David and Gabi, Founder and Community Manager respectively at Annex Finance, dropped by to talk to BugzKG about the exciting stuff they have been working on and to take some questions from the community. To celebrate the AMA, five members from our community who took part in the question-and-answer segment at the end were selected to win 300 $ANN each, totaling 1500 $ANN.
If you would like more information about Annex Finance, please visit their website at https://www.annex.finance/ and their Twitter at https://twitter.com/AnnexFinance.
Annex Finance Interview
BugzKG: Welcome everyone to our AMA with Annex Finance!! I’ll be your host today. Just a few things before we start. Right now you’re muted for the interview section. Once that’s done I’ll open up the chat for questions. Annex will choose 5 questions to answer and those will be our winners! Each will receive 300 $ANN each for a total of 1500 $ANN!
Welcome Annex Finance team. Can you introduce yourself to our tg members?
Gabi: Hello Everyone 🙏
David@annex: definitely, as you can tell my name is David, I’m the founder of Annex Finance. we founded this project with my team of 20 who are specialized in software design and development with a rich experience on DeFi and NFT development experiences with our main HQ located in Canada called agency wolfe (https://agencywolfe.com/), we had done helped multiple project launch in the past but Annex is our biggest project as of yet
Gabi is our community manager and he help us built our community in the defi space also, he is our most trusted partner
BugzKG: Welcome! Sounds like you both have tons of experience in the crypto space! Can you tell us about Annex Finance? Assume we know nothing please.
David@annex: Annex Finance into a one stop shop DeFi platform with Collateralized lending protocol, AMM, IDO launchpad, and NFT on cross chain. The plan was to initially launch the platform on BSC and then ETH and Polygon shortly after. But alone the time of our development we got into TRON network and Justin Sun introduced us to the team from TUSD, and from there, TUSD team introduced us to Crypto.com….and Crypto.com introduced us to their Cronos development team about 1 month before Cronos launch….so we ended up in Cronos now after BSC, our ultimate goal is to wish to unity the cross chain platform through our protocol by offering lending/borrowing protocol across different chain users in the future and bring one platform to all.
BugzKG: Plans can certainly change. Being cross chain definitely has many benefits and can bring in a different crowd of investors. We’re so excited that you’re on Cronos!
Can you explain some features that set Annex Finance apart from other lending and borrowing projects? How will you benefit the Cronos ecosystem?
David@annex: Cronos is still a baby, but they are back by the crypto giant Crypto.com, our team as well as our community strongly believe that Cronos network and their exposure would definitely help us expose our platform to the greater market in the long run
Aside from lending, we plan to add IDO launch pad as well as NFT marketplace in the near future as well.
No need to look at current stage, if we want to build a project that last forever, we need to focus on long term development, and we believe Cronos network will be a very nice home for Annex
BugzKG: Absolutely! Looking long term especially with how the markets work, is the only way to have longevity. For those who don’t know what a lending and borrowing protocol is, can you briefly explain? Like you said Cronos is so new, and lots of people here would like the basics.
I’m sure it will tie to your $ANN token. Tell me more about that in that context.
David@annex: Defi is essentially a borderless financial system, tackling inefficiencies in the global finance system. In traditional financial lending systems, a borrower needs to provide credit or traceable income to a lender before consideration on lending funds.
In Annex Finance, we aims to solve this friction in the traditional lending system by utilizing digital assets and cryptocurrencies to be pledged and used as collateral while earning interest.
Currently $ANN token is acting as a governance token at the moment, in the near future it will also be utilized as our NFT marketplace currency and IDO launchpad fee across the platform, the ultimate goal for us currently would be adding $ANN token into price oracle, after that we will be able to add $ANN token as collateral supply, allowing user to borrow crypto currency using ANN tokens on our platform
David@annex: but if you are a new user in lending, another way to say it is, you can stake your coin in supply, which is basically single staking, borrow token, and earn reward for doing so as you now become the middle man like the bank in the real world finance world. The more you can supply, the more interests you will earn from borrowed.
