Trava Finance AMA Recap.
The session of AMA (Ask Me Anything) with Trava Finance was conducted on 1st August 2021 at 5:30 PM IST. (12:00 PM UTC)
AMA at @CrytoPlayers started with a brief introduction by Dr. Minh & Dr. Lam. Here are some highlights of the AMA.
INTRODUCTION
Minh |TRAVA.FINANCE
My name is Minh Nguyen, CEO & Co-founder of Trava.Finance. I completed Ph.D. in Applied Informatics from Slovak University of Technology, Slovakia in 2013. My research and application development interests include distributed systems (blockchain) and data analytics. I have participated in many research projects funded by the European Commission, Slovakia government, Japanese government, and enterprises. With Trava.Finance, our team aims to provide a novel lending protocol for the users that is based on Data analysis to enhance user experience and encourage greater participation.
Lam | TRAVA.FINANCE
My name is Lam, Head of blockchain technologies & Co-founder of Trava.Finance. I received Ph.D. degree in Computer Science from Vienna University of Technology, Austria. I have been working in blockchain field since 2018. Together with my colleagues, we have been developing many blockchain-based applications and publishing novel results at many conferences and journals.
ADMIN ROUND
Jonty|Host
Could you please briefly explain the original purpose of creating Trava. Finance?
Minh |TRAVA.FINANCE
TRAVA is the world’s first decentralized marketplace for cross-chain lending.
While existing lending approaches/solutions provide only one or a few lending pools with their own parameters such as borrow/supply interest rate, liquidation threshold, Loan-to-Value ratio, or a limited list of exchangeable cryptocurrencies, TRAVA.FINANCE offers a flexible mechanism in which users can create and manage their own lending pools to start a lending business. TRAVA also offers the credit score function based on financial data on-chain analyses as a useful tool that reduces risk and increases profits for all users. NFT is also considered a collateral asset in our lending process. Thus, we provide an auction function to price the NFTs. TRAVA enables the cross-chain functionalities that support users to mortgage assets on one chain and borrow on another chain. This helps decrease a lot of transaction fees for the users.
You can follow our project at such channels like:
- Twitter: https://twitter.com/trava_finance
- Group chat: https://t.me/trava_finance
- Channel: https://t.me/trava_finance_official
- Medium: https://medium.com/@trava.finance
- Reddit: https://www.reddit.com/r/TravaFinance/
Jonty|Host
What are the token utilities, real life use cases and total supply?
Lam | TRAVA.FINANCE
We distribute tokenomics with a long-term vision and sustainability for the project. We issue TRAVA tokens based on Binance smart chain’s BEP-20 standard. The total supply is 5 billion. These TRAVA tokens can be used in:
1. Reward: Pool owners can set up rewards paid by TRAVA token. Thus, lending pool depositors will earn rewards by TRAVA token.
2. Collateral and lending: Users can use TRAVA as mortgages. The users also loan TRAVA.
3. Payment for lending fees: Users can pay pool lending fees by TRAVA.
4. Payment for pool management: Pool owners can pay for the pool creation, update (e.g., pool parameters, add/remove tokens, …), and pause by TRAVA.
5. Payment for auction deposits: in the NFT auction process, TRAVA can be used as a locked asset.
6. Payment for auction organization: To perform all auction actions for NFT, the NFT’s owners (auction organizers) can pay the auction fees by TRAVA.
7. Staking for a data validator: To store credit data stored on the knowledge graph chain, the data must be confirmed by validators. The process is built up to eliminate redundant, unnecessary, and insecure data. The knowledge graph data validators stake by TRAVA.
8. Staking to participate in the governance process: TRAVA.FINANCE will become a community solution, thus the TRAVA.FINANCE’s rules are elected by participants, who hold TRAVA’s token.
You can read more information on the following page: https://medium.com/trava-finance/trava-tokenomics-for-a-strategic-vision-a8098eaac5af
Jonty|Host
Are you working on any partnerships or marketing initiatives to help build awareness for your platform?
Minh |TRAVA.FINANCE
TRAVA.FINANCE as we officially announced our partnership with ORAICHAIN — the world’s first AI-powered oracle and ecosystem for blockchains. Both sides now cooperate with each other to integrate AI-powered Oracle services into the lending platform. As the first step of this collaboration, we have provided decentralized credit score rating services using a knowledge graph running on Oraichain Mainnet. More details at: https://bit.ly/TravaFinancexOraichain. We also will have a very interesting announcement about our next partner in the next week. This cooperation is really meaningful in optimizing the user experience on the lending platform with the cross-chain functions based on their Layer 2 protocols. We’re looking for partners in NFT marketplace, as TRAVA.FINANCE allows for NTFs as collaterals.
Jonty|Host
Could you please provide some progress on your Roadmap and what results Trava finance has achieved so far?
Lam | TRAVA.FINANCE
At the moment, Trava offers some remarkable services such as allowing users to create pools and interact with these pools, providing credit scores, etc. You can try the credit score app (alpha version) at https://scoring.trava.finance.
