Month: June 2021

We were delighted to welcome our guest from Eqifi. The AMA took place on June 3rd, 2021 and our guests were @bradyasar and @CEOEQIBank!

The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.

Part 1 — introduction and questions from the Telegram&Bitcointalk community

Gold Rocket | Satoshi Club: Hello again, dear Satoshi Club community! We conclude our today’s AMA marathon series with Eqifi.

Paul Mont | Satoshi Club: Hello Satoshi Clubbers! 😁 Today’s guests are @bradyasar and @CEOEQIBank!

Paul Mont | Satoshi Club: Welcome Brad and Jason! It’s great to have you here at Satoshi Club!

Brad Yasar: Hello. Thank you for having us over 🙂

Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club, @bradyasar and @CEOEQIBank!❤️

Paul Mont | Satoshi Club: Hello Brad, thanks for being with us 😉

Gold Rocket | Satoshi Club: How are you doing?

Brad Yasar: I m doing well. Thank you! How is the Satoshi Club doing?

Gold Rocket | Satoshi Club: We grow and develop thanks to such interesting projects as yours 😊

Paul Mont | Satoshi Club: I guess our Satoshi Clubbers are already feeling excited to learn more about EQIFI 🚀

Brad Yasar: The feeling is mutual!

Paul Mont | Satoshi Club: Let’s start, shall we? 😉

Brad Yasar: please

Gold Rocket | Satoshi Club: Introduce yourself please. How did you get to be involved in crypto & Eqifi?

Gold Rocket | Satoshi Club: These stories are always interesting to me.. how a person first learned about bitcoin.. how he bought… how he sold 😁

Brad Yasar: As you already know, my name is Brad and i got involved with crypto very early on with Bitcoin. I got introduced to it by a friend of mine and fell in love with it. Fast forward to last year and my partner Jason and I were talking about what we can build to solve problems we saw in the DeFi and digital banking spaces and the idea of EQIFI was born.

Jason Blick: My name is Jason, I got involved with crypto in 2015, shortly after I launched EQIBank – the World’s Digital Bank providing banking services to 180 countries, with a focus on crypto cliens

Gold Rocket | Satoshi Club: You are involved in mass adoption in the banking industry. It is very promising👍

Paul Mont | Satoshi Club: Specifically, which of problems that you’ve experienced prompted you to say “Let’s do it and contribute to improve the DeFi for the best!” ?

Brad Yasar: That was Jason 😉

Paul Mont | Satoshi Club: Hello Jason, welcome to Satoshi Club 😁🔥

Brad Yasar: Well the main problem for the DeFi community which we are a part of was adequate banking facilities to allow DeFi founders, entrepreneurs, investors and consumers t be able to access that value created in their daily lives

Gold Rocket | Satoshi Club: Nice to meet you😁 Jason

Jason Blick: Nice to meet everyone here

Brad Yasar: The problem on the banking side is increasingly low and insignificant returns on people’s fiat savings. so figured by bridging the two we can address both those issues.

Jason Blick: We launched EQIFi as people wanted the widest selection of lending, borrowing and investment products on a single platform powered by a world class Licensed and Regulated Bank.

Gold Rocket | Satoshi Club: These are very ambitious goals.👏

Brad Yasar: yes and we want to have a big positive impact in the space.

Jason Blick: We have an amazing team with over 200 years experience of running major Banks, plus an amazing tech team led by Brad

Gold Rocket | Satoshi Club: Btw we would like to know about your team. Who is on the project team core?

Paul Mont | Satoshi Club: These are undeniable issues – putting on the consumer shoes I’m glad that someone capable and professional is trying to address them 👍🙏

Jason Blick: Between EQIBank and EQIFI we have over 60 staff all focused on providing the very best service and products in banking and DeFi.

Brad Yasar: Jason, me, Ioana, David, Frank, Eli, Adam, Annelie, Stephanie and the list goes on…

Gold Rocket | Satoshi Club: I love your customer care

Gold Rocket | Satoshi Club: Dream team😁👍

Paul Mont | Satoshi Club: Also guys, where are you currently based at?

Brad Yasar: We will have an updated team list on the website soon

Jason Blick: Yes, in EQBank we have Relationship Managers for each Premier Client – a first for any digital bank. We provide amazing banking services to holders of EQX Token Holders

Paul Mont | Satoshi Club: You already deserve a plaudit for being completely public and transparent. It’s not a thing to take for granted in the crypto world and already helps building a lot of trust from the very beginning😉

Brad Yasar: Thank you. Transparency and Accountability are pillars of our organization.

Gold Rocket | Satoshi Club: Do your users need to pass KYC?

Jason Blick: Thanks Paul. As a leading Bank we are required to have monthly audits and constantly meet the public requirements of our Regulators. For example, our Auditors are BDO etc.

Jason Blick: Yes, our users do need to meet KYC stanards. We want to add security and maturity to the DeFi space. This also allows us to open Bank accounts for our EQIFi clients.

Brad Yasar: Depending on the type of products they want to access there will be varying degrees of KYC requirements.

Paul Mont | Satoshi Club: Thanks for this great introduction 😉

Paul Mont | Satoshi Club: We have collected some community questions to learn more about EQIFI, are you ready to go?

Gold Rocket | Satoshi Club: Well! Thank you very much for the great intro guys. 😊

Brad Yasar: let’s do it

Jason Blick: We are ready!

Q1 from Telegram User @surendra040

EQIFi is the first Defi project with a Regulated and Licensed Bank (EQIBank) offering different 4 Defi products:

lendings on fixed-rate and variable, swaps of interest rate and aggregator of Yield. Please explain all these products and services offered by EQIFI in a crystal clear way and how can EQUIFI tokens holders be benefited from this?

Gold Rocket | Satoshi Club: @surendra040 prepared well 😁

Jason Blick: Thats a great question and an expansive one. Give me 2 mins to reply

Gold Rocket | Satoshi Club: Take your time please😊

Brad Yasar: First of all, we are EQIFI and there is another project with the ‘u’ in the name so let’s not confuse the two.

Gold Rocket | Satoshi Club: Oh

Jason Blick: With EQIFI, the entire digital asset, blockchain and cryptocurrency ecosystem of traders, investors, developers, exchanges and app users may borrow against multi-type assets without selling. dApps may borrow assets for use in the Ethereum ecosystem without waiting for an order to close or requiring off-chain activity. Similarly, speculators may deploy a variety of trading techniques, including shorting, to maximise their opportunity, while miners may borrow against an extensive selection of collateral.

EQIFI is a decentralized protocol for pooled lending, borrowing, and investing for ETH, ERC-20 tokens including wBTC, Stablecoins, and select fiat currencies. It provides a single uniform platform for DeFi products with EQIBank bank accounts, loans, custody, debit and credit cards, OTC, and wealth management. EQIFI consists of four products on a single platform:

– Fixed Term Products 

– Variable Rate Products 

– Interest Rate Swaps (Refinancing)Yield Aggregator

Jason Blick: The community has full control over all core functions, including but not limited to:

● Listing or delisting new tokens and asset types – The community may add promising new tokens or block high-risk ones.

● Adjusting interest rates per the market, within commercial variable levels. The interest rates will be per EQIFI token.

● Adjusting collateral limits – increased or decreased to an extent, based on the volatility of a token. Collateral limits are per token.

● Choosing a new administration (i.e., a DAO controlled by the community)

● Pausing deposits or loans for a reasonable amount of time – This may provide more consistency in the protocol in case of high volatility.

Governance Voting

● Any holder of 800,000 or more EQIFI Tokens may propose governance actions in executable code.

● The community then has 72 hours to vote on the change.

● If a majority vote is secured, the outcome is logged in Time Lock and will be executed after three days.

Some changes will automatically affect the protocol after voting has ended, while others might need some implementation changes or input from the system’s administration.

Gold Rocket | Satoshi Club: A lot of features👏

Paul Mont | Satoshi Club: Thank you Jason for the comprehensive answer, I’m pretty sure @surendra040 will be satisfied 😉

Brad Yasar: This is just the beginning

Paul Mont | Satoshi Club: You’re also providing a Yield Aggregation service, right?

