- Time: December 6th, 2021 at 2PM UTC
- Project name: Annex Finance
- Host: Kristen from Blockchain Army
- Guest speakers: Sergey David | Founder & Gabi | Community Manager
- Main content:
- Part 1: Introduction
- Part 2: Team
- Part 3: Products & Services
- Part 4: Tokenomics
- Part 5: Security
- Part 6: Roadmap
- Part 7: Marketing Strategy
- Part 8: Community Q&A
1. Would you like to introduce a little bit about yourself before we get started?
David: I am the founder of Annex Finance. We’ve been in the blockchain for quite a bit of history. Our team is actually located over in Canada called an agency wolf. So out of the entire team we have approximately 20 people currently working on this particular project to basically service a lending protocol for everything blockchain related. So currently about four of us are on the operation side and the rest of the team is pretty much on the back end such as developing and as well as bug hunting for example.
Kristen: And Gabi, what is your position in this project?
Gabi: I’m leading the community for four nights.
David: Gabi also helped us on business strategy as well he also makes some great suggestions like what kind of stuff we can possibly add into the protocol. So that’s something that he helped as well.
2. How did you guys meet up and get started with the whole idea of Annex Finance?
David: Actually we know Gabi from a different token and we just kind of asked him to join us to basically develop that and its finance together. For any finance, this is actually our first lending project we have done. We had done other projects before such as Clubrare. Our studio was actually very focused on NFT for a long time so aside from that we also have been focusing on beta development such as shopping.io for example.
3. How many other team members are there in this whole project that are working together and contributing to Annex Finance?
David: About 20 of us total.
4. What are the titles and positions that they are working for?
David: I consider Gabi as one of the operation managers. So I have myself Gabi and also another gentleman who is the CTO of the Wolf Agency who is basically overseeing the development team. Whereas I myself operate on the partnership side such as developing partnership for different kinds of projects. For example, we’re currently working with Kronos team over in crypto.com. We developed those kinds of partnerships.
Part 3: PRODUCTS & SERVICES
5. What kind of services and products have you guys come up with? What Annex Finance is offering right now to the market and users? What is finance and makes finance about?
David: We’re a one-stop shop defi platform so our main product is the lending protocol obviously. But we are also working as a swap for decentralized exchange. We also provide farming pool ideals as well as we also have an upcoming NFT marketplace in development. We’ll be releasing the NFT marketplace in testnet very soon.
6. What are the missions and vision in the future that Annex Finance will bring into this whole space?
David: Well the whole vision is actually to try to ban all the cross-chain together at least. That’s what we originally hoped for anyway. We started on the BSC side because when we started back in September, BSC was probably one of the lowest fees. Therefore, we went with the BSC first and we have planned to expand into Ethereum as well as Polygon for a while but as you probably already know the crypto world is an ever-changing place. While we’re growing our platform, we bumped into an opportunity to release our project onto Kronos network as well. We got that chance to talk to the Kronos team and we also have their direct support on developing, basically offering our service onto the Kronos network. Once we release our lending platform on Kronos network, we do believe that we’re going to be one of the powerhouse on the lending platform on their network.
Part 4: TOKENOMICS
7. What are the utilities of your governance token and how is it distributed?
David: As you probably already know, mostly it’s a proof-of-stake kind of concept. Aside from being a governing project, most of the token is going to be either farmed or collected from the lending protocol which generated quite a bit of token. Our current emission, we’re probably looking somewhere in between six to ten years at the moment. It all depends what kind of token we want to release as well as community voting to see how much token we are on the emission with that we actually want. So far, we have a product I believe we have 15 proposals that have been passed. All of them are password flying colors so our community really supports our decision so far and we haven’t had any issue about our tokematic at all.
8. How is it audited? Has it been audited by any auditor company yet?
David: I think security is one of the most significant matters that you know a lot of investors really care about. We have been audited by Surtek before but we’re also looking into a couple of other audit companies to basically look over our entire protocol. One of the biggest issues we actually have with some of the audit platforms is they want to review the entire protocol and our repo is so huge. Actually our github is online and anyone can see it but if you actually just go and look at it, you can see how big our repo is which frightened quite a bit of them.
Part 5: SECURITY
9. How would you say right here to the viewers right now to claim that you guys can guarantee your trust and security to the users who are trusting this project?
David: Our protocol is governed by the time lock as well as Governor Alpha so it’s not like the money is going to be able to go anywhere.Let’s put it this way: if our protocol is based on Compound as well as Venus for example and you have follow up on Compound, you can see how many times they have ever been hacked. The answer is zero. Therefore, we haven’t had any issue when it comes to security. We don’t have any concern that our project is going to have any kind of leak security. We also have Skynet from Surtek to constantly monitor the code. There’s absolutely no way that we have any issue with the security whatsoever.
