Date : 8th October 2021
Host : HunterX & GemFlair
Guest: Derived Team (Bharat — CEO)
Hello! Spykefastians & Blockchain Enthusiastic!
We recently hosted an AMA with Derived, on 8 October at 4 PM UTC. So here we are up with the AMA transcript, if you missed the live session, this post will be a saver & a feeder of knowledge for you.
INTRODUCTORY QUESTIONS — BY SPYKEFAST TEAM.
HunterX | Spykefast (@realsch1- twitter):
Q1. Kindly give brief introduction about yourself, Crypto experience and your role at #Derived Finance Project?
Bharat | Derived.Fi:
My name is Bharat Verma and I am the CEO at Derived (@DerivedFi). I manage Biz Dev, Global Ops, Strategy and Finances at Derived. Speaking from my experience POV, I am an entrepreneur and I own and run multiple businesses. I have been in the Blockchain space since early 2017 and have invested/advised/worked with multiple projects over the last couple of years. I have been working with Derived for almost a year now.
Gem Flair:
It’s good to know about your background and with such a vast experience we belive that you will definitely drive #Derive to the best of your abilities..
Q2. Let’s talk in detail about Derived Finance project. What are the main features of the project?
Bharat | Derived.Fi:
Derived is a very simple concept yet very vast project. It is a platform for trading Synthetics assets of crypto, stocks, commodities, forex and much more. We are going to have a Dex for trading stocks, forex, crypto commodities etc. (think of Uniswap + Robinhood), lending and borrowing (think Aave), Binary Options, Hybrid Tokens (think of index tokens) and much more. It will be a multi chain trading platform and we will be launching on Ethereum, BSC, Polkadot, Cardano and Avax. The project is very vast and we have a long term plan to deliver all the goals in a phased manner.
Gem Flair:
Excited to learn about your vision to bring majors aspects of Crypto, Forex and Stocks under one platform.
Q3. What are the major utilities of holding the Derived Finance native token? How does team plan to enhance its further value so as to attract users onboard?
Bharat | Derived.Fi:
The Derived tokens play a very important role in the ecosystem. It is central to all activities on the platform. Derived will have its own stable coin, we are calling it as USDx. Users will be able to mint USDx by locking Derived tokens and in return receive staking rewards. USDx is just like DAI, UST or any other stablecoin. It will be the only stablecoin that you will be able to use on the Derived platform. However, you will be able to use USDx outside the platform as well. So, demand for the derived token will always be high as it will be staked for doing any type of trading on the platform. Our estimate is that on the long term 80–90% of the tokens will be staked in the platform.
Gem Flair:
Project is expected to perform really well if 80%-90% tokens are estimated to be locked in the platform.
Considering staking and locking, how robust is the platform to deal with any kind of hack in the future? Has code been audited?
Bharat | Derived.Fi:
The TGE contract has already been audited by certik. Our staking and LP contract is under audit from Certik as well. It has not been completed as of yet. But, we are making sure to keep all safeguards to protect user funds.
HunterX | Spykefast (@realsch1- twitter):
Read our latest medium on Hybrid Tokens to learn more about them.
Don’t forget about our Dual IDO happening on
Read the Hybrid Tokens medium article here
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Gem Flair:
Q5. What are the major partnerships done so far? How have these played a major role in Derived project development?
Bharat | Derived.Fi:
We are working with various partners and backers to help build strategic partnerships. We already have over 30 strategic partners and investors backing us. You can find the list of investors and partners on our website and we will be announcing more partners in the coming weeks. We are also working with Tokensuite for Marketing, X8C for outreach/awareness and Marketacross for PR. Our focus is on building community in the early period so that once the platform is live we have a good fan base to support our growth.
LIVE AMA QUESTIONS.
Sonom Jahan:
🔵🔵🔵 of the various FEATURES that you provide, which feature makes you very OPTIMIZED that it can be your FEATURE KILLER and not owned by your COMPETITOR.
Bharat | Derived.Fi:
There are two major competitors for Derived i.e. Synthetix and Mirror protocol. We actually work on many of the shortcoming in these two platforms. Some of the USP of Derived is:
Leverage Minting: This allows users to mint more USDx and solves the over collateralization problem of DeFi.
Hybrid Tokens: This will allow users to combine same or different assets types into a single asset. For Example: you can merge Uniswap, Sushi and Coinbase share in to single token. Then you can use that to get in and out of the asset type. Think of them as mini-index tokens.
Native currency support: Our platform will support multiple native currencies. It will allow users from developing countries to see their trades, balances, rewards in their native currency.
Nishat:
What are the ways that your project generates profit / revenue to sustain your project and what is its revenue model? How can it be mutually beneficial for both the investor and your project?
Bharat | Derived.Fi:
Derived is a trading platform so it is expected to generate trading fee from all the activities on the platform. The fee will be used in part to fund platform development.
Dreams:
Will you agree with me that community is everything? How important is the community to you? and how can we collaborate or help you for the development of the project?
Bharat | Derived.Fi:
We are closely working with our marketing team who are always looking for community feedback. Our target audience is very vast. It involves crypto traders as well as traditional financial traders who want to trade stocks, forex, commodities etc. on a decentralized platform. Basically, anyone or anybody looking to trade any or every asset type would be happy to use Derived which is the one-stop platform for any type of trading asset. We will also announce our Ambassador program after the IDO to allow users to participate and work closely with the project. Finally, our team is already working on create local communities to target people from across the globe.
CLOSING REMARKS
Nishat:
Great ama sir..and thanks for the great question
Gem Flair:
Yes. Thanks for picking up questions from our community and answering them satisfactorily.
HunterX | Spykefast (@realsch1- twitter):
Thanks @BVderived for your support and presence..
Sonom Jahan:
Informative ama always❤️❤️
Bharat | Derived.Fi:
Thanks guys
IMPORTANT LINKS
👥 Join Social Media Links
📌 Telegram: @derived_discussion
📌 Twitter: https://twitter.com/DerivedFinance
📌 SpykeFast Telegram: @spykefastofficial
