On the June 1st, TAG community has a Telegram AMA with Rikkei Finance
At the AMA : Vu Thanh Tung, CTO of Rikkei Finance, introduced and shared many interesting information about Rikkei Finance.
And here are the key takeaways of the AMA:
Tag: The AMA would be happened as follows
- Segment 1: Greeting and Introduction.
- Segment 2: Answer the closed questions from Twitter (5 questions)
- Segment 3: Live Q&A session (5 questions)
Tag: For starting
segment 1: Can you introduce yourself to our community?
Rikkei Finance: Sure. My name is Tung, Co-founder & CTO of Rikkei Finance. I completed Ph.D. from Nanyang Technology University, Singapore in 2017. I had previously served as AI scientist, researcher at various reputed institutions. Before Rikkei Finance, I was CTO of Rikkeisoft, one of the biggest IT company in Vietnam with more than 1300 developers working in multiple countries, including Vietnam, Japan, Singapore, etc.
With Rikkei Finance, I aim to provide better solutions for the users, enhancing their experience and encourage greater participation.
Tag: Then, Can you briefly tell us what is Rikkei Finance in 3-5
sentences?
Rikkei Finance: Rikkei.Finance is a revolutionary DeFi protocol that aims remove existing stumbling blocks of the DeFi space with the core features: Cross-chain support, NFTs collateralization, and P2P Insurance. It utilizes blockchain tech that enables cross-chain integration, meaning it can accept digital assets that operate on any blockchain network and render it at an equivalent rate, making them a real-time currency exchange network as well.
Tag: Can you share with us what are the competitive
advantages of Rikkei Finance compared to other projects?
Rikkei Finance: Well, it’s true that there’re big players in the lending field like Compound and AAVE. But we believe that there’re plenty of room for improvement and we can still contribute a lot for not only the protocol but also the communinty.
About the question, the main competitive advantages of Rikkei Finance are:
1. Rikkei Finance is a diverse place for many collateral types. Users are free to decide which assets can be used as collateral based on our asset ranking system. Especially, apart from stablecoins and blockchain-based tokens, users can put their NFT assets up as collateral for a loan, or offer loans to other users on their non-fungible tokens.
2. Rikkei Finance offers no-limit cross-chain transaction. Users can lend and borrow any digital assets regardless of its blockchain.
3. Rikkei Finance implements improved interest rate model. Our interest rate model takes into account the cost of borrowing in periods of low utilization rate as well as the cost of capital in periods of high utilization rate, which brings a wealth of benefits to the market and investors.
4. Rikkei Finance promotes worry-free user experiences by liquidation coverage. For the first time, users can ensure their own safety by purchasing coverage for liquidation in their vaults.
Tag: And now, let’s talk about the milestones you have achieved
so far and about your upcoming plans
Rikkei Finance: Fundraising is finished. We have successfully raised $5.6M.
About the team, we are consolidating our team, especially the Marketing team. We are working hard to bring our project to the community.
About the product, the development phase is almost done. We are in the process of auditting right now.
Our next upcoming milestones is the tokens listing, it will be on Pancakeswap. We progressively launch our products along with token listing.
For more information, please stay tuned for our updated roadmap via our website: rikkei.finance !!
Tag: The last question for this segment: Could you tell us more
about the story behind Rikkei Finance? Who are the team behind this project?
Rikkei Finance: Most of the information can be found on the internet. Let’s me share with you something more personal.
Hoa (cofounder and CEO of RiFi) and I, we both come from a company named Rikkeisoft, one of the biggest IT company in Vietnam. Rikkeisoft was established 9 years ago, back then we had only 12 developers, now we have 1300+ in Vietnam, Japan and others places. You can see that we didn’t raise any money for the seeding round, it’s because we recieved a lot of support from Rikkeisoft, not only the financial aspect but also solidity developers, marketing team or legal support as well.
We also have a guys named Dang Bao Duc, Rikkei Finance’s CFO and a former Quantitative Researcher at Keebeck Alpha. He is passionate about building a sustainable lending protocol with high-standard risk management that can enhance users’ experience and encourage greater participation.
To continue, we turn to Segment 2: Answer the selected Twitter questions.