In addition, we have deployed Trava.Finance smart contracts on the Binance smart chain network.
- In this Quarter (Q3) 2021, we will launch a new version of the credit score rating service. We are running a staking program at https://staking.trava.finance/.
In August, Trava token will be listed, please read more information at https://medium.com/trava-finance/trava-listing-announcement-c9ed7f330ed4
- In Q4 2021, we plan to provide beta version of NFT auction and cross-chain protocol.
Twitter Round:
@Jaki73364096
TRAVA want to creates a marketplace in which anyone confident in their abundant capital and profound knowledge of finance is free to create and manage their own lending pools. But could you explain more about the uses of multiple-pool model ? How can pool owners earn more profit?
Minh |TRAVA.FINANCE
Users can create their own pool, provide liquidity for the pool. TRAVA will suggest pool’s parameters like liquidation thresholds, Total-to-Loan, collateral ratios, and so on. When others deposit into the pools and someone borrows, so pool owners can get profits from the liquidity and total amount of loan. This enables a new way of business for everyone.
@Oros71982529
As the knowledge graph plays a crucial role, it can only be updated by a TRAVA’s validator and must be agreed upon by other validators, even though, how often must the knowledge graph be updated? and most importantly, how do you encourage validators to update it?
Lam | TRAVA.FINANCE
Firstly, we regularly update the knowledge to do data analysis. The frequency depends on many factors such as fluctuations of the market, programs/services which we are providing, etc. Next, to encourage validators to update the knowledge graph, we have many ways including (i) it is the requirement to be selected as a validator; (ii) validator can receive fees from users who want to update their credit score in a faster way, etc.
@Wormz29
About the TravaStakingProgram, Congrats on the success of your ¹st & ²nd Snapshots. So can you share how was the outcome of the ²nd Snapshot? And recently you also opened your ³rd Snapshot named “TRAVA OLYMPIC FLAME SNAPSHOT”, can you tell us more about it & how we can take part?
Minh |TRAVA.FINANCE
Until now, our staking vaults locked about $4.5M. We are in the third snapshot after two successful before. Thanks to everyone for your trust, support and encouragement via this program.
For the second snapshot, we reversed the 25M Trava token to reward for whom deposit into our vaults. After 5 days, a total of 25M Trava was already rewarded for all. Of course, the rewards were distributed in proportional to the time and amount of tokens that people have deposited.
For the third snapshot, we reversed 20M Trava to distribute rewards for depositors. Besides, we also run an incentive game called Credit Score Olympic to encourage everyone to join in our vaults. The condition to get rewards for the game is very easy. You have to deposit at least 10$, then you can get up to 100$ in Trava. But if you have a high credit score. You can get up to 500$. Please join and get your money and fun. https://staking.trava.finance/.
@Sara64783561
You have hosted a very useful Ama session and received lots of questions about vision / mission, technology, utilities, etc. So, What do you want to receive from the community And How can we help with your project?
Lam | TRAVA.FINANCE
To us, the community is very important.
Firstly, we want to receive many questions and comments from the community to know what are the requirements, interests of our users. After that, we can improve our services better.
Next, to support our project, we would love to invite the community to join our channels to know what we are doing. Currently, users can start and manage their own lending business by creating their own pools or simply by depositing crypto in one of the lending pools in TRAVA.FINANCE. In this way, you not only assist the development of TRAVA, but TRAVA also brings you huge benefits from lending and borrowing.
@AdamMame1
Trava Finance mention that you will focus more on potential and dynamic markets such as India, Arab countries or Korea. Therefore, can you explain why focus mainly on these regions of the world? Is the project not intended to be global in scope?
Minh |TRAVA.FINANCE
Actually, we would like to serve everyone around the world (i.e global), not only India, Arab or Korea. However, we always listen and consider all feedback, comments from every market like India, Arab to improve our functionalities. Thus improving our QoS that bring to users. This is the main reason for why question: we are here today. We want to discuss with the Indian community, listen to ideas from you via this AMA. Then we can serve you better. We hope the Indian community can support us for a long time. This is a huge motivation for us. Thank you.
Community Round:
Marzia@K|J
When and Where will Trava list? Do you plan to provide Farming for users?
Minh |TRAVA.FINANCE
Thank you for your question. This is the most important information today, which we would like to show you.
$Trava token will be listing on 5th August (4 days next) on Pancakeswap. Please follows our channel (https://t.me/trava_finance) to get updates about the token contract and the exact time when you can buy and trade.
Yield farming is indeed very prominent today and TRAVA.FINANCE does support this functionality. Users can start to farm TRAVA from 5th August after listing time only 2 hours. We encourage users to become liquidity providers of Trava lending pool and earn great profit from it, we also support some other tokens in our pool with high APR.
Donna Hathaway
What are your status regarding the audit of your smart contracts and security mechanisms to protect and assure the participants of the ecosystem?
