In this Telegram AMA recap, you’ll find insights about the RAI Finance project. In an event hosted by Sebastian from MEXC, you will meet Kevin, Core Contributor of RAI Finance.
Introduction:
Hi, I’m Kevin Lee, from Korea. I’m the core contributor of RAI Finance since 2020. glad to e-meet MEXC community.
Questions from community:
Question 1:
Sebastian: What is Rai Finance? Can you kindly share with us more in detail?
Kevin: RAI Finance is a decentralized finance application that provides digital asset users with social trading system, and aggregated swap on heterogeneous blockchains.
Users of RAI Finance can explore features such as creating index tokens, cross-chain trading and socialization with the other digital asset traders.
Let me briefly introduce our product features below:
STS: Social Trading System combines both digital asset trading and socializing, users can create their own portfolios, or invest in other professions. Different from the traditional index, on RAI Finance, each portfolio generates a unique token, which makes it easier to calculate, invest and share.
Aggregator: RAI Finance supports ETH and Polygon asset trading aggregators. In the future, RAI Finance will support more blockchains and finish the cross-chain trading aggregator. Now we are working on it based on Substrate code and the polkadot ecosystem.
Governance: RAI Finance provides an onchain governance section, users’ proposals can be voted by SOFI token and accomplished automatically via code.
Wallet: In the Wallet section, users can edit their own profiles like social media links, and check their asset status, rebalance portfolios.
Question 2:
Sebastian: What triggers you to launch Rai Finance? What are some of the real-world problems/ pain points that Rai Finance aims to solve?
Kevin: We want to solve problem as below:
Most of the current DeFi products are using the high APY as the main driving force for investors to participate, and lack of creativity for products, forming an unsustainable “mining and selling” model. With the decline of APY, DeFi products have also entered a development bottleneck period.
Our team also has some thoughts about this phenomenon. From the perspective of the traditional Internet, many products will eventually form a deep linkage with social networking with the explosion of user volume. When DeFi crosses the APY-dominant stage, DeFi is also likely to develop towards socialization.
RAI Finance hopes to start from the social trading sector and provide a new development model for the next stage after the DeFi industry breaks ground. Around social trading, build a comprehensive platform that allows users to continue to have fun in DeFi.
Sebastian: I see, yes it’s great that such a solution has been arrived at to combat the bottleneck situation!
I’m sure many users will also like to have fun with DeFi 😄
Question 3:
Sebastian: What is the role of the $SOFI token in Rai Finance? Would you kindly tell us more about its tokenomics?
Kevin: No problem.
SOFI, the native token of RAI Finance, total supply is 1 billion, now is available on ETH, Polygon and BSC.
SOFI has usage scenarios as below:
1. Governance: The SOFI token has the governance function. The holder of the token will vote on proposals to decide how RAI Finance can develop in the future.
2. Ecological incentives:SOFI is mainly used to attract and reward users and traders who bring liquidity and create valuable portfolios. The bi-weekly swagger trading competition is alive, welcome to join in and experience. https://twitter.com/RaiFinance/status/1529342497297932288?s=20&t=9jDlpgTjgsWyAJVHvFi1Eg
3. Promotion: For professional traders who want to promote their own portfolios, they can use the SOFI token to get a promotion slot on RAI Finance website.
If you want to know more about SOFI, please check here
Sebastian: Wow, what a wide variety of uses! Please take down notes guys!
And do remember to check out this link if you wish to find out more about the SOFI token!
I’m sure everyone loves updates!
Question 4:
Sebastian: Kevin, is there any exciting news or updates with regards to Rai Finance that you would like to share with the users?
Kevin: Of course.
In 2022, we are working on adding more social functions and cross-chain functions, all users are welcome to join in our community and future testing events.
RAI Finance aims to be a hub connecting Social and finance in the Web3.0 world. In the future, together with our community, RAI Finance will support more blockchains and provide more creative social functions. For SOFI token, this development will bring more usage scenarios and incentive events.
As mentioned above, we have announced the second round of the Swagger Trading Competition just today, so please come join the competition and create your own portfolio using STS(Social Trading System).