First of all, I would like to say thanks to Tag’s members who have sent many questions about Rikkei Finance to us..
Tag: Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same?
Rikkei Finance: First of all, we put our name there, not only the idividual naming but the main business as well.
Secondly, every pitching sessions had the technical part. When the Investor’s team started asking about the lending’s details, they knew that we are ready and serious about building a sustainable system. One of the most difficult question that they usually ask is about the protocol’s security. Our answer satisfied them. Can share with you here:
For RiFi, we apply multiple methods to ensure the security of the system:
– Interest rate model: Instead of applying the traditional simple linear interest rate model, RiFi uses the Multi-kinked model. The strength of the multi-kinked model is that it can handle the stress point of high utilization rate (Ut). At that point, borrowing demand is significantly high and all users borrow at the maximum. As a result, if the market witnesses a significant price correction, it will create a mass liquidation effect, directly reducing the liquidity of the protocol and making the system unsustainable. RiFi’s approach is to increase the borrow interest rate considerably to reduce risk and limit borrowing at this time.
– Risk management model. Our system sustainability is ensured by controlling the collateral factor closely, setting limit for one-time withdrawal; freezing the supply/borrow when there is an attack; and employing complex price oracle.
– RiFi’s source code will be audited by experienced parties. There will be a bug bounty program early on with extremely high value as well.
Tag: Almost 2/3 investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
Rikkei Finance: Well, first of all, one interesting thing about us is the tokenomics. There’re 0% release at TGE for both strategic and private investors, and they only get their token after 5 and 3 months respectively. That’s a HUGE barrier and show the world that we are very picky on choosing the investor, they must bring some values into project and have long-term investment mindset. The early dump will not occur in our project since all investors are all holders.
Secondly, we have an 1-year-ahead plan, and I believe that both Strategic and Private investors are on the same page with the project team. There’re a lot of value they can get if they remain staying with the project until then!
Tag: What is your top priorities in 2021? Could you share some plans for the upcoming year? Which part of the project are you most focused on right now?
Rikkei Finance: Our top priority is to focus on product development. Our upcoming plan is to not only launch 1 lending product, but also launch a package including different products to support each other.
First, we plan to introduce the Liquidity Ranking System around the middle of June. The Liquidity Ranking System is developed to ensure the transparency of our asset selection process and our system sustainability. Assets will be evaluated and ranked based on multiple liquidity metrics, then be further analyzed and entered into the voting section before being officially added into the pool.
Next, we will deploy Liquidity Vault at the end of June or early July to allow retail users to provide initial liquidity into the system and earn rewards.
Then, we plan to launch the lending product in the middle of July. The lending protocol will then be progressively expanded to several platforms, including Etherium, Polkadot, Fantom, and Solana, by the end of 2021.
We will also support NFTs in the second half of 2021.
Tag: The next question is from https://twitter.com/Nguyenhuybach12/status/1399227801253736448?s=20
NFTs are currently one of the most hyped in the cryptocurrency world. Rikkei Finance have its own NFTs? Did you consider NFT to NFT exchange or only NFT Buying?
Rikkei Finance: The answer is No and Yes.
No as we are not going to build any NFTs marketplace or to provide any type of NFTs minting services/tools. We want to focus on lending protocol and lending protocol only. Building a solid, safe and sustainable DeFi system like that requires focus and a lot of work.
Yes as we will support NFTs as collateral. Right now, beside selling/buying/holding you can’t do much with your NFTs. We will provide you another way to deal with that. You can earn money by lending it!
Sounds good right? But we all have to agree that evaluting the value of NFTs is tricky part, especially NFTs price can be easily manipulated by a group of users. So, to keep lending protocol safe, for NFTs we will do Peer-to-Peer lending system.
There are 2 NFTs lending cases that we support on the RiFi platform:
(1) You are NFT holder and want to borrow money: You lock your NFT in our system with a price tag. If anyone believe that your NFT worths that much, they will deposite money in, we use that money to lend to you. Before the deadline, if you return the money, you get your NFT back; if not the NFT is now owned by the money lender
(2) You have the money and want to borrow NFT: Happen when you play some game, facing a quest that requires a specific item. You don’t want to purchase that item because it’s expensive (!!). You can lock your money in the system and borrow NFT from other person. Return the NFT on time will get you money back, if not, you now are the new owner of that NFT.
