Oversea AMA Recap: 2021, the Road of Defibox Upgrade

“Defibox 2021 Road map” has been officially published on March 12, 2021. The 2021 development plan includes Eco-system development foundation,multi-chain exploration, 3 Big Basic Protocols upgrade and Operation Plan.

In order to let our users to have a better understanding of 2021 Road map,Defibox Official held an AMA Event in Oversea community on 19:00 (HKT)March 26, 2021. The speaker is Raven, the Defibox team oversea speaker, explaining the revolution and changes in 2021 for Defibox. The followings are the recap of this AMA event.

Question 1: So the EUSDC question left me a bit confused. You guys sayEUSDC is not part of any of the satellites but yet you guys support them through advisement; How is that different? Like what would be an example of a satellite project or the characteristics of a satellite project?

Raven: On March 19, 2021, “ Defibox Eco-development Foundation ” is officially established, open to Community developers and give them support in funding, technology, audit, promotion, etc. It is going to encourage “Satellite” protocol development based on three Basic Protocols of Defibox.

Satellite protocols are protocols developed based on three Basic Protocols of Defibox that can empower three Basic Protocols of Defibox. In other words, Swap Protocol, USN Protocol and Lending Protocol are three stars, satellite protocols are satellites that orbit three stars. It is to facilitate the openness and composability of three Big Basic Protocols, achieving protocol innovations and giving diversities to Defibox Eco-system.

The recent hot topic — EUSDC does not belong to our Defibox satellite protocol. Although we gave mining weight to it, it does not necessarily mean Defibox gives endorsement for it.

Recently community shows great interest to EUSDC, we need to explain our attitude towards EUSDC again. Defibox, as an open platform, will encourage third party project long-term development in our platform.

For investors, EUSDC is “Algorithmic Stablecoin” with opportunity and risk. Defibox is responsible for reminding the risk of this project, but it does not necessarily mean we are pessimistic about this project.First of all, EUSDC indeed helps improve the depth of Swap pool and transaction fees in Defibox. Thus, we need to give support as feedback.

Secondly, Defibox sees safety issue as a priority. Our team will do our best to protect the asset of users, that ’ s why our team recently gave lots of risk warnings. The purpose is to enhance a sustainable development. At the moment, Defibox is only giving assist to EUSDC on business model, technology consult, audit, etc.

Thirdly, the depth of swap pool EUSDC-USDT has reached 5 million USDT (bilateral) . In our platform, a mining weight will be given as long as single- side pool meets our standard. Level one is single-side pool reaches 30,000 EOS; Level two is single-side pool that reaches 100,000 EOS. Now some projects have met this standard, thus we gave EUSDC mining weight accordingly. Do not go over-interpretation.

Question 2 (from @mike_m12): What active measures is defibox doing to ensure they do not fund scams?

Raven: First of all, Defibox Foundation will not fund any scam or other suspicious projects that have potential legal risk. This is the fundamental principle of Defibox Foundation; Secondly, Defibox Foundation will have a very complete selecting mechanism to avoid projects like scams. We will do our best to select projects that benefit to Defibox development and avoid potential risk.

Question 3: Would defibox consider allowing users to flag a token in an LP as a possible scam? (Similar to customer reviews of a coin)

Raven: Not at the moment. But we will open DAO forum and DAO proposal right to the community when it is ready. And with DAO system, it is possible to flag a token and report a warning or even remove that possible scam pool by DAO voting system.

Question 4: Is there an estimate on when Defibox will launch solution to impermanent loss?

Raven: Please check the Road map of 2021. The single-side liquidity provider function has the priority that we will be focusing on in Q1+Q2. For solution to impermanent loss, we will launch a satellite protocol for it in Q3+Q4.

Question 5 (from @mike_m12): Would/could you ever develop an API or plug or widget that other third parties could put into their websites that plug directly into Defibox swaps?

Raven: Yeah, it is possible. If there is a great need for API, we will consider developing it.

Question 6(from @hatworthy): I would like to know the vision for the longer term cooperation with NewDex. Is it seen as a full integration of the two over time, or to continue as separate but complementary entities?

Raven: As you know, Defibox gives a perpetual 10% of its protocol income to Newdex in return for its funding and support. They will have longer term cooperation in the future. Newdex is focusing on decentralized trade while Defibox is focusing on building a platform for EOS Eco-system. We will see more cooperation instead of full integration.

Question 7 (from @hatworthy): I would also be very interested to know his thoughts on regulation and compliance with respect to Defibox. It seems Block One is pursuing a compliant Profi strategy that they think is the future, while defibox wants a fully decentralized approach in the long term. Can the two strategies coexist on one chain or will one have to win over the other?

Raven: Very interesting question. It is a big topic. It might be too early to discuss it at the moment, but it will be listed in our strategy plan. B1 is pursuing a compliant Profi strategy while Defibox is doing Defi. They seem to be contradicting, however I see it as a complementary. A Defi could be a compliant Profi Defi etc. Anyway, there are lots of possibilities to be discovered in the future. At the moment, we are contacting with Blockone, discussing possible cooperation.

Question 8(from @SoA432): According to road map — multi chain exploration. Do you plan to integrate multi-chain communication with eos.io sidechains first (telos, wax, bos etc) ?

Raven: Well, answer to your question is No. We will not launch any side-chain as “cross-chain”. But we will do cross-chain for a bigger world. At present, Defibox will not do some major protocol development, but will continue to optimize on the three basic protocols. What we can do is to support and encourage more cooperative project parties to develop some good protocols on other major chains, like ETH, Heco, BSC, etc. In a word, wherever there is an opportunity, we go there, copy one of the basic protocols and catch the chance.

Question 9(from@Frcrypto): What is understood by cross chain? Does defibox plan to build bridges? Is BSC in scope?

Raven: Not a bridge. We go directly there, settle a new protocol and catch the opportunity. See the answer to Question 6.

Question 10:(from @Litecoinator) how will risk reserve be used in case of emergency?

Raven: We will use risk reserve by DAO voting system. It is up to BOX token holders to decide how we are going to use it.

Question 11: when projects are in the satellite protocol, will you let us know or promote them or tag them somehow so we know and be able to support?

Raven: We will release information when it is ready. We are happy if we can get some advice and help from community while we need to keep confidential due to commercial secret.

Question 12: Any updates on DIP 23? Voting was successfully approved by community 3 month ago, with new powerup model it will give more value to platform

Raven: Lending Protocol is a huge project we are busy with right now. We will update DIP 23 later on. Please follow Defibox Official for further information.

Question 13: Are satellite protocols other projects/teams?

Raven: Yes, satellite protocols are developed by third party team. Of course, we will have a strict evaluation system for it