AMA Recap: XOLO Finance
If you missed the AMA with our upcoming IDO XOLO Finance, you can catch up on it below
Hello $START-ers! Below is the AMA with XOLO finance from 16th May, 2021.
We had some great questions from all sides, and some even better answers… It’s always great to open up the floor and connect the community, so thanks to those who took part.
For those who have further questions XOLO finance invites you to join their group Telegram and to follow them on Twitter.
> Koven Leader:
Hello and welcome to another BSCstarter AMA!
> Koven Leader:
We are happy to have the XOLO Finance team join us today.
> Koven Leader:
How is it going @Killua_Xol and @ivasdale?
> ivas | will never DM first:
Hey @Koven_Leader
> Killua:
Hey guys
> ivas | will never DM first:
We are glad to present our project to this fantastic community today
> ivas | will never DM first:
Very excited for this AMA😄
> Koven Leader:
That’s wonderful!
> Koven Leader:
Well let’s get right into it!
> Killua:
It’s a pleasure to be here with you all.
> Koven Leader:
Can we start with a quick introduction to your project and team?
> Killua:
Pretty much excited 😁
> Killua:
Well, Xolo is an interest-bearing assets protocol on Binance Smart Chain. Users can earn interest by supplying different assets on the protocol smart contracts, and borrow other assets using deposited assets as collateral. Interest rates vary asset to asset and accrues interest from the borrower and supplier pool.
> Killua:
As for our team, we are two core members in XOLO. Myself and @ivasdale are working on the end to end development of XOLO.
> Koven Leader:
It already sounds like an interesting project and we haven’t gotten into the details. Can’t wait!
> Killua:
We are excited as well 😁
> Koven Leader:
Would this be the entirety of your team or are there other members, like marketers, mods, business managers, etc?
> ivas | will never DM first:
Yes, apart from us two developers, we have @justinmake and @Vincent_D as our primary marketing managers. Both bring great operational and communications skills to the project. We are also working with 5 community managers to provide communication for Japanese, Russian, Spanish, Swedish and Vietnamese communities.
> Koven Leader:
👏
> Koven Leader:
That’s really great to hear. It takes a team to keep a good project running.
> Koven Leader:
Speaking of teams, what made you and your team decide to use the BSCstarter platform?
> ivas | will never DM first:
BSCstarter has been recommended to us by our VC partners at Arcuate Capital. It is a big, reputable platform and the team is fantastic in terms of availability and cooperation, soon after starting communication with BSCstarter, we decided to go with them exclusively for our IDO.
> ivas | will never DM first:
We are very grateful for the cooperation and support from the BSCstarter team, they are making this possible with great ease.
> Koven Leader:
Thank you!
> Koven Leader:
We appreciate having good teams come on board with our platform.
> Koven Leader:
It’s important we focus on quality over quantity.
> Koven Leader:
Let’s hop into some details.
> Koven Leader:
So, you gave us a brief rundown of your team. Could you talk to us about how you all came together and started XOLO finance?
> ivas | will never DM first:
I come from a financial background and was introduced to crypto in late 2016 as a trading opportunity, and it piqued my interest to understand the technology behind it. I started digging from a developer mindset and met @Killua_Xol in a crypto forum.
> ivas | will never DM first:
@Killua_Xol was into trading as well and was working as a lead Web developer at the time. So, fast forward a few months and we both were intrigued by the promise of blockchain technology and started our journey to build on Ethereum and later switched to BSC platform instead.
> ivas | will never DM first:
I have been very passionate about lending about on chain lending platforms as an integral part of an dapp ecosystem. Hence, I have discussed the idea with @justinmake and we 3 started working on XOLO soon after.
> Koven Leader:
What a great story. I appreciate you walking us through that. It definitely provides some insight.
> Koven Leader:
So, what was the team’s reason behind developing XOLO?
> Killua:
With the imminent growth of defi projects in other ecosystems like Ethereum, we instituted our search in BSC, but to our surprise there weren’t many active lending platforms which proved to be the building blocks of many deffi protocols.
> Killua:
With XOLO into the scene, it opens up a new paradigm of defi protocols. Our aim is to provide a robust, flexible, transparent, easy to use financial tool for the BSC ecosystem. This also opens opportunities for various new business use cases on the BSC chain.
> Killua:
We also found that there are huge gaps in the interest-bearing market on BSC ecosystem, and we decided to pursue the idea of XOLO to become the bridge from different yield generating platforms.
