Slope x Soda Protocol AMA Recap
On Nov 18th, Slope Finance was pleased to invite Soda Protocol Co-Founder DesEal to have an AMA in Slope Finance Community.
1.First of all, Can you please introduce yourself to our community and share us more about Soda?
Hello guys. It’s DesEal, co-founder of Soda Protocol. Glad to see you today!
Soda is a smart lending protocol with a credit system Sol ID, which will establish users’ credit models by analyzing their on-chain behavior. Soda aims to increase the overall capital efficiency on-chain and expand the boundary of the current DeFi lending scheme.
2. As you just said that Soda is a smart lending protocol, but why does Soda Protocol choose to build a lending protocol?
First, lending protocol provides liquidity for the whole ecosystem, which is extremely important for a new and rapid-growing ecosystem like Solana.
Second, the current lending protocols in Solana doesn’t make full use of the feature and properties of Solana. Most of them are similar to Compound and AAVE and nothing new and exciting comes out. Our mission is to explore the full potential of Solana and build a unique lending protocol for the ecosystem.
3. When it comes to Lending, what parts are included in the SODA Protocol and how do they work?
Soda Protocol mainly consists of three parts — Soda lending, Soda Pro and Sol ID.
Soda lending is a liquidity fund pool, which is very easy to use and smooth.
Soda Pro serves as an interface for us to provide liquidity for different protocols in an under-collateralized way, which can help other protocols to grow faster.
As a credit system, Sol ID is our way to help users accumulate value on the chain, and it is also the main tool for Soda to achieve refined operations in the future.
4. Besides Sol ID, Can you please share with us more about Soda’s current progress and which achievement are you proud of?
Sure. We have just launched the mainnet last week, now you can supply and borrow with our Dapp(https://app.sodaprotocol.com/).
We took a long time’s hard work to make it close to perfect and developed new functions like Easy Repay to maximize the user experience. Maybe Soda is the most user-friendly lending protocol on Solana now.
5. How can a project outshine the other now？ What can distinguish Soda from the others on the same track?
First, be one step forward. Take lending as an example, if you can nail new functions (which have a huge market) like interest rate swap (fixed interest rate) and synthetic asset/LP token support, you will shine in the future.
Second, User experience. The fast speed and low gas fee of Solana will amplify the flaw of the contract. If you take care of the details, you can easily outperformance the others.
Soda focus on innovation and Soda focuses on user experience. These are what can distinguish us from others.
6. Can I ask do you have any plan about token and airdrop?
Talking about tokens. We will send our tokens through airdrop to the right hand to make the maximum value.
We will focus on motivating three kinds of users: Early supporters, Community contributors and Potential Soda users. We will record every address that interacts with Soda and give out the reward they deserve in the right time.
7. What is the biggest challenge Soda runs into right now? How can you solve it?
The main challenge we are currently facing is how to increase TVL quickly.
The solution is quite obvious. The first thing is to seek more institutional support and cooperation.
Secondly, we need quickly update and iterate the product and outperformance the other lending protocols.
Third, we can let more users know and understand Soda through PR and AMA! A good friend like Slope will do a lot of help.❤️
The following 5 questions are from Twitter:
- Q: There are many Defi projects on Solana. What is the most prominent point of soda? In what areas will it expand in the future?
Yes, there are already many DeFi projects on Solana, including lending protocols. We believe that more projects will be born on Solana in the future.
In addition to the existing C2C lending products, Soda will also make innovations and experiments in two aspects. One is Soda Pro, Pro stands for Protocol and Professional. Through Soda Pro, we will provide liquidity pools and leverage tools to new protocols emerging in the Solana ecosystem in the future to help them grow quickly. We believe that lending in DeFi will gradually evolve from C2C to C2B, and eventually become an important infrastructure for B2B. Soda Pro will be an attempt at Liquidity as a Service.
On the other hand, in order to provide users with on-chain credit lending, we have established a credit system Sol ID. In the early stage, we will use Sol ID to accumulate the value of on-chain behaviors of users, and through cooperation with other protocols, we will airdrop NFTs with potential rights for users. Users who accumulate good on-chain behavior will be able to obtain corresponding rights and interests through Sol ID in the future. For example, Soda will provide users with a certain interest-free market or even more favorable borrowing rates through Sol ID. Other protocols can also provide their users with better-customized services through the user portrait provided by Sol ID. For example, airdrops can be more accurately delivered to valuable users.
And based on this, with the development of Web 3.0 and Metaverse in the future, Sol ID will have more application scenarios. If you are interested in us, welcome to use Soda Protocol, join our community and participate in the future Sol ID test.😎
2. Q: For users, the most important aspect of the Defi project is security. And we know that your smart contract has already been audited，and any more important deployments have you made in security?
You are right, the safety of funds is our top priority.
