FTM x Constant Telegram AMA recap
You asked and we answered! The following 40 questions were taken directly from our FTM Telegram AMA chat on Dec. 3.
Q1: In a nutshell, what is Constant? How does your platform differ from any other DeFi or lending platform out there?
A: Constant is the leading crypto-backed p2p lending platform in South East Asia. With steady 300% monthly growth, we support more altcoins than any other platform on the market
Q2: What is special about Constant compared to other platforms?
A: What we offer at Constant:
- Some of the best interest rates on the market (9%) for both investors & borrowers
- great 24/7 customer service
- support for over 70 altcoins and counting
- no withdrawal fee
- wide-range of features: auto top-up, collateral excess withdrawals in the case of coin price increase, the option to pay off your debt before maturity, and more.
- A pro version that lets you know exactly where your order is, how long it will take to wait for matches, interest rates and suitable term limits…..
- A wide and consistent variety of promotional offers.
Q3: Do you feel like the market is getting saturated by new DeFi platforms coming into the space? Is there too much DeFi for the amount of assets and tokens to go around? There’s Fulcrum, Compound, BlockFi, and many more (and XAR/Fantom will also support DeFi).
A: We think Defi offers real and practical usecases for Blockchain. With stablecoins we can move money from what we call “low interest rate regions” (banking in EU, US…) to more Crypto-focused regions for better profits. The market is still in the early stages for Defi. We don’t think of other P2P platforms as our real competitors yet. Our real competitors are banks or any similar traditional financial platform. We believe that there is still a bigger market big enough for all of us in which Constant still has all of the competitive advantages we previously mentioned.
Q4: Do you also support fiat onramps and is it possible for me to use DeFi over a traditional savings account in the current iteration? What do you think is stopping people from doing that if the interest rates are so much higher than traditional banks are offering?
My bank in the Netherlands gives me negative interest or 0.05% on savings, but I haven’t moved over to DeFi yet, what stops consumers from making the leap?
A: Sure you can, we support fiat on and off ramp, what you need to do is to complete KYC to be able to deposit/withdraw fiat on Constant. Great question on the barrier!
I can say that most of people are just unaware of how easy it is to invest on a Defi platform in general & Constant in particular. Once they do understand it, they love it! Interestingly, 70% of our investors have little-to-no knowledge of cryptocurrency. Another barrier that we have encountered a lot a lack of trust as we are still new. We hope to solve this in the future with more partnerships and continued improvements on our platform. Michael, it is about time to invest in Constant ;)
Q5: Wow, is our collateral safeguarded? Is there any risk it will be lost? I used Constant quite a few times before and theres one option I would like to have which is an internal exchange with market value between tokens. Will this be possible in the future?
A: Thanks for asking this! Here’s how Constant keeps your collateral:
1. With erc20 coins, Constant keeps your assets on Smart contracts.
2. For non-erc20 coins, Constant is working with BitGo to ensure the safety of your coins.
Great question regarding the internal exchange. Frankly speaking, we have no plan for that yet. But we will keep your suggestion in mind for future consideration. Can you pm me to discuss why you think having an exchange inside Constant is a good idea?
Q6: Will you be having any promotional interest rates for loans going into the holiday season?
A: We have a special 6% interest deal running from today until Dec 10, for Fantomians who create a new account on our platform and Borrow against FTM.
Q7: How will defi benefit FTM token? Is defi going to be used by bank which is right now on xar platform??
A: By borrowing against FTM, you do not have to sell you tokens and you can still have extra value to trade or to buy more FTM.
Q8: I’m wondering if there exists a video/guide on how to run /develop smart contracts on the fantom blockchain please ?
A: We will provide one later.
Q9: On average how long does it take to get matched? Is it dependent on loan size?
A: Hi Rookie, great to see you here! If borrowers set their borrowing rate at the market rate (9% / year or more), you can be matched within 24 hours. If lower than 9%, you might wait a few days or even more.
Q10: Hello Constant team! To start as I said earlier I am a very happy user from the Constant Platform(you probably know me from the chat already😁)so I am glad you’re here with us today. My only question is as both Fantom and Constant projects are my only and favorite projects, will we possibly see any more collaborations between Fantom’s blockchain and Constant? Thank you!👍
A: Haha, we definitely know you, and highly appreciat your support! You can be 100% sure that Fantom & Constant will be looking for more possible partnerships in the future, whether that be further integration or marketing campaigns.
Q11: Why did you list fantom on your platform as one of the tokens that is possible for collateral?
A: Here is the criteria that we consider when it comes to a new token listing:
1. A technologically sound platform: Constant has a team that checks project codes on github
2. Active community: the community is one that believes in the project from the beginning, there are true hodlers not just people looking to pump and dump.
3. Reputable partners: listed on reputable exchanges (binance, kucoin, huobi, okex …)
4. High volume: the 24-hour volume over the last 6 months is over USD 1 million.
Fantom has met our criteria. Moreover, we have had strong urgings from the community to list Fantom, many from Tomo community as well!
Q12: If I borrow $1000 how much FTM I have to deposit?
A: The Loan to Value ratio for FTM is now 66%, that means you have put in 131,393.0032 FTM to borrow $1,000. You can use our loan calculator via this link for your self calculation : https://www.myconstant.com/borrow
Q13: What is the one function in DeFi that you think is missing right now? What’s the next big feature for your platform?
A: Those are good questions. Actually there are lots of areas where Defi can move to disrupt or upgrade traditional finance.The investment banking business, wealth management, etc.
Q14: Is any specific functionality missing? Aside from stablecoins, lending platforms, and decentralized exchanges?
