BlockTalks x Oddz Finance AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Oddz Finance, on February 18th at 11.00 AM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Aishwarya Shivakumar, CEO at Oddz 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 Oddz Finance to our community in layman’s term?
Ans — Oddz is a World First On-Chain Option trading platform that was deployed on the Binance Smart Chain, Ethereum, and Polkadot striving to unleash its potential decentralized derivatives market.
Oddz allows the creation, maintenance, execution, and settlement of trustless option contracts, conditional token agreements, and futures contracts in a fast, secure, and flexible manner. It focuses on building solutions that can propel the DeFi ecosystem by simplifying derivatives trading and enhancing the user experience. Its comprehensive ecosystem also constitutes an Inbuilt Oddz oracle that helps in accurately retrieving real-time market data.
Q2. What are the advantages of Oddz Finance to other alternatives in the Blockchain field?
Ans — As I mentioned earlier we Identified lot of pain points which restricts a lot of users from utilizing on-chain option trading platforms effortlessly. The key features promoting DeFi users to utilize on-chain option trading platforms effortlessly includes :
1. Fraction trades
2. Transparent Premium Calculation
3. Zero gas fees
4. Adequate Liquidity
5.Customized Option Writers
Here is the detailed explanation about Oddz features:
Q3. What are the major milestones Oddz Finance achieved so far & what are in the future pipeline?
Ans — We made very good progress in terms of protocol smart contracts in the last month of 2020 and announced Oddz finance on January 1st. Yes new year, new hopes, and a new beginning:)
We are close to submitting our protocol smart contracts for auditing
We made some strategic partnerships (details on this front will be shared soon)
We are closing the fundraising soon, details on this will be announced soon
We made good progress in terms of Hiring as well
Questions Asked on Twitter For Oddz Finance Team!
Q1. Why did you have to build your own oracle rather than integrating with tested decentralized oracles for Oddz? Why should I opt for Oddz and not any other options platform?
Ans — Due to the dynamic nature of the financial derivatives market, external oracle solutions raise security and slower request processing concerns. Oddz oracle is dedicatedly built for derivatives market feeds which eases accessing real-time data for seamless derivatives trading.
Q2. You are planning to integrate with the Polkadot network in the second quarter of 2021. What will integration with the Polkadot network add to your project? Additionally, are you considering integration with other networks? For example BSC?
Ans — yes we are planning to integrate with the polka network in the second quarter. Polkadot enables cross-blockchain transfers of any type of data or asset, not just tokens. Connecting to Polkadot gives you the ability to interoperate with a wide variety of blockchains in the Polkadot network.
Different Polkadot parachains and applications can share information and functionality thanks to the project’s interoperable design and compatibility between chains.
Q3. What are the benefits that users get from Oddz Multi-Chain trades? Is Oddz a derivative exchange?Then, what are the advantages of Oddz products compared to other CEXs, which offers derivative products as Binance, BitMEX?
Ans — 1. Innovation — We are planning to leverage layer 2 technologies along with Relayer networks to execute our options trades that would help our users to trade at a lowered gas fee. The protocol transaction fee that we collect from users, will be used to compensate the gas fee, to distribute rewards for staking users, and to hedge the liquidity providers for our AMM pool that eliminates the need for option writers.
2. Emphasis on both retail investors as well as institutional investors — Intuitive UI along with Easy options wizard should help users to buy option calls and puts within a matter of few clicks.
3. Future looking roadmap — We are well prepared to test our protocol on Polkadot and fully leverage the power of Polkadot and better the trading experience
4. The high degree of expansion — Options trading for new tokens can be added with just a click of a button, our inbuilt oracle IVR feeds for new tokens will help us achieve this. Marketplace for conditional tokens
Q4. Oddz is built on data privacy, How can Oddz guarantee user identities security? And can Oddz explain how the Oddz Ecosystem functions in plain language?
Ans — We are getting our token and protocol smart contracts audited by at least two top auditors out there.
We wont release mainnet until we are satisfied with the audits. There will be a good rewards for hackers to try out on our testnet.
Oddz options are basically a contract where users can buy/sell an underlying asset at a pre decided price within a predefined period.
In case of a call option, users can buy an underlying asset and in case of a put, they can sell
Q5. One striking feature of the Oddz protocol is the writing of a special option namely Automatic option premium writer recognition and can be adjusted based on user input, please explain in more detail about this feature?
Ans — In terms of user experience, there will be easy options and customized options where within a few clicks of a button, users can buy options that are recommended by our machine learning algorithms.
If the recommended easy options doesn’t match what user is looking for, we have an interface for users to select their desired strategy.
Questions Asked by our BlockTalks Community Members during live Session to Oddz Finance Team!!
