Host : Please welcome David Hong, It’s pleasure to have you here Sir !

David Hong : Hello Thank you! Happy to be here

Host : Before we start the question, would you please introduce yourself and tell us about your position in CrossFi?

David Hong : Shall I go first?Ok goingI’m David Hong the CEO of CrossFiI am a Chinese American from Santa Barbara California.

I went to university at UCLA and Claremont McKenna College in Southern CaliforniaAnd got my juris doctorate law degree from Georgetown University in Washington DCI was a proprietary equities trader before I was a lawyerMy last job was as a corporate lawyer and head of the blockchain group at the Shanghai Office of global law firm King & Wood MallesonsI’m a crypto fanaticI’m obsessed with NBA Top Shot

Host : Great, nice to meet you !

So we move to the first question

1. What is CrossFi Who was it made for and what problems does the product aim to solve?

David Hong : CrossFi is what we call an interoperability solution because it bridges different blockchainsCrossFi was made for anyone who wants to participate in DeFi, but does not have their assets on Ethereum or one of the other major DeFi blockchains.

The product allows the creation of synthetic eth-compatible tokens from collateralizing digital assets on other infrastructure. Our product also works for NFTs so that eventually people can have fractional ownership of NFTs or even lend their NFTs.

We believe that the CrossFi product is important because the crypto-industry is moving towards a proof of stake (PoS) model where more assets are locked up. While this is good for asset values as it keeps assets locked up so they cannot be dumped, it also prevents these assets from being utilize, such as participating in DeFi, because the staking periods are usually quite long. As such, we hope to unlock the value of all PoS tokens as we will do with our first project with Filecoin (FIL).

Filecoin is our first project because it has several issues which make it suitable for such a liquidity solution. First, a certain amount of FIL must be staked to provide storage space so there will naturally be an imbalance of storage space providers and FIL holders. There may be FIL holders who do not own the expensive FIL mining machines that could lend out their FIL to mining machine owners, who may have too much storage and not enough FIL to stake, so they can both benefit and share in the stake rewards. Along with FIL’s relatively long staking period, it is in desperate need of liquidity.

Host : Great explanation! And also hope it take no longer because we can’t wait for this project. Next question, 2. What is Multi-Asset Adaptor?

David Hong : Our Multi-Asset Adaptor Protocol is a cross-chain protocol that can map digital assets from one blockchain network to another. It’s sort of like an automatic money changer where I can send USD and receive EUROs.

Host : 3. What is your Supervision Network?

David Hong : The Supervision Network is part of our governance ecosystem. You can view this as the guardian network of the platform to ensure fairness and punish bad actors

Host : I am interested with this part, But we dont have much time Hehe. Next question sir, 4. How about your Main Product? I see on your litepaper about “Cross-chain Lending and Liquidity

David Hong : Our main product will be for collateralizing Filecoin so it can be used in the DeFi ecosystemThis is how it worksFIL holders can pledge FIL to the CrossFi platform and then mint cFIL which is compatible with Ethereum. They only need to send cFIL back to the redemption contract and pay a settlement fee to receive their FIL back.
Our MuLti-asset adaptor protocol will map the pledged FIL to the newly minted cFIL so they are essentially mirrors of the same asset on different chains. Now cFIL can be used on the Ethereum blockchain in any DeFi applications. cFIL is then burned when it is redeemed.

Host : Perfect! 🥰 Next,
5. What is Synthetic ETF? and how cUSD is work? Would you want to explain about Trading Off-chain?

David Hong : I think you can view CrossFi as enabling the creation of all kinds of synthetic assets across different blockchains

a minted cFIL is a synthetic version of FILSo A synthetic ETF is just an exchange traded fund that holds a basket of synthetic assets. For example the United States SEC still has not approved of a bitcoin ETF. but you can create a synthetic bitcoin etf on CrossFi. For cUSD, Users can stake CRFI and then mint cUSD, cUSD is just a stable coin which functions as the reserve asset and can be used to trade synthetic assets. Synthetic assets can represent anything and amounts to essentially a bet on the price of that asset moving up or down without actually owning the asset, its another derivative.

Therefore, any off-chain/real world asset can have a synthetic version of it created and traded on our platform. We will work with third party oracle providers such as Chainlink to obtain real world information that will reflect the synthetic asset price. This will give users exposure to a many different assets that they may not have had access to before.

