July 29-th held an Ask Me Anything session at ICO Speaks telegram chat.
Let’s get started!
Q: What exactly is Pacific DeFi?
A: Pacific DeFi will be a robust protocol built on the Binance Smart Chain (BSC) that unifies the scattered DeFi landscape. It will do this by providing an easy-to-use platform for multi-asset crypto financing capabilities.
The project begins as a Multi-Chain Yield aggregator with smart auto-compounding features built into the liquidity pools, resulting in higher yields and lower fees levied out from token-holders.
The next step is to then build an uncollateralized lending product for vetted institutions/high-net-worth individuals, savings products, stablecoin yield products, asset management, structured products, and a P2P crypto/fiat exchange application.
Q: What is the goal of Pacific DeFi and the role it plays in the current marketplace?
A: Our target market is generally for retail users who want to earn interest on their crypto assets and invest passively via our savings products, funds and structured products without actively having to manage positions directly. Pacific DeFi will also cater to institutions and ‘Professional Investors’ via specialised asset management vehicles and its uncollateralized lending and borrowing products.
Pacific DeFi’s value-add is having a simple platform available for all types of users – from novice to advanced. Many crypto projects fail because they lack a simple use-case and are extremely complex. Having a simple financing use-case that aims to bridge traditional finance with DeFi is what sets Pacific DeFi apart.
Q: What is your target market and what value-add do you bring to users?
A: Our target market is generally for retail users who want to earn interest on their crypto assets and invest passively via our savings products, funds and structured products without actively having to manage positions directly. Pacific DeFi will also cater to institutions and ‘Professional Investors’ via specialised asset management vehicles and its uncollateralized lending and borrowing products.
Pacific DeFi’s value-add is having a simple platform available for all types of users – from novice to advanced. Many crypto projects fail because they lack a simple use-case and are extremely complex. Having a simple financing use-case that aims to bridge traditional finance with DeFi is what sets Pacific DeFi apart.
Q: What product out of all your products is the most important to work on currently?
A: Lending and borrowing. The rise of stablecoins and an ever-expanding retail user-base means there will be a strong need for lending and borrowing solutions. Users will want to lend out their crypto to earn a yield on their assets, while borrowers borrow crypto assets to take advantage of short-term trading opportunities or for personal financial matters (e.g. personal loans similar to bank loans).
As crypto becomes mainstream and users start to spend their crypto assets via Visa/MasterCard networks, this opens up a new door to personal finance & credit that blends TradFi and DeFI together.
Q: What problem does Pacific DeFi solve that traditional finance has issues solving?
A: Traditional finance is still essential today but it is limited to geography. A DeFi ecosystem is essentially borderless, meaning users from anywhere can have the same access to investing and saving products that might not be easily available where they are located geographically.
Pacific DeFi essentially functions via smart contracts that perform the same operations. There is no middleman involved, no bureaucracy and full transparency on the blockchain leading to cheaper costs. Essentially, we cater to DeFi’s core attributes with a TradFi blend, becoming borderless and transparent so that anyone can access our offerings.
Q:What are your upcoming plans regarding team, hiring and headquarters?
A: We are currently working with a UX/UI designer and a front-end developer to design our platform prototype for the homepage, swap and liquidity mining sections of the app. We are also sourcing Solidity developers and aim to hire a full-time developer remotely. Once we have raised the necessary funds via our private and public sale efforts, we aim to open a physical office – the location is Singapore (due to progressive regulatory landscape) and Tokyo (front-end/back-end development talent).
We also aim to work with marketing partners through our network and perhaps full-time operations and compliance staff once we reach a certain size.
Q: What qualities do you believe set you apart from other DeFi projects?
A: In our experience most projects are too complicated to understand, offer no real use-case and do not have a set plan to generate revenues in order to survive both bull and bear markets. Pacific DeFi aims to simplify investing for everyone by creating videos and blog content to on-board new users to DeFi via social media. We are trying to create a financial ‘Swiss Army-Knife’ of DeFi by blending TradFi with DeFi.
Many users stake in various LP pools and earn income on Beefy Finance, Auto.Farm, Bunny or BiSwap and need to keep track of all their holdings. Perhaps if there was a fund that had all of these together wrapped in an investment product users don’t need to manage holdings by themselves and can have a ‘set and forget’ system.
Pacific DeFi can also blend this off-chain to on-chain by on-boarding new high-net-worth users and placing capital in Pacific DeFi’s vaults.
Instead of yield farming stablecoins perhaps Pacific DeFi can create an ‘All-Weather’ fund that farms stablecoins across many different platforms, mitigating investor risk via effective diversification of assets. Pacific DeFi can then also on-board users from an off-chain environment to increase assets under management and blend TradFi with DeFi.
