BlockTalks x Nested Finance AMA Transcript!
We recently hosted an AMA with Nested Finance, on February 25th at 1 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Rudy, Founder & Alexia, Co-Founder at Nested Finance. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks!
Q1. Could you please introduce Nested to our community in layman’s terms?
Ans — We have designed Nested as a game changing social trading platform aimed at democratizing DeFi to facilitate financial connectivity for the crypto community.
Multi-chain and built to scale, Nested allows users to build a profile and then create, copy, manage, update, send and share financial portfolios.
These financial portfolios — the ‘Nested portfolios’ — are represented as non-fungible tokens (NFTs) reflecting sets of tokens.
The idea is that, for crypto and DeFi neophytes, Nested allows exploring profiles, portfolios and replicate favored strategies. On the other hand, for more experienced DeFi users, influencers or community leaders, Nested allows to showcase portfolios, results and earn royalties every time said portfolio is replicated.
Our team has focused on building a user-friendly-first app, while preserving the highest level of decentralization and security.
Q2. What are the advantages of Nested to the other alternatives in the Blockchain field?
Ans —Yes, basically the community/social focus and the use of NFTs. We’ll detail below:
NFTs presents different advantages, mainly: the tech’s potential, the security, fee management and strategic pertinence.
Rudy, you want to add more on the tech’s potential?
Rudy ~ For the technology’s potential
- The opportunity to collateralize a portfolio;
- Integration and visualization in the metaverse — potential to create NFT galleries in the metaverse;
- Have more flexibility by having the ability to showcase and exchange portfolios ownership through secondary NFT marketplaces (OpenSea, Rarible, etc);
- For security purposes:
- All the users’ assets are stored inside a reserve which is a self-custodian smart contract. Each NestedNFT represents a right on this reserve. Imagine a big safe containing thousands of smaller safes. Each NFT opens one of these smaller safes. Your NestedNFT, your assets
- Better fees management
- By creating/sending/gifting or just interacting with one unique portfolio, instead of having to send all underlying tokens separately for example, fees are much lower for users;
- Strategic pertinence:
- Strategies are unique — just as NFTs: it thus makes sense to tokenize a strategy as an NFT given its non-fungibility;
- Our goal being to democratize and socialize DeFi, using NFTs as a tool — which are widely well known and understood even by neophytes — made sense;
- For instance, a few minutes ago I transferred a portfolio this way from Nested address to another address: https://snowtrace.io/tx/0xea86819f6e055ec92e55c1c6ef8678bb253c1306fda9a2bf98eb448331f28b38
- The NFT itself contained 8 assets.
Checkout the Demo ~ https://t.me/BlockTalksDiscussion/171887
Q3. What are the major milestones Nested achieved so far & what are in the future pipeline?
Ans — For instance, a few minutes ago I transferred a portfolio this way from Nested address to another address: https://snowtrace.io/tx/0xea86819f6e055ec92e55c1c6ef8678bb253c1306fda9a2bf98eb448331f28b38
The NFT itself contained 8 assets.
It was this portfolio: https://app.nested.fi/explorer/avax:7/ws81
Strategic pertinence:
Strategies are unique - just as NFTs: it thus makes sense to tokenize a strategy as an NFT given its non-fungibility;
Our goal being to democratize and socialize DeFi, using NFTs as a tool - which are widely well known and understood even by neophytes - made sense;
We will basically be tackling this through different eras - starting with the Puzzle one, then Lego, Tetris, Rubik and Matryoshka.
On Lego, you can build a portfolio from scratch. It's a 3 steps process:
1. You set a budget.
2. You select your assets, and allocate your budget.
3. You set a name, and some tags to your portfolio.
https://docs.nested.fi/instructions-for-use/how-does-it-work
It's really easy and everyone can do it. At the end of this process, you get your Nested portfolio!
Under Lego, users will also have the ability to copy portfolios instead of creating from scratch. Copying a portfolio is child’s play. With a simple click, you can access someone’s strategy and copy it — there you go, you just generated your first financial NFT. You can also decide to exit, take profit or add more funds to that specific portfolio — at any given time.
The more your portfolio gets copied, the more you earn — and the more you can potentially re-invest through the platform.
