Roseon Finance is a mobile yield aggregator that manages your crypto and NFT portfolios and optimizes yield across DeFi and CeFi networks. Roseon Mobile is an easy-to-use app that grants users access to a whole host of services and that takes the complication out of DeFi.
Korea IT Times spoke to Allan Ta, CEO of Roseon Finance, about the hurdles DeFi has to overcome and the massive potential of the industry.
Q: How does Roseon Finance address some of the problems in DeFi?
There are a number of challenges that Roseon app is hoping to address to improve DeFi adoption. Because this is decentralized, rug pull, where user funds disappear after staking funds on a new farm, is a real risk. You never know who is behind the project and this does happen. With the Roseon app, our users can have the comfort of knowing that due diligence has been conducted on the farms and user funds are safe.
DeFi on Ethereum does have its drawbacks, and in most cases, you never know when your transaction is approved after paying a USD40 fee on the transaction. The high gas fees charged reduce the returns from farming and actually and this why we are launching on BSC. In addition to lower fees, transaction speed is also good.
Limited chain support. Right now, the majority of defi applications are on the Ethereum chain. With Roseon, there is Multi-Chain support such that we are not loyal to any platform. Our focus is to provide top yield opportunities for our users and this can be on Uniswap, Sushiswap, Pancakeswap or QuickSwap. Roseon will make sure these farms are easily available to our users.
Q: Describe the Roseon Finance Ecosystem. What products are a part of it?
Roseon Finance is a hybrid solution that brings DeFi and DeFi together under one mobile app. We bring liquidity from CEXs and DEXs, the yield from various DeFi platforms, and we bring NFT collections from various marketplaces into our easy to navigate the mobile app.
Q: There are both centralized and decentralized facets of Roseon Finance. What do you think are the advantages and disadvantages of decentralization?
Decentralized finance eliminates the necessity of third-parties agents and their intermediate costs, and this allows DeFi users to garner better rewards than otherwise. However, there are huge barriers to entry that dissuade crypto novices as the learning curve is extremely steep due to the complexity of the instruments and speed of market evolution that creates a barrier limiting the entry of many new retail users.
Centralized applications are user friendly but require compliance and trust.
We believe DeFi will not completely replace Centralized Finance, and that it is more likely that CeFi/DeFi hybrids will co-exist, with CeFi institutions likely to pick and choose which DeFi products they like and eventually integrate them into their more user-friendly platforms. This is why Roseon is a hybrid model, we want to take the best of both worlds into a mobile interface.
Q: What kind of fees will be required for using Roseon Finance?
We have the following fee structure:
▶ We charge standard withdrawal and transaction fees, which are unavoidable, Deposits are free.
▶ Management fees are applied on our aggregator and bot services (2-5% depending on the platform)
▶ Performance fees are applied only on our Portfolio Manager.
Q: Why do you think there is so much interest in DeFi at the moment?
Let’s revisit how blockchain and cryptocurrency have evolved.
▶ BTC was to replace money, ETH is programmable money
▶ ETH’s smart contracts gave birth to ICO and tokenization which invited a bunch of scammers into the industry
▶ Stablecoin help dealt with the volatility of crypto and was a safe haven for the bear market
▶ Then the birth of DeFi which allowed people to lend, borrow, stake, trade, tokenize real life assets programmatically. Open source ▶ communities allowed startups to spin up and innovate faster, and encouraged innovation.
▶ DeFi excelled during COVID, as traditional businesses struggled, online opportunities emerged. DEFI removes the middlemen, APY were higher, more appealing than your typical bank, while governments kept printing unlimited money during the pandemic.
▶ People are fed up, social media has helped people provide the proper knowledge of how money works. People rather trust smart contracts than the local banks.
Q: How important is it that DeFi becomes more accessible in order to grow?
The crypto industry has always taken a technology-first approach, with many crypto startups forcing its users to navigate poorly designed applications, resulting in user frustration and an unpleasant user experience. The farming process can be daunting for a new user and this challenge hinders mass retail adoption.
Roseon recognizes this limitation and has taken a different approach by designing our app with the user in mind. The app is easy to navigate and reduces the number of steps to swap, farm, stake and/or collect NFTs. By focusing on process innovation, rather than technology innovation, we hope that Roseon will be able to bring DeFi opportunities to more people.
Q: What are the utilities of your native token, ROSN?
Our token utility is similar to $BNB. With $ROSN tokens, users can:
▶ Access all the ecosystem services
▶ Enjoy discounts on Roseon platform fees
▶ Obtain tiered loyalty rewards
Q: Security is, of course, a huge part of any crypto project. Can you please tell us about some of the steps you’ve taken to protect users’ funds?
Roseon’s business is based on the trust that our customers place in us and our platform - it is absolutely essential that our users’ funds are protected.
We actually have a number of layers of protection to ensure our users' funds are safe under our custody. There are numerous levels of safety and controls employed in our systems and processes, and these include offline storage, multi-signatures, etc.
Furthermore, our smart contract has been audited by a top-tier security firm and regular audits of our reserves are being conducted. These security measures are similar to those being employed by larger crypto firms such as Coinbase, Nexo etc.
As part of our business model, Roseon will also amass emergency reserves through the allocation of fees towards our internal insurance fund which we hope we never need to use. We are also in discussions with various strategic partners such as Shield Finance to supplement the above measures such that risks of loss are mitigated to provide our users with further peace of mind.
Q: Roseon allows users to manage their NFT portfolio. Can you please tell us a little about the NFT Gallery?
We can bring any NFT marketplace into our Gallery where we can highlight any artist’s collection and we can create, buy and sell on any marketplace. But the two key features that I am most excited about are:
- NFT moments: Just imagine meeting a famous DJ at the music festival. Why not capture that NFT moment, take a picture or video with the DJ and list it on Opensea for bidding.
- Gifting: Sending your loved one a birthday gift with an NFT, along with some ROSN tokens to go shopping with.
Q: What does the future hold for Roseon Finance?
Our priority is to fulfill the roadmap as promised and the key near term milestones are as follows:
▶ Obtain Crypto Licence
▶ Official app launch
▶ Integration with various chains
▶ Provide users with numerous farming and staking options
▶ Grow and extend the ecosystem
▶ Partnerships with partners where synergies
