This week, James Anderson, CEO of RioDeFi, has a lot of exciting announcements to make in this video newsletter available on YouTube. Below is the transcript in English.
Hello everyone,
I am James Anderson, the CEO of RioDeFi. For those who are new to this channel, RioDeFi is a blockchain technology company whose mission is to accelerate the mass adoption of digital assets, by bridging traditional and decentralised finance. This week, we have a lot of exciting announcements to make, including the massive upsurge of Polkadot, which happens over the past few weeks.
Polkadot parachain
Since the launch of the Rococo v1 Parachains testnet last December, a number of companies including RioDeFi are or plan to get connected to it. Within a few weeks, you should see our name on the list of projects connected to Rococo v1 Parachain testnet.
What is Rococo V1 Parachain Testnet
This is for project owners to test out the functionalities of their blockchain should they want to participate in a Parachain Auctions. For those new to the Polkadot Ecosystem, Parachains are parallel blockchains built on Substrate able to operate with each other and communicate to the broader Polkadot network while benefiting from the shared security available on the entire network. To be eligible the projects shall use DOT — Polkadot’s native token — and stake a certain amount to secure a lease in order and participate in the Parachain Auction. Those companies offer incentives for people like you who can help them gather enough DOT to secure a parachain slot. For Riochain, we will incentivize people with RFUEL. Users will be able to stake DOT and receive RFUEL rewards in return.
What are the benefits of becoming a parachain?
- You gain this very strong security layer of the Polkadot network.
- When the parachains are connected to each other, you access a multi million dollars network.
- All the validators of Polkadot also evaluate the data coming from the parachain
So for RioDeFi becoming a parachain in 2021 is one of our top priorities and we are working very diligently to reach this objective. Thank you for everyone who has been supporting us, following us, asking questions and showing interests.
Generic Asset Bridge
We are also working on the release of our Generic Asset Gateaway. This is a mean of cross-chain communication to enable interoperability between blockchains more broadly. It follow a deposit and withdraw process and you can actually see those buttons in the Beta version of the RioWallet. Very soon you could use those functionalities which breing several advantages:
- Deposit RFUEL on RioChain and move from an ERC-20 to a RST-88 version of RFUEL;
- Once done, RFUEL will move at the speed of RioChain (2 seconds / block time);
- Transactions will also be executed faster (3,000 transactions/sec on RioChain vs 17 transactions/sec on the Ethereum network);
- Lower gas fees: RFUEL is currently an ERC-20 token, and at the time of recording the video, ETH gas fees are pretty high ranging from US $5 to 8/transaction. Under the RST-88 version of RFUEL, fee will be at 0.1 RFUEL/transaction.
With this cross chain functionalities, users could also deposit other cryptocurrencies such as Bitcoin, Ethereum or USDT and benefit from all the advantages. We think this will not only be beneficial to users but also to Dapp developers building on RioChain as well as our own products such as RioPay, RioDeFi pools and staking programs.
Q1 2021 Roadmap
- Release our Generic Asset Bridge;
- Testing our blockchain on Rococo main testnet;
- Release the new version of RioWallet scheduled for the end of February. We will have a fully revamped user interface including crypto assets displayed more clearly, staking programs integrated and an OAuth wallet solution. People could use Gmail, Facebook or Reddit to connect to their RioWallet and securely store their crypto assets. This will help many more users to onboard and access DeFi services;
- Launch of DeFi pools and staking rewards program for yield farmings;
- Launch of RioExchange before the end of Q1 with our beta version currently available at https://rioex.io ;
- Integration of Moonpay on RioWallet to enable the conversion of fiat to crypto currencies and vice versa;
- Launch of RioWallet’s mobile versions on Android and iOS.
- Release of an NFT token standard on RioChain as well as a NFT marketplace
NFT meets DeFi
We understand that the integration of NFT on DeFi will be very powerful. We have been studying a number of projects built on both, Ethereum and Substrate suggesting for example the sale of pieces of Art, with rewards the artist could receive over a period of time or a NFT that represents a basket of tokens with additional rewards going into it. One of the companies building its Dapp on RioChain, Lepricon, is exploring NFT on top of offering predictive games.
RioDeFi’s ecosystem
For those who are interested, we will have an AMA with them on Friday, January 22nd at 6:00PM Hong Kong time. Lepricon will be launching 3 games by Q1 2021 including:
- KQJ: a card based game where users can compete in a game of chance where winners can purchase bitcoin at a discount
- Bitpool: a prediction platform for user to guess the price of BTC, ETH and other crypto currencies
- Fans predict: predictions for events such as sport and other global events
Another company we are excited about how they evolve and all the innovation they are providing in the DeFi’s space is MANTRA DAO who is led by John Patrick Mullin, Will Corkin, Rodrigo and Stephane (our CMO), who is also a council member. They recently had their OM token migration from a v1 to a v2 version including auto compounding options and provide even more transparency on how their reserves are being used and spent. They are truly operating as a DAO because they have soft governance including voting platform for people to create proposals and suggest improvement of MANTRA DAO ecosystem. They also recently launched Zenterest, similar to C.R.E.A.M Finance and Compound. It allows people to earn interests or get loans on their crypto currencies.
We have a busy year ahead of us for 2021 at RioDeFi. The year is starting well with BTC and ETH who reached their ATH (all time high) and we hope this will soon be the case with RFUEL, too.
We are grateful to be supported and encouraged by our community with members who connect us to influencers, potential partners and industry leaders.
Go ahead, like and subscribe to our YouTube channel so you can stay in touch with us. we also encourage you to follow us on Telegram.
Thank you for your time and we look forward to the next month ahead.
