First, it’s a pleasure to be able to do our first AMA with you, we hope that you are just as excited as we are! Please tell us more about your team. How many people are behind the Single Finance project?
Thanks for having us! We’ve got a team of around fifteen people, more than half of those are engineers while the rest work in various other departments. Like any good crypto project though, our team is global and diverse. It’s a testament to crypto that you have all these people from across the world united and pulling in the same direction. While more of us are based in the Asia Pacific region, we’ve got team members in Europe, the Middle East and North America. In other words, Single Finance is working around the clock!
What makes Single Finance different from other yield earning platforms, and why should the community consider using your platform?
Single Finance is all about being able to engage with DeFi with a single click. We’re about giving our users a host of options without sacrificing simplicity or convenience.
The crypto markets are volatile. That’s no secret. That’s why we created a revolutionary “Single-Click” strategy that allows users to implement a strategy with a click of a button. The goal of the strategy is simple: we hope to use Pseudo Market-Neutral Strategies to help both advanced and new farmers earn high yields, with profit determined by the changes in prices between the two assets as opposed to the wider value of those assets in isolation. Part of what makes this strategy unique is the pairing of a stablecoin with non-stablecoin — with long and short positions on both the assets.
Any plans on building a cross chain bridge for users holding both Cronos tokens and tokens from other (blockchain) protocols?
Yes! That’s absolutely a big part of our road map. We are searching for the right partnerships to make this happen but we don’t want to rush it as we are prioritizing security and safety.
Do you have any plans on launching any NFTs soon?
NFTs are going to become a bigger and bigger part of DeFi and they are, for sure, in our future. However, there are a few other areas that Single Finance needs to develop first. Once again, watch this space, but we’ll see NFTs on more of a long-term time frame.
Tell us more about your partnership with MMF. What can the community expect from this partnership?
Put simply, Single Finance’s leveraged yield farming facilities now support MMF farms up to 4x in leverage! On top of traditional leveraged yield farming, users can now run Pseudo Market-Neutral Strategies, minimizing the price effect of a pair of cryptocurrency assets. Aside from original rewards from $MMF, users can now also enjoy $SINGLE rewards too. More $SINGLE, more fun!
Of course, it will also introduce more people to Single Finance. These partnerships are so key in growing a project like this and we’re always on the lookout for more of them.
With your success thus far, we can only hope that CDC (Crypto.com) lists Single Finance soon via the CDC CEX (central exchange), but do you have any plans on being listed on any other major exchanges? Could you name some?
The most important thing is that the project grows in a sustainable way. Getting listed on as many CEXs as possible is a long-term goal for us but we’ve got a few things we want to do first. We want to increase the liquidity of the token, we want to grow the number of users, and we want to bring Single Finance to more chains. These are all priorities for us, while we also work on being listed on centralized exchanges.
One of the criteria that projects get measured by is their TVL. What are some of the strategies that your team is currently working on to increase your TVL?
I think the best way to get more value locked in a project is just to offer a great service. For example, our manual re-balancing feature which we’re very excited about, will be an incredibly useful tool for anyone looking to possess a diverse yield farming portfolio.
On top of that, introducing more people to Single Finance is key. We’ve got more partnerships to do just that, which will help create a bigger ecosystem.
Finally, our deployment on Fantom will, of course, open our project to a whole new set of users!
Where do you see Single Finance in 5 years from now?
In five years we’re going to be featured on a lot more chains than we are now, that’s for sure. We’re also hoping that the value our services bring will be recognized by institutional clients as well as just individual DeFi users. This will allow us to greatly expand the scope of Single Finance.
At Cronos Chain News, we pride ourselves in providing our community with exclusive content. Are you currently working on any new feature(s) or updates that you would like to announce today?
Our re-balancing feature is next on the list! This will ensure that our investors’ portfolios are re-balanced in a way that remains market-neutral. In other words, their portfolios will be automatically diversified to mitigate the risks associated with cryptocurrency. This will protect our investors even in the midst of high volatility in the cryptocurrency market.