10. How confident are you now?
Gabi: The lending protocol ownership is being transferred to the community. It was done by the first AIP and for the decks right, the migrator code is being removed actually from our text.
Kristen: Thank you for that. I think you know a lot of projects have been either scammed or tagged which has raised a number of concerns from the community to the blockchain economy in general not just any project in particular. Hence, I think getting a really good plan for your security system would be the least thing that you can do for your project.
Gabi: Actually we were very interested from day one. That’s why the governance was being transferred to the community and even the migratory core was removed.
Part 6: ROADMAP
11. I would like both of you to brief over the business plan and roadmap of your project. What has been done? Where are you guys heading towards right now?
David: According to the white paper, I don’t know if you have a chance to look at it, we’re currently somewhere in between phase three and phase four where we officially listed our ANN token on BSC scan listed and CoinGecko. We always cross the chain into the Kronos network. Honestly, Kronos’ network wasn’t actually even part of the roadmap again. To begin with, originally we were only going to be releasing on BSC and then possibly Polygon as well as the Ethereum network. Getting introduced to the Kronos team was sheer luck because we actually had contact with Justin himself who introduced us to the TUSD team who introduced us to the crypto.com team who introduced us to the Kronos team. So we’ve been working with the Kronos team to basically offer the first lending platform for them. That’s why I was saying yes we do have a roadmap. It’s just because the crypto world is such an ever-changing place so I’m not exactly sure how close we are compared to what we’re actually following our roadmap. What all we can do right now is to basically support whatever comes up. We’ll try to also integrate our roadmap into it as well.
12. Out of those milestones, which one are you guys focusing on the most right now?
David: Out of all right now, I think most importantly is listing on centralized exchanges. I know a lot of people may not agree that it needs to be listed on a centralized exchange but we actually needed the volume in order to list our ANN token into a price oracle such as Band Protocol for example. Eventually, we possibly work with Chainlink as the only way we can possibly have a price oracle is having a massive amount of volume. By listing our token into a centralized exchange, we actually listed on bitsmart not too long ago and we have a pretty consistent trading range of somewhere about 1.5 million dollars per day over that exchange. If we can achieve that with other exchanges such as exchange or something like that for another one and a half million, then we can list our token onto the Band Protocol. Once we have a price oracle, we can use the ANN token as a collateral for a lending protocol so basically users would be able to use our token to follow other tokens such as Bitcoin, ADA or Corn for example.
Kristen: I can see that you guys have a lot on your plates. I think that you guys know it’s best to follow up with your roadmap just step by step and slowly achieve all of that until getting somewhere even higher than today.
David: We do have a lot of hopes on the Kronos network right now not only because we’re going to be the first lending protocol but again we have the direct support from the Kronos team. Crypto.com is huge, they have been marketing crazy on their platform as well just to show how much they actually have been developing. They have a lot of lockups over a billion dollars within less than a month. Therefore, all of those TBL could potentially go to Annex Finance if we’re the first lending platform.
Kristen: I just wish all you all the best and achieve all those goals in the future.
David: We believe we can achieve that. I don’t foresee any issue as we’re actually talking about the Band Protocol right now already so I do believe that we’re going to be able to get onto the collateral pretty soon.
13. Do you have any kind of programs or campaigns to interact with your users more to gain more investors globally?
David: We’ve been trying to look for a different kind of marketing agency to basically help us expose our project to the blockchain a little bit more. For example, BSC Army would be one of them but we also have a couple of other marketing agencies that we have worked with and are currently working with as the community. They have been putting in a lot of work to help us, especially some of the guys that are actually holding a lot of tokens. They’ve been helping us from day one to grow our platform as successfully as we possibly can. We just need to find a little bit more suitable marketing agency to continue supporting our platform at the moment right now.
14. I imagine that this project will have a token. So if large long-term investors arrive, what would the benefits be for being holders of the project?
David: Well I mean our token already exists. They’ve been in existence since September 1st. So yes, there are a couple of options that we got for long term holders. One of them is epochs. What is an epoch? We have a little system called automatic reward system so for holding the token for more than 30 days approximately one epoch is one day based on the blockchain. After approximately one day, you get a return of 0.2 of returns every single day after 30 days. If you actually hold your token for more than 30 days, you can collect a total of six percent for not moving your token out of your wallet. Every single day after that, you can compound yourself with 0.2 every single day on our platform. That’s one way of doing it. Another way of doing it is also providing liquidity such as farming. Currently the Krono network has a much much higher return rate because it is such a new platform for us. Hopefully once the lending platform comes out, that will increase quite a bit on the return on APY as well.
