GMGM, welcome to another session of AMAs with Salad Network. And today for this AMA, we have Andrea from D4s. Hi, Andrea.
Hey there. Hope you can hear me well. Yeah, I can hear you. I hope I got your name right
Yeah, yeah, it is. Perfect. Thanks for having me. Thanks everyone for participating. We're going to spend some nice time together. Thanks for joining us. Okay, before we get started, maybe you could tell us a bit about yourself, your crypto journey.
So I joined Kirkto in 2020, early 2020 in the full of the COVID period. And since then I soon understood that it was the way to go for me. I got super early. You know, I understood
I saw how much into I was Bitcoin and DeFi General. I started using DeFi when it was blowing up with SocialSoup, etc. And then I did some jobs here and there as a community manager, but I was recently
You know, like join the the defaults team as a marketing manager. And now I'm catching up with everything going on at defaults and you know, we've been good partners with seller for a long time. And I'm glad to represent you for now.
Nice. I believe we had D-force on an AMA sometime back. If I'm not mistaken, it was with one of the co-founders.
Yeah, it's probably was Minda, yeah, it's the CEO of the Force and it's often is a KUL that is often here and they are attending some Twitter spaces and event life is a big name in
So I roughly have an idea of what he was mentioning back then. Maybe you could run us through what's new with Deforce now.
Well, yeah, let me give you an overview because it would be a lot to say. So default started in 2019 and we started as a stablecoin protocol and developed into a complete ecosystem of DeFi protocols. So we broke down the seal
to allow us to capitalize on liquidity, which we think is a much more efficient model than having a standalone protocol seeking for liquidity from the open market. So in particular, DeFORCE is a decentralized stablecoin protocol powered by an integrated
defy matrix composed by assets, lending, trading and bridge. And the forces currently present, we are blockchain agnostic, we'll present on nine different blockchains, being Ethereum, Arbitrum, Optimism, Binance, Mature, and Polygon, Avalanche, Cava, and recently we also join Confluent.
and we boast 200 million in total assets. So we accumulated borrowing for over $2 billion with 11,000 unique addresses. Our stablecoin, USX, has achieved a market cup of more than $150 million.
and it's supported by many partners across all these blockchains, represent in such as Uniswap, Curve, Pelodrome, Biffy, Doldo, Saddle, Carver, Platypus, Acryptus, Equilibre, etc. because it's important to have liquidity on each blockchains. And USX
is a pilot protocol within defaults defined matrix. So all these protocols that we run in our matrix serve as the basis to develop USX. And USX is permissionless decentralized, non-castly, high-efficient,
and multi-chain. So it keeps the peg with a number of mechanisms such as the liquidity stability reserve which enables swaps in one to one ratio with stablecoins such as USDC, USDT and I. So that that is there
are other protocols, there are other ways to keep the peg, but that's the main one. Another one is the protocol directly liquidity provision, where the USX interest rates on the lending protocols that it is present to can be modified to sustain the peg according to the man that offered. For example, when did the man earn a mark?
the month for usx is high and the borrowing interest in pushed up then more usx liquidity would be supplied to learning protocols to lower utilization rate so make it in less expensive before usx. So this is this is just one of the mechanisms to keep the pack for usx which
is being a successful decentralized stable point so far. And I'm almost sad, I'm sorry, but it's really a big protocol, it's a matrix, so there's a lot to say. We also enable people to mint USX against some assets
with fixed interest rates through our vault and each vault has different risk parameters which are decided by the DF which is our governance token through the governance exactly and You know we offer the plan
platform for lending and borrowing on all the nine blockchains we have present, as well as a crosschains service integrated with seller, and a crosschains bridge to allow instant and low transfer of low cost transfer of USX and DF across all network support
So to briefly recap in one sentence, the fourth is the protocol behind usx, which is a decentralized stable coin that is well integrated in its complete defy suit that we provide, which as we mentioned as lending swap and badges of opportunities.
Now, it's clear, it's basically a number of protocols that sustain the peg of USX, which is a successful decentralized stable core. So you mentioned that you guys are now deployed on nine different blockchains. How do you manage the liquidity on each of the blockchains?
Yeah, so we like to work with successful partners such as, you know, Valentine, for example, I believe one of the biggest liquidity pools on optimism.
We have this BE33 systems that work very well for us, the evolution of AMM. But soon we also are going to, it's already in testing. We will develop in our
own AMN, automated market maker, our own DEX, which will be available soon and that will be the next step to complete our DEFI suit.
So in terms of your liquidity, each blockchain maintains its own liquidity for the default protocol.
Yes correct. On each blockchain the opportunity is the deep liquidity to be related.
