Thank you to everyone who joined AMA Blockelite x Vortex DeFi on 3rd July at 1:00 PM UTC I 8:00 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 Rahul Singh – CEO of Vortex DeFi
Hello @RahulSinghVortexDefi , welcome to Blockelite
Rahul Singh – CEO of Vortex DeFi: Hey guys, good to be here! Hope you guys are having a good weekend 🙂
Yuno – Blockelite Host: Yeah, I have a nice day :))
And how are you ?
Rahul Singh – CEO of Vortex DeFi: I am doing good buddy. Excited to do an AMA after a long gap
Yuno – Blockelite Host: Great 🙂
On to the Segment 1 of our AMA, we hope you’re ready for the next few questions coming at you!
Rahul Singh – CEO of Vortex DeFi: Sure, all set 🙂
Yuno – Blockelite Host: Our guest is ready, we will enter Segment 1 right now !!!
Q1: Can you briefly introduce yourself as well as Vortex DeFi?
Rahul Singh – CEO of Vortex DeFi: Sure
I am the CEO/Founder of Vortex DeFi. I come with a background of product management experience of more than 12 years in retail, aerospace and insurance.
Vortex DeFi is all about simplification and aggregation in the DeFi world. Who doesn’t love the simplified and aggregated view on one single platform? However, DeFi is full of so many apps for different purposes that an average investor might find it difficult to keep track of all the protocols, etc.
For the DeFi investors/users, Vortex DeFi aims to be a one-stop solution to all your DeFi needs. In other words, Vortex DeFi seeks to solve the problem of fragmentation in the DeFi space.
Yuno – Blockelite Host: aerospace, wow
Rahul Singh – CEO of Vortex DeFi: 🙂 yeah, my last work ex was in aerospace domain, which indeed was quite exciting.
so you want Vortex go to moon =))
That’s the aim. Fingers crossed 🙂
Yuno – Blockelite Host: Thank you, for your introduction, our pleasure to have you join us today
Q2: Vortex DeFi ecosystem has many products as V-Swap, V-Pay, V-Yield, V-NFTs, V-Insure, V-Dex. Can you tell us what are the main advantages of your products? In contrast, what is your weakness? How will you overcome it?
Rahul Singh – CEO of Vortex DeFi: Good question
The Vortex DeFi platform aims to bring all the critical use cases of DeFi under one umbrella. One important point I want to make here is (and I have made in the past as well) that we are not reinventing the wheel; we are focused on integrating the critical functions of DeFi on a single platform. For example, V-SWAP will focus on allowing the user of Vortex to swap from one token to another (ERC-20 initially).
Similarly, V-PAY focuses on providing the ramp to convert fiat to crypto and vice-versa. V-Yield is targeted towards the yield farmers, allowing them to select the fundamental protocols for yield farming. V-NFT will focus on integrating the NFT marketplace within Vortex so that the end-user can track and explore NFT assets from within the Vortex app. V-Insure is about integrating the insurance protocol like Nexus Mutual to allow the user to buy the cover to protect the crypto-assets on the platform.
In other words, you might have seen these features BUT in a fragmented way. How about you open one single app and get access to everything in one place? Cool no? That’s what Vortex aims to do.
Weakness-wise, I would say that we need some massive marketing to attract users to our platform. User adoption is one key thing. Hence that is one weak point we need to work and solve.
Yuno – Blockelite Host: Great :))
Now is ERC-20, so do you plan more? like: bep-20, … ?
Rahul Singh – CEO of Vortex DeFi: Yes, ERC-20 is the primary chain. However, our token is already there on BEP-20, but other features we will launch on BEP-20 once we are done with ERC-20.
Yuno – Blockelite Host: perfect, next question
Q3: Maintaining projects and long-term development are important for the project. How do you accomplish that goal and what is your business model? How do users, investors, and your project become a win-win situation?
Rahul Singh – CEO of Vortex DeFi: Hmm..good question. Let me try to answer
Our business model at this moment is to onboard as many users as possible and enable them to use the DeFi features from a single platform. More users mean the possibility of more TVL. We are focused on simplifying the experience. We will mainly focus on putting a small tax (like many other platforms) on each transaction done on the app in terms of revenue.
Yuno – Blockelite Host: Thanks for sharing
Continue with Q4
Q4: Can you share some of the notable partners Vortex DeFi has? And what can we expect from that partnerships?
Rahul Singh – CEO of Vortex DeFi: Post IDO, we did loads of partnerships. We have partnerships with Razor network, Orion protocol, Paid network, DeFi Wizard, Zokyo, MobiFi, ChainSwap, and many more in the pipeline. See, partnerships are critical because it helps in bringing the synergy in the product development. However, in terms of partnership benefits, I believe this AMA will fall short to explain. I would request users to go through our Medium page https://vortexdefi.medium.com/ to understand how each partnership benefits each party.
Yuno – Blockelite Host: Nice partners
and Where can we trade $VTX now ?
