Podcast23 May

FujiDAO AMA + Winners

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FujiDAO AMA + Winners

What is FujiDAO? Does it pay for contributing? How it makes the DeFi borrowing better?
 

Some time ago we had an AMA with FujiDAO! Winners are: @skylorun, @Den_5788, @mihkahe and @Shied98.

FujiDAO Review

Gryazin: Hey, Edgar! Glad to see you with us in this chat room :)

Edgar: Hey everyone! Hope you're doing fine!

Gryazin:  So! We got a lot of questions from the community. It looks like people are curious about FujiDAO. So, let's do it step by step. First question - Could you please introduce us your project? What is the aim of your project?

Edgar: Sure, FujiDAO is the Borrowing Aggregator of DeFi and it aims to facilitate the debt management of our users, while lowering their costs and saving their time.

Gryazin:  Great :) let's move on! Why did you choose precisely the DeFi borrowing? Do you think it has a big future and why?

Edgar: In the bull market, and during the hackathon when we created FujiDAO, many projects were focusing on increasing yields and profits, while nobody was looking at the other side, optimizing costs. In the long run, the vision of cost optimization on DeFi borrowing makes sense either we are in a bullrun or not.

Gryazin:  Yup, good move. the bull run raises many projects, but at least 90% die, as we see. Long term thinking will save us :) Btw, for degens and plebs. Could you tell us how your project works using simple terms, please?

Edgar: Sure, I will do my best and it's not that complicated. No algorithmic stablecoins in sight 😄 Fuji aggregates the different markets for lending and borrowing Then we select from the aggregated providers the lowest borrowing interest rate. Next, user interacting with Fuji gets routed to the provider with the lowest borrowing interest rate. The same can be done for lending optimization in reverse. Fuji monitors the markets in the background and automatically refinances loans across markets, seeking the best rates.

Gryazin:  Great joke :D Ok, thank you, everything is clear. Aggregating saves us too. Next question What killer features do you have? Tell us more about them, plz

Edgar: As mentionned in the previous question, the protocol core features are the following: “Routing” to the lowest rate available. “Refinancing” automatically in the background for you to save time not monitoring the markets by yourselves. “Harvesting” the farmed tokens from the base providers, and sell them back for more collateral, thus increasing the overall health of every individual.

Our killer feature: “Pooling user’s funds together”, and perform the above operations in one transaction for all the users at the same time, saving everyone time, and sharing the costs together.

Gryazin:  Good, good, got it. Let's continue Yes. we got about the borrowing, but...can users get any rewards for contributing to FujiDAO?

Edgar: As we have no token at the moment... Yes, you can earn some rewards, and it's the right timing for you to join! In fact, we are going to release our first incentivization program really soon, the “Fuji Climbing” to attract more users and get their feedback about the protocol. Our objective with this expedition is to understand our users, and based on our method, find their pains, desires, and needs when they manage their debt in DeFi.

It will last for more than 3 months, bringing organic feedback for FujiDAO to expand around the user’s direct needs. Users that climb with us and support the development of the project will have the right to get some Pre-Token bonds at the end of the expedition, which will contain future Fuji tokens.

Participate in is simple, you will only need to deposit and borrow from Fuji, and start accumulating distance towards Fuji’s summit while collecting some climbing equipments that will accelerate your climbing pace! A bit of teasing 😄

Gryazin:   Nice! Looking forward to “Fuji Climbing” :) So, let's take a look at the questions our community asked first one: Marketing is a central element of every project so that everyone knows the potential that a project can bring. What is your strategy to attract new users and Investors to FujiDAO and keep them long-term?

Edgar:  Our Marketing strategy is to attract and focus on users first, and it's actually hard when you're building a product that is not focused on maximizing yield and profits.

Then, from our users’ feedback, we explore the opportunities based on our method (that I'll describe later on), and then, after we found the opportunities on which to focused, present them to investors that will help us create these products if they think it can add value to the ecosystem.

Gryazin:   looks like "from users to users" way, love it the next one. I know you do not have the token, but it's interesting to see the way you you would answer :)

Question: Almost 3/4 of investors focus solely on the token's price in the short term rather than understanding the real value and health of the project. Can you tell us about the motivation and benefits for investors to hold your token in the long term?

Edgar:  As in every industry, and early-stage companies, the short-term is like a voting period for the market to decide either yes or no the product is valuable, we don’t have the control on what is the market doing, but we have the control on the products we build. If the products we build are focused on bringing long term value to the users, we fairly think that fundamental value will be reflected by the market when the token is integrated to the protocol.