> Koven Leader:
Very smart of you! It definitely helps to bring a product that is needed into the community, especially when you have the expertise to do it right!
> Killua:
😁
> Koven Leader:
So, you mentioned that there weren’t many active lending platforms. I would assume this means you and your team did some research on the ones that are active. Could you talk to us about your short and long term plans for beating out the competition?
> ivas | will never DM first:
Yes, we have started XOLO with long term vision to capture most of the TVL and available lending market on BSC. Hence from the first day, XOLO has been built to be flexible enough to provide collateralized loans for even more innovative assets with higher fluctuations. For example, Venus cannot bring LP token lending to their platform due to the concerns of fluctuations in their stablecoin prices.
> ivas | will never DM first:
XOLO on the other hand, has been built to accommodate flexible integration with most yield optimisers and provide yield strategies for them, support more assets and even support LP token lending (for example PancakeSwap Flip tokens)
> ivas | will never DM first:
This also allows dapps which integrate with our protocol to come up with more interesting business ideas and use cases as well
> ivas | will never DM first:
While we acknowledge the presence and possibilities of competitors, we are very confident in our ability to out-innovate others with XOLO
> Koven Leader:
Very well put 👏👏👏👏
> Koven Leader:
It sounds like innovation is one of the driving forces behind your team’s designs.
> Koven Leader:
Will this be something we continue to see as you develop further?
> Koven Leader:
Rules for posting questions in BSCstarter AMA: If the question is copy-pasted from external sources, the winner will get disqualified for the next 10 AMA sessions and will not receive any reward. The user who provides the proof that the question is copy-pasted from external sources will get 20% of the prize. If the question is copy-pasted from internal sources, user will be disqualified forever. Our goal is to have AMAs that benefit our community and help shed insight on the project and its team. As such, the questions should be genuine, not copied from other AMAs. All the remaining funds from the questions which were disqualified will be distributed to the community. The 80% remains will go to the AMA reward fund for BSCstarter. So, if the winner of option 2 gets disqualified, the reporting user wins $20 and $80 goes towards the winner of option 2 for the next AMA. This way, the next reward will be $180 instead of the usual $100.
> ivas | will never DM first:
Yes absolutely, while we have a roadmap to bring a range of additional upcoming features, our immediate plan after mainnet launch is to start integrations with yield optimisers and other dapps in the backend. We are planning to provide assistance for strategy development to on-board many dapps in upcoming months
> ivas | will never DM first:
After we capture a significant portion of the interest-bearing asset market, we will bring features such as lending insurance, Flip token lending and borrowing and cross chain loans in future
> Koven Leader:
Well, I can’t wait to see this plan in action. I’m sure the community feels the same!
> Koven Leader:
Dear community, we are opening the chat. Please prepare your questions. @ivasdale & @Killua_Xol will select 5 of them. Please remember the rules ❗️❗️❗️ Only genuine questions will be rewarded. Copied questions will be disqualified. Read the rules here (https://t.me/bscstarter/172276) For the Community Part of the AMA, every user will be allowed to post maximum 3 questions. One message should contain maximum 1 question. If you post more than 3 questions, you will not receive the reward if selected. Thank you for understanding and good luck! 😉 Also, don’t forget to join @xolofinance
> Koven Leader:
Let’s open up the chat and see what they have to say!
> Koven Leader:
Thank you for your questions!
> Koven Leader:
@ivasdale and @Killua_Xol please answer at least 3 questions and choose one winner.
> ivas | will never DM first:
Sure, we have received some really thought-provoking questions from the community 👏🙌
Ø Silver Spoon:
The collateral needed to qualify in the Iending features, so what coIIateral is required by XOLO to take out a loan in the XOLO pIatform?
> Killua:
Ok, so, an interest-bearing market tries to accumulate interest on the most dynamic and bigger volume cryptos through lending and borrowing, similarly our roadmap is to activate major tokens in crypto ecosystem like BNB, ETH, BTC, BUSD, USDC etc which are available on BSC ecosystem as BEP20 tokens for borrowing and lending. Later when we are ready with the governance, proposals from the community will decide what token to introduce as lending and borrowing currency in the pool. Every token we integrate in XOLO can be used as lending token as well as collateral to borrow other token on the platform
> ivas | will never DM first:
To expand upon this, users can deposit assets sitting idle in their wallets and earn interest in the protocol. If they need other assets momentarily, they can borrow against their portfolio any time. This also allows using your positions as leverage in various assets.
