Community AMA 26.01.2022
Following the community’s request, we would like to share with you the transcript of last week’s AMA with the new CEO Anton Romankov. We’ve also attached a link to our previous article, which introduces Anton and describes the new direction for the APYS product.
Moderator (from here on as M):
Please welcome @aromankov, the new CEO of APYS. We will start with the introductions first and then answer some of the submitted questions.
Anton Romankov (from here on as A):
Hello everyone! In 2016, I got acquainted with cryptocurrencies. Back then Bitcoin was worth $1000 and ETH fees were negligible.
I’ve developed crypto wallets for various clients in a young crypto startup and after a few months, we started to build a decentralized exchange. I was mining Ether as a hobby.
In 2021 when I needed to understand how Uniswap works for one of my tasks. I realized how interesting it is and its potential for future finances. Only within the blockchain is it possible to truly build a transparent and decentralized financial model.
Having experience with first and second-generation blockchains, I understood that 12 transactions per second are not suitable for blockchain’s mass adoption, and at one of the conferences I heard about the third-generation blockchains and their vectors of development.
I realized that technologies have finally appeared that allow you to build fast, cheap, and most importantly reliable decentralized applications. This is exactly what I want to do.
Thank you for the introductions. Let me go question by question from the google form submissions.
By when we can expect a new whitepaper?
Project documentation better reflects the direction of where the project is headed. We will prepare all the necessary information and upload it to our Medium/Gitbook
Hi. If I understand correctly we will soon have the opportunity to stake APYS. We will have the opportunity to farm APYS. Can you tell which pool for farming will you open the first so we can prepare our funds? Thank you for your answers.
Currently, you have the opportunity to stake APYS and receive liquid vested token v12ABR. In the future, we will implement the staking of APYS as part of the upcoming governance system. This will influence the incentivization of our Vaults. The vaults system itself will also undergo some changes. We will share more info on that later.
Instead of APYS farming, we will create a platform allowing users to select and participate in the yield farming strategies.
What do you mean by automated investment strategy platform?
This is a platform that implements a variety of different investment strategies. Farming, staking, borrowing, and lending. Or any other types of DeFi investment strategies that may appear in the future
Can you please record the AMA as not everyone might be able to join?
Yes, the AMA will be transcribed and uploaded to our Medium page.
What will be the future utility of the APYS token?
We plan to implement farming incentives with the new platform. We will disclose the particular details in the upcoming rework of our documentation. The main component of the new platform would be the governance protocol. By staking APYS users will be able to participate in voting to influence the reward distribution of the investment strategies.
Will there be more APYS holders wallets snapshots like the one done for Allbridge?
10% of allbridge coins should be given to APYS project, 5% for APYS staking and 5% for APY snapshot, the 5% that was allocated for snapshot will not be all of the coins claimed and Allbridge announced that they will burn the rest of the coins, I do not consider that it is OK since that coins are for APYS project (for APYS holders) not their coins anymore to burn them, so I recommend to do more snapshots or to find a good way to use that coins in order to please APYS holders or to create a new APYS staking pool that will have a reward v6ABR with lock period for APYS deposited. That coins belong to APYS project use them not burn them !
With the active development of the product we are making certain changes to the vision of Foundation. We are not planning to make any snapshots for some time now.
Why did you select NEAR as the strategic network vs another one?
First of all — NEAR solves the problem of scaling, this is what other blockchains are lacking now.
Blockchain has low commission fees and high transaction speed, and it is also gaining popularity very quickly. More importantly, NEAR is easier to use for the end-user, which brings us closer to the future of web3.
What will happen to our APYS tokens staked on the Solana network with ABR pool?
Staking will function as originally planned until all of the ABR tokens are fully distributed to the participants. ABR reward will continue for APYS stakers.
And the last question.
Please describe how the platform will function, in particular auto-farming.
In fact, everything is simple for the user and the entire investment logic will be described in smart-contracts
The user simply transfers his USDT or USDC to the smart contract and the contract itself will send the liquidity to the pool, receive LP shares, send shares to the farming strategy contract and will receive the profit, and further capitalize the profit
Auto-farming provides an opportunity to maximize profits by automatically switching between strategies depending on the APR
Thank you Anton! We will now unmute the chat to give you a chance to ask some questions.
Live questions phase
What is the difference between Apys and another lending, borrowing,… platform?
We will be able to add almost all the possible investment strategies, it will be established by architecture, also, we will try to simplify UX as much as possible.
What are some factors you’d say made Near a better platform than Solana to build on?
Right now, I wouldn’t say that some blockchains are better than others, but I, personally, have experience with NEAR, and I this will make the development process much quicker for me and my team
Is there a rough ETA on the launch date?
I believe that by the 1st of April we will release the first product BETA with one farming strategy for stablecoins.
Tell us please something about the marketing strategy, will we have a discord channel ?
Right now product development has the highest priority, but we will publish the updates every couple of weeks. If we see sufficient interest in discord, we will create it.
What will be the purpose of APYS on blockchains where you’re not building & are there plans for APYS to only exist on the blockchains where the DeFi platform will be built?
With Allbridge the users will be able to transfer APYS from other blockchains. Thanks to bridges, the boundaries between blockchains are blurred.
Do you have any plans to pull new investors since there are so many DeFi projects out there that have similar functionalities?
Right now, we’re focusing on the product to make it stand out among other players in the market. We will share the exact details of our competitive advantages in the articles that we plan to publish.
So if understand the latest developments in strategy — from “incubated by” we are going back to a single DeFi project? Please confirm
This will be the main focus for now.
Unfortunately, I have to leave now. It was a pleasure meeting you all. More news are coming soon. Thank you very much for being here.
Thank you Anton for taking time out of your schedule to meet the community!