KuCoin AMA With TribeOne (HAKA) — Your One-Stop Revolutionized DeFi Space
Dear KuCoin Users,
Time: January 12, 2023, 11:00 AM - 12:27 PM (UTC)
KuCoin hosted an AMA (Ask-Me-Anything) session with the CEO of TribeOne, Mehdi Suleman, in the KuCoin Exchange Group.
Official Website: https://tribeone.io
Whitepaper: https://fdocuments.net/document/whitepaper-tribeone.html?page=1
Follow TribeOne on Telegram and Twitter.
Guest
Mehdi Suleman — CEO of TribeOne
Mehdi has had an illustrious banking experience of 20 years working in various senior management positions in major financial centers. A performance-driven, high integrity, self-disciplined, goal-oriented leader, skills and a proven track record of success at increasing levels of responsibility and authority. An impact player and proven leader within both large corporations and startups. A proven experience in traditional finance, FinTech as well as employee development, education, and training.
Q&A from KuCoin
Q: Kindly give a brief introduction about yourself. What services does TribeOne provide, and how is it unique from other protocols in the DeFi ecosystem?
Mehdi: My name is Mehdi Suleman. I have more than 20 years of experience in the largest retail banks of the Middle East region, building products and teams from inception to a growing business with a total value of over $1.2 billion. Throughout my tenure, I worked in senior leadership roles overseeing business and operations & managing large cross-department teams. Now, I am the founder and CEO of TribeOne.
TribeOne is an NFT lending and renting platform built with the inception to combine the best of DeFi and the NFT sector to build a transformed space for the crypto community.
NFTs are already starting to break into the mainstream market and have a huge growth potential, yet acquiring an NFT is challenging since NFT purchases require upfront payments. TribeOne offers users a unique opportunity to invest, borrow and lease NFTs through our user-centric dApp, where users can avail of instant loans to buy their favorite NFTs without risking any collateral.
We allow users to speculate and invest their capital without risk, as TribeOne will bear the risk for you. In addition, our NFT-lending dApp provides all-in-one financing solutions on verified NFTs from Opensea and Decentraland through our integrations with the following protocols.
Q: Please tell our curious audience how purchasing NFTs through TribeOne's lending solutions benefits the users and how they can apply for a loan to buy NFTs on your dApp.
Mehdi: TribeOne is a platform that is meant for all! The TribeOne protocol allows users to borrow different types of NFTs against their collateral tokens using undercollateralized loans and allow them to pay back the total cost of the underlying NFT in a prefixed time period.
This use case significantly impacts different revenue/yield-bearing NFTs like metaverse land plots and P2E game NFTs allowing users with little capital to access these NFTs. Some of our primary features (USPs) are:
- Zero-collateral loans
- Minimum 25% down payment
- Flexible repayment options (OR customized loan structure - choose one)
- A speedy and instant loan approval process
- Low-interest rates (as low as 4%)
- LTV up to 90%
To apply for a loan on TribeOne dApp, you have to follow the steps below:
- Access the TribeOne dApp and connect your MetaMask wallet
- Use our special "Import NFT" function, which enables you to copy-paste the link of your favorite NFT directly from OpenSea.
- After you choose your NFT, click "Apply for Loan" and set your down payment and loan duration.
- Lastly, Read and agree to the Terms & Conditions and select Apply for Loan
That's it! Congratulations! You've bagged yourself your favorite NFT.
Q: Since you mentioned your native token - $HAKA, please shed light on the token utilities of $HAKA and the mechanisms that make it a valuable investment.
Mehdi: $HAKA is a unique and valuable crypto asset owing to its deflationary tokenomics, designed with mechanisms that ensure its supply reduces over time, whereas demand increases with increased protocol usage.
$HAKA Staking
TribeOne has announced numerous high-yield staking programs in collaboration with KuCoin and Hot Cross, where $HAKA holders can lock their token holdings in their staking pools and enjoy amazing APRs. In addition, staking $HAKA locks our total circulating supply and boosts the deflationary utility of the token.
$HAKA burns
Our protocol model is designed so that token burns would be a frequent event through the NFT self-liquidation option we offer on our dApp. Following the release of our dApp, the revenue that was generated from all the NFT financing solutions taken by our users was used to buy back and burn 300,000 $HAKA, therefore leading to a reduction in the total supply of our token to ensure that the supply and demand metrics are always tilted in favor of the $HAKA holders.
