AMA with IndaSwap — IndaFi
With CEO B.Sizov
On April 17th Pollo Finance lead developer Waddle Dee interviewed the CEO of IndaSwap & IndaFi. As a cutting edge Defi platform, Pollo gets many chances to partner with other amazing platforms. These relationships can amplify strengths and mitigate weaknesses. We want our family to learn more about IndaSwap to decide whether partnership is a good idea.
Pollo recently held a vote about this very thing. However, low voter turnout and lack of information made this decision difficult and uninformed. We decided to run a proper AMA to give full information to the Pollo community. We also decided to hold another vote that would increase voter quantity. The voting form can be found in the Discord server — AMA channel at the bottom. <Voter Form> We apologize if anyone got confused about our decision to host the AMA after the first vote.
The full AMA can be found in the same spot as the voting form and we encourage everyone to read it. This time we hosted a quiz to make sure readers were paying attention and to increase voter turnout. This article summarizes the event.
b.sizov comes from experience as a developer in the blockchain and web field. From there he moved into business studies and has since launched 2 startups. Mr. Sizov is based in Moscow and his current goal is to “…make Defi simple and accessible for any granny in the world.”
As the Pollo community already knows, Defi onboarding is complex, particularly when it comes to exchanging fiat money for digital. IndaSwap will provide an efficient simple way to buy PoFi, PDO, or any other participating token with a credit or debit card in about 30 minutes. His will be the first known fiat to Defi system. However, the really significant part is the source of IndaSwap’s liquidity. Unlike centralized exchanges, IndaSwap will get the tokens straight from the Defi world from the automated market makers (AMM) of participating tokens. This means transactions will cause secondary liquidity effects such as impacting prices, which are all immediately verifiable using BSCScan or other similar tools. Another way to think of it is ‘straight to blockchain.’ The plan is for IndaSwap to be public next week, by April 19th. Mr. Sizov later added they are planning to connect to other AMMs, so users will be able to buy an asset that is listed on lets say pancake, but not listed on IndaSwap. I believe this would be another Defi first.
Some AMA viewers asked about security and Mr. Sizov emphasized the increased security of IndaSwap as transactions go through multi-signature wallets. Additionally, every partner/participant remains in control of their tokens and provided liquidity. He wrapped up the introduction saying: “We wanted to develop a risk-free model for every party, and IndaSwap is one of the core elements of the IndaFi ecosystem, that bridges the gap between traditional financial systems and DeFi. On IndaFi we’ll also have a wide variety of LPs with high APY, farming options, lending, borrowing, crypto invoicing, NFT and many more.”
This is a great segway into IndaDeFi. There are three components to Mr. Sizov’s planned ecosystem. IndaSwap is one, and it will exist within and underneath the greater ecosystem interface called IndaDefi. He describes it as: “IndaFi is multichain DeFi aggregator. It will be our brand new interface that connects to the AMMs. It have all this features such as providing liquidity, farming, pooling, lending/borrowing and even crypto invoicing.” Eager fans will need to wait until the planned launch date of May 1, 2021.
The third component is called IndaCoin. But Mr. Sizov emphasized that IndaCoin is a different business from IndaSwap. IndaCoin is based in London, UK and has been around over half a decade providing fiat to crypto exchanges under the strict Financial Conduct Authority (FCA) standards required for operation in the United Kingdom.
Even though they are separate businesses Mr. Sizov is: “good friends and partners, and indacoin gives us best fiat-to-crypto processing on the market.” This means that IndaSwap customers will get some of the most expedient fiat to crypto onboarding available.
He further clarified “IndaSwap is a bridge between DeFi tokens on BSC, ETH, AVAX chain and fiat. And IndaSwap is connected to IndaFi AMM, so all liquidity providers of IndaFi will earn fees from crypto-to-crypto trades + fiat-to-crypto trades. Because IndaSwap uses IndaFi liquidity.”
Next a viewer asked about Indacoin debit/credit card transaction volumes and asked if IndaSwap expects an ability to leverage this volume. Mr. Sizov stated there is public information available which shows there are $500 million debit/credit card purchases per year. He expects to process up to $1M of volume before summer, and after integrating more protocols into the IndaDefi ecosystem he plans to process even more than Indacoin. He explains: “We utilized existing fiat-to-crypto model on DeFi market so LP’s win from fiat-to-crypto transactions, almost unlimited liquidity.” Mr. Sizov believes at least $2M — $3M currently get ‘onboarded’ through IndaCoin at present.
Mr. Sizov then described the Tokenomics of IndaSwap:
- We have 10m INDA total supply
- We will have ETH <> BSC <> AVAX bridge this month, so community can shift between chains. Smooth, really love it.
- 41% of total supply is allocated for Liquidity Pools. Hope some of it will be locked on pairs with PoFi ;-)
In case you missed it I will repeat for the benefit of the reader. IndaSwap is including a 3 Blockchain Bridge. A three-way bridge between the blockchains of Binance Smart Chain (BSC), Avalanche (AVAX) and Ethereum (ETH). This is huge. Also huge is the amount of partners Mr. Sizov plans to have, by the launch date. Ten projects! Including some of the best known tokens like Cake, Uniswap, and if he is lucky, PoFi, PDO, and sPDO.
The next question asked if an equivalent to Pancake Swap’s ‘Syrup Pools’ would be available. So people can stake their INDA tokens to get other tokens. They elaborated asking if they IndaSwap would allocate some INDA token for Pollo users. So that people could stake Pollo assets to get INDA tokens. Mr. Sizov stated yes, the pools will be on the IndaFi component. He also believes the reverse will be doable and he can provide INDA to Pollo pools, after a talk with the Pollo team & Waddle Dee of course. He further said that he will be opening farms with a partner next week, the partner that made the ETH-AVAX-BSC bridge.
Mr. Sizov was asked what makes IndaSwap different from existing platforms like Binance or Changelly, which also accept credit cards. He replied that complex sign-up is required, and much higher fees are charged by centralized exchanges. He emphasized that no volume minimums are required to list with IndaSwap, merely liquidity on an AMM. Waddle Dee noted that it was the first of its kind ever. Anywhere. Mr. Sizov added that in the third or fourth quarter the IndaSwap listing process will become automated through a DAO. Waddle Dee stated that they would love to collaborate Pollo DAO to IndaFi DAO.
There was a final question about time-limited promotions on transactions to buy PoFi and PDO to attract more users. Mr. Sizov deferred to Waddle Dee who made it clear it will be considered. From the AMA it became obvious that a synergy already exists between the two state of the art platforms. As a Pollo community member I hope to see it grow and thrive.
The wrap-up concluded with a quiz for readers, and the prize awards. You can get those details on the Discord Pre-question channel.