BSC.NEWS Hosts, Multi-Chain Lend (MCL), a non-custodial lending protocol on Binance Smart Chain with flash loans. All Questions answered by D.R.Dudley | Multiplier.finance (@multipliermarketing)
Crypto Shrimp (AMA Host): Lets give a warm welcome to Multiplier finance team today at BSC News for an exciting round of AMA.
and how are you doing today @multipliermarketing
D.R.Dudley | Multiplier.finance: I’m doing great! thanks for having me!
Crypto Shrimp (AMA Host): thats great! lets get this party started shall we ?
D.R.Dudley | Multiplier.finance: okay, let’s go.
Q1 Tell us more about you and your team, what are your roles and past experiences.
D.R.Dudley | Multiplier.finance: Hi, my name is Dudley and I’m the Marketing Director of Multiplier Finance.
The team is mainly based in HK and SG. And the core team has been working together for about 2 years now.
More on our profiles can be found here: mcl-docs.multiplier.finance/multi-chain-lend/lite-paper/team-profile/team-multiplier
To speak a little about our experience and Multiplier, we began as a licensed and registered CEFI lender in 2019, after which the team transitioned to building Defi protocols.
In 2020, Multiplier launched Simplified Stable Bonds (SSB) which is a yield farm, and TakoSwap, an Automated Market Maker Decentralized Exchange.
In 2021, we continued with the launch Multi-Chain Lend (MCL), an Aave-fork on Binance Smart Chain.
Crypto Shrimp (AMA Host): that’s a good and experienced team! How big is the team actually ?
D.R.Dudley | Multiplier.finance: We are about 15, including the developers, compliance and core team.
Crypto Shrimp (AMA Host): thats a big team as well
Q2 From the research I found out that you guys are forked from Aave, could you tell us what made you guys make that choice?
D.R.Dudley | Multiplier.finance: Aave is a leading protocol in the space.
Their tech, team and values are exemplary.
We believe in bringing value to the BSC ecosystem, which is faster and transactions fees are lower.
MCL is a little different from Aave though, as we share the protocol fees with the lenders.
More key differences can be viewed in this link:
Summary
mcl-docs.multiplier.finance/multi-chain-lend/lite-paper/summary
Crypto Shrimp (AMA Host): from this link it leads me to the next question
Q3 Multi-Chain Lend (MCL) is an algorithmic money market system designed to bring unique lending and borrowing experiences like flash loans onto the Binance Smart Chain. We heard a lot of bad things when a flash loan is mentioned, is there any good coming out of flash loans?
D.R.Dudley | Multiplier.finance: There are positive use cases for flash loans.
You may unwind large leveraged positions, or arbitrage, and also do collateral swaps. I believe flash loans are a tool, and as such do not create the actual vulnerabilities, but reveal them. With liquidity rising in Defi at a rapid pace, in a way, it may provide more assurance of users’ assets in the long run.
Flashloan on BSC ⚡ by Multiplier.Finance
Here’s a basic flash loan tutorial video.
Crypto Shrimp (AMA Host): so far those who doesn’t know what a flash loan is, it’s explained in one of our bsc news article too
www.bsc.news/post/cryptonomics-flash-loans-explained
thanks for the video as well so i understand flash loans are borrowing and returning within the same blockchain transaction’s execution time, is that rite?
D.R.Dudley | Multiplier.finance: Yes, that’s correct. A flash loan is an uncollateralized loan that needs to be borrowed and returned within the same blockchain transaction.
Crypto Shrimp (AMA Host): why are the fees in the link you shared with us earlier states 1st month til like the 10th month ? or we misunderstood that table of fees?
D.R.Dudley | Multiplier.finance: Yes, our protocol fees increase on the 1st of every month for 10 months.
This includes our borrowing fees and flash loan fees. Multi-Chain Lend distributes protocol fees (loan origination and flash loan fees) in the following ratio:
– 70% goes to lenders
Lenders who deposit collateral, will receive 70% of borrow fees in that token (e.g. BNB).
– 20% goes to stakers
Users who stake bMXX will receive 20% of borrow fees in a variety of tokens supported by the protocol (e.g. ETH, BNB, BUSD, DAI, USDT, USDC and BTCB). 400 bMXX is also shared daily between stakers.
– 10% goes to Reserve Pool
Use of reserves are decided by the community through governance.
Crypto Shrimp (AMA Host): ok sure understand that
Q4 What’s the use case does bMXX have now and in the future? I see from the MCL web, it can be stake in the governance module to allow holders to govern the Multi-Chain Markets and Reserves.
D.R.Dudley | Multiplier.finance: bMXX can be used to govern the protocol with our governance initiatives. This question is interesting because In just the last few days, our community had voted for the addition of new collateral types including LINK, DOT and ADA. Also, today there’s been a proposal by the core team to utilize reserves for our upcoming marketing campaign. By staking in the governance module, stakers will earn a share of 400 bMXX daily and 20% of protocol fees (loan origination and flash loan fees).
