AMA RECAP : CRYPTO CHALLENGERS x LITHIUM
Venue : CryptoChallengersD
Date : 26 JAN 2022
Time : 03:00 PM UTC.
Guest: Kelvin Lam
They shared detailed information and his opinions about the project LITHIUM.
🔴 SEGMENT 1 INTRODUCTION
1. Could you Guys please provide a quick self-introduction for the community?
Hello again everyone. My name is Kelvin and my background is in investment & finance, started some 15 years ago in M&A banking. Most recently, I am a director for a group of five publicly listed companies in Hong Kong, looking after investments and corporate finance projects from real estate to tech startups and traditional credit. I’ve also worked with startups and helped build a gaming project in Southeast Asia to 5 million MAU’s.
2.Can you briefly introduce the project LITHIUM FINANCE what are some of utlities of $LITH ? How do you think you stand out among the competitors if there are any?
Lithium is the first collective-intelligence pricing oracle to give precise and timely pricing on private, illiquid assets.
Traditionally, asset prices are discovered through transactions. The problem for private assets, however, is that an active market may not exist. Current pricing of an asset would not be available unless a recent transaction takes place. For private assets with infrequent trades, Lithium brings traders together to provide pricing information on demand, with rewards designed to incentivise accurate and genuine pricing, even if no transaction occurs. We do this by combining crowd wisdom with our proprietary blockchain technology.
The main difference between Lithium and other oracles is that we produce first hand pricing data that are previously non-existent. We don’t just transmit data from external sources like trading exchanges and other data providers.
3. Can you share the achievements the team has made so far ? what are the major achievement target LITHIUM FINANCE is yet to achieve . If possible also share your roadmap.
Our greatest achievement is our people - the team, community, partners, and investors.
We have built a great community and a real team of industry leading investors (Pantera, Hashed, Alameda Research, Huobi, Block Dream Fund, FBG, Kenetic Capital, just to name a few).
You might be aware that we are hiring great people to push ahead on product development. We recently onboarded a new CTO and Product Manager. Ryan, our CTO for example, is an amazing UC Berkeley trained engineer with extensive experience in startups. We have also recruited an incredible group of subject matter experts and formed many partnerships to build Lithium together.
2022 is about going to market for Lithium. Our primary goal this year is obviously building, releasing the product to the community, onboarding early adopters, and expanding use cases.
We will be releasing our updated roadmap very soon. You will be hearing from us on the progress of product development as well as new partnerships across the traditional finance and DeFi/NFT ecosystem. Please do follow us.
4) Could you share a bit about security and also what benefits you provide to incentives user’s choosing your platform ?
We think about security and integrity alot! As an Ethereum-based project, we leverage many of the same security features as other ethereum-based projects. We will also be engaging external audit firms to review our systems to prevent any threats or external attacks as we approach our public release.
Also, our mechanism is designed to disincentivize bad actors and collusion, making malpractice impractical and economically infeasible to ensure an efficient and reliable system. Expect more insight on our mechanisms in the coming months 😎
5.Whats the total supply of the token ? Could you share a detailed tokenomics of mainnet token’s supply distribution
There would be a total supply of 10 billion LITH tokens.
Lithium provides pricing for private assets. The product offering and the LITH token have the power to bring real assets into the DeFi space and transform the world of finance by arming institutional investors, funds and VCs, as well as everyday investors and crypto enthusiasts with access to coveted information about illiquid assets.
Lenders, for example, will need to understand and have regular updates on pricing of an asset (such as NFT) to enable lending secured by that asset. That lender will put up a bounty in LITH for pricing opinion, and the market participants will stake their reputation and/or LITH tokens to signal their confidence in their answers.
True value of LITH is embodied in its utility, which will be unlocked and grow as Lithium goes out into the world of finance and into the crypto community.
🔵 SEGMENT2 TWITTER QUESTIONS.
Q1) #LithiumFinance is special in that it is an oracle that handles data of private assets. Are there other projects with a similar concept besides lithium finance? If so, what are the strengths of lithium over them?
We understand that there is no other on-chain pricing oracle with a focus on illiquid/hard-to-value assets.
Lithium is unique in that we produce first-hand pricing data that are non-existent and not available anywhere. We don’t just transmit data from external sources like trading exchanges and other data providers. Lithium is in a great position to capture this market while also providing pricing to traditional finance institutions.
