AMA Recap of Crypto Legacy x NAOS FINANCE by Bob Chien and Kevin Tseng
NAOS Finance facilitates DeFi lenders and SME borrowers to allow both parties to interact in a permission-less manner on the blockchain.
Alfred, [04.06.21 09:05]
@tsengkevin , are you there?
Hi guys! it’s great to be here!
Thank you @LordAlfred for letting me type
Hello Crypto Legacy community
Glad to be here
We welcome all those who join us in this prestigious AMA event with NAOS Finance
How are you guys?
Thank you for asking
and I hope everyone is doing well
Well, what do you think if we start with the AMA
1Q. Can you do a brief introduction about NAOS Finance?？
NAOS is building a real world asset (RWA) based infrastructure to expand the existing scope of DeFi.
From the DeFi point of view, NAOS allows DeFi liquidity to tap into non-crypto native assets that provide stable and steady income streams; from the real world point of view, NAOS allows real world assets to access cheaper and more diverse sources of funding from the borderless DeFi market.
NAOS differentiates itself with an established network of high quality corporate borrowers, as well as financing licenses, to scale asset origination in a compliant manner.
Looking ahead, NAOS aspires to create a RWA-based layer 1 protocol for all DeFi protocols to innovate on.
2Q. Can you elaborate more on NAOS Tokenomics? What’s the use-case and in your opinion, what would reflect on the price of the token?
The $NAOS token has a MAX token supply of 300M tokens and with the following distribution:
Liquidity incentive 30%
Ecosystem fund: 25%
Team & Advisors: 23%
Private & public raise: 22%
The NAOS Finance Token (“$NAOS”) is a governance token that serves multiple purposes in ensuring the health and growth of the network. At a high-level, the token is intended to serve two key functions:
Governance: Vote and decide on important matters such as approving an asset’s onboarding, setting of interest rate on an asset, setting token buyback strategy, determining the reward rate for different liquidity pools and determining the utilization of ecosystem funds.
Staking: We have allocated the largest portion of our token for our community to earn NAOS tokens by providing liquidities
it’s also important to note that the business model of NAOS Finance is very unique, such that it has a viable off-chain business model. which means we capture value through a solid business model, we borrow capital at lower rate and lend it out at a higher rate!
the spread we make in the process is our revenue, and we will use some of the revenue to buyback tokens
3Q. What are we doing to make it easier for Traditional Finance to apply loans in NAOS Finance? What can we expect for the next 3 months?
NAOS Finance Protocol is one that bridges TradFi and DeFi, with complex operational and technical design.
We will launch the entire protocol in stages, first with “Formation” — the Liquidity Protocol, then with “Galaxy” — the Lending Protocol.
We are working on several partnership now, for example, we got the green light from MakerDao community vote.
4Q. What are the recent milestone NAOS has achieved since its successful IDO? Can you elaborate on your product roadmap and how each components matters in the NAOS Protocol?
We worked really hard, I haven’t had any margarita since we started NAOS.
As a bridge between DeFi and TradFi, the NAOS Finance Protocol is designed to encompass both funding/liquidity and lending components.
The Funding/Liquidity Protocol, or Formation, is designed for NAOS to build its own liquidity pool used to fund real world assets.
The Lending Protocol, or Galaxy, is designed to emulate the entire asset onboarding and funding process similar to that of the traditional banking process, but with more efficiency and transparency.
Galaxy will be Ethereum and BSC compatible, and will connect to Formation and other lending protocol partners to fund real world assets.
5Q. Let’s say you finance a receivable and the Buyer doesn’t pay on the due date. How do you enforce to ensure proceeds are recovered? Do you simply then revert to a real world process of taking the defaulting party to court?
thats a good question
we have designed a multi-layer insurance to handle that
1. right now, 100% of our assets are 100% insured, and we work with borrowers with less than 0.5% default
as we continue to grow and scale, not all assets will have the same insurance
2. we have designed an insurance staking pool, allowing users to take the risk of the potential default, in exchange to earn more NAOS tokens by staking
right now, we have $300m worth of assets that are fully insured, and we see the market has so much room to grow with similar top quality assets
6Q. Who are NAOS Finance’s Legal Partner?
