PART 1. Introduction of Reef Finance project and community questions.
Hello, Satoshi clubbers and guests of this site. We are pleased to present you with a project entitled Reef Finance. This is the first cross-chain defi operating system.
The plan of AMA session:
- Part – Introduction and preselected questions.
- Part – Live questions
- The Quiz about Reef finance
The reward pool is 500$
Leading the AMA our clever and fun admins:
Mary | Satoshi Club – @madamlobster and Gold Rocket | Satoshi Club – @GoldRocket27
The Representative of the project:
Denko Mancheski – @denkomanceski CEO of Reef Finance
Introduction of Reef project
Mary | Satoshi Club:
Hello, Satoshi Club! We are happy to announce our AMA session with Reef! Welcome to Satoshi Club😀
Gold Rocket | Satoshi Club:
Hello, dear community! We are happy to announce our AMA session with Reef.
Mary | Satoshi Club:
@denkomanceski you are welcome, happy to see you here again 😀
Gold Rocket | Satoshi Club:
We are always glad to see our friends!❤️
Denko Mancheski:
Thanks! I have interesting updates around Reef. Glad to share some with your community
Gold Rocket | Satoshi Club:
Thanks for joining. To begin with, please tell us a few words about yourselves and how did you get to be involved in Reef .
Mary | Satoshi Club:
Yes, sure, I wanted to ask you about the news👍
Denko Mancheski:
The best way to understand is to go quickly through my story. We just published it a few days ago:
https://reefdefi.medium.com/denko-mancheski-ceo-of-reef-finance-founder-q-a-dbc3d9f03bf7
Here is also more condensed info about me:
My name is Denko, I am the CEO of Reef Finance. I have a tech background myself. Started programming in early high school with C++ and did algorithmic competitions for a few years. Then I decided to start building commercial software and I joined an ERP provider where I built modules that are still used to this day (warehousing, accounting, etc.). After that, I joined one of the biggest healthcare platform providers in Europe (200m+ valuation now). Worked there for over 2.5 years and I lead a team where we worked on a complex modeling tool for healthcare data.
Around 6 years ago I got into crypto and started blockchain development myself. My first experience was with the NXT blockchain which turned into Ardor. Of course, I did a lot of solidity throughout this time. I also did some Bitshares, Steem as well as EOS.
Since I am based in Slovenia, the development community is not so big, so I’ve been working with familiar people. 2 years ago we teamed up and worked on multiple blockchains as well as analytics projects together. In January this year, we decided to focus on DeFi and started building Reef.
Mary | Satoshi Club:
Nice article, go through it but will read it a bit later, wait for my claps😂
Gold Rocket | Satoshi Club:
Amazing! you have done a lot in your life!
Denko Mancheski:
🚀
Denko Mancheski:
Haha, I am just starting!
Gold Rocket | Satoshi Club:
What is a Reef? Tell for our community😊 before we start with questions.
Denko Mancheski:
The shortest possible explanation which is easily understandable by non-tech savvy people: A one-stop place where anyone can quickly invest into DeFi taking into account their risk tolerance
The longer intro would be:
Reef is a DeFi operating system — a permission-less smart liquidity aggregator and yield engine where any financial hub can integrate into. Powered by Polkadot, it shares its security model with the ecosystem and enables cross-chain integrations across top DeFi protocols. Reef gives the retail investor access to the DeFi landscape with a very low technical barrier of entry while at the same time it augments the decision-making process based on the user’s risk levels.
Denko Mancheski:
Basically, it’s the easiest way to get into DeFi. You do not have to go anywhere else – we have all the DeFi activities + multiple ecosystems
Gold Rocket | Satoshi Club:
It is very comfortable.
Denko Mancheski:
No need to learn how to use 5 different websites and create 5 different wallets. On top, we augment your decision-making process based on your risk levels
Gold Rocket | Satoshi Club:
Yes sometimes it is like a toothache😂
Mary | Satoshi Club:
And what new happened to Reef since your last visit to Satoshi Club in September?
Denko Mancheski:
Many things happened. Since we are all about integrating and composability, we did a lot of big partnerships
🔸Reef Finance partners with Matic (https://t.me/reefannouncements/75) to bring to life cross-chain DeFi applications.
