On Wednesday, June 9th, we had the pleasure to welcome to our Telegram chat:
Jun Yong, The Chief Protocol Contributor at HaloDAO.
We asked him questions about the development of HaloDAO.
Q~ Please start off by introducing yourself to the Blockchain Space community and your role in the team ?
A~ I’m Musashi otherwise known as Jun Yong, Protocol Lead. I came into the DeFi space from ConsenSys. Working on Fintech and Luxury projects, notably LVMH Aura. We started initially from migrant workers and their financial exclusion.
For my role, I’m focused on the strategic vision, partnerships, operations and tokenomics design. Our CTO is handling the product.
One of the key problems to solve is to expand the usage of local stables. Currently the only stablecoin projects that have been successful is USD. We intend to widen that for all people in the various local markets so as to widen DeFi adoption.
Q~ Tell us what HaloDAO is, how it works, and what kind of value the protocol adds to the ever expanding DeFi ecosystem ?
A~ HaloDAO is a protocol that allows anyone to swap, lend/borrow and receive yield in local asset backed stablecoins wherever they are in the world by building a stablecoin marketplace protocol that bridges traditional finance and decentralised finance.
We do this by building a stablecoin optimized Automated Market Maker (AMM), to facilitate efficient, on demand currency exchange and a stablecoin specific lending market that provides high interest yields on local currencies.
The value that we bring is by expanding the stablecoin supply in the ecosystem, allowing local people the ability to take advantage of DeFi use cases in the currencies they are familiar with.
And we are betting that the future is one where people will want to get involved with DeFi via stables.
Q~ Can you share with us detailed information on the $RNBW tokenomics and it’s usecases ?
So we have 3 tokens in our community universe;
There is our governance token: RNBW
RNBW (ERC-20) is the governance token of HaloDAO. It can be used to vote on proposals submitted by other HALO token holders during protocol governance and it can be used as collateral to borrow stablecoins. Further, over time RNBW is bought back from the market and either burned or used as liquidity rewards for farmers. RNBW token holders in active governance will also be able to earn stablecoin voting rewards from the network later on as we develop the later stages of the contracts.
The second is our vesting token: xRNBW
When you supply liquidity to HaloDAO’s AMM (exchange like uniswap) or lending market, you will earn xRNBW, which is worth more RNBW the longer you hold it. So the longer you hold xRNBW, the more RNBW you get.
From a trading perspective xRNBW helps to reduce selling pressure for RNBW.
The third is our community token: LPOP
LPOP token can be staked to farm RNBW to reward participants of The Great Hunt.
Post launch, we intend to add new functionality to this token.
Xiaolin : Any info on the tokenomics of each?
Musashi : So tokenomics and the breakdown will be revealed to the community closer to the IDO.
Total supply will be 100m tokens for our governance token RNBW.
For LPOP, given its a community token, at the moment, we have not determined a maximum supply.
Q~ Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises ?
A~ We have raised 3.5m -> these funds have been allocated to support the team for development.
Part of our strategy involves incubating ecosystem projects that provide our protocol with exclusive liquidity.
So, we will be doing further raises in the future.
You can find out more about the fundraise in various languages on Linktree.
One of the core thesis of HaloDAO is that to bring disruption, we need to have non-disruptive adoption. What this means is that we make the interfaces and experiences for interacting with DeFi as similar as possible to existing fintech products.
This is achieved with Stables being the main way people interpret information and track value.
We’re currently hiring for people to build this out with us, so if any community members here are interested, please complete this form:
Q~ Can you give us an update on what the team at HaloDAO has accomplished till date and your future plans for HaloDAO ?
A~ We’re just about to launch but here is our roadmap.
After our IDO, we will launch a liquidity mining program (“v0”) that will allow AMM LPs across the Ethereum mainnet and other chains and layer 2s to earn HALO before full product launch.
Full product is scheduled this August (“v1”).
It will include our stablecoin optimised AMM for efficient stablecoin to stablecoin swaps.
It will also include a stablecoin focused lending market where you can gain high interest yields on local currencies.
This allows our community members to stack yield on their local stables.
Future plans for HaloDAO:
We intend to develop our ecosystem projects to drive exclusive liquidity to the protocol.
What we mean by exclusive is that, currently in a permissionless DeFi space. Liquidity is not sticky, it can move to wherever has the highest APY. So what we mean by exclusive is chasing after retail use cases such as the wallet -> whereby users are exposed to only our Defi infrastructure.
So they can supply the protocol exclusive liquidity because their fiat is onboarded into the wallet -> deployed into the protocol. and they cannot see or interact with other protocols.
In this case, less is more, since users can fulfil all their DeFi needs with just one simple interface instead of having choice paralysis which is whats happening with other wallet projects.
The wallet is just one of the segments we look at, we will be developing others.
Apart from building products, we are also going to onboard other e-money issuer teams & on/off ramps to have wider and wider coverage across the global markets.
Protocol partnerships will also accelerate post-launch since integrations will be possible. Early talks have been conducted with teams that we all know and care about.
QUESTIONS FROM TELEGRAM
Q~ Why did HaloDAO choose South East Asian currencies as local stable currencies? Will HaloDAO also support local stable currencies from other regions?
A~ We picked Asian currencies because on/off ramps can be conducted via bank transfer.
This makes it easier for people to convert their FIAT into stables, very much similar to how people can get into circle and get USDC.
Q~ I read on your Medium that you will be sponsoring the inaugural season of the Lunacian Scholarship League, a league for Axie Infinity players. Could you give us more details about this sponsorship? What led you to make the decision to sponsor this league?
A~ One of the things we’re doing is to facilitate SLP: local stablecoin pairs. So players can swap between SLP and localisation.
Q~ I noticed your project is focused on people who are rookies in the cryptocurrency. How does your platform facilitate the process for new users? It’s the interface easy to understand and navigate?
A~ That is the desired outcome. Initially, we’re focused institutions because they are able to deploy capital easier.
So its a phased approach, working with our market maker partners/investors -> to bring in institutions first -> build ecosystem products and partnerships to reach the rookies.
This means we need to take a long term focus to the project and also why we face less competition, many protocols want to get easy liquidity but the real liquidity is in fiat.
Q~ I was reading and found out you have $HALO tokens in your ecosystem, but during the AMA you mentioned just RNBW,xRNBW and LPOP tokens, what’s the function of the $HALO token?
A~ Good question, HALO has been rebranded to RNBW.
RNBW and xRNBW are now our core tokens. The reason for the rebrand is because its easier for people to follow instead of seeing 3 different token names.
Q~ What are you working on to keep bringing more innovation to the market? Can the community that supports you expect surprises in the near future?
A~ The key battle in the DeFi space is not only on the protocol level. The future of DeFi is which Protocol can build out its strongest ecosystem suite to drive exclusive liquidity.
There are two different angles broadly to think about this, either chase the enterprises/private wealth for big money or the retail for smaller sums of money.
Over the period from July to May we saw a 10x increase for stablecoin flows.
Focusing on stables that are non-USD is hard because no one has built the use cases for it yet, so our competition is less.
So precisely because of that, as we work to reduce friction to enable these fiat conversions into stables, our TVL can build sustainably and in a defensible way in the long term.
The only defence in DeFi is innovation and starting from a niche space is better.
I apologise i wasnt able to answer all the questions, but we’ve been collating them and we’ll aim to explain them over our community calls, many were very thoughtful.
It’s really nice having the HaloDAO project in here!!!
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