By going to the "Royalties" section you can monitor and claim your rewards whenever you want.
Users also have the ability to link their Telegram to receive notifications and get update on moves that happen on a given portfolio.
You can see here the "copy button"
Once you have your portfolio, you can edit it and be copied.
You have 3 options:
- Add some budget to your Nested portfolio and add more tokens or/& reinforce your current positions.
- swap a token contained inside your Nested portfolio against another one.
- Sell some of your tokens contained inside your Nested portfolio against stable coins .
https://docs.nested.fi/instructions-for-use/how-to-edit-a-portfolio
Here, royalties management
As a portfolio creator, you can also edit and update your original portfolio.
When changes take place, every user who has copied your portfolio will receive notifications.
Then, that user will have to accept the changes manually to make sure they’re aligned with your moves — that is if, and only if, they want to.
You can also benefit from a beautiful history of all your transactions.
Finally, there are also two additional options:
1. You can send your Nested portfolio to someone else by clicking on the button send.
2. You can share your portfolio with your community, a friend, or family by clicking on the button share.
The sending
The sharing
Questions Asked on Twitter for Nested Finance Team!!
Q1. Nested offering the cleanest user experience and enabling access to all that DeFi has to offer. But Is it Nested friendly for beginners, or is it only for professionals? How will you provide the best trading experience for beginners, in a friendly way?
Ans — It is for everyone: beginners, intermediary and advanced users! It’s totally decentralized, and accessible from any regions. Nested is for everyone. Our values largely revolve around democratization, socialization and security. We wish to make DeFi a pleasant, accessible and safe ecosystem to use for anyone from all walks of life.
We also naturally take the matter of security very seriously: in this regard, we have conducted security audits — by Code4rena, Peckshield, Certik — that demonstrated the impermeability of our solution.
As you may know, every technology has been democratized through the UX. Apple wasn’t the first brand to build computers, but they were the first one to democratize them thanks to a user-friendly UX. Same thing for Google, or even Coinbase which was the first platform to propose a proper experience to buy and sell digital currencies. DeFi and web3 are complex topics, the UX should help people navigate through it and understand it.
This is a great, complex, question. But what is technology for if not bring us closer. Nested is no exception. The aim of our solution and the philosophy behind all features is to put people at the heart of decentralized finance by enabling each and every user to share and get inspired from each other’s trading strategies. This will not only bring our community together, it will help anyone who wishes to invest in crypto to do so easily, and safely.
First, you can explore the most performing portfolios and the most copied ones, directly from the explorer. You are free to copy (in one click) a portfolio you like.
There will be more categories in the future!
Once you finished to copy, here is how your copied portfolio looks like
You can see I am synchronized with the portfolio I copied!
I can deposit more funds, and withdraw funds from this portfolio. It’s really easy!
Now, if you are a beginner and the initial owner of the portfolio made a move, you receive a notification on the app as well as on Telegram
And you can update your portfolio!
You can see, the dApp tells you, you’re not synchronized anymore!
You can then apply the update.
It’s quite easy, and beginners will really be guided by our UX!
During the entire lifecycle of the portfolio, you’re guided!
Q2. You say your platform is based on financial NFTs. So what exactly is a financial NFT and how does it work? How do these NFTs differ from the ones we see day in and day out? Do they have different features or are they similar to the traditional ones? Is there really more potential in a financial NFT than in a translation NFT?
Ans —A financial NFT is just an NFT backed by financial assets. Those assets can be digital or physical.
Nested portfolios are backed by some tokens, so they are financial NFTs.
The ones you see day in and day out are not backed by any assets, and then don’t have an intrinsic value.
We want to make sure people don’t confused an NFT portfolio (art) with our NestedPortfolios which represent investment strategies
Again, our use of NFTs was made because of the technology’s potential, security, fees advantage and strategic reasons …
Q3. Basically Nested will approach the development of its platform through different eras, starting with Puzzle, then Lego, Tetris, Rubik and Matryoshka. Can you briefly explain each of these eras? What would Nested allow to do in each era? which one are they currently in?
