Crafting Finance AMA Recap — 27/08/2021

8 min readSep 2, 2021

Thank you to the Cryptowid for participating in Ask Me Anything (AMA) with Crafting Finance on August, 27th 2021 at 1pm UTC. This guest star :

POTTI — Chief Community Officer

Live Telegram AMA

INTRODUCTION

Before we start the AMA main segments, we really want to know some informations about yourself. Could you do a little introduction for us to know better about you ?

I’m Potti, and I am the Chief Community Officer of Crafting Finance, I am a heavy Defi User and a Crypto early adopter.

SEGMENT 1

Q1. What is Crafting Finance? and How is the story/background behind the Crafting Finance project creation?

Crafting Finance is a synthetic asset project based on the Polkadot ecosystem. It provides the issuance and transaction capabilities of various synthetic assets, which can support the issuance and transaction of almost all types of cryptocurrency assets and real assets. The important modules of the product include Forge, Kingsman, and various synthetic assets (Raft, RaftStable, UnivRaft, BondRaft). Forge supports a variety of collaterals to generate various synthetic assets and even user-defined assets. Kingsman, the DEX using sharing debt pool (SDP) trading mode, does not require counterparties, which solves the problem of DEX trading depth.

The most interesing story behind CF is how we get the project name. We first thought of the name Crafting, which comes from the game Minecraft when one of the founder anray’s son was playing it. There is a Crafting Table in it, which can synthesize stronger props such as various props, ore potions, etc. Just like we can synthesize assets in this project.

Later we find that it is really a good name since Crafting named the synthetic assets “Rafts”, which means that each synthetic asset is a “raft”, and these rafts co-exist in the sea area of the shared debt pool, and like the sea, share The debt pool can provide Rafts with almost unlimited liquidity.

Q2. As we know, every serious project always have their own roadmap. Could you please explain Crafting Finance roadmap and also what phase is currently ongoing?

On our roadmap, we have four main versions reflect different stages of our project. They are Columbus, zhangqian, Thorvaldsson and Vasco da Gama. Columbus is the first version which will enable the issuance of assets, build SDP and Kingsman. Zhangqian will make universal sythetic assets available.

Thorvaldsson will offer the option which allow user to choose whether to join the SDP. And Vasco will launch the brand new decentralised Oracle.

Currently, we are focus on the development of the testnet of Columbus. The most important goal is make the mainnet online in Q4.

Q3. We are so courious about $CRF token, could you please tell us about $CRF it’s total supply, it’s features, and where we can buy it?

CRF is our governance token, so every token holder can participate in community governance.

We have ways to encourage users to hold CRF.
The system will also reward the users who’re using the CRF as collateral, so the investors will choose to forge to get the reward, which will also benefit the liquidity of the system.

The fees collected from trading in Kingsman will enter the fee pool. Those fees will be used as rewards as well as buy back and destroy CRF.

Users who choose not to join the SDP will pay interest on their synthetic assets, and the interest will enter the interest pool. Those interests will be used to buy back and destroy CRF.

With all these three incentives, there will be a very solid support for the price of CRF and it will be beneficial to the long term holders.

It will be listed on major exchanges. So please stay tuned!

Q4. What are the features and products does Crafting Finance want to offer? And how does it work?

The most important features and products are to realize a decentralized virtual asset issuance platform and decentralised contract trading exchange, which can not only replace the perpetual/futures contract functions of major centralized exchanges in the long term, but can even realize the issuance of any type of assets on the protocol, and play an important role in the traditional financial market.

We know that centralized contract exchanges have exposed more and more issues, and the entire industry needs a solution for decentralized contract exchanges. The decentralized contract trading program of this project not only has the characteristics of general DEX, such as openness and transparency, anti-censorship, and does not require KYC, but also because there is no counterparty, it perfectly solves the problems of general DEX in transaction depth and liquidity. Therefore, we believe that the prospect of CF is very broad and it is a real DEX solution.

Q5. What is Crafting Finance strategic plan for the future?

I think the most important things currently are launching the platform, starting the liquidity and reaching a market cap of our RAFT. And we will focus on listing more kinds of synthetic assets and improve the TVL and market cap of the RAFTS. We will also launch our DAO system, which means Crafting finance will become a distributed project.

