AMA with XOLO

Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what is
XOLO about, we are sure this recap is gonna help you. So without further ado, continue reading.

• Introduction with XOLO
HARSH:
Q1. Can you tell us with what goals did you came up with the idea of Xolo Finance ?

Killua:
Well, when we started looking at DEFI ecosystem on BSC we found something interesting, to our surprise there weren’t many active lending platforms which proved to be the building blocks of many deffi protocols.

We made it our goal to open up a new paradigm of defi protocols. Our aim is to provide a robust, flexible, transparent, easy to use financial tool for the BSC ecosystem. This also opens opportunities for various new business use cases on the BSC chain.

HARSH:
Q2. Can you talk a bit about the features that will intrigue users towards Xolo Finance?

Killua:
Xolo is an interest bearing assets protocol on Binance Smart Chain. Users can earn interests by supplying different assets on the protocol smart contracts, and borrow other assets using deposited assets as collateral.

Users will be able to earn varied interest on their assets like ETH, BTC, BUSD, XOLO etc to maximize the profit of DEFI without the fear of impermanent loss happens on many yield generator.

HARSH:
Q3. How can we aquire the Xolo token and why do you think we are missing out on something big by not holding Xolo token? Also what are xTokens ?

Killua:
Well, we have been funded by our VC partners in private round, but as always every token is made successful by it's community, the users. So, we are hosting a presale/IDO on @bscstarter platform on 5th June 5PM UTC. You can take part in presale to get XOLO at discounted price there.

Well, in XOLO we have a XOLO pool, where user can stake their xolo for lending and borrow to earn interest and also mint XOLO from the same.

Yes, we are as excited as you are, check our IDO details and vote for XOLO to the launch here https://bscstarter.finance/#/pool/110

HARSH:
Check it out guys

ivas | will never DM first:
xTokens are basically interest bearing versions of popular tokens such as BTC, BNB, Cake etc. While users might have these tokens in their wallets sitting idle, they can instead put it through XOLO protocol and get the xTokens such as XBNB. These xTokens will be later exchanged back to the original tokens + interest generated by the assets.

On broader application level, when these assets are exchanged for their xTokens, the assets will be put up as loans and start earning interest and liquidity rewards, which can be hugely useful as other dapps with huge tvl can integrate with XOLO and provide additional revenue to their users and add value to Xolo ecosystem.

HARSH:
Q4. What is Xolo planning to achieve further this year?

Killua:
The roadmap

Well, as per our schedule we are currently at token sale and mainnet launch, our product is beta ready and already running on testnet at https://xolo.finance and we are going to launch the mainnet immediately after token sale completes with minimum of 5 token integration.
For our future plan for this year, we have been working on governance and help other team to build dapps using XOLO protocol through our governance model, where our community will decide where to spend fund and build a project that can help our platform.

To add further we have plans in place for mobile app and fiat integration in future.

• Community ask questions from Twitter

HARSH:
Q1. For the Q4 2021 and above “Integration of fiat gateways for fiat based lending” what fiat gateways options are you looking at to help ease things for people in countries who don’t accept fiat for crypto yet?

From : @lady_sheraz

Killua:
Well, we are adhering to all the regulations placed by many governments around the world, and already identified few of our initial fiat gateway support to get started and bring defi plus fiat dwellers on our platform.

ivas | will never DM first:
Excellent question, we are thinking of providing on site integration with fiat gateway such as onramper so that users can use their cards and wallets and participate in the application directly instead of going through a crypto exchange initally

That's however for wider adaptation once we grow significantly and capture the TVL for defi users

HARSH:
Q2. Has $Xolo being audited how are your security measures like?

From @kingwealthjnr

Killua:
Security is and has been our top priority from day one. Keeping that in our mind we have completed a third-party audit by TechRate, and several other audits will be conducted in the future to ensure utmost security of XOLO protocol.
You can find the audit report here:
https://github.com/TechRate/Smart-Contract-Audits/blob/main/Xolo%20Protocol.pdf

HARSH:
Q3. How do you plan to promote about your project in different countries? where English is not spoken very well. Do you have a local community so they can understand your project?

From : @Josephayoola19

Killua:
Well, we at XOLO are aware and providing support for our community members in many other regional languages.

Right now we have started telegram community in different languages and appointed Managers to support the users in their languages.