Lam | TRAVA.FINANCE
I will answer this question. Security is an important requirement for all projects.
To ensure safety, we have several strategies as follows and we are in the process of them:
- Audit internally our code. We have a strong team with high-security skills, led by a Phd in security
- Audit code performed by third parties: We are now contacting some parties: Certik and Haken.
- Check by community: we will organize Bounty and Hackathon events that encourage the community to detect risks.
M.Ginny
One of the features of Trava Finance is Credit score evaluation. So, how is the evaluation of credit score being done on your platform? What is the basis of having a high credit score? What advantages if the creditor will have a high credit score and how about with a low credit score?
Minh |TRAVA.FINANCE
Thank you for the question. Credit Score is one of our service running on data analysis foundation. Let me answer you.
To evaluate credit scores for wallet addresses, TRAVA credit scoring model will take into account 5 main factors:
1. Total asset: represents the financial strength of the address.
2. Transaction history: TRAVA aggregates all transactions of a wallet address across all platforms/blockchains to calculate various parameters such as (i) transaction amount, (ii) number of liquidations, and so forth.
3. Loans ratio: represents the debt position of an account, including the Loan-to-balance and Loan-to-investment ratios.
4. Circulating asset: represents how active users are in the crypto market, contains (i) investment-to-total-asset ratio and (ii) ROE.
5. The last parameter is the trustworthiness of possessing assets. At present, TRAVA evaluates two types of digital assets: (i) token and NFT.
Now, moving on to the benefits it brings to the lenders and borrowers.
For borrowers, the primary benefit is that they can borrow with a “preferential interest rate” if their credit score is high. They can also receive higher loan-to-value-ratio compared to other users.
For lenders, who have high credit scores easily become LPs of different pools. Moreover, when they create a pool, their pool will have a higher credit score because the pool creator’s credit score is also a criterion for the pool scoring. Especially, pool owners can rate borrowers’ credit and eliminate fraudulent accounts to increase capital efficiency and reduce the risk of bad debt.
For our partner (ORAICHAIN), we calculated credit score for ORAI holders. Please visit https://scoring.trava.finance/ to get your experiences about credit score counted by TRAVA.FINANCE. We also provide credit score for wallets on BSC (approximate 300.000 addresses until now), especially for whom deposit into our vaults. Please visit TRAVA’s vaults to deposit and check your credit score via link: https://staking.trava.finance/.
🇪🇬Crypto boy🇪🇬
“STAKING” is one of the STRATEGIES to ATTRACT USERS and ACHIEVE MASS ADOPTION. Does your GREAT PROJECT have plan about Staking?
Lam | TRAVA.FINANCE
Yes, we are providing TRAVA’s vault for staking at https://staking.trava.finance/.
The staking program uses our credit scoring and data analysis model. There are no specific requirements for staking.
We are in snapshot 3 of the staking program named “CREDIT SCORE OLYMPIC”” , where we’re giving away up to 3,000,000 TRAVA in total for anyone staking in one of three Trava’s vaults.
You can read more information at https://medium.com/trava-finance/credit-score-olympic-let-the-game-begin-28f5fa2321de.
TheKop
I first heard about Trava finance when there was a lucrative APY of 2k% on staking ORAI/ BUSD/BNB with rewards in terms of Trava. As the launch is near and claim period couple of weeks later, how would you assure that there is enough buying pressure for Trava and people who stake ORAI/BNB/BUSD, don’t dump the rewards accumulated thereby fall in Trava’s price?
Minh |TRAVA.FINANCE
Hey guys. Good question. After 19th August, depositors in our vaults can claim their rewards. After that, the reward will be released for 1 month every 3s (each block). So the rewards will release gradually without shock. We also will provide some functions/programs to bring $Trava back. For example, the farming pool is one of the functions that are very useful to encourage users to employ their $Trava without selling immediately.
There are still many interesting questions. You can join our group and ask us again. We will try our best to answer every question from the community.It was wonderful to talk to you today. Thanks for the questions, thanks for everyone’s love. Remember the listing time is August 5th.
💙Thank you so much for having us today!
💙It’s a great honour for us to be able to participate in this AMA with Crypto Players India Community!
🔥You’re amazing with such insightful questions. We really appreciate it. Knowing you’re interested in the project is a huge motivation for us to improve our service.
We’d also like to thank the Admin team for whole-hearted support.
Wish you all the best!💙
Don’t miss our first staking program at: https://staking.trava.finance
👥You can find more information about our project and catch the latest news in the future at our channels👇
📍 Website: https://trava.finance/
📍 Group chat: https://t.me/trava_finance
📍 Announcement: https://t.me/trava_finance_official
📍 Twitter: https://twitter.com/trava_finance
📍 Medium: https://blog.trava.finance/.
That’s all…
AMA concluded at 6:55 PM IST. It was our pleasure to host AMA with Trava Finance team, quite informative & knowledgeable AMA it was.
