🏅RECAP AMA EPID COMMUNITY x CRAFTING FINANCE

🕖AMA Timing : 7th JUNE 12PM UTC
🏚Venue For AMA: @EPID_Community_VN
💰Reward Pool : 200$

➡️Part 1: Project Introduction.
Q1. Could you briefly introduce yourself as well as your project?
A:
I'm Potti, and I am the Chief Community Officer of Crafting, I am a heavy Defi User and a Crypto early adopter.

Crafting Finance is founded by a US PhD team, members of the team have many years of experience in the development of Ethereum smart contract, and are familiar with the development of Polkadot technology framework Substrate.

Crafting is a synthetic asset project based on the Polkadot ecosystem. Similar to Synthetix, 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 MintR, Kingsman, and various synthetic assets (Raft, RaftStable, UnivRaft, BondRaft). MintR supports a variety of collaterals to generate various synthetic assets and even user-defined assets. The debt pool model DEX used by Kingsman does not require counterparties, which solves the problem of DEX trading depth.

Q2. What makes the CRAFTING FINANCE project stand out more than the projects in the same direction at the moment?
A:
We know Synthetix on Ethereum is the inventor of synthetic assets. So it is better to explain what is different from them and what upgrades we will provide, as follows.

(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)

With all those differences and innovations, Crafting will be significcant better than any existing synthetic asset projects.

Q3. What are the memorable milestones of CRAFTING FINANCE in the research and development process?
A:
In the research, we have invented optional joining of SDP and we also find that users can still trade in Kingsman even if they don't join the SDP.

We have also found ways to improve the utilization rate of the user's collateral rate.

In the development process, we have completed the demo version of the SDP.

Q4. What does CRAFTING FINANCE plan to do to attract more users in the upcoming time?
A:
We know the power community is very important for us.

So at very first we already considered the potential numbers of users we can attract. One reason why we natively support multi-token collaterals is that it can increase our potential users very quickly, because there are so many existing BTC, ETH holders and they can access our system very easily.

Also, we have plans to build our DAO system so users can participate more.

This is the most amazing thing of Defi.

In the future, we hope our project becomes a real decentralised and community-driven project.

➡️Part 2: Question From Twitter (5 best questions).
Q1. @sanyongin
Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and Investor to your platform and keep them long term?
A:
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 we have three ways to encourage users to hold CRF.

1. 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.

2. 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.

3. 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.

Q2. @MPonngu
What topics and products is Crafting Finance currently focusing on? What are the technical priorities that Crafting Finance puts at the top? Plz share 😺
A:
Currently, the top priorities 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.

Q3. @DepZaiFill
Right now issuing a token is a rather simple process. However, building the system and ecosystem is the most difficult part. My question is, How will the demand of the token will increase and how will this token use within the ecosystem?
A:
First of all, CRF is the governance token, so every token holders can participate in community governance.

And as I already mentioned, we have designed ways to promote the long term value of CRF.

Q4.@duy1191999
The project's ecosystem is very large, when will the ecosystem launch the first product?
A:
We will lauch the mainnet in the beginning of Q4.

Q5. @joihnsum
What makes you think Crafting Finance stands out from most other projects?
A:
Because we want 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.

➡️Part 3: Free asking (5 best questions)
Q1: @mrsskimha
Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
A:
We will do code auditting after we complete the testnet. Security is always the top priority.

Q2: @honkay_ba
Which one of these aspects important for you?1-Increasing Token Price&Value2-Empowering Platform Development3-Building Community Trust4-Expanding Partnership GloballyIn what order?
A:
I think community is the most important thing.

Because, as I already said, this is a Defi project. And the best of Defi is that it can be driven by community purely and does not need any centralised institution.

It is a global project and you can use it from anywhere in the world.

Q3: @Juna268
Does your foundation only peoply of your own country or all over the World?
A:
Our team is an international team, so we have team members from different countries.

Q4: @Rongdhongs
Do you have a Token Burning plan to increase Token value and attract Investors to invest?
A:
Yes. Fees collected from trading in Kingsman and interests charged from users who don't join the SDP will be used to buyback and burn CRF.

Q5: @Mexproning
Binance smart Chain blockchain is having high transaction speed and cheap gas fees, Are you planning to launch your mainet or switch to other blockchains in the future?
A:
Currently, we are building the project on Polkadot. But we plan to expand our project to other chain in the furture.