Jason Blick: Yes! We really wanted to create the very best DeFi company in the world. We have been voted a top 5 DeFi company 7 times!

Paul Mont | Satoshi Club: Now, that’s impressive, congratulations guys! 🥇🚀💎

Jason Blick: Yes, we have an amazing Yield Aggretor product. With a full team of investment advisors plus amazing tech.

Brad Yasar: yes, we are. we want to grow the defi ecosystem as a whole and bring new users into the space without them having to learn about multiple blockchains, wallets, etc.

Jason Blick: The EQIFI Yield Aggregator Product enables users to participate in a spread of high-yield farming products across the entire DeFi industry, including stakes in EQIFI Fixed Rate Products, EQIFI Variable Rate Products and EQIFI Interest Rate Swaps. It is designed to algorithmically maximize the return to the user based on market conditions.

Brad Yasar: Thank you we are excited and humbled by the reception our project had

Gold Rocket | Satoshi Club: the scale is really impressive 😁

Paul Mont | Satoshi Club: By the way, the next community question is just about EQIFI’s Yield Aggregator. Let’s hop onto it 🙂

Gold Rocket | Satoshi Club: The scale of your ambitious plans 😁

Jason Blick: To further expand on our Yield Aggregator. The EQIFI Yield Aggregator Product offers a unique competitive advantage based on its ability to aggregate and analyze market conditions, and forecast future market movements. EQIFI Analytics Engine is proprietary system designed to execute automatic market analysis leveraging 6 key systems based, in part, on the transparency of blockchains and the advantage afforded by public votes on DAO’s that dictate the flow of liquidity between products (essentially giving EQIFI the opportunity to potentially anticipate market changes). EQIFI Analytics Engine is designed to leverage:

● Predictive analytics

● Machine learning

● Signal processing

● Prescriptive analytics

● PESTLE

● Scenario planning

Paul Mont | Satoshi Club: Proprietory? You’ve built the service in-house? 💎

Jason Blick: Our Yield Aggregator is principally a proprietary product set, but we are adding additional functionality by partnering

Brad Yasar: we are building a lot of the parts of the platform from scratch. where it makes sense to have partnerships we explore those as well (for example, our partnership with chainlink for price oracles)

Paul Mont | Satoshi Club: These are the kind of things that personally get me excited in crypto, especially given all the potential “outsourcing” options in the space. A great way to show the commitment of a project to the value proposition they want to bring to truly revolutionize the market.

Gold Rocket | Satoshi Club: It’s a good strategy😊

Paul Mont | Satoshi Club: So, really, great job guys 😉

Gold Rocket | Satoshi Club: I suggest to proceed to the next question😉

Jason Blick: We are 100% commited to raising the standard of DeFi and completely inclusive – by working with all leading market players

Brad Yasar: Thank you, we are blessed that we have the technical know-how and the resources to build everything we need from ground up and ensure it is built correctly the first time around.

Gold Rocket | Satoshi Club: Awesome👍

Paul Mont | Satoshi Club: Thank you for detailed and exciting answers! 🔥

Paul Mont | Satoshi Club: Question nr. 2 is ready for your answers, are you ready to go?

Jason Blick: We are ready!!

Q2 from Telegram User @andrey_seleznov

Please share more details about EQIFi Yield Aggregator. You describe it as an automated aggregator of all leading external yield farming products, making yield farming simple and automatic. How exactly will it work? Will it have an auto compounding functionality to increase the effective yield APY? Do you take a small fee for convenience or is the yield the same as on the external farming platforms? Sometimes aggregators even offer higher yields than the external farms themselves, could this be the case with Qeuifi, if so, how does this scheme work, how do aggregators subsidize the difference in yield?

Paul Mont | Satoshi Club: Even though I think you’ve already answered it for the most part 😉

Jason Blick: Good question. The EQIFI algorithmic trading BOT takes positions designed to maximize returns across all underlying farming protocols. EQIFI Yield Aggregator Product is structured into fixed term as an open ended product based on users’ needs:

1. Open Ended. Our fixed yield product ensures maximum flexibility to users who need continuous access to their funds. It provides a compounded variable interest rate which is added weekly to the staked amount. All users can withdraw their funds at any time either partially or the entire amount without losing the interest earned up until that week.

2. Fixed Term. The EQIFI Fixed Term Yield product is structured to provide the best interest for users who deposit funds for a predefined period, allowing the user to roll-over the amount or to withdraw the funds. The interest is computed at maturity date and if the amount is rolled over then it is compounded.

Brad Yasar: Great question and Andrey at this point, we do not wish to disclose our secret sauce for everyone to copy more than what we already shared. i hope you understand. 😉

Gold Rocket | Satoshi Club: Yes thanks a lot! do you want to add something? or jump further?

Paul Mont | Satoshi Club: So is it correct to say that it’s a product that can can be tailored according to any user’s risk preferences?

Brad Yasar: yes, for most users that statement is correct

Brad Yasar: we can continue, great questions so far

Paul Mont | Satoshi Club: Thank you, next question incoming 🚀

Jason Blick: We will look to expand the functionality of our Yield Aggregator in due course to meet the needs of those looking for Alpha or Beta growth

Q3 from Telegram User @Jonahapagu

Apart from the fact that EQUIFI will offer its users under-collateralized loans, this loans are also said to be insured, so how does Equifi Insure under-collaterized loans on its platform, and how do users get to apply for this under collaterized loans, what are the conditions to apply, for what assets do you offer this under-collaterized loans, and do you have a fixed collaterization ratio for this….

Jason Blick: EQIFI Fixed Rate, Variable Rate, and Interest Rate Swap Products feature automatic lender protection built into the smart contract system. Each Product features industry leading LTVs which are further enhanced by holding EQIFI Tokens. If the fair market value of the underlying collateral drops below the prescribed LTV at any Valuation Stamp, the system will take remedial action. The further protect investors we are looking at open market, syndicated or captive insurance.

Brad Yasar: we are working with a few third parties to explore insurance options that would be available to our users. Since it is our goal to bring fresh new users into the DeFi space, we understand the importance of putting our users’ minds at ease when it comes to using our DeFi products for the first time. We will doing our best to ensure that.

Gold Rocket | Satoshi Club: Do you plan to write any guides to make life easier for the user😊

Brad Yasar: yes, we will

Gold Rocket | Satoshi Club: Don’t forget to share with Satoshi Clubbers😉

Paul Mont | Satoshi Club: How holding (or staking?) EQX tokens will manage improve the LTV a user can get obtain for its loan?

Brad Yasar: now that you have accepted us to be a part of your family, we consider you the same and of course we wont

Jason Blick: Yes! We have already filmed one introduction to our products and we are creating 4 other videos to explain each product in detail. Those videos are being filmed now. These complemet our written user guides

Paul Mont | Satoshi Club: This is great, especially given the natural utilization barrier represented by creating a user-friendly experience enough in the crypto space! Adoption will surely follow 😉

Brad Yasar: EQX tokens are the engine of our platform, they allow for our users to get better rates, higher limits and access to premium products when used and staked.

Brad Yasar: you can see a much mor details explanation of how EQX tokens benefit the holders and users in our whitepaper

Paul Mont | Satoshi Club: Thank you for the clear answers, are you ready to proceed with the next question?

Jason Blick: We are ready!

Q4 from Telegram User @Xusuo

I see from your twitter that EQIFI is sponsoring Crypto event in Miami on 4th June until 7th June 2021 name with “Crypto After Dark”. So can you explain what kind of event or show that will be held on there? Also you mention to give Ticket Giveaway for your community, since its still tomorrow how do i able to participate in this ticket giveaway?