Rahul Singh – CEO of Vortex DeFi: Thanks 🙂
$VTX is there on Pancakeswap as well as Uniswap. However, we have close to half million liq on Uniswap, hence, I believe the trading experience will be better there, especially when gas price is quite low these days
Yuno – Blockelite Host: thanks
Last question in segment 1
Q5: Vortex DeFi Mainnet (Beta) recently launched, can you introdution features have users can using? After this important milestone, what is the next roadmap for 2021?
Rahul Singh – CEO of Vortex DeFi: Yes, we launched our mainnet last week of June. Features that are currently live on mainnet are:
•Lending and Borrowing on Aave v2 protocol
•Lending and Borrowing on yEarn v2 protocol
•Lending and Borrowing on Compound Protocol
•Aggregation with Zapper.fi ZAPS for pools and yVaults
•Reduction of Vortex DeFi Smart Wallet fee creation by 70%
•Enablement of deposit and withdrawal to the Vortex DeFi Smart Wallet
Post this milestone; we have some exciting stuff coming up. V-SWAP, V-NFT, V-INSURE are three key feature which we are planning to implement in next milestone. However, based on the market scenario, if there is something else that gains traction, we might fine-tune our roadmap to include that as well 🙂
Yuno – Blockelite Host: V-SWAP, V-NFT, V-INSURE, sounds great
I think we have everything with Vortex =))
Rahul Singh – CEO of Vortex DeFi: Yes, indeed, once live, I believe it will be a great feature to use
Yuno – Blockelite Host: I will follow 🙂
We wrapped up nicely the first part.
Are you ready for Segment 2 (5 best questions from twitter)?
Rahul Singh – CEO of Vortex DeFi: Yes, sure, lets do it 🙂
Yuno – Blockelite Host: Our guest is ready, we will start Segment 2 right now !!!
Q1: It Makes sense to stay and build on Ethereum Network given how prevalent the ecosystem is at the moment, however, do you see a cross-chain/interoperable future for the Vortex Defi ecosystem?
Rahul Singh – CEO of Vortex DeFi: Irrespective of so many activities going around, we are yet to see a solid alternative to the ERC-20 blockchain. Yes, many other chains are currently under development or already launched, but the ecosystem of protocols you get and the users associated with them on ERC-20 is unparalled. Hence, the first target will be to nail the ERC-20 use cases. We are also focusing on Polkadot and BSC. However, we need to closely watch the user adoption of these chains and accordingly take a call.
Yuno – Blockelite Host: gas fee is quite high with erc-20, but erc-20 is really important 🙂
Rahul Singh – CEO of Vortex DeFi: Gas fee will reduce further IMO
But yes, ERC-20 remains the standard for now. Major protocols are on ERC-20 only
Next question please
Yuno – Blockelite Host: yeah, agree
Q2: Feature is the most vital thing in building project growth, a product will not develop without good feature and promotion, whatever it is good. Can you provide a list of killer features that scare your competitors over your project?
Rahul Singh – CEO of Vortex DeFi: good question
We are not here to ‘scare’ anyone. The objective is to simplify the life of an average investor who wants to explore DeFi. The entire ecosystem of DeFi and blockchain cannot work without synergy with other products and companies; that is why you see we are doing partnerships from time to time. Still, we want to become the ‘Go-To’ web-based app for any DeFi investor who wants to do things like lending, swapping, NFT, etc., from within one ecosystem. Still, if you insist, in my opinion, a simplified user experience is THE killer feature for us. We do not want to overwhelm the end-user, and that is how we are designing our app.
Yuno – Blockelite Host: Sure
Q3: Launching projects in a bull run is obviously much profitable than during the bear cycle. In a bear run where most of the projects fail and sometimes gone into oblivion, how will Vortex Defistand the test of times? What strategies do the project employ to mitigate possible losses
Rahul Singh – CEO of Vortex DeFi: Thanks to Mr. Musk to some extent, genuine products are suffering and people are throwing money in meme 😀
We launched the token in Feb. No body can predict the bull or bear market. However, what differentiates a good project from a bad one that a good project continues developing and hustling irrespective of the market conditions. For example, we could have delayed our mainnet launch when the market would have been more beneficial (and green), but we continued developing and launched.
Similarly, we will continue developing and launching based on our roadmap to ensure that we achieve our mission of simplifying the DeFi for the masses, irrespective of whether it is bull or bear market.
Yuno – Blockelite Host: haha, Mr. Musk – doge father 🙂
Rahul Singh – CEO of Vortex DeFi: True. It is frustrating to be honest, but what to say, that’s how crypto is
I wish this choppy market ends soon. I still believe, we are yet to see a proper full-fledged bull cycle.
Yuno – Blockelite Host:
Q4: Nowadays, NFT is becoming more popular, many projects come out related to NFT. So how do you rate the potential that Vortex Defi ‘s NFT can bring? Do you have any plans to make NFT become a new market trend?
