Thank you to everyone who joined AMA Blockelite x LendHub on 5th September at 12:00 PM UTC I 07:00 PM (UTC+7). Here is the recap for those who missed this AMA.
Yuno – Blockelite Host: Hello fellow Eliters and welcome to another Blockelite AMA Series
So ladies and gents, Our special guest today is Jason – LendHub Core Developer
Hello @luffy3333 , welcome to Blockelite today
Jason – LendHub Core Developer: Hi, I’m Jason, the core developer of LendHub
Yuno – Blockelite Host: Thanks for joinning today
How are you today?
It’s time, are you ready ?
Jason – LendHub Core Developer: yes
Yuno – Blockelite Host: Let’s go
Part 1: Introduction to the project and AMA guests. Some general questions about the project.
Question 1: Please introduce yourself and the LendHub platform, and synchronize the latest operation trends of the project?
Jason – LendHub Core Developer: I’m Jason, the core developer of LendHub.
LendHub is a multi-chain decentralized secure lending platform of BSC and Heco, which has supported more than 20 kinds of asset lending and liquidity LHB. By lending on LendHub, users can receive incentive token LHB rewards.
As the hub of the LendHub platform, LHB will realize the mutual financing and value transfer among multiple public chain assets by supporting the mutually accommodating pledge lending of multi-chain assets.
As of 15:00 on April 8, the total amount of deposits and loans on LendHub platform exceeded 1.86 billion US dollars, and the total value locked (TVL) exceeded 1.128 billion US dollars, both breaking new highs.
LendHub always gives priority to the safety of users’ assets, and no security accident has occurred since its launch.
LendHub has launched a global expansion plan, with the first launch in Korea, Vietnam, Thailand and other markets simultaneously.
In order to carry out more penetrating publicity for different markets, the platform is recruiting community volunteers from all over the world.
Users can sign up by entering the English community on the official website and contacting customer service.
Volunteers will be responsible for building, recruiting and maintaining the local community. Selected volunteers will be awarded USDT and LHB monthly.
In addition, the platform will launch new products related to leverage mining and other financial derivatives to meet the needs of more users and empower LHB. LendHub, AKA the safest and the most useful Defi lending platform , with its excellent products and good reputation, is expected to develop into a head DeFi lending platform like Compound and AAVE.
Yuno – Blockelite Host: Thank you, for your introduction, our pleasure to have you join us today
Question 2: What is the opportunity for the team to create LendHub? Why do you choose DeFi loan track?
Jason – LendHub Core Developer: As the core developer of the platform, the team is determined to build the largest lending platform on the Heco chain, compared to the ETH Compound.
Of course, we firmly believe that in the flood of DeFi, decentralized lending is one of the most landing applications of blockchain at present.
DeFi lending can not only meet the most essential lending needs of finance, but also greatly improve the lending efficiency of users. The future market potential of the track is huge, and it is worth of our researching.
Yuno – Blockelite Host: Agree 🙂
Thank you, next question
Question 3: Recently, there have been frequent security incidents on the BSC chain or other hot public chain. Why should the project announce the cross-chain at this time? In addition, what have you done to protect the security of user assets?
Jason – LendHub Core Developer: At this time, the announcement of the cross-chain to BSC has no special meaning. It was originally our schedule time. We were in accordance with our own development progress and rhythm. It happened that at this time we completed the development and deployment of cross-chain to BSC. So we listed.
In order to ensure the security of users’ assets, our smart contract code is completely open source, and the code has passed the audit of a number of professional security companies. The smart contract code of LendHub has been open, safe and transparent, and there has never been any security accident since the launch. Users can be completely assured when they deposit or loan in LendHub.
Yuno – Blockelite Host: I will use LendHub, haha
Continue with Q4
Question 4: As the largest lending platform on the Heco chain, what dazzling achievements has LendHub ever achieved? (Total deposits and loans, TVL, user base, etc.)
Jason – LendHub Core Developer: Since LendHub was launched on January 14, 2021, it has rapidly developed into the largest decentralized lending platform in Huobi ecological chain Heco in terms of assets.
Only 69 hours after the platform was launched, the total amount of deposit and loan exceeded 388 million US dollars; On April 8, the total amount of deposit and loan on LendHub platform exceeded 1.86 billion US dollars and TVL exceeded 1.128 billion US dollars.
On May 6, the whole network trading volume of LHB/USDT 24h exceeded 42.5 million US dollars, with the highest increase of more than 116.2% in the day. Recently, the number of on-chain token holding address on LendHub has reached as high as 123,012, and TVL ranks Top 5 in the DeFi market, second only to Compound.
Yuno – Blockelite Host: Last question in part 1
Question 5: What do you think is the biggest challenge in the current DeFi loan track? How can we successfully break through?