Q: What do you consider your competitive advantage over other DeFi projects?
A: I think it is essential not to forget the importance of the traditional financial system we use in our daily lives and the current inefficiencies it has. Many DeFi projects are very much focused and built for crypto enthusiasts, but users forget that there is a whole retail consumer market (especially in South America and SE-Asia) that needs to be addressed. Blockchain technology removes a number of barriers to entry that currently exist in TradFi, enabling positive disruptive innovation that allows everyone no matter what location to participate in the market and gain from saving and investing in alternative assets.
Given the team’s background in consulting and finance, we understand the issues our industry is facing and look to utilise DeFi as a tool to provide innovative financial solutions to everyone.
Q: What elements are needed to make Pacific DeFi last through bear markets?
A: Crypto markets go through many cycles just like the stock market. We think it is important not to think of DeFi as a bunch of ‘projects’, but as ‘going-concern’ businesses that need cash-flow to survive through bear markets and grow through innovative product offerings.
Capital conservation from revenues generated via the protocol and treasury buffers that can be used to support the token price during bear markets and also be used as an investment warchest is very important during bad times.
With our experience in investing and diversification, generating meaningful cash-flows by investing in other income-generating protocols will help diversify risk and allow for cash-flows during times of capital scarcity to support Pacific DeFi’s infrastructure and staff.
Q: Most projects have pulled the carpet and got rid of scams.why should we trust your project while it’s still going?
A: Security is the most important aspect of DeFi, and for that we will be audited by the top audit firms on the market which are CertiK and Slowmist, Hacken. Currently our contracts are in the early stages of development so we have recieved an audit by Solidity.Finance first
Q: Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
A: We have a set of real world use cases for our platform which integrate P2P money transfers in different markets and also a commercial fund business accessible to high net worth individuals and family offices. The underlying utility of our project both for retail and institutions will be long term – not just short term.
Q: Where can I buy your tokens now, what are your current contracts and how can I buy them and what are the benefits?
A: Currently we are not listed, and won’t be listed in the next 2 months as we raise private and presale funding and build our first product prototype. However, we will firstly be listed on Pancakeswap once we do an IDO
Q: What do you think about NFT? Do you have any plan for implant NFT on your ecosystem?
A: Currently we do not see the need for NFTs as we don’t believe we have an edge in this market. But we may do so if we meet the right partners and collaborators if we see the potential
Q: Well, Do you have AUDIT certificates?
A: We have had our first audit on our token contract done by Solidity.Finance and the next few will be done by Certik and Hacken. Please check our website pacific-defi.com
Q: How do you plan to spread awareness and benefits about your PROJECT in different countries where English is not good?
A: we will plan to have many community ambassadors that can apply directly via our website to start building international communities
Q: While you build your project, do you take into account community feedbacks and demands?While you build your project, do you take into account community feedbacks and demands?
A: Yes a major aspect of our project will be engaging with our community constantly and having AGMs conducted / conference calls regularly to hear out feedback.
Q: Can you explain the Tokenomics of your project?
A: The token will be a limited supply token of 100,000,000 PACIFIC. Token holders will be rewarded by holding long term as fees generated by the protocol are used to burn the supply over time
Q: Can you tell me more about your listing plans? Especially those that involve major exchanges like CEX and DEX. What types of Partnerships are you looking for and what value will they bring?
A: We will be listing first on multiple DEXs but plan to list on 2nd tier CEXs before joining 1st tier CEXs. We hope to collaborate with other defi protocols such as Cook Protocol and Ribbon Finance
Q: Southeast Asia is a very vibrant market and there are many new platforms under development. So what do you think about Southeast Asia and do you have plans to grow there?
A: Yes we have major plans to do things in Philippines, Vietnam, Indonesia, Malaysia and Cambodia. We will have major retail offerings such as a prepaid debit card issued by visa/master, an app where you can stake pacific and also exchange pacific and other crypto to fiat and P2P exchange system.
Q:Revenue is a very important, aspect for all projects, to survive and maintain the project / company.
-What is the way to generate profit / revenue of token?
A: Revenue will be generated via fund management fees that will be charged on the assets under management of the fund. A main source of income for the project will also be lending and borrowing spreads in interest it generates from clients
ICOSpeaks hosted an AMA Session with the Pacific Defi Team. That’s all for today.
Thanks to all users who participated.
Thanks, Pacific Defi for being with us
Thanks, all and see you soon😉
Cheers 🥂
Take a look at our other ama sessions
