5.18 Hoo AMA content
Q1. Can you give Hoo members a brief introduction of Claim
Claim is the next generation credit-based stablecoin and a DeFi protocol.To start with, we plan to deploy the Claim protocol on the Ethereum network first, and then on Binance Smart Chain.
Q2. Claim Finance as a stablecoin track protocol introduces a new concept of on-chain credit evaluation that can be given to me. Can you briefly introduce the project?
Sure, Claim enables users to pledge their assets and generate stablecoin cUSD for capital circulation. So it’s an algorythmic stablecoin.
Throughout the development of DeFi stablecoins,the most widely used model is still of stablecoins minted against pledged assets. Claim can not completely rely on the current value of the mint’s assets, but the expected future returns of the assets will also be used as trusted collateral, which will greatly improve the asset utilization efficiency of our stablecoin.
The Claim protocol allows users to deposit assets through the aggregation income platform for capital allocation and generate investment income.
The ROI in these assets will serve as the support value of Claim’s credit system. In our model, the user’s deposited assets can not only be used as collateral to obtain stablecoin cUSD for capital circulation, but also can enjoy the credit leverage formed by the expected return of assets, which greatly enhances protocol’s utility.
Q3. We know the stable coin of the first generation algorithm Amplforth and the stable coin of the second generation algorithm Basis Cash, which have been popular a while ago. Compared with them, what are the advantages of Claim and what are the upgrades made?
Indeed, Ampleforth (AMPL) and Basis Cash (BAC/BAS) are two great examples of the algorithmic stablecoin projects.
However, AMPL was maintained at a level of slightly less than $1 in the early stage, maintaining a small deflation. Since Basis Cash’s bonds will not expire, it will increase the difficulty of returning to more than $1, so the mechanism is not perfect.
In this regard, Claim is a brand new thing in the DeFi space. How it works:
DAI will be supported as a pledge asset in the initial stage. After the user deposits the stablecoin DAI, cUSD will be minted at the ratio of 1:1. The protocol will use the user’s deposited assets and cUSD to allocate assets through the aggregated income platform to form investment income.
As said before, in our model the user’s deposited assets can not only be used as collateral to obtain stablecoin cUSD for capital circulation, but also as a credit leverage formed by the expected return of assets.
We believe that would be a killer feature on the market that’s hard to be replicated.
Q4. How do you keep your money safe?
Well from the very beginning, the Claim team has eliminated the possibility of direct contact with the user’s assets at the technical level.
Indeed, all operations are performed through smart contracts, and the user’s rights can only be operated by themselves, eliminating the possibility of malicious actions. And for the funds on the platform, we adopted the multi-signature design, pool separation, proxy contract, etc., to isolate user’s assets and platform insurance hedging funds.
To prove the highest security standards are met, we sent our code for review to SlowMist Security Audit. The audit number is: 0X002104150004, and the contract has no risks in a comprehensive assessment.
Q5. Previously, Claim is still in its early stages. Can you tell us which investment institutions are involved in early-stage investment?
Claim has received a lot of attention from capital, and has completed the first round of strategic investment. Participating institutions include NGC, Silicon VC, Hoo Venture, C6E, Vega Venture, WaterDrip Capital, SpaceX, Excision BioTherapeutics, and a fund of NIO investors from Silicon Valley.
Q6. How does the pool of claim guarantee the liquidity of funds? In the early stage when there is not enough personnel to participate, how to ensure the exchange needs of some users? Is there any funding for the project to ensure the stability of the currency price? (Core one)
As one of the core modules of the Claim platform, Vault plays an important role in revenue capture. After users deposit assets (the initial support asset is DAI), Vault will aggregate the assets and deposit them into the preferred income mining platform (Yearn at the initial launch). The proceeds will be sent into the mutual fund pool to support the entire Claim ecosystem.
Main Pool
After this pool accepts the user’s deposit, cUSD will be minted in a ratio of 1:1. cUSD can be exchanged through the DEX platform such as Curve, and early adopters can participate in the liquidity market making and mining to obtain $CLAIM tokens (government token). At the same time, the Claim agreement allows the user to redeem any stablecoin assets in the pool in ratio 1:1 ratio.
Mutual Fund Pool
The mutual fund pool controls the distribution of revenue from the Main Pool. When we launched, we wanted the Claim Platform Governance Token $CLAIM to be widely held by the community. Therefore, the mutual fund pool spends a major portion (80%) of the proceeds on the repurchase of Project Governance Token $CLAIM and Liquid LP Token of DAI. The remaining 20% will be governed through the DAO as a community mutual fund. With the progress of the project, the income distribution of the mutual fund pool will be allocated more and more by Claim DAO.
We expect to open the LP pool of claims in May. At that time, all Claim users can provide LP liquidity to obtain liquidity incentives and continue to empower Claim.
Q7. I heard that Claim is going to be listed on IDO included Hoo.com recently. When is it going to be on which platform more? Approximately how much whitelist quota will be given to users?
yes, indeed we also plan an IDO at DODO on May 23, and there will be about 200,000 Claim quota for users to participate.
Q8. Does Claim have any plans for listing recently, or is it only traded on dex at the beginning? How much is the initial circulation?
Yes, Claim will be traded on DEXes first, but we are always in contact with the centralized exchanges. So let’s see.
Q9. How is the $CLAIM mining activity arranged? How to participate?
During the launch phase, a 6-week mining activity will be carried out and approximately 12 million $CLAIM tokens will be distributed.
To participate, please join our Telegram chat and our community team members will help.
I’d like to thank the community one more time for you questions — would love to answer even more!
Q10.What other way will you make your project more popular?
So yes, we have a huge plans for overseas activities like building a huge network of influencers and community members in different countries. We’re also working with a number of platforms (like I mentioned, we have an IDO at DODO this week), which is also about community growing.
Our ultimate goal can be split into three points:
- product delivery — to develop the market leading stablecoin procotol
- community building — to have as much community members as possible across various countries with huge interest in crypto, like Turkey, Latin America etc.
- data-driven approach — TVL, community and many more metrics should grow constantly.
that’s basically what’s our strategic marketing efforts for the coming months.
As far as I can see, NFT and BSC are the next trend of new projects. As I know there are a lot of very good development projects on this platform, what do you think about this development?
So yes indeed, NFTs is a hot topic these days, but at the moment we would concentrate our existing resources on that. definitely we’re looking after the market, and will enter the market at some time. but it’s not the top priority at the moment.
regarding BSC in general — it’s a crazy thing, I mean, it’s a very cool network. I believe a kind of symbiosys between Ethereum, BSC and Polkadot we will see soon. We’re also working on it.
Q11.How long does it takes to create a project like CLAIM and what are the significances team had considered?
So it’s all about vision and passion of the team. It’s hard to say that such a project can be done within couple of months on a sole enthusiasm without any solid background of the team, however, our instant motivator is to make a real thing, not just the copy of any existing system. we’d like to improve the whole DeFi space, make it a better place for anyone. that’s what [articularly drives me and my team.