🔸Reef Finance partners with Kava (https://t.me/reefannouncements/69) to offer world-class DeFi services.
🔸Reef Finance partners with Chainlink (https://twitter.com/ReefDeFi/status/1321104878014472194) to power its cross-chain DeFi Platform
🔸Reef Finance partners with Jarvis (https://t.me/reefannouncements/78), Stafi (https://t.me/reefannouncements/70), finance.vote (https://t.me/reefannouncements/72), Equilibrium (https://t.me/reefannouncements/49) to enhance user experience in DeFi.
🔸Reef Finance partners with Crust Network (https://twitter.com/ReefDeFi/status/1321406677065846784), Plasm (https://twitter.com/ReefDeFi/status/1322146754805026817) to bring DeFi to the mainstream with Polkadot
🔸Reef Finance partners with Centaur (https://t.me/reefannouncements/33), Darwinia (https://t.me/reefannouncements/28), Covalent (https://t.me/reefannouncements/26), Aleph (https://t.me/reefannouncements/25), Bifrost (https://t.me/reefannouncements/21) to promote mass adoption of DeFi
🔸Reef Finance partners with Paraswap (https://t.me/reefannouncements/34), Phala Network (https://t.me/reefannouncements/17) for Reef development.
Besides this, I am happy to announce that we finished the first audit of our codebase and the product is getting ready to launch very soon
Mary | Satoshi Club:
Wow, so many loud familiar names 👍
Denko Mancheski:
We expanded our team, we are really covering 24hrs now – we have team members on every continent!
Mary | Satoshi Club:
Wow, that’s great! Who did this audit? I remember you had 12 team members before.
Denko Mancheski:
Halborn is the first audit.
We are looking to expand our office in Singapore hopefully by the end of Q1. This will open new doors for Reef and different types of investors who want to enter into DeFi
Gold Rocket | Satoshi Club:
Great!👏👏👏
Mary | Satoshi Club:
Cool! Thanks for sharing, audit is one of the most important steps👍
Denko Mancheski:
Yeah, besides the audit we have been working on programmatic limits and emergency functions in our smart contracts. We will be able to gradually increase those limits – this helps a lot with the confidence in on-chain infrastructure.
We believe this is the only way to avoid massive hacks since it is powered by incentives (eg: A hacker would rather take 200k$ today then 400k$ in 2 months😀
Mary | Satoshi Club:
And I see that you missed Binance Access when you told us about Reef news😉 it’s also a great step forward Fiat Gateway!
Denko Mancheski:
Haha that was a big one!
Mary | Satoshi Club:
Lol, that’s true 😂
Denko Mancheski:
We are ramping up on more collaboration with Binance
Mary | Satoshi Club:
Yes, it’s really the biggest player and n the crypto market😀
Denko Mancheski:
We believe that their growing ecosystem will attract a lot of users, and since we are cross-chain, we want to position ourselves in a way where we will be able to deliver value for those users
Gold Rocket | Satoshi Club:
It’s a very difficult and important job! 👍
Mary | Satoshi Club:
I see the amazing progress that has been done for only 3 months, can’t even imagine what will be done, for example, in one year! Congrats!
Denko Mancheski:
Yeah, there are many big things coming!
Mary | Satoshi Club:
And, Denko, are you ready for the questions from our community? 😀 No doubts!
Denko Mancheski:
Yeah, I am ready for the community questions!
Preselected questions about the Reef project.
Gold Rocket | Satoshi Club:
Q1 from Telegram user @Thienzoro
Few projects have a liquidity connection between CEXES AND DEXES as far as I know. Which side is more inclined to Reef between CEXES AND DEXES (according to the number of bilateral traders)? What is the difference between CEXES AND DEXES that 1 side has but the other doesn’t and vice versa? So to take advantage of this, can I exchange from ETH to BNB? Usually, such a transaction would be very laborious. So what is the fee on the Reef side if I put 1000 $ on eth side to BNB?
Denko Mancheski:
Initially, the liquidity aggregator would be used by the basket engine. After having it up for a few months, we will allow other projects to access it as well.
The mechanism works like this: If you have a certain asset in the basket, based on your order size the on-chain mechanism will split and route your orders appropriately to the most liquid DEXs.
