OH! Finance Summary Recap with Shin Chan Community

We held a live AMA with Co-founder & Chief Marketing Officer of OH! Finance, Richard Seeger on 20th July 9:00 PM (UTC+8). Here’s the recap for those who missed it.


Serene: Before AMA start, can you introduce yourselves and the team background?

Richard Seeger: Sure! I’m formally listed as a co-founder / cmo, but honestly just a jack of all trades here. I’ve been in the crypto / blockchain space since 2012 — and started developing a huge appreciation for DeFi during the last bull run — and most recently during the previous DeFi summer.

Our team is made up of a bunch of doxxed FAANG engineers from Amazon, Microsoft, and Oracle — who have all been in the blockchain space for many years. We cover all aspects of blockchain, from solidity to web3 to marketing to just generically all having a passion for crypto.

Serene: Any latest/ update news about OH! Finance you would like to share with our community?😀

Richard Seeger: Yes — I guess the biggest updates would be that we’re rapidly gearing up for our big launch. The strategy contracts are done — we receive our preliminary Halborn audit back and have to make the resolutions they recommend.

Outside of that, we’re doing a lot to the ‘front end’ — Oh! has to be incredibly easy to use as Oh! is intended to not only be for the degens, but also for someone who has never used DeFi before.

The only major news is that we’ve started to work on our Avalanche strategies as we’ll be IDOing on Avalanche, as well as, likely being one of the yield aggregator / defi index offerings on that blockchain!

Oh — we formally picked up Don Ho from Quantstamp as an advisor as well. Security and safety first, and Don brings an incredible depth of knowledge about pretty much _all_ things DeFi and will be a great addition to our advisory board.

AMA Twitter Section Begin:

Q1: I could notice OH! Finance will focus only on fiat backed stable coins, but what about algorithmic stable coins or cryptocurrency backed stable coins? Do you think they are not stable or secure enough yet? Do you plan to incorporate them in the future?

Richard Seeger: That was one of my favorite questions — mostly because you’ll notice our Twitter account followed what happened with the IRON/TITAN algorithmic stablecoin downfall pretty closely.

Algorithmic stablecoins are… interesting, and create a bunch of volume and when done right can be a unique replacement / option to the more standard and known stablecoins.

The best example is probably FRAX — has held peg for a very long time, but with all that said, I can’t confidently say we’ll incorporate them — at least not until a major organization or similar backs one. One of our core pillars of Oh is safety. A stablecoin losing it’s peg is a black swan like event and not one we would want to have to constantly monitor and worry about. Using DeFi should be easy — and fun. I can’t expect someone like my uncle (who has never used DeFi) to dabble if I, myself, would pause.

Q2: At the moment, there are some notable issues with stablecoins like USDC that haven’t really shown any transparency regarding their dollar reserves like many other Stablecoins. What are the advantages that Oh Finance brings to the market to refresh and make a difference?

Richard Seeger: This is exactly why we chose USDC at launch. It’s ‘backed’ by Coinbase — a $45B+ public company. Is it fully backed? They claim so, but from our perspective it’s likely the most monitor and closest to being fully backed stablecoin that exists.

There’s the obvious USDT FUD — we may add USDT strategies in the future, but are currently monitor their audits to ensure proper collateralization, and similarly DAI as well. I think stabelcoins are here to stay. There’s the obvious articles you saw yesterday with US regulation coming, and sure, as a team, that concerns us — but DeFi moves fast. All you can do is ensure you are constantly monitoring the news, current regulations, and doing everything you can to put one of the best and one of the safest products on the market.

Q3: Do you agree that the power of the community will lead your project to grow globally? DeFi world is growing very fast & becoming more competitive, what are your tricks to attract more community? do you have a good marketing team? What events do you prepare to attract investors?

Richard Seeger: I love this question. Community is DeFi is everything.

But in our minds it doesn’t start with just the ‘typical’ community. The same ‘x’ amount of people that kind of rotate from project to project. We hope those more seasoned crypto and defi veterans will come seek us out and join our community. However, we hope to lean very heavily into the person(s) who have never touched DeFi.

We have built an extensive bot framework out to welcome newbies to the site and ensure they can get set up with USDC and metamask (for example). We hope to organically grow our community through the thousands (if not millions) of potential users who have read about bitcoin (and maybe ethereum) but have never considered it safe enough to pursue.