NFT investments
Currently, our native token, $HAKA, is supported on our platform for purchasing NFTs through our dApp, which can be considered a primary utility.
Such mechanisms put deflationary pressure on our token & ensure the sustainable long-term growth of our project.
Q: What are some exciting features TribeOne will offer ahead of the TribeOne dApp V2 launch in 2023?
Mehdi: We are very proud to introduce our Roadmap, which comprises our agenda for the remainder of the year and will give you a comprehensive overview of what we have planned for the future of TribeOne.
- NFT renting and leasing feature: As part of our growth strategy, we are introducing our Virtual (NFT) mortgages feature for virtual land and real estate, where users can purchase and own these assets throughout the Metaverse with a down payment and mortgage the balance of the purchase price with TribeOne's lending pools. Additionally, users can further lease out these assets in the Metaverse despite their remaining loan installments to earn passive income using our brand-new NFT renting feature, made possible through our integration rental platforms such as Landworks.
- Along with this, we are also rolling out a revamped version of the TribeOne application UI for an optimized user journey, taking into account the feedback we received from our users of TribeOne dApp V1.
- TribeOne will also be launching our native token $HAKA lending pools, which will provide liquidity for issuing loans on appv2.tribeone.io - this will lend additional utility to $ HAKA as well as induce a deflationary effect on our token in the long term.
- What's more to come is our full-fledged NFT marketplace listing NFTs from budding NFT artists and integrating them with our partner ecosystem.
Not to forget the varied PR and marketing campaigns we have in store to grow our social media presence and diversify our community with more competitions, co-marketing activities with our strategic partners, AMAs, and airdrops will create more chances for our community to win exciting rewards.
The future looks bright, and we will be more than happy to walk down this path with our growing community!
Q: What plans do you have to expand your soon-to-launch NFT marketplace, and how would you incentivize protocols and NFT artists listing their NFTs?
Mehdi: We're set to expand into an all-in-one NFT marketplace with over 40+ market-leading partners like FaraLand, Wanaka Farm, Monsters Clans, and more by incentivizing sales of their NFTs with our special financing terms.
We've also integrated with Biconomy to allow users to make gasless transactions when purchasing NFTs on our upcoming NFT marketplace. Soon, users will be able to flip NFTs without paying any gas fees and get exclusive discounts upon transacting in $HAKA.
We will also welcome NFT collections from varied NFT artists with the added benefit of offering them zero minting costs, followed by exposure through continued co-marketing activities, including holding NFT auctions.
Our expansion into the Metaverse will also accelerate as we will be exploring the virtual real estate and GameFi space with continued strategic partnerships where users can purchase or rent digital assets and land NFTs through us.
Q: The NFT Gaming industry is evolving too quickly, and the potential for breaking is very strong. So how can TribeOne be a potential game changer in the Metaverse and GameFi space?
Mehdi: Despite the fluctuating NFT prices, NFTs remain popular among crypto and non-crypto users. To make financing solutions for NFT purchases within the Metaverse more accessible, TribeOne has built an ecosystem where users will have access to products and services to invest in NFTs.
We've collaborated with several leading metaverse projects like the Division network, Babylons, and Brokoli network, among many others, to allow users to purchase digital assets from them using our financing solutions.
One of the GameFi monetization strategies that are quickly gaining traction is NFT rentals.
NFTs are the assets users can own and invest in within the Metaverse, which can be virtual land, game items, artworks, or even event tickets. By owning NFTs, players can participate in a game's play-to-earn ecosystem by leasing these NFT assets for profit. NFT owners can earn significant passive income from their in-game assets. For example, players can sell NFT in-game items such as weapons, armor, characters, etc.
TribeOne aims to provide the underlying infrastructure to power such NFT rental economies. With its revolutionary approach to NFT renting and its knowledge of how such things can be applied to the play-to-earn world, TribeOne is ready to meet all of the needs related to NFT lending and borrowing on the blockchain.
Q: As you mentioned, TribeOne's financial solutions allow users to unlock the true potential of their NFT assets. But one of the greatest impediments to the NFTs is the need for more liquidity. So how does the TribeOne protocol aim to address the illiquidity issues prevailing in the NFT sector?
