AMA with Crafting Finance

On the 1st of September, 2021 at 13:00 UTC, Decentralized Club had the honor of hosting Obed Tiony, Core Contributor from the Crafting Finance Team for an Ask-Me-Anything session on their Telegram page with a community of over 30,000 people. It was hosted by DC Admin, May.

The session was divided into four segments. Introductions were made in Segment 1, questions from the Twitter and website community were answered in Segment 2 and 3 respectively, and live questions from the community members in attendance were answered in Segment 4.

If you missed this event and would like to know what Crafting Finance is all about, you can find a recap of the interview here. Note that slight edits have been made for clarity.

[May]

Hello, 大家好, नमस्ते, Selamat!

My name is May and I'll be hosting the AMA with Crafting Finance.

Today, we have with us a guest from the Crafting Finance Team.

You're welcome and it's an honor to have you here.

[Obed Tiony]

Thanks, @MsMayMay for the opportunity.

[May]

It's our pleasure!

Could you quickly tell us more about yourself and your job description at Crafting Finance?

[Obed Tiony]

Ok. I’m Obed Tiony, and I am the Core contributor of Crafting Finance, a heavy Defi and, a Crypto early adopter. Myself I got involved in Blockchain almost 4 years ago, and slowly into DeFi I realize it was a promising aspect of the whole crypto world and that’s how I got into this industry.

[May]

Once again, you're welcome Mr. Tiony.

[Obed Tiony]

Thanks once more.

[May]

To take the interview further, shall we now look at some questions about Crafting Finance?

[Obed Tiony]

Sure. Let's go.

[May]

Alright!

Q1. Can you tell us the goals that birthed the idea of Crafting Finance?

[Obed Tiony]

That's a nice question. Actually, the potential market cap for tokenized stock/debt/derivatives is thousands of times over the current crypto market, and as a crypto enthusiast, I believe that Derivatives are really an important asset and this is the main idea behind Crafting Finance. There is an immense derivative asset in the market, and since it has to be traded on the chain as a synthetic asset, the existing platforms are not very suitable, as the estimated potential market cap for the synthetic assets is really small, hence a need for a better platform.

[May]

Impressive!

Q2. What does Crafting Finance plan to offer the DeFi ecosystem?

[Obed Tiony]

There are more issues, and the entire industry needs a solution for decentralized contract exchanges.

The decentralized contract trading program of this project not only has the characteristics of general DEX, such as openness and transparency, anti-censorship, and does not require KYC, but also because there is no counter-party, it perfectly solves the problems of general DEX in transaction depth and liquidity.

[May]

👏🏼👏🏼👏🏼

[Obed Tiony]

Thank You.

[May]

Q3. Can you tell us about these asset categories? BondRaft, RaftStable and UnivRaft?

[Obed Tiony]

Yes! Assets synthesized by direct staking of collateral in the entire system can be fitted into four different categories: stablecoins (RaftStable), simple synthetic assets (Raft), synthetic bonds (BondRaft), and smart synthetic assets (UnivRaft).

Stablecoins (RaftStable): Stablecoins are a very important part of synthetic assets, such as rUSD and rEuro which can be used as denomination currency in the whole system as well as contract trading. Furthermore, stablecoins can also be used as collateral lending. Users can borrow stablecoins such as rUSD and exchange them for real-world dollars.

Simple synthetic assets (Raft): Simple synthetic assets can be cryptocurrencies such as rBTC and rETH, stocks such as rAAPL, gold such as rXAU, and any real-world assets.

Synthetic bonds (BondRaft): Synthetic bonds are synthetic assets paying interest issued by the system.

Smart synthetic assets (UnivRaft): Smart synthetic assets mean that users can issue any kind of financial contract through this system. In this way, we can stimulate any financial derivatives and include the whole world’s assets.

I think that's all for this question.

[May]

Very detailed answers! Thank you for taking the time to break down the question.

[Obed Tiony]

You are welcome .🤝

[May]

Q4. Can you please talk about your $CRF token and why investors should hold it?

[Obed Tiony]

First and foremost we have to know that there are two functions for the $CRF token.

1. As collateral to generate synthetic assets through staking CRF and earn contract trading fees. CRF holders can use CRF as collateral to generate synthetic assets, and according to the number of staked CRFs, the percentage can be calculated. The fees incurred by DEX will be allocated to the fee pool, and proportionally rewarded to users who staked the CRF.

