AMA recap : Moma finance CEO Ocean Liao and Sharpinvestr.
On April 29, Moma finance CEO Ocean Liao joined a live ask me anything session hosted by Wolf of market community one of the most popular crypto communities, and answered questions on it’s telegram for it’s 12 841 members.
During the AMA, Moma finance CEO outlined some exciting plans for Moma finance in 2021 , and gave an overview of Moma project and it’s development.
1.Can you give the community an insight into who you are, what it is you do at Moma Finance , what led you here and what Moma is all about?
Hi all! I am Ocean, an entrepreneur in the blockchain industry. Since 2017, I have been building projects such as Gravity (the largest EOS node with 300,000+ token holders), Lichang.io (a community app with 1 million+ users), and TokenUp Wallet (100,000+ users).
I guess I am a “familiar name” or veteran among the Chinese blockchain community. And I am Founder & CEO of Moma Finance.
Now let me give you guys a brief introduction of Moma Protocol.
Moma Protocol is a solution that meets the liquidity, scalability, incentive diversification, and speculative needs of the lending markets. With Moma Protocol, everyone can create and manage lending markets. The protocol offers a proprietary customizable Smart Contract Factory which serves the lending markets and users in three roles: Factory, Launcher and Aggregator.
2.What is the use case of the $MOMA token within the platform and what incentivises users to hold it when using the platform?
Moma Protocol Token is the native governance token of the Moma protocol. The utility and use cases of Moma include but are not limited to:
$MOMA holders can obtain part of our platform’s revenue.
$MOMA holders can enjoy certain privileges and interests for future use of the platform’s lending market or other services.
$MOMA holders can vote to participate in the development and key governance of the platform.
$MOMA holders can stake $MOMA into the DAO Pool to get incentives.
3.In what way is the rating score given to all different cryptos on the platform for risk management calculated or determined?
For now, Moma will assign a rating score to all kinds of crypto assets base on three factors:
- Smart contract risk
- Governance risk
- Market risk
Smart contract risk score will be given base on the number of days and the number of transactions of the asset’s smart contract.
Governance risk score is measured by the level of decentralization of the asset’s protocol. For example,the number of parties that control the protocol and the number of token holders.
Market risk score focuses on the market size and the volatility of the asset.
The final score will be calculated by weighing these factors.
4.Can you tell our users more about moma’s factory? It seems users can create their own lending and launch pools, how easy is this process and is anyone eligible to do it?
Moma’s Factory is just like Uniswap. Uniswap produces trading pairs, Moma produces lending pools. Sure anyone can create a pool, but honestly the creation of a lending pool is a bit more complex than trading pair because it has more parameter setting requirements for risk management purposes.
The whole process would be much more easier for somebody who understand the mechanism of a over-collateralized loan platform, like Aave and Compound.
We will provide instruction documents to guide and assist those who wish to run their own lending pools. For now, we think the first batch of pool builders will be blockchain project teams like us and some institutions who manages funds like CEX and token funds.
5.Ocean, could you please explain to our community the difference between the use case of the launch and lending pools and how these can be beneficial to users?
Moma creatively divides the creation process of Lending Pools into two stages to solve the problems of initiating, accelerating and liquidity-enhancing Lending Pools:
Phase 1: Launch Pool
Phase 2: Lending Pool
The initial stage of all Lending Pools is the Launch Pools. Or we can say, Launch Pool is a kind of Pre-Lending Pool. Compared with the Lending Pool, the Launch Pool only has the Deposit function switched on, but not the Borrow function, so the operation of digital asset deposit and withdrawal can be realized.
Moma has a custom incentive pool design for the Launch Pool, where the creator of the Pool, or the Pool Builder, can inject digital assets into the incentive pool. The digital assets in the incentive pool can then be employed to motivate all users who deposit the specified assets in this Launch Pool after setting the release parameters.
This process is the same as the popular “Community Launch” or “Fair Launch” in the DeFi world. The goal is to encourage users to deposit assets and participate in mining through the setup of incentive pools to obtain the attention of users and complete the allocation of initial governance tokens. The function of Launch Pool provides a perfect solution for this.
