Here’s our 77th AMA recap!

Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with Rikkei Finance June 3, 2021. This guest star,

Vu Thanh Tung — CTO

Tung Vu,
My name is Tung, Co-founder & CTO of Rikkei Finance. I completed Ph.D. from Nanyang Technology University, Singapore in 2017. I had previously served as AI scientist, researcher at various reputed institutions. Before Rikkei Finance, I was CTO of Rikkeisoft, one of the biggest IT company in Vietnam with more than 1300 developers working in multiple countries, including Vietnam, Japan, Singapore, etc.

Starting out, can you please provide us with a simple description of Rikkei Finance?

Tung Vu,
Well, I introduce myself just now.

About Rikkei Finance, It is a revolutionary DeFi protocol that aims remove existing stumbling blocks of the DeFi space with the core features: Cross-chain support, NFTs collateralization, and P2P Insurance. It utilizes blockchain tech that enables cross-chain integration, meaning it can accept digital assets that operate on any blockchain network and render it at an equivalent rate, making them a real-time currency exchange network as well.

With Rikkei Finance, I aim to provide better solutions for the users, enhancing their experience and encourage greater participation.

What’s unique about Rikkei Finance? How can Rikkei Finance be the best solution than any other projects?

Tung Vu,
Well, it’s true that there’re big players in the lending field like Compound and AAVE. But we believe that there’re plenty of room for improvement and we can still contribute a lot for not only the protocol but also the communinty.

About the question, Rikkei Finance could offer the best lending solution because we have 4 main following features:

1. Rikkei Finance is a diverse place for many collateral types. Users are free to decide which assets can be used as collateral based on our asset ranking system. Especially, apart from stablecoins and blockchain-based tokens, users can put their NFT assets up as collateral for a loan, or offer loans to other users on their non-fungible tokens.

2. Rikkei Finance offers no-limit cross-chain transaction. Users can lend and borrow any digital assets regardless of its blockchain.

3. Rikkei Finance implements improved interest rate model. Our interest rate model takes into account the cost of borrowing in periods of low utilization rate as well as the cost of capital in periods of high utilization rate, which brings a wealth of benefits to the market and investors.

4. Rikkei Finance promotes worry-free user experiences by liquidation coverage. For the first time, users can ensure their own safety by purchasing coverage for liquidation in their vaults.”

Could you tell us about Rikkei Finance roadmap for now? How far has this project been developed?

Tung Vu,
Funraising is finished. We’ve successfully raised $5.6 million to build our lending protocol.

About the product, the development phase is almost done, and we are in the process of having it audited right now.
About the team, we are consolidating our team, especially the Marketing team. We are working hard to bring our project to the community.

Our next upcoming milestones is the tokens listing, it will be on Pancakeswap. We progressively launch our products along with token listing.

For more information, please stay tuned for our updated roadmap via our website: !!

Can you explain about tokenomics and utility RIFI token?

Tung Vu,

About our tokenomics, You can take a look from this picture to have a more clear concept of RiFi’s tokenomics. (

About the token utility, our RiFi token performs a vital role in the functioning of the Rikkei Finance ecosystem. The RiFi token is expected to have some utilities as follows:

Payment: As the native platform currency, RiFi would be used by users to pay for all fees on the platform and insurance fees/premiums

Governance: RiFi would allow holders to propose, debate and vote on governance proposals to determine features and/or parameters of the Rikkei Finance platform as well as protocol improvements, with voting weight calculated in proportion to the tokens staked

Reward: In order to promote users to provide liquidity and stake their digital assets into the lending pools for borrowers to utilise, liquidity providers would be rewarded with RiFi tokens according to each user’s relative contribution after various adjustment and correction parameters.

Regarding DeFi which is vulnerable to security issues, how do you convince us about Rikkei Finance security? Has everything been audited to avoid unwanted problems?

Tung Vu,
A very good question.

It’s true that lately there’s many attacks in various sizes targeting different DeFi protocols on BSC. They exploit different weaknesses of the protocols, normally including (1) Bugs in source code (2) manipulating token price and (3) bad risk management control model.

