Relite Finance AMA Transcript

Decentralised Cross-chain lending protocol powered by Polkadot

By
BSCNews
on
June 23, 2021
Category:
AMA

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!: 

Twitter:

Telegram:

Medium:

Reddit:

Linkedin:

Andrew:

Great thanks!









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