In this Telegram AMA recap, you’ll find insights about the DeFiato (DFIAT) project. In an event hosted by Miranda from MEXC Global, you will meet Jeremy Khoo, Chief Investment Officer of DeFiato (DFIAT) Project.
Introduction of DeFiato AMA Member:
Of course! Hi, my name is Jeremy, most people do call me JJ. I’m currently the Chief Investment Officer for Defiato, in charge of token strategy, sales and operations within the Defiato ecosystem. I have a background in engineering and was a 3 time serial entrepreneur in the retail/e-commerce sector prior to entering the blockchain universe.
I’m also a managing partner of CRC Capital, which invests primarily in blockchain companies with several notable investments throughout 2018 to 2021. I lecture in a local university in Singapore and am very passionate about Web3 technologies such as Defi, NFTs and therefore spend considerable time in the education sector.
Download DeFiato application:
Telegram Group: https://t.me/DeFiato
Telegram Announcements: https://t.me/DefiatoChannel
Questions from community to DeFiato AMA Member:
Miranda: What is Defiato? Can you share with us more in detail?
Jeremy: Sure. Defiato is CeDeFi platform, which basically means it is centralised Defi, inheriting the essential parts of a centralised platform that makes it work well for mainstream adoption and marrying it with the entire universe of Defi services.
Simplicity and user-friendliness is at its core, allowing Defiato users to access services such as yield farming with a single click. We will obfuscate all cumbersome user processes such as payment of gas or approval process at all the steps. We simplify entire 10 step processes with a single click.
Defiato is a Defi aggregator, allowing ANY defi service such as swapping, yielding farming, loans/borrowing, cross-chain or more to be accessible by our users. Defiato is not limited by technological or user-related hurdles that Defi faces. Defiato can power entire spaces of Gamefi or NFTs without any limitations.
Miranda: next can you tell us what triggers DeFiato to be launched? What are some of the real-world problems/ pain points that Defiato aims to solve?
Jeremy: Very straight forward questions 🙂
We understand that It is extremely hard for the mainstream to get into defi today. Even crypto-natives struggle with so many chains and bridging/managing their digital assets across them. Hacks and exploits happen on a daily basis. We know there is a requirement for a product like DeFiato.
Rather than search high and low for it, we simply got together and built out the future and how we intend to solve huge problems (barrier to entry, high gas fees, poor customer service etc). Defiato exists, because there is demand. We will continue to shift according to what the market needs. We are always listening to feedback!
Miranda: what about the native token of DeFiato, what’s the role of it in Defiato? Would and its tokenomics?
Jeremy: Currently user could stake DFIAT on DeFiato.com to earn a fixed 50% APY. There is a minimum staking amount of 500 DFIAT. Once unstaked, there will be 7 days cooling period.
Provide liquidity on Trader Joe (500%+ APY) and Terraformer (70%+ APY) to earn boosted farm yields. Besides LP farm, Terraformer hosts its very first Single Staking Campaign with DeFiato’s $DFIAT Token.
And of course, user will be able to use DFIAT to pay platform fee to enjoy 50% discount to normal rates. Currently, we charge 0.2% for swaps and 20% of farming profits for yield farming. If users use DFIAT token, the applicable rates are halved, which are 0.1% for swaps and 10% of farming profits for yield farming.
Defiato’s entire token economy is constructed around demand and utility. As an operational product even in closed beta, we are able to project our revenues, and consequently the organic demand on the token. Most other projects may not have been able to take into account the token demand due to the advantages that we have that they do not.
Miranda: Next are there any exciting news or updates with regards to Defiato that you would like to share with the users?
Jeremy: Yes we have lots of upcoming updates, as DeFiato is dedicated to BUIDLing the best CeDeFi platform to provide everyone with easy access to DeFi without technical barriers, and thus creating value for all DFIAT holders.
Defiato will introduce Fiat onramp service with our partners at Prime Trust, to allow users to basically go through the entire defi lifecycle from Fiat to Farm. This is a game changer. Imagine being able to deposit Fiat, and immediately farm on Polygon, borrow on Avalanche, and even own NFTs on Ethereum. The future is here!
