We are working on a proposal at the moment with Stader and Polygon to change/improve Matic's IR model on AAVE, allowing the ecosystem to double its growth!

MaticNews x CIAN AMA Recap and Transcript

MaticNews: Let’s kick start with an introduction of you and your team, what are your past experiences and roles?
CIAN: Short introduction, I’m Chris Dahmen, head of business development at CIAN. I personally come from a mechanical engineering background, as well as traditional finance and early DeFi investor.

CIAN was founded by Luffy He in 2021, but the team originally started as a private crypto fund management & OTC services back in 2019. The team behind CIAN is an international group of 30 experienced crypto whales (CeFi & DeFi) and blockchain devs. Most team members have been working together for years, four of which are top-tier DeFi researchers and DeFi strategy designers/traders.  Four team members, including myself, are working on CIAN's operation, BD and marketing. The rest of the team members are top-notch developers and product designers.

The team has been running one of the earliest DeFi arbitrage fund since 2019 (doing arbitrage across CeFi & DeFi initially) even before DeFi summer made its name. Back then, we had to devise some intricate automation toolset to enhance our own investments while limiting the operational complexities. Those tools eventually became the backbone of our open platform, CIAN.

MaticNews: Out of curiosity why did you choose this name? Is there any background story?
CIAN: That’s a great question! At first, we named our protocol ONEPIECE, like the manga.. but quickly change it to avoid any infringement issues. CIAN, pronounced “KI-AN”, is the name of a Celtic god that embodied endurance and resilience, two qualities that are essential for long-term prosperity and pretty much indispensable in current market conditions!

MaticNews: Please give us a brief introduction of https://cian.app
CIAN: Sure! CIAN is, by definition, an open on-chain automation platform that allows users to swiftly build, manage and optimize complex yield positions in a fully decentralized way.

Now, the simple version is, with CIAN, any investor can gain access to multiple application scenarios that are normally reserved to experienced investors with coding abilities. That being said, even for experienced investors such as ourselves, those strategies can be quite complex to put in place and require a lot monitoring and maintenance time. Our ultimate goal is to make CIAN the pinnacle of automation. In other words, even if you can do it yourself, CIAN will do it better.

MaticNews: On what chains is CIAN currently available? Any plans to expand to new chains?
CIAN: CIAN is currently available on Avalanche, Polygon, and Ethereum, but you can expect to see us soon deploy on most prolific POS/L2 chains.

MaticNews: What are your automated strategies? They look really unique
CIAN: Sure, our strategies are remotely combining multiple protocols to build intricate positions that could be built manually. CIAN allows users to automatically build these positions in a blink of an eye in a decentralized way.

Please allow me to give an example.

For our MaticX leveraged staking strategy, when a user creates a position, CIAN will:

  1. Stake/swap his Matic on Stader/1inch for MaticX (according to the best rate)
  2. Deposit MaticX on AAVE lending market
  3. Flashloan Matic from Balancer
  4. Stake/swap these Matic to MaticX on Stader/1inch (according to the best rate)
  5. Deposit the flashloaned MaticX on AAVE lending market
  6. Borrow Matic against MaticX to repay the flashloan

All these steps would be automatically executed by CIAN’s smart engine, guiding users’ funds to their selected protocols, to achieve a 3x leverage on MaticX staking APY.

This strategy currently yield around 22% APY

MaticNews: Please explain everything about your lending and borrowing platform!
CIAN: Sure, but please let me rectify one point, CIAN is a service platform, not a lending platform. As a service platform that utilizes smart contracts for full interoperability, we allow our users to remotely build multi-protocol strategies. Users' funds aren't gathered on CIAN, which technically makes our platform safer.
Besides this point, are your type of borrows collateralized type or under collateralized?
CIAN: Well, that depends on the strategy/position created by users. At the moment, all of our strategies and borrow-to-farm positions utilize lending platforms that offer under-collateralized borrow.

Based on that, CIAN has devised 4 automation primitives that can help users to optimize and protect their collateral assets while doing some yield farming with borrowed assets:

Auto-repay: If users’ collateral ratio (LTV) rises dangerously, the system would automatically repay some of the debt using part of the borrowed assets currently used in a related Liquidity Pool, thus protecting users from liquidation while keeping the position Live.

Auto-borrow: If the user’s collateral ratio was to drop significantly, the system would automatically borrow more assets, and send them to pre-selected liquidity pool(s), thus increasing the capital efficiency.

We also have Flash-repay and Auto-compound, but for the sake of time, I’ll invite your community to visit our platform if they want to learn some more.


MaticNews: How will you decide when to add a certain pair? What are starting ones?
CIAN: Right now, we are mostly devoting our time and efforts on liquid staking strategies. As we believe that liquid staking will play a large role in DeFi, most of our newest assets/strategies will be focused on major POS staking derivatives like sAVAX, stETH, and MaticX.