So what is the first point of view in regards to, let's say,
Multi-chain lending, for example, if I want to borrow assets, AVAX, for example, on Ethereum. Am I able to do so currently or other plans to introduce the service of the source?
I mean, each blockchain is separated, the landing on each blockchain is separated, but we are also launching a V2 for the landing platform with new features that will be revealed soon. In general, I believe that
that in DFI to be successful and to keep up with everything that is going on, you need to be able to be flexible and you need to be able to adapt to the context. And we are blockchain agnostic.
So we try to create a thriving multi chain ecosystem that brings the best of all the world to the users. So we've been aggressive in multi chain expansions with a number of core contributors staying ahead of the cube and spotting the blockchains where it's worth where default should explain.
our defaimatrix is extremely scalable and can be easily deployed for new blockchains by our devs. But in order to deploy to another blockchain, we consider a number of factors such as whether it's EVM compatible, if it doesn't
working goal call and reliable or call the variety of assessor, the TBR, the volumes, etc. And anyway, the final decision is always made by the governance of DF oldest. And you know, the next blockchains that we are going to, I can tell you already are taking sake.
scroll and the decay EVM, the one by Polygon. And you know, like these are all the K-roll ups of the Ethereum. But we also looking forward to deploy on non EVM chains such as like the cosmos ecosystem interested side.
as well as Polkadot, but the first three names I gave you, they are more imminent than the last two. Okay, interesting. So how are you guys expanding on the utility of the USX token at this point in time?
So let's say you tried to make that. Yes. And I want to utilize usx.
What can I do with the token at the moment?
Well, there are a bunch of opportunities for yield and as well as you have all the reliability of the D5 metrics to redeem other tables and time you want or to stay good too. Okay.
So your current collaboration with Cella is an extension of what DeFos and Cella has been working together since the beginning. Could you have plans to besides the chains that you've mentioned currently?
What are your plans for the change that you mentioned? What are your plans for those change? Is it the extension of the DeFOS protocol to those change to offer the same services? And how are you looking to deploy on ZKVM, for example?
example because like you mentioned it it's ZK sync base so it's a bit different from EVM. So what is the approach for D4s with regards to rolling out onto a ZK chain? Okay let's give for
a new review about our partnership, I would say. So we worked together, seller and divorce, I mean starting in early 2022 with the sea bridge enabling us cross chain bridge for DF as well as us X in a liquid
So thanks to our partnership users were able to access deeply quickly, quick and local transfers and security based in seller state guardian network proof of state chain. And then seller announced the main network.
launch of its Interchain messaging framework last year to enable seamless Interchain composability for that developer and projects. And our two teams will discuss new possibilities to provide the users with access to a wide range of defy situations across different layers.
one under your two with smooth user experience. And therefore in November 22, the first integrated your interchange messaging, seller, I.N., your framework into the first trade big two to facilitate across transwops across Ethereum, arbitrum, opting
and binosmatchain. This was built in addition to the previous cellar seed bridge and it applied to all our seed cellar seed bridge currently supports. Now the liquidity on defaults trade will be sourced from both original blockchain and destination blockchain, algorithmic
to ensure the best price. And the usual experience is smoother now with optimized gas costs. So, you know, thanks to you guys for making this all available. And about the scalability on how we reach new blockchains, like there we have a team that seeks the opportunities and decides where it's worth to develop.
blockchain agnostic, which means that we really want to expand as much as possible, of course, where it makes sense to, because we believe that our protocol is much needed for many blockchains. And we simply, you know, we have a very experienced
that is varying to security as well that just tries to take the best elements of deforestation and bring them around every blockchain that is worth going to. Okay, so how does deforestation for you the possibility
of DeFi within a multi-chain ecosystem for the blockchain industry as a whole. And maybe what are the key concerns for users in terms of how can they achieve more efficient returns by utilizing DeFi protocols that are multi-chain
Okay, so I think that to be successful a project should never stop building and expanding and you know I already said how we plan to develop on new blockchains and in the meantime our native DEX AMN is
going through its test net faced, but there's much more than that. We're active on many different fields. For example, we're experimenting integrations with community files. We are exploring decentralized identity as a way to unlock new possibilities for DeFi.
And we are also working to introduce real world assets to bring real yields to defy, which I think is going to be a huge turn in the coming cycle. And we also have plans to upgrade the first landing with more features to increase the capital efficiency
inflexibility which is our main goal and of course by keeping everything secure by reaching the best audit firms and for upgraded code reviews prior to the launch and I think it's our proven consistency and capability to delete
deeper than makes a default value proposition unique and worth considering in V5. I think there are really few projects that can bribe our history and the opportunities that we offer around many blockchains and through all the protocols that we developed.