Jason Blick: Im afraid we have already distributed all our tickets for the event tomorrow. We gave them to our amazing EQIFI Telegram members

Gold Rocket | Satoshi Club: Oh what a pity😊What other community promotion options do you have or are planning😉

Brad Yasar: We have a few things in the work that we will announce when ready

Gold Rocket | Satoshi Club: Satoshi Club will gladly support any of your activities🚀

Paul Mont | Satoshi Club: One of those things is EQIFI’s upcoming public sale/IDO event perhaps? 😁

Brad Yasar: We want to engage with our global community as much as we can given COVID restrictions

Brad Yasar: Yes it is

Paul Mont | Satoshi Club: Great, please keep Satoshi Club in the know! 😉🔥

Gold Rocket | Satoshi Club: Thanks! Ready for the next question? 😉

Jason Blick: We will ensure your great community is kept upto date on all our give aways and in particular details of our public sale/IDO

Jason Blick: We are ready!!

Paul Mont | Satoshi Club: Thank you 💎❤️

Q5 from Telegram User @kimterbear

Online banking is a trend nowadays especially today that e-commerce and online businesses are most utilized by people. However, this sudden popularity created an interest for hackers out there. In that case, how can we be secured that our assets are safe and cannot be rugged by any means? What safety protocols does EQIFI have in order to promise a safe online banking for the users? Do users need to go under KYC before doing any transactions in the app?

Jason Blick: From a banking perspective, our cyber security is absolutely first rate. In the last 6 years we have not have a single issue. In respect to EQIFi, its not a good idea for us to explain our security protocols! But they are industry leading

Brad Yasar: Ok I feel the need to correct it again. We are EQIFI and not equifi. I understand that it is a simple typo bit we don’t want people going to the wrong platform and getting confused so EQIFI  at eqifi.com is us.

Gold Rocket | Satoshi Club: I’m sorry buddy🙈

Jason Blick: On KYC, its a gradual increase in requirements depending on the amount people wish to invest, lend or borrow. If they also want to open a bank account with us the KYC is (as you would expect) more comprehensive – but still manageable

Paul Mont | Satoshi Club: I’ve corrected the copied post now, so no more typos : )

Gold Rocket | Satoshi Club: https://t.me/eqifi/5856

Gold Rocket | Satoshi Club: Pay attention Satoshi Club‼️

Paul Mont | Satoshi Club: This is great to read and to learn that you are aware much of a very felt concern and issue represents security.

Paul Mont | Satoshi Club: Your users will be feeling relieved to read that you’ve aptly anticipated the issue and have already taken care of that 💪🚀

Jason Blick: Proper KYC/AML is key to building the very best DeFi platform and it protects EQX Token holders by ensuring legal and regulatory compliance at every step in our journey.

Gold Rocket | Satoshi Club: Thank you very much for your answers!

Gold Rocket | Satoshi Club: Can you please tell me if an audit has been carried out? If not, is it planned?

Jason Blick: Its our pleasure. We, as you rightly say, are very public, very transparent. We are here 100% for our community

Brad Yasar: yes, it has and we have a fe more that will be done before we are live!w

Gold Rocket | Satoshi Club: I hope that you will share with us when it becomes possible😊

Gold Rocket | Satoshi Club: Are you ready for the last question of this part?

Brad Yasar: yes

Jason Blick: Absolutely!

Paul Mont | Satoshi Club: Here it comes 🙂

Q6 from Telegram User @highpee

You will unify and standardize your growing Defi ecosystem by introducing a governance structure. However, your governance system will require that users hold a minimum of 800,000 $EQX before they can participate in it. Why did you set a minimum barrier of tokens to hold before a user can participate in the DAO? Don’t you think this will always give the majority holders the privilege to always have their way without an opportunity for the minority to have a say? On what range of DAO decisions will users be able to govern, and what will be required before a community vote is passed?

Brad Yasar: thank you for this question. when it comes to governance if e go with 1 token equals 1 vote type of approach it will already favor those with larger token holdings than smaller however considering those are the community members with most at stake, we hope that it is a fair approach.

Brad Yasar: we are community focused and driven so we want every stakeholder to have a voice but we also want to be fair to our community member who hold more EQX and use the platform more so the vote of a single token holder doesnt hold up major decisions.

Gold Rocket | Satoshi Club: Your explanations are very logical and fair. thanks for the answer.

Brad Yasar: we will work very hard to balance the decision making process, governance and different levels engagement for everyone. so instead of making every decision a majority vote, we plan to have a model where we are able to hear everyone’s voice and allow the community to guide the evolution of our products and platform. i hope this helps.

Part 2 — live questions from the Telegram community

Q1 from Telegram User @xperia3

Hi! @bradyasar and @CEOEQIBank

🔒🔒🔒 Security is very important in that kind of projects. When it comes to long term investment, that becomes even the biggest issue. How safe is EQIFI? Can investors safely use EQUFI without worrying for their funds? Which security system does EQIFI use? Was it audited yet?

Brad Yasar: As Jason said, we are not disclosing our security measures because it defeats the purpose of having them if the potential attacker also know what security measure we have in place. we are audited and will be triple audited by the time we launched. we have built and launched banking platforms, crypto exchanges and worked on infrastructure projects for Fortune 100 companies so we understand the importance of security and are building with that in mind. thank you

Q2 from Telegram User @mobilejii

✅✅You have a big team and staff over different countries around the globe but what is your revenue sources and your business module?

Brad Yasar: when live our business model will be fees from products and services on our platform.

Q3 from Telegram User @BlancaSdF

DeFi was conceived to bring finance to a global level and citizens where they do not have easy access to the traditional financial system. Unfortunately some DeFis have performed location blocking to avoid legal problems. In any case, is Eqifi available worldwide or in a large number of countries?

Jason Blick: Hi Blanca, EQIFi products will be available to 180 countries around the world – excluding all Sanctioned Countries

Q4 from Telegram User @captainprice111

Why would traders choose EQIBank when there are so many nationally proven banks?

 What kind of advantages do you provide to the users in your project?

Jason Blick: EQIBank (EQI) is one of the world’s leading innovative banks. We strive to provide more financial solutions to more countries than any other digital bank. EQIBank is a global, but personal, digital bank focused on emerging affluent, mass affluent, high net worth and corporate clients. We bank over 180 countries around the world. EQIBank is at the forefront of leveraging digital technology to shape the future of global banking.EQIBank replaces the need for multiple complex relationships. EQIBank is a single solution to the global needs of banking and crypto clients. Allowing complete interoperability of banking, exchange, lending, custody and digital assets in one place.

Q5 from Telegram User @Antoni_azx

One of the failures that have been observed with respect to the decentralization of some projects is in letting a person have a large percentage of a token, making it a huge influencer within the market. Being EQUIFI a decentralized project, could you explain what measures will you take to prevent the birth of whales? Do you have a security system in place to prevent bots from taking over $ EQX?

Brad Yasar: Once an asset (any kind of asset from crypto to traditional stocks) starts trading in secondary markets, the original issuers have no control over who buys how much of it because that is the definition of a free market – anyone can buy and sell at any price they want as much as they can afford. so we will not be in a position to control the flow f our tokens once a secondary market is establish however we have designed our tokenomics just that any given month no more that 4% of the supply comes into circulation so with this measure we do control how fast our token supply grow limiting mass accumulation at any one single point in time.

Q6 from Telegram User @Guandog

Is your yield aggregator dedicated to ETHEREUM or do you also think of being a tool for other blockchains?

Brad Yasar: it is going to be chain agnostic and so will be the platform we want to add new blockchains every quarter starting with Q4 of this year and grow our platform to be the nexus of all Defi activity across different blockchain platforms.

Q7 from Telegram User @smelekin

Does you team have any banking experience before EQIFI project?

Brad Yasar: As @CEOEQIBank will tell you, we have over 200 years of cumulative banking experience. My family has been in the space for 3 generations.

Q8 from Telegram User @Sumione

Hello

@bradyasar

@CEOEQIBank

What is other benefit of holding such a big amount of token 800000 $EQX apart from participating in DAO ? WILL YOU allow passive income options like staking ,farming?

Jason Blick: the benefits of holding EQX Tokens are extensive!!

