Centrifuge x Satoshi Club AMA Recap from the 12th of January
Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Centrifuge and our guest was . The AMA took place on the 12th of January
The AMA session was divided into 3 parts with a total crypto reward pool of $500
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&WebSite
Jonah 🏅🎹 | Satoshi Club
Hello Satoshiclubbers welcome to Another AMA session
Robocop | Satoshi Club
Hello, Satoshi Club community! We are pleased to announce AMA with Centrifuge
Today our guests is @lucasvo
Jonah 🏅🎹 | Satoshi Club
Hello @lucasvo welcome to satoshi club
Lucas Vogelsang
hello everyone! Thanks for having me. I’m the cofounder of Centrifuge and am excited to answer all your questions!
Jonah 🏅🎹 | Satoshi Club
We are excited as well to have you here Lucas
Robocop | Satoshi Club
yes, we are also very excited to do AMA with Centrifuge
Jonah 🏅🎹 | Satoshi Club
How are you doing today?
Lucas Vogelsang
Great .We’ve been having a very big week in terms of protocol growth
Jonah 🏅🎹 | Satoshi Club
That’s impressive despite the market trend..
Robocop | Satoshi Club
That’s really great, btw lets start our AMA
Lucas Vogelsang
RWAs stay stable no matter what the market does
Jonah 🏅🎹 | Satoshi Club
So let’s start with an Introduction, can you introduce yourself to us, how you got into crypto, and how the project Centrifuge started?
Lucas Vogelsang
This was from last year, today it would only look better
Lucas Vogelsang
Yes, let me start off!
Jonah 🏅🎹 | Satoshi Club
Wow that’s an impressive growth trend
Robocop | Satoshi Club
this is really awesome congratulation for reach this achievement
Lucas Vogelsang
I got into crypto in 2017 after working in regular startups for 10+ years. Before getting into crypto I worked in fintech most recently and started to see how inefficient our tradFi infrastructure is. It’s mostly favoring large institutions and a lot of middlemen. If you compare that to the core values and ideas of DeFi it’s the exact opposite: DeFi has the goal of removing barriers to entry and making it easy for anyone to use and participate. This is why Centrifuge exists, to build a better system not just for crypto native assets like BTC & ETH but also for real estate, tradefinance, consumer lending etc. We are building the necessary infrastructure for real businesses and individuals to borrow money from DeFi. Imagine real estate, trade finance, commodities etc. can now be borrowed and lent against in stablecoins.
Jonah 🏅🎹 | Satoshi Club
So what are the unique features of centrifuge?
Robocop | Satoshi Club
You have a great journey and experience into crypto world
Lucas Vogelsang
Centrifuge allows businesses (we call them issuers) to bring real world assets on chain and pool these loans. Investors can supply capital to the pool and get LP tokens that earn a yield on these pools. So for example New Silver is an issuer that lends out loans to real estate developers who rebuild houses and then sell them. They have > 100 loans worth $20M in their pool. As an investor you can go and invest in that pool using DAI and earn stable interest in crypto. You can check out tinlake.centrifuge.io to see the 11 pools that are currently live with different assets that you can fund.
Lucas Vogelsang
So unique is that we bring uncorrelated collateral to crypto
Jonah 🏅🎹 | Satoshi Club
Will there be an addition to these 10 pools?
Lucas Vogelsang
and we do so in an extremely safe way: instead of lending against a single borrower that could default you pool your investment and invest into 100 of them. The pools have an insurance mechanism (the junior tranche covers any losses up to 10–20%)
Lucas Vogelsang
yeah there are new pools added constantly — we’re working a lot on simplifying this process
Jonah 🏅🎹 | Satoshi Club
Great
Jonah 🏅🎹 | Satoshi Club
How many members do you currently have on your team?
