Nov 14, 2021 · 8 min read · cat
In this recap, we will summarize the most interesting points for you from the AMA that was hosted by the Wisdom Bully Community on Friday 12th November.
Aravind | WisdomBully: Can you give a brief explanation about Linear Finance.What popped up in your mind to create such a platform in this space?
Kevin | Linear Finance: Linear Finance is a cross-chain compatible, decentralized synthetic asset protocol to create, trade, and manage synthetic assets (Liquids), and acts as a faster, cheaper, safer, and easier to use alternative compared to other synthetic asset protocols. Linear Finance’s protocol is supported by a native ERC-20 Linear Token (LINA). The utility of this token within the ecosystem is used for — staking in the collateral pool, liquidity mining, governance and investing in synthetic “Liquids” on investment assets with infinite liquidity and minimal to no slippage.
We created this platform because we wanted to give users a synthetic asset trading experience that was seamless and efficient to use and not be subject to high ETH gas fees while also being able to use our Liquid assets in the ecosystem. This is why we operate our protocol on Binance Smart Chain and have integrated with a number of players in the ecosystem……
Aravind | WisdomBully: So what are your main features that discern you from other projects and what robust advantages do you have?
Kevin | Linear Finance: I think the main features that users will see on Linear Finance are the following:
1. Minimal transaction fees and instantaneous execution at every touch point of the protocol.
2. A seamless experience for all users, no matter if you are a staker, trader or market maker.
3. Built on Binance Smart Chain with cross-chain compatibility to maintain connectivity with the DeFi ecosystem. As I mentioned before, we are natively and ERC-20 token but all of our synthetic tokens can be used obviously in BSC but also be bridged back to ETH to be used in the ETH defi ecosystem
4. Creative thematic exposures in addition to standard Liquids such as digital assets, commodities, forex, and crypto market indices.
5. Additional yield products such as Linear Vault where users can stake their LUSD for additional yield
6. Lastly, Linear DAO will soon be completed and LINA holders can contribute to the parameters and direction of the protocol.
Aravind | WisdomBully: How has the experience and background of your team been effective in the success of your project so far?
Kevin | Linear Finance: Having experience in crypto is priceless and we were blessed to have a team that not only had experience in tech development and product/planning but also experience in crypto in terms of marketing and fundraising. Because of this and good market timing, we were able to get ourselves well capitalized and achieve solid liquidity through listing on a number of centralized exchanges (Binance, FTX, Huobi, Ascendex, Upbit, Bithumb, Coinone, amongst others). We have been working on Linear for a little more than a year now and through this time we have even gained more experience on the product/tech/management side which I believe will bode well for us in the future. Given the ever increasing popularity of crypto, we always fight for resources so we are always on the lookout for devs!
Aravind | WisdomBully: Can you share more details about the Linear Finance Tokenomics, is there any particular vesting schedule if so can you share more about it?
Kevin | Linear Finance: For users that are interested in our tokenomics, you can refer to the medium article for further details.
The main thing to take away from the tokenomics is that similar to other synthetic asset protocols, we have a rewards system for stakers that deposit their LINA into our protocol, build and LUSD (generate debt). And they ultimately serve as the counter-party pool against the traders on the exchange. It may be confusing for some new users but I would invite users to come to our Discord Channel and speak with our admins.
Aravind | WisdomBully: What are the future roadmaps of Linear Finance and what are the possible integration team currently working on?
Kevin | Linear Finance: Our team is committed to becoming a cross-chain compatible protocol so we are always pushing to expand into other chains.
The team is currently busy working on our Kusama integration through MoonRiver and it’s a monumental task as we are literally building another synthetic asset protocol for Kusama. The project will be fair launched and we are still working on the token distribution plan and Linear stakers will be involved. Keep your eyes peeled for these plans and the details of what the MoonRiver implementation will look like. Afterwards, the team will work on the Polkadot integration through MoonBeam and once done a portion of the tech team will work on a L2 solution for our users and will look to utilize ZKRollup. For our existing Linear product, there will be a number of cosmetic changes to the dapps that the users will start seeing within a few weeks, additional asset listing, and additional functionality.
Q1(@tuan_iker): Could you share with us some biggest achievements so far and some superior features of Linear Finance that you guys are building right now?