DeFiato will continue to support most blockchains. Right now, we have Avalanche, BSC, Polygon and Solana. And Terra is coming soon! More importantly, we are in a lot of discussions to onboard multiple Defi farms, Dexes and even loan platforms. Of course, we will only add the safest and best chain out there.
Join our community to get updated about our latest updates.
Miranda: sounds like your team is really busy!
Jeremy: Haha yes we are doing our best to become the best platform 🙂
Miranda: If you were to summarize your project in ONE word, what would it be? Why?
Jeremy: hmmm this is tough
I will probably choose CeDeFi
Free-asking Session to DeFiato AMA Member
Q1. Can you list 1-3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
The main advantage is offering the best UI/UX for users to be able to quickly onboard into the world of DEFI! We make it easy, and take away the complications with Metamask so users can enter Defi safely.
Also, our cross-chain support will allow for many users to enter the ecosystem, from BSC to Polygon to Avalanche, and even non-EVM chains like Solana. This is a significant advantage over other players in the CeDefi space who typically only support a single ecosystem.
Of significance, our Fiat Onramp would allow for users to be able to commence defi services directly from Fiat deposits! This is a game changer. Imagine being able to deposit Fiat, and immediately farm on Polygon, borrow on Avalanche, and even own NFTs on Ethereum. The future is here!
Q2. How did you get the community involved in developing the project? and how do you build a strong community to grow globally?
We take user feedback seriously. Most of the defi services we have are as a result of user preferences. We would like you to be part of it where you can tell us what services you most prefer to use.
In fact we currently have an open feedback and suggestion form for every user to fill.
With that being said, we have local groups being set up in Korean, Japanese, Vietnamese, and Chinese. Defiato is an international project and we are serious about community building. You may be interested to help us with our community. For now, do join our main TG at https://t.me/DeFiato to find out more! We need all the help we can get from users such as yourself.
Q3. What is the most ambitious goal of your project? Could share with us any Upcoming Updates?
Our most ambitious goal is very simple. We want to be the household name for DEFI. When you introduce defi to friends, we want Defiato to be the brand that they can go to in order to enter the world of defi. This is currently not possible due to so many barriers to entry including technical adoption. Our most important means to achieve this is building a superior UI/UX in Defiato.com that will allow mainstream to enter. We are also onboarding Fiat on-ramp which will enable these users to enter the platform directly from Fiat. This is a major breakthrough as they can basically use defi from Fiat-to-Farm!
Q4. What is your strongest advantage that you think will make your team leading the market?
Absolutely! We are not just another defi project. We are THE MAIN defi project. We are the defi aggregator that will partner up and include other projects into our platform. As long as defi can dream it up, we can integrate it into Defiato. This is our key advantage because we have few competitors, and so many potential partners! It has already begun, with new chains and new defi services such as farms, loan platforms coming on board. Even NFTs! We are not limited by technology and this is the way Defiato will keep growing!
Q5. Have you being audited ? Have not heard you talk about that security of funds is what every investor craves for and plans to escape incase of insecurity if funds,scams and rug pulls ? How strongly built are your security put in place?
Defiato undergoes constant pen-testing and internal audits on its technological framework, coupled with best practices for cold/hot wallet management. None of the technical elements are off-the-shelf components. Everything is internally built according to best-in-class framework for custodial management.
For the Defi services Defiato supports, Defiato only onboards well-audited contracts both by external auditors as well as multi-factored internal audits. Defiato takes the responsibility of ensuring users are operating in an optimal safe environment very seriously.
Also, Defiato is securing fintech insurances, which are extremely important when the TVL reaches a significant amount. This, combined with on-chain insurers such as Nexus Mutual for e.g, would be an additional layer of “protection” to mitigate risks associated with Defi.
It is also worth noting that we provide two factor authentication as an extra layer of protection, used to ensure the security of user accounts beyond just an email and password. We highly recommend our users to enable it for higher security.