Lucas Vogelsang
in the future anyone should be able to launch pools. today it still requires a lot of technical knowledge
Lucas Vogelsang
we’re about 45–55 people working on Centrifuge depending on how you count
Lucas Vogelsang
there’s 45 full time
Jonah 🏅🎹 | Satoshi Club
This will give users more opportunities
Jonah 🏅🎹 | Satoshi Club
That’s an Impressive number
Jonah 🏅🎹 | Satoshi Club
Thank you for the introduction
Robocop | Satoshi Club
this is really interesting, thank you for the great intro
Robocop | Satoshi Club
we have collected 6 community questions from Satoshi Club community,
ready to proceed?
Lucas Vogelsang
yeah
Robocop | Satoshi Club
Q1 telegram user @chinyere2020
Tinlake is Centrifuge’s platform that enables Asset Originators to use tokenized real-world assets as collateral to obtain liquidity from the DeFi ecosystem. I learnt that individual investors can invest in Tinlake pools to provide liquidity to Asset Originators, earning interest on their cryptocurrency. Can you give a detailed explanation of the process of investing in a Tinlake pool? What are the requirements that must be met for an individual to be able to invest in a Tinlake pool? Will individual investors be required to complete any form KYC verification before investing in a Tinlake pool? What is the minimum investment amount that can be used to participate in a Tinlake pool?
Lucas Vogelsang
The process is quite simple. Different pools are run by the issuers that bring these assets on chain (e.g. New Silver is a business that lends money to property owners who want to fix and flip houses. New Silver brings these assets on chain). You go through KYC with the issuer and are then whitelisted for the pool and can deposit DAI into the pool. Upon depositing you get your LP tokens that now earn interest on your investment.
Lucas Vogelsang
All of this is done on tinlake.centrifuge.io
Jonah 🏅🎹 | Satoshi Club
from the issuers part do they need any requirements?
Lucas Vogelsang
I’m not a 100% sure what you mean, the requirement is a 5k minimum investment (but less than that hardly covers gas cost) and if you are a US citizen you need to be accredted
Robocop | Satoshi Club
Thank you for the answer, by the way how about the security from Centrifuge? do you already do audit?
Jonah 🏅🎹 | Satoshi Club
you got what i meant
Lucas Vogelsang
Yes we have performed several audits. Tinlake was audited twice. You can see all of our reports here: https://github.com/centrifuge/security/tree/master/audits
Robocop | Satoshi Club
oh thank you for sharing
Jonah 🏅🎹 | Satoshi Club
Ready for next question Now Lucas?
Lucas Vogelsang
yes
Robocop | Satoshi Club
Q2 telegram user @MudaraSilva
I saw that your token name was $RAD and it has been renamed to $CFG. What was the reason for that? With this renaming, did you also change features such as mining, staking and utilities? If someone was holding $RAD, will they be automatically converted in to $CFG? You have mentioned about two parties who receive $CFG rewards, investors and asset originators. Please explain how should each party work to get better rewards.
Lucas Vogelsang
it was a simple rename because we had too many different brands within centrifuge. RAD was converted 1:1 without any change to CFG and simply renamed on chain.
Lucas Vogelsang
There were no changes to the token model but I can share a bit about the rewards.
Lucas Vogelsang
We’re incentivizing early users of the protocol to provide liquidity and bring on assets (borrowers). CFG rewards go to these users to give them a stake and governance tokens to vote with
Robocop | Satoshi Club
so can you mention what are the usecase of $CFG inside centrifuge?
Lucas Vogelsang
Primarily it’s a governance and fee token
Lucas Vogelsang
fees are not turned on yet but plan is in the future to start charging transaction fees for borrowers that want to use the protocol
Lucas Vogelsang
governance is around managing the protocol and risk in the protocol
Jonah 🏅🎹 | Satoshi Club
Is there a plan of what the fees will be used for yet?
Lucas Vogelsang
It’s a bit early to say how this will work in detail, it’s still something all token holders need to decide on and vote on
Lucas Vogelsang
but one model i really like that I think could be a good inspiration is how MKR works:
Jonah 🏅🎹 | Satoshi Club
Perfect to allow holders decide on this
Robocop | Satoshi Club
is there any minimum requirement for vote? how much token we should hold?