Tag: And the last question for this segment is from https://twitter.com/KGFvip707523/status/1399648392330977283?s=20
Marketing strategy is very important. A product can be established on the market without marketing and promotion, whatever it is good. So what are your plans for this? How will you build strong relationships with communities?
Rikkei Finance: Thanks for asking about the marketing strategies.
Our mindset is (maybe) a little bit different from others projects. We are doing marketing not only to bring the project’s news to various/different communities, but also to create the intial token holders group.
Recently, due to the market’s condition, you guys can see that the project’s quality that IDO on multiple platform is dropping. IDO participants don’t really care much about the project, as soon as they get the token, they sell it immediately and move on. We don’t want that to happen to RiFi.
Therefore, beside traditional marketing activities like News broasdcasting, AMA and twitter channel, we will launch couple of airdrop campaigns. You guys can participate in some contest, bug bounty, early liquidity program, etc. to know more about the project and earn FREE RiFi token. ? Stay tuned to know more about the campaign!!
Hope my answers clear your question.
Tag: Thank you for your detailed answer.
We have just finished segment 2 of today’s AMA session
Now we turn to Segment 3: Live Q&A session (5 questions)
At this segment, I will open the chat a few minutes to receive the questions. Let pick your favorite ones when the chat’s closed
Tag: Does your project support staking program?if yes. how
is your stake system work, what is the requirement for user if they want to
stake in your platform?
Rikkei Finance: There will be a staking program. We will release at least 3 different vaults for the community to participate in.
(1) Stable coin vault: You stake your stable coin (USDC, USDT, BUSD, … to be defined later) and earn some interest rate money plus RiFi token
(2) Rifi vault: You stake our RiFi token in and earn HUGE reward with GREAT APY
(3)RiFi/BNB Pair vault: You provide liquidity for RiFi/BNB pair and earn reward from that.
Stay tuned for more information!!
Tag: For project development, the main priority is to have
sufficient funds. Is your team financially able to carry out this project? Do
you have a partnership with a venture capital company or an investment company?
Rikkei Finance: True, a very good question.
A. About initial liquidity providing
(1) RiFi has raised $5.6 millions, definitely not a small amount. This initial fundraising can provide (partly) the initial liquidity for the system, which is as per our plan.
(2) Investors and partners of RiFi all have committed to provide a certain amount of liquidity into the system. The total number is quite impressive, and it will be shared with the community shortly.
B. About long-term profit
Lending is all about the difference between borrowing interest rate and supplying interest rate. This difference will be used as:
(1) interest payment for the lender
(2) risk reserve for the protocol and
(3) system profit.
In the short term, we will not prioritize the profit of the project, but we will focus mainly on risk reserve purpose, ensuring the safety of the protocol as well as users. We will gradually increase the profit margin in the long run. In general, this will be a profitable and sustainable business model, not relying on selling tokens for profit like some other DeFi protocols.
Tag: So many good blockchain projects have failed because of low sale of their token, which can be blamed on the present bear market. How will you raise funds for your project and survive this bear market?
Rikkei Finance: I believe a good project should be immune to bear or bull market. We have an amazing set of investors backing us. For us funds would never be an issue as platform itself will start generating revenue as soon as it kicks in. We wish to make a highly profitable venture and let the benefits pass to our investors and community who is supporting us in long run.
Tag: At this moment, which one the most Necessary for your project:
1. Investors
2. Community
3. Market/Exchange
and why?
Rikkei Finance:
We value them all.
Tag: I wanted to follow your project for the long term.
Where i can get all the latest news about your project? 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?
Rikkei Finance: ? Our Official Social Media Links
Website | Telegram | Announcements | Twitter | Medium | Facebook | rikkei.finance
Rikkei.Finance is a revolutionary DeFi ecosystem with cross-platform lending, NFTs and P2P insurance services
Tag: Thank you to be here and share with us such helpful information
Once again, on behalf of TAG Ventures and the members, we would like to thank you for being here today.
