FNDZ — Telegram AMA — May 02
On Monday, May 02, we had the pleasure to welcome to our Telegram chat:
Valentino
We asked him questions about the development of FNDZ.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Introduction
Q — Ayeley from GAINS: Please introduce yourself. Is FNDZ your first crypto venture? It would be interesting to know about your exploits so far and how you ended up in crypto
A — Valentino from FNDZ: Hi I’m Valentino, I’ve been around crypto since the Ross Ulbircht & Mt.Gox days. I founded and ran the first centralized crypto exchange in the Netherlands (the first to get both the custody and exchange license from the Dutch central bank) and then built out the FNDZ copy trading platform in the last year. I’ve invested in 100’eds crypto projects over the last couple of years and am a die-hard crypto degen.
A quick overview of FNDZ, We are a blockchain-based social trading platform that enables anyone to grow their crypto portfolio. The way it works is simple: choose from a selection of digital asset vaults, make a deposit, and automatically copy the trades of top-performing traders.
About FNDZ
Q — Ayeley from GAINS: Can you tell us more about FNDZ and how it works? What do I need to get started on the FNDZ trading platform?
A — Valentino from FNDZ: FNDZ is easy, it’s for the retail masses out there. You simply select a vault you like and follow it.
As you know, most people have no idea what they are doing, especially when it comes to trading crypto. Best for them to leave that up to someone with a proven track record. where FNDZ comes into play.
Likewise, you can easily create a vault and share it with your friends and have an easy way for them to copy your moves. For bigger communities, they can also use this to do the same moves together.
— We solve, frontrunning the way we designed the system.
— We solve centralized exchange order book trading by routing to decentralized exchanges.
— We solve the transparency issue, all is on-chain and visible to all.
— We solved the administrative problems, a trader can now focus only on trading, and all the backend admin, position entry/exit, invoicing, PNL, and all the major administrative tasks are now automated by smart contracts.
Furthermore, users can stake FNDZ, and gain exposure and yield from all profitable traders.
They get an easy way to copy the people they like, or simply the best based on actual performance.
They can select vaults based on on-chain PNL and not have to worry about the fact if someone is good or not, they can check the stats.
Traders don’t need to make accounts on centralized exchanges and can link bot APIs to their accounts. They also don’t need to worry about paying invoices at the end of the month as it’s all automated.
Q — Ayeley from GAINS: I have seen other similar platforms that are a bit complicated for new users. How easy to use is the FNDZ platform? How user-friendly is the interface? Can it be easily adopted by users who will be copying for the first time?
A — Valentino from FNDZ: Why don’t you try it out yourself?! This is the Dapp (this is the Beta version which is closing down in 1 week and has a deposit limit of 10$ for test purposes).
It’s on the BSC mainnet already. Disregard all the vaults ROI % as this is just random vaults being created and tested. The UI/UX will be the same as the mainnet full platform release in phase 2 though.
As you can see, you can easily connect and deposit into any vault you like. You can then track your deposits in the “my portfolio” tab.
We made it so easy that even your mom can follow a vault without knowing anything about crypto.
Q — Telegram User Bryant Javier: “Deposits on FNDZ will initially be limited to $10 every 24 hours”. Why limit it to such a low deposit? Is it to have control of the rewards generated daily?
A — Valentino from FNDZ: This is just the BETA version which we are closing down in 1 week, you will be able to deposit as much as you want in phase 2
Q — Telegram User D€R: How does FNDZ categorize expert traders. What are the basic criteria, and are there some advice or suggestion on how to pick the best vaults?
A — Valentino from FNDZ: On-chain PNL will pretty much tell you who’s good and who isn't. You can’t hide behind words. Only numbers will count
Q — Telegram User Satish 💲: In bad market conditions and unexpected price drops of any asset, what have you planned for users’ safety?
A — Valentino from FNDZ: We will have conditional order types for the full release platform in phase 3, which means you can set a stop loss in case the prices start falling.
Q — Telegram User Dino Vasishtha: Many Centralised platforms are providing 14%, and 20% API, Can you please tell us about the API users will receive on your platform?
A — Valentino from FNDZ: That will completely depend on the performance of the traders, the APY is linked to the real yield of vault owners
Q — Telegram User Marian Merheb: In order to start doing Copy Trading a lot of platforms demand users to have $1000 as the minimum amount of money they need to operate. So, does FNDZ require a minimum amount of money from its users if they want to start Copy Trading? Can you tell us more about it?
A — Valentino from FNDZ: No, we do not require a minimum amount of money. You can deposit as little as 10$ if you really wish. We also chose BSC because it has way cheaper TX fees and faster block confirmations and has most of the wrapped token versions of the ETH mainnet.
Q — Telegram User prithvi: I Read that Successful Traders can help others and earn rewards in the process. How can these successful traders earn rewards from the platform?
A — Valentino from FNDZ: Yeah successful traders get to choose their management and performance fees. Based on the selected % they choose for both, that’s the fees that they get when they perform well.
Example: If a trader chooses 20% performance and 2% management and the vault has let’s say (1mil $). If the trader doubled the money, he makes 200k USD when the performance fee is due and 20k USD a year in management fees.