Host : Wow all the explanation just perfect and clear ! Thank you for let us know about this Sir . 6. When we could experience CrossFi platform?

David Hong : I’m glad.

Soon I hope!We have been stealth for a long time because we want to make sure we do things rightWe just finished closed beta test and will be opening up beta testing to wider audience soon. Please check with the cryptoiz team for updates on how to participate!

Host : We can’t wait seriously :clap::clap::clap:Ok next7. What are the benefits of holding $CRFI for a long term?

David Hong : Make you rich!HahahBut really

Host : OMG WE LOVE IT SIR 🤑🤑🤑

David Hong : It is taking decentralized finance to the next level and you will be helping create a more fair economy for lending and financial services

But we also expect that CRFI will increase in value as more users sign up and stake through our protocol. CRFI will be required to participate in governance on our platform. CRFI holders will also earn fees for staking/securing the network as all as receive annual fees from our fee pool and inflation allocation.

Host : Aha, Exactly 2 question left for SEGMEN 1, Sir. 8. How CRFI will be used?

David Hong : It will be used for EVERYTHING on our platformAt launch CRFI will be the only collateral asset available for minting synthetic assets. It is also the native currency of our platform used for transactions fees as well as the governance token. Furthermore, it will be required to be staked to secure the network.

Host : Amazing ! Last Question for this first segmen sir . Why we expect the CRFI price will up?

David Hong : Cause of great communities like this one of course!We know that crypto is about communitiesWe’ve got 150k Filecoin miners ready to go and large FIL staking pools ready to work with us. Just this community of matching FIL holders with FIL miners who have extra capacity should generate significant value and liquidity. As FIL is our initial solution, CRFI will naturally be tied to FIL price, which has just been going higher and even Greyscale, the largest crypto asset manager in the world (USD 27 bill+ AUM), started a FIL Trust recently. Also pure supply and demand as we develop new products, we will generate more transactions which will require CRFI.

Host : RESPECT !!

Thankyou for completed all questions in the Segment 1, Sir!

Now we move to Segmen 2

David Hong : Hope it’s not too hard

Host : In this segment, you will answer only 5 questions which come from our live community 🤩🤩🤩

Member 1 :

Thank you! That was a great explanations.Are you sure you would be able to provide zero-slippage swap services for cross-chain block asset transactions?

And how about when the synthetic asset become unresponsive?

Did you have enough confidentiality to assure the docking module will be had less harmful process?

David Hong : Hi lvl, we of course can never be absolutely sure of anything but we have a top development team with excellent experience in crypto and financial services and we have engaged the best code auditors. We will also be continually updating our GitHub and providing bug bounties

Member2 : How about the crossfi scalability mister?
How crossfi handle multiple crosschain transactions?will it be fast and low fee?
Please explain to us

David Hong : As I understand as a layer 2 solution we are using substrate which is much more scaleable than eth

Member3: Can CRFI later be used for payments in market places in the world?

David Hong : We would love for CRFI to be used in other marketplace and that is one of our goals to partner with other projects to develop a connected and interoperable Cross Financial ecosystem

Member4: Will CrossFi be hot in market? How many users will be involved?

David Hong : We hope CrossFi will be hot and it seems we have been getting a lot of traction already. As you may know most of the filecoin miners are based in China and South Korea, which is where we have been focusing on efforts and have signed up hundreds of thousands of participants to stake with us.

Member4: Many of investor just focus on the price of token in short term instead of real value of project. Could you tell us the motivation and benefits for investors of this project to long term?

David Hong : We have developed several mechanisms that we hope encourage investors to participate in the long run. Firstly, yield farming through staking with us and compounding those staking rewards. Also we hope our annual inflation bonus and fee pool provides incentives for longer term hodlers. Please HODL with us

Host : Mr Agus would ask you personallyAbout this project

Agus Artemis: After seeing all your explanations about this ptoject, I am personally very interested. If I want to buy $ 20,000, is it possible? This is the reason I did the first AMA event in the VVIP cryptoiz group. because I see a big vision and mission in your project.

David Hong : We have very limited allocation as we have to be fair to everyone but I will do my best and discuss with the team

Host :Thankyou for your answer, sir. And Mr Agus, do you still have some question?

Agus Artemis: not. quite clear. I just want to buy a lot

Host : Great decision sir 🤑🤑🤑Really, thank you so much David ! I hope we can have some collaboration later

David Hong : Thank you for having me !