On the other hand regarding CEX liquidity, Binance Brokerage was the first step that we have taken. This will allow a % of the basket to be filled through their API. This is non-custodial and you don’t need to put your API key anywhere. The second integration would be a prime broker which has integrated pretty much all the exchanges in the background. CEX will most likely require KYC after a certain threshold and we will make sure that this journey is as easy as possible (we all hate taking selfies and passports – it takes forever)
And yeah, besides getting exposure to BNB through the basket, we will have the mechanism to just swap back and forth – this is easy
We are working on a pooling mechanism which will reduce the fees drastically since the orders are aggregated and sent through the basket engine at once
Denko Mancheski:
Oh, and one more important thing is that we are working on the wallet which will support multiple ecosystems. This will allow us to use bridges seamlessly and convert funds which are not easy to convert let’s say natively on Ethereum
Mary | Satoshi Club:
But is this operation possible today?)
Denko Mancheski:
DEX liquidity + Binance Access/Brokerage will be available from day 1.
Gold Rocket | Satoshi Club:
🙅♂no KYC?👍
Denko Mancheski:
Some prime brokers have a threshold – if you remember Changelly used to allow up to 1k$ to be converted without KYC.
For full CEX access and unlimited order size one would have to KYC (we are not saving/holding this data – just relaying it)
Gold Rocket | Satoshi Club:
That sounds good👍
Mary | Satoshi Club:
As I understand now it’s mostly inevitably for unlimited operations 🤷
Denko Mancheski:
Yeah, this is enforced and there is no way around it. We respect the regulations, but you will always be able to use Reef with just a Metamask wallet (which means you won’t access CEX liquidity but that’s fine.
Mary | Satoshi Club:
Ok, that’s great 👍
Mary | Satoshi Club:
I mean this👍
Denko Mancheski:
Yes!
Gold Rocket | Satoshi Club:
I didn’t quite understand when the implementation
Denko Mancheski:
It’s very similar to how people connect with their Facebook account.
Mary | Satoshi Club:
It’s some kind of alternative 😀
Denko Mancheski:
You just log in with Binance and that’s it
from that point onwards if the analytics engine decides that due to your order size it would be great to route some portion (or all) of your order size to CEX -> it will buy from Binance.
They are really doing a great job at those integrations. Not many projects have integrated those things hence why people are still not familiar with this mechanism
Mary | Satoshi Club:
Yes, a lot of things that we didn’t discover yet😂
Denko Mancheski:
it’s as simple as this.
Mary | Satoshi Club:
Wow👏
Gold Rocket | Satoshi Club:
Sounds very easy. How safe is it?
Mary | Satoshi Club:
How many DeFi projects have this access now, do you know? Was it hard to get it?
Denko Mancheski:
Very. We can control the access and whitelist to which coins the client can give exposure to. I don’t know anyone tbh. But there are a lot of things that we do, and I don’t know anyone who is doing anything similar.
For example, this is a cool one. Reef will be the first token that will have something called “Projected price”. Let me explain what it means.
This means that if the spot price of $REEF is 1$, the projected price might be 1.1$. This is derived from the number of paper profits generated by the users who will get at least 10% of their profits in REEF. The 10% (might be up to 100%) that the engine keeps plowing through the order book. So projected price is an estimate of what Reef’s price would be after the user’s baskets get liquidated. It’s calculated in real-time
When I say plow through the order book -> it refers to: The basket engine automatically buys (and/or provides liquidity) from Uniswap.
Mary | Satoshi Club:
Almost got it😂
Denko Mancheski:
👌 always trying to improve on explanations.. its an iterative process haha
Mary | Satoshi Club:
I think you already can write a book about Reef project 😂
Denko Mancheski:
HaHa, and we haven’t even started.. we will introduce baskets for commodities (gold, silver) right in Q1
And through the multi ecosystem wallet, we are planning something really big – Add support for investing in gaming items from the Steam ecosystem (CS:GO, Dota)
Mary | Satoshi Club:
Oh,🧐 that’s unbelievable!
Gold Rocket | Satoshi Club:
We will wait for news from you !!!👍
Denko Mancheski:
1 click and you get exposed to a completely new asset class
Mary | Satoshi Club:
Yes, sure, it’s really something different than we had before.