Some of the alternative XOLO communities for Non-English speaking users are -
XOLO Finance Japan: https://t.me/XOLOFinanceJP 🗾
XOLO Finance Vietnam: https://t.me/xolofinanceVN
XOLO Finance Sweden: https://t.me/xolofinanceSWE
XOLO Finance ESPAÑOL: https://t.me/XOLOFinance_Spain
XOLO Finance | Русский| Український: https://t.me/xolofinanceRU_UA
XOLO Finance | CN | https://t.me/xolofinancecn

And we are always in the lookout for more partnership for different community to serve. So, yeah we got you covered 😉

• Community ask questions from Website

HARSH:
Q1.For the borrowing aspect of xolo finance, what are the supported asset are we looking at for collateral?

Telegram Username: @Fiyako12

Q2.I understand xolo token is used to manage Total Locked Value (TVL), so it there an amount going to be distributed? What’s the total locked amount?

Telegram Username: @Pipthinker

Q3. How do balance xolo finance and x-token like x-bnb and the likes

Telegram Username: @joshblaze

Killua:
Wow, nice. Let me take it one by one 😄

Well, as I was explaining earlier, XOLO protocol works by providing lending and borrowing service to the users. Every pool that's gonna be live on XOLO will have lending and borrowing feature concurrently. So, to begin with our 10 token integration in first phase we have identified BNB, BTCB, BUSD, ETH and XOLO, meaning user can deposit this token to earn interest and as well use these token as collateral to borrow other tokens and pay interest for the borrowed amount.

We designed our tokenomics carefully, which will take a complete 5 years from the day of launch to fully unlock the supply.
Initially a total of 12 million token will be in circulation through liquidity and presale tokens to the user, along with Vested 17M tokens to the private investors. Other tokens such as Team token (locked for 3 years), governance token (locked to be used through governance proposals), and 50M token to be minted through out 3 years as liwuidity minting of XOLO at platform.

HARSH:
Wow amazing

GUYS CHECK IT OUT ONE BY ONE

Killua:
As explained by Ivas, xTokens are interest bearing versions of tokens integrated with XOLO, so through supplying a fixed amount of underlying asset like ETH, user gets a fixed amount of xETH. Now through lending the deposited ETH accumulates interest and grows in volume, so user can redeem their same xToken to withdraw the deposited ETH + interest earned through lending in proportionate to the pool.

And since xTokens are BEP-20 standards, users can perform any action supported by BEP-20 tokens, and can fully won their share of underlying asset through tokenization.

HARSH:
To stay updated with xolo please join their official Telegram and Twitter:

https://t.me/xolofinance

https://twitter.com/xolofinance

• Telegram Live questions answered by XOLO

Killua:
Well, there are a lot of scammers and get rich quick schemes which are applied by dishonest group of people to dupe many investor.
But at XOLO FInance we believe transparency is the key, and the problem we are solving is in broader aspect of DEFI on BSC ecosystem. As there aren't any active lending and borrowing service currently on BSC to capture the TVL and open possibilities of new idea, projects which can be built on top of XOLO. We will be bridging the final gap of Defi on BSC. and our success lies within the early starter of this untapped market.

Killua:
Well, With imminent growth of scams in recent times, your question brings us the opportunity to what we are doing against the scamming

1. The fund raised through IDO will be provided as liquidity in Pancakeswap, and the LP of pancakeswap will be automatically locked in BSCstarter platform for a year, so #NORUGPULL
2. Team tokens are vested in smart contract for three years, so no chance for the team to runaway with the tokens.
3. Ownership of the token will be renounced after Locking the tokens in respective smart contract, and no minting feature will stay active post IDO.

So, it's on users to judge these and I believe they will definitely support XOLO.

Killua:
Well, we didn't design our tokenomics based on token burning in the first place, it's a limited supply and mostly will be held by the community and the users of XOLO, the governance tokens are to be utilized through voting in our community to enhance the project and support other teams to build on top of XOLO.

So, no XOLO doesn't work in the quick buzzword of "BURN" to attract investor, it's the core idea the use case and value it brings to the defi ecosystem that makes XOLO interesting.

Killua:
Interesting one, referring to our roadmap, yes we have plan to launch Xolo on different platform, but our current focus is to grow Xolo in BSC and capture the much important TVL in BSC before we move on to other platform like tron, polygon etc.

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