Recently, I had the honour to Host Lucky Lion in an AMA session with
Dopple Defi Ecosystem on 23/12/2021 13:00 UTC
I’d like to share with you the recap of the session, so that you can stay up to date with all of our latest developments and progression.
Please find the recap of the session below:
1. Can you please give an introduction to Dopple Defi Ecosystem?
Sure, we are a group of passionate Defi team that comprises blockchain experts, startup entrepreneurs, and international business analysts — specialize in designing revolutionary blockchain protocols.
.Our aim is to design innovative DeFi products that maximize profits and minimize the risk as best as we can.
.Currently, there are 3 main products under Dopple DeFi Ecosystem.
.Dopple Finance is a decentralized stablecoin exchange, which allows users to efficiently swap stablecoins and pegged assets at the best rate. It is now available in 3 networks including Binance Smart Chain, Harmony One, and Fantom.
.Twindex is the fractional-algorithmic synthetic assets exchange on the Binance Smart Chain that allows investors to trade mirrored assets at a real-world price with a variety of assets ranging from stocks, commodities, currencies, and other possible assets with no collateral, no liquidation, and 24/7 trading.
.Kelly USD (KUSD) is the ecosystem’s native stablecoin using the fractional-algorithmic stablecoin partially backed by USDC (a stablecoin) and DOPX (a utility token). The token is partially backed by USDC that represents its value and is also backed by DOPX which increases its utility. The ratio between the stablecoin and the utility token is dynamic and adjusts according to the market.
2. The concept of Dopple Finance is very clear, but we are interested to know about how we can make profit on Twindex?
To put it simply, you can trade synthetic assets just like how you trade assets in stock exchanges.
.We offer a variety of synthetic assets such as tAAPL, tTSLA, tBAC, tARKK, tXAU (Gold), tEUR, tJPY, and many more to come.
.There are multiple ways investors can make profits from the platform.
.It really depends on the user, our products have always been designed to serve everyone but the difference in risk tolerance varies from person to person. Twindex serves a different set of users with a higher tolerance for risk because they are more familiar with financial strategies in which they are looking to grow or further hedge their positions.
.Here are some examples:
- You could be a value investor who invests in an asset and hold it until its value increases
- You can trade synthetic assets for capital gain
- You can also create assets paired LP to earn additional yield from trading fees.
- Our fractional-algorithmic algorithm also allows you to arbitrage and instantly gain the difference with “Mint and “Redeem” features
3. We have heard that Dopple Finance Team won a prize from Chainlink Hackathon recently. Can you please give us some information about this?
In November, we were participating in Chainlink Hackathon which was a good opportunity to connect with other developers and leading VCs.
.In this contest, we have been developing a project named “Universal USD” with a goal to solve 3 main problems which typically occur with stablecoins in the market: transparency, capital efficiency, and stability.
.Beside the ability to overcome the mentioned obstacles, Universal USD also allows any Blockchain Platform to increase the utility of their own token by creating the native stablecoin partially backed by a native token which means that it will significantly boost the demand of the native token.
.If you are interested, please feel free to visit — https://devpost.com/software/universal-usd
4. Universal USD is an interesting subject. Does this service merely focus on Smart Contract platforms?
Well, this is just the first start to provide Software-as-a-Service (SaaS). We also open opportunities to all platforms including “DeFi”, “GameFi”, and “NFT Marketplace.” Anyone can contact our team directly, then we will discuss together to make this customized service go live.
5. It seems that there were good news in the past weeks. How about the upcoming weeks, what else can we expect to see in the short term?
Lately, we just deployed Meta LPs (simulated liquidity) which is beneficial to all stakeholders. With Meta LPs, problems such as price impact will be solved. Our users will be able to trade synthetic on Twindex with negligible price impact. However, no need to worry about transparency. Meta LP tokens will be sent to Burn Address immediately after Meta KUSD and Meta tAssets are pooled. Consequently, Meta LPs cannot be removed in perpetuity.
.The other update is Dopple 2.1 which transforms Dopple Finance from “decentralized stablecoin exchange” to “stablecoin DEX aggregator”. Therefore, Dopple 2.1 will enable us to provide the best rate than ever. This week, we are going to start by having an integration with Nerve Finance. Then, ACryptoS, Ellipsis Finance, and other platforms will be integrated early next year.
SECTION 2 — Live AMA Questions.
Q1. I want to support your project, Tell us more about the Ambassador Program and in what ways can we participate ?
We will introduce the Dopple Ambassador Program (DAP) soon. Our DAP is one of the key pillars in which we will drive global adoption. We believe that marketing and customer service are extremely important as well as partnerships in both integration and education. An example would be to work with lending platforms to collaborate with them locally so users can maximize their yield. Through our current community and strategic investment partners, we are closely looking into localization innovation opportunities to develop better products/features to gain better yields. Email us to get more information, let us understand where your strengths and ideas so we can get creative to design better solutions!
Q2. Can you list the features that your project have and other similar projects don’t and Can you convince me to invest in your project as compared to others which are similar to yours?
We are using under-collateralized at 100%, unlike other synthetic asset platforms where users need to over collatorize (at least 150%) due to fluctuations in price, our mechanism design allows users to not need extra collateral and trade exactly the price in the market.
Q3. Audit is important for both trust and security. Have you done any audit of smart contract?
With regards to security, we take this quite seriously. Certik is our strategic partner and have fully audited Dopple.Finance and have almost completed Twindex. https://www.certik.org/projects/twindex If you are not familiar with Certik, they are one of the most trusted auditors in the market. And as we expand into other exchanges, we are currently working with a handful of other auditors to meet their security compliance standards as well. Not forgetting to mention, we also have a bounty program that constantly combs for errors and vulnerabilities. https://docs.dopple.finance/bug-bounty-program And to conclude, our current community is a blend of both traders and developers that specializes in white hat. Our combined effort ensures our safety to our growing community.
Q4. If there are some (Defi, GameFi, or Smart Contract) platforms interested in creating their own stablecoin, what are benefits to their platforms?
Well, this is an interesting questions and we are surely that investors or partners would like to ask at very first question. The first benefit is that they will increase the utility of their own token because the Universal USD is partially backed by KUSD and our partner’s native token. This can be explained that the more Universal USD used in their platform, the more native token will be locked/burnt. So, It will drive the price of their native token by increasing its demand. Moreover, Universal USD will help our partners to have their own stablecoin with capital efficiency. They require less capital to back their stablecoin than traditional way like USDT or USDC.
Q5. Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and Investor to your platform and keep them long term.
Currently our Marketing team is focusing on 3 different areas
1. Token Listing: Working on getting our token TWX listed on leading sites and exchanges to create platform’s visibility and awareness and onboard new users/investors
2. Community Expansion: We are conducting AMAs with several local communities. The purpose is not only to promote our platforms to different community, but to also engage with the locals and further coordinate with them to join our community expansion mission. We are rolling out the Ambassador Program soon as part of this strategic move.
3. Partnership: Considered as one of the most important aspects, we are speaking to several platforms, ranging from Lending, Yield Aggregator, Chains to expand the use of our products.