Gold Rocket | Satoshi Club:
Great goal!
Denko Mancheski:
There is a huge market here that when linked in a P2P way with crypto, will just explode. Btw, these are the things that I am sharing for the first time ever. I think our non-tech team doesn’t know about it yet!
Mary | Satoshi Club:
Btw, how will you represent, for example, gold, on the blockchain? Will you create a new token on the blockchain? Thank you, it’s a real pleasure to hear such news first!
Denko Mancheski:
We are never the ones issuing the assets. We are always using the existing financial primitives that other projects build. I just had a call with OpenDeFi, they are almost ready to launch gold and silver (there is a 15b$ custodial in the background).
https://opendefi.finance/
Mary | Satoshi Club:
Oh, got it👍
Mary | Satoshi Club:
Thank you. It’s huge! Ok, thank you one more time for your explanations! Are you ready for the second question?
Denko Mancheski:
Yes!
Gold Rocket | Satoshi Club:
Q2 from Telegram user @Mora110
Modern Portfolio Theory-Based Allocation
The Modern Portfolio Theory (MPT), or mean-variance analysis refers to an in-vestment theory and mathematical framework, that allows investors to assemble an asset portfolio that maximizes expected return for a given level of risk. The theory assumes that investors are risk-averse; for a given level of expected return, investors will always prefer the less risky portfolio. What is the expected revenue and what is the level of risk?
Denko Mancheski:
Great question! I am happy when someone read the whitepaper
Mary | Satoshi Club:
Yes, I think he isn’t the only one😀
Denko Mancheski:
Basically, our baskets have different risk levels that the users can choose. How we derive those risk levels is a book on its own. That’s where our analytics engine comes into play. To explain it briefly:
Based on the type of asset we extract different metrics for it, these metrics are then relatively compared to the other instances of the same assets.
After we get the metrics, we come up with a hypothesis on how those assets *might* be affecting each other. We realize the hypothesis by apply different models that are further backtested. Most of the hypotheses (as expected) never make it through the requirements to become the main strategy. Here is an example:
A staking pool can have few characteristics:
– Date creation of the smart contract (and is it a copycat of another smart contract or not)
– Amount of assets locked in the pool (5m, 10m, etc..)
– Velocity of how fast those assets entered into the pool (is this a hype that people just entered with 300m$ in 5 hrs – eg: the spaghetti thing)
– Diversity of the assets locked – is it 5 whales that own it (we can further backtrack the flow of the funds and if they were mixed in exchange, we grade that inflow with a low rating)
– Social media traction – how the hype was formed, when did it become present, which influencer started it.
There are a lot more small details here (is the pool wash traded, is the smart contract verified on etherscan, etc..)
Mary | Satoshi Club:
Lol, this theory is really smart😂
Denko Mancheski:
We can’t promise you the return % since we are giving you a way to enter with a different risk level and if there is a bull market obviously you will make most of the money in the highest risk basket. But we further monitor your positions and can offer devesting when the market is overheated, etc… Those things come in Q2. You are not buying into Reef’s financial instruments, you are buying through Reef
Just like when you buy from Robinhood, except that they don’t have any baskets or analytics to help the user make the best decision – they just click whatever wallstreetbets says is good
Mary | Satoshi Club:
Will this include dependence on how one asset perform to another in the market? As far as I know, there are such trends
Denko Mancheski:
Definitely, the assets have a lot of metadata including ecosystems.
You will be able to filter by many attributes (just like you can on Bloomberg terminal when screening for certain stocks with certain fundamental metrics and there are a lot of minimum requirements in order for an asset to show up in any basket. We won’t show a random pool that over 30000% APY
Mary | Satoshi Club:
It’s sad, but I didn’t have access to Bloomberg terminal till now, but as I see in the future may be Bloomberg will explain their terminals that they are ‘like you can see on Reef’
Denko Mancheski:
They are complex and the UI is bad, we wanna make it very user-friendly.