Lucas Vogelsang
all fees go into a pot, protocol costs (for example for development) are then deducted and if at the end there’s money left the protocol starts burning it
Lucas Vogelsang
the minimum I believe is 10 CFG
Lucas Vogelsang
not a lot
Robocop | Satoshi Club
oh thats great information, thank you , so do you want to add anything else or we can continue to next question ?
Jonah 🏅🎹 | Satoshi Club
This will be great for the Token’s growth
Lucas Vogelsang
happy to move on
Robocop | Satoshi Club
Q3 telegram user @NataliyaKil
You have very interesting community programs: Early bird, Referral, Heavyweight & Loyalty / Double Trouble. Are they all relevant at the moment? Can you briefly present each of them and tell us how we can take part in them? In addition to the above programs, are there any other ongoing programs and campaigns for the community, investors, team members?
Lucas Vogelsang
it’s a bit too much to explain all of them in detail but you should check this out: https://medium.com/centrifuge/centrifuge-crowdloan-bonus-reveal-37222017462a?source=collection_home—4——6———————–
Robocop | Satoshi Club
oh Crowdloan, so can you explain a little about Centrifuge Crowdload?
Lucas Vogelsang
our goal with the parachain crowdloan is to get a broad part of the community involved in Centrifuge and we’re happy to see that we have > 8k contributions already
Lucas Vogelsang
this is for Centrifuge,currently its own Proof of Stake chain to become a parachain on polkadot
Jonah 🏅🎹 | Satoshi Club
That’s an impressive amount of contributions
Lucas Vogelsang
our goal with this is to bring our assets to the polkadot ecosystem
Robocop | Satoshi Club
yes 8k is great achievement
Jonah 🏅🎹 | Satoshi Club
Are there specific reasons why Polkadot happens to be your preferred choice here?
Lucas Vogelsang
I think they have some of the best tech to scale blockchai
Jonah 🏅🎹 | Satoshi Club
I totally agree with you on this great choice I must say
Jonah 🏅🎹 | Satoshi Club
Thank you for your answers
Robocop | Satoshi Club
haha yes agree polkadot is a great chain
Lucas Vogelsang
parachains are a great combination of scalability and ecosystem integration and also having your own sovereign chain that is optimized for your usecase
Robocop | Satoshi Club
Thank you for the detail answer, shall we continue to next question ?
Lucas Vogelsang
yes
Robocop | Satoshi Club
Q4 From Telegram User @iceVermithraxx
The Centrifuge P2P network provides a secure method to create, exchange and verify asset data between collaborators and tokenize the assets into NFTs and the component of Centrifuge P2P network are implemented into libp2p and I also noted that each collaborator on the P2P network has a verifiable centrifuge Identity (Centrifuge ID). Can you elaborate a more on Centrifuge P2P and its features? who are the collaborators in centrifuge P2P? Can you explain on the Centrifuge Identity for Collaborators? How can collaborators verify their Centrifugal Identity in Your P2P network? Can you also explain on collaborators can tokenize their assets into NFTs after a successful exchange on the Centrifuge P2P network? Why do you choose to implement component of the centrifuge P2P into libP2P?
Lucas Vogelsang
With these real world assets there are a lot of confidentail details that can’t be put on chain. For example the personal details of the borrower. But they still neeed to be linked to the loan on chain (which has the interest rate, risk score and amount available publicly). The P2P network allows underwriters, originators and a limited set of users to get access to this data in a way that it can’t be falsified. The p2p network uses identities and signatures to verify and link this information.
Jonah 🏅🎹 | Satoshi Club
Is participation in this P2P network open for everyone?
Jonah 🏅🎹 | Satoshi Club
What will be the requirements?
Lucas Vogelsang
yeah
Lucas Vogelsang
but access to individual documents is restricted and can be limited to different parties that have a need to know them
Jonah 🏅🎹 | Satoshi Club
Thank you for your answers
Robocop | Satoshi Club
by the way, what is coming for in your roadmap? how about the coming event for next 2022?
