This is a text version of our AMA in chat with the Credefi project, a P2P crypto lending platform that combines the best practices of DeFi and traditional finance.
The Credefi team announced the launch of the testnet, as well as plans to launch the mainnet before the end of January. We invited representatives of the project to an AMA session to learn more about the changes that await the service and how the preparations for the launch went.
Official resources of the project: Website | Twitter | Telegram
AMA with the Inu Wars project
Incrypted: This is not our first AMA. However, let’s remind everyone and tell newcomers to the community what Credefi is.
We believe that DeFi is the future of banking and are very upset that so far it has had very little connection and impact on the real economy. We aim to be the gateway to DeFi for small businesses and phase out the outdated, bureaucratic and overly regulated banking services that SMEs now have to deal with. We want to replace them with a fast, flexible, and user-friendly financing solution.
Credefi is the first DeFi player to connect crypto lenders and SME borrowers from the real economy. Our platform provides decentralized and collateralized lending to enterprise portfolios, protecting lenders and providing them with a fixed APY that is independent of the volatility of the cryptocurrency markets.
Incrypted: I’ll ask a couple of general questions, before we get to the main topic of our AMA. Credefi will present NFT technology as a revolutionary tool. Could you briefly explain how it will work?
We call the new instrument NDS (NFT Default Swap).
The idea is that people can wrap their LP tokens received from investing in various portfolios on the platform and issue a unique NFT that can recoup their losses and can also be traded on the secondary market. We have a very detailed article on this topic that explains everything about this revolutionary product here.
Incrypted: What financial instruments do you offer?
We have developed a platform so that it is suitable for both beginners and more experienced users. Our goal is to become a gateway for crypto lending for small and medium enterprises, so we had to keep in mind users who do not have previous experience in the crypto sphere.
There is no minimum investment amount, everyone depends on user preferences!
Step 3: Trade finance in the form of underwriting of letters of credit and lines of credit for cross-border and domestic transactions.
And with our newest addition, as previously mentioned, our proprietary NDS system, we have greatly expanded our tools.
Tell us about your tokens, if they have any new scenarios usage?
Credefi: Our tokenomics is designed and inspired by the latest trends and developments in this area. We have implemented a dual token economy model that keeps the platform secure and stable while increasing APY for our stakers and holders. By staking our native CREDI token on the ModuleX exchange we are developing, you will be able to get higher APY, as well as mine our xCREDI control token. In addition, we have implemented the xCREDI buyback and burn mechanism to reclaim some of the revenue generated by the protocol. Users will be able to list CREDI tokens on our ModuleX exchange and mine our xCREDI governance token.
This is a once in a lifetime opportunity and we invite all Credefi enthusiasts to dive into the details available in the article here.
Incrypted: You said in your first reply that Credefi would address the key issues that DeFi and TradFi are facing today, could you please Briefly describe to us what big problems you are facing?
From TradFi’s perspective, SMEs have historically been underserved by traditional banks and borrow at consistently high rates. There are not enough lenders to meet the demand for small business loans, which is pushing them towards alternative lending solutions such as peer-to-peer and crowdfunding, which are billion dollar industries in the US and EU.
I’ll say it again , we believe DeFi is the future of banking and are very upset that so far it has had very little connection and impact on the real economy.
Incrypted: What is Credefi Testnet and for what does he need?
Incrypted: What rewards are possible for testing?
Incrypted: When is Mainnet scheduled to launch?
Incrypted: Forbes published an article about the best business professionals in the EMEA region and placed Credefi among industry leaders such as Unicredit and Postbank (both with assets over 4 billion), highlighting the blockchain and data analytics technologies used by Credefi. Can you tell us what fintech/blockchain solutions helped Credefi get into the elite league?
We are very pleased that we were included in the article and that we took part in the Experian Innovation Week event! We encourage everyone to read the publications where we gave video interviews and were included in the Experian report!