Mary | Satoshi Club:
So, we just need to wait till Q2😀😉
Denko Mancheski:
Here are some baskets I’m exposed to
The thing is this is on a private Ethereum fork so the indexer cant picks up the returns. Mainnet soon 😀
Mary | Satoshi Club:
It looks very good😀 I always dream that I will be able to participate in such activities 😀 so, I am in😂
Ready to go forward to the next question?😀
Denko Mancheski:
Yes!
Gold Rocket | Satoshi Club:
Q3 from Telegram user @Winterkom
Most DeFi projects get their yield from the platforms found in the Ethereum network. How do you get Yield on Reef Finance if you are in Polkadot? Do you have any interconnection with the different blockchains?
Denko Mancheski:
Yeah, we are utilizing the bridges and the Reef’s wallet which has multi-ecosystem support to get your funds from ETH to Polkadot. We have infrastructure deployed on both polkadot and ethereum (and avalanche soon. What happens in the background is the following.
Your wallet derived polakdot address from your seed -> you dont even care what the address is.
The wallet sent your ETH on a bridge to take lock it there and get wrapped ETH on polakdot on your newly generated address.
When the wrapped ETH gets confirmed, we now use your polkadot address natively and use our infrastructure to get your wrapped eth either further swapped into something else or directly routes in the activities that were part of the basket.
Since we know polkadot is getting ready, this wont be available in the first version, but very close after parachains are live
Mary | Satoshi Club:
Do you have any approximate dates?😀
Denko Mancheski:
Well first the polkadot auction needs to happen
Mary | Satoshi Club:
Quarters😀
Denko Mancheski:
Oh, Q1 definitely.
Mary | Satoshi Club:
So, it’s almost here😀
Denko Mancheski:
Mid/end Q1 when parachains go live.
Gold Rocket | Satoshi Club:
I already want to use it!
Mary | Satoshi Club:
I am excited to try this😀
Denko Mancheski:
Me2!
Gold Rocket | Satoshi Club:
Promise that you will keep us informed !!!😁
Denko Mancheski:
Definitely
Mary | Satoshi Club:
So, let’s wait a bit) and after Christmas and Chinese New Year we will have a lot of new things to try😉
Ready for the next question, Denko?
Denko Mancheski:
2021 will be a great year for this landscape ready.
Mary | Satoshi Club:
Sure👍 @GoldRocket27 shoot 😉
Gold Rocket | Satoshi Club:
Q4 from Telegram user @jerlyyyyyn
One of the major components of Reef protocol is the machine learning and AI powered DeFi yield engine. What more information would you like to add in DeFi yield engine? Do you have more to offer that most DeFi users doesn’t have yet which can benefit the investors and users in the blockchain technology overall?
Denko Mancheski:
Yeah, as I mentioned earlier we have a lot of metrics (last year we provided metrics for crypto funds – they based their decisions on this data). Reef is not fork-able. You can’t just spin off another clone and call it something else. The analytics engine is a proprietary technology which is hard to manage/deploy even if the code is open source. We are basically a different type of project, its hybrid
Mary | Satoshi Club:
Yes, forks are very popular now, but usually they are much worse then originals
Denko Mancheski:
Yeah, and rug-pullable.
Mary | Satoshi Club:
It’s must-have😂
Mary | Satoshi Club:
Btw, are you open-sourced?
Denko Mancheski:
Not yet, soon after TGE. We will have one more audit. We wanna launch ~2 weeks after TGE.
Mary | Satoshi Club:
Second audit, right?
Denko Mancheski:
Yeah
Mary | Satoshi Club:
Why you decide to do second? But from me you get only applauds for this😂
Denko Mancheski:
I dont believe that we have no critical fixes to do on such a big codebase. Certain auditor asked 130k$ for an audit since our codebase was large.
Mary | Satoshi Club:
Oh my gosh🤦 But it’s cool that you understand the importance of this, some projects even don’t think about second
Denko Mancheski:
Yeah. But even if the second one is fine, we will keep the programatic limits for at least a year.
Mary | Satoshi Club:
I got it, it’s very good tendency for improving security 👍
Denko Mancheski:
programatic limits = the basket engine will reject orders if the aggregate amount of all the users exceeds X. X is adjustable dynamically
Mary | Satoshi Club:
Got it, btw, do you know if another projects are using this limits? Is this common practice?