2. Governance token of CF. All the parameters involved in CF, including the increase or decrease of the types of collateral, the adjustment of the collateralization ratio, the types of synthetic assets, etc., can be determined by voting by CRF holders.

Moreover, we are so confident in having a big TVL and market cap for rafts, which means the value of the CRF token will be promising.😏

[May]

😎

Q5. Could you briefly talk about your partnership with Polkadot Network and what it means for Crafting Finance?

[Obed Tiony]

Yeah, sure.

Crafting is a synthetic asset project based on the Polkadot ecosystem. We are going to build the platform on Plasm and Acala. We have strategic partnerships with them and they will support a lot in Oracle/Token cross-chain and other functions.

[May]

Awesome!

Q6. What major news should we still look forward to from Crafting Finance this year?

[Obed Tiony]

We have already reached many milestones. In the research, we have invented optional joining of SDP and also we can find that users can still trade in Kingsman even without joining the SDP.

We have also found ways to improve the utilization rate of the user’s collateral rate. In the development process, we have completed the demo version of the SDP, Forge, and Kingsman. We may do IDO next month. And as I said, the most exciting milestone will be the launch of the main net in Q4.

And we are going to disclaim another big news for next week, it will be exciting! Please follow our social media.

https://medium.com/@craftingfinance

https://twitter.com/craftingfinance

https://discord.gg/89upsrRUNY

[May]

Good to know!

Dear community, please join up!

[Obed Tiony]

We will always splash our good news and progress through our communities and social media.

[May]

Awesome!

It's time to take questions from our Twitter community.

Ready?

[Obed Tiony]

Yes, very ready.

[May]

Q1. How does Crafting Finance let me issue any kind of financial contract and include any type of asset?

Twitter Username: @static_current

[Obed Tiony]

This is how synthetic assets work. You can stake support tokens as collateral and forge any assets you like. It is like a reflection of the real assets in our system. So basically we have four kinds of synthetic assets, they're stablecoins, simple synthetic assets, bonds, and customized synthetic assets. And the more exciting news is that we will support NFT as well soon.

[May]

Great news!

Q2. How did you decide on the tagline "Build Your Rafts "? What is it trying to convey in these 3 words?

Twitter Username: @cradled_in_

[Obed Tiony]

This means we will support any synthetic assets including customized ones.

[May]

Nice!

Q3. I read on your website that Crafting Finance would be released in multiple versions, and we can see four of them on the timeline: Columbus, Zhangqian, Thorvaldsson, and Vasco da Gama. What does the meaning of these unique names mean, and why do we need different versions of them?

Twitter Username: @Greyhair_08

[Obed Tiony]

On our road map, we have four main versions that reflect different stages of our project. They are Columbus, zhangqian, Thorvaldsson, and Vasco da Gama. Columbus is the first version that will enable the issuance of assets, build SDP and Kingsman. Zhangqian will make universal synthetic assets available.

Thorvaldsson will offer the option which allows users to choose whether to join the SDP. And Vasco will launch the brand new decentralized Oracle.

Currently, we are focused on the development of the test net of Columbus. The most important goal is to make the main net online in Q4.

[May]

👏🏼👏🏼👏🏼

It's now time to take questions from our website community.

Ready?

[Obed Tiony]

As always!

[May]

Q1. You say that oracles are important for Crafting Finance, and you will use different solutions in this regard to ensure the stability of your platform. Do you have a proper oracle in your ecosystem or will you use one from the market such as Chainlink?

Thank you!

Telegram Username: @shitosan

[Obed Tiony]

For now, we have a partnership with Chainlink, so we will use this as the oracle of the system. In the future, we will launch an entirely new decentralized oracle that will enable all kinds of synthetic assets in the system.

[May]

https://t.me/decentralized_club/594995

Q2. Univraft is an exchange based on SDP. Can you tell us about the share debit pool? How is the share debit pool collected? Can you tell us about the design characteristics of Crafting finance?

Telegram Username: @albertjaison

[Obed Tiony]

Univraft is not an exchange, but it's the customized synthetic assets we support in the system. We do have an exchange called Kingsman based on SDP.

Once a user mints some synthetic assets, the assets can be put into the sharing debt pool (SDP), and the user will be assigned a fixed debt ratio which is the ratio of the value of the user's synthetic assets to the value of all synthetic assets in the entire system. "Fixed" means this ratio will not change due to changes in asset prices and will be used to calculate the user's profit and loss. This ratio will only change when a new user mints new assets or an existing user destroys existing assets.

[May]

Thank you for clearing that up!