Q2) In a liquid market, we may not be able to sell our assets at a “fair” price. This means that there are no willing buyers to trade, leaving us with the choice of reducing the offer price or waiting for liquidity to increase. What strategy will you use to combat slippage?
That’s a really good question! (I suppose the question was to ask about situations in an illiquid market)
Private assets investors are unable to trade illiquid private assets as timely or efficiently as they wish because critical unbiased pricing information for these illiquid assets is not available for decision making.
Lithium solves that problem by providing transparent and reliable pricing information (that is not available anywhere else!), to reduce transaction friction and allow buyers and sellers to negotiate effectively and confidently in a well-informed manner.
Q3) DeFi is one of the hottest topic in the blockchain space right now. Can you share your opinion about DeFi with us? Do you think that DeFi will disrupt the existing financial system? What is Lithium Finance approach towards the DeFi sector?
DeFi is definitely one of the hot topics now and bringing a lot of innovation. I think the game-changer, however, is not just the innovations but the change in mindset over the past 2 - 3years.
I mentioned that I have a background in traditional finance and business. I used to hear people think that crypto is worthless a few years back. But no one says that anymore and all these people are now trying to get it! I feel this change in mindset is really enabling the disruptions coming.
Lithium’s mission to solve the pricing problem for illiquid private assets is very interesting. It’s a very useful service not just for crypto but also for the real world. In our vision, Lithium is one of the steps that would bring traditional finance on this journey.
Q4) Aside from stock, IPO price of a company, can Lithium provide answers for pricing the real estate, condos and housing market? What other illiquid assets does Lithium can provide pricing detail aside from the mentioned above?
Lithium is designed to be the collective-intelligence pricing oracle to give precise and timely pricing on illiquid assets, across asset classes.
Although we will be marketing the service for selected asset classes initially and expand on that gradually, our vision for Lithium is to cover all and beyond the assets you mentioned. Please do follow us to get updates on product and use cases!
Q5) Wealth managers are reaching out to learn more about tokenized real assets, what will happen to Lithium Finance regarding this continued monthly growth by NFTs and how do they plan to catch this market that has become so popular in recent months?
Thanks for the question.
NFTs are not traded as frequently as coins or stocks. Imagine lenders looking to make loans available to NFT holders based on the value of that NFT. The lenders will require current and regular pricing updates to that NFT to enable operation of lending, maintenance of security, liquidation, etc. These pricings however are unlikely to be available (since there should be no further transaction price for that NFT as it is pledged to the lender as security).
Emergence of NFT and tokenization is creating demand for these pricing information. Once timely, open, and reliable pricing information is made available, a lot more financial innovation and products could be built on top of that!
⚪ SEGMENT 3 TELEGRAM LIVE
Can you briefly describe your PARTNERSHIP so far and upcoming partnerships?
We are very fortunate to be supported by a very long list of industry leading investors (again, Pantera, Hashed, Alameda Research, Huobi, Block Dream Fund, FBG, Kenetic Capital, just to name a few), who opened a lot of doors for us.
You will see on Medium that we have lot of partnerships, with DeFi & NFT protocols and we have a lot more partnership announcements in the pipeline. In fact, we just announced a new partnership today! Deri Protocol, a derivatives trading platform with $80M in average volume, is joining Lithium as a Wisdom Seeker!
I'd encourage everyone to follow us to get updated on new partnerships.
Can you share your social media links so we can keep ourselves updated?
Please check out the full list of all our social media and international communities here https://lith.finance/community/
Q4-What is the next most important thing to achieve according to your roadmap, do you start working for it?
We are focused on releasing our public testnet to the community - please follow our social media/international channels for more info.
Can you list 1-3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
Lithium produces pricing data that is not available anywhere, hence pricing the unpriced.
There is no other on-chain pricing oracle with a focus on illiquid/hard-to-value assets. That puts us in a great position to capture this untapped market, solving the lack of pricing information problem for illiquid, private assets.
Q5-®️AMRA KHELMU NA®️:
Since NFT is popular nowadays, is there a plan for NFT integration?
Lithium will serve the NFT community, among other asset classes. Like i mentioned, we have formed many meaningful partnerships with DeFi & NFT with a strong pipeline. So far, we have seen tremendous interest, e.g. in our partnership with Palm NFT, they will utilize our oracle to price popular NFT’s
A lot will be happening this year for Lithium. We will be publishing an updated roadmap soon. So, please do follow us and feel free to reach out to our team if you guys have any question or feedback.