabilization of interest rate and efficient utilization of lending pool to avoid overcollaterization. With an entire ecosystem of it’s own, Thrupenny will become the next generation financial product.
Q2. What makes Thrupenny Unique ?
. Thrupenny’s flash loan arbitrage system is a powerful DeFi mechanism and liquidity protocol and allows users to potentially profit from margin trading by simultaneously buy and sell assets from different exchanges by scanning for arbitrage opportunities.
Thrupenny has designed an Asset Management System which ensures that the utilization rate of the lending pool is always in the optimal rate, ensuring optimization of the safety and returns. If, the overall utilization rate of the lending pool is lower than the pre-specified amount, then it would trigger the investment of some of the aggregated liquidity to the external projects.
Thrupenny has an innovative in-built derivatives decentralized exchange, which utilizes lending pool smart contracts to open derivatives positions to achieve dynamic and automated hedging of risks, stabilize interest rates and efficient utilization of the lending pools. By integrating an interest rate swap, a floating-rate borrowing position can be used to net out a fixed-rate borrowing rate.
Q3. What are the mechanism in the protocol ?
. Interest Rate Swaps, which are derivative contracts between two parties to exchange one stream of interest payments for another over a set period of time.
Smart Contract Collaterization, where the lending pool smart contract facilitates crypto asset pools and loans to reduce overcollaterization and ensure the deterministic calculation of the interest rate and collaterization ratio.
Smart Privacy KYC, where Zero-Knowledge proof cryptography is applied without centralization and requiring revealing the user’s privacy.
Active Derivatives Risk Management, where an automatic derivative position origination scheme to hedge with credit risk, currency and interest rate risk in derivatives markets.
Q4.Hows the development looking like for thrupenny ?
. The team has already written a No-Code generation of the Flash Loan Arbitrage Bot somewhere around January this year, We are currently working on the On-Chain Asset Management (Yield farming) protocol and looking to go live around May together with the Thrupenny DAO’s initial version. Thrupenny’s Lending Protocol will looking to be released with the Flash Loan Arbitrage Module will be integrated around Q4. Derivatives DEX,Risk Management and Automatic Derivative Position Origination Scheme will be released around Q2 next year. The team work with great efficiency , at the same time we do not rush into things especially when it comes to the security of our users, therefore it is our priority to ensure that multiple test will be run before we deploy any product on-chain.
Q5. What is the future of thrupenny ?
Guest Thrupenny will continue to innovate and aims to improve the current DEFI structure, starting with the Interest rate swap to remove risk from borrower on the variable interest rate they have to pay and developing a deriavitive DEX protocol which allows us to introduce other kind of derivatives ( such as currency swaps) which enable to decrease collateralization ratio significantly.
Our vision for thrupenny is to work towards greater decentralization and community driven governance protocol. We believe that more building blocks stacked on top of this collective vision, the longer the chain of consensus becomes and hence making it more valuable .
Q1. What are the benefits I’m going to get for long-term investing in your project ?
We have a long product pipeline so that users who invested would be able to benefit in the long run. We have already released the Arbitrage Bot Automation System. The Yield Farming product is currently under development and should be released within May. After the two products are out, our next Milestone will be releasing a landing protocol with built-in derivatives decentralized exchange(DEX) and with an asset management system.
Q2. I am interested to invest in your project. When and where can I buy Your Tokens Is it already listed exchanges?
Currently, We are already listed on Lbank at the moment. You will be able to purchase TPY in Lbank exchange.
Q3. Do you have AUDIT certificates?? or are you working to AUDIT your project, to make it moe secure and reliable?
Yes, as a part of our product development circle, the smart contracts are being audited by a third-party service provider. The purpose of the audit is to proactively identify any potential security flaws that the smart contracts have and fix them before the product goes live. We also encourage our community to scrutinize the smart contracts further and report any flaws or concerns that they might have.
Q4. Where I can get all the latest news about? Do you have Twitter/Telegram/Discord community? If yes can you share the link here because there is a lot of fake telegram/twitter groups?
You can find more information about us through the links we provided below.