For RiFi, we apply multiple methods to ensure the security of the system:

- Interest rate model: Instead of applying the traditional simple linear interest rate model, RiFi uses the Multi-kinked model. The strength of the multi-kinked model is that it can handle the stress point of high utilization rate (Ut). At that point, borrowing demand is significantly high and all users borrow at the maximum. As a result, if the market witnesses a significant price correction, it will create a mass liquidation effect, directly reducing the liquidity of the protocol and making the system unsustainable. RiFi’s approach is to increase the borrow interest rate considerably to reduce risk and limit borrowing at this time.

- Transparent 5-phase asset selection process. Through this process, assets will be evaluated using a self-developed Liquidity Ranking System, ensuring that only the most liquid assets are allocated to the pool, minimizing the risk of market manipulation and thereby ensuring system sustainability.

- Risk management model. Our system sustainability is ensured by controlling the collateral factor closely, setting limit for one-time withdrawal; freezing the supply/borrow when there is an attack; and employing complex price oracle. This allows our system to sustainably respond to any market situations.

- RiFi’s source code is audited by experienced parties. There will be a bug bounty program early on with extremely high value as well.


Q1. How does NFT serves as an asset to be pledged and borrowed? If it is pledged and borrowed,what is the terms and conditions? How does Rikkei Finance gives value NFT in your platform?

Tung Vu,
We are not going to build any NFTs marketplace or to provide any type of NFTs minting services/tools. We want to focus on lending protocol and lending protocol only. Building a solid, safe and sustainable DeFi system like that requires focus and a lot of work.

We will support NFTs as collateral. Right now, beside selling/buying/holding you can’t do much with your NFTs. We will provide you another way to deal with that. You can earn money by lending it!

Sounds good right? But we all have to agree that evaluting the value of NFTs is tricky part, especially NFTs price can be easily manipulated by a group of users. So, to keep lending protocol safe, for NFTs we will do Peer-to-Peer lending system.

There are 2 NFTs lending cases that we support on the RiFi platform:

(1) You are NFT holder and want to borrow money: You lock your NFT in our system with a price tag. If anyone believe that your NFT worths that much, they will deposite money in, we use that money to lend to you. Before the deadline, if you return the money, you get your NFT back; if not the NFT is now owned by the money lender

(2) You have the money and want to borrow NFT: Happen when you play some game, facing a quest that requires a specific item. You don’t want to purchase that item because it’s expensive (!!). You can lock your money in the system and borrow NFT from other person. Return the NFT on time will get you money back, if not, you now are the new owner of that NFT.

Q2. Where is RikkeiFinance currently based? and all the members are working together right? Besides organization AMAs, what are your plans to promote and market RikkeiFinance?

Tung Vu,
We are based in Vietnam. And yes, we are working hard together to bring the ultimate lending solution to all of you.

Recently, due to the market’s condition, you guys can see that the project’s quality that IDO on multiple platform is dropping. IDO participants don’t really care much about the project, as soon as they get the token, they sell it immediately and move on. We don’t want that to happen to RiFi.

Therefore, beside traditional marketing activities like News broasdcasting, AMA and twitter channel, we will launch couple of airdrop campaigns. You guys can participate in some contest, bug bounty, early liquidity program, etc. to know more about the project and earn FREE RiFi token. 🙂 Stay tuned to know more about the campaign!!

Hope my answers clear your question.

Q3. Most solid projects with token utility and good infrastructure, but underperform as investors abandon them after they are first listed on the exchange. How do you prevent early traders from draining your tokens?

Tung Vu,
One interesting thing about us is tokenomics. There are 0% releases at TGE for both strategic and private investors, and they only get their token after 5 and 3 months respectively. That’s a HUGE barrier and show the world that we are very picky on choosing the investor, they must bring some values to our project and have a long-term investment mindset. We have a 1-year-ahead plan, and both strategic and private investors are on the same page with us. Therefore, the early dump will not occur as all investors are holders.

Q4. So many good blockchain projects have failed because of low sale of their token, which can be blamed on the present bear market. How will you raise funds for your project and survive this bear market?

Tung Vu,
Actually, the mindset of investors have changed after many bull and bear periods. Right now, as long as the project has a strong core team, brilliant breakthrough ideas and solid products, it will attract a lot of investors. One prime example is that even in the present bear market, we have successfully raised nearly $6M to build our lending protocol — Rikkei Finance.

As you can see, we didn’t raise any money for seeding round, we’ve developed the product first. So that when we approach investors, they can immediately try out the project by themselve. By doing so, they can verify our technical capability as well as our business model.