Okay, so I was looking back at some of the things that Mindal shared during the last AMA and he mentioned that DeFi Super applications would be relying on network liquidity and to achieve shared liquidity among multiple chains.
There needs to be functional protocols. Could you expand on this and what has D4 has been doing to achieve this?
Okay, sure. I'm glad you mentioned this topic because it's I find still few people who I'm for each the same conclusion as as me now and me. But I think it's really worth discussing it. So as we speak we're witnessing many defy protocols and
involving into super apps, which will be probably ready in the next cycle. So what is a super app? A super app is those apps for mobile that have several services in one. For example, there's WeChat in China, with which you can, you know, do shopping, call a taxi and message with your friends.
also handle payments and also Elon Musk wants to do the up X to include also Twitter and he wants to develop his own bank, his own app super app that could be used more in the West. Yep and but while the super app for mobile
are led by the user traffic, then in DeFi, the super apps can change the capital efficiency or liquidity. So I think in DeFi, many protocols are actually
we do in that instead of developing one single protocol, they are expanding their office to have everything themselves. And of course, users will be able to compare the super apps by checking which one has the best liquidity and user experience.
So we currently have a defined matrix. We're working to make it become a super app because we already have lending, trade and bridge, thanks to seller. However, the main contributor to liquidity and incentives are dexes like
looking at the numbers in the five decks is our work provided the deepest liquidity and work better for this purpose. And that's why we recently launched our own native decks AMM in Testnet. We also have a generous backbound to open.
for anyone who wants to test it and give us their feedback. And we're also evaluating the possibility of cross-chain lending, as you mentioned before, when users can supply collateral on one blockchain and borrow assets from another blockchain.
So we will share more updates on this in the coming weeks or months. But the idea of a super app is relatively simple, so developers can continuously grow their platform to the highest market potential, while users can enjoy
the convenience of using one single platform for everything that they need, resulting in a high recurring usage and activity. And we believe that this is the key to expansion for all defy applications and for defy itself. So not anymore.
protocols doing is their own thing but rather a few super apps that are able to cover all the needs of their users. Yes, it's quite interesting. D4 seems to be doing quite a bit to
to get to that. It sounds like an interesting idea and concept. So taking that into account, you know, what are the key things that DeFi is doing to stay competitive? Because the DeFi space is actually quite
competitive and number of protocols out there that are doing different different things or they may be doing similar things as well. So what sets DeFi, DeFOS apart from all these other protocols in your opinion?
Well, we have the experience of, we know how to distribute our rewards. We know that the equity incentives are useful, but they have to be carefully measured, you know, they're not to have an inflated token like it happened, you know, we basically
Most DeFi projects are a couple of years back and we have the experience of being in the market since 2019 and I think that something a very few projects can say out there we have the experience and you can see this not only by the security, the
We have been placed in the how-buttal tested our our our smart contracts, but also in the way we decide things in the way we manage the protocol itself and the way we look for what I think we have much more experience that media that's in the protocol and you know we we
We really feel like we are ahead of the curvy. We want to implement digital identity, decentralize identity. We want to implement real world asset. It's a protocol that is never done because the fight changed so fast. But we actually have the know how to
deliver the best protocol and the most needed protocol and actually to bring DeFi to a whole new level I think because we're still on a early phase and that there's still much to do. For the decentralized identity that you mentioned is this something that DeFos is planning to build in-house?
Now we probably rely on partnerships, that's the best way to scale the protocols doing amazing things which recently partnered with ZClote. And you know, these decentralized identity would allow users to, you know, the ones who decide to
to use the decentralized identity because of course, if I will always be open for anyone who was a wallet address in an internet connection. But the ones who go through this decentralized identity, they will be able to borrow assets at different rates.
with a different collateral level that there would be some advantages still in the making but I think there's a lot of opportunities there as well. Interesting. There would be something to see in terms of how it gets rolled out. Yeah.
Yeah, I'm super confident that also if we want to involve institutions to into defy decentralized identity as well as real world assets will be crucial also, you know, if you think about the real world assets
It's something that is still worth a couple of hundred millions in D5, but I think it will reach the the the billions and it will be a big part of the five soon with some institutional office available for the five uses. I think that that would be a gain changer.
Interesting. Sounds like D-Force may be looking into the area as well.
Yeah, yeah, we you know, we extremely bullish on real world assets and you know T bills and you know like government backed investments that something that I think defy is mature enough to to have available
Okay, so I understand that D-Force is very particular with regards to its security and then you guys run your own security audits with security firms as well as a bounty program. But how do you approach security from a multi-chain aspect?
