AMA Discussion Record of Dank & Kriptobi
DANK shared basic information about the protocol and an introduction to fixed interest rates in the Kriptobi community.
Abstract
This Tuesday, we held a wonderful AMA in the official telegram group of the Kriptobi community, which we discussed about our future expectation of Dank. We will soon launch Dank’s lending protocol and a native fixed interest rate protocol based on the Dank Protocol.
During the AMA of Kriptobi & Dank, our community lead and community development (European & American) introduced about Dank Protocol’s product features, future plans and goals, as well as our original NFT, DANK-PUNK’s future prospects.
The following is an overview of the content of AMA:
Kriptobi & Dank AMA
Guests:
- Katherine，Community Lead
- Alejandro，Community Development (European & American)
Katherine:
Hello, I’m Katherine, community lead of Dank Protocol. Thank you for having us.
Ale:
Hello everyone, I’m Alejandro, part of Dank’s community development team and very excited to meet you all in today’s AMA session.
Host:
Could you give us a brief introduction to Dank Protocol? What do you aim to do and solve in this sector?
Ale:
Sure! DANK is an open-source Ethereum-based decentralized lending protocol, which aims to solve fund inefficiency in the De-Fi market and create a fixed income market. Dank’s fundamental goal is to allow all valuable crypto assets to obtain diversified financial services, and create a long-term constant income flow, and financial foundation.
As everyone knows, as De-Fi matures, excessive speculation and unstable returns are difficult to maintain sustainable development. Our team has been thinking about how to make De-Fi truly sustainable; as we continue to work towards helping more people gain access to a stable and a constant income framework.
Host:
Can you talk about the products of the Dank Protocol project ? What are your main features that make you different from other competitors and what competitive advantages do you have ?
Katherine:
As mentioned before, Dank is an open-source decentralized lending protocol. Broadly speaking, anyone can operate, build, and integrate Dank without restrictions.
First of all, the bottom-layer lending of DANK protocol is consistent with Comp and AAVE, that is, a variable interest rate lending protocol. Anyone can deposit and withdraw or lend their assets to obtain a floating interest rate.
The main difference between DANK and others in the same field like: Comp and AAVE, is that Dank is more oriented towards the market of fixed interest rates, capital efficiency and interest rate derivatives. At the same time, DANK proposes a forward rate agreement contract swap model based on the floating interest rate market. Users can release the forward income of d-token at any time and obtain instant fixed income.
My colleague Alejandro will be giving us an example of our protocol in a moment.
Ale:
Let me give you guys an example to illustrate the direction of our protocol: Bob deposits 1 ETH into DANK protocol. Bob will also receive the deposit certificate minted by DANK protocol: 1 d-Eth
d-Eth is the same as c-Eth (Compound’s deposit certificate), which represents the certificate of Bob’s deposit and floating income. In fact, we found that Bob who holds d-Eth can make good use of the position that he has to wait for unguaranteed returns. If the attributes of d-Eth are minted and split, Bob’s d-Eth will be split into a principal token and a revenue token. Bob now has a flexible asset management method.
Based on the principle of zero-coupon bonds, Bob can sell his own principal token at a discount without giving up the right to his basic principal, thereby obtaining higher capital efficiency.
If the variable interest rate market is positive in the future, Bob can release his earnings token ahead of time when the market is bullish.
Bob does not sell his own principal token and income token, and engages in the business of providing liquidity based on the existing Dank’s Fixed Rate Market, earning more handling fees.
Simply put, if Bob wants stable or guaranteed income, then Bob can take his income rights in advance and sell them to the market (Dank’s Fixed Rate Market) to obtain fixed income without having to worry about income fluctuations. On the other hand, if he wants to obtain higher capital efficiency, then his capital certificate can be sold to the market at any time with discount.
Host:
In addition to lending protocol, we know that Dank Protocol also has fixed interest rate products. Fixed interest rates occupy a large market in the traditional financial industry. What do you think is the development prospect of fixed interest rates in the De-Fi market?
Ale:
Fixed interest rates or fixed income holds a major position in traditional financial markets around the world. For example, it is recognizable that the fixed income market is huge by looking at the volume of US Treasury bonds, a market worth at around 28 trillion US dollars. Similarly, the next market in De-Fi is the same, especially now that the world’s top financial institutions are working in secret towards blockchain acceptance to integrate into financial markets and applications.
Host:
Many people are already attention interest in #NFT this year and NFT has become really popular. What kind of work do you have on the NFT field in your project ?
Katherine:
Yes, NFTs have recently become extremely popular! In fact, we knew about NFTs very early on, especially since the 2017 CryptoKitties! At the time, it was the first NFT that had charmed the public.
As time passed, the development of NFTs brought more possibilities to crypto, like artwork, identity information, games, bills and vouchers, etc. We also released our own NFT called DANK-PUNK. At the moment, the definition of the DANK protocol for NFTs is more practical, as DANK protocol itself is a financial infrastructure.