> Killua:
XOLO token will be the core of the lending protocol and capture the value transferred in the protocol. As the TVL grows, the token incentive will grow as well. Our protocol will potentially host a lot of other dapps, working as a core underlying protocol such as Compound or AAVE, which gives it a lot of utilities too.
> Koven Leader:
Thank you for those answers! Can you please select a winner as well.
Ø Fatima Khalid: What is your plan about globalization? Do you have local Communities for those users who don’t understand English well?
> Killua:
That’s an Interesting one. We have already started building global communities with partnerships across many non-English speaking groups.
Some of the alternative XOLO communities for Non-English speaking users are — XOLO Finance Japan: https://t.me/XOLOFinanceJP 🗾 XOLO Finance Vietnam: https://t.me/xolofinance VN XOLO Finance Sweden: https://t.me/xolofinanceSWE XOLO Finance ESPAÑOL: https://t.me/XOLOFinance_Spain XOLO Finance | Русский| Український: https://t.me/xolofinanceRU_UA. We will be adding more to this list and also providing proper support for the users of these communities in their own languages.
We are on constant lookout for potential opportunities to grow globally, a lot more collaborations are yet to be announced from different active regions in crypto space.
Ø Sun: According to XOLO tokenomics, 16 M $XOLO Token will be reserved for the Team. Why such a high of token allocated to the team, while the locked in liquidity just have 4 M $XOLO, Are you guys going to lock the team’s token?
> Killua:
Well, as a team of developers we are keeping the incentives in a locking smart contract. As we grow and bring new innovations we will grow as a team and the tokens are locked for a long 3 years. The first instalment of the incentive opens after first year completion of the project launch. So, you can consider this fund to be utilized as salary/perks for current and future team members to be paid.
Ø Mal_khour: Can you list 1–3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
> ivas | will never DM first:
1. Users can deposit assets that are sitting idle and get equivalent interest bearing xoTokens in return, the value of which increases over time. This allows users to increase their portfolio without any risk
2. Dapps can integrate with XOLO to optimize their TVL and make additional profit for their users.
3. XOLO allows dapp developers to introduce interesting use case for interest-bearing assets, such as decentralized bonds, lossless lottery etc.
> Killua:
Well, we had lots of interesting questions, it’s clearly a difficult choice to announce one as winner. I think @SunSun77 had a really inquisitive question and deserves to be the winner of this round. cheers 😄
> Koven Leader:
Thank you!
> Koven Leader:
The last part of our community section is our Twitter question. Let’s review it: https://twitter.com/c731581/status/1393944377035157509?s=21 s=21
Ø Anime (Twitter): @BSCstarter @xolofinance What are the main requirements in the lending or borrowing features that I have to prepare when I want to participate in the program?
> Killua:
Decentralized lending platforms work on over collateralization of assets deposited on the pool. So, you can easily get started with depositing in active pools of BNB, ETH, BTC, BUSD etc to borrow other assets.
> Koven Leader:
Thank you so much for speaking with our community and sharing all this amazing information. It was a pleasure having you as a participant in our AMA today. We always like to get some final words to those who are not sure about participating in your presale. Are there any last words, links, exclusives you’d like to leave with us before you go?
>ivas | will never DM first:
XOLO (@xolofinance) | Twitter
The latest Tweets from XOLO (@xolofinance). Universal lending and borrowing platform on #BSC
ivas | will never DM first:
Yes, I would like to invite everyone who couldn’t get their questions answered to our group @xolofinance, we would love to have everyone answered. Our team is working tirelessly to make this project into a big success and we would be glad to have every one of you onboard with us in our mission.
Also please follow us on twitter.com/xolofinance and help spread the good word 🥳👏
Thanks for having us here, we are very grateful for the amazing support from the BSCstarter community.
> Killua:
Indeed, it was an amazing session, thanks for being a wonderful host. Thanks to the fiery community for being an amazing audience. See you all at XOLO. Cheers😄
> Koven Leader:
Thank you! Well, there you have it Starters! As always, we appreciate you joining us and taking part in our AMA sessions. We look forward to bringing you more AMAs and opportunities to learn about the projects that come to our platform.
Learn more about XOLO Finance
BSCstarter
✉️ Telegram: https://t.me/BSCstarter
🐦 Twitter: https://twitter.com/BSCstarter
🔊 Announcements: https://t.me/BSCstarter_announcements
🚀 START Contract: https://bscscan.com/token/0x31d0a7ada4d4c131eb612db48861211f63e57610
Secure community-oriented token presale platform for #BinanceSmartChain $START https://BSCstarter.finance