Jason – LendHub Core Developer: With the rapid expansion of the DeFi lending market and the emergence of more and more DeFi lending platforms, it is worrying that many lending platforms are pursuing speed at the expense of security in order to capture the market as early as possible, with contractual loopholes and other security incidents occurring frequently, causing many users to incur huge financial losses, which has led many new entrants to the DeFi market to worry about the security of DeFi lending.
LendHub’s biggest challenge in expanding the market, especially in attracting new users, is to prove that users’ assets are safe.
The LendHub team attaches great importance to the security of platform assets and always puts security issues at the top of development. Since its launch on January 14, the platform has been safe and has zero accidents, and the code is completely open source for the first time. At the same time, LendHub has passed the security audits of many well-known companies, and in order to maximize the stability of the system price feeding, it chose to use the Oracle Chainlink to feed the price.
Yuno – Blockelite Host: That’s the last question of part 1, soon we will move on to part 2 of AMA. Thank you for your detailed responses Mr. Jason. You have really helped us to learn and understand more about LendHub!
Now, let’s begin with Part 2 of the AMA. we have chosen 5 best questions from our users in Twitter. Our guest will answer all of them.
Q1: What is the economic model of the LHB token? How can users obtain LHB?
Jason – LendHub Core Developer: LendHub is a decentralized lending platform based on Huobi ecological chain, which supports the pledge lending of multiple currencies on Heco, BSC and other chains.
The total amount of LHB is one billion, 80% of which are allocated to platform users, and the daily output is about 460,000. The remaining 20% is held by the team and spent on operational activities. The expenditure on operational activities is initially set at 100,000, and the remaining tokens will be unlocked in 10 years.
Users can obtain LHB through the following ways:
- LendHub supports the pledge lending of multiple currencies on Heco, BSC and other chains. Users can obtain incentive token LHB rewards by borrowing on LendHub.
- Users who pledge LP can obtain auto-compound LP compound interest mining income, and can also participate in DAO Pool LHB single currency pledge, mobile pool pledge and other mining methods to obtain LHB rewards.
- Users can also trade LHB on Huobi, Jubi JBEX and other centralized trading platforms.
You can register on the Jubi trading platform (JBEX.cc) to trade LHB. Users who get the airdrop reward need to register on Jubi trading platform and provide UID to receive the reward.
Yuno – Blockelite Host: Thanks, next question
Q2: How can ordinary users maximize their profits by using DeFi financial lending tool/platform?
Jason – LendHub Core Developer: LendHub can be used to make money or increase revenue. There are the following main ways of profit:
(1)Shorting by borrowing currency. At present, there is no financial derivatives trading platform in Huobi chain ecology, so when users want to short a certain currency, they can only recharge the currency into Huobi in general to short. However, if users make reasonable use of LendHub, when they predict that the price of a certain currency will fall, they can borrow the currency and sell it at a high price. When the currency falls, they can buy it at a low price and then return it to LendHub. In this way, they can short a certain currency
(2) Single mining by borrowing currency. At present, there are a lot of various DeFi projects in the Huobi ecological chain. Whenever a “new mine” is online, the income of the first mine will be very high in general, and the gap between the mining yield of different currencies will be very large. How do you ensure that you maximize your mining income at this time? Quite simply, comparing the mining yield of each asset, and then borrowing the currency with the highest mining efficiency through lending and borrowing at LendHub to participate in new mines, so that you can get the maximum yield.
(3) Borrowing currency to participate in liquidity mining arbitrage, for example, user A only has USDT in hand, and the income saved will be very low. However, if part of USDT is used as collateral in LendHub and MDX is lent to participate in MDEX’s liquid mining, he can get 400% annualized return and LHB mining reward. Subtracting the fickle losses of liquid mining and the interest on borrowing money is the final real return.
Cross-market future-spot hedging arbitrage, this is mainly through hedging with the contract market to arbitrage the funding rate. For example, when the contract funding rate of a certain currency is negative, and the funding rate can be obtained by ‘going long’, you can borrow the currency to go short through LendHub, open long perpetual contracts, carry out hedging arbitrage, and earn daily users Contract funding rate.
The above is the most common way to maximize profits by using LendHub in the market. It is hoped that LendHub users can use the LendHub lending platform flexibly.
Yuno – Blockelite Host: Thanks for sharing
Everyone please join the group to update more update :))
Q3: In addition to cross-chain, what new plans does LendHub have in the future?
Jason – LendHub Core Developer: There are many plans. First of all, in terms of multi-chain development, we have already listed HECO and BSC. In the future, we will also consider listing other mainnets such as ETH and Matic.
Secondly, in terms of enriching product assets, we will consider opening up LendHub’s innovation zone, introducing and launching more high-quality innovative assets, enriching LendHub’s lending assets, and satisfying the lending needs of more users.