BugzKG: Thank you for breaking that down. I really appreciate that. Definitely makes more sense when put in that context. Earning interest is appealing. How can one acquire $ANN?
- https://app.annex.finance/trade/swap
- Investors can buy from here 👆
Or supply assets on Lending Protocol to earn ANN as distribution reward.
David@annex: Currently we support two chains, BSC and Cronos network, user can acquire ANN from our trade swap platform: https://app.annex.finance/trade/swap
BugzKG: Thanks for the links! Make sure to check it out everyone!! What are some other benefits of holding $ANN? What can one do with it? Can you explain in more detail?
David@annex: ANN is a governance token of Annex Finance Platform, Apart from that its a payment currency for our upcoming NFT Platform and IDO.
User can you also stake ANN on our DAPP to earn more ANN –
1) Single Staking of ANN in Farm
2) Epoch Based Rewards
3) Auto Compounding Pool
4) Create Liquidity on DEX and Stake LP on Farm
One of our most interesting concept on our platform is called automatic Epoch reward system
basically it is a system that allows user to gain .2% daily reward by just holding onto ANN token for 31 days. If you obtained $ANN token for more than 31 days and not remove it out of the wallet, you will be able to claim on first .2% daily from the first 30 days and everyday after that
but if you remove any ANN token before your 30 days are up, you will lose your reward however
BugzKG: I love the reward system. It’s unique and encourages investors to hold. Which also reflects the whole idea of lending and borrowing and earning interest. Security is important to token holders. How will you ensure your project is safe to invest in? Have you been audited?
David@annex: of course, we had been audited by Certik https://www.certik.com/projects/annex
BugzKG: Wonderful! Security is a concern in the crypto space. I’m glad your team values that. 😊
What are you future goals for Annex? I know you mentioned a NFT Marketplace and IDO launchpad. Can you share any more details or are there even more exciting things we can look forward to?
Gabi: We are testing our IDO and will start marketing it for both BSC and Cronos chain, Initially it was Auction but for the ease of user we revamped it and renamed it as IDO with the option of Auction too.
David@annex: sure, we have plans to release NFT marketplace in the near future, probably in January. we will also be releasing our own set of NFT which have their own unique benefit such as ANN holders random airdrop, Annex nft marketplace membership, as well as NFT holders will boost in new staking vault for ANN reward. The exact utility are TBD at the moment, but once NFT marketplace is out, we will have more in details.
Gabi: It will be fully decentralised and any project can use it for raising funds via Annex DAPP
BugzKG: How exciting! Love how you considered the user and I’m sure projects will benefit greatly!
David@annex: we hope to be the first IDO launchpad for cronos also 😀
BugzKG: Wow! I’m looking forward to this. NFTs are so popular right now and everyone is looking for new ones to mint. The utility aspect is great to hear. Everyone wants more than just an NFT. 😊
To wrap everything up, can you share your socials so others know where to find you?
David@annex: definitely, our twitter post are one of the most updated, but user can come and chat with us on our main telegram channel as well. As to celebrate our AMA with Cronicle, we just officially launched the first lending platform on Cronos network right now at this moment..
- twitter: https://twitter.com/AnnexFinance
- telegram: https://t.me/Annex_finance_group
BugzKG: Annex is live everyone! Congrats team!
David@annex: we are fortunate that we have Cronos team backing and they will also be co-marketing our lending platform on cronos network as well in near future
BugzKG: Before we end the interview portion, is there anything else you want to share about your project? It’s great hear you’re backed by Cronos.
Gabi: We just went live with our Lending Platform on Cronos 🙂
David@annex: currently these are all the assets we currently support on BSC network
as for Cronos, we are currently only supporting stablecoin until price oracle is LIVE, once band price oracle is live, we will also add CRO, ETH, and BTC on our lending platform as well. So user can earn CRO, ETH, or BTC “staking reward” buy suppling their assets on our lending platform
BugzKG: Very exciting! Congrats on your launch! Everyone please check them out! Annex brings a lot to the Cronos ecosystem!
