Decentralised Cross-chain lending protocol powered by Polkadot
Andrew:
Hello all and welcome to the AMA with Relite Finance 🙂
George Groshkov:
hi guys!
Andrew:
Today we have @CircusDeCaligari from Relite joining us today to go over his project and give out some money!
Andrew:
Thank you for joining us
George Groshkov:
Wonderful community you have here!
Andrew:
Yes we have an awesome community here, that are always excited for the AMAs
George Groshkov:
Awesome, I’ll spend more time on the community q’s! 🙂
Andrew:
Okay wonderful let’s get into it…
George Groshkov:
before we stat, just a small reminder @DrewtheAce if you don’t mind
if you have more q’s please follow us at @ReliteFinanceOfficial
Now, let’s begin
Andrew:
Yup, and we will have a list of Relite Finance’s socials for everyone to follow
1. What is your background and how did you end up developing Relite Finance?
George Groshkov:
My background is media and been working as a consultant for IT, about 8 years :). Mostly financial products
been in Crypto since 2013
Relite Finance started from the need to bring easy and accesible lending to DeFi
Me and my team saw a big gap in the usability and enormous fees that people pay
we decided that there should be also a real multi-chain solution
for lending
So, this is how Relite was born
Andrew:
Okay great thank you for that introduction!
 But wow since 2013? In the regular world that may not be too long but here in the Crypto world that would make you a veteran haha
2. Can you give us an introduction to Relite?
George Groshkov:
yeah, sure I bet many people already know us 🙂
We are cross-chain lending platform enabling users to lend and borrow ETH, DOT and many popular chain assets in one place
Essentially there are three major issues that we want to tackle with Relite.
1. Liquidity Defragmentation
Small pools sit on different chains. There’s no real flow between them. So, essentially lack of interoperability
2. High, fees, high collateral – still worth mentioning
🙂
3. Bad UX
what happens to new users and their lack of understanding on DeFi
Andrew:
Okay great so this actually leads right into the next question
3. What are your goals with the project, is there anything you were trying to solve within blockchain or BSC specifically?
George Groshkov:
We really want to bring all the popular chains together with Relite
The future is multi-chain
BSC is actually developing very good and there’s also user base, which for us is very important when we launch the MVP
And to re-phrase it. Our major goals with Relite are
1. Easy Lending, seamless, mobile first experience
2. Better collateral and fees
3. BND, ETH, DOT pools to be utilised at one in Relite
that’s the vision 🙂
Andrew:
So how is your multi-chain platform possible? Is it simply Relite Finance on three different blockchains? Or did you implement some sort of bridge where you can transfer funds between all chains on your platform?
George Groshkov:
The general approach is with Bridges
That’s why we implemented the first one ETH-BSC bridge
and alongside with that we opened the BNB-RELI pair to be traded on
PancakeSwap
In case of Polkadot, the approach is similar
working with partners offering bridges
this is how we will communicate with the Relay chain (DOT)
So with the right integrations with wallets too
we can create a really awesome tech
Andrew:
Awesome thank you for that clarification
4. How do you maintain stable and sustainable fees?
George Groshkov:
This is mitigated by 2 factors
1. Relite Reserve Fund – which essentially enables bigger LTV (Loan-to-Value), which lowers the collateral and gives better fees
it works as a safety cushion and helps to recapitalises user’s positions
and 2
The movement of the core contracts to be moved outside of ETH to other chains
which means you pay once a fee on ETH, but afterwards while moving to other chains the fees drop dramatically
DOT and parachains will probably offer up-to 90% lower fees
which is a game-changer
Andrew:
Oh wow so you pay one chains fee and the other’s will drop drastically?
Also how is your reserve fund funded?
George Groshkov:
now I meant that once when funds are moved to let’s say BSC you operate into a much cheaper environment
Mainly RELI gov tokens at the beginning
Andrew:
Ah got it, thank you for that clarification
And last but not least
5. Any exciting news you’d like to share with us here today?
George Groshkov:
Sure!
We have done all the backend work of the RELI to be traded in Pancake Swap with our bridge
Today we launched the frontend 1:1 swap
from RELI(ETH) to RELI(BNB)
as every launch has it’s issue, but it will be soon fully operational 🙂
I’ll talk about further about roadmap afterwards on the community q’s
Andrew:
Great! Very exciting. Everyone here should definitely go check it out!
So that does conclude the first round of the AMA we are keeping it short and sweet today
Can you drop a link to all your social media accounts so everyone here can go give it a follow?
George Groshkov:
Sure!
Relite.finance (@relitefinance) | Twitter
The latest Tweets from Relite.finance (@relitefinance). Decentralised Cross-chain lending protocol powered by Polkadot Website
Telegram: …
#interoperability #lending #Polkadot
All our Social guys!:Â
Andrew:
Great thanks!This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.
BSC NEWS is a private news network. All posts posted by this user belong 100% to bsc.news All rights are reserved to BSC NEWS for more information about BSC NEWS contact BSC NEWS HERE.