Gryazin:  Good :) The next one. Yes, it's so important for ppl to know the project's reliability :D Lately, some people have been creating projects to sell too many coins, and they will probably disappear after a while. How can we make sure that the FujiDAO team's dream is not just to sell tokens but that it will continue to operate at the same pace after the token-selling stages have fully passed and will compete with its competitors to introduce new products?

Edgar:  First, Sifu isn't not in the team, so we can say that funds are Safu 😉 Since the beginning, FujiDAO has always been taking the opposite path of these kind of projects, and focus on the long-term success by building products, before releasing any tokens. The Fuji team is alined on this and that’s why we worked on creating the product for more than 1 year and a half and not release a token too fast just to profit from the market trends. The team is composed of people that are all involved in web3 and passionate about it, we think that if we build products that people actually use, then the token will be valued by fundamentals and not only hype.

Gryazin:  I love your punchlines :D :D :D also this wordplay, will use it :D great, the last questions from the community: FujiDAO already uses two blockchains, Ethereum and Fantom. Are you looking to add as many networks as possible, or will it be enough to add a couple or three more EVM compatible networks? Maybe there are plans to add alternative blockchains like Near, Solana?

Edgar:  We first deployed our protocol on the Ethereum mainnet, this version is capped in the amount you can deposit as collateral, because we were not audited when we released it. Since then, we’ve been audited by major firms and deployed an uncapped version of the protocol, on the Fantom network.

Since the beginning, and as an aggregator, our goal is to first aggregate the protocols within one chain, and our next step is to aggregate the markets across different chains.

Our main focus being on Fantom because of the low fees and fast transactions allowed by this chain, focusing on one chain at the time let us gather as many feedbacks as we can, before we improve the protocol, and deploy it in other networks.

The future chains where FujiDAO will deploy are mostly EVM chains where liquidity is sufficient for the protocol to effectively optimize the costs of its users. We are also exploring other chains, such as Starknet, Near and Solana, but the horizon for these chains is in the longer term.

Gryazin:  And because Cronje left Fantom...sorry, just joke: good! step by step, blockchain by blockchain :) let's dive into some offtopic. Could you tell us more about your plans, please?

Edgar:  Yes, it's actually sad that he left, but I think the products he brought to the ecosystem are still valuable and with core values that I respect. Let's dive into our plans 🙂 Since we expanded the team, we are applying a method in how we want to expand our project. We are looking for opportunities within the lending / borrowing niche of DeFi, opportunities can be Desires, Needs or Pains that users or protocols are currently feeling. Our mission is to find these opportunities and get feedback on them as quick as possible to validate or unvalidate our assumptions and spend resources on building products answering our user’s direct needs.

To test our assumptions, we participate in hackathons, the best place to get feedback from quality judges and other potentiel users of our products. We also conduct user interviews* For example, we recently participated in the EthAmsterdam Hackathon, where we release “Floan”, the Flying Loan, a proof of concept for cross-chain debt management. It’s a field we’ve been exploring since the beginning, and we are now finding partners and sponsors to keep on exploring that side. If you want more informations about Floan, I invite you to read the hack presentation atfer the AMA here: (link not working sorry)

Gryazin:  btw, you can send me - I will resend it here https://showcase.ethglobal.com/ethamsterdam/floan-cross-chain-debt-teleporter-9ao56

check it guys! after the AMA session :)

Edgar:  We are also exploring other potential opportunities, such as the insured loans, because the feedback we received the most about borrowing in DeFi is the Pain or the fear of being liquidated. There might be some of you actually having this fear right now, and that’s why we’re exploring ways of protecting our users against liquidations in the HackMoney online hackathon.

Gryazin:  Amazing :) wish you to win all hackathons It was really interesting to speak with you, thank you! Soon we'll post the translation of this AMA + the ENG shorthand. And... the last one :) Say some words about how to survive during a bear market? :)

Edgar:  

1.     Keep building.

2.     2.Participate in Hackathons

3.     3. - Rotate your trading screen to turn bullish

4.     4. - Red wine and tea

5.     5. Join the Fuji Climbing!

Gryazin:  Buterin indabuilding :D Thank you for your answers and for coming. We are happy such projects like FujiDAO exist in our crypto world and build great things :) Hope to see you one more time! follow FujiDAO and build great things! thanks every1 for being here 💜

links with the pic looks better :D

Website: https://www.fujidao.org/#/

Twitter: https://twitter.com/FujiFinance

Discord: http://discord.gg/fujidao

Docs: https://docs.fujidao.org

Edgar:  Thank you everyone, hope to see you in the upcoming climbing expedition on Fantom!

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