Kevin | Linear Finance: I think Linear has really come quite far given that the project was launched just one year ago… It also shows how quickly crypto moves and the pace that we must work at. For us, we are proud that we were able to successfully migrate users over to Binance Smart Chain so they can enjoy quicker and cheaper transactions. We expanded our offerings to have unique crypto indices and subsequently introduced our synthetic perpetual series. We have quite a number of integrations we continue on so our roadmap is currently filled.
Q2 (@Julia50099594): Do LINA holders have right to participate in the governance of the project? On What kind of decisions can they vote on about the project?
Kevin | Linear Finance: Yes, we are in the final stages of the completion of the Linear DAO, once that is done, LINA users can submit Linear improvement protocols and they can suggest and vote on changing protocol parameters, choose which assets to list and other key decisions that affect how Linear is run…I mentioned earlier that we will have an implementation of Linear on Kusama network…. The Linear DAO will also be in charge in managing that protocol.
Q3 (@devidjohn55): Is Linear planning to make some kind of educational tool for new users?
Kevin | Linear Finance: We have a number of medium articles and video content that go through on how to use our protocol… Our new marketing firm we are working with will further supplement this with additional education videos coming out soon!
Q4 (@JohnHick23) :Is Linear Finance only for English speaking countries or do you also have any community for the users of non english speakers too ?
Kevin | Linear Finance: We have a worldwide user base and other than English speaking countries, we have communities in Russia, Turkey, Korea, French, Vietnam, and Chinese and are looking to expand into other communities.
Q5 (@SOLANAchillin): What’s your take on meme tokens like DOGE? Should Linear.Exchange list more of these types of tokens or focus on coins with a more solid foundation like SOL?
Kevin | Linear Finance: In this regards, I will say that for our listing, we will be focusing more on coins with a solid foundation, such as SOL amongst others. We are simply unsure how speculative meme tokens would bring additional value to our traders and we need to keep an eye out for our stakers.
Q1 (@sobujdgd): Which do you think is more important:
3. Token Price
If all of the above is important to you, which should come first?
Kevin | Linear Finance: All three are important to us at Linear and all interconnected and for us, the way that we satisfy everyone is to continue our path forward on Linear and keep building and get more integrated into the DeFi ecosystem.
Q2 (@sobujdgd): Do you have AUDIT certificate or are you working to AUDIT your project, so that the security of the project becomes more secure and reliable?
Kevin | Linear Finance: Yes, security is an upmost importance to us so all of our contracts are reviewed by Slowmist and any issues encountered are fixed and approved before they are released to the masses. This is standard operating procedure for us.
Q3 (@tiendattt): Regarding marketing, what plans, ideas and next steps does Linear Finance have to attract investors and users? Do you intend to leverage the popularity of social media to make Linear Finance even more popular?
Kevin | Linear Finance: As I mentioned earlier in the AMA, we have hired additional marketing resources to supplement the team. They will help with content creation, social media marketing and push to raise the relevancy of LINA, especially on Twitter… They will also be generating video content for us to help with users looking for education!
Q4 (@m_ahdh_i): Everyday there is new projects coming and most of them doing rug pulled and exit scam. How can we trust you? Do you have any reputable VC or backers who is backing your project?
Kevin | Linear Finance: No rug pull or exit scam. We have been building since the start of the project last year. Our main backers include Genesis Block Ventures, Alameda Research, CMS, and Hashed.
Q5 (@Zafiya45): DeFi is one of the hottest topics in the blockchain field. Can you share your opinion about DeFi with us? Do you think DeFi will destroy the existing financial system? What is your project Approach towards DeFi?
Kevin | Linear Finance: We live in a fiat world so I doubt that DeFI will destroy the existing financial system.. Nevertheless, I believe that DeFi will make a very small dent but show the old traditional institutions certain ways to act and do business. I mean, how can Defi offer close to double digit stablecoin yield while banks are offering savings rates of below 1% on USD?
Great questions from the community!!
Thanks so much for hosting!
Aravind | WisdomBully: I have to say I am absolutely impressed
Is there anything else you need to share with the community before we wind up?
Kevin | Linear Finance: Yeah, I look forward to see all of you in our Discord group, especially if you have questions. We have a wonderful set of admins that are always there to help!! Thanks so much to the Wisdom Bully team!
About Linear Finance
Linear Finance is a cross-chain compatible, decentralized delta-one asset protocol that allows users to get synthetic exposure to various assets, including cryptocurrency, commodities, and market indices. Users can utilize our cross-chain swap functionality to instantly swap assets across leading blockchain environments and DeFi protocols with unlimited liquidity and zero slippage.