Crafting is a protocol for forging and trading synthetic assets on Polkadot
Saigon 💎 | OIG: Greetings OIG Family! Welcome back to the OIG Main Stage where we have with us Obed (Core Contributor) of Crafting Finance. A universal synthetic asset issuance and trading protocol.
Welcome Obed, a pleasure to have you here mate! 🎉
Obed Tiony: Thank you Saigon, my pleasure to be here. Hi everyone.
Saigon 💎 | OIG: Absolutely, can you tell us about your background, your role in the project and how you came to find yourself at Crafting Finance?
Obed Tiony: Thank you . I’m Obed Tiony, the Core contributor of Crafting Finance, a heavy Defi User and a Crypto early adopter. I got involved in Blockchain for more than 4 years, and I thought Defi would be a really promising aspect of the whole crypto world and that’s why I got into this industry.
Saigon 💎 | OIG: Awesome! Look’s like your bet paid off, it must have been great to see DeFi summer last year completely take off with all of these different protocols and projects taking the centre stage!
We are always interested in the experiences and qualifications of a projects core team, can you outline this for Crafting Finance?
Obed Tiony: We have a very effective and efficient team of experts so far, rocket scientists I can say 😆we are like a family everything is moving smoothly and we do all have confidence that this project will be a great deal. Moreover, here are a few of us.
ANRAY Z-Ambassador of Polkadot, Author of the Book “Introduce to Rust programming”. Master of Science in software engineering. More than 10 years’ program development experience. Familiar with blockchain product design, on-chain data processing and smart contract.
Myself am Obed Tiony , the Core contributor of Crafting Finance, a heavy Defi User and a Crypto early adopter. I got involved in Blockchain more than 4 years ago. PhD in Finance.
Dr. Owen-Ph.D. in Economics from the University of Kentucky. Researcher in Cryptocurrency, Macroeconomics, International Finance, Monetary Economics. Expert in synthetic assets and token economics.
Milan Dzogan-Rich has experience in operation and marketing in blockchain projects since 2018, Familiar with the media and community, also a geek in blockchain world.
Saigon 💎 | OIG: Oh man, a lot of PhD credentials on this team. That is very exciting to watch!
We would like to know a little about the story of Crafting Finance, how did it come about and is there anything significant about the name?
Obed Tiony: This question is quite interesting itself.
We first thought of the name Crafting, which comes from the game Minecraft when one of the founders Anray’s sons 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.
Saigon 💎 | OIG: Oh man, who does not like a good in-game crafting mechanism. This is a very creative take on synthetic assets within blockchain!
Please tell us about Your core products, Forge and Kingsman, what are they, their key features and how exactly they work?
Obed Tiony: Yes indeed ! The main functional modules of the entire system are Forge and Kingsman. Forge is where synthetic assets are minted. Users use CRF/DOT/KSM/BTC/ETH as collateral to forge different kinds of Rafts in Forge, the collateral rate is different for each kinds of token. Kingsman is the decentralized contract exchange using sharing debt pool trading9( SDP) mode.
Users can forge a certain synthetic asset, such as the US dollar, by collateralizing supported tokens, and automatically have a long position in the asset. Users can also convert minted assets into other assets through the trading platform, so as to realize the purpose of shorting the asset and longing other assets. The assets minted by all the users correspond to the liabilities of the entire system, and the proportion of each user’s liabilities has been determined at the time of forging so that their respective profits can be calculated. Because such a collateral pool model does not require a counterparty, it perfectly solves the problems of liquidity and trading depth in decentralized exchange (DEX).
Saigon 💎 | OIG: Awesome stuff, we see a lot of different synthetic projects and protocols on the market, but this core mechanism that addresses the issue of liquidity makes me very interested in Crafting.
To speak on that more, there are a number of Synthetic asset issuance and trading protocols starting to come out in the market, what makes Crafting stand out from the crowd, what is different about yours?
Obed Tiony: Please you can see this comparison among the synthetic assets projects.
Saigon 💎 | OIG: Great stuff!
Obed Tiony: The potential market cap for tokenized stock/debt/derivatives is thousands of times over the current crypto market, and Crafting Finance Estimated Synthetic Assets
The potential Market cap of Crafting Finance would be more than 200 Billion USD.
