Mission: DeFi - EP 30 - Hundred Finance is building the stable cross chain lending protocol that DeFi needs for growth. With vfat and Acid Bird
Primer: Brad from Mission: DeFi interviews Acid Bird and vfat, two of the team members behind Hundred Finance. Hundred Finance aspires to be a cross-chain lending platform. Learn more of their project, its history, and how they differentiate themselves from competitors here.
Background
Acid Bird
Have vast experience outside crypto in management, projects, etc.
Entered crypto in 2017
Started helping crypto projects in marketing and community building
Got to know a lot of the degens in Synthetix Discord during DeFi summer
Used vfat's tool and got to know him
vfat invited him to Hundred Finance to manage marketing and communications
vfat
Been a developer for a long time
Went through 2017/2018 and kept crypto on the side and did not think much of it
When DeFi summer arrived, he was hooked
Second Discord he joined was the Synthetix Discord
His predecessor was Weeb Mcgee, who was running yieldfarming.info
Weeb Mcgee stopped updating the site. vfat made a local copy of it and started adding projects just to use for himself
Couldn't anticipate just how big vfat tools got. Had to hire a programmer to maintain it
Working on vfat tools version 2
vfat tools version 2
Allows users to view all their farms on one page
Have an API so that other sites can use the information
A farm comparison page
A search function
Percent Finance
vfat got involved in Percent Finance
Percent was a fork of Compound. The main innovation is that it was a community-oriented fair launch project without any VCs
Their smart contracts had a problem and funds were stuck in them
The project ceased to continue
Hundred Finance
History
Hundred Finance is the "version 2" of Percent Finance
Used different dynamics for Hundred Finance. In Percent Finance, all tokens were farmed within 8 months, leaving no incentives for developers
Did a migration for people who had the Percent (PCT) Token. Allocated HND tokens to them with a vesting period
Assigned 20% of the entire supply to Compound DAO as a gesture of appreciation because the contracts were from Compound
Their Features
Lending protocol that is based around stablecoins and blue chips
Focused on being multi-chain
Among the very first protocols on Arbitrum
End goal is to supply collateral on one chain and take out a loan on another chain
Incentivizes the lending of stablecoins with HND tokens
Will be launching single-sided HND staking soon
The Hundred Finance Community
Community has been very supportive
Did not leave anyone from the Percent Finance community in the lurch. Those who had their funds frozen were compensated with HND tokens
"They [Percent Finance community] were so excited, and they were grateful that we didn't leave. Move forward. That's what we did." - vfat
Rebranded their Discord and Telegram from Percent Finance to Hundred Finance
Was developing for 10 months after Percent Finance ceased activity. They kept the Percent community in the loop
The Hundred Finance Team
5 people in their team:
vfat
Acid Bird
TerraBellus — In charge of partnerships, content creator
Nipa — Developer
Bluecrypt — Mathematician. Helping out with the community
Long-Term Plans For Turning Into A DAO?
Their plan is to launch a bunch of changes and ensure that the HND token is sufficiently distributed
Will move over to a completely decentralized system, where everything will be done on-chain
Hope to be among the first to implement cross-chain governance
Tricky to launch on other chains. Have to wait till Chainlink price feeds get integrated on the chain that they want to launch on
Integrations With Other Protocols
Working with Frax on Arbitrum. When they added the Frax market and incentivized it, Frax added Hundred Finance to their smart contract so that people depositing FRAX can automatically invest in Hundred Finance
Integrated with B.Protocol on Arbitrum, a solution that democratizes liquidation. Users can participate by depositing a stablecoin into a pool. Funds from the pool are used for liquidations and the proceeds are equally shared between participants
Launching On Different Chains
For every chain they are launching on, they try to get to know the community as much as possible
Arbitrum has a young community
Fantom is more established. Have done a couple of AMAs for the community there
Close to launch on Harmony. Waiting for Chainlink price feeds
Would have already launched on Optimism, but they lack Chainlink feeds for stablecoins
How Do They Stand Out From Their Competitors?
On Fantom, there's Scream and Geist Finance, etc.
However, these protocols are mostly focused on one chain and their incentives are to give out tokens for every single thing
"I think it makes a lot of sense for our protocol to go slow and steady, no ridiculous APYs. We hope to attract a healthy mix of people to do that. People who farm and hold for a long time because we are very long-term folks." - vfat
Hundred Finance also doesn't offer leveraged farming
Have a 4 year plan, with 50% of the emissions happening in the first year
Where Should People Go To Try Out Hundred Finance?
Recommends trying out Hundred Finance on Arbitrum
Join their Discord and say hi
A Project/Person That They Respect
vfat
Have nothing but respect for all the builders in the space
Compound, Aave, and Yearn. Have learned a lot from them
Acid Bird
USDC — because they have built a fully compliant stablecoin
Curve — they are amazing and what they are doing is brilliant
Synthetix — have solid contracts
Portfolio Allocation
vfat: 50/50 degen stuff/blue chips
Acid Bird: 50/50 degen stuff/blue chips
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