Talking about security, there are usually contract code security, deployment security, and management authority security. Soda has made sufficient preparations in these aspects:
First of all, in terms of contract security, Soda’s code has passed the strict audit of Certik, a well-known audit institution in the industry. You can read the related audit report here: https://www.certik.org/projects/sodaprotocol. Certik provides audit services for many influential projects and companies in the industry, including Binance, Aave, 1inch, PancakeSwap, etc. We believe that Certik’s audit provides us with strong security guarantees and endorsements, and as a trusted third party, it eliminates the possibility of evil by the project party in the smart contract. In addition to Certik, we also conducted cross-audits with potential cooperative project parties in the ecosystem, such as Francium. In the future, we will continue to introduce more contract security auditors to maximize the security of funds in the protocol.
Secondly, we have also made strict security design for the deployment security of contract code and front-end website. Soda’s smart contract upgrade and deployment operations need to be performed through multi-signature to ensure that the contract deployed on the chain, the contract that the user interacts with, is the version that has been strictly audited. In addition to smart contracts, the entire process of using Soda products will be in a secure environment that uses HTTPS encryption to ensure that no intermediary can tamper with the transactions you send, thereby ensuring the safety of your funds.
Third, we have also done multi-signature management for all key management rights of Soda Protocol. In the future, with product iterations and protocol function upgrades, we will transfer part of the protocol management authority to DAO for execution, in order to further decentralize the governance of the Soda protocol and make it more secure.
3. Q: What are the main country markets for Soda? Which countries are you planning to explore? What is your marketing strategy? How to attract users to use Soda instead of other Defi projects？
Our main users are in Russia, Southeast Asia, Japan, and South Korea. We will expand more markets in Europe and North America in the future. At present, the well-known consulting agency MarketAcross is helping us build brand awareness in these regions.
But actually, the best marketing method is: let the product speak by itself. We welcome users from every country. On-chain, we are all decentralized.
4.Q: As far as we know, in order to expand market share and increase user awareness, Port Finance has launched an event in cooperation with Slope Wallet. Does Soda plan to launch a similar cooperation event? Is there a goal for the cooperation?
Yes, we will hold a series of campaigns, especially for mobile users with Slope Wallet. We attach great importance to users of Slope Wallet and are currently designing the details of the event.
We expect to use Sol ID’s on-chain behavior analysis to provide rewards for users participating in the event. The goal of the event is to encourage everyone to use Soda Protocol through Slope Wallet, so most users can participate in the event and get rewards.
For users who have large deposits in the Soda protocol, we will also have special rewards. Please look forward to the announcement of the event details later, you can join our community to get the latest news.🥤
5. Q: Can you please introduce more about the team and the partnerships you already have and are there any new investors who will join Soda in the future？
Core members of our team have been worked in traditional internet giants and famous blockchain projects and institutions such as Microsoft, DeBank, BitMax.
Our advisors include Mr.Block (KOL) Maggie (founder of Krypital Group) and etc. Soda just began the fundraising and we will announce more info about our investors later.
Here are 5 live questions:
- Q: What is the most ambitious goal of your project? Could share with us any Upcoming Updates?
As I have said above. Soda protocol focuses on providing liquidity for the how ecosystem, helping users accumulate values of on-chain behaviors and building a credit system (Sol ID) serving the whole ecosystem.
2. Q: A major disadvantage in DeFi is low liquidity. What’s your view on this, and how do you think we can get this solved?
Yup, you're right. Though billions of liquidity are locked in different protocols, most of them are not being well used. After 2021, TVL is not the only important indicator in Defi. Capital Efficiency is what we should care about. Soda hope to increase the overall capital efficiency of the whole eco by supporting synthetic asset lending, lp token lending, providing liquidity for the other protocols and etc.
3. Q: Most investors focus only on the short-term price rather than the real value of the project. Can you tell about the long-term benefits for investors in the project?
Yup, you're right. Though billions of liquidity are locked in different protocols, most of them are not being well used. After 2021, TVL is not the only important indicator in Defi. Capital Efficiency is what we should care about. Soda hopes to increase the overall capital efficiency of the whole eco by supporting synthetic asset lending, lp token lending, providing liquidity for the other protocols and etc.
4. Q: Most investors focus only on the short-term price rather than the real value of the project. Can you tell about the long-term benefits for investors in the project?
Yes, this is what it’s like in crypto. However, you have to be patient if you wanna get a mind-blowing ROI. Crypto industry becomes more and more well-established from 2017 to 2021. We believe there will be more and more projects, like Soda and Slope, to bring long-term value to the whole industry.
The credit system we design will reflect the risk preference and on-chain behavior, which will also reward the long-term investors. This will encourage users to hold longer and get involved in Governance to achieve the maximum happiness
5. COVID 19 has slowed down many economies around the world but as a crypto business, does it affect you negatively or positively? Are you still on track to achieve your goals or are you planning a new development?
Good question, you are right, it brings a lot of change to the world. It brings a lot of bad impacts but at the same time, it’s also a Catalyst for the crypto industry. As a founding team in crypto, we can deeply feel the change and the energy underlying. And that’s why we think it’s important to build a lending protocol for everyone and a credit system for everyone. In the future, the world will be entangled with crypto deeper and deeper. Let’s grab the chance and build the future together!
About Soda Protocol
Soda is a smart lending protocol with a credit system Sol ID, which will establish users’ credit models by analyzing their on-chain behavior. Soda aims to increase the overall capital efficiency on-chain and expand the boundary of the current DeFi lending scheme.
