The product plan of RAI Finance includes 4 core products: liquidity issuance platform, DEX, cross-chain asset exchange and social trading system.
Written by: Dexter
Although NFT is currently in the limelight in the cryptocurrency market, there is an endless stream of innovations in the business model of related technology products, which has opened up new horizons for individuals to independently control assets in the digital world and freely participate in financial transactions and wealth management without permission. While the market is eager to track the new features of the Ethereum DEX leader Uniswap V3 product, the innovations of the RAI Finance beta product based on Polkadot’s cross-chain DeFi protocol are also worthy of attention.
The core competitiveness of RAI Finance reflects
Based on the Polkadot ecology, RAI Finance integrates its cross-chain compatibility to create a two-way DeFi platform, aiming to eliminate the fragmentation of the existing DeFi ecology, and provide a wider variety of asset transactions, higher liquidity and richer financial use cases . Not long ago, Kevin Lee, CEO of RAI Finance, presented to his community supporters RAI Finance’s comprehensive product plan. It has 4 core features that are different from other DeFi platforms or that they don’t have-
IDO (Initial DEX Offering): Users can use various assets such as DOT or RAI to participate. As a cross-chain transaction protocol, RAI will support multiple transaction assets and transaction modes. The ability to continue to obtain high-quality transaction targets is crucial for a trading platform, and potential financing projects are also the key to detonating the platform, so IDO is the key function of RAI Finance. NGC Ventures, GBIC, Alphabit and other RAI Finance partners are all outstanding institutions in the field of crypto investment. RAI Finance and its market are working together to explore potential Polkadot ecological projects, allowing them to develop IDO on the RAI platform, which can help The platform aggregates traffic. Compared with Polkastarter, which performs equally well in the IDO field, RAI Finance has a complete code base, front-end page, back-end and KYC (real-name authentication) system, as well as a wallet integration system, so it has 100% leading capabilities in the product section.
SWAP: This is a cross-chain asset exchange function, with a better user interface and experience design, and a better liquidity pool. By injecting more liquidity on RaiSwap, participants will get incentives from the RAI liquidity pool, which will account for more than 35% of the total circulation of RAI tokens. Although the user and liquidity program is very similar to other platforms, RAI Finance can still work with its institutional investors and core technology partner League of Traders (traders alliance) transaction volume basis to guide the initial launch of the Swap agreement.
DEX (Decentralized Exchange): This is a more complex and precise decentralized exchange. By integrating DEX, RAI Finance can provide end users with greater freedom in digital asset transactions. The initial deployment of RaiDEX will be on Bifrost (EOS compatible parachain on Polkadot). Except for wallet integration and order book deployment, DEX functions have been 80% completed. It is expected that the platform will implement various functions in the second quarter of 2021. It will be able to support all existing assets on the Polkadot network in the future, and will eventually support more unique assets, such as tokenized trading strategies, digital asset mining strategies and Investment Strategy.
STS (Social Trading System, social trading system): This is a unique function of RAI Finance. By integrating STS, RAI Finance will become the first DEX with social trading functions. The system will display a ranking of traders, including information such as profit, loss status of top traders, trading methods, and distribution of token investments. This is a convenient platform for ordinary users to analyze data and share profits. This feature will run on RAI Finance’s DEX, Swap and IDO platforms.
Active South Korean crypto ecosystem
In an interview with Lianwen, Kevin Lee emphasized that South Korea has always been the most active market in the global crypto asset trading field. Recently, the trading volume of South Korea’s cryptocurrency market once exceeded the average daily trading volume of the country’s stock market. According to CoinMarketCap data, on March 14, the 24-hour trading volume of major Korean cryptocurrency exchanges UPbit, Bithumb, Coinone, and Korbit totaled more than $14.6 billion. On March 12, the trading volume of the Korean Composite Stock Index KOSPI was US$14.5 billion, and the trading volume of the Korean Securities Dealer’s Automatic Quotation Index KOSDAQ was US$10 billion.
In such a market environment, South Korea’s crypto asset trading community is also very mature and active, so social trading is particularly popular with Korean crypto investor traders. The leading social crypto trading application South Korea’s League of Traders (League of Traders) was developed by League of Traders, a core partner of RAI Finance. It currently has more than 14,000 active users and generated USD 7 billion in trading volume in 2020. Most of the traffic comes from the Korean local market. RAI Finance’s STS (Social Trading System) is also developed and supported by the League of Traders, and its existing traffic and resources will also be imported into RAI Finance, allowing users to use the APIs of global trading platforms, such as Binance and BitMex. Transactions. Users analyze data and share profits through the function of social trading. Based on this, RAI Finance can become a community-based trading platform similar to UGC or PGC, which will bring considerable traffic and activity to the product.
