Binance Smart Chain x Multiplier AMA RecapBinance Smart Chain AMA
15–06–21
https://t.me/BinanceDEXchange/332272Q: So Please tell us about Multiplier Finance to those unfamiliar with it.
Multiplier started as a licensed CEFI lender in early 2019, before transitioning to building DEFI protocols in 2020.
Our first protocols were a yield farm called Simplified Stable Bonds (SSB), and an AMM DEX called TakoSwap. We launched these 2 protocols on Ethereum in 2020.
In Q1 2021, we launched our flagship protocol on Binance Smart Chain, a lending protocol (forked from Aave) called Multi-Chain Lend (MCL).
We aim to launch MCL v2 by Q3 2021, which brings a whole new range of features and functionality.
Multiplier’s long-term vision is to bring value to the DEFI ecosystem through a suite of decentralized applications that transform the way users interact with financial services.
Q: And Multiplier has an interesting history, starting as a licensed CEFI lender before transitioning into DEFI. Tell us more about that please~~
In early 2020, the founding team came together with a goal to build a platform whereby users could extract additional value from their idling crypto assets. This was two years ago before the advent of yield farming, when many holders left their crypto assets to sit idle in their wallets.
We launched a centralized lending platform, similar to Nexo, Celcius Network, and BlockFi. We obtained the Swiss SRO License as well as licensing from Hong Kong to hold Bitcoin as collateral.
We were the first in Asia to hold such a licence. Notable partnerships at the time also include Coinbase Custody.
Recognizing the benefits of being fully decentralized as well as the rapid growth of the ecosystem, we decided to focus on building DEFI protocols thereafter in early 2020.
Q: I am curious about your team’s background
CEO Kim Hui has a background in design and founded a successful technology company prior to Multiplier Finance.
CTO Yewnan architects and builds scalable technology, and has extensive experience in leading various crypto-based projects.
CIO Vinish was managing partner of a market making firm and specializes in the trading of digital assets.
Multiplier has a global team with expertise spanning across areas such as Design, Technology, Operations, Marketing, Finance, Compliance and Legal.
Q: You said Multiplier has built 3 protocols. Can you tell us more about your latest flagship protocol Multi-Chain Lend (MCL)??
Yes, that’s right. Our 3 protocols are Simplified Stable Bonds, TakoSwap and Multi-Chain Lend.
Multi-Chain Lend (MCL) is a non-custodial lending protocol on Binance Smart Chain with flash loan support.
If you’ve used Aave, Compound or Venus, then you’ll have a good understanding of what you can do with MCL.
MCL allows users to deposit their crypto assets as collateral (earn passive yield) and borrow other crypto assets as a loan.
You may stake Multiplier’s native token bMXX in the governance module, and we also have various farms in BSC, including Pancakeswap, Alpaca Finance, Wault Finance and ApeSwap (more to come!)
MCL is audited by CertiK and Kudelski Security, crypto assets are covered by CertiK Shield and Soteria Finance, and we have reputable 4/7 Multi-Sig signatories from leading BSC protocols and communities.
Want to borrow and lend crypto assets on to leverage your idle assets? Check out
https://multiplier.finance today!
Q: And I saw a lot of hype surrounding the upcoming MCL version 2 tho. So what exactly does V2 do?
MCL v2 will have many great new features over v1. It is largely inspired by Aave’s v2 with distinguishing features as well.
For the first time, bMXX will now have deflationary mechanisms as we use protocol fees earned, such as Flash Loan fees and Conversion Fees, to buy and burn bMXX.
MCL v2 will also have lender and borrower incentives for specific crypto assets, these are a first for us as well.
There will also be increased incentives to stake bMXX in our v2 Governance Module, from 400 bMXX daily to 1200 bMXX daily.
Other interesting features include:
Collateral Swap Feature, whereby users can swap their deposited assets to other assets (even if you’ve used them as collateral to borrow).
Batch Flash Loan Feature, whereby users can now execute a flash loan with multiple assets inside the same tx (previously it was only one currency at a time).
Stable and Variable Rate Borrowing Feature. MCL v1 has a distinguishing feature from other lending protocols in BSC, which is our Stable Borrowing Rate for deposited collaterals.
With MCL v2, users may now toggle between a Variable Rate and a Stable Rate even after taking a loan.
For the full list of new features and changes for MCL v2, please refer to this link:
https://multiplierfinance.medium.com/mcl-v2-features-4bde884c519cQ: As a member of BSC, I want to ask: why Multiplier decided to migrate/build on Binance Smart Chain??
After the launch of our second protocol on Ethereum, we conducted a community initiative to hear the thoughts of our community users, and received an overwhelming response to build on Binance Smart Chain. This was back in September 2020.
BSC is well known for its lower gas fees and faster transactions, complementing our vision of building a suite of decentralized apps for the future.
It was only after building on BSC that we realized that it was much better than what we were used to. We received tremendous support from the BSC team in terms of marketing, advice and networking.
A big thank you to BSC and Mr. CZ for all the support and for holding this AMA!
Q: Thank you for the introduction about your project! And I think the thing that most people want to know is how to use it. Let’s say I want to start using Multiplier Finance. Where do I start? Where can I find some how-to guides?
Website:
https://multiplier.financeTelegram:
https://t.me/themultiplierioDiscord:
https://discord.gg/cA3bsPXTwitter:
https://twitter.com/MultiplierMXXYou’ll find all links in our website, including FAQ, Litepapers, and Developer Docs.
Video tutorial links (English):
https://mcl-docs.multiplier.finance/faq/untitled-1/englishVideo Tutorial Links (Chinese):
https://mcl-docs.multiplier.finance/faq/untitled-1/chineseHere are some additional video tutorial links to help you get started with borrowing and lending.
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