Welcome to the recap of our AMA with Obliquity Network.
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what Obliquity Network is about, we are sure this recap is gonna help you. So without further ado, continue reading 😉
✔️Introduction with Obliquity :👉
Q1. Can you please introduce yourself and also tell us a bit about Obliquity network ? @Danny_O_O
okay, I’m ready
Okay, my name is Danny and I’m the CEO of the Obliquity project. Obliquity is a team of developers with a fairly solid track record and experience in the blockchain industry going far back in 2016. We’ve been involved in quite a few projects, such as Matic, Ontology, Cosmos and IOST, and some of our devs team are working in several projects simultaneously right now. Being a developer in the blockchain area causes connections with many other professionals, not only devs. So, we met each other through all this collaborations and after several years decided to start up our own project as one team. Besides, it’s a good time for ideas such as ours.
As mentioned, our project is a community governed DeFi platform with cross-chain interoperability and opportunities to stake and farm assets issued on different chains. The idea came to us in 2019 when we saw growing interest in DeFi products based on Ethereum. The first thought was about scalability issues and possible high transaction fees in case of big interest from community side. And here it is: Ethereum becomes a tool for whales and inaccessible to regular users because of cost. In addition, other chains have also become actively involved in DeFi life and their communities are growing. But it becomes quite difficult to manage your assets when you need to use more than 4–5 interfaces at once located in different networks + have the costs of exchanging assets between networks. In this sense, using centralized platforms and multicurrency wallets is much more convenient and this moment repels many users from using DeFI. As mentioned, our project is a community governed DeFi platform with cross-chain interoperability and opportunities to stake and farm assets issued on different chains. The idea came to us in 2019 when we saw growing interest in DeFi products based on Ethereum. The first thought was about scalability issues and possible high transaction fees in case of big interest from community side. And here it is: Ethereum becomes a tool for whales and inaccessible to regular users because of cost. In addition, other chains have also become actively involved in DeFi life and their communities are growing. But it becomes quite difficult to manage your assets when you need to use more than 4–5 interfaces at once located in different networks + have the costs of exchanging assets between networks. In this sense, using centralized platforms and multicurrency wallets is much more convenient and this moment repels many users from using DeFI.
Sounds great. One follow up question. Having developers working in other projects causes any issues in setting priority?
Obliquity solves all this problems by providing users a single platform with one interface for all their needs, fast, secure and easy to use. By using Obliquity cross-chain solution users can easily transfer assets and their value through multiple chains and save on fees while staking, farming or lending on Obliquity platform.
No, I don’t think so. We know each other for years, so everyone doing their best
Okay if I am not wrong Saving on fees is a big priority behind Obliquity
Sure, you all know this situation when you have to exchange your assets with third-party exchanges with 2+% fee… if you use cross-chain integrated system, you save this fee
Q2. What are some of the key features of Obliquity network ?
First of all, it’s cross-chain interoperability, which means users will be able to manage their assets borderless with all chains connected to Obliquity. Obliquity initially built on both Ethereum and Cosmos networks and our next step will be adding Polkadot ecosystem. Finally, you will be able to leverage the assets of all mature networks with Obliquity.
Another feature is that Obliquity is a DAO with all needed options: staking, farming, lending and borrowing. One of the biggest things about our DAO protocol structure is that it allows governance token holders to not only farm OBL by locking YFI, COMP, BAL, CRV etc. but also use the underlying tokens to farm on their own protocols simultaneously. The protocol will support most popular farming options and the list of options can be updated by community voting on proposals.
Finally, our platform will provide users with the ability to use different platforms through one interface. Basically, you can switch from Uni farming on Uniswap to staking on Polkadot and so on with one click. And, of course, the more chains we connect, the more options you will have.
Q3. What are some products or solutions that Obliquity network has brought ?
Well, Obliquity was planned as a big ecosystem…
Our first and main product is cross-chain technology. The overall architecture includes the Obliquity decentralized cross-chain network, Obliquity cross-chain bridging Sphere and all other networks connected with Obliquity. If you want to transfer some asset from one network to another, it has to pass through four types of nodes on its way. You send a transaction with some data, the Accountant node inside Obliquity Sphere will read it, verify and translate to Obliquity core nodes, which will execute it. After that Accountant node which works with recipient network will read executed data from Obliquity core and send it to destination network. For example, if you send some ERC-20 to Tron network, you will get ERC-20ob on exit.
Our second product is a DAO, I mentioned it in previous answer but want to add about native tokens and governance. OBL token is available for staking with 180% APY while still staying able to use it as collateral to mint USDob. And USDob can be used for borderless cross-chain value transfers for all networks connected with Obliquity, which enables lending business with predictable risk. And of course, the key feature of every DAO is governance. Users are able to create proposals and shape all Obliquity ecosystem as they want. Our team — just developers, we are serving our community. Everything related to the direction of development, platform services, commissions and rewards can be changed by community voting. OBL holders are making rules for all Obliquity ecosystem while getting rewards and additional bonuses for staking, farming, creation and voting on proposals.
Perhaps I have to answer a little bit shorter…😁
Okay, two more products: lending platform and Obliquity Wallet.
Obliquity lending platform initially supports decentralized lending of Ethereum and Cosmos assets. Loaners and lenders store their assets into the token market based on Obliquity smart contract. OBL token holders share part of fees gained from lending platform.
And Obliquity Wallet was mentioned in previous anwer: all chains in one interface.