Crypto Shrimp (AMA Host): oh wow that’s a great deal to hold bMXX, as its like buying a share of the company with a right to vote and make chances for the future development
D.R.Dudley | Multiplier.finance: multiplierfinance.medium.com/ada-token-listing-proposal-passed-4fb59837ed88 Here’s an announcement of one of our recent token listings. Proposers and initial seeders will receive bMXX as well. 😊😊
Q5 Why is there a cool down period required when we are unstacking bMXX?
D.R.Dudley | Multiplier.finance: Similar to various other protocols (with much longer cooldown periods), it serves as an additional security layer and protects against panic selling when the market drops.
Crypto Shrimp (AMA Host): i see so it will be like a common practice and also to safeguard against panic selling
Q6 How are security handled in multiplier finance? will there be an audit or a bounty that is being set up?
D.R.Dudley | Multiplier.finance: Multiplier treats safety and security of users’ funds with utmost priority.
Our protocols are first audited before being released to the public.
Multi-Chain Lend Security Features:
1) A public bug bounty program of which no major bugs were found.
2) A successful full audit by CertiK.
3) CertiKShield coverage for users’ assets of up to $100,000.
4) Integration with Chainlink secure oracle price feeds.
5) A secondary and ongoing audit by Kudelski Security (audited Solana, Monero, Waves and Crypto.com)
6) Reputable Multi-sig holders.
Being an Aave-fork, it is also worth mentioning that the Aave protocol has had 5 prior audits (so technically MCL has been audited 6+1 times). Regardless, no protocol can be completely safe, as there is always room for exploit by malicious players. Multiplier continues to schedule an ongoing series of audits by other leading cybersecurity firms to ensure that the MCL protocol is as safe and secure as possible
The 2nd Audit of MCL by Kudelski Security
Multiplier has engaged Kudelski Security as the second auditor for the Multi-Chain Lend (MCL) protocol. This comes after a successful…
Here’s some information about our 2nd Audit By Kudelski Security if you would like to take a look.
multiplierfinance.medium.com/the-2nd-audit-of-mcl-by-kudelski-security-9566c930c249
Crypto Shrimp (AMA Host): i see thats great and we heard recently about another project that was audited by certik and got rugpulled, so i guess another audit from another company will be a safe guard to the investors
D.R.Dudley | Multiplier.finance: Haha, it’s also important to note that Aave had 5 previous audits as well. Also, we require multi-sig approvals from reputable guys, some you may know from other BSC protocols.
Miltiplier implements 4/7 Multi-Sig for bMXX
Multiplier has renounced ownership of our tokens through the admin function, and will officially implement 4/7 Multi-Sig authorization for…
multiplierfinance.medium.com/multiplier-implements-4-7-multi-sig-for-bmxx-4c2d993ecd06
Here’s some information on that.
Crypto Shrimp (AMA Host): yes i think you guys are well covered too with insurance and stuff as well
well of the few multi sig key holders i think I have worked with a few of them already
D.R.Dudley | Multiplier.finance: Haha, yes. They are active in the BSC ecosystem.
Q7 Tell us more about the ongoing development
D.R.Dudley | Multiplier.finance: Having just launched MCL on February 26th, we are focused on the continuous development of the MCL protocol. There will be more supported wallets, more collateral types and an improved governance framework. Secondly, we are focused on increased collaborations and partnerships in BSC. By working with other protocols in the ecosystem, more communities get to know about us.
Q8 How are about long term development or a vision that you have for the project?
D.R.Dudley | Multiplier.finance: Our current roadmap is until the end of Q3. As explained, we are focused on making MCL better and increasing user adoption. At the same time, because the space innovates rapidly, we are always willing to explore new things. We are steadfast in working to our goals, but at the same time nimble enough to navigate the landscape.
Roadmap
This is a forward looking roadmap which describes Multiplier’s intended course of action. There is a chance that the milestones targeted in the roadmap might not be achieved, or might change.
For a detailed roadmap, you view more in this litepaper link: mcl-docs.multiplier.finance/multi-chain-lend/lite-paper/roadmap
Crypto Shrimp (AMA Host): thats a good way to be always developing in this fast pace network
D.R.Dudley | Multiplier.finance: Thank you! 😁😁
Q9 Do share with us all the links that you have, so that the readers can find out more and also follow the development of the Multiplier Finance.
D.R.Dudley | Multiplier.finance:
twitter: @multipliermxx
telegram: @themultiplierio
discord: https://discord.gg/cA3bsPX
Remember to try out our MCL lending platform guys!
Q10 finally as a tradition to the AMA in BSC news, we wanna ask if you have any alpha or juicy news for us, I understand that we have covered quite a bit on the development. so no obligations, if you can’t share more
D.R.Dudley | Multiplier.finance: Haha, we have an upcoming ONTO marketing campaign coming up.
If the community approves, there’ll be bMXX airdrops if you join!
🙂🙂
Crypto Shrimp (AMA Host): that’s great news! im sure that will be greatly accepted by the public!
Crypto Shrimp (AMA Host): that will be all the questions I have for you today, thank you so much for spending time here to attend the AMA at BSC News. We wish you all the best!
D.R.Dudley | Multiplier.finance: Thank you @cryptoshrimp5 and the Bsc.news community!
Hope to be back soon!
Source : bsc.news
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