Denko Mancheski:
They are, but its all about how gradually you increase the limits, if you do 50m$ after the 2nd month, what’s the point. So we will start with 1m$ maybe.
Mary | Satoshi Club:
Yes, true😀
Denko Mancheski:
Let it run for a few weeks, bump it to 2, etc…
Mary | Satoshi Club:
Btw, when you will have TGE?
Denko Mancheski:
Very soon. We are finalizing the discussions with certain tier 1 exchanges – we were ready for some time now
Mary | Satoshi Club:
Great! We are waiting for this😉 Ready to go the next question?
Denko Mancheski:
ready!
Gold Rocket | Satoshi Club:
Thank you for the clarification!😊👍
Q5 from Telegram user @K2ice
The APY generated by the Reef pool comes from the income streams generated by the Reef’s ecosystem. Can you elaborate more on those income streams? How many are they? And are there plans to add to these income streams in the nearest future?
Denko Mancheski:
Reef currently has 3 income streams: Basket engine, protocol fees and interest paid by power users who borrow tokens from the Reef pool in order to increase their voting power. All the 3 income streams are currently flowing in the Reef pool. In the future, through voting, we plan to introduce Reef Treasury which will be the recipient of the income streams, and the DAO can further decide how to allocate the funds (eg: grants, buybacks, etc.)
The biggest income stream comes from the protocol fee + the basket engine and yeah, there are more income streams coming in the future.
Gold Rocket | Satoshi Club:
What do you have in mind?
Mary | Satoshi Club:
Can you give us a hint, where they will come from?
Denko Mancheski:
The basket engine -> it’s connected with the projected price
Eg: You invest 100 ETH. You make 10% profit = 10 ETH
When you liquidate the basket, you can choose the payout ratio between ETH and REEF. The minimum in Reef that you can take is 10% (it’s not a fee, you just get it in Reef instead of Eth). You can further lock it to earn APY on the reef itself.
This means the engine keeps 10% of the profits => They go in the uniswap pool (either a buyback or we add the other side and provide liquidity)
The protocol fees -> every time you enter in a basket, rebalance, recalibrate, certain protocol fees occur (the first few months we might set this to 0)
The DAO can eventually decide on the minimum % taken in REEF, or the protocol fees.
Example: through the Binance integration our account earns a % of the trading fees 😀
Mary | Satoshi Club:
Ok, it’s a nice hint😂😂😂
Mary | Satoshi Club:
Sure, everything will be ok with income streams then😂
Gold Rocket | Satoshi Club:
I agree with you, Mary! 😁
Mary | Satoshi Club:
Ready to go to the 6th and last question from this part?)
Denko Mancheski:
Oh yeah, we are trying to become a sustainable company! Ready.
Gold Rocket | Satoshi Club:
Q6 from Telegram user @Armaan007xxx
You talked about using programmatic limits and emergency switches in case of security exploit. Will Governance have any role in these decisions in the future or it would be decided by just a team?
Denko Mancheski:
Definitely. All those important things will be eventually given to the DAO address. In the first few months, we will be calibrating this ourselves.
Mary | Satoshi Club:
And then voting? When you plan to implement voting?
Denko Mancheski:
DAO is ready, we just need UI for it. Probably early Q2
Mary | Satoshi Club:
Do you have any materials on how your governance system will work?)
Denko Mancheski:
Not yet.
Mary | Satoshi Club:
Ok, let’s wait for Q2😉 And now we are close to the live part😀 ready for the questions storm?)
Denko Mancheski:
ready
Mary | Satoshi Club:
Let’s go 🚀
PART 2.Questions about the Reef finance project from the live chat of the telegram community.
In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the Reef crypto project choose the top 10 questions. For the right answers, the 10 crypto enthusiasts have earned cryptocurrency in the sum of 100$.
Q – 1 from a telegram user @goldfishgg
It’s quite unfortunate that many projects have infiltrated the market with just white papers without having any genuine use cases. What are the main utilities of your coin?
Denko Mancheski:
It’s definitely not as bad as 2017, but I agree to some degree yeah.
We had a due diligence process and we showed the demo + GitHub to our investors.