A: Currently, remittance, lending, and margin trading are areas where blockchain is applied the most. Maybe we need to dig deeper and analyze more areas. Securitization in the crypto world, for example.
Q15: What are common regulatory problems for DeFi platforms and how do you cope with them? And maybe also interesting in that context, which regions are especially interesting for DeFi growth?
A: Some countries are hostile to crypto and to Defi as well. The problem is also from the tax systems and the response from State Banks to the capital flows into Defi platforms. However, the actual asset volume currently in DeFi is still small. When the Network grows, we expect states will have more regulation.
Q16: Will Constant be supporting staking fantom in the future? will bep2 fantom XAR fantom and native fantom be added in the future or will it stays as erc20 FTM only?
A: Yes we plan to stake on the Fantom mainnet, so we can lower the interest rates for users who borrow against FTM. We support Fantom BEP2, and ERC20 now . We will add FTM mainnet when it is launched
Q17: How fast can you receive a loan in constant? And how long does it take for withdrawal for crypto and fiat?
A: It will mostly depend on your term and rate. You can check our pro version (myconstant.com/pro-lending) to see the current orders and find yourself a match to get the loan instantly. For under 10,000 USD the withdrawal it will be from a couple minutes minutes to 48 hours. Please refer to our service time page for more information (https://www.myconstant.com/getPrices)
Q18: Is the collateral insured?
A: We have Bitgo custodial service for non ERC20 and smart contracts for ERC20 tokens
Q19: What is the minimum and maximum limit to borrow on a constant?
A: Hi there, the minimum amount that you can borrow is USD $50 and you can borrow as much as you like as long as you have enough collateral. We have funded over a million dollars worth of loans already
Q20: Is constant insured?
A: We have Bitgo custodial service for non ERC20 and smart contract for ERC20 tokens
Q21: Which type of FTM can I borrow? BEP2 or ERC?
A: Both, and even the mainnet token when it goeslive :)
Q22: Who are constants current competitors and what edge do you have over them?
A: Thanks for asking this! Currently, our direct competitors are lending platforms such as Gate.io, ETHlend, Nexo, Compound and the likes. Our advantages are as below:
1. One of the best interest rates in the market, starting from 9% / year
2. Support for more than 60 coins and counting
3. Great value-added features: auto top up, we allow money withdrawals when coin price is up, and debt-payment before maturity
4. We have a pro version where users can see market trends forborrowing & investing
Q23: Interesting you mentioned Gate. What would be the pull for Constant against lending platform from exchanges for example Binance lending. As those exchanges are more known and trustable to some.
A: As mentioned above I would say our benefits are:
1. The widest selection of tokens.
2. Better interest rates.
3. Great customer service.
Q24: will myconstant.com support FTM on mainnet to borrow?
A: Yes we will.
Q25: Will there be a constant debit card in the future?
A: We will definitely think about it!
Q26: Does Constant have any plans to become a FTM Validator?
A: Yes, we will validate an FTM masternode so that we can lower interest for borrowers via FTM made from staking.
Q27: I’m also interested in the insurance aspect.
A: Our short-term goal is to continue working with Bitgo (a regulated custody service) to provide insurance for all collaterals on Constant. The ETA will be within the month, we will keep you guys updated !
Q28: When I borrow on Constant do I need KYC?
A: You only need to KYC when you withdraw fiat. If you choose stablecoin, you will not need KYC.
Q29: Which markets are you guys trying to tap into? I mean country? Chinese market? Usa market? Etc.. Which is your main focus? Or do you have separate teams for each country?
A: Our investors are mainly in the USA and our borrowers are generally from Southeast Asia :D but we are open for the whole world. China is big market for us too. We are currently listing several good Chinese projects: VET, ONT …,
Q30: Located the funds for the loans given?
A: We have Bitgo custodial service for non ERC20 and smart contracts for ERC20 tokens.
Q31: If the loan is overdue, how will Constant handle it?
A: We will liquidate the loan to protect the interest of our investors. We return the remaining amount to borrowers if there is any leftover.
Q32: Does Constant have preferential policies for large borrowers?
A: We do! We are building our membership program which grants you more cash back and better service time based on your amount investment amount. Stay tuned for more information.
Q33: How long will it take me to receive my loan?
A: If the interest rate and term is reasonable (around 9% or 6% at this time) you will be matched in minutes during normal business hours :D
Q34: If the market goes down, how will my loans be handled?
A: Your deposit is 150% of your loan value, so when the price hits 110% we will liquidate the loan. However we have auto top up to help you secure the loan in the case of a price drop and we will warn you when it happens!
Q35: Been searching for a while for the staking revenue percentage, any news on That. Minimum amount for staking and % p.a ?
A: It will be based on Fantom team :D.
Q36: When can i staking FTM on myconstant or staking on an Exchange like Gate?? I like the convenience.
A: It will be based on Fantom team :D we are waiting as well!
Q37: What FTM token standard was support on Consant?
A: Both ERC20 and BEP2. Soon there will be a mainnet one.
Q38: Is there any way to own lots of FTM from Constant?
A: Actually yes, you could do some margin borrowing on Constant by depositing FTM as collateral, get USDT out and buy more FTM with it. Repeat the cycle and you can obtain up to 2.5x minimum the initial amount, but margin trading can be risky.
Q39: In the future, whether or not the lending interest rates on MyConstant may fall.
A: Interest rates are determined by the market. It used to be 10% and now it is 9%.The rate may fall lower if we begin validatong on the FTM mainnet and share our revenue with borrowers!