Rikkei Finance: Thank you for giving us the opportunity to share our project with your community. Please follow us on our socials and if there’s any questions we are happy to answer them.
On the June 1st, TAG community has a Telegram AMA with Rikkei Finance
At the AMA : Vu Thanh Tung, CTO of Rikkei Finance, introduced and shared many interesting information about Rikkei Finance.
And here are the key takeaways of the AMA:
Tag: The AMA would be happened as follows
Tag: For starting segment 1: Can you introduce yourself to our community?
Rikkei Finance: Sure. My name is Tung, Co-founder & CTO of Rikkei Finance. I completed Ph.D. from Nanyang Technology University, Singapore in 2017. I had previously served as AI scientist, researcher at various reputed institutions. Before Rikkei Finance, I was CTO of Rikkeisoft, one of the biggest IT company in Vietnam with more than 1300 developers working in multiple countries, including Vietnam, Japan, Singapore, etc.
With Rikkei Finance, I aim to provide better solutions for the users, enhancing their experience and encourage greater participation.
Tag: Then, Can you briefly tell us what is Rikkei Finance in 3-5 sentences?
Rikkei Finance: Rikkei.Finance is a revolutionary DeFi protocol that aims remove existing stumbling blocks of the DeFi space with the core features: Cross-chain support, NFTs collateralization, and P2P Insurance. It utilizes blockchain tech that enables cross-chain integration, meaning it can accept digital assets that operate on any blockchain network and render it at an equivalent rate, making them a real-time currency exchange network as well.
Tag: Can you share with us what are the competitive advantages of Rikkei Finance compared to other projects?
Rikkei Finance: Well, it’s true that there’re big players in the lending field like Compound and AAVE. But we believe that there’re plenty of room for improvement and we can still contribute a lot for not only the protocol but also the communinty.
About the question, the main competitive advantages of Rikkei Finance are:
1. Rikkei Finance is a diverse place for many collateral types. Users are free to decide which assets can be used as collateral based on our asset ranking system. Especially, apart from stablecoins and blockchain-based tokens, users can put their NFT assets up as collateral for a loan, or offer loans to other users on their non-fungible tokens.
2. Rikkei Finance offers no-limit cross-chain transaction. Users can lend and borrow any digital assets regardless of its blockchain.
3. Rikkei Finance implements improved interest rate model. Our interest rate model takes into account the cost of borrowing in periods of low utilization rate as well as the cost of capital in periods of high utilization rate, which brings a wealth of benefits to the market and investors.
4. Rikkei Finance promotes worry-free user experiences by liquidation coverage. For the first time, users can ensure their own safety by purchasing coverage for liquidation in their vaults.
Tag: And now, let’s talk about the milestones you have achieved so far and about your upcoming plans
Rikkei Finance: Fundraising is finished. We have successfully raised $5.6M.
About the team, we are consolidating our team, especially the Marketing team. We are working hard to bring our project to the community.
About the product, the development phase is almost done. We are in the process of auditting right now.
Our next upcoming milestones is the tokens listing, it will be on Pancakeswap. We progressively launch our products along with token listing.
For more information, please stay tuned for our updated roadmap via our website: rikkei.finance !!
Tag: The last question for this segment: Could you tell us more about the story behind Rikkei Finance? Who are the team behind this project?
Rikkei Finance: Most of the information can be found on the internet. Let’s me share with you something more personal.
Hoa (cofounder and CEO of RiFi) and I, we both come from a company named Rikkeisoft, one of the biggest IT company in Vietnam. Rikkeisoft was established 9 years ago, back then we had only 12 developers, now we have 1300+ in Vietnam, Japan and others places. You can see that we didn’t raise any money for the seeding round, it’s because we recieved a lot of support from Rikkeisoft, not only the financial aspect but also solidity developers, marketing team or legal support as well.
We also have a guys named Dang Bao Duc, Rikkei Finance’s CFO and a former Quantitative Researcher at Keebeck Alpha. He is passionate about building a sustainable lending protocol with high-standard risk management that can enhance users’ experience and encourage greater participation.
To continue, we turn to Segment 2: Answer the selected Twitter questions.