Q3. I see they mention SDP. It seems that SDP is a very important feature and more relevant than SDP from other projects. So what is SDP, how does the SDP system in Crafting Finance work? Can you list a few advantages of SDP in Crafting Finance over other SDPs?

Telegram Username: @bigboicity12

[Obed Tiony]

For Sure our SDP is an essential feature.

We know Synthetix on Ethereum is the inventor of synthetic assets. But we make some significant upgrades to them.

(1) We support multi-token collateral to issue synthetic assets, while Synthetix only supports their token SNX.

(2) We can forge all types of synthetic assets, such as Bond, stablecoins, customized assets, etc. directly, while in Synthetix you need to mint their stablecoin and convert to other assets.

(3) After allowing users to issue synthetic assets, they can choose whether to join the shared debt pool (SDP). This is our most important innovation over Synthetix.

(4) Multiple debt pools are natively supported (the synthetic assets issued by synthetix directly enter the debt pool, and multiple debt pools are not supported). In the future, the debt pool can be split based on various methods (when the liquidity is enough, it can be completed by DAO).

[May]

Very impressive answers!

https://t.me/decentralized_club/595002

It's now time to take questions from our live audience.

In this 4th segment, I will open the group for some seconds for the live community to shoot you some pressing questions.

Please pick four original questions to answer.

Try to ignore generic, vague, and copy-paste questions 😊

Ready?

[Obed Tiony]

Yap! I am still here for any questions.

[May]

Great!

---Chat was then opened for the live community to send in their questions---

[Po Ko]

I did some research about your project earlier and I found that Crafting Finance actualizes the project in several versions such as ("COLUMBUS, Zhangqian, Thorvaldsson Vasco da Gama") Can you tell the difference between these versions? And how can they be useful to users?

[Obed Tiony]

Columbus is the first version that will enable the issuance of assets, build SDP and Kingsman. Zhangqian will make universal synthetic assets available. Thorvaldsson will offer the option which allows users to choose whether to join the SDP. And Vasco will launch the brand new decentralized Oracle.

[Lastri Septiani]

Do you have any specific marketing strategies to increase your adoption? Do you plan to establish an Indonesian community or Asian community to expand globally because for your information Indonesians are always attracted to new promising projects?

[Obed Tiony]

Yes, we are actually having different communities in different areas and Regions, as I may remember we have already had Indonesian communities.

[Q Paicii]

I have seen that you have done many AMAs, my question is, what do you expect to get from so many AMAs, and what are your goals with the community? Do you consider the community to be a fundamental role in the project?

[Obed Tiony]

Communities are very essential and the backbone of every project. So we believe in growing up our communities globally since they will be the spreaders of the project

[Jose Gamboa]

RAFTs can be classified into four different categories: Stable Coins (RaftStable), Simple Synthetic Assets (Raft), Custom Synthetic Assets (UnivRaft), and Synthetic Bonds (BondRaft). Can you tell us about each of them?

[Obed Tiony]

Stablecoins (RaftStable): Stablecoins are a very important part of synthetic assets, such as rUSD and rEuro which can be used as denomination currency in the whole system as well as contract trading. Furthermore, stablecoins can also be used as collateral lending. Users can borrow stablecoins such as rUSD and exchange them for real-world dollars. Simple synthetic assets (Raft): Simple synthetic assets can be cryptocurrencies such as rBTC and rETH, stocks such as rAAPL, gold such as rXAU, and any real-world assets.

Synthetic bonds (BondRaft): Synthetic bonds are synthetic assets paying interest issued by the system.

Smart synthetic assets (UnivRaft): Smart synthetic assets mean that users can issue any kind of financial contract through this system. In this way, we can stimulate any financial derivatives and include the whole world’s assets.

[May]

Any closing remarks for the community?

[Obed Tiony]

Thanks, everyone for being available today, I do appreciate the time and patience that you guys gave to me. Hope to see you again on our next AMA. Join our community for more vibrant and up-to-date news concerning our project. We believe that we are the best ! And it's time for you to jump into our ship! Thanks once more.

[May]

https://t.me/craftingfinanceofficialgroup

Thank you for being our guest today!

Do send our regards to the CRF Team!

Until next time, have a great day 😊

The AMA with Crafting Finance is now over.

[Obed Tiony]

Thank you so much.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Decentralized Club

Decentralized Club

🎉Welcome 🎉 We are a community who eats, sleeps and drinks crypto 😉 Contact👇@cryptoTALK01 @UniqueBoyDK for AMA and project promotions♻️ decentralizedclub.net