Hello 404 Daily Crypto Community
On the 14th of May 2021 at 5:00 PM UTC (00:00 WIB). We just successfully hosted our 42nd AMA with Xolo Finance. With our guest from Xolo Finance team:
Many of you might have participated or many of not, So here we are up with the AMA transcript for those who missed the AMA session.
Introduction Questions Asked By 404 Daily Crypto Team
Can you introduce yourself and your team please? We want get to know you and your team. What you did before crypto, and how you got into crypto?
So, We are a core team of 2 developers with few years of experience in web development and a passion for finance.
@ivasdale, the lead developer was an ex- financial analyst who quit his job in 2017 to pursue trading full time and picked programming over the years.
Myself, @Killua_Xol I’m an experienced full stack developer. I started with web3 development last year and met @ivasdale in a crypto development forum.
Although the team has good experience and passion for the project, we value the fundamentals of privacy in crypto as well, hence, operating as anonymous. Regardless everything is being conducted in a very transparent manner to ensure the full security and trust of the users.
So we were pretty much interested in crypto investments, then we went a bit deep and took an interest in development.
Q1. Can you briefly describe what is XOLO project? We would like to know more about it and how it works?
Xolo is an interest-bearing assets protocol on Binance Smart Chain. Users can earn interests by supplying different assets on the protocol smart contracts, and borrow other assets using deposited assets as collateral. Interest rates vary asset to asset and accrue interest from the borrower and supplier pool. Users can also accumulate extra rewards through liquidity mining of XOLO tokens from the same pool. Users have complete control over their assets as they receive a pseudo-asset called xTokens (BEP-20) when supplying liquidity in the pool, which can be redeemed at any time to withdraw the assets provided.
Q2. How was the idea to create this project born? It is very interesting. What do you want to achieve? What are your expectations?
With the imminent growth of DeFi projects in other ecosystems like Ethereum, we instituted our search in BSC, but to our surprise, there weren’t many active lending platforms that proved to be the building blocks of many DeFi protocols.
With Xolo into the scene, it opens up a new paradigm of DeFi protocols. Our aim is to provide a robust, flexible, transparent, easy to use financial tool for the BSC ecosystem. This also opens opportunities for various new business use cases on the BSC chain.
Q3. Can you give an overview of $XOLO Token tokenomics?
Will the design of the token rise and fall with the success of the platform, does it include any scarce paths, such as equity, storage, or burning?
Ok, let’s start with the chart.
So, there will be a total of 120M of XOLO tokens.
- 25M distributed through a public and private sale.
- 4M Pancakeswap liquidity lock
- 16M team token with 3 years vesting
- 25M locked in governance contract for ecosystem development through governance
- 50M liquidity mining
The maximum supply of tokens is fixed. No more changes can be done. The entire supply will be unlocked by 2025.
No plans for burning right now, but the LP generated from the liquidity provided in pancakeswap will be locked for 1 year inside a smart contract.
Q4. Could you please provide some progress on your Roadmap and what results from $XOLO has achieved so far? And any sneak-peek into 2021 plans for $XOLO?
So here is the road map, out of which we have successfully completed the development and testing, Audit, Private token sale round concluded and Public sale is on 18th May at BSCstarter launchpad.
And we are ready with the mainnet launch of XOLO. We are also looking into trying new innovations such as LP token and NFT based lending in near future.
So, yeah we are on schedule to reach our Q1-Q2 goals. As for Q3 and Q4 I’ll say we are more than ready.
Q5. What is the plan XOLO to ensure sufficient liquidity on exchanges to fill market orders, especially as adoption increases and clients begin multiplying year-over-year?
We are providing a fair amount of liquidity on pancakswap, 4M XOLO tokens for trades which is at least 1/4th of the circulating supply at the time of launch. It will ensure a smooth lucrative APY to the pools available in XOLO protocol over the years.
Questions asked on Twitter for Xolo Finance
Q1 From Twitter username @Jaranany1
There are many projects in the crypto market that have cloning another project, making utopian promises but whose main intention is to get rich just by selling tokens. Do you have realistic, creative & original aspects that distinguish you from these negative examples?
We want to bring a fundamental much-needed building block for DEFI on BSC, Hence we are looking to integrate multiple yield optimizers and other Dapps on XOLO, along with making it easy for everyone to borrow and lend assets on BSC.
So, our target is not a get-rich-quick scheme so to speak, as we want to build a DeFi road on BSC. So, we will be vesting team tokens for 3 years to gain the trust of the community.