15. Can I create NFTs in your marketplace? Do you have any plans to introduce tools to create NFTs in the near future?
David: We’re a marketplace. We’re going to be selling NFTs. Token is going to be used as a way to purchase NFTs. I’m not exactly sure what the team plan is at the moment on creating NFT but I do know once we create, we will have our own first set of NFT and our NFT is actually going to have utilities. Random airdrop would be one of them and we’re also going to be creating. Let’s say if you hold the NFT, you will get a better return for lending and supplying.
Gabi: As far as I know, we can create an NFT. Users can create their own NFTs while in the next marketplace.
Kristen: When will that be processed?
David: NFT marketplace would probably be live either end of this year or probably beginning of next year somewhere around this.
Gabi: We are still testing it actually. It’s not investment
Kristen: When was the test net open?
Gabi: It’s not public yet but we are still we are doing the testing
David: We have a few community managers and community members also join us on a test net as well to basically test out to make sure we have no bugs on the alpha version of test net. Once we have succeeded testing everything on the alpha version of the test net, we’ll release it to the public as a general test net for the NFT marketplace. After everything is successful, then we’re going to release it into the public. It should be coming up very soon
16. I see some networks Phantom, Polygon have the advantages of speed and transaction fees. Is the team planning to download their project to other blockchain networks?
David: It all depends on what kind of partnership we can possibly form on those particular networks. Polygon is part of the roadmap. We just don’t know when we’re gonna be expanding into Polygon. As i stated earlier, while we’re gonna be trying to mainly focus on Kronos network, for the time being until we feel very comfortable moving on to another cross chain. So honestly I can’t answer this kind of question at the moment because as I was saying, the crypto world is an ever-changing space. If we can have some kind of major investor who is looking into these kinds of networks, then yes definitely we can expand into those networks. But are we gonna expand into those networks like Phantom for example if we don’t have any connection? The answer is no because we’re not going to develop a platform in a network where we don’t know if we are even going to be able to gain any kind of investors.
Kristen: What was the reason behind choosing BSC network to launch on?
David: Mainly because of the transaction fee at the time we launched back on September 1st. Before that, somewhere around August, we decided that BSC would probably be ideal. Actually we decided on BSC a long long time ago because of the transaction fee as well as speed at the moment.
Kristen: A lot of uh feedback lately have been complaining about the fees of BSC network. Do you think you would ever expand your project to another network?
David: That’s what we’re doing. We’re expanding right now. So yes, we are gonna expand our platform onto multiple networks. We just don’t know what’s gonna be the next one. I would like to expand it into Ethereum as quickly as possible but as I said before Krono is our top priority. We have to make sure everything is perfect and now we solidify ourselves as the powerhouse for the lending platform on the Krono. After we solidify our cell as a powerhouse, then we can look into a different kind of network that has potential for this kind of product. Our end goal is still trying to unite the blockchain into a one-stop shop so multiple platforms can come through our network and platform to just offer different kinds of lending platforms as well as selling NFT across all kinds of networks.
17. What can you guarantee for investors and the gamer community about privilege in your project?
David: We’re not a gaming platform whatsoever. We do have some games on our platform due to the treasure key which is a partner for us but now unfortunately this question does not relate to our platform at all.
Kristen: I think it’s best to rephrase it to the users and investors community and what can they benefit by joining your project?
David: One way of saying is we’re very very early on right now. I mean we just started our project back on September 1st so currently we’re three months into the project. In the first couple of months, we are in the first two weeks, we already hit 100 million dollars in total value lockup. Unfortunately, we were also stuck at 100 million TPL for a long time. Going back to Krono again, it’s a brand new network and the amount of investment value there is exponentially growing by minutes right now. We want to be one of the first lending platforms, the first defi stable coin lending platform on there to basically allow people to follow cryptocurrency on their network and as well as supplying. By doing that, if we do become a powerhouse on the Kronos network, we would guarantee to bring a lot and lots of value for the end token holders and we do have a limited supply of token, a total of one billion tokens.
18. What are the ways for your project to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?
David: Like I was saying before, the main product for our protocol is lending so the platform actually generated quite a bit of reserve. If users would come to us and basically supply and as well as follow by doing, the platform actually generates quite a bit of money. Currently, the reserve is at approximately 100 million TDL. We’re generating somewhere around three thousand dollars a day and all of that money is actually being used by the end. Every time we have a reserve hitting about 100 hundred thousand dollars, we use all that money into buying back the end token to basically resupply and make the value of the token more. After we purchase the token, we’ll add it into the liquidity so that way we’ll always have some kind of liquidity in our platform. Our liquidity is only going to grow higher and higher.
Up to now, Annex Finance has had outstanding growth with an ever-expanding ecosystem, promising to thrive in the near future.
Disclaimers: Writers’ opinions are solely their own, and do not constitute any financial advice, investment advice, or trading advice.
BSC Army strongly recommends that you do your own research, and seek professional advice from a financial advisor where appropriate.