1. Bonus APY: Token holders earn up to 25% APY and passive returns with EQX. 2 Community-based Governance: Token holders may take part in voting for new features on the platform. 3. Early Adopters Bonus: The first 10,000 early adopters receive rewards for joining the platform. 4. Priority Bank Accounts: Token holders have priority access to bank accounts. 6. Higher Limits: Token holders enjoy higher limits on the DeFi products. 7. Liquidity Mining: Token holders receive interest based on the length of time tokens are staked in liquidity pools. Users place their tokens into a vault for 1, 3, or 6 months and receive interest based on the length with early withdrawal penalties. 8. Higher LTVs: Token holders get better LTV based on the number of EQX they have. 9. Staking bonus: Token holders who stake their tokens receive preferential bonuses in the form of rewards. 10. Reduced Fees: Token Holders have reduced fees on the platform. 11. Better Rates: Token holders receive better rates on the platform.

Q9 from Telegram User @yellowchamp

Can you tell us in what decentralized and centralized exchange we can buy and sell $EQX? What would be the benefits if we wil hold $EQX for a long period of time?

Brad Yasar: Well i don’t want to spoil all the announcement our amazing marketing team has been working on but we will start with a pair on our platform 😉 and go from there. Holding EQX is going to be very rewarding, not only because of staking but also because of its benefits when using the EQIFI platform.

Q10 from Telegram User @Rigixxx

Q) Which do you think is more important:

A. Community

B. Investors

C. Token Price

If all of the above is important to you, which should come first?

Jason Blick: ALL of them! 1. Community/Investors as i like to call it – our stakeholders (our investors are our community members so we don’t see the two separate) 2. Token price which will be fine if our community support us the way we want to support and serve them.

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Eqifi. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.

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We were delighted to welcome our guest from OPA. The AMA took place on June 3rd, 2021 and our guest was @PappaPanda!

The total reward pool was 500$ and was divided into three parts. In this AMA recap we will try to summarize some of the most interesting points for you.

Part 1 — introduction and questions from the Telegram&Bitcointalk community

Gold Rocket | Satoshi Club: Hello again, dear Satoshi Club community! We are pleased to announce AMA with OPA.🐼 Today our guest is @PappaPanda!🐼

Andrés M. | Satoshi Club: Our dear guest today is @PappaPanda. Welcome to Satoshi Club!

Giant Panda: hi

Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club, @PappaPanda!

Giant Panda: honored to be invited here

Andrés M. | Satoshi Club: Nice to meet you, we are glad to have you here

Gold Rocket | Satoshi Club: Let’s start! Introduce yourself please. How did you get to be involved in crypto & OPA?

Giant Panda: I am COO of Option Panda (https://opanda.io) and very proud to share our product with Satochi club members. I have been in crypto space for over 5 years, getting involved in a couple of cornerstone development in the Ethereum ecosystem before. Option Panda is a very innovative options trading platform that we want to build for community members, the first in its kind on Binance Smart Chain. We are also considering deployment on Matic & Arbitrum as well to serve the Ethereum community’s trading needs.

We have done deep research with the derivative products so far in the market. Almost 99% of them have big flaws and not convenient for users to use. Option Panda has a vision to bring a transparent, fair, convenient trading experience to crypto community members.

Gold Rocket | Satoshi Club: this is really impressive! 👍

Giant Panda: over

Andrés M. | Satoshi Club: Important platform right now. How this idea came to your main? How born OPA?

Giant Panda: We think DeFi is the future of finance. However, there aren’t many serious team on the market to build a solid product, especially derivative product. Decentralized exchanges like Uniswap proved the power of DeFi, however, it’s not easy to use and sometimes bares a lot of risks for small players. The same with lending protocols. Option Panda want to build an options trading platform that will give traders the freedom to trade within a safe & fair environment, and a product that could leverage people’s purchasing power. At the same time, a decentralized  exchange must be community-driven so that the governance power is owned by community. That’s why we have this platform token OPA. We’re paving the way for community members to use OPA to govern Option Panda affairs. Soon to deliver.over

Gold Rocket | Satoshi Club: This is very promising! You guys are in trend👍

Andrés M. | Satoshi Club: Great, so please tell us about the interesting name, why did you choose the panda as your symbol?

Gold Rocket | Satoshi Club: Please tell us also a bit about OPA team. Who is the core of the project team?🐼 Everybody loves a panda❤️🐼

Giant Panda: Panda is cute and it doesn’t bite😀 People in the world loves and adores Panda. We hope Option Panda could also win crypto community’s love.

Andrés M. | Satoshi Club: That’s a good point, are amazing creatures 😍 Completely agree😁

Gold Rocket | Satoshi Club: For sure🐼😍

Giant Panda: I am COO in the team. I am also coordinating a lot of development and marketing effort of the project. The CEO is a veteran in the trading field who has made a lot of profit in the early times of blockchain. Our chief developer is a top 10 code contributor in the Github community, really deep in coding. The CMO is a former CMO of a big centralized exchange.

Gold Rocket | Satoshi Club: Aww.. dream Panda 🐼 team😁

Andrés M. | Satoshi Club: Thank you so much for the introduction. We have collected the best community questions for this stage of the AMA. Let’s proceed with the first one. Ready?

Giant Panda: I am ready😆😆

Q1 from Telegram User @victorogb

Options Panda barely launched a couple of days back (May 31st, 2021) on Gate.io Startup and received an overwhelming reception with startup funding raised to over 333 times of the projected goal. This astonishing performance, is a direct pointer to investors confidence in the project and also shows the strong desire of customers for options product. Riding on this massive success, how will Options Panda look to improve, expand and innovate options trade to meet future growth predictions and challenges, and how will Options Panda ease the interoperability of it’s products with other protocols?

Giant Panda: We’ve completed the first milestone of launching Option Panda. Right now we’re focusing on expanding the recognition among crypto communities and make people aware of that Option Panda is the best in kind options trading platform that they could use to leverage their trading power.

Andrés M. | Satoshi Club: How are the fees on your platform?

Giant Panda: Concerning interoperability with other protocols, it’s very easy for lending platforms or multi-strategy platforms to simply call a function() in our smart contract to automatically sell or buy an option. Other protocols could easily retrieve data from Option Panda smart contract. We’re looking forward to discuss integration with other protocols built on Binance Smart Chain. But anyway, so far most protocols built on BSC is very naive and simple copycat from available Ethereum ecosystem protocols. Thus it would take time for them to comprehend a complex product like Option Panda.

Giant Panda: Option Panda charges 1% from the profit of buyers/seller. A very tiny percentage compared to the profit prospect of an option position. We’ll use all that revenue to buy back and burn OPA. Therefore the platform revenue only benefits OPA holders. Those rules are all writen in the code and could not be changed by anyone

Gold Rocket | Satoshi Club: Therefore, there are such projects as OPA! To bring the best in crypto👍😉

Andrés M. | Satoshi Club: Low fees and great trading tools, good combination.

Giant Panda: fees are charged only when you have made a profit

Andrés M. | Satoshi Club: Btw, how do you deal with the liquidity of the platform? How to increase it?

Giant Panda: Options product are not easy to comprehend. We’re working on to educate more users to leverage this powerful tool. Although we’re just launched and doesn’t have a lot of users so far. There is no liquidity crisis with Option Panda. Option Panda doesn’t rely on liquidity depth to survive. No matter we have a big or small user base, it could function well as designed.Big user base=big underwriting power, small user base=small underwriting power. It doesn’t affect the normal function of Option Panda.

Gold Rocket | Satoshi Club: Thanks for your answers! Ready to proceed to the next question?

Giant Panda: yes. let’s move on

Q2 from Telegram User @Brainchest

What are the risks if I hold money in the BNB- Put Underwriting Pool? At the moment 1124% APR for me is more attractive than trading options. But surely such a rate could contain ” Traps ” and I could lose money? Or is it a completely safe and guaranteed bet?

Giant Panda: If you hold money in the BNB put underwriting pool, in one way, you have revenue from the BNB call option buyers, who will pay USDT to purchase options from the pool; in another way, you will bare the risk that BNB has a sudden spike therefore the exercise of BNB Call options holdings might cause you lose a tiny amount of principle. Please bare in mind that Option Panda is providing high frequency options underwriting functionality. Therefore the impairment is very “tiny”. You can’t expect BNB to spike 30% in 5 minutes or 30 minutes, right? Even if it does, the automatic sigma adjustment would compensate you with higher option fee revenues. That’s means the buyers will have to pay you more to acquire options from you.

