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CryptoBooster X OpenLeverage AMA Recap on October 7th



Part 1 โ€” Introduction and questions from the Twitter retweet


Brynn | CryptoBooster:

Hello, everyone! We are happy to announce our AMA session with OpenLeverage! Welcome to Multi-Chain Booster Community.


Rachel | OpenLeverage:

Hello Everyone! Glad to be here.


Brynn | CryptoBooster:

Hope you are all very excited as I am..


A pleasure to have you here @Rachel0212 ๐Ÿ™ˆ


Are you ready for this AMA๏ผŸ๐ŸŒˆ๐ŸŒˆ๐ŸŒˆ๐Ÿ™ˆ



Rachel | OpenLeverage:

Yes! Let me introduce myself.


Brynn | CryptoBooster:

Now there's a lot of people with questions for OpenLeverage, would you please introduce yourself before the chat and share a quick overview of OpenLeverage? ๐Ÿ”ฅ


Rachel | OpenLeverage:

I am Rachel, OpenLeverageโ€™s marketing manager, joined in early 2021.


I come from a traditional finance background and started my crypto life back in 2018, I have been working with start-ups and scale-ups for the past years in fields of fin-tech and venture.


A few years ago, I began exploring cryptocurrency and blockchain technology, mainly as a user but also occasionally as a marketing consultant.

The more I learned about blockchain technology, the more I became fascinated by it.


It became clear to me that DeFi was eventually going to take over traditional finance and decided I wanted to be at the fore front of this movement, so, here i am.

Our team of software developers has many years of cryptocurrency smart contract development and has previously worked at Goldman Sachs, HSBC, and other fintech giant. We are committed to bringing advanced trading capabilities to all users of defi.


Now let me share the overview of OpenLeverage with you.


In short, OpenLeverage is a permissionless margin trading protocol with aggregated DEX Liquidity, enabling traders to be long or short any trading pair on DEXs efficiently and securely.


We actually released a new version of testnet on Kovan just recently. The new version of testnet on Kovan allows you to create margin trading pairs connecting to the pool either on Uniswap V2 or V3. It automatically chooses the pool with the best liquidity to mitigate the liquidity risk during margin trading.


https://kovan.openleverage.finance/app


this is the testing address and be sure to check it out, also i am sharing with you the newly improved feature in "lend to earn"



Brynn | CryptoBooster:

Wow very impressive information, Let us know more about OpenLeverage. We must look forward to his great vision and future๐Ÿ”ฅ


It is amazing, it is our honor to have an AMA with such a great project. Thanks for your kind introduction, now letโ€™s move on.โค๏ธ


Let's go to the Twitter Questions! We have 5 twitter questions for you๏ผ


Rachel | OpenLeverage:

Okay


Brynn | CryptoBooster:

Q1. We all know that security is really important and valued by users these days. What security measures does #OpenLeverage take for its investors? How do you prefer to protect against hacking and do you have insurance for investors? @Jannika


Rachel | OpenLeverage:

Well, we believe security is the most important thing for our community and followed secure development best practices throughout its development.


Our security review process included: A full-length audit from Certik Another comprehensive audit by Peckshield is underway. A completed automate test suite, including automated tests with Truffle.


Brynn | CryptoBooster:

Thank you for this great reply ๐Ÿ™


Let's move to the next Twitter question


Q2. I understand that the $OLE token has multiple functions and utilities but I did not find much information on your website. So, can you explain what are the features, functions and utilities that the $OLE token has in the #OpenLeverage ecosystem? @Way Using


Rachel | OpenLeverage:

That's a good question, and it gets asked often.

Firstly I need to highlight that there's no $OLE token sale, and the $OLE also will NOT be launched with the mainnet and will be separately launched later.


OLE is the native token that facilitates governance and incentivizes usage of the OpenLeverage protocol.


Users can mine OLE through borrowing/trading, lending, liquidating positions, farming.


Holders of OLE tokens are encouraged to lock OLE in exchange into time-weighted vote escrowed token xOLE, which represents voting rights, eligible to share generated fees, and have other protocol privileges.


We will provide full details of the tokenomics before the OLE token launch. Please stay tuned for further announcements.


