Belt Finance AMA Transcript

BSCNEWS Hosts Belt.fi The conveyor Belt of optimized yield to your assets. All Questions answered by Joon Kee (@joonkeep)

By
CryptoShrimp
on
March 23, 2021
Category:
AMA

Crypto Shrimp (AMA Host): Welcome Belt Finance to BSC News today for an AMA. We are delighted to learn more about the project today, are you guys ready to get this AMA started?

Joon Kee: Glad to be here! Joon Kee from Belt fi here!

Crypto Shrimp (AMA Host): how are you guys doing today?

Joon Kee: Excited to talk with you all!

Crypto Shrimp (AMA Host): likewise man


Q1: First of, let’s have an introduction of the Team, understand that its OZYS? And do tell us, how do we link everything up with OZYS and belt finance?


Joon Kee: Cool, Belt.fi is a protocol created by Ozys, a leading blockchain technology company incorporated in 2017. We’ve worked closely with public chain foundations to create widely-used, cutting edge blockchain-based services with a heavy focus on DeFi and cross-chain interoperability.  We are a member of the Klaytn Governance Council alongside companies such as Binance, Huobi, MakerDAO, LG Electronics, and Kakao.Other than Belt Finance, Ozys has created various protocols collectively totaling over $1.4 billion in TVL. One of the most notable of these, aside from Belt, is called KLAYswap, a Klaytn-based AMM, which has around $800M in TVL right now.Ozys also has its own blockchain, Orbit Chain ($ORC), a PoS consensus chain founded in 2018 that integrates various blockchains to seamlessly connect the fragmented token economy. Orbit Chain currently stores, transfers, and verifies information and assets of 8+ public blockchains including Bitcoin, Ethereum, Ripple, Tron, Klaytn, Terra, and ICON.Orbit Chain’s cross-chain IBC bridge, Orbit Bridge, currently connects Ethereum, Klaytn, ICON, and Terra. Binance Smart Chain bridging will also be released soon. You can find out more about the team by going to ozys.net

Crypto Shrimp (AMA Host):  nice, thats a very experienced team i would say.


Q2: What does OZYS stand for actually ? is there a special meaning to it?


Joon Kee: Haha great question A bit random, but ozys is the Lithuanian word for 'Goat'. We chose it for its symbolism. Since ancient times, across cultures, goats have symbolized courage, creative vitality, and enterprising, strong creatures who conquer high ground without fear. Goat is also the acronym for "Greatest of all time", which we strive to be

Crypto Shrimp (AMA Host): that reminds me of mike tyson too hahaa GOAT!

Joon Kee: Hahah

Q3:  Do tell us more about belt finance. Maybe an overview of the project


Joon Kee: Would love to! At its basis, you can view Belt Finance as a passive multi-strategy vault. By passive, we mean that all you need to do is put in your assets and we take care of the rest with our multi-strategy yield optimization. Belt Finance users do not need to actively move their assets around to get optimal yield. As we grow in the future to include more strategies, this effect will grow even better. So what is an optimal yield aggregator? You can think of it as being something akin to an ETF. ETFs, or Exchange Traded Funds, track indexes, sectors, or assets. The best ETFs have groupings of the most effective assets (e.g. Tesla 50%, Apple 30%, Amazon 20%) to give the largest returns but also a sense of security rather than placing all your eggs in one basket. This is what Belt Finance is, we choose the most secure, highest yields, and create a portfolio of returns for you to come back to. Rather than you going at it actively, we make it easier and more effective by making programmatic algorithmic decisions on how we split the strategy ratio of what protocols we use.  Belt goes one step further than simply offering auto-compounding, Belt.fi moves your assets around different protocols for optimal yield., while also giving you BELT tokens


Q4: so that explains why we see (v)USDT-(v)USDC-(v)BUSD-(v)DAI under the staking ?


Joon Kee: A little different but the (v) refers to our strategy Currently, our stablecoin vault uses the venus protocol As we add more it’ll be a multi strategy “bToken” That moves around different protocols

Crypto Shrimp (AMA Host): thanks for explaining about it, we do see the TVL is quite impressive too with a 0.6B

Joon Kee: Thanks dude! We will be adding a lot more strategies in the coming days/weeks

Crypto Shrimp (AMA Host): wow thats really interesting on the website we can see the VAI-VENUS  (v)ETH-(v)BETH coming soon too

Q5: You mentioned about $BELT as a reward, is there other use case of $BELT? and how can investors benefit from it?


Joon Kee: The advantages to this system can be seen with a comparison to other protocols. For example, on Curve, 50% of trading fees is taken as an admin fee. Contrast this with Belt.fi, where a 50% buyback is not reallocated to any entity but is instead burned forever. When the fee is given to holders, as in Curve, this fee is not a help to the tokenomics, and does not have a deflationary effect. When 50% of trading fees, and 8% of the yield is bought back as BELT and burned, it increases the scarcity and power of the BELT token. We also slow inflation by changing the amount of BELT released with each block. While this has not yet been done, decisions will be made through transparent governance. As this happens, more BELT inflation will be allocated to DEAD pools and will be permanently burned. We have some updates in store that will really accelerate the deflationary measures that we will announce soon! I’m positive that our holders will be happy haha

Crypto Shrimp (AMA Host): thats a lot of thots being put into, so investors dun have to worry that without a hard cap their investments will be diluted, thats a very detailed explanation and plan that you have given us

Joon Kee: Thanks! We’ve been putting a lot of thought into additional deflationary measures


Q6: for the staking section of belt, can one specify the number of LP that is intended to deposit or withdraw? cause now it seems to be max either way


Joon Kee: That’s a good question that some of our users also have There’s no real min or max. Users can decide how much LP they want to withdraw when they decide to take their LP out When depositing, there’s no specific number but I’d recommend that they be mindful of BSC tx fees and our deposit fee of 0.1% We do however make it easy for user to withdraw or deposit with the max button

Crypto Shrimp (AMA Host): i must say the fees are very attractive for the investors

Joon Kee: Thanks!


