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What’s up Pinknodians! We just hosted a cross-AMA session with our most recent partner Konomi Network on our community chat, catch up on what you missed out on below:
The below are the transcribed questions and answers for Konomi Network’s AMA.
Pinknodians have been very curious about Konomi Network, so lets begin! 👍 @irenezhao Tell us a little more about yourself and your role at Konomi.
Irene Zhao, Konomi Network CMO: Hi everyone, this is Irene. I’m the CMO of Konomi where I’m driving marketing, social media advertising and community effort for the Konomi.
As a sole proprietor, I built relationships with and represented over 100 corporate partners in their online advertising campaigns, including Huawei, Shopee, Grab, Lazada etc.
😊 you guys can follow me on Twitter 🙂
@irenezhao can you share with us what is Konomi Network about? What are its unique selling propositions?
Irene Zhao, Konomi Network CMO: The vision of Konomi at the beginning of its establishment was to enable financial applications on Ethereum to seamlessly connect to the Polkadot ecosystem, and to provide the users with a complete asset management experience — from liquidity protocols to lending market, as well as the management of ecosystem assets.
Compared with other lending programs, our main advantages include (1) a better liquidation model to ensure faster liquidation of user assets in case of black swan events (2) lower transaction fees and faster transaction speed (3) a good risk warning mechanism to reduce the amount of collateral for users
We are building the infrastructures like our oracle and lending protocols but we won’t be building everything thus we also welcome other projects to develop their dapps on us 🙂
Sounds fantastic! I’m curious, how does the risk warning mechanism work?
Irene Zhao, Konomi Network CMO: The risk warning mechanism has always been one of the important work for our team. At present, the risk warning mechanism of our platform has been completed. When the user’s collateral is approaching the liquidation threshold, the user can clearly see it through the UI. At this time, the user knows that he needs to add more collateral to avoid being liquidated. At the same time, for users who are willing to leave their contact information, we will send risk warnings to users through emails and other methods, reminding users that they need to add more collateral to avoid being liquidated.
Seems like you guys are very technically equipped! Can you share with us a little more about the team and how Konomi Network came about?
Irene Zhao, Konomi Network CMO: Konomi’s team members have extensive experience in technology startups
CEO Ariel Ho has been investing in the crypto field since 2017. She has seven years of experience in technology startups before joining Konomi. She founded High Mall Indoor Navigation, a technology solution provider serving Singapore’s largest supermarket chain NTUC Fairprice.
CTO Xingmo Liu has five years of experience in technology startups. He worked as a chief engineer in a medical startup, designing software products for multi-million dollar projects.
Konomi is developed by an experienced team. It is the only DeFi protocol that focuses on lending in the Polkadot ecology. The goal is to provide the underlying financial market support for other parachain assets so that the assets have better liquidity and financial properties.
Konomi project has also received support from the Web3 Foundation Grant as well And we are one of the 12 teams that got selected for Web3 Bootcamp 2.0 🙂
Congrats! That’s an amazing achievement.
Irene Zhao, Konomi Network CMO: Konomi’s technical design mainly has five components. The first two components have been completed. They are the asset components including an AMM module which is similar to Uniswap’s asset exchange protocol that supports users to perform asset exchange, add and remove liquidity operations and a lending module that supports multiple assets.
The lending component will be launched by the end of this month. This is the key and unique aspect of Konomi, and it will support various types of lending pools. The user can mortgage assets in these pools to earn interest. If the users have enough collateral, they can borrow other assets in the pool while paying some interest as well.
Also, we are using our substrate off worker to develop our own oracle, the demo will be released by this month.
Yes! This is what we’ll be participating in, excited to test this out! 🤩
Ok last but not least @irenezhao , please share with the community what’s the use case of your native token $KONO and what role does it play within your ecosystem?
Irene Zhao, Konomi Network CMO:
1. Decentralised governance
The design and implementation of the protocol would be determined by token holders. For parameters like pool staking fees, transaction fee burn, liquidity mining ratio, are initially set by the protocol itself; token holders could update the numbers and the smart contract itself based on the voting process. In order to encourage users to participate in the process, there could be some profit set to reward the voting participants.
2. User incentives
As a decentralised product, getting liquidity is crucial for the user experience and platform adoption. Therefore, a large proportion of the Konomi tokens are reserved to encourage users to add liquidity to the platform and to use the products. By depositing assets to the protocol, users could automatically market make for the protocol.
3. Asset staking
Konomi token could be staked to participate in the base layer consensus and earn system rewards. It is also the staking currency to share platform revenue and ensure that the debt positions are safe.
About Konomi Network
Konomi is a full suite asset management solution for cross-chain crypto assets. Using Substrate as the development framework, the network aims to support more assets in the Polkadot ecosystem. Users could manage their crypto holding positions, trade assets and earn interest through decentralised money market products. Konomi also issues its native network token in order to kick start liquidity and decentralised governance.
Contact Konomi Network
- Telegram: https://t.me/konominetwork
- Twitter: https://twitter.com/KonomiNetwork
- Medium: https://konomi-network.medium.com/
- Official website: https://www.konomi.network
Pinknode is a Polkadot-specialised Infrastructure-as-a-Service provider with the goal of accelerating adoption and empowering innovators to build on the most promising Web 3.0 ecosystem. By providing API endpoints through a streamlined onboarding process and maintaining secure, reliable, and scalable node infrastructure, Pinknode helps innovators jumpstart development quickly and accelerates their product life cycles.
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