Seems like lots of great news for 2022! 🔥
Question 5:
Sebastian: Lastly, If you were to summarize your project in ONE word, what would it be? Why?
Kevin: I want to use the word “connect”, web 2.0 and web3.0 both change the way people connect with each other. Blockchain technology is changing it too, in a deeper way. For RAI Finance, we aim to change how people analyze and trade crypto asset, and help users to connect with more potential Layer1. So “connect” is the core of our product.
Free-asking Session
Q1. [2424] How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience on working in crypto and non-crypto project?
Kevin:
The management team have been working together as colleagues and business partners for more than 3 years in the blockchain industry.
We have team members from the traditional finance sector, including investment banking and risk management.
Team members are located in different cities including New York and Seoul, which makes the team more flexible to respond to regulatory changes, and attract more users from different nations.
Q2. [2424] 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?
Kevin:
We are taking security issues seriously as a DeFi protocol. We have been audited by Slowmist and co-launched bug bounty program with ImmuneFi Since November 2021.
Furthermore, we are currently working with a big audit company, and we expect to share a satisfactory result with community members very soon.
Q3. [2424] Do you have any plans to attract non-crypto investors to join your project? Because the success of a project attracts more investors who haven’t yet entered the crypto world. What are the plans to raise awareness about your project in the non-crypto space.
Kevin:
Recently tokenomics and incentive models of DeFi projects have become more complicated than ever, making newcomers and small cap players unable to follow up on evolving yield farming strategies. We aim to solve information inequality in the decentralized trading environment, through SocialFi.
With SocialFi, we can create a safer barrier of entry for new users looking to get involved in the crypto space, who are extremely prone to scam projects.
SocialFi aims to deliver benefits and rewards to users through the financialization and tokenization of social influence.
Although still in its early stages, we believe SocialFi could significantly impact cryptocurrency and blockchain and how we operate socially around the world.
Offering accessibility to professional index tokens and DeFi pioneers’ strategy, RAI Finance aim to give greater freedom to our end users along with support on cross-chain assets.
Q4. I want to support your project, Tell us more about the Ambassador Program and in what ways can we participate ?
Kevin:
Unfortunately we don’t have ambassador program as of now, but you can contribute to RAI Finance by participating in governance. Any wallet address holding more than 100,000 SOFI can create a governance proposal, and all proposals are subject to a 5 days voting period. Governance proposals can range from adding new tokens to the portfolio list, to marketing campaign suggestions.
The system will take a snapshot of the SOFI holders at the block height where the governance proposal is successfully submitted, and any address that holds SOFI during the snapshot period can vote for the proposal.
With more than 5,600,000 SOFI votes, the proposal will be regarded as passed and be queued in the Timeclock waiting for implementation, which takes place after 2 days.
If you have any suggestion to RAI Finance, regarding partnership and collaboration with other projects, you are more than welcome to make a proposal on our platform.
Q5. What are the attractive features in your project? What is the vision and goals in your project that you want to achieve in 2021 and beyond?
Kevin:
RAI Finance aims to be a hub connecting Social and finance in the Web3.0 world. In the future, together with our community, RAI Finance will support more blockchains and provide more creative social functions. For SOFI token, this development will bring more usage scenarios and incentive events.
RAI Finance’s main focus is SocialFi, which is a combination of Social and Financial advancements.
SocialFi aims to deliver benefits and rewards to users through the financialization and tokenization of social influence.
Although still in its early stages, we believe SocialFi could significantly impact cryptocurrency and blockchain and how we operate socially around the world.
With SocialFi,
1) We can empower creators and KOLs in the crypto area and encourage more individuals to make more content and gain profit from it.
2) We can also create a safer barrier of entry for new users looking to get involved in the crypto space, who are extremely prone to scam projects.
Offering accessibility to professional index tokens and DeFi pioneers’ strategy, RAI Finance aim to give greater freedom to our end users along with support on cross-chain assets.
RAI Finance aims to be a hub connecting Social and finance in the Web3.0 world. In the future, together with our community, RAI Finance will support more blockchains and provide more creative social functions.
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