OpusDei DeFi

Hello everyone,
It’s been a while since I started writing this post, but I’m publishing it just now. I would work on a description even more, as things are missing (the file attached), but it’s just too long already. So, here we go.

My team and I are working on a lending/borrowing protocol called Opus Dei (opusdei.money), which was supported by the Tezos Foundation at the end of summer 2021. We’ve supposed to go live at the beginning of November, but haven’t delivered what was promised. There are reasons for that, but the fact of failure remains. That is the reason why we’ve decided to create that topic here - to let the community know, that we are not a bunch of scammers and we are not finished. Perhaps, it was necessary to do so earlier, so the whole topic would take a different approach, but, as already mentioned, there’ve been transformations in the project we couldn’t have foreseen.

In the beginning, we’ve discussed the idea of creating a Compound-like DeFi service on the Tezos network from a Tezos enthusiast, Claude Barde. We had a meeting with Claude in March 2021. Here is the link to the first description we had, which also went to the grant proposal. Claude wasn’t then and is not now a part of the team and was rather involved as a tech support, as we knew nothing about Tezos by that time.
After our team realised there will be more things to do on our own in the network, our web developer decided to leave the team. That means wallet connection, node/blockchain monitoring and all that. It was the beginning of October already. The following depression, the situation on the market, personal events in real-life have worsened the situation. But still, the rest of the team has continued working. By mid-November, we’ve managed to find a new developer, who was interested in the project (and still is). His knowledge of any DLT’s was very general, so it took a while before we could move on with the development.
Today, it is December the 6-th, the new team is assembled and working every day. There are still technical gaps but are getting there.

So, once again - what’s the whole thing about? We’ve received the grant and haven’t delivered what was promised on time. We’ve seen a lot of unfair behaviour from development teams in the blockchain world (and the number of scammers saying “Trust me Imma professional” in general is just out of this world) and this topic is written to let the community know, that we are not one of these teams.

Now, if there are still people reading this post after what’s been described above, we would like to share what we are working on at the moment.

Here is a link to the file. G.Cloud again, download or read in the browser - as you wish. That file is a certain coming-out for the team and the project. We declare who we are what we think and why are we doing Opus Dei. The average age of the team is around 35 years, almost all of us are fathers, so it’s kind of a cry from the heart, as it simply can’t go on like that anymore. You won’t find mathematical formulas there (that will be provided soon though), very few for tokenomics, but a lot about where we are today and how do we want to solve the situation.

In addition to all that is already written, we are looking for more people to join the team and, well, for Your feedback and, well, some critics. If there are people here, who would like to share their ideas of token circulation, fighting inflation, or ideas about DeFi in general - let’s talk here and welcome to the team!

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Hello guys, thank you for the update!

I love new projects coming to tezos and most of my stack is on tezos tokens, I am a big supporter.

There are 2 things that I would like to mention:

  1. From the post, I understand the team is complete from mid November.
    It was announced on a telegram around end of November that the project will be launched on 21st December. Adding a bit of margin, it means that completing a Compound like project would take approximately 2 months.

Tezfin was announced for 2020, it will not likely be out until 2022. And it is backed by DGH.
Are you saying you can develop >6 times faster than Tezfin? I really hope so!

  1. Tokenomics:
    I have trouble understand this:
    “Price per OPD at the beginning will be set as 3.14159 (jep, the π-number) of Tezos. Meaning, that today (the 2nd of December 2021) that would be 0.00009158 BTC / 3.14159 = 0.0000291508439 BTC (or approx $1,65) per OPD.”

It means either that:
meaning 1: Fully diluted market cap at listing will be 3.14 xtz * 76m tokens = 950m$ marketcap (27.5% of tezos mcap)
meaning 2: Fully diluted market cap at listing will be 1.65$ * 76m tokens = 125m$ marketcap (3.5% of tezos mcap)

As you know, Crunch token has a small working product with 1.5m$ FDMC, or plenty has a 18m$ FDMC with a working DEX

In the best case scenario (low valuation with 1.65$ per token), asking for 3.5% of tezos market cap, is similar to asking an initial listing of 17.43B$ FDMC for an Ethereum project (3.5% of ETH mcap)

I haven’t deep dived in the product yet as these 2 things seemed off to me but I will when we get clarity on these points!

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Hey Greeneye12,
Thank’s for your message and your interest in Opus Dei.

The thing is, we are not building a Compound copy. It was the thing at the beginning, but the more we’ve dived in deeps of DeFi, the more it became obvious there is no need for that at least because that project already exists. I can imagine that as a discussion - we can have it if you like :slightly_smiling_face:
Other than that, just a development or an actual code won’t take half a year with a decent technical task. Of course, if you add things like design, math and tokenomics, even marketing + an audit is always a good thing, then it will take much more than 6 months. What I’m trying to say is at the moment we are going through the code writing process only, as we do have the design already, we have worked out a marketing roadmap and, well, it’s been a while already since we’ve started. But - yeah, thanks for the link, maybe we could contact the Tezfin and ask how are they doing.

About the tokenomics.
The idea is to set the OPD’s price at the beginning as 1 XTZ divided by the π-number. It won’t be a stablecoin, so the price will obviously change quite fast, but currently, the whole thing is at the discussion phase. So, to give you an example - if one XTZ is currently 0.00008177 BTC and we divide it by 3.14159, that will be something like 0,000026028 BTC (or 1.34 USD) per OPD. That is a 101.8m USD market cap. You are absolutely right with your calculations, that cap is too much to look at, but the idea we have is not having a minting mechanism in the future and the plan is to build a cross-chain solution. But maybe you are right and we’ll shift from the idea of a beautiful formula with the Pi number towards the actual world.

That is actually one of the goals of this topic - to talk to the community and work out a strategy suitable for the community, not to our team or some investors. Our goal is a DAO after all…

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