There is a need for Community Launch in any blockchain project community, whether a Lending Pool is required or not. This enables the opening of the “community activation” driven by the token incentives offered by the Launch Pool. Moma will become both a connector and Factory to help the project complete the entire Community Launch process and help DeFi users obtain project launch incentives.
After the Launch Pool process is complete, the Pool Builder can choose to upgrade the Launch Pool to a Lending Pool. By switching on the Borrow function and using the Oracle to feed price and employing the appropriate interest rate model and other parameters, the Pool Builder can to open a decentralized over-collateralized lending platform.
By supporting the lending liquidity of the custom token through the operation of the Lending Pool, projects and Pool Builders can but obtain double incentives: lending fee income PLUS Moma token incentives.
Each Lending Pool is also designed to be equipped with a customizable incentive pool where the Pool Builder can inject any digital asset to incentivize lending behavior to drive better liquidity and more revenue.
Moma Protocol can help any project complete the community start-up through Launch Pool start-up, and then upgrade to the Lending Pool process. One can seamlessly open a self-operated lending platform after obtaining the initial traffic, influence and users.
On the other hand, as a user participating in DeFi, he or she can not only participate in the Launch Pool of massive new projects on the Moma platform to start mining, but also participate in the lending and mining of various Lending Pools. Moma increases the speculation value of the whole ecosystem by providing more mining options, thus attracting more projects and users. The activities of both the project and user will attract more Launch Pools and Lending Pools, thus forming a growth flywheel or a close-loop business cycle for Moma.
The role of Launch Pool is not only to provide acceleration for the community start-up of Lending Pool and projects, but more importantly to create application scenarios of Lending Pools. Suppose that the user wants to participate in the start-up mining of the Launch Pool, but there is no suitable target asset (assumed to be ETH) that can be deposited. He or she can stake and lend his own digital assets (such as WBTC) in any suitable Lending Pools and then deposit ETH in the Launch Pool to get the incentive to start mining. This completes the lending process in the Lending Pool and thus generates interest revenue.
The purpose of the Lending Pool is that it can handle the yield-generation demand of the mining revenue generated from Launch Pool. Some of the digital assets obtained by users from Launch Pool mining will be traded into other assets, while others will have yield generation needs. Lending Pool can provide a yield-generation scenario for the digital asset and further meet the user’s investment demand.
In short, the Launch Pool starts and accelerates the Lending Pool. At the same time, the Launch Pool creates a lending scenario for the Lending Pool, while the Lending Pool undertakes the yield-generation demand for the Launch Pool income, constituting a complete ecological closed loop.
As a Defi user,you could stake your assets in one of our Launch Pools to mine any new project’s community-launching tokens. Also, you could deposit your assets into Lending Pool to get revenue and incentives.
We suggest our users to participate in Moma with a complete investment loop：deposit in Lending Pool -> borrow from Lending Pool -> staking in Launch Pool. Every action in the cycle will be rewarded with Moma tokens.
6.What are the functions of whistleblowers within Moma? How does one become a whistleblower and what incentives are there in place for users to become whistleblowers?
Whistleblower is the core mechanism of Moma’s risk management framework. With the expansion of Moma’s business and the increase of the number of Lending Pools, the workload of risk assessment and judgment would become very large. It would be impossible to complete all information judgment only through the risk control department of Moma. To accomplish this extremely important mission, we have designed the role of “Whistleblower” in the system.
Anyone could become a Whistleblower by staking Moma tokens, and the specific details will be announced after our product goes live.
After a user has become a Whistleblower, he or she could submit risk warning information. Moma will judge how valid such risk warning information is, through community or committee governance. Once the information is confirmed to be factual and valid, the Whistleblower who submitted the information will be rewarded by Moma tokens. If the information submission is malicious, the collateral in Moma token will be slashed as a form of punishment.
7.Where do you obtain the data and information that you use for Moma’s aggregator and how are coins categorised for users needs?
