Oct. 21st WaykiChain AMA Recap:WaykiChain x ICO Pantera AMA session
Thanks for this opportunity which allow me to answer the questions regarding our project. I received so many questions that I don't have enough time to answer them one by one. So I decided to categorize them and answer them generally. Hopefully, in this way, I can explain things more clearly.
Why DeFi? Why WaykiChain choose DeFi?
I know some people have worried about DeFi is over because of the sharp drop of the DeFi token. In my opinion, DeFi has just started and will not over in a long period of time.
When we look at the use case of blockchain, we need to focus on two questions：Whether the usage of blockchain can help to reduce cost or whether the usage of blockchain can help to improve efficiency.
DeFi can give us an answer to double Yes.
Finance is all about the connection between the capital provider and capital demander. And DeFi can make it faster and cheaper.
For example, the saving interest rate for USD is 0 this year. However, the saving interest rate for USDT is still 9% in the compound platform. This is because USD is connecting US people but USDT is connecting the entire world.
Also, it's difficult for ordinary people to invest in the stock market in other countries, the registration process is very complicated and the cost is high. However, in platforms like Wayki-X, people can trade assets around the world easily at very low cost.
Therefore DeFi is far from over yet, and Waykichain will continuously work in this direction.
Why WaykiChain? What's the advantage of WaykiChain?
Although ETH has a relatively larger DeFi eco-system, it is still not perfect. If we would like to build a public blockchain starting from scratch, it must be something so different from ETH.
WaykiChain has several advantages:
The security level is higher than ETH. Unlike ETH which all the Dapps are built on smart contract, we built important functions on the core layer of blockchain which makes it more decentralized and difficult to attack.
The user experience is better, Waykichain can deal with more than 4500 transactions in a second and the transactions can be confirmed within 3 seconds. This makes it convenient to use. I think most of you who have experience using the wallet can feel the difference.
And WaykiChain provides all-in-one financial services. On ETH, there are more than 20 stable coins and each of them has its usage. One WaykiChain we just have WUSD and xUSD. One is used to trade coins and tokens in DEX and one is used to buy synthetic assets.
Someone mentioned that the coin price has dropped recently. It’s not only WICC or WGRT, all DeFi related coins are not performing well since the end of Sep. As for ROG, it is free to most of the people if you mined it out. The drop in price will not affect the principle but will only give you less profit. Despite the drop in price, there is still a 69% APY if you are mining with WICC.
ROG will capture its price once we have more users using Wayki-X to trade synthetic assets. This will take some time. Synthetix has been online for 2 years and WaykiX has just started. Let's give it some time.
WGRT is in the process of listing on a Korea-based exchange. This is not a guarantee of listing because there are too many follow steps and un-predicted things. But we are approaching them.
As for ROG, we don't have recent plans of listing. We will try to list ROG on some big exchanges when the product is running well. Users can trade ROG on DEX or AEX exchange.
Use of ROG?
ROG can be used in Wayki-X products. Waylin is a synthetic assets trading platform that allow users to trade assets from all over the world. ROG is acting as the value behind all synthetic assets. Users can pledge ROG in Wayki-X and mint xUSD out. People who is doing this can enjoy three-part of profits:
1. All users who are trading synthetic assets will pay 0.3% trading fees to the system. And this part of trading fees will all be distributed to the ones who minted xUSD out and with an 800% collateral rate.
2. System will issue additional ROG every week and send it to users who collateral ROG into the system and minted xUSD out.
3. If users who invest in synthetic assets and they lose money on their trading, the lost part of the value will be the profit of collateralized users. However, in the contrast part, if traders of synthetic assets are making a profit, then the profit part will be paid by the collateral users.
Detailed questions on the product.
Also, I saw some questions on the details of the product. We are making materials which explain every detail operation of the product. It will come out soon.
Future plans? What you can expect?
There are a lot of things we have to do in the following year. Among which there are several things that are important for us:
1. Continuously improve the user experience of WaykiTimes, which is the wallet and the gateway to WaykiChain DeFi eco-system.
2. Focus on Wayki-X and bring more assets (like oil, more indexes and more US or HK stocks), and more functions like margin trading.
3. Develop partnerships with some financial institutions and bring their assets to WaykiChain platform to provide liquidity. Especially for lending services of WaykiCDP which uses WGRT as the governance coin, B2B is the best way to enlarge the lending size.
4. Further explore markets like Korea, Japan, Iron, Russia, Turkey, and the United States.