CRYPTO UNIVERSE
Vortex Defi AMA Summary
Just now·11 min read
Vortex DeFi is a one-stop simplistic solution for all your DeFi needs, and with the capability to access cross-chain DeFi assets.
Vortex aims to become a single and unique gateway to the world of DeFi tools across multiple chains (ERC-20, Polkadot, etc.) by providing an intuitive, secure, and robust web-based user interface to maximize the gains for yield farmers.
📣VortexDefi Media Links📣
🌍 Website
Praveen P
Hey guys! We have @RahulSinghVortexDefi CEO of Vortex defi one of the hottest upcoming projects in this space
Welcome @RahulSinghVortexDefi. How are you doing mate?
Rahul Singh
Hey Praveen. Thanks for having me in this vibrant community of yours. I am doing good, all tied up with launch of Vortex :)
Praveen P
We are excited for the launch aswell. Can’t wait
Crypto Revolution
Hope you are having a Good Day!
Rahul Singh
Good and super hectic weekend!
BITCOIN GURU
Crypto never allow us to sleep😅
Rahul Singh
Yeah, I am super excited as well, I mean, it has been in progress since few months, and now we are so close to the launch.
Crypto Revolution
Should we start with the questions we have? 😅
Rahul Singh
Yes sure! Lets get started!
Crypto Revolution
Okay, lets start with introduction of vortex.
what is the objective of project vortex and what problem it aspires to solve?
Rahul Singh
Good question to start with :)
In the times, when as an end-user we seek simplification and aggregation wherever possible, DeFi users are no different. For the DeFi investors/users, Vortex DeFi aims to be a one-stop solution to all your DeFi needs. In other words, we want to bring all the DeFi instruments which you commonly use or interact with on one single platform. We all know, how fragmented is the DeFi space, with so many products solving a variety of problems. However, Vortex aims to consolidate those features and present to the end-user in a seamless and simplified manner.
Harsha vardhan s
Sounds great..
So if I approve my tokens once, I can interact with multiple defi products on your platform 🤔
That’s lot of gas to save 💵
Crypto Revolution
Thats pretty cool product to have especially for new users who want to explore defi.
Rahul Singh
yes, that’s the plan. Simplify, consolidate and make DeFi investor’s life easy.
Harsha vardhan s
I am tired of approving tokens when ever I visit a new DeFi platform 😑😑
Rahul Singh
hahaha, I can feel that pain
BITCOIN GURU
nice to hear that — saves 1000s of $$$$
Crypto Revolution
And paying hundred of dollars gas in multiple txs
Rahul Singh
Yeah, if we check the fee, a weak person might get a heart attack :D
BITCOIN GURU
I got mild attacks :D
Crypto Revolution
Moving to next question-
In my opinion your project needs multiple parterships to reach its objective and serve huge user base.
So the next question is-
what are your past partnerships and what other strategic partership your team is looking into for making product reach its end users?
Rahul Singh
Absolutely, partnerships are often seen as a marketing strategy by the normal folks, and to some extent they are not wrong also. In the larger picture, partnerships are crucial to the growth of the entire ecosystem and product development.
There are two aspects here. Firstly, who is backing us? Secondly, from a product perspective who are the existing players with whom we intend or already have partnerships?
1: In terms of investors backing us, we are at this moment backed by some of the well-known names in the space such as DuckDao, X21 Digital, Moonrock Capital, Magnus Capital, Pluto Digital Assets PLC (Pluto), Faculty Capital, A195 Capital, Skynet Trading Ltd (STL) and Vendetta Capital. It will be obvious to say that, we will leverage the strategic connections which the above-mentioned players bring to the table.
And when in terms of product partnership, we have already officially declared our partnership with YOP finance. I am already in talks with some other well-known products that solve some key use cases in the DeFi space and can work organically with Vortex as partners. In coming weeks you will come to know more about them.
Harsha vardhan s
Can’t wait to see the partnership announcements 😁👏👏
Rahul Singh
You will love it.
Crypto Revolution
Sounds cool. Will keep my eye on your upcoming partners.👌
Moving Ahead,
why did you choose to build on polkadot and will users of your platform be able to seamlessly switch between other blockchains?
Rahul Singh
That’s an interesting one I would say
Our initial roadmap will focus on consolidating the platform from ERC-20 platform. However, one key feature V-SWAP which will focus on cross-chain swapping will have interaction with polka ecosystem.
The reason why we also want to keep Polkadot ecosystem in our roadmap is the potential problem it offers to solve in future. Because Ethereum eco-system has been facing a lot of scalability challenges of the late ( not to ignore astronomical gas fee), I believe that the concept of parachains offered by Polkadot ecosystem will solve the scalability issue through high transaction throughput.