Rahul Singh – CEO of Vortex DeFi: I guess NFT has some massive potential. What we saw early this year was just a trailer IMO. Although the NFT space cooled down for some time, but I feel that next wave of NFT will be soon upon us. Our V-NFT feature will focus on integrating NFT marketplace like OpenSea within Vortex. That is the first target we want to achieve. NFT remains a crucial use case of blockchain, and we surely do not want to miss that; hence V-NFT will be the sub-feature that will incorporate all the NFT use cases in the future.
Yuno – Blockelite Host: Ok, last question of this segment, everyone please prepare good questions for segment 3.
Q5: As a community driven project how can I contribute my quota to your success? Do you have a Global ambassadorial Program or Referral Reward System? Do I get any benefit from holding $VTX in long-term ?
Rahul Singh – CEO of Vortex DeFi: Community is the backbone of any project in crypto.
As a community member, you can help us create more and more awareness about Vortex on different platforms. A few days back, only we launched an ambassador program, which you can enroll. In terms of long term of holding of $VTX, we will have features like discounting the transactions on our platform for VTX holders, etc. moreover, you never know, we might decide to launch a launch pad 😉 where your VTX can become critical to hold for participation.
Yuno – Blockelite Host: You are awesome, thanks for answer all 5 best questions from twitter of my community.
Last Segment for AMA today, The guests will select 5 best questions from the community.
Rahul Singh – CEO of Vortex DeFi: Those were some nice questions. I wish I could have answered all, but time constraint is there. 🙂
Do you have real users and partners that use your services and what marketing strategy do you have to draw new users as without marketing no matter how good the product is nobody cares?
Rahul Singh – CEO of Vortex DeFi: Good question. See, we do have real users. I will give you an example, when we launched our app on testnet, close to 400 wallets were created on the testnet app. Right now, I do not have the exact number on mainnet, but I am sure people are using it.
As far as marketing is concerned, you need to understand, that, marketing needs to be done based on some solid product. I personally do not believe in marketing first and then delivering, for me it is other way around. Moreover, existing market condition is so choppy that first target is to ensure timely communication with community.
It’s easy to make a token but it’s really hard to make this token valuable? So what’s your startegy to make your token more valuable and what’s your plan to maintain token price and supply?
Rahul Singh – CEO of Vortex DeFi: Yes, token utility is the key to success in terms of pricing action. Our utility of the token will come in full force as we evolve our platform. For example holders getting discount on the transaction fee, DAO and you never know if there is a launchpad on Vortex, then you can imagine the use of token 😉
I like that this project is placing importance on the community aspect. That’s what I think is missing in a lot of projects. How can our early investors really help you grow before launch? From providing liquidity to general participation, what are the different roles it plays?
Rahul Singh – CEO of Vortex DeFi: At this moment, community support is needed to promote VTX on all possible platforms. Good projects are always backed by some strong community. That is why I launched Reddit competition, followed by brand ambassador program. All this is to engage community, take their help and at the same time incentivize them as well.
Only getting users, holders etc is not everything. In my opinion, a project needs to deal with solving a real world issue or problem What is the problem that your project primarily focuses on??
Rahul Singh – CEO of Vortex DeFi: I am not sure what other crypto projects are doing in terms of solving ‘real world problems’ However, our focused is specific. To simplify the DeFi for the end users and make it less overwhelming for a new user who is trying to explore DeFi space.
Is Vortex platform accessible from any part of the world and is it Non-Custodial like nobody will be able to access my funds except only me?
How can you allow farmers to leverage the maximum potential of decentralized finance?
Rahul Singh – CEO of Vortex DeFi: Yes sir. Vortex is based on the concept of decentralization hence anyone from anywhere can use it. Also, Vortex app is non-custodial in nature, thus you and only you will have complete control over your funds.
Tell us about your plans for 2021, what are you current working on, and are you going to expand the list of big exchanges?
Rahul Singh – CEO of Vortex DeFi: V-YIELD and Zapper integration is delivered. Next are V-NFT, V-SWAP and V-INSURE. However, based on the change in market situation /trend we might bring in new element if needed.
Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same?
Rahul Singh – CEO of Vortex DeFi: We are backed by the VCs who are well known in the crypto space. Our advisor has some big projects in his portfolio in the past and he is public. Rest is up to the investors 🙂
What are your Marketing plans for the upcoming weeks/months?
Rahul Singh – CEO of Vortex DeFi: First and foremost, there needs to be regular engagement between community and the team. Secondly, we have launched few programs already as part of the marketing initiatives, more will be revealed as the time progresses.
Yuno – Blockelite Host: Thank you for joining today AMA! It was awesome!
Our AMA session is now over !!!
Rahul Singh – CEO of Vortex DeFi: Thanks to the entire Blockelite community. It was nice interacting with all of you. Looking forward to your support to make VTX big 🙂