Mehdi: Agreed. Currently, many NFTs on the market remain illiquid. To encounter that problem, several DeFi projects have addressed the growing need and started offering lending solutions. But, most NFT-lending platforms need to recognize the necessity of tailored loaning options. Our team has observed the NFT space to customize lending services to all investors' unique needs.
TribeOne also allows newer areas of revenue generation in crypto via speculation/NFT-flipping by enabling users to take long positions on NFTs via our 'self-liquidating' feature (i.e., backing out of paying their entire loan amount and putting the NFT back on its marketplace of origin for sale) — resulting in a profit from future price hikes of the NFT.
E.g.: if the price of an NFT increases, users can opt for self-liquidation for their NFT even if they do not have the ownership and sell their NFTs instantly by unlocking liquidity using our financial solutions.
You can maximize your profits by unlocking liquidity & reinvesting to expand your NFT portfolio & reinvest your investments in your NFT portfolio. Users should have full control to make a financial decision for their favorite NFT, irrespective of ownership status.
Q: As of 2022, many DeFi protocols have fallen victim to smart contract vulnerabilities at the hands of some bad actors in the crypto space. So how reliable and secure is your smart contract?
Mehdi: I agree. Good and bad elements influence every booming finance sector as it expands. As we leap into a trillion-dollar crypto space, some negative players have paved their way to exploit the loopholes in the system. Still, as the industry grows, many protocols have emerged intending to ensure a safe and secure environment for budding crypto users.
TribeOne protocol recognizes the importance of having a safe and secure platform, and our Three leading cybersecurity firms have audited smart Contracts -
Solidity Finance
👉https://solidity.finance/audits/TribeOne/
👉https://twitter.com/SolidityFinance/status/1483846727840845824?s=20&t=aZ3Hcbo_LdxmRxyjwbIvwg
Hacken
👉https://github.com/TribeOneDefi/audit/blob/main/Hacken%20Audit.pdf
Beosin
The new smart contracts and changes in the TribeOne dApp V2 have also undergone another thorough audit with our partners from BEOSIN, and the auditing was successfully cleared without any open vulnerabilities or issues.
Our upcoming features in the TribeOne dApp V2 will bring us one step closer to our goal of becoming a one-stop shop for all NFT enthusiasts.
Free-Ask from KuCoin Community
Q: What are the steps on how I can apply for a loan?
Mehdi: On this document, you can find the complete guide on how to apply for a loan. We also regularly post "how to" videos on our Twitter. Make sure you follow us
Q: Through dAppv2-tribe one-io, users can get a loan to purchase decentraland NFT and sublease it on landworksxyz. How much is the maximum loan a user like me can have?
Mehdi: As of now, we cover 75% of the land value. If the loan amount is above $10k, we'll have a review by the risk committee for approval.
Q: Can anyone generate income on the TribeOne platform easily? Will your revenue model allow anyone to generate income easily?
Mehdi: We'll allow users to purchase NFTs and lease them on LandWorks to generate passive income. We want to make it as simple as buying a home and leasing it out as you would in the real world.
Q: What do you see in the future of NFT? Since the data shows if NFT transaction value and frequency are shrinking at an all-time low even at a big NFT marketplace like OpenSea?
Mehdi: NFTs' value has been hit, as has the whole crypto market. So this is a cycle, which is a great time to acquire NFTs.
The best part of TribeOne is that we offer loans, so the risk is shared between us.
Q: What are the benefits for investors in holding $HAKA? Is there any plan to increase demand for $HAKA in the long term?
Mehdi: Agreed. For our investors and HODLers, there are many benefits. Here is a detailed explanation about $HAKA utilities.
KuCoin Post AMA Activity — TribeOne (HAKA)
🎁 Participate on the TribeOne AMA quiz now for a chance to win 1,350 HAKA!
The form will remain open for five days from publishing this AMA recap.
Giveaway Section
KuCoin and TribeOne have prepared a total of 50,000 HAKA to give away to AMA participants.
1. Pre-AMA activity: 54,000 HAKA
2. Free-ask section: 6,750 HAKA
3. Flash mini-game: 54,000 HAKA
4. Post-AMA quiz: 155,1,350 HAKA
. . .
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