Ans — For Tetris, the idea is to focus more on community and social features — with the ability for users to comment on portfolios, communicate through a chatbox, connect to and follow other profiles, tip performing portfolios, etc. Basically the idea being that we socialize the use of DeFi as much as possible.
Tetris will also be a technical and exciting challenge as we will plug yield and lending platforms such as Aave, Curve, Convex, and Yearn — more will come later. Then, our users will have the opportunity to stake their assets from the Nested interface and directly to other platforms.
Under Tetris we will also be scaling and integrating other chains, namely Celo, Optimism, Arbitrium and Fantom.
Finally Matryoshka!
People will be able to set limit orders directly from the Nested interface and import their NFTs to their Nested portfolios. Your portfolio won’t be a set of ERC20/BEP20/… anymore but also a set of NFTs (BAYC, MAYC, etc.).
All along the development, we will emphasize the social trading features as well as gamify the experience.
Q4. Is the feature on Nested that allows users to copy other users’ Nested portfolios available to all Nested members, or is it only available to VIP/high-tiered users? Furthermore, on Nested Finance, what is the maximum number of tokens that may be merged into an NFT?
Ans — It is for everyone to do! No VIP Tier needed!
Q5. Can we share or publish the portfolios we created with other users? Why are these financial portfolios called ‘nested portfolios? How is it different from other NFTs?
Ans —
Can we share or publish the portfolios we created with other users?
Yes you can share it with anyone! Just share the URL of your portfolio.
Why are these financial portfolios called ‘nested portfolios?
It’s called an NestedNFT/Nested portfolios, because our dApp nested into NFTs other digital assets.
Questions Asked by our BlockTalks Community Members during live Session to Nested Finance Team!!
Q1. You said that Nested Profile can be shared on social Media, Is there any Way to connect my social Channels like Facebook, Twitter to Nested Profile?
Ans — Sure! Right now, you can connect your Telegram account as Rudy showed. And in the coming weeks you’ll have the ability to connect your Twitter account as well to your profile.
Q2. Before Investing in any Project , Users are Worried About the SECUIRTY Of that Project , so Do You Assure Your Investors and Users Regarding the Safety of this Platform , Plesse tell me What steps You have taken ?Have you done Any AUDIT ?
Ans — Security is our priority!
We conducted three private audits and two public audits. The public audits happened on https://code4rena.com/. There were more than 20 white hacks whose job was to find vulnerabilities. The last public contest happened two weeks ago.
Some of the hackers complimented us about the code. We also set up a timelock function; there are seven days between the time the team decided to push smart contract updates and the time those changes are live.
Of course, all our smart contracts are managed through a multi-sig to strengthen security.
Q3. Could you explain what are the advantages and benefits that a user would obtain by managing their investments through NFT portfolios? Where did the Nested team get this interesting idea from? Doesn’t this entail more expenses by having to mint, edit and liquidate an NFT?
Ans — Absolutely. For the technology’s potential:
The opportunity to collateralize a portfolio;
Integration and visualization in the metaverse — potential to create NFT galleries in the metaverse;
Have more flexibility by having the ability to showcase and exchange portfolios ownership through secondary NFT marketplaces (OpenSea, Rarible, etc);
For security purposes:
All the users’ assets are stored inside a reserve which is a self-custodian smart contract. Each NestedNFT represents a right on this reserve. Imagine a big safe containing thousands of smaller safes. Each NFT opens one of these smaller safes. Your NestedNFT, your assets.
Better fees management:
By creating/sending/gifting or just interacting with one unique portfolio, instead of having to send all underlying tokens separately for example, fees are much lower for users;
Strategic pertinence:
Strategies are unique — just as NFTs: it thus makes sense to tokenize a strategy as an NFT given its non-fungibility;
Our goal being to democratize and socialize DeFi, using NFTs as a tool — which are widely well known and understood even by neophytes — made sense;
Q4. How can I search for the best traders within Nested to copy their wallets? Do you have intelligent search engines that allow us to filter these parameters?
Ans — We have an explorer that allows you to research by keyword, name, hashtags etc. By default you have the ability to see best performing portfolios and profiles.
Q5. How can anyone earn Royalties from their Portfolios? Is there a limit on it?
Ans — There isn’t any limits! Royalties are a part of the platform’s fees.