At the end of the day, do not forget that Ethereum remains the most widely used and acceptable framework, and at the same time, Polkadot remains a highly promising, new yet to some extent unproven framework. As a product, I do not want to lose sight of a promising framework, and hence Polkadot remains an integral part of the roadmap.
We didn’t want to use Polkadot just as a marketing tactic. We seriously feel that Polka has massive potential not as a rival but as one of the other alternate to the ERC-20 ecosystem. Hence, I want to ensure that the focus remains on consolidating our position in ERC-20 (where the max action is there) and at the same time keeping a close watch on polka and maturing our platform to adapt to the changes in the Polkadot ecosystem.
Crypto Revolution
Yes also polkadot parachains structure make it unique and easy to make cross chain communications.
Rahul Singh
Yes, I agree. I am eager to see how the Dapps from polkadot ecosystem performs in coming days.
Crypto Revolution
Agree with your thoughts🥂
I was reading about vpay. So next question came from there.
please tell more about your product vpay? how will you provide on ramp fiat services? have you partnered with any financial service provider like visa for easy debit and credit card use?
Rahul Singh
Crypto-to-Fiat and vice-versa as you know one of the key use cases to onboard folks on the platform, so yes, this question is important to answer.
In simple words, V-PAY once implemented will allow the Vortex platform user to easily buy and sell tokens with your card or bank account.
At present, multiple parties in the crypto financial world offer integration of their services to the platform which can enable the fiat ramp. At this moment we haven’t partnered with anyone on this aspect, since the first two major milestones will focus on other critical features.
Once, the V-PAY as a feature comes up in the roadmap (Q3 2021) we will accordingly plan our partnerships and legal framework.
Crypto Revolution
Thats how you onboared new users. Easy fiat to crypto buy and sell feature.👌
Rahul Singh
I hope our government also understands the importance of crypto ;)
Crypto Revolution
Cool, we expect you bring best service provider onboared.😊
Rahul Singh
That’s the plan buddy.
Crypto Revolution
Next question comes from your product v-pay.
So How does cross chain asset transfer happen in v swap and on what layer of blockchain?
Rahul Singh
To be honest, covering ‘how’ part will make things too technical for the audience as it needs a deep dive into the technology.
However, at this moment, to keep things simple, I would like to say that we would be using dedicate Ethereum to Polkadot bridge that will enable on-ramp onto the Polkadot blockchain and vice-versa to swap the crypto assets between the two eco-system.
Crypto Revolution
Yes Bridges have been quite successful in cross chain asset transfers.
Rahul Singh
Yup, a lot of projects are in fact focusing on bridge, and to be honest, not just polkadot, but bridge to BSC is also becoming equally popular
so lots of action happening on the bridge side in DeFi it seems
Harsha vardhan s
Yes BSC is hot topic right now 🔥🔥
Rahul Singh
Indeed. Especially with heart attack inducing gas fee, I won’t be surprised if BSC becomes huge in coming days.
Crypto Revolution
Its already doing quite awesome.
Moving Ahead,
v insure is your completely native product or you have done partenerships with existing insurance providers ?
Rahul Singh
Good question, and this is where a lot of folks are getting confused with V-Pay
I want to categorically mention here that we are not building any new insurance protocol.
We only intend to integrate a tried and tested (and secure) insurance protocol to ensure that Vortex platform users can secure their assets without any need to leave the platform.
Yes, we are in talks with relevant insurance providers and will announce the partnership when the time is appropriate.
Crypto Revolution
Yeah that sounds a good idea.
BITCOIN GURU
please tell us more about your team and their experiences in blockchain projects?
Rahul Singh
Thanks for asking that.
I am the CEO of Vortex DeFi. I come with a background of product management experience of more than 12 years in domains like retail, aerospace etc.
Shaz is the Strategy head of the company, and has worked as Technical Business Analyst for the past 4–5 years with extensive experience in strategy, marketing, and product placement, and setting up a start-up in the real world.
Lester is the key advisor for Vortex and comes with some massive advisory experience with projects like MahaDao. DaoVentures, FixFlo etc.
Arun is the tech head of the company and comes with extensive experience in the field of information security and IT infrastructure of more than 15–20 years.
Apart from the above mentioned folks, we have a dedicated development team that has in-depth experience about the blockchain development with specific focus on the DeFi protocols and integrations.
we all entered the blockchain space almost at the same time around early 2017, initially as crypto enthusiast and then end-users. However, over a while, we realized that there is tremendous scope to build better products in this space using our existing experience in real life as well as crypto space, and here we are with Vortex DeFi :)
Crypto Revolution
Very well structured team🥂
Lets move with next question-
please explain in detail how will you solve or manage ethereum high gas price issue?
