After the 2008 financial recession, the traditional financial services industry exposed many scary weaknesses. Despite technological developments, digitization of processes and data with the fertile Fintech sector, the traditional financial system has not yet solved many problems such as high transaction fees for users of banking services and finance; slow transactions, especially for international transactions; lack of transparency and unfairness to customers; barriers to access for low-income people.
Several DeFi projects have been born to solve the above problems, but they are still quite fragmented, lack cohesion leading to inconvenience and difficulty for users. In that context, TribeOne was born to create a close-knit community in the global blockchain ecosystem. That includes life values such as mutual support, respect for all, material generosity, prioritizing the community’s interests over each person’s interests, and equal opportunities for all.
The project provides many services in the same product such as lending platform, savings platform, insurance platform, the financial platform for NFT assets. It is the world’s first DeFi NFT platform powered by AI technology to support borrowing, lending, and credit risk, backed by RAROC (Risk-Adjusted Return on Cryptocurrencies).
2. Market Analysis
In 2021, CoinMarketCap calculates a total market capitalization of $80 Billion for decentralized finance (DeFi). This market tended to grow strongly, up to 143% in the first two months of 2021.
NFT market has a Total Market Capitalization of over $18B, scorching this year with many favorite projects.
In general, TribeOne has the ability to cover many potential and large markets at the same time. In particular, these are also two markets that have been and will be long-term trends in the future, receiving the attention of many investors and having practical value. However, focusing on too many areas at once can be a “double-edged sword” that can kill the project at any time. That depends on the performance of the team.
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.
3. Product Highlight
- Loan accessible to all.
- All transactions are visible and transparent on the blockchain.
- Minimal cost transactions.
- Users can access zero collateralized loans based on their repayment history.
- Insurance Coverage Optional to all loans.
- Automated portfolio rebalancing mechanism across various liquidity pools for the highest risk-adjusted APY.
- TribeOne governance token’s primary utility constitutes voting on Sefe Plans.
- The smart contract absorbs the gas fee, which is adjusted in the final APY. Therefore, there is not upfront network fee for deposits.
- Intuitive & easy-to-use UI. Users can track their portfolios and APYs in real-time through seamless interoperability.
- TribeOne’s DeFi insurance partner will provide insurance coverage.
- The portion of the borrower’s collateral can be used to earn interest to lower down the risk.
TribeOne NFT Funding Platform
TribeOne will help users unlock the value of their NFT assets without losing ownership. Its main goal is to connect the DeFi ecosystem to the NFT market, where users can get loans based on their NFT or get a loan to buy a certain NFT. This feature will only be available to users who have stakes on TribeOne’s platform. TribeOne’s financial platform will not be custodial and will facilitate transactions between lenders and borrowers where borrowers are looking to purchase a new NFT or re-borrow an existing NFT.
- New Acquisition of NFT: The borrower will submit an NFT purchase request where a 3rd party appraiser will evaluate it. Details will then be made available to the community for loan voting, approval LTV based on third-party appraisal.
- Loan against existing NFT: If the loan is declined, a portion of the borrower’s staked assets on the platform will be burned to pay the appraisal fee. If the community approves the loan, the loan is disbursed, and the NFT purchase is made. However, it will remain locked in the smart contract until the loan is fully repaid.
- Liquidation Practice: Investors contributing to the NFT Invest Pool are repaid equally by the borrower in installments. When the assets are liquidated, TribeOne will sell the NFT assets through the partners, and the value received will be divided equally among the common contributors.
Whitepaper: Papers are publicly available and transparent. However, the explanation of the core technology is still sketchy and general. Details can be found at WHITEPAPER.
Github: Public and regularly updated. Details can be found at TribeOne · GitHub.
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 Cross-Chain Bridge ETH <> BSC by Tixl.
4. Token Economy
Total: 188,133,874 HAKA
The TribeOne Token (HAKA) will be key for users who want to lend or borrow. The Token usage will be as follows:
Zero- to Low-Collateralized Loans: Users only need to provide 20% of the loan as collateral in HAKA tokens to access lending options.
Early Repayment Rewards: $HAKA will be rewarded to users settling their low- or zero-collateralized loan early.
Discounts on Collateralized Loans: $HAKA tokens can be used to stake in XTO – A staking option which access to discounts on the collateralized loan interest. Users will be rewarded $HAKA by staking.
Lending Rewards: Users who invest in the Tele Yields and choose to withdraw $HAKA will be rewarded an additional $HAKA.
Slot Allocation on NFT Financing: Users have to pay a service fee in $HAKA to get the slot allocation on the NFT Pool Investing. Users can select the option of receiving an early payout by paying in $HAKA. In addition, users who opt to go for later spots are rewarded in $HAKA.
