Introduction

2021 is a boom year for DeFi, with a series of potential projects springing up. Most of them are projects that borrow and lend financial instruments or digital assets such as cryptocurrencies, NFTs, etc., which are highly practical and have been applied in life. However, there are still some outstanding issues such as single-chain transactions, unoptimized interest rate model, lack of hedging insurance, and more. In that context, Rikkei Finance was born to create a DeFi revolution with a flexible and optimal lending system, cross-chain support, NFT collateral, and liquidation insurance. With an experienced team with outstanding achievements, Rikkei Finance promises to be an explosive project and attract much attention in the future.

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Market Analysis 

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On July 14th, 2021, CoinMarketCap calculates a total market capitalization of $72 Billion for decentralized finance (DeFi). This market tended to grow strongly, up to 143% in the first two months of 2021. 

Similar projects:

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Compound ($2.2B as of 12/7/2021) represents 2.75% of the total DeFi market capitalization. The compound is a protocol built on Ethereum, a decentralized finance (DeFi) platform. The platform mainly focuses on helping users earn interest on loans or gain access to crypto loan packages.

AAVE ($4B as of 12/7/2021) accounts for 5% of the total DeFi market capitalization. AAVE is a decentralized lending protocol (Lending DeFi) that allows users to lend and borrow multiple cryptocurrencies using stable coins or other coins with different interest rates.

Product Highlight 

Total value locked: $2,642,870 (July, 12th 2021)

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The Binance Smart Chain 

Rikkei Finance built on the Binance Smart Chain with the advantage of fast and low-cost transactions on the secure and scalable network. 

Wrapped token 

Wrapped tokens can be used to lend and borrow any digital assets in any blockchain. For example, we can use ETH to participate in the BSC ecosystem. 

Improved interest rate model

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The interest rate model is flexible with accounting for the cost of borrowing in periods of low utilization rate, and the cost of capital in periods of high utilization rate. 

NFT collateralized loans 

NFT assets can be put up as collateral for a loan or offer loans to other users on their NFTs. 

Rifi.Insurance 

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Users can buy or provide coverage for liquidation in their vaults.

Litepaper: Papers are publicly available and transparent. In addition, the explanation of the core technology is clear and specific. Details can be found at Litepaper

The product status: This time is the early stage of the project, so the product is still primitive and simple. Only some functions are usable, and the rest are mostly demo. Need more time to know more. You can experience it at Dashboard | Rifi

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Token Economy 

Token Distribution 

Token Name: Rikkei

Ticker: RIFI

Blockchain: Binance Smart Chain

Token Standard: BEP-20

Token Type: Governance, Utility

Total Supply: 500.000.000 RIFI

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Token Utility 

The Token usage will be as follows:

Payment: RIFI is the native platform currency. They are used to pay for all fees on the platform and insurance fees/premiums. 

Rewards: Liquidity providers (Lenders & borrowers) would be rewarded with RIFI tokens according to each user’s relative contribution after various adjustment and correction parameters.

Governance: RIFI holders can propose, debate, and vote  to determine features and parameters of the Rikkei Finance platform as well as protocol improvements

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Network Valuation & Asset Pricing 

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(Data is predicted by Rikkei Finance. It is not official figures yet)

Because the token has not yet been sold in any exchanges, there is not much data on the token price exactly. However, you can consider the plan price was published by Rikkei Finance as a benchmark for your future investment decisions.

Unique Selling Point (USP)

Effective interest rate model 

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Low Utilization Rate: Lower the interest rate to foster borrowing demand. 

High Utilization Rate: Increase the interest rate sharply to boost liquidity, providing incentives. 

Any collateral at your ease

It is a diverse place for any collateral type, whether it is a cryptocurrency or stable coin or NFT.

The first-ever liquidation coverage 

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Insurances in Defi lending are extremely limited to smart contract coverage. On Compound or Aave, the user can just purchase coverage for smart contracts using Nexus Mutual. No asset liquidation coverage was provided. 

No-limit cross-chain transactions

Cross-Chain support using wrapped tokens. In a while, Compound and Aave limit to transactions between Ethereum-Based tokens. 

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Marketing & RoadMap

PR & Marketing

Telegram (Telegram: Contact @RikkeiFinance) – There are more than 16,100 active members.

Twitter (Rikkei.Finance (@RikkeiFinance)) – Has more than 27,100 followers.

Medium (Rikkei.Finance – Medium) – Regularly post updates on the progress of the project and guide to use services. 

News: Information about Rikkei Finance has appeared on some small news channels such as Yahoo Finance, Markets.businessinsider, Namecoin News, … and more. You can click on the titles to read it all. 

RoadMap

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Milestones are clearly defined and measurable. According to the roadmap, this is still just the beginning of the project, so we need more time to monitor the performance and commitment of Rikkei’s team. 

Backer 

Investor

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(Some of Ventures Capitals which invested in Rikkei Finance) 

In May 2021, Rikkei Finance raised initial funding of $5.6 million from some of the reputed investors in the blockchain industry, including HyperChain Capital, Kyber Network, Signum Capital, PNYX, X21digital.com, LD Capital, Tomochain, Kernel Ventures, Trade Coin VietNam, Coin98, Kyros Ventures, YBB Foundation Limited, Ark Stream Capital and Inclusion Capital.

Partners

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Rikkei advisors are John Ng Pangilinan, a managing partner at Signum Capital – A famous Singapore-based firm that exclusively consults in Blockchain-enabled companies, and Luu The Loi, the CEO of Kyber Network – The other big name in the blockchain industry. These two companies also helped secure Rikkei’s new financing.

Team

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Dang Thai Hoa – CEO & Co-founder at Rikkei Finance, former Deputy Director at Rikkeisoft 

Vu Thanh Tung – CTO & Co-founder at Rikkei Finance, CTO at Rikkeisoft

Rikkei Finance’s team mainly comes from Rikkeisoft – One of the leading technology companies in Vietnam. Currently, Rikkeisoft has 05 offices in Vietnam and Japan; and 02 member companies, Rikkei.AI and Rikkei Robotics. Rikkei Japan is the only Vietnamese enterprise named on Japan’s “TOP 100 Best Venture 2019” list. This shows that they are experienced and organized people in building technology projects, and the company will be a solid launchpad for the project.

Conclusion 

Rikkei Finance is a DeFi project from Vietnam with a team of experts who have been developing a blockchain lending platform. They apply decentralized technology to improve traditional ideas such as lending, credit, and even insurance. They already successfully raised $5.6 million from the well-known VCs in the blockchain industry. The platform leverages blockchain technology to enable cross-chain integration, which means they can accept multiple digital assets operated on another blockchain network and display them at an equivalent value, thereby helping them become a real-time currency trading network. For example, we can use ETH on the BSC ecosystem and contra. However, it is necessary to look more closely at many other aspects such as their execution, commitment, and more. 

This deep dive is for informational purposes, not investment advice. Readers will be responsible for all their actions.

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