We hope to rely on this bottom-layer to build chain identity and a future credit foundation. In regards to the definition of DANK-PUNK, we hope it to be the result of communitization rather than having our team to summarize and define it. We indeed have various ideas, but we hope that this is a cultural product led by the community. For a brief description of DANK NFTs, please refer to this link: https://medium.com/dank-protocol/dank-nft-attributes-9fa1c7603bd0
If you have any ideas or comments about our NFTs, feel free to contact us!
Host:
Can you talk about tokens ? What are the benefits for investors in holding tokens ? What are the usage areas ?
Katherine:
I knew the community would like to know more about this! But, unfortunately details of the tokens have not been disclosed yet, but we will release relevant information soon and go public as soon as we get a green light from our developers, so stay tuned!
Ale:
DANK is the native governance token of the DANK protocol. Its main purpose in the future is the governance of the protocol, including: delegation, voting, parameter setting, income transfers, and protocol upgrades.
Well there are plenty of cases in the history of crypto that long-term holding is the way to invest for generational wealth. Those who invest long-term will gain higher profit margins in the future. Generally speaking, the value of governance tokens largely reflects the consensus value given by the community and the protocol.
Host:
Finally, How is #DankProtocol development going ? Can you describe current development status, market expansion plans, expected applications ? What awaits us in the future ?
Katherine:
Our team at DANK has been studying models related to fixed interest rates, new protocol development, and Layer 2 for the past few months.
At this time, DANK’s basic lending is about to launch. Just to disclose some private information, we have submitted the code to Certik for auditing, and are waiting for the final report from the agency.
In addition, our fixed interest rate Demo has been made public. After finishing off specifics and related security audit tests, we expect the fixed interest rate protocol to be launched around mid-October.
In regards to the market plan, the current market size of De-Fi lending and income positions is about 50 billion U.S. dollars. It is clear to us that the next stage of the fixed income market is projected to grow exponentially large. In terms of PR, we have already begun to make a branding plan on a global scale. The next step is community building and strategic partnerships. In the future, we plan on sharing DANK products with more communities.
We have plans to find community leaders like nodes in various regions to be responsible for their local Dank community construction: online and offline activities. If you are interested, feel free to contact us.
Ale:
For future applications, we hope that DANK will be integrated by more third parties, credit loans, identity vouchers, etc.
De-Fi has already become an unstoppable force and is the single largest technological revolution after the discovery of the Internet. In the future, centralized banks such as Citigroup, JP Morgan, and Goldman Sachs may cease to exist as more banks could be made to be similar to that of DANK, Compound, and AAVE.
Once again, please feel free to join our community if you would like to know more about our project and to follow future developments! Looking forward to seeing all of you over there!
The following are five community questions:
Audience:
Q1. A lot of scam projects lately. Pulling the rug creates a loss for investors. why should we trust your project? Aren’t you going to do the same?
Answer:
There are a lot of known shitcoins on the market with the pump and dump hypes and we are very aware of that. We pride DANK in being a strong competitor in the lending protocol market. We aim to compete with protocols like AAVE, Compound, and others. Shitcoins like Doge, Shiba inu, and Safemoon have no utility and gain their value through speculation and hype.
Audience:
Q2. Can you tell us the 1–2 great features that stand out from Dank Protocol competitors?
Answer:
The main difference between DANK and others in the same field like: Comp and AAVE, is that Dank is more oriented towards the market of fixed interest rates, capital efficiency and interest rate derivatives.
Audience:
Q3. Hello Sir. Do you have AUDIT certificates? OR Are you working to AUDIT your project, to make it more secure and reliable?
Answer:
Yes, as we mentioned. we have submitted the code to Certik for auditing, and are waiting for the final report from the agency. We are confident about it.
Audience:
Q4. How important is the community to you? While you build your project, do you consider community reactions and demands?
Answer:
The community is everything to us! Without the community’s support and interests we wouldn’t be where we are today. We are always very active on our social media channels. Join our Discord channel, and telegram group to give us feedback! We are always very happy to listen to the community and improve DANK.
Audience:
Q5. Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project?
Answer:
Yes absolutely, we plan to promote DANK in every region possible. We have 10 language channels on our discord chat! Including Russian, Spanish, Chinese, Portuguese, and so on. I personally speak English, Spanish, and Mandarin Chinese!
END
About Dank
Dank is a permissionless open-source lending protocol based on Ethereum, which aims to solve the problem of inefficiency of funds in the DeFi market and build a fixed income market. It allows any user who uses the protocol to obtain variable interest rates. It is the first to propose a forward interest rate contract swap model based on the variable interest rate market. Users can also release the forward income of d-token at any time to obtain instant fixed income.