Also, as Option Panda settle options in fiat term, a simple calculation would reveal that you don’t lose money in fiat terms.

Giant Panda: To sum up, your funds is SAFE, no traps. Please take some time to DYOR. We have illustrations in our documentation. https://docs.opanda.io

Gold Rocket | Satoshi Club: safety first👍

Andrés M. | Satoshi Club: Let’s check it Satoshiclubbers, is time to educate ourselves!

Giant Panda: However, it’s not a guaranteed bet. If no users are buying a BNB call option, you will notice that the APR will go 0. Which means as BNB call pool contributor, you don’t have any revenue in a certain time period.

It’s all a dynamic process, depending on a lot of factors. I can ensure you that it makes sense and is fair.

Andrés M. | Satoshi Club: What others pools do you have on the platform?

Giant Panda: so far BTCB/ETH/BNB. we’ll add more underlying assets like LINK/LTC/DOT in the coming weeks

Gold Rocket | Satoshi Club: thank you very much for the detailed answer! ready for the next question?

Giant Panda: ok. let’s move on

Q3 from Telegram User @Ajpaa

The option value in your ecosystem is said to be composed of intrinsice value and extrinsic value. What is the difference between the two values? How does the intrinsic value measure profit? How does Extrinsic value rises with increase in volatility in the market? How does this help a user make better decision to maximize profit in your ecosystem?

Gold Rocket | Satoshi Club: Great! Thanks for sharing 😊

Giant Panda: As Option Panda is only underwriting At The Money options, intrinsic value with any buyer is 0. For the difference and explanation of intrinsic and extrinsic value, you can read here: https://docs.opanda.io/untitled/6.-what-is-an-options-intrinsic-value-and-extrinsic-value

Extrinsic value is also sometimes called time value of an option. All options underwriten and bought on Option Panda only have time value till expiry.

The volatility of an underlying asset will be automatically adjusted by the system, depending on the usage/utilization of the system. It’s also a dynamic process.

Andrés M. | Satoshi Club: Btw, great job with this guides, I agree with you that option are an interesting but complex concept. Do you have more guides like this one to learn more?

Gold Rocket | Satoshi Club: Yes, in this industry it is very difficult to understand without a good guide. thanks for taking care of this👏👏👏🐼

Giant Panda: We’re making video tutorials. Soon to be released. So that people will learn how to use Option Panda. Right now we are in the infant stage of growing, I have confidence that soon people will learn our platform. Savvy investors should start from the tutorial we write from here.

Gold Rocket | Satoshi Club: Thank you very much for your answers! ready for the next question? 🐼

Giant Panda: hold on. Let’s me have some water

Gold Rocket | Satoshi Club: Oh! this is a martini 😁😉

Giant Panda: Back. Ready to go

Q4 from Telegram User @pratze

I read that OptionPanda is a decentralized option underwriting and trading exchange. As OptionPanda operates in a decentralized environment, it pools real underlying asset as collateral to guarantee option underwriting. how does OPA’s underwriting mechanism work? What are the benefit that user got by using this system?

Andrés M. | Satoshi Club: Haha

Giant Panda: For underwriting mechanism, you should read: https://docs.opanda.io/untitled/12.-what-is-option-pandas-option-underwriting-mechanism Five available expiry durations, 5 minutes, 15 minutes, 30 minutes, 45 minutes and 1 hour, will be offered at Option Panda’s initial launch.

Option Panda adopts an auction-like option offering mechanism. Every cycle, after the old option expires, new option with the same expiry duration will be generated with a fixed offering amount. This offering amount is calculated based on the availability of underwriting pool at that moment. Buyers are able to purchase the option until the upper limit is hit.

Giant Panda: Users can easily buy/sell an option with ease and transparency, which you cannot enjoy with the same favor in centralized exchanges like Deribit. Deribit or other centralized option exchanges are basically marketplaces. Their option pricing mechanism is not transparent and has a lot of traps, which is not a fair play for small players. For option sellers, you can pool together to enjoy the revenue paid to you by option buyers; For option buyers, you can leverage the advantage of options to gain more profit with tiny amount of principle.

As an option buyer, you enjoy the upside or downside leveraged profit if the option you hold expires in the money.

Example 1: If you paid 50 USDT to acquire a BTCB call option with a strike price of $35,000 which expires in 1 hour, and it expires at a price of $36,000, you made a profit of $1,000 in 1 hour. 20 times the principle you put in.

Example 2:  If you paid 50 USDT to acquire a BTCB put option with a strike price of $35,000 which expires in 1 hour, and it expires at a price of $34,500, you made a profit of $500 in 1 hour.  10 times the principle you put in.

Andrés M. | Satoshi Club: Incredible, now I see the big benefits.

Giant Panda: Both examples are quoting the similar parameters therefore they’re true and not fabricated. This is the magic of options trading.

Gold Rocket | Satoshi Club: the benefit is obvious 🐼

Andrés M. | Satoshi Club: Yes, big profit😁

@PappaPanda thank you for the clear explanation. Btw, one of the most important thing on trading platforms is the safety of funds. So, have you been audited? What was the results of the auditing process?

Giant Panda: Smart Contract of Option Panda has been audited by Slowmist, one of the most well-known auditing firms in the crypto space. The Audit report could be found here: https://github.com/GiantPandaZoo/docs/blob/main/SlowMist%20Audit%20Report%20-%20OptionPanda.pdf

you can also check our deployment links here: https://docs.opanda.io/deployment-links

Gold Rocket | Satoshi Club: thank you for sharing and for being so responsible about the issue of safety👏👏👏

Andrés M. | Satoshi Club: Thanks for share it. Safety first👏 Ready to proceed with the next question?

Gold Rocket | Satoshi Club: Are you ready for the next question?

Giant Panda: sure

Q5 from Telegram User @andrey_seleznov

I see only one available liquidity mining farm OPA-USDT on pancake swap. Traditionally it is not the best idea to farm a token vs the stable coin due to a risk of impermanent loss. Do you plan to open more farms with more altcoin pairs? Do you need to partner with other projects to create new farms or can you just pick a random token by yourselves?

Giant Panda: We are having the OPA-USDT liquidity pair token staking because we want to encourage people to provide liquidity on Pancakeswap so that in the future majority of OPA trading will happen on decentralized exchanges. Impermanent loss is the phenomenon when you don’t have enough liquidity with a trading pair. That’s exactly what we are trying to solve with the OPA token incentive.

For the second quesiton. Yes. We’re going to open more farms. The next step is, we’re going to allocate some OPA to reward liquidity provider for Underwriter_Token/Underlying_asset liquidity pairs. Take your case as an example. If you have put 10 BNB into the BNB call underwriting pool, you will get an equivalent amount of BNB_Put_Pool_Token in your wallet, which represents your share/ownership in BNB call underwriting pool. That ownership token should correspond to the 10 BNB you put in to the pool. Therefore, we are planning to use OPA to incentivize BNB_Put_Pool_Token/BNB liquidity pair providers so that users will have another choice and better liquidity to exit his/her position.

This is the underwriter token in my wallet after I contributed asset into pool

Andrés M. | Satoshi Club: Amazing, it seems great new features are coming for OPA, could you share us your roadmap? What else is coming for your platform? What is the next big step?

Giant Panda: Concerning partnerships with other projects, our operating team is actively exploring it and discussing with a lot of projects right now.At its initial launch, Option Panda will focus on providing traditional cryptocurrency (BTCB/ETH/BNB etc.) option trading on Binance Smart Chain, with gradual listing of more underlying assets. In 2021, we are planning to support synthetic asset option underwriting and add CBBC(Callable Bull/Bear Contracts), which is a variant of options, to expand the product line. It’s also a work in progress to support Ethereum Optimistic Rollup network, Arbitrum, Cartesi, Polygon(previously Matic) network etc., for users of those public chains to trade options.