Flexible Collateral — we will allow use of different kinds of Collateral in the Forge for example BTC , ETH,NFT,CRF,DOT, KSM,etc the collateral rate is different for each kinds of the tokens
Universal Raft-Raft will support almost all kinds of potential synthetic assets.
Optional Crafting-User could choose whether entering the SDP, which will allow flexible position choice.
NFT fractions-Crafting finance will support the NFT synthetic fraction rafts.
Low Slippage-Due to the sharing of the whole SDP’s liquidity, the price slippage of trading in Kingsman is significantly lower than existing exchanges.
Saigon 💎 | OIG: Thank you for this comparison. You definitely have been listening to consumer opinions on what works and what does not with Synthetic Assets, because a lot of what you are addressing here are concerns that have been brought up by the general public!
Our community love to dive into the tokenomics of a project and the utility of a projects coin. Can you tell us a little about $CRF, what is it used for, why is holding it profitable for investors, how important is it for your ecosystem and most importantly…when and where can we get it?
Obed Tiony: This is where you can see all the goodies .
Tokenomics
Max Supply: 2,000,000,000
The Crafting Finance (CF) token is $CRF, with a hard cap of 2 billion
TOKEN DISTRIBUTION
40% for liquidity Incentive
19% for offering and sale
1% for initial liquidity
14% for ecosystem partners
6% for project marketing
5% for advisors
15% for team
$CRF is the project token as well as the governance token .The parameters involved in CF, including the increase or decrease of the types of collateral, the adjustment of the collateralization ratio, the types of synthetic assets, etc., can be determined by voting by CRF holders.
There is a reward for users who’re using the CRF as collateral, hence 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 buyback 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!
Saigon 💎 | OIG: Great tokenomics mate, a very equitable distribution! And VERY excited to see what kind of CEX that will be released on…
We see you will actualize your project in a few different versions, why is this? Can you tell us where you are in your roadmap and what things can we look forward to in the future with Crafting Finance?
Obed Tiony: On our road map we have different stages of the whole project.Since we need to focus on the most important aspect and features, hence the need that we have to roll out these different features in stages.
Columbus is the First Version of Crafting Finance, we will launch Raft/RaftStable issuance, build SDP and Kingsman, and allow users to choose whether join the SDP.
Zhangqian will enable the NFT Fraction, and the RaftBond will be online for issuance and trading.
Thorvaldsson-UnivRaft will be online for universal synthetic assets, user could use it to issuance smart assets.
Vasco da Gama -Will launch the brand-new oracle system which could feed every asset‘s price all over the world
Hoping for a very fast expansion globally.
Saigon 💎 | OIG: Awesome! This is quite a compelling roadmap. And whoever came up with the branding. Good job!
Well mate at this point I’d like to turn it over to the community twitter questions
Community Twitter Questions:
Twitter question 1)
Obed Tiony: Crafting Finance is a decentralized platform and rUSD and rEuro was just two examples, we will encourage users and institutions to offer their own stablecoins, hence a variety of them at long last.
Saigon 💎 | OIG: More variety for stables is always better!
Twitter Question 2)
Obed Tiony: Yes, Custom synthetic assets means that users can issue any kind of financial contract through this system. In this way, we can stimulate any financial derivatives and include the whole world’s assets, hence we must see the complexity of the assets itself, hence we can code a price of a commodity but i guess we wouldn’t likely deal with assets likes cars, donkey’s.
Saigon 💎 | OIG: A synthetic donkey sounds pretty awesome though. 👀
Twitter Question 3)
Obed Tiony: Thank you . Our project is based on Polkadot which is built for scalability and interoperability. So its performance will be much better than other Defi projects built on Ethereum. And yes, we have plans to expand our project to other chains like BSC, avalanche and Solana.
Saigon 💎 | OIG: Great plans ahead for this project Obed!
Well, this concludes our time with Crafting Finance. Are there any final words you would like to leave with our community Obed?
Obed Tiony: Yeah , Thank you so much for hosting me here. Hoping the few details we have shared together will help this community to understand more about Crafting Finance.
Please welcome to our team and we will sail together. Here are some of our social media platforms, you can join our community as well as follow us.
website: http://crafting.finance/
Twitter: https://twitter.com/craftingfinance
Telegram group: https://t.me/craftingfinanceofficialgroup
Discord: https://discord.gg/89upsrRUNY