With the secured investment from notable investors and a profitable business model (a lending protocol), we believe that we can survive this bear period.

Q5. What kind of preparations and developments should we expect for to become one of the more prominent coins and projects of this market in the future?

Tung Vu,
We believe that what makes our project prominent and keeps users stay with our platform is a solid product. Right now, we set a laser-like focus on launching a core lending platform, which will be supported by a package of other self-developed products as well.

First, we plan to introduce the Liquidity Ranking System around the middle of June. The Liquidity Ranking System is developed to ensure the transparency of our asset selection process and our system sustainability. Assets will be evaluated and ranked based on multiple liquidity metrics, then be further analyzed and entered into the voting section before being officially added into the pool.

Next, we will deploy Liquidity Vault at the end of June or early July to allow retail users to provide initial liquidity into the system and earn rewards.

Then, we plan to launch the lending product in the middle of July. The lending protocol will then be progressively expanded to several platforms, including Etherium, Polkadot, Fantom, and Solana, by the end of 2021.
We will also support NFTs in the second half of 2021.


From : @SangdzDoes your project support staking program?if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?

Tung Vu,
There will be a staking program. We will release at least 3 different vaults for the community to participate in.

(1) Stable coin vault: You stake your stable coin (USDC, USDT, BUSD, … to be defined later) and earn some interest rate money plus RiFi token

(2) Rifi vault: You stake our RiFi token in and earn HUGE reward with GREAT APY

(3)RiFi/BNB Pair vault: You provide liquidity for RiFi/BNB pair and earn reward from that.

Stay tuned for more information!!

From : @Toslim03Which do you think is more important?? 
1️⃣ Community.
2️⃣ Investors.
3️⃣ Token Price.
If all of the above is important to you, which should come first??

Tung Vu,
We value them all.

Investors are the first to approach, trust and support the project. They not only provide financial assistance but also the experience, advice as well as the necessary contacts for the team to launch the project.

The market/exchange is also critical. If the market conditions are favorable, there will be more room for the project to develop. The community is also more tolerant in the bull market.

Above all, the community is an integral part of RiFi (Investors also completely agree with RiFi on this point). We have no control over the market but we can grow along with the community. You and RiFi can all continuously contribute and bring value to each other.

From : @afisuicideFor project development, the main priority is to have sufficient funds. Is your team financially able to carry out this project? Do you have sufficient funds for development? Can you tell us how your project is turning a profit?

Tung Vu,
True, a very good question.

A. About initial liquidity providing

(1) RiFi has raised $5.6 millions, definitely not a small amount. This initial fundraising can provide (partly) the initial liquidity for the system, which is as per our plan.

(2) Investors and partners of RiFi all have committed to provide a certain amount of liquidity into the system. The total number is quite impressive, and it will be shared with the community shortly.

B. About long-term profit

Lending is all about the difference between borrowing interest rate and supplying interest rate. This difference will be used as:
(1) interest payment for the lender
(2) risk reserve for the protocol and
(3) system profit.

In the short term, we will not prioritize the profit of the project, but we will focus mainly on risk reserve purpose, ensuring the safety of the protocol as well as users. We will gradually increase the profit margin in the long run. In general, this will be a profitable and sustainable business model, not relying on selling tokens for profit like some other DeFi protocols.

From : @MikotoMiyukiAs Tokenomics Rikkei Finance explains, the use of the funds raised “sets 20% for ecosystem growth”, do you think you can expand this percentage in the future, given this is an important thing to do?

Tung Vu,
That 20% for ecosystem growth is extracted from the initial fund rasing.

In fact, the cost of community development includes: MKT & listing (4.5%), Ecosystem (8%) and Liquidity Mining (30%). So, in total, 42.5% of the total tokens issued are allocated to the ecosystem development.

We have an extremely clear focus on product development with a community-centered mindset. Users will always reap the maximum returns when participating in our protocol.

From : @dipjol0022Do, you have official YouTube medium and telegram social media and how do, you maximize them to reach, users and investors????????

Tung Vu,
Telegram Announcement:

Stay tuned for more information!

Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about Rikkei Finance.

Join our Telegram Group and you can talk directly with other Communities and enjoy some of the events that we created. We are always here to support.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Infinity_Chain News

Infinity_Chain News

Telegram Chat : @InfinityChains Telegram ANN : @InfinityChain_News Twitter : Website :