On September 1st, Chang An, CO-founder of Hoo Exchange, had a live ask-me-anything (AMA) in WeBlock Community-a well-established crypto community owned by WeBlcok (A full-service blockchain accelerator). Throughout the 60 minutes chat, Chang An deep-dived into Hoo DeFi products as well as his personal views on CeFi and DeFi.
The below transcription from Chang An, Co-founder of Hoo Exchange live stream has been condensed and edited slightly for clarity.
Guest Introduction
Together with his friends, Chang An or Daniel established Chaince — the world’s first blockchain trading platform focusing on EOS projects. After the acquisition of Chaince made by Hoo Exchange, Chang An joins Hoo Exchange as a Co-founder and is now in charge of the resource fields in Hoo Exchange.
About Hoo Exchange:
Hoo.com is a world’s leading blockchain assets service platform, aiming to provide safe and reliable assets management and blockchain services to users worldwide.
Host Q&A Session:
Aina@WeBlock:
Q1. So as the co-founder of Hoo, what are the three keywords you would use to summarize Hoo Exchange’s achievements in the first three quarters of 2020? Could you explain the three keywords one by one?
Chang An: This is a very good question. The three keywords will be keen, comprehensive and reliable. Let me explain them one by one.
Keen: I think some of my friends here have noticed that Hoo.com has moved very fast in DeFi area recently. I would say about three to four 2-tier exchanges have done a good job and Hoo is honored to be one of them. The reason behind it is that we are keen and always stay alert in this industry. We move fast when we find good projects and you can see that we have listed many potential projects earlier before top exchanges including Binance, Huobi and Okex. For example, when we listed Compound, the price was about $7 and now it is over $200 already. There has been a 3000% revenue so far. I would say Hoo.com has a nice listing team. They sounds a bit mysterious but they have rich knowledge in DeFi industry. That is why we can pick potential projects much earlier than others.
Comprehensive: I chose this word because Hoo.com is not only a platform focusing on trading but also other services like borrowing and lending. The volume of Hoo lending has increased dramatically lately attribute to the farming in DeFi system. Many people lend asset from us to farm in YEII, etc.. So if any of you is interested, we are very honored to lend you USDT or other tokens at a nice rate. Apart from those, we also provide custody services. If you are running a project and is in need of custodians to help you handle wallet issues, welcome to use our cost-efficient custody services.
Reliable: Hoo has quite some nice friends in this industry and we have built partnership with one of the top hedge fund registered in Singapore who is also shareholder of Deribit and Grayscale. Besides, we have also officially cooperated with AAVX, OKS in the field of marketing and promotion. In return, our users have gained decent revenue from these projects. Hoo.com has established a DeFi Supporting Fund which is used to look for and support good DeFi project or get them listed in Hoo.com which our users can benefit from.
Aina@WeBlock:
Q2. Hoo Exchange has performed very well in DeFi field lately. What are the reasons behind the success? Does Hoo plan to launch more DeFi products?
Chang An: I won’t call it a success yet because it is an ongoing thing. DeFi and CeFi are kinda like in a war currently. Different exchange has different steps and strategies to combat. The achievements that we have got so far are greatly attributed to our team who always stay alert and act fast. DeFi is quite different from other industries or hot spots because DeFi projects develop so fast. There are around 20–30 new DeFi projects coming out every single day. New concepts, new words are making normal investors confused. So I have a few advice for those who want to trade safely in DeFi market:
1. Find some nice platform
2. Look for potential projects
If it is a bit hard for you, I would like to recommend Hoo.com to do the above steps for you.
I recommend Hoo is because Hoo has listed many potential projects and has made a great preparation for DeFi market development such as the DeFi Fund that I just mentioned. We also provide audit resources for projects or even invest into their DeFi system. Besides, we also have a product named DeFi ETF which is a nice way for normal investors to join the DeFi games because ETF will help to do the hardest job-to pick good projects and mitigate the risks. We have seen a 200% revenue so far in our ETF.
Aina@WeBlock:
Q3: As you mentioned about Hoo DeFi Foundation, I would like to ask you what your future plans are in context with your recent partnership with WeBlock (A full-service blockchain accelerator)?
Chang An: First of all, WeBlock has enjoyed a very nice reputation in this industry and I have known some of the team members of WeBlock for a long time. Accelerator plays an important role in blockchain industry and WeBlock has nice resource in branding and community building. WeBlock is a powerful platform and Hoo.com decides to partner with WeBlock. WeBlock has helped us in marketing months ago and the feedbacks are quite good.
As we have a good partnership previously, I think we can cooperate in many aspects such as marketing and promotion in the future. We are also aiming to find some nice projects for both Hoo and WeBlock users. Secondly, we all know that WeBlock has many overseas users and branding resource which Hoo would like to work with. As to DeFi projects, WeBlock as an accelerator can recommend some good DeFi projects to get listed or be promoted in Hoo.com.I believe that there are more areas which Hoo.com and WeBlock can explore together.