Finally, we also are spending a considerable amount of time attracting more typical VCs, fund managers, and 401K-type managers to invest in our platform. Again, the typical user that would never consider crypto or defi because it wasn’t easy enough or safe enough. These are ‘types’ of users that have never invested in or utilized a defi protocol before.

Q4: Talking about the OH FINANCE insurance service that will be launched in the coming days, what product categories and insurance coverage will be available to the public? What are the features that most distinguish OH FINANCE from similar platforms?

Richard Seeger: We have a great advisor in Mike Miglio — CEO of Bridge Mutual. A DeFi insurance platform. They recently launched their mainnet product.

Their insurance offering is special, because they offer direct integration into a native platform. So think of the cycle like this “I want to invest my USDC into Oh!”, “Hmm, but I’ve heard DeFi is risky — it would be great if I could insure my investment”.

Directly during the vaulting process you can optionally choose to insure your vault. This is a huge differentiator (we feel) for Oh!

In terms of what product categories, we’ll have to very cleanly get this spelled out, but generally speaking DeFi insurance covers protocol exploits from issues with the smart contracts.

Ie — covers against one of the many exploits you’ve likely read about over the last few months.

Q5: The crypto market is in a downturn and this creates uncertainty for users, which makes them invest less and less in new projects. So, can you explain the reasons why users should participate and invest in the development of OhFinanceDefi ?

Richard Seeger: I picked this — because this is a question that basically is our entire mantra. Enjoy the bull — be ready for the bear. Your stablecoins can always earn interest. The bull of the last year+ has been a ton of fun, but the future definitely looks murky. Why not ensure your defi dollar is _always_ working for you — in any market condition. Our platform is safe, secure, and easy to use — and puts _your_ hard earned USDC to work.

Telegram Live AMA Begin:

Q6: What is the most distinguishing feature of OH FINANCE from similar platforms? Can you tell us about your finance and income model?

Richard Seeger: In our minds it’ll be ease of use and insurance. Those are the two huge defining aspects. DeFi, currently, is hard to use. It just is. Look at Curve and to lesser degrees Aave and Yearn — this experience needs to be easier. Secondarily, insurance. This is a huge missing piece in the entire DeFi ecosystem. No normie is going to invest if they don’t think their money is 100% or nearly 100% safe.

Q7: You mention that “Oh, Fight against the future of money”, but does this “fight” refer to the possible devaluation of the Dollar that is being announced in the near future? Or really with whom and what is the “Fight”?

Richard Seeger: The fight is against the banks — and inflation. Current interest rates on typical interest rate bearing mechanisms aren’t even enough to cover inflation. DeFi changes this. Rather than paying executives and all tiers of middle management, etc. — you pay yourself. Your ultimately a ‘board member’ of your own bank.

Q8: As No Project can Ensure about the 100% safety, But then also what attempts Oh Finance is making to mitigate the risk ?

Richard Seeger: Top tier audits. No expense has been spared in securing the best audits in the space. Halborn has audited our initial strategy contracts and they, along with Quantstamp) are the best auditors in the space. We’ll be getting a secondary audit from Quantstamp as well!

Q9: Do you have any plans to attract non-crypto investors to your project Because it is the success of a project to get more investors who are still not in the crypto world. What are the plans to increase awareness around your in non-crypto space?

Richard Seeger: This is literally why we built Oh! Because the non-crypto investor is our passion. We’re tired of sitting around at Thanksgiving trying to educate our aunts and uncles on what DeFi is and why they should use it — it was time to ‘build’ that product and just SHOW them.

Q10: Among Oh!’s strategies I see popular loan platforms such as AAVE, Compound, Curve and Cream. So which one will we get the best return from? Can we compare strategies?

How much passive income can we earn from our USDC for APYs that we can earn by lending our stablecoins on the OH Finance platform? Why is USDC preferred?

Richard Seeger: Good question. The platform rebalances against all protocols — the intent is that Oh becomes a DeFi index. Vault in Oh and gain exposure to all the protocols. One, this helps mitigate any single point of failure and two, this helps better catch peaks and values in terms of yield for those protocols.

Q11: Looking at your Q3 Roadmap, you are planning to launch a Defi Index on your platform..
So What is the purpose and function of the Defi Index in OH! Finance..?

And What is the Defi Index criteria, can you tell us how the Defi Index is maintained..?

Richard Seeger: A DeFi index is basically our vision of a ‘fund’ — a way to gain exposure to a bunch of different blue chip defi protocols through one vehicle. DeFi is the future — we think there is huge demand to having exposure to all of these protocols without have to individual buy each one.

Q12: I didn’t see any NFT features on the project what do you think about NFT’s and any plans for it?

Richard Seeger: I’m a huge NFT fan — we’re looking into a few different use cases for NFTs, but not immediately on launch. The biggest issue being that it just becomes another piece you have to explain — it goes against the ‘simple’ mantra. BUT if we can find a fun (and easy) way to incorporate them — we will.

Q13: Which products or services will “OH Finance Insurance” cover? Could you please explain?

Richard Seeger: Bridge Mutual https://bridgemutual.io — an incredible DeFi insurance offering run by one of our advisors Mike Miglio

Q14: Oh Finance promises to give users a stable APY of 10–21%, but will market conditions play a role in determining this rate? For example, will there be an increase or decrease in the APY rate in volumeless or fluctuating conditions? Also, what power do you have to sustain the high APY rate?

Richard Seeger: APYs are tied into lending rates — during a bear market the APYs will be less (but still (or likely still) considerably more than typical ‘non — defi’ vehicles). The way we see it — Oh should be set it and forget it and earn. The APRs/APYs will fluctuate but should still be class leading 💪

Q15: Users are often very concerned about the actuaI use case of a project. So can you teII me some use cases for OHFinance project

Richard Seeger: Low hanging fruit here — use case is earn yield. Literally deposit USDC, earn USDC.

Q16: Why do you think that Oh Finance is an alternative to a saving account?
When do you think it is possible in coming times?
How will you try to attract people from different backgrounds?

Richard Seeger: Security and simplicity. Make the product extremely easy to use. Make the produce as secure as possible.

Q17: I read in your Roadmap that you plan to launch a mobile app for OH !, is there a specific date? Will it be available on both android or IOS?

Richard Seeger: Would love to launch a mobile app — mobile dApps are tricky at this time, but it’s definitely on a roadmap — as is the ability to onramp USDC in an easier manner

Q18: You explain that OH! financce will have an algorithm that will automatically choose the best times to trade at the lowest possible GAS, however how can we be sure that this algorithm is really taking the best times? Will we have a kind of dashboard to see what this algorithm is doing with our money?

Richard Seeger: We’ll have all kinds of calculations — but in terms of timing — that’s actually just simple math. Calculate whether the gas transaction negates rebalancing. If the gas fee is low enough and additional yield can be had — rebalance. If not, don’t.

Q19: Covid-19 has a bad impact in almost every sector. So, as a crypto projects how did it affect you? How you and your team have done the work in the pandemic?

Richard Seeger: A lot of remote work. This is definitely one of the most difficult challenges with building. It can be very isolating and challenges at times — but we pushed forward and continue to do so.

Q20: How does Yield meet the most pressing DeFi requirements of interoperability, cross-chain interactions, and different blockchains? Is KYC required for consumers to take advantage of all of yield’s amazing features?

Richard Seeger: No KYC needed — this is one of the things that makes DeFi different — one of the core ‘features’ of DeFi if you will. I’m not sure if you saw the recent BlockFi news with the NJ AG — but worth a read about the importance of a platform like Oh!

Q21: What is PROJECT’s revenue model? In which ways do you generate revenue/profit?

Richard Seeger: A portion of the yield generated goes back to buying back and burning the native OH token. Additionally, users who wish to gain additional yield (similar to NEXO) will have to hold different levels of the OH token

Q22: The name of your project “Oh! Finance” really catches my attention, but could you really explain why they called it that? Is it because with it the users will be amazed at the benefits that can be obtained in DeFi with this project?

Richard Seeger: It’s the “feeling” you get when it just clicks. That “a-ha” moment for the whale, degen, or normie when they use Oh! and realize that DeFi can be made easy — and that it should’ve been this easy all along.

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