As Moma adopts a Factory approach to produce Launch Pools and Lending Pools, we could obtain such data from smart contracts very easily. Actually everyone can obtain these data in a permissionless way. Data such as APY/TVL/Gas/Risk score would be provided in our Aggregator to help our users to design their personal yield farming strategies and acheive their goals.
Coin categories will be provided just like how exchanges do: Defi, Stablecoin, Dex, Oracle, etc.
8.There is a reference in your documentation to a unique oracle system for your price feeds. How is it unique and why have you opted for your own oracle system instead of using oracle networks already available on platforms like Chainlink ?
Moma is a solution to meet the needs of the long-tail lending market, this means that there will be a large number of digital currencies in our market that need the support of oracles, and some of them can be met by current mature oracle solutions such as Chainlink, and some are not, that’s why we are here to offer a solution to meet business needs in today’s DeFi market. Of course, Chainlink including Uniswap and other DEXes will become our price-Feed data sources, but it is always better to have a set of oracle solutions that could be scaled and extended.
9.In your roadmap in Q3–4 you mention Polkadot parachain testing and auction participation. Can you give us an insight into what you are looking to get out of the auction and how this will benefit Moma?
We are still observing the process and pattern of Polkadot and Kusama parachain auctions. Cross-chain capabilities are essential for a lending market protocol, so we will definitly join the Polkadot ecosystem. Parachain or Parathread or Dapp? Moma will keep our mind open when deciding the final solution.
10.On your roadmap it says you will be listing on a CEX this quarter , can we expect a listing on a tier 1 exchange?
In our plan, at least a few exchanges will become our partners, instead of just one. Yes, our goal is of course to be listed by at least one top-tier CEX, we will work hard towards this goal. We don’t think it’s practical to aim for that now, but we are super confident that it wouldn’t take too long for us to get there.
11.How long has moma been in development and what led to you coming up with the idea for this platform?
Moma’s team formation started in October 2020 but our core team members have known each other for quite some time. Our CTO V.C. and myself both graduated from Fudan University and have worked together in previous projects, and our CMO Virginia, who is the owner of a crypto fund in Hong Kong, has also been sharing deal flow and industry resources with us since 2019. So this is not the first time our core members work together.
Moma’s product development started in October 2020. At present, we have completed most of the coding work. Moma’s code will be audited by two different auditing companies, both well known in their regions, and will get ready to go live by the end of May.
The platform idea came from two parts.
First, when I used Uniswap for the first time in 2019, I was totally overwhlemed about its permissionless and anonymous product logic. Anyone can create. Anyone can use. Anyone can participate. It’s really the kind of infinite game I always prefer!
When we were initiating our own DeFi project, I kept asking myself what is the best way to implement lending markets with unlimited scalability. Finally we decided to adopt this Factory pattern to produce customizable Launch Pools and Lending Pools, and the two types of Pools provide use case scenarios for each other, so in theory, infinite liquidity could be generated in this close loop platform design.
Second, before we established Moma, we already were running a two-year-old community app with over 1 million registered users and over 30 blockchain project partners. We believe Moma can offer real value to our existing users and business partners by providing a DeFi solution that suits today’s real market needs.
That’s the short story behind Moma Protocol.
12.Last but not least what are some upcoming milestones to look forward for moma?
The market we are at evolves very fast and change is the only constant. Instead of selling future dreams, we prefer to focus on making every step right since the beginning.
For example, our currently weekly target is to make sure all early investors contribute in their regional and business strengths to make sure Moma’s narrative is well-received by the community and our upcoming IDO(s) a success.
And, our target in May is to focus on bringing in strong projects to join our first batch of launch pools and lending pools. Our product will also go live in May, after listing.
Lastly, we are not here to build one single lending pool with 10 billion TVL, we are aiming at having many users, perhaps hundreds, thousands or more of them, to build their customized pools with 1 million, 10 million or 100 million TVL in each pool, which we think is something much more meaningful because it’s what the DeFi market really needs!
Thank you guys for spending time to learn more about Moma. There will be an IDO whitelist event soon. For more information regarding our IDO, join our official channels to stay tuned!