Aina@WeBlock:
Q4. WeBlock indeed has quite a big global user base and many of them have come to ask how to avoid scam tokens as scam tokens are a growing problem on the decentralized exchange and liquidity pool Uniswap — owing to the protocol’s open listing policy. In recent days warnings have been issued about scam tokens targeting four of the most buzz-worthy decentralized finance projects including Curve Finance, 1inchExchange, Tornado.Cash, and dYdX. Do you think we need DeFi insurance?
Chang An: Insurance is a very hot issue in DeFi. I would like to invite you guys to read this article about DeFi insurance. It is written in Chinese but Google translate will big of great help if you are interested. Meanwhile, I would also like to introduce Chainnews to your guys because you can get valuable information there in time.
The price of Nexus Mutual has gone higher which reflects people’s confidence in DeFi insurance. As there are many scam tokens in DeFi, if you are new, please be very careful and trade in Centralized exchange first to make sure you buy the right tokens. The concept of DeFi or crypto insurance is very attractive but to be frankly speaking, there are very few people who really are using them. Many people just buy the tokens instead of using them. Please do enough research before you move to the next step. Back to the question, I do believe that we need insurance in DeFi market because there are so many scams. But keep in mind that DeFi insurance project itself can be a scam as well. Be very careful and it might be good to start from lending project or projects like compound before you move to DeFi insurance field.
Aina@WeBlock:
Q5: As you mentioned the “war” between CeFi and DeFi, how do you see the “war”? Do you think CeFi and DeFi can coexist？
Chang An: There is really something like war or revolution happening now between CeFi and DeFi. In the past, the listing fee of the 1-tier exchange is very high and the story has changed. The listing fee is greatly up to the DeFi projects or can be zero because if CeFi exchanges don’t list these projects, users will run away to other platforms. I would say DeFi development is beyond many people’s expectation because it has moved extremely fast and has attarcted many news users into DeFi system. Many CeFi have been shocked by the DeFi phenomena.
Currently, many CeFi exchanges, especially the top ones are in a hurry to list DeFi projects with zero fee. But still, many users have ran to DeFi exchanges like Uniswap, Curve, etc.. However, CeFi is still a better choice for most of the users because the barrier to enter DeFi is quite high and the gas fee as well. When you encounter scam tokens, it would be so hard for you to get money back. When we talk about price, only when top exchanges like Binance or Huobi list DeFi projects, can you see a soar in price. CeFi remains powerful even DeFi is growing unexpectedly fast. CeFi and DeFi will coexist for a long time.
Community Q&A:
1. What are Hoo.com competitive advantages and what incentives and opportunities does Hoo.com use to attract users to its platform?
Chang An: Speed is the keyword. The industry is changing very rapidly. If you want to earn money, you must find a good team and let them do the hard job for you. Hoo.com team is a remarkable team. Our performance in DeFi floor area has convinced and proved that. If you want to look for some potential projects who may get listed in top exhanges, welcome to Hoo.com!
2. What are the benefits for using Hoo? Here in this crypto market, how will Hoo compete with exchanges like Binance, Okex and the likes? What are the killer features of Hoo?
Chang An: As I just mentioned, Hoo products are very comprehensive ranging from borrowing&lending, custody, etc.. These services can combine together. If you are running a project, you can use our custody or lending service to promote your business. As a personal investor, you are welcome to trade and earn in our platform.
I would say exchange is different from other industry. In a restaurant, a good meal is the thing you care. But for crypto world, you want to earn. Only an exchange that can help you earn is a good exchange for users. Hoo find opportunities for you before others do.
3. What is your strategy for building a strong community? Do you agree that the power of the community will lead your project to develop globally? What services do you provide to the community?
Chang An: Community really matters nowadays not only for big exchanges like Biannce, but also very important to 2-tier or small exchanges. A nice community is very important and I think the key to build a good community is too treat your users well. Meanwhile, good partners including WeBlock would be of great value in community build-up. There are many active guys in WeBlock community and they really want to make contribution to the community. If we cooperate with WeBlock in this part, we can benefit from each other.
4. Does Hoo Exchange have plan to create its token?
Chang An: Some friends here may know that Hoo used to be a wallet. Established in 2018, Hoo has in operation for almost 3 years. In crypto world, most of the projects have their own tokens for various reasons like fundraising, promotion, etc.. Until now, Hoo still doesn’t has its tokens yet but I guess Hoo tokens will come out in the future. Once our business is strong enough, we will launch our tokens. There are many projects who issue their tokens way too early and disasters just happened. Hoo would like to move slowly in this issue.
5. What is Hoo Labs and how does it benefit users? Or is it something for the crypto coin projects themselves? What are the advantages of this section of Hoo?
Chang An: Hoo Labs is one of the most important parts in Hoo exchange. We set up Hoo Labs to help green hands. Most of the projects in Hoo Labs are very potential with good background and good team. Some of them have been listed on Coinlist or top tier websites. Most of the projects in Hoo Labs have nice return. If you are new comer, welcome to join Hoo Labs and I am sure the next project will come up in Hoo Labs soon.
Finally, Weblock community members were availed the opportunity of relating with our guest; asking him some questions, and answers were duly given. The amount of engagement was incredible and there were many excellent questions asked during this AMA! 4 different winners emerged from this AMA round and their rewards are to be sent out shortly.
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