 Arbitrum already released its beta version of mainnet. We are looking into it. Matic is already a working mainnet, probably more close. Once we are deployed, Ethereum community members could also use Option Panda to buy/sell options. 1. Listing of more underlying assets; 2. deployment on Arbitrum or Matic. These two are the most actively explored efforts by us right now.

Gold Rocket | Satoshi Club: Yes, a lot of work. By the way, can you share your roadmap with us?

Andrés M. | Satoshi Club: Don’t forget to share the coming announcements with our community💪

Giant Panda: https://docs.opanda.io/untitled/2.-what-is-the-roadmap-of-option-panda

Andrés M. | Satoshi Club: Thanks for the excellent answers. Is time to proceed with the last question of this first part, ready to go?

Gold Rocket | Satoshi Club: Thanks! 🐼

Giant Panda: ready

Q6 from Telegram User @indomiekuy

I read from your site that OPA holder control the governance power of OptionPanda and will benefit from the platform revenue buyback & burn activity. I’m quite exciting since you have buyback and burn system, could you explain how does your buyback and burn system work? Have you schedule it or only do them for special event?

Giant Panda: Right now we have small user base and tiny revenue, therefore it’s a special buyback & burn event. When we are growing bigger, we plan to let the community decide. We’re planning it. Actually not only for the buyback & burn, but for the entire platform governance affairs. The plan is: (1) a vote page will open on snapshot.page for Option Panda governance; (2) the manager ownership will be transferred to the smart contract of governance; (3) The community(OPA holders) will vote to determine Option Panda governance affairs. (4) the smart contract will be executed. As we’re going to open more functionalities and have bigger plans for Option Panda with our roadmap. The transfer of governance ownership might happen later this year. But we’re soon going to have the voting function open to community members first. The first stage plan is to letting OPA holders to vote for new underlying asset listing on Option Panda. For example, OPA holders could vote to list LINK/DOT/LTC/SNX etc. for option underwriting on Option Panda.

Part 2 — live questions from the Telegram community

Q1 from Telegram User @Jonahapagu

Hello @PappaPanda

Option Panda’s pricing mechanism for its options is said to be transparent and strictly follows the Black-Scholes formula, and that Nobody can manipulate the option price on Option Panda as it is calculated by smart contract according to specified rules… so how does Option Panda maintain a transparent pricing mechanism for its Options while using  the Black-Scholes formula, what are the advantages of using this Formula for your Options, and what kinds of specified rules do you have in your contract to disable  manipulation of the price of an option in Option Panda

Giant Panda: The pricing formula is writen in the contract. Therefore no one is able to change an already deployed contract.

Q2 from Telegram User @Antoni_azx

Option Panda has a Fiat Basis option in USD stablecoin used for premium paid by option buyers to any option underwriting pool on Option Panda, can you share the concept of a premium paid option and a underwriting pool? How does this Fiat Basis is better than the implemented in other platforms like Hegic?

Giant Panda: For comparisons, please read: https://docs.opanda.io/untitled/5.-what-is-the-difference-between-option-panda-and-hegic   Hegic has internal flaws in its design in our opinion. Both buyers & sellers on their platform doesn’t have any advantage against each other.

Q3 from Telegram User @MaxiVV

If Option Panda is a decentralized options underwriting & trading exchange, which supports Ethereum, Binance Smart Chain and its similar peers are Hegic and Binance Option, semi-decentralized and centralized in nature respectively.  Could you say Binance is one of your major competitors? How do you face it? What plans do you implement for growing community when you compit with one of the biggest and favorites crypto exchanges?

Giant Panda: Binance option, first, we’ve done some comparisons and found out that their option pricing is 2x the normal price. Therefore, Binance charges an option buyers double fees which is unfair. Another fact is that you cannot underwrite an option on Binance. That is to say, only Binance itself could charge option buyers crazy fees to enjoy the profit. On option panda, you could choose freely to be an option buyer or seller.

Concerning competition. yes, Binance is very strong in marketing and has a large user base. But decentralization is the very thing that will interrupt centralization and make it a fair play for all users. We’re still in an infant stage. Small but growing.

Q4 from Telegram User @sheikhhsaab

Any benefits for  holding $OPA in long-term? i mean reward system for the OPA holders

Giant Panda: We hope people could recognize the long-term value of OPA. If we grow big enough, OPA holders will have very big reward.

Q5 from Telegram User @messilolz

What was the reason to list on Gate. io exchange and will you list on Big Cex like Binance etc in the future?

Giant Panda: We’re talking with other CEX for listing. A lot of second tier CEX come to us for listing cooperation. We’ll announce it when we have more concrete steps.

Q6 from Telegram User  @lzamg

🌟I’m interested to know about the fees charged for using Option Panda. Is your platform free to use? If not, would you tell us how do you calculate the fees? And what are these funds used for?

Giant Panda: Option Panda charges 1% from seller or buyer’s profit. We’ll use that profit to buyback & burn OPA.

If you made $100 profit, Option Panda smart contract charges $1 and send that $1 to an address for future buyback.

Q7 from Telegram User @cryptonation2

Can you give me your github and also a YouTube channel or platform where you will upload your videos for guide?

Giant Panda: https://github.com/GiantPandaZoo/OptionPandaContract  We don’t have Youtube channel ready yet. But it will be available very soon.

Q8 from Telegram User @surendra040

What is the best features in option panda for derivative trading and how easy it is to use for new users ,any video guide or tutor available?

Giant Panda: savvy investors should read our docs, it’s all there. https://docs.opanda.io

Q9 from Telegram User @Tahsinahmett

How do you expect the community to help the project grow? Do you have an award or ambassador program that we can participate in?

Giant Panda: Yes. we have ambassdor program. Please join our tele channel to discuss it. We have CM there to respond you. https://t.me/opandaofficial

Q10 from Telegram User @cryptofollower

Option Panda is a decentralized options underwriting & trading exchange which supports Ethereum and Binance Smart Chain. But there are currently BTCB, ETH and BNB right now. Do you plan to add the tokens that uses Ethereum and Binance Smart Chain networks too? Also how does system calculates Option Premium and Strike Price? Where do you get the data and which formula do you use?

Giant Panda: For option pricing formula, please read: https://docs.opanda.io/untitled/13.-how-the-price-that-i-have-to-pay-to-buy-an-option-is-determined-by-option-panda

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of OPA. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.

For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners:

OPA Website – opanda.io
OPA Telegram – @opandaofficial

We are pleased to announce our next AMA on June 10th 2021 at 04:00 PM UTC Time: Satoshi Club x Drone

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Drone Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions.

Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Drone Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Drone

For more details:
Drone Website – dronecoin.finance
Drone Telegram – @dronecoinofficial
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on June 8th 2021 at 03:00 PM UTC Time: Satoshi Club x FootBallSport

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join FootBallSport Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions.

Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. FootBallSport Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about FootBallSport

For more details:
FootBallSport Website – footballsport.finance
FootBallSport Telegram – @FootBallSport_Official21
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on June 10th 2021 at 02:00 PM UTC Time: Satoshi Club x Raptor

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Raptor Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions.

Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Raptor Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Raptor

For more details:
Raptor Website – raptr.finance
Raptor Telegram – @PhilosoRaptorToken
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on June 9th 2021 at 01:00 PM UTC Time: Satoshi Club x Defactor

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Defactor Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions.

Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Defactor Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Defactor

For more details:
Defactor Website – defactor.com
Defactor Telegram – @defactor_official
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on June 9th 2021 at 11:00 AM UTC Time: Satoshi Club x Moonkat Finance

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Moonkat Finance Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions.

Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Moonkat Finance Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Moonkat Finance

For more details:
Moonkat Finance Website – moonkat.net
Moonkat Finance Telegram – @moonkatfinance
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on June 8th 2021 at 01:00 PM UTC Time: Satoshi Club x Kine

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Kine Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions.

Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Kine Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Kine

For more details:
Kine Website – kine.io
Kine Telegram – @kineprotocol
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from APYSwap, a protocol for the decentralised exchange of shares of Tokenized Vaults. The AMA took place on June 1 and our guest was Andriy.