Q — Telegram User Murthy Rajpaksha: If anyone is new and wants to set up their Own Vault, How can they set it up?
A — Valentino from FNDZ: Super easy, go here and “create a vault”. Select the fee models and create the vault by signing a transaction.
Token
Q — Ayeley from GAINS: Let’s talk about the token now. What role does it play in the FNDZ ecosystem?
A — Valentino from FNDZ: We got a pretty big utility designed around the FNDZ ecosystem. We wrote an in-depth article on what makes FNDZ a productive crypto asset with multiple utility cases.
I suggest you dive into the article, it highlights all the utility factors of the FNDZ token.
Here is a flow chart of how the entire ecosystem works, fully automated
Q — Telegram User Zunaira: Can you please tell me more about the $FNDZ liquidity mining. How can users join and what rewards can they get?
A — Valentino from FNDZ: Yeah, we have an LP mining program. Check it out here.
Security
Q — Twitter User: I understand that users must deposit their assets in a vault to be managed by a trader, but could you tell me how safe are the assets once deposited in that vault? If a user wishes to withdraw his assets, can he do it immediately or does he have to wait a certain period of time?
A — Valentino from FNDZ: We have run hundreds of tests on the smart contracts, have been audited by Zokyo, and deployed a beta for full testing functionality. On the smart contract security side, we have taken a lot of time and done all the necessary precautions + audits to ensure the safety of user funds.
Regarding the assets, the users will deposit stables into a vault and take out stables. The deposited stables can usually be withdrawn after 1 day of deposit (unless the vault owner specifies a longer lock period). The reason we have a 1-day timelock share, is for the “safety of calculating the vault shares of a vault”.
Funding
Q — Telegram User Topind: Since joining FNDZ is free of charge to all users, how then does FNDZ get to generate revenue to sustain their platform?
A — Valentino from FNDZ: You should read the article and in this flow chart you can see how the fees split off
Competitive Advantage
Q — Ayeley from GAINS: Social trading is a growing trend now. What sets FNDZ apart from the competition?
A — Valentino from FNDZ: We automate the entire back-end administration process as I mentioned above.
— There is no frontrunning on our platform
— We trade via Dex liquidity
— It's extremely easy to make a vault that anyone with a Metamask account worldwide can follow
— We have enhanced trading functionality (conditional order types)
— We have automatically rebalanced index vaults to track specific market segments
— ALL of the major backend admin systems are automated saving the vault owners insane amounts of time on admin
— Users can select the best vaults based on on-chain PNL
— We have a clean UI/UX that's easy to navigate
To name a few
Business Development
Q — Ayeley from GAINS: The project has been around for over 6 months now. What are some milestones achieved by FNDZ so far that you’d like to highlight?
A — Valentino from FNDZ:
— We built the entire smart contract ecosystem with 30+ contracts all working together.
— We build out the front and backend which is intuitive and easy to use.
— We built the referral program for phase 2.
— We built out automatically rebalanced index vaults that can be programmed with various cap strategies and rebalancing intervals.
— We integrated 25+ assets to start the trading.
— We signed on multiple traders that will start an FNDZ vault with their own big communities.
— We released a brand new website.
— We built out a new innovative staking contract that is new to the market, based on real yield.
— We deployed the BETA version on the BSC mainnet and the system worked flawlessly.
These are just some of the updates that come to mind, but probably the ones worth mentioning.
Q — Ayeley from GAINS: Will you expand to other blockchains?
A — Valentino from FNDZ: Yeah, at a later stage
Q — Ayeley from GAINS: Also, can you share your roadmap with us? What exciting updates should we expect in the coming weeks and months?
A — Valentino from FNDZ: We currently have market orders, but are fixing the conditional order types “limit, stop loss, take profit” for the full release, so that vault owners have full trading capital at their disposal, the functionality they are used to in CEX trading.
We are looking to open up the API endpoints (read/write) for bot traders later down the line as well.
Then we have a fully developed platform, which only needs modular add ons and we can focus on scaling the platform and users.
At that point, we will start pushing marketing harder and focus on onboarding users from different geographical locations.
We are also adding more and more tradable assets as we go along so the users have more flexibility in their strategies and coins they want to trade. Shortly we will start doing Polls, so the community can choose which assets they would like to join a community vault or list on the platform.
If you have a private community, you can ring-fence off to just that community. So only the addresses that are whitelisted there can participate in the vault. Think of a GAINS-only vault for example. In this case, there will be many addresses (users) from the community that wants to participate in that vault. That’s why we also built in a CSV batch import tool to manage bigger & private communities more effectively.
You can also think of a private vault for just your family and friends that you don’t want to share with anyone else. There are many use cases for it. Private essentially means that only whitelisted addresses can participate in the vault.
Q — Telegram User Shiva: Many traders like leverage trading as well, Will FNDZ plan to integrate leverage trading also?
A — Valentino from FNDZ: It’s for sure on our roadmap 🙂
Valentino, thanks for coming into our community, and taking the time to answer our questions. Do you have any final words for us? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS
Thanks for having me guys! 🤝
Remember, be greedy when others are fearful, and fearful when others are greedy! Please feel free to join us in our telegram channel or check out our social media links
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— Valentino from FNDZ
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