While DeFi has gained a lot of popularity in the past recent past, there are a lot of constraints that limit the growth of its userbase. This includes limited scalability, a high transaction fee, and a slow proof-of-work consensus mechanism.
CODI is developing a DeFi ecosystem that is progressive and allows users access to decentralized financial products in a fast and cost-efficient manner within the Solana ecosystem. It offers an IDO launchpad, a DEX, and an NFT marketplace to its users along with highly scalable and interoperable DeFi products.
In conversation with a CODI CEO, Arvydas Kublickas, we talked about the current DeFi ecosystems and their problems, the CODI finance platform, their NFT marketplace, and DEX among other things.
- According to you, what are the problems faced by the current DeFi ecosystem?
Currently, the DeFi space can experience liquidity issues.
Without liquidity, the market will be unable to sustain a rapidly rising user population, as well as offer frictionless and pleasurable means for participants to move currency across blockchains and DApps.
- Tell us more about the CODI ecosystem and its IDO launchpad, NFT marketplace and DEX?
We will be working on adding a loan and borrowing option. This is a feature that will require much time and effort to develop and calculate to achieve optimal efficiency. CODI will achieve what no other Solana-based blockchain has: a simpler IDO/DEX with a functioning ecosystem capable of offering such value via a single token. The first part of the IDO smart contract is nearly complete.
The second third of this section entails developing a governance framework for our IDO platform. When you stake CODI, you obtain xCODI, which enables the Platform to keep track of how many CODI Tokens you previously had. When you unstake, you receive your CODI back, and the Platform burns xCODI. While your CODI is being staked, you may use xCODI to provide governance and other incentives.
Additionally, we’ll begin developing the NFT marketplace and incentive mechanisms that will surround it in late Q4 since we believe the metaverse will play a role in the future, with individuals revealing their identities via NFTs.
CODI is examining the market’s potential demands. Making a strategy is straightforward; we will devote our hearts and minds to executing it and developing high-quality protocols.
- What was the reason behind choosing Solana blockchain for the CODI ecosystem?
CODI is a fully decentralized exchange powered by Solana Blockchain’s high-speed, low-latency, and low-cost layer 1. It improves the user experience in cryptocurrency trading by utilizing a user-friendly interface as well as a diversified range of features.
Instead of using traditional Proof of Stake (PoS) or Proof of Work (PoW) methods, the Solana blockchain uses the Proof of History (PoH) concept to achieve more than 65,000 transactions per second. Future crypto initiatives are likely to pick Solana above its competitors as a result of this.
- What makes the CODI’s IDO launchpad different from the others in the crypto space?
The CODI’s IDO launchpad requires a delicate balance of interoperability, scalability, speed, efficiency, and governance, which only Solana can deliver. Retail investors would fund innovative DeFi projects through the CODI’s IDO launchpad in a decentralized and interoperable environment powered by Solana. Furthermore, the CODI ecosystem would ensure token distribution, automate token claims, and provide participants with a decentralized KYC model.
- Tell us more about the $CODI token and its use case as a utility token?
Beginning early next year, token holders will be able to stake our tokens off-chain, as well as on-chain in Q2. Users will receive LP Tokens xCODI for staking. It empowers CODI Token holders with voting rights and further decision-making ability over the project’s direction.
Additionally, Codi lowers trading fees and provides access to bigger staking pools, calculating your contribution to freshly listed IDOs.
- How does the DAO governance model work on the CODI platform? What steps are you taking to ensure a truly decentralized ecosystem?
Holders of $CODI will be able to participate in ecosystem governance. The Decentralized Autonomous Organization (DAO) is used in the CODI ecosystem to create an appropriate governance structure in which everyone is a stakeholder.
DAOs are smart contracts that enforce precise rules to allow the ecosystem to function without the need of a mediator or intermediary. To improve the ecosystem, members of the CODI community will vote on collaborations, integrations, and new features. Every CODI ecosystem user has a voice in the CODI’s destiny.
- What are the $CODI staking tiers? How are they going to be helpful for users to make profits?
$CODI holders will be able to stake their holdings and earn additional income from trading fees. The protocol designed its staking tiers to offer simplicity to users. As such, users can claim their staking rewards freely.
The different staking tiers with staking amount and Annual Percentage Yield (APY) are:
- Bronze Tier: Staking Amount < 2000 $CODI with 4.8% APY
- Silver Tier: Staking Amount < 30000 $CODI with 6.4% APY
- Gold Tier: Staking Amount < 225000 with 8.5% APY
- Diamond Tier: Staking Amount < 300000 with 9.6% APY
- Challenger Tier: Staking Amount < 500000 with 11.5% APY
In return for CODI, each staker will get xCODI. This will show you how much you’ve staked and may be used to determine both your original staking amount and your yield. Each ticket holder will also have the chance to win more tokens or other prizes. Your odds of winning are determined by the number of tickets you hold.
- How is CODI ensuring community engagement with users in their ecosystem?
CODI’s community is incredibly active across all social media channels. We have multiple departments for additional clarity, so if someone has a particular query, we may send them to the department that specializes in their topic.
Every single member of our staff enjoys interacting with members of the community and is willing to speak with anybody personally if time allows.
- What lies ahead on the CODI ecosystem? Tell us about what we can look forward to in the near future?
Our six-month plan is quite clear. Marketing and brand awareness are the first priorities. The company plans to list on an exchange in December, followed by a dex listing and listing expansion in early Q1.
As we work to increase the utility of our tokens and grow our community, we will diversify our workforce by adding additional professionals and continuing to establish a strong marketing and brand awareness campaign.
In Q2, we want to launch our IDO launchpad with stake tiers.
Develop NFT’s collection and marketplace in the first and second quarters of the next year, including exclusive discounts for Codi token holders. While we are and will continue to work on these, we are constantly on the lookout for new market opportunities and will use DAO to influence and reflect market demand for the future growth of Codi’s ecosystem.
For more information on CODI, please check out their official website.
Disclaimer: This is a paid post and should not be treated as news/advice.