On Thursday, April 15th at 16:00 UTC, we welcomed Alex Kirby from Bird.Money’s core team to our telegram channel to learn more about the off-chain data analytics provider.
Bird. Money bridges the gap between borrowers’ off-chain, real-life transaction history, and their on-chain lending activities, allowing borrowers to increase the ratio they can take out in loan on their collateral.
Read on to catch up on the most important points we covered.
Question: What problem is Bird.Money solving for the decentralized finance space?
Alex: “We identified a problem in the DeFi lending environment, which was the lack of trust score. Our vision is to build a single source of data-driven trust for the DeFi sector with our off-chain oracle trust-related products.
Bird.Money, an open and inclusive monetary ecosystem built on the Ethereum protocol is building an Off-Chain Oracle Data analytics platform for the Ethereum blockchain, connecting outside organizations, and investors to the DeFi market with the added bonus of lower financial risk.”
Question: What will Bitcoin.com Exchange provide to Bird.Money’s community utilizes its trading terminal and dashboard to trade, hold, and acquire BIRD through the exchange?
Naomi: “First of all, we’re delighted to be able to support the BIRD team in offering their token to our trader community. It’s always exciting to see new DeFi projects that aim to improve transparency. 🌟
In terms of what we provide, our exchange is running on a tested, reliable tech stack with high security, ensuring that your funds are, in fact, always safu. We’re offering deep liquidity and custodial solutions that stand the test of time.”
Question: What are Bird.Money’s achievements thus far?
Alex: “Since we began our project late last year, we have ensured consistent team growth to meet project needs. Our community has grown completely organically into a place for assisting newcomers and fostering mature discussion alike, with minimal marketing spend.
Whatsmore, we have had major influencer recognition from Sheldon Evans, Crypto Banter, Alexander Lozano, and more. We have delivered products ahead of scheduled release dates, including the main net launch of our lending platform, oracle, yield farming platform, and dashboard. The market has definitely been keeping up with our achievements — our marketcap has seen 40X growth since Dec 2020.”
Question: What are your thoughts on how Bird.Money is helping lenders via their oracle analytics score system?
Naomi: “So what Bird Money does by allowing individuals to increase the amount of loan they can take out by providing further information is pretty cool. I think we’ll need to have such off-chain data analytics providers that help bridge the gap between someone’s stellar transaction history off-chain and their desire to take a loan.”
Alex: “ (…) This means that lenders can attract more borrowers, as the borrowers will want to borrow from lenders that can be trusted. This also allows lenders to judge borrowers based on their trust scores and ensures that only borrowers with a low risk of default can access their capital.”
Question: What are the plans for Bird’s future in DeFi and beyond?
Alex: “We see ourselves as the pioneers and market leaders in the off-chain oracle trust score services for both on-chain DeFi protocols and off-chain banking and financial service providers. Our products, which help reduce the risk associated with loan defaults, will likely fit in very well with any party that wishes to reduce the risk that lenders and borrowers face. (…)
Therefore we think that the future looks bright for our project, as these tools are sorely needed in the DeFi world. We are exploring further loan options, including undercollateralized loans, for our future offerings.”
Question: Something a little on and off-topic and surrounding your thoughts. How do you see the global financial system integrating crypto and blockchain in the next 5–10 years?
Naomi: “Well, I’m not sure if integration is the right part, and personally, I’m still a bit torn between. Is it a good thing that now major investment banks offer their wealthy customers Bitcoin? They will charge them nicely, that much is sure, but it seems to defy the point of self-custody and the spirit of decentralization.
Anyway, I think with Coinbase’s direct listing, it’s now clear to the financial system that cryptocurrencies are here to stay, and they’ll need to find ways to either adopt or…be left behind.
We’ve already seen banks experiment with blockchain platforms in the last few years, especially for cross-border transactions. So they’re definitely going to increase that.”
Alex: “We also see cryptocurrency and blockchain working in synergy with traditional finance to make the global financial system more efficient and resilient. Just as credit scores in the traditional financial system help lenders to measure risk around a certain borrower, our trust scores will allow large financial institutions to enter the lending space in DeFi with decreased risk.”
Question: Why are many of your team members anonymous?
Alex: “Not all of our team members are anonymous; many of us can be found on LinkedIn. The anonymous members are mainly those that have access to the private keys for their own safety. Our uniswap tokens are also locked, so it is impossible for us to “rug” the community by removing the liquidity.”
Question: Are you a global project or a local project? Can anybody anywhere use Bird?
Alex: “We are definitely a global project — our platform is accessible all over the world — all you need is an ethereum address and an internet connection. We also have a global community and a global team — we are looking to expand our multi-lingual outreach with multiple groups for different languages and regions in the future.”
Question: Does Bird support staking?
Alex: ”That’s a great opportunity to remind our community that staking will be live today, in around an hour, on the CFI Samurai Stakepad. We are also looking to implement our own in-house farming solution soon!
Question: What usecases require users to use BIRD?
Alex: “Our token is the entry point for accessing all of the features of the ecosystem we created, such as retrieving useful data from the BIRD analytics oracle or participating in a future governance platform.
We’ve taken every effort to design a deflationary token structure, such as by deploying staking with rewards issued in stablecoin 😊”
Question: Can you tell me what #BIRD has done and plan to do to achieve Adoption in reality, real use cases, our real society?
Alex: “We expect undercollateralized lending to be one of the next major market shifts in DeFi.
This type of loan structure isn’t possible without an accurate trust score, which is an area where BIRD is a market leader.
We expect demand for our unique products to be a major driver of partnerships and widespread adoption.”
Question: Are there plans to work either cross-chain or with different chains down the road? (DOT, ADA, Polygon, etc)?
Alex: “Some of our more immediate priorities are on expanding towards Binance Smart Chain and Layer 2 chains in order to provide quicker and more inexpensive options to our community, as well as burgeoning communities on other DeFi platforms. We absolutely feel that our project’s fundamentals and community warrant expansion and integration throughout various layers in DeFi.”
Question: What’s been the most surprising and exciting potential use-case for the Birds Oracle from potential partners?
Alex: “We’re currently exploring a partnership with a team that will use our API to validate the trustworthiness of new project token holders, which in turn says something about the trustworthiness and credibility of the project itself. Rug pulls and scams have become an all-too-common problem in DeFi, which Bird is looking to help protect users against.”
Question: What makes lending on Bird Money better than the other lending platform?
Naomi: “Bird isn’t a typical lending platform. They’re providing off-chain data analytics allowing borrowers to increase the loan they take out by providing additional — off-chain- data.”
Alex: “As we continue to develop our Trust Score, users of our platform will be able to take advantage of increasing their CDP ratio from the standard 66% to up to 85% and beyond. We feel this offers a significant advantage to using our platform and continuing to build on user’s Trust Scores to continually leverage their ability to increase the amount they are able to take loans against. “