Q2 From Twitter username @monhanho4
How is the development of XOLO happening? Can you describe in detail the current development efforts, the plans to expand the market, the expected applications, and when they will be commercially available?
OK, so let’s see our roadmap first to answer that
As defined in our roadmap we are on schedule in terms of our development efforts in the current cycle of Q1-Q2, 2021. We have developed the protocol smart contracts, which are audited successfully, and the development of Dapp is also completed. We are near the mainnet launch once the public sale wraps up.
Q3 From Twitter username @AlexHun001
For project development, the main priority is to have sufficient funds. Is your team financially able to carry out this project? Do you have a partnership with a venture capital company or an investment company?
Yes, we have secured seed funding from various Venture partners. We will announce the list of partners tomorrow as a part of our pool release on BSCstarter V3.
Stay tuned some big names of our first backers might be there.
Q4 From Twitter username @19ragumCould
Could you please provide some progress on your Roadmap and what results Xolo Finance has achieved so far? And any sneak-peek into 2021 plans for Xolo Finance?
We have discussed our roadmap earlier, so we are going live on mainnet as soon as our public sale round completes, next we will follow the roadmap and implement governance to make sure the platform remains community-driven and everyone at Xolo has their say in what we do. But, yeah NFT pool is a thing we are closely looking at to be a sweetener for Xolo.
Q5 From Twitter username @huybaamaao
In what ways or ways is your project generating revenue? What is the revenue model? How can it benefit both the investor and the project itself?
XOLO token will be the core of the lending protocol and capture the value transferred in the protocol.
As the TVL grows, the token incentive will grow as well. Our protocol will potentially host a lot of other Dapps, working as a core underlying protocol such as Compound or AAVE, which gives it a lot of utilities too.
Questions asked by our 404 Daily Crypto community members during live Session to Xolo Finance team
Q1 From Telegram username @amaridnai
NFT is really trending topic now in the market. So, how does Your project plan to onboard the development of NFTs, and how do Your project plan to combine it with DeFi?
While NFT’s are very hyped right now, we are looking to primarily focus on core interest-bearing assets Dapp ecosystem development initially. However, we have plans to experiment with NFT based lending and borrowing mechanism which we may roll out in the future.
Q2 From Telegram username @Dogleae
In $ XOLO get additional returns with a “sweep” balance; this has the potential to open up a new, unrealized business model in the #BinanceSmartChain ecosystem. Can you shed some light on those benefits?
Having interest-bearing assets in the ecosystem can unlock multiple business use cases.
Such examples of these use cases can be —
1. On protocol level —Dapps such as lossless lottery-like pool together and bond bearing like barnbridge can be built on top of XOLO.
2. On application layer — NFT based lending platforms, LP token staking & integration with yield optimizers, etc.
Q3 From Telegram username @chy_dho
Many DeFi protocols are just clones of existing ones, how do you seek convince us of your genuineness and how do you ensure Adequate security, are your smart contracts been audited?
Security is and has been our top priority from day one. Keeping that in our mind we have completed a third-party audit by TechRate, and several other audits will be conducted in the future to ensure utmost security of XOLO protocol.
You can find the audit report here:
Q4 From Telegram username @kobita90
What is your strategy for building a strong community? Do you agree that the power of community will lead your project to develop globally? What services do you provide to the community?
We have already started building global communities with partnerships across many non-English speaking groups.
Some of the alternative XOLO communities for Non-English speaking users are -
- XOLO Finance Japan: https://t.me/XOLOFinanceJP 🗾
- XOLO Finance Vietnam: https://t.me/xolofinanceVN
- XOLO Finance Sweden: https://t.me/xolofinanceSWE
- XOLO Finance ESPAÑOL: https://t.me/XOLOFinance_Spain
- XOLO Finance | Русский| Український: https://t.me/xolofinanceRU_UA
We will be adding more to this list and also providing proper support for the users of these communities in their own languages.
Q5 From Telegram username @ebatin1
Binance smart Chain blockchain is having high transaction speed and cheap gas fees, Are you planning to launch your mainet or switch to other blockchains in the future?
Our primary target is to grow XOLO in BSC first, but moving forward we may launch cross-chain products, for example, we are keen to launch XOLO in chains like FTM and Polygon (Matic). That’s some exciting stuff that crossed our minds as well. 😄
Closing words from our guest to 404 Daily Crypto Community
Wow, it was really quick-fire questions and left me sweating with some amazing thought-provoking ones. We are very glad to be part of this AMA and great community. You guys rock. Would love to hear more from you guys at https://t.me/xolofinance.