Well, yeah, we in addition to, as you said, security audits and back bounty programs, we take several other measures to ensure the security of funds. For example, we implement multiple layers of security, multi-signature wallets, call storage. We conduct
regular penetration testing. We have one of the most experienced dev teams and we also have a strong focus on community governance and transparency so our users also participate in this decision-making process and provide updates on our security
measures. And about the multi-chain, you know, by relying on several protocols with liquidity and by being so far only on EVM blockchains that I think that's scalable and it's not too difficult to handle.
Interesting. Okay. The other one that you've mentioned that you guys are working on a native DAX AMM that you're launching on several different ZKVM ZK chains, ZK Cings, Scroll and Polygon ZKVM.
Any ideas? - Yes, so we'll be happening.
or maybe you could share with the people listening in.
If that's also a way to roll out.
Okay, so the the AMM will be available on all the blockchains we're present as well as the case sitting in scroll and ZKFEM by by Polygon. It would be just a new part of our matrix, which will be then deployed everywhere and it's already in testnet. So we are
already have the code, we just need to listen to the feedback from the community and see if everything is okay and then we will work again on the code and then there will be the audits from the major auditing firms out there that are planted at the home
the whole standard procedures that we follow. But it's already in testnet. So we have to call this. We don't like to over promise if I mention something because our team is already working on it. It's not just an idea. So it's already in testnet. It's already
already people can try to even have some some prices for those who find some bugs and some errors. And so it you know it takes some a couple of months I guess because of the whole security measures that are in place but it's almost ready.
And I think that would be an important step. I mean, as a DeFi matrix, the DEX is really something that you're missing, right? Because that's the most, the things that the people use the most. And I can't wait for it to be live and to bring the whole design
have super up together and liquidity and capital efficiency and really make a difference in DeFi. Yeah, DeXes are definitely one of the key things that most users I feel is their first touch point when they get into DeFi.
or even if you're just exploring blockchain technology as a whole, that's normally the first thing most people utilize for myself. That was actually the first thing that I try to figure out how to do as well. So it makes perfect sense. Are there any
final thoughts that you'd like to share with the people listening in today in terms of how would you want them to engage with you guys if they want to find out more information about the force, how can they go about it, is there a community that they can join? Sure, so are we
We are basically a medium blog, we are active on Twitter, Telegram, Discord. When I say active, I also mean it in the sense that we always cook in something. We always announce new partnerships, integrations,
our dev team is really successful at delivering, it's really concrete and practical. And yeah, I mean, I would like you guys to go check out our DEX AMM in the testnet. Let us know your feedback, you can also earn a reward.
And of course, there are landing opportunities all over nine blockchains on the first. So I have a look at those as well. And yeah, look forward to see you guys around. There's really a lot going on. A default and in the high. And it's really an excellent
I think 2022 has been, you know, we've seen a reset a bit and some protocols have been, have gone bankrupt because of poor management and some protocols just didn't make it. But I think that the protocols that are here to stay that have to know how the experience and the
possibility to stay in the market and I think there was a really good year to build and now we will start seeing all this building, we will start launching all these developments and I think if I is just a fraction of its potential and with super ups and real world assets and decent
identity that's really a lot going on and we are before really try to stay ahead of the curve and implement of course all the trends that make sense to us to always be the innovators in the fight while also being one of the you know all
all this and most consistent things with the safest, one of the safest history 30 years. Nice. Yeah, I do agree. This long time in the market is definitely a good time for building.
There's nothing much to distract, I feel.
And it's great for teams to just hunker down and get going what needs to be done. Yeah, and super glad you know we had also said as a part
you guys are truly amazing and sustaining us in our multi-chain expansion, in our page and in our trading. So thank you also for being there for us.
our pleasure. So that's all the questions from me. All right folks, I think it's time for Q&A. If anybody has a question, please raise your hands and you can feel them to Andrea. Anyone with any questions, just raise your hands and I'll invite you up to speak.
Any questions for Andrea? If not, then we'll call it an end.
Okay, I don't see any hands. Thank you very much.
I think I've covered really the past, the present and the future of the future. I left a little space to interpretation. I hope I was
precise enough, but there's really a lot to discover. Just check out the first, if you're into defying, you will not regret it.
You covered pretty much quite a bit in terms of what defaults this and the plans coming ahead for the rest of the year. So I think it's pretty much given everybody all the information that they need. Thank you so much for joining us on this AMA, Andrea. I appreciate your time.
Thank you for having me and thank you everyone for participating as well. And without much further ado, thank you everyone for joining us tonight or this morning. We'll see you again at another seller EME. Good night. Good morning or good evening. See you wherever you are in the world. Bye. Cheers. See you.