The reef token is a governance token, so the users will be able to vote on different proposals (releasing new features, readjusting certain parameters in the system, etc.). Besides governance, the token is powering our infrastructure, so you can pay the protocol fees with it. It can also be used to stake into the Reef pool and get RPTs (Reef Pool Tokens), but it’s also going to be used in the yield distribution mechanism (customizable payout ratio for the yield that the basket generated), which will allow the user to farm the Reef token and directly stake it into the pool.
Q – 2 from a telegram user @kripto_mangunkusumo
Since one of the focus reefs in the future is the Fiat GateWay. Does this mean Reef implements KYC? and to support Fiat Gateway how do you deal with regulation so far?
Denko Mancheski:
You will always be able to use Reef just with just a Metamask wallet. The moment we integrate CEX liquidity, if the user wants to have access to it, certain KYC procedures will have to happen. We will not be storing user’s data at any point in time. The KYC procedure regarding CEX liquidity will flow from the user’s machine directly to the prime broker.
Q – 3 from a telegram user @konditer_rolex
Is the creation of the Polkadot DeFi Alliance more of a marketing ploy, or can you really agree on a decision that will simultaneously affect all the projects of the alliance?
Denko Mancheski:
There are many things coming for the Polkadot DeFi Alliance. Absolutely not just a marketing play.
Q – 4 from a telegram user @PrishepaTrade
What is the security level of Reef finance? Can you be sure that users’ funds are safe?
Denko Mancheski:
Reef is completely non-custodial, so everything can be tracked and seen on the blockchain (we will provide tools that will allow easy monitoring). We finalized the first audit, one more coming soon. We also have programmatic limits which will gradually increase. Security is our #1 priority
Q – 5 from a telegram user @JP_Morgan_Chase
The DEFI space is changing rapidly today. How flexible is Reef’s network to quickly change and meet user requirements?
Denko Mancheski:
Reef being cross-chain gives us flexibility, which means we are able to shift our product and features based on where the users are (currently on Ethereum) and what the users want/need in the future.
Q – 6 from a telegram user @LavrovCrypt
Dоes Rееf Finаnce havе a plаn to lаunch uniquе DеFi prоducts that could revolutiоnize and innоvаte DеFi?
Denko Mancheski:
Yes! we will be introducing different asset classes and ETF-like instruments.
Q – 7 from a telegram user @Jasodadaiya
Only getting users, holders, etc is not everything. In my opinion, a project needs to deal with solving a real-world issue or problem What is the problem that your project primarily focuses on?
What can we expect to see from this project in the short-term (at some point in 2020) and 2021 and beyond (long-term goals)?
Denko Mancheski:
Become Robinhood for DeFi!
https://en.wikipedia.org/wiki/Robinhood_(company)
Q – 8 from a telegram @jangrihwa
Is there any Coin Reef currently held by the team or have they all spread to investors?
Denko Mancheski:
You can check our current tokenomics:
Q – 9 from a telegram user @Vlasov_Kiril
The Polkadot ecosystem has many DEFI, MantraDao, and AKRO products. Do you consider them to be competitors or partners? What sets Reef apart from other projects and competitors in the DEFI space?
Denko Mancheski:
Partners. We are composing and integrating on top of the DeFi ecosystem. Simply: Google Chrome for DeFi on steroids 😂 the other DeFi projects are websites (using this analogy)
Q -10 from a telegram user @JesusFre1tes
Where does the APY for betting on Reef pools come from? In addition to the Reef Pool APY, will users get returns generated by the Smart Yield Growing Engine? What role will Reef Treasury play in all this?
Denko Mancheski:
It comes from the basket engine. I explained the exact mechanics of how this component generates revenue.
Eventually, the Reef Treasury which will be the recipient of the income streams, and the DAO can further decide how to allocate the funds (eg: grants, buybacks, etc.)
Part 3 – Quiz about project
In the final part, we would like to check your knowledge in terms of the Reef Finance project. They’ve prepared 4 questions for this part, so every user from chat could answer. Participants had 10 minutes to answer. 300$ was distributed between the winners.
Contacts of the Satoshi Club for more details:
English Telegram group | Russian Telegram group | Spanish Telegram group | Telegram Channel | Twitter | Website
Our Crypto Partner by this AMA: Reef finance
Telegram group | Lite paper | Roadmap | Tweeter | Website | Medium