Another is to innovate the gameplay of financial derivatives, such as launching leverage lending function, or combining LHB to play some financial derivatives, so that LHB can obtain more ecological empowerment.
Yuno – Blockelite Host: Next question
Q4: Could you introduce LendHub’s global volunteer recruitment program in detail?
Jason – LendHub Core Developer: LendHub has launched a global expansion plan, with the first launch in Korea, Vietnam, Thailand and other markets. In order to carry out more penetrating publicity for different markets, the platform is recruiting community volunteers from all over the world. Users can sign up by entering the English community on the official website and contacting customer service. Volunteers will be responsible for building, recruiting and maintaining the local community. Selected volunteers will be awarded USDT and LHB monthly.
Yuno – Blockelite Host: Ok, last question of this segment, everyone please prepare good questions for segment 3.
Q5: What do you think is the next trend in the DeFi market? Which tracks still have potential?
Jason – LendHub Core Developer: DeFi is arguably the biggest application scenario in the current blockchain industry, and this bull market is an institutional bull, but also a wave of DeFi bull. Since the rise of compound in June and July last year, the DeFi boom has swept through the industry, and I think it will continue.
1)Emerging public chains represented by HECO, Boca, NEAR and SOL will be full of all kinds of opportunities. Although ETH and BSC are now in the leading position, they are very unfriendly to users due to their high GAS fees and slow transfer speed. And other emerging public chains are bound to stand out by virtue of their low GAS fees, fast transfer speed, exchange support and other related advantages. And the head item of this kind of public chain will have a great opportunity.
2)The top lending and DEX projects will remain the safest and most stable investment opportunities in the DeFi industry. Because with the expansion of the scale of DeFi, projects with rigid needs such as transactions and lending, and with fixed profits, will grow at the same time. The risk resistance and growth of this type of project must be the best.
3)In addition, I think there will be new opportunities for DeFI+ games. Some of the recent blockchain games are still very basic and original, and there is not a particularly good game, but the audience of the whole game market is very broad. We’re looking forward to some blockchain games with great content.
DEX and lending are very potential tracks, mainly because their business models have been tested, and both of them are rigid products in DeFi and have stable revenue models.
I think there will likely be new opportunities with DeFI + Gaming. Although there are no phenomenal projects in the games track yet, it is probably one of the most promising tracks. The market for games has a very broad audience, and it’s easy to get out of the “loop”. If there is a quality blockchain game that can come into everyone’s view, then it only takes a moment to go from 0 to 100. Therefore, we are optimistic about the market potential of the game track.
Yuno – Blockelite Host: Great. Community inquiries were partially answered through 5 questions from the Form. Here we will move on to the final part of the AMA
Trust and security is very important in any business , what makes investors , customer and users safe secure when working with your project?
Jason – LendHub Core Developer: First of all, our technical team is very professional, they are all from well-known enterprises, and they have been deeply involved in the blockchain industry for many years and have rich development experience.
Moreover, we have invited many well-known auditing companies to audit our smart contract code, so we can be completely assured of the security of the code.
We have never had any safety accidents since we went online, which is enough to prove our technical strength.
Where can I buy your tokens now, what are your current contracts and how can I buy them and what are the benefits?
Jason – LendHub Core Developer: You can buy on centralized exchanges such as huobi and jubi, or on decentralized exchanges such as mdex in heco chain or pancake in bsc chain.
After purchasing LHB, you can participate in the community voting governance of lendhub and become a participant in the development of lendhub.
What are the ways for your project to generate revenue in the long run?
Jason – LendHub Core Developer: The main revenue-generating method of Lendhub is to earn the spread between deposit and loan, which is also our main profit-making method in the future. In the future, we will focus on the deposit and loan scale of lendhub and strive to improve the TVL of lendhub.
What is your most ambitious goal of Project? We would appreciate it if you could share with us any Upcoming Updates?
Jason – LendHub Core Developer: The goal of Lendhub is to become the largest decentralized platform. We will continue to explore new markets and new public chains so that more users can understand and use lendhub.
What makes you feel confident about the survival & sustainable success of Your project in the near future?While you build your project, do you take into account community feedbacks and demands?
Jason – LendHub Core Developer: First of all, it is the technical strength and operational strength of our team, which makes me believe that our team will be able to do well on the loan track and stand out from the crowd. In addition, we attach great importance to the voice of the community, and we will reply and modify the effective and positive voice of lendhub in the community as soon as possible. It is the suggestions and feedback from the community that makes lendhub better and better.
Yuno – Blockelite Host: Thank you so much for taking your time joining us today. The community has a valuable chance to explore more about Lendhub
Hope you have a nice day and get successfully with Lendhub
our AMA section is ended
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