SEGMENT 2

Q1. From: @Albertjaison2

Can you tell us about the different versions of crafting project? Why do you need different versions? What are they for?

As I said, they are different stages of the whole project. Because we need to focus on the most important features, we have to roll out different features in stages.

Columbus is the first version which will enable the issuance of assets, build SDP and Kingsman. Zhangqian will make universal sythetic assets available.

Thorvaldsson will offer the option which allow user to choose whether to join the SDP. And Vasco will launch the brand new decentralised Oracle.

Q2. From: @Siswa99867793

In Crafting Finance, SDP is a very important feature and is better than SDP from other projects, can you explain what SDP is? what are the advantages of SDP compared to others? and can you explain the SDP system in Crafting Finance?

Once a user minted some synthetic assets, the assets can be put into the sharing debt pool (SDP), and the user will be assigned a fixed debt ratio which is the ratio of the value of the user’s synthetic assets to the value of all synthetic assets in the entire system. “Fixed” means this ratio will not change due to changes in asset prices, and will be used to calculate the user’s profit and loss. This ratio will only change when a new user mints new assets or an existing user destroys existing assets.

The most important advantages of SDP are no counter-party and great liquidity.

In our project, after allowing users to issue synthetic assets, they can choose whether to join the shared debt pool (SDP). This is our most important innovation over other SDP.

Q3. From: @KiyokoSumaru

Oracle is important for Crafting Finance. What solutions will Crafting Finance use to ensure the stability and security of the data provided by the different Oracles? Do you plan to use third party sources to obtain such data?

Currently, we will work with Chainlink for Oracle. But we do plan to make a brand new decentralised Oracle later to enable more kinds of assets.

Q4. From: @LhyNgn98

“Crafting Finance “ is one of the first crypto projects I read that will care about user experience. Can you give us examples of how you are applying this? Can even an inexperienced person make their first investment?

Sure! Our UX developer is very experienced and will provide the best user experience among competitors. Please stay tuned. Demo will be available very soon.

Q5. From: @AlishaNoi

People are always worried about the transaction speed because they worry about their transaction going to fail. How fast and secure is “Crafting Finance “ platform? If the number of users spikes, will transactions on “Crafting Finance “ get congested?

That is why we choose Polkadot for our project. It is built for scalability and interoperability. So it’s performance will be much better than other Defi projects built on Ethereum. For now, we don’t think CF will be congested.

SEGMENT 3

Q1. Can you list any reason why people should invest to your token in the long term? What is the benefit for holding your tokens?

We designed various ways to promote the long term value of CRF. All our investors believe that we are a very promising project which will change the financial world, so we believe they will hodl the tokens for the long term. And security is always the priority.

Q2. If “THE BEAR MARKET COMES will your token PROBABLY DUMP”? Do you have any plan to prepared for this bear market? How will you handle the panic sell ?

We don’t think it’s the bear market yet😊

Q3. Can you list 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?

We mainly have four advantages.
(1) We support multi-token collateral to issue synthetic assets, while Synthetix only supports their own token SNX.

(2) We can forge all types of synthetic assets, such as Bond, stablecoins, customized assets, etc. directly, while in Synthetix you need to mint their stablecoin and convert to other assets.

(3) After allowing users to issue synthetic assets, they can choose whether to join the shared debt pool (SDP). This is our most important innovation over Synthetix.

(4) Multiple debt pools are natively supported (the synthetic assets issued by synthetix directly enter the debt pool, and multiple debt pools are not supported). In the future, the debt pool can be split based on various methods (when the liquidity is enough, it can be completed by DAO)

Q4. Is Your Project available for the global people or It’s limited for some area? If it’s globally available are you guies planing to introduce it globally?

It is a global project and you can use it from anywhere in the world. We know it is the best feature of Defi. Defi means decentralised, uncensored, permissionless financial service for everyone. It has no threshold, provides financial freedom for everyone, and at the same time guarantees safety. We believe Defi will definitely make the old ridiculous banking system obsolete in the long term.

Q5. Do you have Whitepaper if yes please share it with us and secondly do you have plans for pre-sale? Where can we join it?

You can find the whitepaper on our webstie which is https://crafting.finance/.
We plan to do the IDO next month, so just participate!

AMA FINISHED

Crafting Finance Offical Channel

🌐 website: http://crafting.finance/
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