First of all, I would like to say thanks to Tag’s members who have sent many questions about Rikkei Finance to us..
Tag: Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same?
Rikkei Finance: First of all, we put our name there, not only the idividual naming but the main business as well.
Secondly, every pitching sessions had the technical part. When the Investor’s team started asking about the lending’s details, they knew that we are ready and serious about building a sustainable system. One of the most difficult question that they usually ask is about the protocol’s security. Our answer satisfied them. Can share with you here:
For RiFi, we apply multiple methods to ensure the security of the system:
– Interest rate model: Instead of applying the traditional simple linear interest rate model, RiFi uses the Multi-kinked model. The strength of the multi-kinked model is that it can handle the stress point of high utilization rate (Ut). At that point, borrowing demand is significantly high and all users borrow at the maximum. As a result, if the market witnesses a significant price correction, it will create a mass liquidation effect, directly reducing the liquidity of the protocol and making the system unsustainable. RiFi’s approach is to increase the borrow interest rate considerably to reduce risk and limit borrowing at this time.
– Risk management model. Our system sustainability is ensured by controlling the collateral factor closely, setting limit for one-time withdrawal; freezing the supply/borrow when there is an attack; and employing complex price oracle.
– RiFi’s source code will be audited by experienced parties. There will be a bug bounty program early on with extremely high value as well.
Tag: Almost 2/3 investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
Rikkei Finance: Well, first of all, one interesting thing about us is the tokenomics. There’re 0% release at TGE for both strategic and private investors, and they only get their token after 5 and 3 months respectively. That’s a HUGE barrier and show the world that we are very picky on choosing the investor, they must bring some values into project and have long-term investment mindset. The early dump will not occur in our project since all investors are all holders.
Secondly, we have an 1-year-ahead plan, and I believe that both Strategic and Private investors are on the same page with the project team. There’re a lot of value they can get if they remain staying with the project until then!
Tag: What is your top priorities in 2021? Could you share some plans for the upcoming year? Which part of the project are you most focused on right now?
Rikkei Finance: Our top priority is to focus on product development. Our upcoming plan is to not only launch 1 lending product, but also launch a package including different products to support each other.
First, we plan to introduce the Liquidity Ranking System around the middle of June. The Liquidity Ranking System is developed to ensure the transparency of our asset selection process and our system sustainability. Assets will be evaluated and ranked based on multiple liquidity metrics, then be further analyzed and entered into the voting section before being officially added into the pool.
Next, we will deploy Liquidity Vault at the end of June or early July to allow retail users to provide initial liquidity into the system and earn rewards.
Then, we plan to launch the lending product in the middle of July. The lending protocol will then be progressively expanded to several platforms, including Etherium, Polkadot, Fantom, and Solana, by the end of 2021.
We will also support NFTs in the second half of 2021.
Tag: The next question is from https://twitter.com/Nguyenhuybach12/status/1399227801253736448?s=20
NFTs are currently one of the most hyped in the cryptocurrency world. Rikkei Finance have its own NFTs? Did you consider NFT to NFT exchange or only NFT Buying?
Rikkei Finance: The answer is No and Yes.
No as we are not going to build any NFTs marketplace or to provide any type of NFTs minting services/tools. We want to focus on lending protocol and lending protocol only. Building a solid, safe and sustainable DeFi system like that requires focus and a lot of work.
Yes as we will support NFTs as collateral. Right now, beside selling/buying/holding you can’t do much with your NFTs. We will provide you another way to deal with that. You can earn money by lending it!
Sounds good right? But we all have to agree that evaluting the value of NFTs is tricky part, especially NFTs price can be easily manipulated by a group of users. So, to keep lending protocol safe, for NFTs we will do Peer-to-Peer lending system.
There are 2 NFTs lending cases that we support on the RiFi platform:
(1) You are NFT holder and want to borrow money: You lock your NFT in our system with a price tag. If anyone believe that your NFT worths that much, they will deposite money in, we use that money to lend to you. Before the deadline, if you return the money, you get your NFT back; if not the NFT is now owned by the money lender
(2) You have the money and want to borrow NFT: Happen when you play some game, facing a quest that requires a specific item. You don’t want to purchase that item because it’s expensive (!!). You can lock your money in the system and borrow NFT from other person. Return the NFT on time will get you money back, if not, you now are the new owner of that NFT.