Q1. What is Oddz Finance long-term vision about the industry which you are working on? Are you afraid some day there will be another project with more innovative technology can replace your project?
Ans — Our main vision is to make Oddz Finance a one-stop solution for all derivatives.
Some of the roadmaps we planned for upcoming days include:
Conditional tokens
Conditional Tokens are a new upcoming token class designed for the creation of highly liquid prediction markets. They enable the creation of options (or markets in this case) whose settlement is dependent on the outcomes for high-resolution information.
Leverage tokens
A leveraged token is a financial derivative that enables you to gain exposure to a leveraged trading position in a digital asset without having to deal with margin trade, liquidation, collateral, funding rates.
Inbuilt Oracles
Dependence on external oracles brings some of the grave issues that complicate the decentralized financial ecosystem, thus hampering seamless trading for platform users. Oddz is looking to create an inbuilt oracle within the protocol itself.
The goal is to research more on these topics in the coming months, invite suggestions from the community, and launch as soon as ready.
Q2. How does the $ODDZ token used in ODDZ FINANCE platform. What role and functions does $OODZ plays in ODDZ FINANCE ecosystem. And what are the benefits of holding $ODDZ token for a long term ?
Ans — The $ODDZ token holders represent an integral part of the Oddz ecosystem, thus voting on various decisive moves and proposals for the protocol’s growth. Moreover, the primary motive of Dapps is to fuel the decentralization of authority; thus, the community holds a substantial bar in driving this.
1. Transaction fees: Platform users can employ an $ODDZ token to facilitate transactions in a seamless manner.
2. Staking: Users can stake $ODDZ tokens on the Oddz protocol in an attempt to earn higher yields, thus maximizing returns. Tech-savvy traders also employ various yield farming strategies to earn greater returns.
3. Governance: Users can strongly support or disregard protocol proposals through community votes depending on the rationality of the same.
4. Referral bonus: If the user extends the platform’s support by spreading the word, they are entitled to referral bonuses.
Q3. community support is an important factor in the development of a project. how do you convince the community to always faithfully support Oddz products and its ecosystem, what programs do you offer to the community?
Ans — Yes, I totally agree that a community and user base plays a important role in the success of the project. We are having a very good strategies to ensure a less churn rate. We have two different set of users that we need to support for, one traders and second liquidity providers.
Liquidity providers for our AMM pool that will be used to create options will be rewarded with the protocol transaction fee we collect and we are working on various mechanisms to hedge these LPs.
Q4. Options trading market mostly got bad reputation because lack of transparency and many bad broker that love to makes price manipulation, how Oddz Finance provide the transparency in the options trading?
Ans — Our UI is designed in such a way where user can understand how premium price is calculated, It helps users to take a better decision while buying an option.
Q5. What are your plans to educate and raise community awareness so that more people understand ODDz Finance platform, its technology and vision?
Ans — We are working on beginners guide videos and blogs for options trading and make sure all the users who come and trade on our platform get the detailed explanation on trading. Apart from that, we are also planning for the demo trade (where users can try trading with paper money to understand and then trade on real money). This helps our users to understand and trade on our platform.
Q6. Why did Oddz Finance decide to support Zero Gas Fees Transactions for derivatives traders, also what mechanism will you use to bring zero gas fees trades to reality?
Ans — Currently gas fee is the biggest hurdle that is stopping more user adoption for DeFi users. These options premiums are usually 10–15$ depending on the strategy and size that user selects. So we strongly believe enabling users to trade options without having to worry about gas fee will bring the more adoption
Where we submit our smart contract to a relayer network which uses native meta transactions to execute transactions with minimal gas fee, where Oddz will cover the gas fee so technically users will not be paying any gas fee.
Here is the detailed explanation:
Q7. How do you plan to spread your understanding of the project in different countries where spoken English is not good? Do you have a local community for them to use to better understand ODDz Finance ?
Ans — Yes, our main focus is to expand oddz in different countries. Along with english we also added chinese language in our website and we will add more languages if required to spread awareness and bring more users from different countries. Please join Oddz vietnam telegram channel https://t.me/OddzVietnam
Q8. I realized that Oddz wants to create its own Oracles instead use the existing options of the market, so can we know why?
Ans — Due to the dynamic nature of the financial derivatives market, external oracle solutions raise security and slower request processing concerns. Oddz oracle is dedicatedly built for derivatives market feeds which eases accessing real-time data for seamless derivatives trading.
Here are some important links of Oddz Finance 👇
🌎 Website: https://oddz.fi/
📱Twitter: https://twitter.com/oddz_finance
📢 Medium: https://t.me/oddz_finance
