we hosted an amazing AMA with Pledger Finance on the 4th of september
And here we will put some of the best questions:
Q1. Can you introduce yourself to our community?
Sure, my name is Douglas Lu-Hill, I am a Sr Product Manager at Pledge Finance.
Q2. Can you briefly tell us what is Pledge Finance ?
Pledge aims to be one of the first fixed rate and term defi lending protocols on the Binance Smart Chain.
Q3. Let’s now talk about the milestones you have achieved so far and about your upcoming plans?
We’re only incorporated in Feb 2021 with just under 5 people and now we’ve grown to 20+ and are still growing. We’ve developed a testnet version.
Q4. Every project has a story behind their name, Can you tell us more about the story behind this? Who are the team behind this project? can tell us their background?
The project concept came up with Tony our CEO who had a discussion with the co-founder of DH.VC Kevin back in February, and the idea has been sticking with him since. He believes that Pledge Finance is one of the kind of defi projects that is going to be able to make it out there to the world, and really bridge the gaps between the traditional finance sector as well as the decentralized finance sector. Allowing the trillion-dollar $1,000,000,000,000 from the traditional space to be able to join in this blockchain/crypto movement.
Q5. DeFi is one of the hottest and most sought-after topics in the blockchain space right now. Can you share your opinion on DeFi with us? Do you think DeFi will disrupt the current financial system? What is Pledge Finance’s approach to the DeFi sector?
DeFi is a blockchain based decentralize form of finance that does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments; instead uses smart contracts on blockchain, the most common on Ethereum. Pledge Finance is all these things about Defi but on Binance Smart Chain, this allows Pledge Finance to take advantage of the low transaction fees and be supported in a different ecosystem. For users and investors who want an alterior risk averse stable solution to Ethereum based defi, Pledge Finance is the solution.
And here we will put best questions from our members and Pledger Finance fans:
Q1) As you aim to be the crypto-asset lending platform for all, does this lending is applicable for collateralized or uncollateralized? If ever uncollateralized, how will $Pledge assure that lender will pay it’s loan? What guarantee that lender will not run away from their loan?
I think you mean the borrower not the lender. Borrowers in traditional finance could runaway with the loan. The lender is depositing their money though. The borrower by our protocol law must use collateral in order to have a transaction, as you may recall blockchain are inherently secure, to hack the Binance Smart Chain would be incredible difficult, no one has yet to do that on any of the big chains. Binance is the 3rd largest chain in the world by market cap after Bitcoin and Ethereum. So for now until we say otherwise, there are no borrowers who can borrow without collateral.
Q2) As you enables each loan term (interest rate, maturity) to be fixed when the loan was made, avoiding interest rate volatility for long-term loans. So,can you tell us how to take loan I’m your platform?Are you open with collateralized or uncollateralized loan with Pledger Finance?
On our site we have a testnet version. To take a loan, the user has to be as a borrower, the user will need to have a MetaMask account. For now users cannot use real money, so your not going to be able to make any real transactions. We only support collateralized transactions for now.
Q3) They said, alot of new projects have a lack of liquidity, especially on their early days, resulting in extreme volatility & price impact of the token. So as a fresh Platform too, whats your Crypto solutions for this & what makes your Farm Platform different & unique from others?
Pledge Finance AMM is based on a logit curve that maintains approximately 95% of our transactions within a reasonale range furthermore we do not allow rates to slide between transactions. This makes it more stable against traditional variable rate risk.
Q4) In such a competitive environment, how do you plan to scale and develop your Pledge Finance to a greater height in order to reach for the moon? And how can you differentiate yourself from your competitors in terms of technology and customer support?
The competitive environment right now is mostly coming from Ethereum based fixed rate companies. As we are on Binance we pose a greater opportunity to the attract users on Binance to use our platform. One of our key competive advantages is our deep network of blockchain and crypto expertise in the both Beijing and Silicon Valley where we are based. We can leverage our advisors and developers who have expertise from UC Berkeley and Stanford.
Q5) Explain your plans on global expansion,is it only market you are focusing All the time,And you focus on building or developing and getting customers and users, or partnerships?
Yes we plan to expand to other chains down the road and expand our partnerships. We just developed a partnership with Harmony in fact.
Q6) Most users only care about immediate benefits rather than the real value of the project in the long-term. How can Your Project convince users invest to your platform in the long-term?
Pledge Finance plans to build its community like many other established brands through interactions, earned trust and over time with its community. Certainly there is a goal to recruit more people with Blockchain experience to the #Pledger team, we always looking for the best and brightest.
Q7) Where does the project name come from? What does it mean for you and why did you choose that name for your project????
As many of you may know pledge is a formal word in English that means a binding promise or agreement to do something and a pledger is a person who abholds that promise. It seemed like a natural choice for names as it is a promise to establish our vision. For our future we want to a solid household name choice for defi lending in the crypto space.
Q8) Which one of these aspects is important for you?
1-Increasing Token Price & Value
2-Empowering Platform Development
3-Building Community Trust
4-Expanding Partnership Globally
In what order?
1-Building Community Trust
2-Expanding Partnership Globally
3-Empowering Platform Development
4-Increasing Token Price & Value
Q9) Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project?
Yes one of our biggest markets is China and Southeast Asia, we have teams making connections out there to establish communities
Q10) Tell us a little bit about security? Have you done an audit of the platform? Are the smart contracts error-free? What are the test results?
We plan to have our code audited by crypto security firms, at least 1 firm.
And this was the end of our AMA with Pledger Finance.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- https://www.pledger.finance/
Medium :- https://medium.com/pledge-finance
Twitter :- https://twitter.com/PledgerFinance
Github :- https://github.com/pledger-finance
Discord :- https://discord.com/invite/eyEhZfEqyy