Brynn | CryptoBooster:

Thank you for your answers๐Ÿ‘ Let's go for another one ๐Ÿ”ฅ๐Ÿ”ฅ


Q3. So Open Leverage is an Open margin trading protocol with aggregated DEX liquidity. What mechanism do you have to make sure that no one adds scam pairs in OpenLeverage Platform? And is these pair contract addresses are verified from data aggregator like Coinmarketcap/ Coingecko? @Lukas Duong


Rachel | OpenLeverage:

Thank you. That's another good question.


OpenLeverage supports market creations without any permission or review.


Once the OLE token and DAO-based governance are launched later, all the interests, risks, and incentives parameters are entirely governed by the community.


Brynn | CryptoBooster:

Next is the fourth tweet question, which is a great question.๐Ÿ”ฅ


Q4. What are the competitive advantages of your project? What advantages do you have over competitors? What would be your project secure most similar contender in the market today in terms of scalability, security, features, and adaptability? @Jaki


Rachel | OpenLeverage:

Let's see, OpenLeverage is a permissionless money market designed for margin trading, with an open technical and economic structure integrating with the global DeFi ecosystem.


Imagine creating any margin trading market like creating a pair on Uniswap. That's what we are building. I think that's unique in the current market, and something the communities have been waiting for.

To achieve that, we put together a protocol design with:

1. Risk isolated lending pools to segregate risk between volatile markets;


2. Risk calculation with a TWAP based OnDemand price oracle to protect our users from price manipulation;


3. LToken to allow the third-party projects to incentive their community to provide lending liquidity;


4. Tokenomics to incentive protocol usages and governance.

5. Very intuitive and user-friendly UI for the community to understand the market and their position.


Brynn | CryptoBooster:

Wonderful answer๐ŸŒˆ

Next is the last twitter question๐Ÿ‘‰๐Ÿ™ˆ


Q5. I just realized that your token is an Ethereum based token, so can you tell us how do you manage the huge transactions fees of this network? Have you considered integrated? @Dagaron123


Rachel | OpenLeverage:

For bring a better experience with lower gas, we have a multi-chain strategy that deploys to layer 2 or sidechain deployments to enable permissionless margin trading for wider communities.

We are looking for deployment on Arbitrum on Layer 2 and more EVM-compatible sidechains soon.


Brynn | CryptoBooster:

Thank you very much, this is some important information for all of us, looking forward to the future of #OpenLeverage๐Ÿ’ช๐Ÿฝ๐Ÿ’ช๐Ÿฝ


Now letโ€™s move on to the next part of the AMA


Part 2 โ€” Live questions from the Telegram community


Q1 from Telegram username @kshshhsus


๐Ÿ‘‰ Is your platform suitable for Crypto beginners? ? Or does it only appeal to professional users??


Rachel | OpenLeverage:


The answer is both yes and no. It is a defi protocol meant for everyone who needs this to replace the respective tool in the traditional finance world, but they like to say you should be responsible for your own investment risks. So no matter how easily the product is designed to use, user still needs to do a bit research and learn the basic concepts of what they are using. If you've tried margin trading on CEX, then you would definitely find OpenLeverage to be intuitive.

Q2 from Telegram username @bray


Has any audit done by your project? How secure it is to use your platform and tell us about adopted security measures. What steps will you take so that your security can last in the long term.


Rachel | OpenLeverage:


Yes, we take security very seriously. We followed secure development best practices throughout its development. Our security review process included: A full-length audit from Certik Another comprehensive audit by Peckshield is underway. All open references you may find on our twitter. A completed automate test suite, including automated tests with Truffle.


Q3 from Telegram username @Jeniferโค๏ธ


Staking is one of the strategies to attract users and hold them in long term. Does your great project have plan to staking?


Rachel | OpenLeverage:


Thanks Jenifer for asking about Staking.


Apparently staking means huge to us, because OpenLeverage is different from protocols doing contracts trading operated by AMM such as dydx or perpetual.


To OpenLeverage users, before they make margin trading transactions, they've got have completed lending to earn, which means we need enough users to agreed staking on us.


We have many strategies to help increasing our TVL, such may include higher APY for staking users, by attracting users to stake through events and incentives/rewards. Most importantly, we give users better ex