The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.

---

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Gold Rocket | Satoshi Club: Hello, dear community! We are pleased to announce AMA with APYSwap. Today our guest is @avelykyy!

Andriy | Apyswap.com: Hey, pleasure to be here, thank you so much for inviting.

Gold Rocket | Satoshi Club: Introduce yourself please. How did you get to be involved in crypto & APYSwap?

Andriy | Apyswap.com: Sure, let me give a brief intro. I came to IT in 2002, have been building data centers mostly, specializing in networking. Used to be Cisco Certified Network Professional. Now in 2006/2007 finished Warwick Business School in UK and switched from engineering to business development.

Came to crypto in 2015, started with building mining farms (looked same to me as data centers) then worked on integration of crypto payment with Point of sale devices (NCR included), cyber security, non-custodial multi chain crypto wallets. In 2020 started digging into DeFi, found that it there is a demand for cross chain solutions, started working on Apyswap together with my partner and CTO Yuriy Savchenko who has and outsource development company Noisy Miner, worked with Solana core team and with me on POS integration and crypto wallets

And in 2021 we started working on bridging non EVM compatible chains (starting with Solana) to EVM compatible as a part of our work on APYSwap.

Gold Rocket | Satoshi Club: I understand you set yourself very ambitious goals.

Andriy | Apyswap.com: well, I believe that while goals are ambitious they still can realistically be achieved by our team within a reasonable time frame.

Hopefully next week we will start rolling out Solana-ETH-BSC-Polygon-HECO bridge for our selected partners and bridge for all the projects interested will come in soon after governance and validation is launched. Hopefully mid-to-late summer.

Andrés M. | Satoshi Club: Great milestone, bridges are an important tool right now.

Andriy | Apyswap.com: and most of them are only between Ethereum Virtual Machine supportive chains. Which is important too, but we need to think larger than this. After Solana, I want to do Tezos for example, they have great community. Cardano looks hot now too.

Gold Rocket | Satoshi Club: Also we would like to know about your team. Who is on the project team core?

Andriy | Apyswap.com: My partner and CTO Yuriy, I have already mentioned. He is in charge of all the tech development, the project would be not possible without him and his in depth knowledge and experience.

Gold Rocket | Satoshi Club: Where is your office located?

Andriy | Apyswap.com: Kiev, Ukraine, we are both from here, but our team is global, some parts of it are in Vienna (Austria), Hong Kong, want to find some support in the Sates too.

Andrés M. | Satoshi Club: So, for our members, what is the meaning of APY?

Andriy | Apyswap.com: The APY stands for annual percentage yield – and the idea of the name of APYSwap came from our vision to make people be able to share the parts of their vaults on different chains effectively being able to transfer parts of the portfolios they created.

Q1 from Telegram User @Arisabela

Your new product, SolBridge will start as a bridge from Solana to the EVM-networks, but I saw in one of your announcements that in the future you’ll be establishing connections between the EVM and non-EVM networks, but with what end? What is the range of benefits that this will bring to your platform? Can you give us some examples?

Andriy | Apyswap.com: so as I mentioned above EVM bridges are relatively easy to build, still are important. For example we originally started with ETH-BSC-HECO bridge. Then decided to add Solana. Now looking into expanding our own bridge to other projects too. And more chains ofc. Ultimately we want to help people combine their favorite (and most profitable) assests without boundaries of any specific chain they are issued. Combined and managed in one place. That is what we aim for.

On this journey we are also solving congestion issues of Eth which we all recently faced. But most importantly it is not just about saving on fees it is about making liquidity flow in and out other chains as needed with the user experience that does not require hundreds of hours of researching.

Gold Rocket | Satoshi Club: Do you have any other bridges in the near future?

Andriy | Apyswap.com: we will start rolling out Solana-Ethereum-HECO-BSC next week.

In a week we will also add Polygon, seems hot at the moment. Then rather then adding more chains we will focus on governance and validation process, because for now we hand pick and white list the projects, and we want that service to be available for everyone, thus proper on chain governance is required. We are finalizing consensys algorithms, hopefully in July. I will publish my thoughts on that later in June so that community can evaluate and comment on them.

Andrés M. | Satoshi Club: What about cosmos chain? Is it on plans?

Andriy | Apyswap.com: yes, we are looking in. I have been early investor in Cosmos, during their ICO event managed to get in, I think it was march 2016 or something. Beed watching the project ever since.

Q2 from Telegram User @KASG95

Like many other swaps, I understand that ApySwap will exchange tokens between chains, but if this is the case, then what is the real use of the vaults that power these exchanges? Will this “enhancement” really provide any benefit?

Andriy | Apyswap.com: Now it is important to understand that we have different products within our ecosystem or as we call it – foundation. First one that we started from is the concept of tokenized vaults – vaults where people can put their assets (LP tokens, tokens, etc, even NFT) and tokenize those vaults sharing parts of them.

Second one is bridges, because as we were working on our vaults we wanted to link shares from different chains together in one place. And it turned out that for some reason market does not have enough bridges good enough for our purpose. After we will finalize the bridge part we will turn to marketplace where the vaults will be able to be traded, with cross chain assets representation inside of them, linked to original chains using our bridges. That is the ultimate goal.

Andrés M. | Satoshi Club: Those are the main products that you offer, right?

Andriy | Apyswap.com: yes, we started as vaults as our core product 3 month ago, but then we understood that our scope is much more wide then just the vaults. We even updated the website a few days ago to represent the changes.

Andrés M. | Satoshi Club: Btw, do you have your own token?

Andriy | Apyswap.com: Yes we do have APYS token. Its main purpose is to be involved in the cross chain marketplace governance and for the Solana bridge we will have a separate Bridge token for the validators. But that is a secret, don’t tell anyone just yet, we will announce it in a few days :). Of course all APYS holders will be able to stake their token on Solana chain to receive the new one.

Gold Rocket | Satoshi Club: Please tell us which feature are you most proud of today?

Andriy | Apyswap.com: Now what we did on Solana is cool, so the current official bridgeEthereum to Solana is called Wormhole and it supports Solana, Ethereum and Terra. We already bridged as a concept demo Solana-Ethereum-BSC-HECO-Polygon (soon)

Wormhole guys went upset as their architecture does not permit them to add chains so easily and said they will stop working on v1 and start working on v2 version with different architecture 🙂 and what is most important is the speed – they have been working on that for one year and half and we did tokenized vaults, all those bridges, even shared ownership of NFTs in 3 months all together.

Well, the announcement is still out there, but it soon be public, yes) you are the first non-team members to know.

Q3 from Telegram User @yellowchamp

Upon opening your website,the first message we can read is an “NFT Shares Giveaway” in which it is your present to the Binance Smart Chain community. We can claim our share in these NFT tokens and receive its value once the tokens are liquidated. But why we need to connect Metamask to open it? Why only Metamask,not Trustwallet or other wallet? So why Binance Community only,how about the Ethereum users or Solana? Do you also have present for them? Lastly,can you explain this statement “we can receive its value once the tokens are liquidated”? Which token will be liquidated to receive it’s value? Thank you

Andriy | Apyswap.com: ok, so for the wallets – yes, I believe that is a valid criticism and we need to add more then just a Metamask.

Why BSC? Because this particular NFT event was created for BSC, later will also explain why. All the art we designed with our partners is BSC related. That ofc does not mean that we will not do similar events on other chains. Why BSC this time? Because we want to bring those NFTs on Binance NFT Marketplace which is launching in June. So we kind of aligned the timing and efforts to be part of it. When it launches we want to put the NFTs there, sell them, distribute the wealth from selling it to those who claimed parts of the vaults

Also I think this is the cool story behind this art, all the vaults and claiming and community ownership which will bring more attention to NFTs once they are on the marketplace

Hope that I covered all parts of the question.

Q4 from Telegram User @Jonahapagu

APYSwap is providing a marketplace, where users are able to delegate their assets and Portfolio managers can actively trade on user’s behalf to generate yields… this is believed to give users the opportunity to earn passive income without actively managing their portfolio, so how do users delegate their assets on APYSWAP, how are the portfolio managers selected and what kinds of activities can they carry out on behalf of the users.