Lucas Vogelsang
Roadmap for 2022:
* Parachain on Polkadot
* Scale the RWA Market (our collaboration with Aave)
* Bring Tinlake onto Centrifuge Chain, a major release with some exciting new features
* Underwriting: token governed risk management for pools
Jonah 🏅🎹 | Satoshi Club
Thanks for sharing
Jonah 🏅🎹 | Satoshi Club
Ready for the next question?
Robocop | Satoshi Club
Thank you for the answer
Robocop | Satoshi Club
lets continue to 5th question?
Robocop | Satoshi Club
Q5 From Telegram User @Ecmq10
Hello Centrifuge team. I learned that the Centrifuge Chain Council comprises a body of 7 elected members who gain prioritized voting rights over other CFG holders. What is the purpose of this council? As for those 7 elected members, are they selected by the Centrifuge community or by the core team? What are the roles that the members that are part of the Council must fulfill? How often are new members proposed and selected? In the hypothetical case that one of the members acts inappropriately, will he be expelled? Can a member of the community nominate themselves to be selected as a member of the Council? Thank you!
Lucas Vogelsang
Council members are voted on by all token holders. The Centrifuge team does not have any special powers. The council works the same way as the Polkadot council and mostly serves one purpose: they can propose motions to update the chain and change parameters. These motions are then still voted on by all token holders. So the council by itself doesn’t have a lot of extra power and without the consent of token holders they can’t push anything forward. They are mostly prioritizing which motions to put forward and can shortcut the proces.
Lucas Vogelsang
There are community members on the council and we’ve successfully completed a campaign to elect a council on Altair (our Kusama parachain) where we now have a much bigger council. We should probably do the same for Centrifuge as we launch the parachain
Jonah 🏅🎹 | Satoshi Club
But do all proposals need to pass through the council, can the Token holders send proposals themselves?
Lucas Vogelsang
yes they can
Lucas Vogelsang
our governance follows that of Polkadot, it’s described here: https://wiki.polkadot.network/docs/learn-governance and https://docs.centrifuge.io/use/participate-in-network/#centrifuge-governance
Jonah 🏅🎹 | Satoshi Club
Oh great thanks for sharing this as well
Robocop | Satoshi Club
thank you for the clear answer, lets go to last question from part 1 ?
Lucas Vogelsang
yes
Robocop | Satoshi Club
Q6 From Telegram User @Ask4unik
The Centrifuge token $CFG powers the Centrifuge chain which is designed to incentivize desirable behavior on Centrifuge chain and you said owing $CFG gives users a stake in your platform.So can you set out the rule of staking $CFG?What is highest and lowest amount of $CFG to stake?And you also said users can also stake towards Collators.Will the rules of staking $CFG also apply to how users can stake towards Collators?Also,how will $CFG serve as a store-of- value through the performance of insurance DAO in which $CFG will be staked?Please can you also explain to us the use of $wCFG since it’s different from $CFG? Thanks!!
Lucas Vogelsang
I have to leave on the hour unfortunately
Lucas Vogelsang
so I’ll have to be quick
Lucas Vogelsang
I’ve touched on the token model before in a previous question. Staking rewards will go away once we are a parachain as this is not needed anymore with polkadot giving us the security
Robocop | Satoshi Club
yes partially covered
Lucas Vogelsang
wCFG is merely the bridged version on Ethereum, it doesn’t let you participate in governance but you can easily bridge it back to CFG
Lucas Vogelsang
https://docs.centrifuge.io/use/cfg-bridge/ < you can read about it here
Jonah 🏅🎹 | Satoshi Club
Alright.. Thank you for your answers before you go we will like to proceed to the second part where you will select 10 questions from our members and answer them are you ready?