Rahul Singh
The high gas fee remains a major roadblock for the masses. However, like any other dApp development team, we are also eager and watching closely the ETH2 development. However, Vortex will focus on the use of aggregation protocols that will enable the user to participate in the best yield strategy within the platform.
There should be a separate counters in hospitals now, for people suffering from depression due to high gas fee.
Crypto Revolution
People should go to #BSC hospital, they will recover fast
So next Question is very important for us and community. Most of us are interested in token utility of the project.
So,
Please tell us more about the usecases and importance of native token $VTX in your products ecosystem.
Rahul Singh
The VTX token will be used completely inside the Vortex Ecosystem. The use case of $VTX token will redefine the growth of the Vortex Platform:
1: Governance Token for the Dapp
2: Deflationary as revenue from the Dapp will be used to burn the tokens
3: Ecosystem Discounts
4: Liquidity Rewards
VTX token model has been carefully designed to facilitate the long-term growth of a strong and engaging ecosystem around our Dapp.
However, we already have a detailed post on our Medium on VTX token and its split etc.
Crypto Revolution
Aah..token utility looks quite solid👌👌
Rahul Singh
yes, we have tried to ensure that the tokenomics remains solid and is beneficial for the investors as well.
BITCOIN GURU
Any ETA of your whole product ecosystem going live?
Crypto Revolution
Thats the last question from team side.
After than we will open chat for community.
Rahul Singh
Our initial MVP (lending with Aave, Compound and Yearn) is already in the main net. HOWEVER, it is unaudited, that is why we do not publicize it much. Still, if someone is interested in testing, they can check out our marketing website.
Once we are dong with our fundraise and public launch, we will then focus extensively on delivering our major milestones mainly coming every quarter or 4 months. The roadmap will be published soon to make things easy to understand
COMMUNITY SESSION
🌼💞Clarasaktii / Rara 🌼🦋
I am a beginner, Do you have my guide, how can I buy $ VTX with my credit card? Can you only buy it in your Metamask wallet? and when will the mobile app be launched?
Rahul Singh
At this moment, VTX cannot be bought through any credit card. It will be available through IDO on 28th and then it will be launched for public trading on Uniswap . At this moment, we are only focusing on web based interface. Mobile app currently is not part of roadmap, till we implement our web app
Humberto
I’ve seen in a medium article that $VTX token model has been carefully designed to facilitate the long term growth of your ecosystem, can you explain to us the advantages of your token model? And why did you decided to use Ethereum protocol?
Rahul Singh
Our token model has been deliberately kept inclined to benefit the investors. For example, team tokens are locked for more than 1 year after the private investors are liquid. Moreover, reason for going for Ethereum first is that, it is the existing De-Facto ecosystem all the DeFi apps are based on. Polka is still under development I would say. Hence, first choice is to consolidate on ERC-20 platform and then any other chain.
I have heard about amazing features in vortex-defi like V-Swap V-Pay V-yield V-Nfts V-Insure, that is a big suite of defi usecases.
crypto Kowsik
1)When will all these features will be completed and when we can use the full suite?
2) Coming to V-swap:- Since you are using polkadot, Can we swap one blockchain asset with another?
3) Coming to V-yield, are you just integrating yEarn protocol or any changes made?
4) Any plans on obtaining a parachain slot on polkadot?
Rahul Singh
1: A detailed product roadmap will be released soon. However, the release schedule will be mainly every quarter.
2: Initial swap will be for ERC-20 to ERC-20, after that iteration, next implementation will focus on ERC-20 to polka and vice-versa
3: yEarn, Compound and Aave
4: Not yet
Sumit
How’s your platform security and what is your audit process in order to protect investors — especially the users of VortexDefi application?
Rahul Singh
On Vortex DeFi, We create a smart contract that is directly connected to your wallet. Your wallet becomes the owner of that smart contract. No one else can access your funds. Moreover, confidentiality is ensured because we don’t ask for any client information.
We are also getting our smart contract audited by one of the leading audit firm (we will announce that soon next week)
crypto Kowsik
Coming to V-yield, are you just integrating yEarn protocol or any changes made?
Rahul Singh
We have already integrated yEarn, Compound and Aave.
Praveen P
I think that’s it. Great answers mate and can’t wait for the launch
Harsha vardhan s
That was a great AMA 🥂
Rahul Singh
Thanks a lot buddy
I wish I had more time today to answer all the questions. Just that due to time constraint, I need to leave.
However, once again, I would say, I genuinely enjoyed giving answers to all of you
Praveen P
Thanks alot for your time and all the best
Rahul Singh
Keep up the good work and the super excitement
Rahul Singh
Have a great weekend ahead. For couples, enjoy your valentine, for singles, enjoy your beer. Bye
