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AMA Recap: DeFiTeller x Impossible Finance

DeFITeller

Hi everyone, today we are here with Impossible Finance protocol builder Calvin Chu! Hi Calvin! We are very happy to have you with us today!

Calvin Chu | Impossible Finance

Hey, thank you for having me here today. 

DeFITeller

As always, we’d first like to ask you a few introductory questions about the project and your role in it. Can you say a few words about the mission of the project and what it’s about briefly?

Calvin Chu | Impossible Finance

Good question!

Impossible Finance was created by builders, hackathon-goers, and power users of defi and on-chain applications.

We believe the best way to make DeFi more accessible for a wider audience is to provide institutional-quality deal flow to the regular user. Coming from the industry-leading centralized launchpad platforms, we’re excited to tackle the challenge of building a decentralized incubator and launchpad to support the project teams innovating tomorrow.

DeFITeller

And why is it called Impossible Finance?

Calvin Chu | Impossible Finance

Love this question.

Last year, fair & open public launches seemed impossible. Open access for fully decentralised opportunities seemed impossible, fundraising from the crowd seemed impossible… We want to tackle some of the “impossible” challenges within DeFi and provide it all on one platform!

DeFITeller

Could you tell us about the major accomplishments for 2021, something you’ve already made possible, and the major items on the project roadmap for the near future?

Calvin Chu | Impossible Finance

Thank you for this question!

I’m happy to say that we’ve just closed our fundraising and over 125 Funds and VCs have committed US$7M into our Impossible Project!

We’re also getting ready to release our Swap and Launchpad in the coming months.

Ideally by the end of next year, the team intends to incubate and launch at least 15 projects for our community!

DeFITeller

Yes, I read about that, congratulations! 

Calvin Chu | Impossible Finance

Thanks!

DeFITeller

And blockchain sustainability is also a hot topic today, how do you see the project developing in this field?

Calvin Chu | Impossible Finance

Great question, sustainability is very important to us as the whole point of defi is to create a sustainable ecosystem.

Our project is building across multiple chains and supports multiple projects via our incubator and launchpad ecosystem through our incubator, we intend to guide projects to incorporate sustainability as part of their value chain creation.

DeFITeller

And turning to our subscribers’ questions, the first thing I suggest we do is deal with a series of questions about protocol security and the recent attack. We have several of these.

Calvin Chu | Impossible Finance

Sure, sounds great!

DeFITeller

In June Impossible Finance suffered from an exploit on Binance Smart Chain, how did you improve your security measures after this event? How hard is it to recover from a hack like that? What lessons did you learn from that?

Calvin Chu | Impossible Finance

We have learnt alot from the exploit and honestly I think it has given us a lot of insights to make sure our system is more resilient and we can 110% safeguard the funds of the IF community. 

We reviewed our internal development process and added internal safeguards to ensure that vulnerabilities would be caught during the development phase. 

There’s a very detailed post mortem on this topic to explain the design decisions that we are taking to prevent it from happening again.

Impossible Finance

DeFITeller

Previously the Impossible Finance team confirmed that it had allocated an insurance fund to compensate liquidity providers – Any disclosure on that? How is this insurance fund being filled, is there any institutional support behind the project?

Calvin Chu | Impossible Finance

Our SAFU insurance fund consists of both stablecoins and IF Tokens, and will also include IDIA tokens upon IDIA token launch. The fund in the long run will be supported with transaction fees from our swap and launch pad platforms.

We will also work with multiple decentralized insurance protocols to beef up the support for our products. Ensuring that your funds are safe is our absolute priority. 

DeFITeller

Has your project gone through various audits by several audit partners to provide a higher level of trust to all your investors in the future?

Calvin Chu | Impossible Finance

Yup. We are currently undergoing audits with Peckshield. As well as a few other auditors and reviewers.
We also have additional layers in place such as our bug bounty program via Immunefi.

DeFITeller

And the last one on the exploit topic:

Did you have any thoughts of leaving Binance Smart Chain after it revealed some vulnerability in smart contracts and was targeted by regulators around the world?

Calvin Chu | Impossible Finance

We are not just focused on BSC, we will also support other EVM chains (Polygon, ETH, Avalanche, Fantom, Moon beam and more!) in the future, stay tuned to our social media channels to know where we are supporting next.

DeFITeller

Thanks Calvin! Let’s move on to questions about the specifics of the protocol. There are a lot of them, we’ll try to ask as many as we can.

And the first one is just on the topic of development on other networks!

How are your plans for expanding the reach of the protocol to other networks, such as Polygon, coming along? What does the project roadmap say about this?

Calvin Chu | Impossible Finance

Great question, our team plans to work closely with other EVM compatible chains first such as Polygon, Fantom, xDai, Moonbeam and more! All of these integrations will be possible after the first launch of our smart contracts. Our smart contracts are also designed with composability in mind to allow for other integrations to happen.

DeFITeller

Which will happen in the coming months?

Calvin Chu | Impossible Finance

We can’t give a definite timeline yet but I would say we are working hard on it.

DeFITeller

The next question:

From your blog, I didn’t fully understand the difference between the progressive DAO that you implement and the traditional DAO.

Calvin Chu | Impossible Finance 

Great question.

Our protocol will progressively offer more power into the hands of the full tokenholder community. At first, it will start with a few core multisig participants to ensure that the protocol has a strong standing and foundation to be able to build upon and make decisions easily, and offer more and more use cases for the token ecosystem participants

DeFITeller

The first IDO launch you have planned so far is your own governance and access token IDIA. Any hints on what’s next? What projects would you like to see launched on Impossible Finance? And how much does it cost?

Calvin Chu | Impossible Finance

We are planning to launch a number of really interesting projects, stay tuned for which will use the IDIA tokens as the access token to earn allocation into.

DeFITeller

Could your additional security measures (multilevel checks, composite code, etc.) create barriers for users?

Calvin Chu | Impossible Finance

No it does not, these are only for our procedures to ensure that the products are as safe as possible to use.

DeFITeller

How can you ensure equal rights for large and small users and avoid centralization?

Calvin Chu | Impossible Finance

Great question, our governance platform allows for quadratic voting which allows smaller users to have larger voices per token.

DeFITeller

How do your error detection programs work and what projects and in which direction are you most interested in incubating?

Calvin Chu | Impossible Finance

We use smart contract watchers and other monitoring tools to ensure we always know what’s going on with our products.

As for the projects we are interested in, we are looking for long-term oriented builders who are driven to solve problems in important areas of crypto.

DeFITeller

Thank you Calvin!

That was the last question from our followers for you, Calvin! I want to remind our readers of the links where they can learn more about Impossible Finance:

📍 Website: https://impossible.finance

📍 Twitter: twitter.com/impossiblefi

📍 Telegram: t.me/ImpossibleFinance

📍 Medium: medium.com/ImpossibleFinance

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