As the first Polkadot ecological project in South Korea, RAI Finance successfully completed the first round of public offering on January 13 this year: the 100,000 USDT quota was sold out within 1 minute, setting a new record. The platform’s native token RAI will be used in various scenarios through the above product functions to maintain long-term value:
- Transaction fee destruction: RAI Finance will charge a certain percentage of transaction fee for each transaction, half of the transaction fee will be returned to LP (liquidity provider fee), and the remaining half will be used for the destruction of RAI tokens;
- Asset generation: Whether users who create assets based on trading or income strategies, or users who invest in these strategies, they must pledge the RAI directly associated with their API interface;
- Governance: The RAI token has the governance function of the agreement. The holder of the token will vote on the parameters. The voting content includes but not limited to transaction fee consumption, liquidity mining, pool pledge fees, etc.;
- Ecological incentives: RAI is mainly used to attract and reward users and traders who provide liquidity. AMM (Automatic Market Maker) is variable, which can ensure that users maximize their profits by choosing the best liquidity pool, while also obtaining RAI rewards.
Cooperate to build the Polkadot ecology and take the lead in forming the South Korean Polkadot Alliance
In conjunction with product development, RAI Finance has reached a series of ecological cooperation to consolidate the product market foundation——
- Cooperation with Bounce Finance: RAI Finance will connect to Bounce’s Token Sale component to realize IDO and provide users with a better trading experience.
- Cooperation with Darwinia: In the future, RAI Finance will not only be integrated into the Polkadot parachain, but will also increase the scope of transaction assets by using Darwinia’s heterogeneous cross-chain protocol to facilitate Polkadot and other public chain assets such as Ethereum and BSC. Access to RAI Finance, Darwinia is currently compatible with the EVM solution, which will bring great convenience to RAI Finance to provide swap transaction services for assets in the Ethereum ecosystem. RAI Finance will also introduce its Layer 2 solution for off-chain transactions, improved automatic market-making functions and cross-chain asset support, so as to greatly increase the activity of asset flow in the public chain ecosystem connected to it.
- Cooperation with Chainlink: RAI Finance will integrate Chainlink to provide a safe and reliable price oracle service for developers and users in the AMM-based decentralized exchange launched by it for asset exchange.
- Cooperation with DVP: The decentralized vulnerability platform DVP will help RAI create a bug bounty program, attract global white hats to participate in security testing, and build a DEFI security moat. As a Layer 2 protocol that connects different public chain assets and covers liquidity and transactions, RAI will introduce community ecological resources for DVP to jointly improve industry security.
- Cooperation with Tidal: Tidal Finance will provide RAI Finance ecological users with customizable smart contract protection solutions, greatly reducing potential hacker attacks and malicious threats faced by RAI Finance users.
In the future, as the Polkadot main network and the slot auction time approach, RAI Finance will pay more attention to cooperation within the Polkadot ecosystem to create a more solid infrastructure and transaction and data services.
In order to better integrate into the Polkadot ecology, RAI Finance recently joined the Polkadot DeFi Alliance (Polkadot DeFi Alliance), hoping to regard itself as the first Polkadot ecological project in Korea, and its DeFi products in the Korean market will be included in the Korean government-led The unique position in the DeFi research report, in close cooperation with industry-leading projects and cutting-edge teams, expands RAI Finance’s ecological footprint, makes it a leader in the global DeFi market, and promotes the popularization of DeFi in South Korea.
To this end, RAI Finance also led the formation of the Korean Polkadot Alliance. Kevin Lee said that South Korean crypto asset trading platforms have accumulated more than US$450 billion in trading volume in the past year. With the popularization of blockchain technology, 10 of the top 50 companies by market capitalization according to KOSPI in South Korea have been involved in blockchain business, including large technology conglomerates such as Samsung and LG, as well as Shinhan Bank and Kookmin Bank, etc. Financial Institutions. As the first-line blockchain/cryptocurrency market, South Korea’s Polkadot ecology is still in the early stages of development, and the number of project teams is still relatively small. However, both the technical team and the community atmosphere are showing a momentum of positive development. South Korea will become An ideal market for the booming Polkadot ecology. As the first Polkadot ecological project in South Korea, we feel that we have the responsibility to contribute to the construction of Polkadot, so we took the lead in forming the Korean Polkadot Alliance (KPA). The preliminary development plan of KPA is:
- KPA will participate in the Polkadot parachain slot auction as its first important plan. The DOT required for the auction comes from KPA’s founding members STP, RAI Finance, Cobak’s foundation, and NGC Ventures and GBIC’s support funds.
- KPA will promote the issuance of Parachain Lease Offerings (PLO). DOT holders in the Korean community can pledge DOT to obtain native tokens for member projects in the KPA organization.
- KPA will provide organization members with rights to assist in the preparation of the parachain auction, and provide content including ecological strategy, technical consultation, governance, fundraising and market promotion, and ultimately ensure that the project can successfully establish a parachain on Polkadot.
- KPA is committed to building a vibrant and open community in Korea with P Polka as the center. In the future, KPA will organize lectures, discussions and offline activities on the theme of Polkadot in South Korea.
Kevin Lee hopes that the first successful auction of slots and parachains in Korea will be born in the KPA alliance, and he also hopes that a community with the first brand power in the Korean market will be born. As the leading project in the Polkadot ecosystem in the Korean market, RAI Finance has also received support from the Korean community. I believe that with the development of KPA in the future, South Korea’s Polkadot ecology will become more prosperous and more high-quality projects will emerge.
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