Andriy | Apyswap.com: APYSwap is building this marketplace, not providing just yet, we plan marketplace release in autumn this year, after finalizing the bridges we need for it in summer this year, that is something I would like to point out – the market place is not out there just yet

For the portfolio managers, our strategy is that we will our own become the first ones, then slowly add knownKOLs with a proven track record and only after that by verifying that our governance concept is working all right we will start getting external managers we dont know just yet on board. They will need to lock a deposit in tokens as a “safe switch” kind of a guarantee and/or insurance that the projects they add to portfolios are legit, not rug pull scams or something.

Andrés M. | Satoshi Club: Could you share your roadmap with us? What is the major event coming for APYswap for the second half of this year?

Andriy | Apyswap.com: June: First partnership launches using Solana bridge. Adding Polygon.

July: Finalized governance, consensus

August: Bridge open to everyone

September: Marketplace concept demo

October: Marketplace beta

November: Marketplace governance

December: possibility of trading LP tokens on Marketplace

Q5 from Telegram User @antoni_azx

“Start winning today with APYswap staking” that’s a big announcement on your website, it says that participants are rewarded for depositing and holding coins, so is there a way to receive passive incomes? Can you explain the percents in benefits and taxes that will be delivered to your stakers and holders? Also, what’s the participation of Ferrum Netwotk in all this?

Andriy | Apyswap.com: Ferrum network was one of the investors and the first company to add their staking services to us in early March.

The pools for that event has long be fully booked then we did a staking event with Unifarm. Our own staking event inside the tokenized vaults. Last but not least we recently launched staking event with bRing. For the exact percentage part for each staking partner it is better to contact them rather then us, as they are building the whole reward concept and I don’t want to misunderstand any numbers.

Q6 from Telegram User @andrey_seleznov

Hi APYSwap! APYSwap bridge allows to transfer APYSwap tokens between supported blockchains: Right now Ethereum, Binance Smart Chain, Huobi ECO Chain and Solana are supported. Do you only allow bridging APYSwap native token or can users swap any tokens from those chains that have wrapped counterparts in other chains? Do you plan to expand the bridge to the Polygon layer2 chain in the future?

Andriy | Apyswap.com: We will start bringing other tokens next week, users will be able so swap selective tokens really soon and any tokens swaps will be available after we finalize governance later this summer. Polygon coming in really soon, hopefully June.

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PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.

Q1 from Telegram user @highpee

Binance NFT marketplace will launch this June. Is your NFT giveaway done to support Binance NFT initiative or are you looking at maximizing the opportunities that will be created by this Binance NFT market hype? Also, how can users be part of your NFT event?

Andriy | Apyswap.com: yes, we are preparing ourselves for this event. You can participate by claiming NFTs from the tokenized vaults. Please find the detailed guide here https://apyswap.medium.com/bsc-community-giveaway-611ab817834f

Q2 from Telegram user @cindy_crypto

Why do you only offer to use Metamask? Can’t I use your NFT’s with my trust wallet?

Andriy | Apyswap.com: I will consult my team regarding adding of more wallets, particularly trust wallet and arrange that as a part of our development pipeline.

Q3 from Telegram user @nadee5

You just said for the SOLANA bridge you will have separate bridge token for validators… What is the importance of such separate bridge token for validators? Why is this special token only for SOLANA bridge?

Andriy | Apyswap.com: When we incubated the Solbridge team and agreed with them the token we wanted this token to be community only token, so no pre-sale for it, rounds etc. Just staking of APYS and Sol will help you to get it. This way we want to insure that only those who are interested in ecosystem will get it

Also in future as APYSwap foundation we will make sure that our holders will get a possibility to participate in the projects that we incubate, but still giving those projects an opportunity to be truly community oriented. For the validators – they will be able to benefit from every transaction done through the bridge, they will need to stake tokens to be validators, also projects who will want to use bridge will need to stake tokens too.

Q4 from Telegram user @Indomiekuy

Can you explain what is NFT Shares, is it same with NFT fractional? How if user can’t complete the NFT, is that mean that Incomplete NFT will have no value and can’t be sold?

Andriy | Apyswap.com: https://apyswap.medium.com/share-the-nfts-with-apyswap-12bf4eeb57cb we have covered this topic in depth here in this article.

Short explanation is that after the transfer, NFT will be wrapped and placed into the APYSwap vault on BSC network, initiating the countdown on our website. The countdown will last, enabling users to claim the vault shares on claim contract. Then an authorized Vault Manager will transfer NFTs from the vault to Binance NFT marketplace and sell it. Buyer will receive the NFT, crediting funds to vault. Every participant who has the ownership tokens will be able to acquire their corresponding share of funds, burning tokens in the process.

Q5 from Telegram user @Ratash97

When are you going to bridge to solana?

Andriy | Apyswap.com: We already have it working for our native token, partners tokens will be available later this month, all tokens later this summer.

Q6 from Telegram user @Shaa93

“Hackathon” are becoming more and more popular in the crypto space. Has APYSwap ever participated in any Hackathon? And does APYSwap plan to host a Hackathon in the future?

Andriy | Apyswap.com: We are constantly looking for developers and participating in hackathons as to our knowledge is a great way to get them. Yes, we are taking parts in hackathons, yes we want to organize our own and yes, we sponsor hackathons, last one was organized by distributed labs.

Q7 from Telegram user @alptrader

Why do you guys love Solana? Why is special about solana blockchain?

Andriy | Apyswap.com: Well, it is fast, efficient but the main reason is that my partner, co founder and CTO has worked for a long time with Solana core team and we have in depth tech understanding of their chain that is quite rare on this market, thus we decided to turn it to our advantage and build with them.

But we are not just building on Solana, we are doing cross chain solutions, those on Solana included.

Q8 from Telegram user @surendra040

You planned to build a bridge on different chain but I am confused how it works will the supply of tokens get affected and accordingly increase in each bridge?

Andriy | Apyswap.com: we never changed the total supply, originally the token appeared on Ethereum, each and every time it appears on other chains, the same amount is locked  on ETH part of the bridge, so that the total circulating amount does not change.

Q9 from Telegram user @cryptoneco

Considering that the ApySwap platform will need more users, do you plan to use social media and new publishing platforms such as youtube and tiktok effectively?

Andriy | Apyswap.com: Yes, I am thinking each and every day about bringing more people tocrypto eco system, especially APYSwap. Looking into Youtubers now

For tiktok I have some doubts that tiktok users require cross chain solutions and bridges and I think that the conversion ratio would be low from that channel. But I would be happy if you can make me reconsider.

Q10 from Telegram user @sweetdoge

What is the reason APYSwap to not include Polkadot blockchain into the project? Why not POLKADOT?

Andriy | Apyswap.com: I am big fan of Polkadot and would be absolutely happy to add it. From the start of the project I actually planned to run the marketplace on Polkadot Moonbeam parachain. The problem is – we are currently unaware of their release schedule and it is hard to plan with a partner who is not live yet. Not even Kusama test net. Can tell you this – once Polkadot launches – I would be prioritizing its integration.

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PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about APYSwap. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.

For more information and future AMAs, join our Social Media channels:

• English Telegram group: https://t.me/Satoshi_club
• Russian Telegram group: https://t.me/satoshi_club_ru
• Spanish Telegram group: https://t.me/satoshi_club_spanish
• Telegram Channel: https://t.me/satoshi_club_channel
• Website: https://esatoshi.club/
• Twitter: https://twitter.com/esatoshiclub 

Our Partners:

• Website is https://apyswap.com/
• TG group: https://t.me/apyswap
• Channel: https://t.me/apyswapcom
• Twitter: https://twitter.com/apyswap
• Medium: https://apyswap.medium.com/

We are pleased to announce our next AMA on June 7th 2021 at 05:00 PM UTC Time: Satoshi Club x Duke

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Duke Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions.

Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Duke Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Duke

For more details:
Duke Website – duketoken.com
Duke Telegram – @duketokencom
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish