Strip FinanceAMA Summary Recap with Shin Chan Community
We held a live AMA with CEO, Yash Jejani and CPO, Varun Satyam from Strip Finance on 11 November 09:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
Mika | Shin Chan: Good evening everyone, we are pleased to have CEO, Yash Jejani and CPO, Varun Satyam from Strip Finance
Before AMA start, can you introduce yourselves and the team background?
Yash Jejani | Strip Finance: Sure, I am Yash, Co-Founder & CEO of Strip Finance. I am a business & operations generalist with 4 years of experience in crypto and 2 years in Web 2.0. Previously, I co-founded Bitlumex, a one-click marketing platform for blockchain and crypto products. Currently building Strip Finance! People can connect with me at https://twitter.com/yjejani
Varun @bit56 is the Co-founder & CPO.
Varun has 6+ Years Of experience in Business Development, Product Management And User Experience. Previous roles include protocol UX designer at Ankr, UI/UX designer at Bitfinex, contributor In Chia Network and Coldstack.
Yuvraj Chhibber, Co-founder & CBO
Yuvraj has 4 years of experience building and running crypto communities. An Ex-Marketing Officer At Ankr, he was also a community Lead in Bithumb Global, and Prometeus Labs.
more about the team can be found on our website:
We all have been in the crypto market for 4+ years building and running things
Mika | Shin Chan: very promising experiences and expertise
Do u have any upcoming news or events that the community need to keep an eye on?
Yash Jejani | Strip Finance: Certainly, we have lots of them. One is our listing announcement which will happen soon.
We are also listed on Coinmarketcap -
https://coinmarketcap.com/currencies/strip-finance/
Members can it to their 👀 watchlist (by clicking on ⭐️ icon) so they don’t miss our major movements.
More can be followed on our official channels:
https://t.me/stripfinance
https://twitter.com/StripFinance
Mika | Shin Chan: strip finance also have an upcoming ido am i right?
Yes, our others IDOs are sold out and over now.
Yash Jejani | Strip Finance: The upcoming one is — https://starter.xyz/#/pool/146
Last chance to buy $STRIP tokens for the public before the listing!
Twitter Section Begins:
Q1. Would It Helpful If You Explained About tokenomics, tokenutility and TGE in STRIP Finance? what was the initial mcap in TGE?
Yash Jejani | Strip Finance:
About the utiity, The token $STRIP would act as the platform’s native token used to pay for service fees, participate in governance, staking etc.
The initial MCap is $1M
Q2. Who are your partners? Partnership is essential in building a strong foundation of a project, Strip Finance must have partnered with great angels to achieve its goals, mind to tell us who are these kind ones? Thank you!
Yash Jejani | Strip Finance: We have partnered with many ecosystem players
SupraOracles (mastercard backed): To access accurate and secure data points for building an NFT fair value assessment tool.
Cropbytes (Bybit’s 1st IEO): https://twitter.com/StripFinance/status/1450062462678552584?s=20
RevestFinance: https://twitter.com/RevestFinance/status/1445516081594994688
Coinfantasy: https://twitter.com/CoinFantasyIo/status/1441413474270289921
Blockster: https://twitter.com/blockstercom/status/1451467319142764574?s=21
Q3. What is Strips Finance’s main mission in this Crypto space and what is your team’s ultimate goal? Could you explain which sector you focus more on and which problems you are trying to solve?
Yash Jejani | Strip Finance: The base line of the project has always been to ease liquidity in the NFT markets. While in the first product we are launching a collateralised NFT borrowing and lending platform on Binance Smart Chain. Next we will build a gaming rental product on Polygon where people can bring in their in-game assets to rent.
The idea is to make NFT capital efficient by building more products for the ecosystem!
Q4. Do you accept NFT based on each blockchain as collateral? What if I pledged one of my NFTs and the value of that NFT increased significantly, do I only need to cover the amount borrowed or will it be affected by the new value?
Yash Jejani | Strip Finance: We will accept all the NFTs from our partnered marketplaces. We will launch with BSC ecosystem focus and then roll out support for Ethereum, Polygon, Solana, Flow etc. No, even in case of price increase, you will have to only pay back the pre determined borrowed amount.
Q5. It says Strip Finance allow NFT owners to borrow against their Assets as Collateral on fair interest rates. So how do we go about it? Can you please explain clearly how your borrowing system works here?
Yash Jejani | Strip Finance: Strip Finance determines the NFT prices by fetching the price data from popular NFT marketplaces like Rarible, SuperRare, and OpenSea. We show data from NFT marketplaces without making any changes in the prices of the NFTs.
An NFT owner can sign-in on the Strip platform using metamask which holds the NFTs. The user can then approve to lend it on the platform and wait for the lender to bid their proposed interest rate and time period. Once approved, the NFT owners aka borrowers receive the funds and NFT is transferred to the escrow contract.
Telegram Live AMA Begins:
Q6. Revenue is critical for a project’s growth and progress. So, how do you produce profits/money to keep your project running, and what is your revenue model? How can it provide a win-win situation for all stakeholders (users, investors, and projects)?
Yash Jejani | Strip Finance: The Strip Platform will primarily derive its revenue from the fees generated as performing a “facilitator” role of transactions between the borrower and the lender.
The platform will charge 1% of the loan amount fee from the borrowers for facilitating the transaction.
In addition to this, Strip Finance will also charge a 10% fee on the total amount of the interest to be paid.
This will ensure there is always a demand for the token as transactions take place
Q7. Everyday there is new projects coming and most of them doing rug pulled and exit scam. How can we trust you? Do you have any reputable VC or backers who is backing your project?
Yash Jejani | Strip Finance: Our Investors include
LD Capital, (Ex-CFO & Ex-VP M&A) of Binance at Old Fashion Research,(Ex- Head of Staking & Chief Blockchain Analyst) of Huobi at Nothing Research, Tenzor capital, Exnetwork Capital, Valhalla capital, Block0, Shima Capital, Lancer Capital, MEXC Global Exchange, DeltaHub Capital, Dutch Crypto Investors, Kryptos Research, Bigcoin, The NewField Fund, ZBS Capital, Wave 7, Starter Capital, Tokenova.
Angel investors such as Tamar Menteshashvili from Solana, Ryan Fang and Marco Robustelli from Ankr, Aditya Nagarsheth from PVPL, Evan Luthra from ELGI, Palash Jain from Frontier and Tushar Aggarwal from Persistence.
Q8. What is the most ambitious goal of your project? What is the ultimate vision that your project is trying to achieve in the cryptocurrency market? Explain to us about that. I would appreciate it if you could share any upcoming updates with us
Yash Jejani | Strip Finance: Our long term plans involve focussing on adding features to the collateralisation platform like support for other blockchains such as Solana, Matic, Polkadot, Wax, Hedera and more and then
enabling Cross Protocol bids for direct interaction into a single hub.
Also, we plan to make an AI-powered proprietary price assessment tool built with SupraOracles, the announcement link for which I shared earlier.
Q9. Can you list 1–3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Yash Jejani | Strip Finance: There are very less products in the niche we are trying to cater. Only one competitor is live right now that is Nftfi, that too focuses just on EVM ecosytem and has a very limited number of collections approved to be collateralized.
We on the other hand are going marketplace focused rather than collections. In the marketplaces that we integrate with, all collections can be brought for colletralization and we have a complete bidding mechanism onchain.
We have very strong support with WazirX Nft marketplace and Polygon.
Having our advisors/backers like
Siddharth Menon (Co-Founder & COO of WazirX), Jaynti Kanani (Co-Founder & CEO of Polygon), Tamar Menteshashvili (Ecosystem & Growth at Solana), gives us good advantage in all ecosystems like BSC, Polygon and Solana.
Q10. Speaking of Access to Capital, does your system allow NFT collectors to borrow their assets as collateral at a reasonable rate of interest? And does your party Allow liquidity providers to participate either through direct or pool bidding?
Yash Jejani | Strip Finance: Strip Finance determines the NFT prices by fetching the price data from popular NFT marketplaces like Rarible, SuperRare, and OpenSea. We show data from NFT marketplaces without making any changes in the prices of the NFTs.
An NFT owner can sign-in on the Strip platform using metamask which holds the NFTs. The user can then approve to lend it on the platform and wait for the lender to bid their proposed interest rate and time period. Once approved, the NFT owners aka borrowers receive the funds and NFT is transferred to the escrow contract.
Q11. Strip Finance=The NFT lending and lending market. My question is How does Strip Finance work in handling cases of users who are late in paying loans? What happens if I, as a borrower, cannot repay all my loans before the due date?
Yash Jejani | Strip Finance: If you miss 3 consecutive loan payment, the lender takes possession of the asset as you, the borrower has defaulted. Going forward we plan to introduce fractionalization of the assets which means borrowers would be able to claim a fraction of the asset if they have paid a few instalments of the loan. The ratio of the asset fraction would be decided by the LTP of the NFT.
Q12. One of the biggest problems facing the NFT space is the lack of liquidity and the lack of an oracle to determine the real value of an NFT. Strip Finance plans to tackle these problems, can you explain how you will achieve this, do you think your solutions will be enough to solve this?
Yash Jejani | Strip Finance: Strip Finance with its decentralised P2P lending allows individual lenders to determine the NFT’s fair value based on a variety of data points such as the artist’s profile characteristics, historical sales averages, the NFT’s trading history, and the owner’s risk score.
Additionally, the platform offers a second alternative of pool lending for better capital deployment. Pool lending helps NFT holders to get fair value through underwriters/assessors.
The various NFT solutions will give lenders options for making educated capital deployment decisions. Thus, all requested NFTs will be valued fairly. As a result, one can get access to quick loan options due to the increased liquidity.
Q13. If DeFi is to evolve, it will be possible as projects focus more on solving real-world issues and problems, and prove it. How will Strip Finance benefit us in our real life and what will be its future contribution to the concept of DeFi?
Yash Jejani | Strip Finance: To put it in simple terms, NFT is about claiming ownership through blockchain and DeFi is the financial/banking layer enabling typical functions of a traditional bank in Web 3.0
Collateralisation, fractionalization, revenue/royalty sharing are all components of DeFi into NFT. The future application possibilities are immense. There are products already building staking for NFTs, synthetic issuance across chains.
One of the biggest use cases will come in the gaming space. The current GameFi is just a glimpse of that. We will build a gaming rental marketplace for skins/characters to be rented/traded which again is DeFi.
Q14. Security is an important segment for users today, so what is the security level of Strip Finance? How do you ensure the privacy, security and investments of its users against hackers? What precautions do you take against any attack, have you audited?
Yash Jejani | Strip Finance: We have taken security into consideration in every aspect of the platform since Day 1. On our team we have Cyberboy India, one of the top ethical hackers from India, also after the testnet is ready for launch we are also getting it audited by external parties as well like Certik, Peckshield etc.
We ran an ambassador program which was really successful, plus the community is loving us.
Everyone understands the need for our product and we got a lot of media coverage which has helped us.
https://btcmanager.com/strip-finance-taking-metaverse/
https://ambcrypto.com/heres-everything-you-need-to-know-about-strip-finance/
https://yourstory.com/2021/09/strip-finance-nft-platform-funding/amp
https://finance.yahoo.com/news/nft-backed-lending-market-surges-184439084.html
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