Tag: And the last question for this segment is from https://twitter.com/KGFvip707523/status/1399648392330977283?s=20
Marketing strategy is very important. A product can be established on the market without marketing and promotion, whatever it is good. So what are your plans for this? How will you build strong relationships with communities?
Rikkei Finance: Thanks for asking about the marketing strategies.
Our mindset is (maybe) a little bit different from others projects. We are doing marketing not only to bring the project’s news to various/different communities, but also to create the intial token holders group.
Recently, due to the market’s condition, you guys can see that the project’s quality that IDO on multiple platform is dropping. IDO participants don’t really care much about the project, as soon as they get the token, they sell it immediately and move on. We don’t want that to happen to RiFi.
Therefore, beside traditional marketing activities like News broasdcasting, AMA and twitter channel, we will launch couple of airdrop campaigns. You guys can participate in some contest, bug bounty, early liquidity program, etc. to know more about the project and earn FREE RiFi token. ? Stay tuned to know more about the campaign!!
Hope my answers clear your question.
Tag: Thank you for your detailed answer.
We have just finished segment 2 of today’s AMA session
Now we turn to Segment 3: Live Q&A session (5 questions)
At this segment, I will open the chat a few minutes to receive the questions. Let pick your favorite ones when the chat’s closed
Tag: Does your project support staking program?if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?
Rikkei Finance: There will be a staking program. We will release at least 3 different vaults for the community to participate in.
(1) Stable coin vault: You stake your stable coin (USDC, USDT, BUSD, … to be defined later) and earn some interest rate money plus RiFi token
(2) Rifi vault: You stake our RiFi token in and earn HUGE reward with GREAT APY
(3)RiFi/BNB Pair vault: You provide liquidity for RiFi/BNB pair and earn reward from that.
Stay tuned for more information!!
Tag: For project development, the main priority is to have sufficient funds. Is your team financially able to carry out this project? Do you have a partnership with a venture capital company or an investment company?
Rikkei Finance: True, a very good question.
A. About initial liquidity providing
(1) RiFi has raised $5.6 millions, definitely not a small amount. This initial fundraising can provide (partly) the initial liquidity for the system, which is as per our plan.
(2) Investors and partners of RiFi all have committed to provide a certain amount of liquidity into the system. The total number is quite impressive, and it will be shared with the community shortly.
B. About long-term profit
Lending is all about the difference between borrowing interest rate and supplying interest rate. This difference will be used as:
(1) interest payment for the lender
(2) risk reserve for the protocol and
(3) system profit.
In the short term, we will not prioritize the profit of the project, but we will focus mainly on risk reserve purpose, ensuring the safety of the protocol as well as users. We will gradually increase the profit margin in the long run. In general, this will be a profitable and sustainable business model, not relying on selling tokens for profit like some other DeFi protocols.
Tag: So many good blockchain projects have failed because of low sale of their token, which can be blamed on the present bear market. How will you raise funds for your project and survive this bear market?
Rikkei Finance: I believe a good project should be immune to bear or bull market. We have an amazing set of investors backing us. For us funds would never be an issue as platform itself will start generating revenue as soon as it kicks in. We wish to make a highly profitable venture and let the benefits pass to our investors and community who is supporting us in long run.
Tag: At this moment, which one the most Necessary for your project:
1. Investors
2. Community
3. Market/Exchange
and why?
Rikkei Finance:
We value them all.
Tag: I wanted to follow your project for the long term. Where i can get all the latest news about your project? 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?
Rikkei Finance: ? Our Official Social Media Links
Website | Telegram | Announcements | Twitter | Medium | Facebook | rikkei.finance
Rikkei.Finance is a revolutionary DeFi ecosystem with cross-platform lending, NFTs and P2P insurance services
Tag: Thank you to be here and share with us such helpful information
Once again, on behalf of TAG Ventures and the members, we would like to thank you for being here today.
Rikkei Finance: Thank you for giving us the opportunity to share our project with your community. Please follow us on our socials and if there’s any questions we are happy to answer them.