NAOS works with PandaCredit: A Singapore-based fintech company backed by Alibaba Group, serving as the asset evaluator and validator, helping collateralize the real-world assets.
We are working with law firms in New York and Cayman Island, making sure that we are not STO.
As for asset management, we are working with the MakerDAO legal team to make sure that our process is compliant.
Excellent… Next question
7Q. Do the NAOS devs believe they have enough of a strong incentive to continue to build yearn and see it be successful?
We have a very strong value proposition for our partners which is the ability for them to tap into real world use cases right now, 99% of the projects are only in the crypto ecosystem, and the overall crypto market is still very small compared with real world market if you think about lending (MakerDao, Aave), insurance (Nexus Mutual, Cover), Oracle (Chainlink, Umbrella), they’re all looking for ways to expand into the real world and the key for them to do that will be through NAOS Finance!
We are the largest real world asset protocol, providing the entire ecosystem to innovate and push the boundaries We’re already partnering with MakerDao, and will be sharing more about our progress with other parnters in due time! Real world assets are a big market of the next generation Defi application, we are very excited to join the future.As mentioned in our product roadmap, NAOS is designed from day one to be a self-sufficient lending protocol, we have established our ecosystem to ensure yield and security of the network through our robust partnerships across players in the traditional finance sector.
With our unique value proposition, I believe that NAOS Finance is the bridge and cornerstone for bridging TradFi and DeFi and we will work hard to achieve our vision.
8Q. DeFi is one of the hottest and most sought-after topics in the blockchain space right now. Can NAOS share your opinion on DeFi with us? Do you think DeFi will disrupt the current financial system? What is NAOS’s approach to the DeFi sector?
The next step in DeFi’s development must be to expand the scope of available credit by introducing new assets into the crypto universe. Many current projects are modeled after MakerDAO, whose DAI holds “debt” that is primarily made up of other crypto assets such as ETH, BTC and other stable currencies. This isn’t all bad as in the pantheon of stability, ETH and BTC should be treated as gold in the traditional sense.
Whereas others, such as USDC and DAI, comprise the 2nd echelon and subsequently, other coins comprise the 3rd and so forth. Nonetheless, this cocktail of assets is still plagued by volatility and the call to incorporate real world assets is only becoming greater.
We think there is tremendous opportunity to expand corporate liabilities as assets for the blockchain. Real financial assets such as supply chain and corporate debt seem tailor-made for programmable smart contracts.
Thank you for your answers guys, we just finished the segment of:
We go to the segment of:
What strategies do you use to increase loan yields on loans and what decentralized platform insurance do you currently have for your security?
while we have a very healthy spread on the yield, our focus is not on increasing loan yield
our focus is to provide better rates for the borrowers than what the banks can offer
our goal is to quickly scale the real world asset on-chain, from $100M to $500m, and to $1 or even 10 billion
the idea is to replicate the traditional financial system on-chain
we are talking to all the DeFi insurance protocols, such as Cover, Nexus Mutual
we believe they are important part of NAOS’ ecosystem
How does the Naos Finance team hope that your partnership with Solv Protocol will help further the development of your project? How will both projects promote real-world assets to be easily accessible to the entire DeFi ecosystem? Thank you!
Yes most definitely. Partnering with solv will jumpstart the ecodevelopment of financial NFT and the real world assests on chain liquidity
Intergrating with Solv can help us to bring more real world assets on chain.
and that fit to our long term goal
I know they partnered with Polkastarter, this is a protocol created for cross-chain token auctions and pools. What benefits does this association bring? And I want to know if the native token, $ NAOS, will be available to the community through Polkastarter?
We have finished our IDO with polkastarter. NAOS now is on Eth but will be intergrating to other chains in the future soon. Cross-chain or multi-chain strategy is our core strategy so we will move on to several eco system for sure.
Now you can find $NAOS token on uniswap, sushiswap and gate.io
Naos Finance allows you to receive loans in local fiat, however, is it possible to receive loans in one local fiat and use as collateral a real asset whose price is valued in a different currency?
