AMA Recap — Lithium Finance
The session of AMA ( Ask Me Anything ) with Lithium Finance was conducted on 16th Nov 2021 at 5:30 PM IST (12 PM UTC) and lasted for 1 hour.
ADMIN ROUND
I welcome you on behalf of Crypto players India team, hope you will enjoy today’s AMA session.
Very excited to have you with us.😊
Jonty|Host
Please tell us about yourself and the team working on Lithium Finance?
David Lighton
sounds great, again, thanks for having us here. We really appreciate it and it’s wonderful to meet your community. I’d like to use this opportunity to talk about my fellow co-founder, Steve Derezinski. Steve is a Senior Executive and MIT Blockchain Engineer & MBA, who has launched 80+ startups that have cumulatively raised over $250M to date. Steve and I share the same ethos, that bringing real-world assets into the world of decentralized finance — offering financial services with no intermediaries or guarantors — is the final frontier of crypto. However, this vision of decentralized trust can’t be realized without the right pricing oracle. Why would I buy private stock, if I don’t have a good idea of what it is worth? The market still hasn’t seen a pricing mechanism that’s able to price illiquid real-world assets effectively. This is the problem that brought us together. On my own background, I am also the Founder and CEO of SendFriend, a FinTech startup using the blockchain to create faster, less expensive, and more inclusive international money transfers for immigrants in the US. Prior to founding SendFriend, I served as Special Assistant on the Haiti Desk in the World Bank following the devastating earthquake of 2010 and co-authored the Haiti National Financial Inclusion Strategy, a Central Bank-sponsored initiative to increase consumer account penetration from 25% to 50% of adults. I hold an MBA from MIT — Sloan School of Management and an M.A. and B.A. with honours from Johns Hopkins University.
Jonty|Host
What is Lithium Finance? Please provide a detailed introduction.
David Lighton
Lithium is the first collective-intelligence pricing oracle to give precise and timely pricing on private, illiquid assets. We strongly believe that the traditional financial sector can be improved enormously through the tools of DeFi and cryptocurrency. As the DeFi space and the traditional finance world converge, the needs and expectations of having real-world assets in the DeFi space are also growing simultaneously. Pricing these assets in a decentralized manner is an inevitable process of bridging the two worlds together. Although existing oracles can bring pricing information to DeFi, most of these protocols cannot provide the information promptly. None of them is specialized in private and hard-to-value assets. With all that in mind, Lithium Finance — a new type of pricing oracle that uses collective intelligence to price the unpriced — could be the key to opening the door and bringing real-world assets into the DeFi space. My greatest hope for Lithium is to create a bridge between defi and traditional financial services and functions that open doors for millions of users. We want to have top investors and institutional advisors as clients as well as the kinds of retail investors who made waves on social media. Lithium is a community of coexistence.
Jonty|Host
What is wisdom node? And how can one earn tokens through it?
David Lighton
Lithium Finance’s native token, $LITH will be used as a reward mechanism and as a staking token for questions and answers. It is essentially the fuel that powers the Lithium ecosystem. During the process of posing a question and answering, each individual will stake a certain amount as either bounty (when asking a question) or confidence (when answering). This combination of staking creates stronger signals towards the best information. Bounty offers from Wisdom Seekers will incentivize Wisdom Node answers. The more valuable information is to someone, the more they are willing to pay for an answer. With many people wanting access to the same information, the bounty can become substantial. It is also a way for Wisdom Nodes to build their reputation and further increase their reward potential for correct information. When each Wisdom Node provides an answer to the question, they will stake a certain amount of LITH tokens to signal their confidence. This, together with their reputation within the sector of answers, increases their influence and also the potential reward of the bounty plus other incorrect stakers. Lastly, the token facilitates rewards for Wisdom Nodes for correct answers. Once the Wisdom Nodes’ answers are known, the bounties of $LITH and the Wisdom Node stakes are pooled and distributed according to how close their answers come to the ground truth.
Jonty|Host
What are the features and token utility? Also share your Roadmap.
David Lighton
The $LITH token is one that forms the bedrock of a robust use-case. Lithium Finance’s cutting-edge pricing oracle will revolutionize the world of finance by making accurate pricing for illiquid assets accessible to one and all. The LITH token powers this fascinating movement. Members can hold Lithium tokens and become part owners in the protocol, and get a high reputation by doing so. Members can realistically make meaningful profits on the platform as the reputation multiplied by the value of staking is the value you can take away from the platform. $LITH is a deflationary currency, so early investors in the token potentially stand to earn huge rewards! For our business and product roadmap, please click here to find more:
https://medium.com/lithiumfinance/introducing-lithium-finance-business-and-product-roadmap-ced9426de946
We also have a regular tech update, read more here: https://bit.ly/3vQ8ONz
TWITTER ROUND
Recently, Lithium established its alliance with Clearpool. My question is in which specific parts of its functional structure will Clearpool bring benefits and what will they be?