Robocop | Satoshi Club
Thanks for your detail answers, it has been an amazing time in this first part of the AMA
Lucas Vogelsang
yes
Robocop | Satoshi Club
Is time to proceed with the second part, the live segment, are you ready?
Jonah 🏅🎹 | Satoshi Club
Opening chat now
Robocop | Satoshi Club
lets go
Part 2 — live questions from the Telegram community
Q1 from Telegram user @highpee
Your first Real World Asset (RWA) has been launched on AAVE protocol. Can you explain how users can get onboarded onto this RWA market and also why this require a KYC pass?
Hels 🌀
We just launched the first (permissioned) market for Real World Assets (RWA) on the Aave protocol last month. This will allow Aave depositors to earn yield against stable, uncorrelated real world collateral while Centrifuge issuers can borrow money from Aave, automatically balancing capital needs and providing alternative collateral to volatile crypto assets! You can read more about what it is and how it works here:
https://medium.com/centrifuge/real-world-asset-market-what-is-it-and-how-will-it-work-e457dbcf689c
Q2 from Telegram user @Ishan1_7
Is there a required minimum amount of $DOT tokens to participate in Centrifuge CrowdLoan?
Hels 🌀
Just enough to win the 3rd slot
Q3 from Telegram user @Rakshhitx5
On which Centrifuge is built? Is it Ethereum or Substrate?
Hels 🌀
We are built on Substrate but connect to Ethereum’s DeFi liquidity via our Dapp.
Q4 from Telegram user @chinyere2020
I found out that you are planning to expand your team, so, there some career opportunities for interested and capable individuals in the Centrifuge platform. What are the career opportunities that are currently available in Centrifuge? How can interested individuals contact Centrifuge to apply for any of the available career opportunities?
Hels 🌀
Yes we are always looking for new talent who are aligned with our mission! You can find out about the roles we are loking for here: https://jobs.lever.co/centrifuge
Q5 from Telegram user @NAZMP2
I’m interested in your Project, but I’m not sure where to begin. Do you have any guides for newcomers like me?
Hels 🌀
You can check out a bunch of resources to learn more about Centrifuge! Here’s some useful links:
- Centrifuge documentation: https://docs.centrifuge.io/
- Our blog with latest news: https://medium.com/centrifuge
- Our Discord for any chats or to ask questions: https://discord.com/channels/805795848432779315/825799263321587763
And of course our forum! https://gov.centrifuge.io/
And our twitter:
Q6 from Telegram user @Rakshhitx5
What is Current Total Value Locked(TVL) in Centrifuge?
Hels 🌀
It’s at over 60M! You can check it out here: https://tinlake.centrifuge.io/
Q7 from Telegram user @Alixbella
What is the total supply of the CFG token? Will supply increase every certain period of time and why? so that I can mint the token. What is the annual minting percentage of the token. it is true that it works for reward and incentivize chain safety?
Hels 🌀
Lucas posted the tokenomics above! This report is also a great resource to check out:
https://rbf.capital/centrifuge-analysis/
Q8 from Telegram user @Vihaan100
What is the upcoming features are including in the centrifuge app ?
And have you done any audit by any security company so the security get more stronger ?
Hels 🌀
YEs we have had audits performed, you can find all info here: https://github.com/centrifuge/security/tree/master/audits
Q9 from Telegram user @Siyam230
Do you have any plans to attract non-crypto investors to join Centrifuge project? Because the success of a project attracts more investors who haven’t yet entered the crypto world. What are the plans to raise awareness about your project in the non-crypto space.
Hels 🌀
From a marketing perspective, this will be a focus of ours this year. We are one of the very few projects in the space who are connecting the real world to DeFi, we already have lots of use cases.
https://medium.com/centrifuge/how-defi-is-delivering-key-supplies-during-covid19-4fe174c81ae8
I think in general we are doing much better than most of the industry. This also touches upon a much wider question of whether there is enough education, or other simple enough applications in the space to attract a wider audience. Unlike Centrifuge, a lot of the industry isn’t there yet
Part 3 — Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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