That will be the one of the ultimate goals of NAOS, that you can use any currency and crypto to borrow & lend in one platform. Real world + crypto.
Now we have licensed in several countries
but mainly using the stable coins and usd as our references.
In the chart of your global assets I could see that you focus mainly on the United States, Mexico, India and Indonesia. But are you really a global platform? and have you thought about expanding more into the Latin American and European communities?
good question. Of course we are a global platfrom! Crypto has no boundry right?
But if you mean operating in different countries, yes we will acquire more financial license in different countries. LATAM and EU will be our target market too.
We just finished the segment of:
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Tell us a little bit about security? Have you done an audit of the platform? Are the smart contracts error-free? What are the test results?
We have completed first round of audit for our liquidity protocol “Formation, by one of the top auditor “Quantstamp”
there are no critical issues and we will be launching the product soon.
We will also engage 1–2 more auditors to help take another look at our products
Is your app (MIP6) already available in the Play Store and App Store, and is it available for both Android and ios?
THis is the MIP6 application with MakerDao
What make users to choose your project instead of other projects out there?
The biggest difference between NAOS and other projects are the real world asset volume and how do we do your compliance work. NAOS has financial licenses in several countries and can directly connect with traditional companies and borrowers off the chain. On the asset side, we havenearly 300M USD asset originated, that makes NAOS the largest project of RWA on-chain. In addition, the core team all have traditional finance and Internet finance backgrounds, and can evaluate company assets and credit ratings based on their risk status, balance sheet status, and loan requests.
When the price is seriously DUMP, projects can lose their community. What is your plan to make product-oriented community (BELIEVERS) that support longterm?
We are uniquely positioned such that we have a solid business model not only in DeFi, but also in real world, and we will be creating value with more partners and disbursing more loans to the corporate borrowers
We are fortunate to have strong investor base who believe in the long term vision of NAOS
What would you consider as the main challenges for attempting to enter Decentralized Finance space? What are main advantages of DeFi over Traditional Finance that you Know?
DeFi and CeFi can be considered as a two way street. Moving CeFi’s assets to DeFi as the main goal, and on the other hand, DeFi provides liquidity to CeFi. We are aiming to be the bridge between these two worlds. NAOS plays a role of as commercial bank, which provides the liquidity from MakerDao or Compound to CeFi borrowers. As a central bank, MakerDao’s model of “printing banknotes” in a low-cost manner has been verified. Dai has also become the mainstream stablecoing in the market. However, the biggest problem currently facing is the stability of TVL and the RAW provided by NAOS with the characteristics of stable interest income and stable asset value can solve this problem.
As for how to introduce real-world funds into DeFi, this is a topic that all DeFi projects are working on. During this time, we have begun to see virtual currencies begin to be accepted in the traditional market, from Tesla, BlackRock, and Goldman Sachs. , Square, Paypal, Visa and other traditional corporate giants. We believe that in the future, the continued low interest rate from traditional financial market and inflation will accelerate the process of moving RWA entering DeFi. NAOS is building a financial platform based on real assets, paving the way for the next step of DeFi.
Do you have a any Ambassador or Affiliate program for local influencers? If so, how can we participate?
We welcome anyone who wants to be our affiliate. If you have marketing proposal, please send it to firstname.lastname@example.org
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?
Currently you can to LP mining on sushiswap. We will have our staking function out after auditing. We are in the end of the audit process so please join our community to get the most updated info.
What makes you feel confident about the survival & sustainable success of Your project in the near future?While you build your project, do you take into account community feedbacks and demands?
We are solving two major problems, one in the real world and another in DeFi, and those are the same problem everyone is trying to solve
So we believe the value is to create a real world asset based ecosystem with relevant partners, and to solve the problem together.
We are very confident in our abilities to execute the plan, and already have many important partners such as MakerDao to work with us!
Could you tell us the official address of the $ NAOS token contract?
@LordAlfred My lord, I think we are running out the time
We have spanish TG here: https://t.me/NaosFinanceSpain
Bob and Kevin, thank you very much for sharing your successful project with our community, we will be waiting for the news and milestones of your project!