Q4. Finally, what does Obliquity network plans to achieve by the end of this year?
We have a busy schedule 😁
First of all we have to finish with code audit and deploy Obliquity swap protocol. For this reason we are preparing for our round 1 public sale. After that we will launch Obliquity DAO to reward our early supporters by getting a chance to take a part in shaping Obliquity through governance and becoming our initial stakers. This means token holders will be able provide liquidity and stake their OBL with 180% APY by the end of October.
Very busy indeed
🐧Community ask Questions by Twitter ✔️
Twitter Question no 1 (Jahidul Islam Ontor)
Username : @Ontortk
What are the ways are Obliquity generating profits/revenue to maintain your project and what is its revenue model ? How can it make benefit #win-win to both investors and your project ?
1. Since Obliquity provides opportunities to swap assets, provide liquidity and lending features, the system accumulates commissions from operations. Some of these commissions are received by community members, and some are sent to Obliquity. In this way, Obliquity is backed by commissions while the investor benefits from staking, liquidity providing and lending products.
Twitter Question no 2 (artistskyler)
Username : @Artistskyler07
Being a community project Can You talk about your Governance Model?
As Staking has become very Popular, Whats your view?
2. Yes, staking has become very popular and we will provide all these options with competitive rates, but the main thing of DAO is its governance. Give me a minute to explain
Our governance model based on governance protocol which uses financial incentives for participants. Anyone can create a proposal and anyone can vote by paying fees in OBL. Proposals can be created to make suggestions or change almost anything in Obliquity. Once it gets accepted, it will be implemented as stated. Tokens paid for creating a proposal will be burned immediately as well as 50% of tokens from voters. If a proposal gets accepted the creator gains 20% of voters fees, while another 30% will be shared between winning voters. If a proposal is rejected, 20% part will be burned.
Twitter Question no 3 (Ale_urich)
Username : @Ale_Urich
• What is USDob’s support? How does it maintain its 1:1 value? Does it use a supply modification algorithm or is it similar to Dai?
Okay, as you all know, to mint a stable coin such USDob you have to use some assets as collateral. Obliquity will have its collateral pools in the connected chains, so users will be able to collateralize their OBL as well as corresponding chains’ native tokens to mint USDob with an initial collateralization rate of 300%. If the collateralization rate drops to 150%, the Obliquity DAO system will clear the collateralized debt position. And here is the answer, if the collateralization rate is lower than 150%, a clearing penalty of 9% will be imposed. Then accumulated funds can be used to maintain the peg.
Twitter Question no 4 (Oleg Troyanovskiy)
Username : @OlegTroya1
What do you currently think is the biggest obstacle that as a whole we need to overcome towards further mass adoption of the Defi and Defi protocols engine?
I think the biggest problem is that DeFi ecosystem is not enough userfriendly to use it if you’re not in crypto for years. You want to use many assets at once, but when you start to install all the necessary applications, open all the necessary tabs, the thought begins to creep in: Fu** it, I’ll pay with a bank card! 😂
Twitter Question no 5 (PartrickPant)
Username : @alexandono
Security & User Interface are the Most Important Aspect that Users see on a platform. How has #Oblyquity Project worked on this? Is Platform suitable for Newbies in the crypto field ?
Sorry urgent phone call.
Overall, this is our priority goal. Convenient and secure single interface to use the whole DeFi world at once.
As I mentioned before, we are working on this universal UI and believe me, security is our priority. We will describe the security system in future articles.
✍️ Telegram live Questions answered by Obliquity ✔️
🔔 How does Obliquity use cross-chain technology? What advantages does Obliquity have over Cosmos, Oracle, or Polkadot?
Our advantage is simplicity. And it’s even more likely not about competition and advantage, but about cooperation. Obliquity’s goal is to fill in the gaps, not defeat someone.
If anybody thinks your project really likes a scam project, and they can’t trust this project. How do you make them believe in your project?
Oh, here it is.
We believe that the focus should be on the project, its code and the community that drives it, these are transparent and verifiable. Just check projects like Thorchain… Anonymous, but open
🎈How you keep pegged the USDob 1:1 with the USD? Which method you use? Fiat, Commodity or Crypto collaterization?
🎈Why you gonna Burn the Unsold OBL tokens of the fundraising? Is not better keep them ?
We will burn unsold tokens to support our early birds
1)- Working without clear goals can lead to the adoption of various strategies that are not working.A marketing department needs to have a well laid-out plan that outlines its short- and long-term goals. What are the Obliquity Marketing Department objectives?
At this stage, we are in talks with several large networks and exchanges about cooperation. But let’s not reveal all the cards at once 😉
Now have many super hackers so security, scalability, and data privacy are three aspects that are very important at enterprize level, how OBLIQUITY foundation handle these issues?
Will be explained in the article shortly. Good one
Regulation is very important. Many projects were closed in many countries due to failure to use the correct REGULATIONS and PERMITS In order to go global; how does the OBLIQUITY team deal with these issues?
It seems to me that one of the key ideas of decentralized finance is to avoid regulatory problems. If you want regulation, then it is better to use state banks 😂
A project that wants to travel long distances needs a specific and long-term plan. OBLIQUITY please share with us your strategy and vision to 2022?
So far, our plans are plans to master plans for the next year and a half 😂
The market is changing dynamically, like the whole world.
The good news is that further decisions will be made by the community.