MaticNews: We saw multiple partnerships with top protocols in the chain and we shared all of them, as a recap, with which projects do you collaborate and do you have in plan to add any new ones?
CIAN: Thanks for pointing it out! When it comes to liquid staking, we aim to partner with maximum 2 staking protocols per chain. The reason being, meaningful partnerships require tons of time and communication to optimize the outcomes. Since we operate as a service protocol, we do not only feature tokens in our strategies, we also work alongside the chain itself and relevant protocols to improve their ecosystem, which ultimately impacts our strategies’ sustainability.  Right now we collaborate with Lido on Ethereum, Benqi on Avalanche, and Stader on Polygon.

We are working on a proposal at the moment with Stader and Polygon to change/improve Matic's IR model on AAVE, allowing the ecosystem to double its growth!

MaticNews: I see two interesting sections in your dapp, farming and trading, would you like to tell us more about them?
CIAN: To be exact, our two different sections would be Automated Strategies and Position Building. While strategies are ready-made for users, position building is the modular version that allows users to compose their own strategies and implement their favorite tools (e.g. Auto-repay & Auto-borrow).

However, 95% of our TVL comes from our “automated strategies” since they offer strong leveraged APY, are safe, sustainable, and quite user-friendly.

MaticNews: Out of curiosity, do you have in plan to add your own native token?
CIAN: This has to be the most frequently asked question haha. CIAN will indeed launch its token somewhere in 2023. We have a whole Tokenomics plan that will come alongside our institutional services’ model. I’m afraid that I cannot disclose too much on that subject for now, but let’s just say that some massive partnerships are brewing up! $CIAN will be worth the wait!

MaticNews: Besides this, how are revenue being generated for the project itself that could be used on future development?
CIAN: CIAN is 100% free, and will remain for a while. Our project is highly sustainable at the moment due to our external income sources (OTC & AUM), although, as we grow bigger, the Tokenomics plan mentioned above will help to sustain our large-scale vision.

MaticNews: Everyday in maticnews we analyze multiple projects, some of them are scam or just not safe. How safe is cian.app, I guess before doing any investment this is one of the area of concern that one will check upon. Are there any audits or KYC planned?
CIAN: Sad to say, but DeFi has one of the nastiest track records when it comes to scam & poor smart contract designs… And to answer your question, yes, CIAN is a safe platform. We have already completed 3 separate audits with Peckshield(1x) and Paladin Blockchain Security(2x). As we speak, we are currently ongoing our 4th Audit.

CIAN ensures total decentralization by the implementation of users’ smart wallet, which is a dedicated smart contract, and the adoption of the EIP-2612 standard.

Funds deposited in each strategy/smart wallet are at no point pooled together. Every smart wallet works independently from each other, and funds can solely be withdrawn by the creating wallet.

MaticNews: Talking about the future, do you have a road map or long term plans that you can share with us?
CIAN: Sure, as I mentioned earlier, for the next few months we’ll be focusing on expanding across most POS chains, and refining our current strategies with additional functions, most notably: Auto-compound, improved withdrawal mechanism, and improved UI.

In preparation for the next step, we are currently laying a foundation to facilitate institutional investments via our smart wallet’s architecture and top-tier collaborations. This is coming fast, and will most likely launch CIAN in the next stratosphere.

Ultimately, CIAN aims to become a DAO, run and owned by the community. Our open modular blocks will eventually allow any talented investors/developers/protocols to build their own intricate strategies, and make them available on the platform if voted safe enough, but I diverge, more details about this phase will come in time.

MaticNews: And last question, what do you think about the current market moment?
CIAN: As we speak, there are still a lot of uncertainties on the macro scale, but when it comes to DeFi, the best call is to stick with safe strategies focused on Blue chip coins. I personally believe that we will see one more BIG drop before the market can start accumulating for the next bull run, but nobody knows for sure. All I can say is, stay safe out there!

Community Question: Based on the Docs, CIAN will award unique NFT rewards to all users who participate in the first few events. But this NFT cannot be traded, correct? instead it will act as proof of contribution to CIAN. I'm interested in getting one, can you tell me an event that is currently going on or that will be coming in the near future to get the NFT? And does NFT have different tiers and advantages?
CIAN: These NFTs are nontradeable but will act as airdrop targets. We might host a new event with NFTs on our next partnership event!

Community Question: In addition to the Polygon Matic network, what chains are currently compatible to be able to deposit into the CIAN Prorocol? Does the CIAN Protocol have a specific target number on chain integration?
CIAN: No target, POS chain only for now

MaticNews: Thank you for joining us in this AMA!
CIAN: Thank you for having us, this was great fun!

Written By

Petrache Ionut

Nov 14, 2022