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Abachi - the Convergence of Traditional Finance With DeFi
PRESS RELEASE. 9, Jan 2022. The majority of today’s decentralized finance (DeFi) projects build tools that are replacements to those found in traditional finance (TradFi) systems. However, a new blockchain project called Abachi believes that DeFi is destined to converge with traditional finance, not replace it.
To facilitate this vision, Abachi is building the technical rails to onboard the multi-trillion dollar TradFi industry into the multi chain decentralized finance space. The project’s growing roster of traditional finance partners like LUCA Plus will be able to bring Abachi’s blockchain solutions to their real-world clients this spring.
Abachi is also currently in talks with other ecosystem players such as Olympus DAO, mStable and Chainlink. In the coming days, it strongly believes some of these talks will result in robust ecosystem partnerships.
At just two months old, Abachi has already attracted over $2.5M USD in funding from strategic investors. It has also amassed a 20,000+ member Discord community and over 7,000 Twitter followers. Abachi’s roster has been growing too as it has added multiple members of the community into its core team, people that have worked at central banks, academia & fortune 200 companies.
The three branches of Abachi
Abachi originates from the words “Abacus” (the ancient calculating tool) and “Chi” (vital energy). The ambitious project is currently structured into three entities: Abachi Core, Abachi Treasury, and Abachi Labs.
- Abachi Core provides the middleware infrastructure essential for bringing traditional finance on-chain. It will develop an SDK using existing as well as new technology solutions that can be used by front-end partners like Luca Plus. Abachi Core will also incubate projects in this space and has already initiated with coconuts.finance.
- Abachi Treasury exists to fund Abachi Core, support partner development, and acquire other ecosystem projects that align with Abachi’s missions. The treasury works on a basic strategy of maximizing yield bearing assets. It holds 50% of its treasury in OHM tokens and 50% in stablecoins. Using treasury lending and maximizing OHM acquisition from the market, Abachi Treasury hopes to grow exponentially in the coming months.
- Abachi Labs will issue licenses for the Core technology including the SDK that allows partners to integrate, with service fees feeding back into the Abachi Treasury. Abachi Labs will also facilitate permissioned lending pools which will be used by partners to lend out money to small businesses at highly competitive rates, initially subsidized by its native token ABI. This will bring in real-world yield, which is far superior to the zero-sum cross-defi yield strategies in place today.
Leveraging Olympus DAO Technology
Abachi Treasury is composed of a combination of stablecoins and the OHM token. OHM is the decentralized reserve currency powered by the Olympus DAO protocol. This treasury approach illustrates Abachi’s strong conviction about the mass adoption of OHM as a unit of exchange in the DeFi world. Unlike treasuries that hold Bitcoin or Ether, Abachi Treasury enjoys the rebase rewards offered by OHM and the revenue that it accrues. Abachi’s staking web application is scheduled to launch on Polygon Mainnet in late January.
The end goal for Abachi is to be able to offer real-world bonds and bond markets issued via a permissioned front-end very similar to what Olympus Pro today offers to DeFi projects. The core team believes that the technology behind Olympus DAO will revolutionize the way bonds are traded, issued and redeemed. The Ᾰ + Ω = 3² is the representation of this, as Abachi strongly believes it adds alpha to Olympus DAO’s omega.
Jurisdiction & Regulation
The jurisdictional and regulatory issues that arise from such systems will be a challenge Abachi will need to overcome. Abachi wants its community to own the protocol and run it like a DAO. However this will be done gradually with the foundations already in place. Governance is handled via a mix of ABI tokens and NFTs issued as certificates of involvement based on merit. This allows all members to have a voice. The same technology will be used to develop and issue non-fungible tokens which can carry much more data without any privacy concerns. A wallet address can be accredited and walled based on the jurisdictional & regulatory access it has. This will be no different to an email address tying an account on a traditional financial system.
The first item on Abachi’s agenda is to launch stablecoin pools which are permissioned and can offer lending to its partners like LUCA Plus.
It hopes to launch a $1M pool in Q1 2022, and increase this pool 10x every quarter. This will require its partners to scale as well as Abachi to find more partners that will utilize these pools in every continent. These partnerships may also include seed funding into those companies or funding towards bringing them onboard.
This is also a great win for partners as it allows them to offer instant payment services. The first product offered by LUCA Plus under this partnership will include a business-only buy now pay later solution, and instant invoice payments at 1-2% service fees. Eventually as partners grow they will try and bid against each other for the lending pool funds.
The stablecoin pools will organically give way to forex swap pools since businesses will want to lend and borrow in USD but still be able to service locally in their respective currencies. Abachi thinks this will lead to a lot more currencies including CDBCs to enter this space increasing their daily use.
Over the next five years, the delivery roadmap also includes tools to enable:
- Blockchain-powered KYC-as-a-service
- Buying or selling of debt via tokenized credit pools
- On and off-chain sales of bonds and tokenized credit
Abachi is an ambitious project and its founders recognize that from day one. However, given the current speed at which financial system alternatives are being built in the DeFi space, the convergence with the trillions of dollars sitting in bonds, treasuries, credit and the forex market are primed for disruption.
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