On Wednesday, May 19th, we had the pleasure to welcome to our Telegram chat:
Edmond Truong, The co-founder of Formation Fi.
We asked him questions about the development of Formation Fi.
Q~ Thanks for joining us once again today. Please start off by introducing yourself to the Blockchain Space community and your role in the team?
A~ I come from a traditional finance background and started my crypto journey working with Harmony protocol back in 2019. However, after I went on to start my first defi project which involved cross border transaction and conducting OTC deals with kraken, galaxy digital, huobi and a lot of these major otc desks, after that just helped genesis shards with their launch and finally on this journey to bring formation to the community as well. As for my role on FORMATION, I am one of the three co-founders of the project.
Q~ What is Formation Fi all about in detail, what problems inspired you to create Formation Fi?
A~ The main core principles of Formation Fi is taking into consideration and analyzing risk. If we take a look at the current market, there are no yield farming products that successfully tackle or even address risk.However we will through our core principle of risk parity. We are taking tried and true fundamentals that have been used for 10–15 years in traditional wall street and bringing it into DeFi.
Formation’s main objective is to truly end the ongoing need for yield chasing and making yield farming much more practical for the entire space and ultimately take that next step to make DeFi to the next level.
Formation Fi is revolutionizing portfolio construction by introducing a risk-adjusted portfolio of decentralized open financial crypto assets in the form of algorithmically rebasing indexes, with a high degree of composability, across the major blockchain networks using the basic principles of the Risk Parity movement.
Our main inspiration for FORMATION was caused because currently the platforms on the market do not address any of these huge concerns of risks, everywhere you go they only talk about how much money you can make and hide the idea that you could also lose a lot
We are creating a platform where you can easily manage Through our systematic architecture that constructs a risk-adjusted portfolio that optimizes the return-to-risk ratio for each unit of risk, ultimately delivering a superior return over time.
Q~ Can you share with us detailed information on the $FORM tokenomics and it’s uses?
However, we have an entire article explaining more depth about it.
Introducing the Anatomy of $FORM Triple Utility
This article covers the utility and economics of the $FORM token
As for the token uses itself, it is quite unique in its aspect.
The FORM token will have triple utility from:
1. FORM token entitles its holders a right to vote
2. a portion of future net income generated by the protocol
3. exclusive access to the secret Dark Pool’s only accessible to the members of the Formation FI ecosystem.
Xiaolin : Do you have plans to add more utilities in the future or it will just be this 3 utilities only?
Edmond Truong : In the future, there might be room for more features, but at the current moment it is these 3 utilities.
Q~ Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A~ We have already fully completed our raise!
You can check out all of our investors and backers, we have a strong support system!
As for future raises, this has not been discussed. However, we are conducting our IDO very soon!
The $FORM Token
IDO date: Early June, 2021 (Exact Date TBA on May 31, 2021)
IDO site: TBA on May 31, 2021
Liquidity pairs: TBA on May 31, 2021
Whitelist Begins: TBA
This is the most I can announce at the moment.
Q~ Could you share with us, the recent progress and your future plans for Formation Fi?
A~ We have made a lot of progress on many different ends from community building to development. We have the core rebasing mechanism all the way to index functionality. V1 will start with the ERC-Mainnet and BSC with dedicated custom-built bridge (by the end of Q2/early Q3). We will then add L2 (likely to be Polygon) and HECO with custom bridges between them and connect them to the ERC-Mainnet and BSC (by the end of Q3/early Q4).
QUESTIONS FROM TELEGRAM
Q~ What features makes you undespensable by Users,
How do you stand out among your competitors ?
A~ For competitors there aren’t too many projects trying to do the same thing as us.
We are the ones that are specifically made to tackle on risk and address those issues. But more importantly we are not a VAULT like yearn, harvest, curve, badger, etc.
The old method of yield farming was pick and choose every single individual lp token and yield farm individually. Stake, unstake, etc it’s just too much time
Formation: our users will own our index token which will essentially be comprised of let’s say 50–60 different yield farming strategies, with maybe 80–100 different types of Lp tokens, and across multiple chains.
We save our users the complexity which is Defi, those who weren’t able to yield farm can finally do it effectively, in addition there’s a lot of other benefits like giving access to the best strategies, no more needing to jump from different chains (fees get expensive if you’re moving smaller amounts of capital), etc.
Q~ Do you have a revenue model for Formation Fi, From where do you plan to generate revenue?
A~ The revenue model is collecting on deposits, withdrawal, unwinding position etc.
$FORM holders will receive 50% of the fee collected by the protocol.
The operational treasury will also receive 50% for the core development team on a pari passu basis until the total USD value of the operational treasury reaches a daily maximum of $1M.
Once the weekly maximum has been reached, any further fees will be burned as a deflationary measure (only fees allocated to operational treasury are burned, fees.
Q~ How do you make Formation.Fi easy to use or make it easier for users and investors who want to participate?
A~ We are going to save all the hard learning curve. We will make it “SINGLE CLICK RETURNS” to allow the average user who doesn’t have time to waste.
One index token= Farming into 40–50 different yield farming strategies, 60–70 different lp tokens, multiple chains.
Q~ FORM, the Formation token, being of the ERC20 type, is subject to the high commissions of said platform until the arrival of ETH2.0. How do you mitigate these high commissions inherent in your token?
A~ We will be utlitlizing L2 solutions to make sure we can minimize the high commissions. However, on top of that we are going to be on BSC.
We will wrap our FORM token to be BSC tokens.
Q~ Can you tell us what progress Formation.Fi is getting with this new new partnership?
A~ We are working with the best, and you will soon see. We have a lot of top tier partnership coming out soon!
It’s really nice having the Formation Fi project in here!!!
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