Governance: Participate in the governance of the Tribe Ecosystem
Network Valuation & Asset Pricing
(24 Hour Trading Vol on July 12th, 2021 was only $27,302. PancakeSwap (v2) is currently the most active market for this token)
Because the token was only IDO on BSC Station on June 23rd, 2021, there has not been yet much data on the token price. However, in the last IDO, HAKA was priced at $0.11. You can see it as a benchmark for your future investment decisions.
5. Unique Selling Point (USP)
TribeOne uses RACROC technology to deliver solutions more efficiently. RAROC stands for Risk-Adjusted Returns On Crypto. It is an AI-based pre-existing financial calculation agency to ensure the safety of the users of the project.
RACROC is the exclusive “Digital Brain” that assesses risk for investors by profiling borrowers based on their return profile so that a potential investor can evaluate investment decisions. In other words, RAROC play as a profitability measurement framework that analyzes risk-adjusted financial performance. It acts as armor for DeFi that measures all possible risks to cryptocurrencies.
Although just appearing after famous projects like AAVE or Compound, TribeOne has overcome the disadvantages of the above projects and turned itself into a formidable potential competitor of any big names in the field.
6. Marketing & RoadMap
PR & Marketing
Telegram (Telegram: Contact @tribeone) – There are more than 13,200 active members.
Twitter (TribeOne (@tribeonedefi)) – Has more than 10,800 followers.
Discord (https://discord.com/invite/yEzyUq5gxF) – Has nearly 3000 active members.
Medium (TribeOne – Medium) – Regularly post updates on the progress of the project and guide to use services.
The milestones are set out quite clearly and in detail, but the commitment to the milestones is also a concern. Aside from a milestone that wasn’t completed on time or ineffective, most of the rest were achieved on schedule. According to the roadmap, this is still just the beginning of the product, so more monitoring is needed.
TribeOne is backed by a range of mid-and small-cap funds including Spark Digital Capital, x21, Kucoin Labs, Fomocraft Ventures, Cryptomeria Capital, Icetea Labs, Kyros Ventures, Titans Ventures, Moonwhale, Blockpact Capital, Petrock Capital, Cinchblock, Blocksync Ventures, Gains Associates, Insignius Capital, Hronos Ventures, Propeller, BBS Finance, Aussie Capital, Tag Digital Ecosystem, SWGI, GTA Ventures, Master Ventures,…
TribeOne associates and cooperates with various DeFi and NFT projects from large to small. Because TribeOne operates in the Polkadot ecosystem, some partners are projects from Polkadot or Polkadot itself. The list of partners includes Uno Re, Polka Cover, KNIT Finance, PolkaFoundry, Raze Network, NFTIFY, Chainlink, Unmarshal, NFT Alley, Open DeFi by OroPocket.
TribeOne team is mainly from the traditional finance sector, not Blockchain or Cryptocurrency. The Centrifuge team includes alumni from many of the UAE’s top institutions, including Abu Dhabi Commercial Bank, Citi Bank, Mashreq PSC, and more. The founding team includes:
Mehdi Suleman (Mehdi Suleman – CEO – TribeOne)
CEO & Co-Founder
Senior CEO with over 20 years of product & team building from business inception to growing TVL over $1.2 billion.
Years of experience in financial modeling and building the entire backend process from scratch.
Worked with several major retail banks in senior leadership roles, overseeing business operations, operations, and large cross-departmental teams.
The former CEO of Moneyhub 24/7 – A price comparison site is known for offering independent and impartial comparison on Banking Products, has offices in UAE and India.
The former head levels of Secured Assets at Commercial Bank International in UAE and United Arab Bank
Tanveer Ahmed (Tanveer Ahmed – Director Of Strategic Partnerships – TribeOne)
Director of partnerships
Holding the position of Senior Manager with over 15 years of experience, who has a deep passion for cryptocurrencies and understands business needs and aspirations.
Former Business Development Manager at Continental Group International – The representative of several of the world’s leading insurance and financial institutions, and deVere Acuma – One of the world’s largest independent international financial consultancy.
Head of Credit Risk
Credit Manager, Senior Risk Analyst with more than 10 years of building financial and credit models to underwrite risk portfolios such as retail & wholesale.
Lead Credit Underwriter at Commercial Bank International in UAE currently. CBI is headquartered in Dubai, incorporated in Ras Al Khaimah, and listed on the Abu Dhabi Securities Exchange.
TribeOne is the first AI-powered decentralized platform providing NFT funding, Borrowing, Lending & Savings. Despite being a new project, TribeOne has a lot of potential for future growth, especially in the explosion of DeFi and NFT trends. However, it is necessary to look more closely at many other aspects such as team, execution, commitment, and more. The field of technology, more specifically, how AI will work, has not been mentioned in detail and specifically.
This deep dive is for informational purposes, not investment advice. Readers will be responsible for all their actions.