Q7: In terms of security wise, has any audit been done for the project?


Joon Kee: Our first audit was conducted by SOOHO, a CONSENSYS-backed blockchain security firm. We’re in the process of getting more audits done and will update the community when they’re finished! We’re releasing a big update soon and there will be a new audit based upon that as well

Crypto Shrimp (AMA Host): looks like there will be alot of development that the supporters can look out for !

Joon Kee: Yeah we’re exited for it too!


Q8: Are there any collaboration that have been finalised or we can expect some to happen really soon?


Joon Kee: Yes, we actually have a bunch that we haven’t really yet emphasized. As to our ongoing partnerships that I can reveal: ForTube, Linear, Beefy, 1inch, Ren. We also have had really good ongoing collaboration with Klaytn, ICON, and Terra for our other DeFi protocols.  There are more in the works that we’re also really excited about.

Crypto Shrimp (AMA Host): thats big names you have there!

Q9: What kind of collaboration are we expecting? is there like more staking or more opitmising of the investment or will it be earning more BELT options ?


Joon Kee: We actually just finished our 1inch integration haha Like literally just now during our AMA These collaborations in general will give a lot more options to Belt Finance users and give more incentive to $BELT hodlers and more utility to $BELT. Having a close working relationship with our partners will give benefits to both our ecosystem and theirs.

Crypto Shrimp (AMA Host): yes I too believe in growing together, rather than finding ways to outdo the competition

Joon Kee: Definitely, growing together! And weaving ourselves into being a defi pillar


Q10: with the low fees that are charged, are there other ways of earning revenue? cause that will also help in the future developement of the project too.


Joon Kee: All in all we are thinking of an economy of scale. But other than that, if you take a look at our roadmap, our multi-strategy aspect and crosschain focus should bring a lot of engagement

Q11: Having mentioned about roadmap, can you share with us what is planned and so far are they on schedule?


Joon Kee: Yes so we just released an updated version of the plans/roadmap yesterday. You guys can read more about it here: https://medium.com/belt-finance/revealing-whats-next-for-belt-finance-91e6153b4b15 As we revealed in the post, we’re actually going way ahead of schedule and will be releasing multi-strategy very very soon. Cross-chain will also come in the next few weeks. I’ll expand upon our development too So we’re currently working on a few things -- launching a multi-strategy yield optimizer, providing more assets in more pools, adding greater trading volume, and cross-chain asset provisioning. Pool assets we are planning to add: BTC , ETH ,BETH , BNB, More to come. For multistrategy yield optimization, we’re going to integrate ForTube, Autofarm, and ACryptoS, and more for new strategies. For more content, we’re in talks with Linear and Ren to add their assets to Belt.  For more trading volume, we’re integrating 1inch for liquidity provisioning (which we literally just finished!) For cross-chain liquidity provisioning, we’ll be in we’ll be incorporating another of our protocols, Orbit Bridge (https://bridge.orbitchain.io/), our cross-chain IBC bridge, with BSC to connect our connected chains (Klaytn, Ethereum, Terra, ICON, etc.) and bring their liquidity to Belt and BSC in general. We estimate that this will be ready in April. We want to inject the liquidity of KLAYswap, a Klaytn-based AMM DEX, which is another of our protocols, to Belt and BSC. KLAYswap (https://klayswap.com/dashboard) currently has over $800M TVL, and we will start by leveraging the liquidity from our KLAY/sKLAY pool, which currently has $473M in it.   We are psyched about this haha

Crypto Shrimp (AMA Host): that is alot of development that are great and i believe all of us cant wait to see how belt develops into a super project, with security and investment being taken into consideration.

Joon Kee: Really appreciate that!


Q12: Do share with us the links of Belt finance social media/medium etc, so that we can learn more about the project and also keep track of the development.


Joon Kee: 

Docs: https://docs.belt.fi/

Twitter: https://twitter.com/BELT_Finance

Medium: https://medium.com/belt-finance

Telegram: https://t.me/BeltFinance

Github: https://github.com/BeltFi/


Here are our main links!


Q13: Lastly our famous question of all, what is the one alpha or juicy news you can give to our audience today? 

(I know you have already told us a lot of what we can expect, what is the one thing that is going to happen real soon?)


Joon Kee: Haha great question

Crypto Shrimp (AMA Host): we always want the first hand news in bsc.news!

Joon Kee: So this is something I hinted at earlier, but we’re going to be adding additional incentives to $BELT hodlers (like airdrops of our partners’ tokens, more pools/utility, etc.). We also have some BIG partnerships in the pipeline that we haven’t announced yet!

Crypto Shrimp (AMA Host): thats very kind of you to have reveal this much and also explained in details of the project! Thank you so much for attending this AMA today, hope you enjoy the session as much as we did. 

Joon Kee: Thanks for hosting! Had a great time.


Tags:
No items found.