David@annex: once Cronos marketing starts, everyone on cronos network will know about Annex 🙂 We are very excited for the upcoming future
BugzKG: Okay I am now going to unmute the chat for a few minutes and give the community a chance to ask questions. After that time is up, @DavidAnnex and @GABRIALF please go ahead and choose 5 questions to answer. Take you time. We ask that you add a 🔥 emoji to your question to avoid bots. The 5 winning questions will receive 300 $ANN each. 🤯
Community Questions
Community Question #1
xyz: In what type can Communitiy participate in Governance and is there any minimum holding required to participate in Governance ?
Gabi: User with even one $ANN can participate in Governance and can vote with it. There is no minimum ANN required as such
Community Question #2
Rysa Fyn: Community governance is a key element from the start, which reaches into both AMM and DEX elements of your ecosystem. Can you tell us more about how the governance elements are implemented now, what elements are community governed, and how you plan to evolve your community governance (and involvement) in the future? 🔥
Gabi: For now only Lending Protocol is under Governance but in future we will add AMM DEX and also have plans to include IDO. Means project will only able to raise funds once the community approves it.
Community Question #3
KX Yeo: You mentioned that $ANN is only a governance token now. I personally think holding a token for governance purposes is overrated, as whales essentially are decision makers. How does Annex Finance handle the governance (voting etc.)? 🔥🔥
David@annex: outside of adding token, team will only create proposal that was suggested by the community, which is why for the last 16 proposal all of them passed with 100% success rate so far, unlike most other platform, we tries to listen to community’s feedback in our telegram and would have internal brainstorm session to go over the pros and cons, release it back to community….then make the proposal
Community Question #4
Wilny Wilhelmina: I just wanted to know like two years down the road, what is the dream for Annex Finance? And I understand that you guys will be very successful in the cronoschain space for DeFi lending. I am myself invested in it, but I want to know going forward. Like I understand NFT is all this that you’re building, but what is your ultimate goal? Maybe you could share a little bit inside, like within the next 2 years, your roadmap. What really do you want to achieve? Just want to know something from your thoughts 🔥
David@annex: as mentioned before, the ultimate goal for Annex finance is to close the gap between chain and become the platform for all things defi. We want to bring all the network closer to each other.
we are not only building NFT, NFT is just one of many product we are building. We are also building IDO, adding new features to lending, building crosschain. internally we are also working with many high profile business partner such as TUSD, Cronos, TRON…just to name a few
Crypto space is an ever changing world, we would like to get working on Eth and Poly network if possible, but should new opportunity arise, we will develop our platform to fit the market’s need at the time
Community Question #5
J. Marin: Great products & attractive innovations . What do you think is the best way to earn Yield for long-term investors in ANNEX FINANCE? Should we consider ANNEX FINANCE a platform for Yield Farming to being an NFT + GameFi options in the future? 🙂🔥🔥
Gabi: Best way would be imo is stake your assets and ANN token in our platform.
For ANN we have four different ways user can stake and earn more ANN.
1) Epoch based rewards
2) Single Staking on Farm
3) Provide Liquidity and Stake LP
4) Auto compounding ANN Pool
Apart of from ANN, we have listed around 18 different assets on our lending platform, all of them have very juicy APYs.
Staking with Annex is risk free and user can earn APY in supplied assets + also get ANN as distribution reward.
BugzKG: Thank you so much @DavidAnnex and @GABRIALF for joining us today! I know you’re crazy busy with your launch today, so we really do appreciate your time. I have DMd all the winners and will send your addresses to the Annex Finance team and they will send your prize. Have a wonderful day everyone. I will unmute the chat now.
David@annex: thank you for your time
Gabi: Thank You @BugzKG for give this opportunity to share Annex Platform with your users 🙏