David Lighton
Great question! Yes, we recently announced our partnership with Clearpool — this will enable their protocol to receive pricing information of secondary market tokenized credit. One major value this adds to Clearpool is that they are able to ensure adequate risk management which is very important.
Who are the investors in LithiumFinance? How have these investments helped the project in developing?
David Lighton
Another great question! We are honored to have such an impressive list of investors with interest in Lithium Finance — most of our investors have also signed up as either Wisdom Nodes or Wisdom Seekers! The full list of our investors can be found on our website www.lith.finance but they include: Pantera, Hashed, FBG Capital, Coin98 Ventures, Shima Capital, PetRock Capital, Vessel Capital, Soul Capital, Gate.io, DuckDAO, AU21 Capital, ZBS Capital, Divergence Ventures, Autonomy Capital, Astronaut Capital, Ellipti, GAINS Associates, and more.
What is the ultimate mission that Lithium Finance is trying to achieve in the crypto field? Obviously, the crypto market will experience huge growth in upcoming years, so which role would you like to play in this game?
David Lighton
Thanks for asking this — it’s a very important question. As the DeFi space and the traditional finance world converge, the needs and expectations of having real-world assets in the DeFi space are growing simultaneously. Pricing these assets in a decentralized manner is an inevitable process of bridging the two worlds together. Decentralization can remove the “trusted” intermediaries of the financial world, creating more efficiency, transparency, and better pricing for everyone. This is also an essential part of further integration of DeFi and traditional finance in the long run so that communities can offer their financial services without relying on banks, brokerage, valuation experts, and other intermediaries. Although existing oracles can bring pricing information to DeFi, most of these protocols cannot provide the information promptly. None of them are specialized in private and hard-to-value assets. With all that in mind, Lithium Finance — a new type of pricing oracle that uses collective intelligence to price the unpriced — could be the key to opening the door and bringing real-world assets into the DeFi space.
COMMUNITY ROUND
Richard Crockett
Do you have Whitepaper if yes, please share it with as secondly do you have plans for pre-sale? Now where can we Join it?
David Lighton
https://lith.finance/Lithium_Finance_Litepaper.pdf
We’re already trading on multiple exchanges! Incluidng Kucoin, OKEx, and others!
Vivian Smith
How will you continue to promote Lithium products in the future? Do you already have plans for other interfaces with other companies?
David Lighton
We are planning to market Lithium based on 5 pillars going forward, 1) making Twitter our main channel for communication, 2) evolving our telegram strategy, 3) making our discord public, 4) high-value partnerships with layer 1s and other top projects, and 5) product-driven content.
July Miu
What is the ultimate goal of “Lithium’ ? What are the applicability features that make the project stand out from the current DeFi projects?
David Lighton
great question. The ultimate goal of Lithium is to help bridge the gap between DeFI and CeFi. We want to be the crucial bridge between real-world assets and on-chain commerce. With better pricing infrastructure, more people will be willing to do business on-chain. More simply, we are creating a way to price the unpriced, improving the liquidity of many assets 😉
James Chauarria
Do you have any plan for building Nfts into your eco system because that is the hottest topic on crypto space?
David Lighton
we do plan to help value NFTs. Please have a look at the partnership we recently announced with Palm NFT STudio: https://medium.com/lithiumfinance/lithium-finance-and-palm-nft-studio-partner-on-appraisals-of-one-of-a-kind-nfts-9a948a4882ea
Crypto_Blasters
Do you plan for BSC or Your project in future?” Do have plans to add your project in various blockchains in the future?
David Lighton
Right now we are talking to multiple layer 1s about our next integration after the Ethereum mainnet launch! Most of the chains we are talking to are EVM-compatible, but others are not. Please, stay tuned and in 2022 we will announce new layer 1 partners!!!
Ross Taylor
Where can I buy your tokens now. What are your current contracts, and how can I buy them and what are the benefits?
David Lighton
https://www.coingecko.com/en/coins/lithium-finance
Thomas Hearn
Most investors are looking for short-term profits. They will sell the token as soon as it is listed on the exchange. So does projectLithium have any plans to prevent investors from selling tokens early? Do they get any benefit from holdingLithium tokens?
David Lighton
Over time, we want to focus more on discord and Twitter to attract techies and other crypto enthusiasts who will be long-term holders. We have started grassroots though! And we are proud of what we have achieved to date!
The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guest David Lighton from Lithium Finance. AMA Concluded at 6:30 pm IST.
About us!
CryptoPlayers is one of the oldest & largest crypto communities in India since early 2017. We are a group of 20000+ telegram members and growing.
Our community consists of active traders, investors, experts, some official representatives of projects, etc.
