APYSwap Summary Recap with Shin Chan Community
We held a live AMA with Andriy Velykyy, Founder of APYSwap on 27th May 10:00 PM (UTC+8). Here’s the recap for those who missed it.
Jack| Shin Chan: Before AMA start, can you introduce yourself and the team background?
Andriy Velykyy : Hey, I am Andriy, CEO and founder of APYSwap. I have been working in IT since 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, 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 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.
Jack| Shin Chan: Do you have any news/update about APYSwap would like to share with us?
Andriy Velykyy : Yes, the most important update is our bridge from EVM (Ethereum virtual machine) supportive blockchains like Ethereum itself, Binance Smart Chain, Huobi ECO chain and Polygon (Matic) to Solana is pretty big thing I would like to talk about.
After analyzing the recently launched Wormhole bridge (Solana to Ethereum), we decided to approach bridging from the modular design perspective. This will allow us to add new blockchains quickly and reliably. In addition, we decided to move the oracle consensys on-chain, making us much more transparent than our competitors. This also allows oracles to specialize within the system and they are free to pick the blockchain to operate in and get appropriate compensation with no requirements to monitor all of the blockchains at once.
We have already launched the bridge for our own token, but we will soon open it to all of the Solana eco system.
AMA Twitter Section Begin:
Q1 : I have read your article on Medium and I totally agree about cross-chain interoperability. That’s right, the current market asset value is very dependent on 1 or 2 giant coins. In other words, “if we fall, you will too.” So what will #APYSWAP do the first time with this idea?
Andriy Velykyy : This latest market crash is the perfect example of why cross-chain interoperability is so important if we want to see DeFi surviving in the long term. Market crashes are a common thing in economics; however, due to its technological aspect, the cryptocurrency market creates unique problematic cases to which we need to adjust.
The expansion of access to other networks is essential to minimize the dangers of Black Wednesday-like occurrences. With the increased access to other networks’ services, the severe overreliance on Ethereum network will disappear, spreading the workload between other networks.
And we are not talking here about interconnecting every Ethereum Virtual Machine network. Bridging to EVM networks is important, however, non-EVM networks are just as important to fully utilize the advantages of the other chains available on the market. As you may know, we have recently launched Solana bridge, establishing a connection between three EVM networks and Solana blockchain.
Bridging the individual islands of separate networks together into a unified ecosystem of interconnected networks is our proposed solution to the problem. This will provide users with financial freedom, as they will be able to utilize the service across a number of different networks. In addition, this will increase the overall market liquidity of the DeFi market, minimizing the costs on congested chains.
So we see our mission in bridging cross chains to minimize the impact of such market crashes and providing the market with more liquidity
Q2 : I found it very interesting that APYSwap decided to partner with DexLab. How will this help APYSwap to facilitate the entry of your project to Solana Blockchain? Will this in any way boost your growth in the Asian markets?
Andriy Velykyy : Right now we are working hard on establishing relationships with the prominent projects on Solana. Dexlabs is definitely one of my favorite one. I have enjoyed working with the team, finding the unique go to market approach together. Really looking forward to their launch and progress. By connecting to other projects on Solana ecosystem and establishing with them healthy partnership relationship we essentially bring more awareness to our own products too. And yes, we are most definitely interested in going to Asian markets using this strategy.
Q3 : Considering that NFT are booming and growing in exponential way recently, could you explain a lil bit more about the NFT fractional ownership? If NFT has to be complete to have value, why you decided to implement this fractional ownership feature?
Andriy Velykyy : The problem with the NFT is the fact that NFTs are currently bound to a single person, which goes against the general principle of decentralization. In addition, many people may lack the funds to purchase the NFTs as they could be quite expensive. Here is where APYSwap’s tokenized vaults become essential. Since the ownership of the vault can be split between multiple agents, it allows to tokenize the NFTs by trading the vault shares, instead of the NFT itself. Therefore, it enables joint ownership of the NFTs. Users may purchase as many shares as they like, making the purchase of the NFT significantly less expensive, while also splitting the ownership between different community members.
Q4 : I read that your first NFT,,released on May 19,and every week you will share a sneak peek into the next NFT for claiming,,What are we need, to claim our share?What are the conditions?
Andriy Velykyy : I read that your first NFT,,released on May 19,and every week you will share a sneak peek into the next NFT for claiming,,What are we need, to claim our share?What are the conditions?
We are currently running an NFT shares giveaway for all the members of Binance Smart Chain network You can check it here
Two examples of the art that we have prepared:
And we are looking forward to the Binance NFT marketplace launch on BSC where we will sell those NFTs and distribute the revenue to those who claimed the share
Hurry up — the amount of shares is limited and all you need to do is be on BSC and tweet about our event
here is the medium article about that and terms and conditions
Q5 : an expert will provide by Signature Vault features, which they can determined the price of them portfolio.
Who will be the best target market by this features, institutional?
How do we know the experts stated the fair price.
Andriy Velykyy : We developed this latest feature with those people in mind who are in constant search of quality crypto projects and share personal opinions with their community members. These members keep track of the recent developments to see new additions to the list of prospective projects. By utilizing the Signature Vaults, experts effectively display the projects they believe yield the largest investment returns, while also allowing community members to copy their personal portfolios.
With the help of this feature, experts will be able to create a specific portfolio arrangement and lock it inside a personal Signature Vault. At first, the price of this vault is going to be determined by the experts themselves, however, in the future, we plan to introduce the oracle pricing when they become available at our platform.
Followers will be able to purchase a certain share of experts’ portfolio with a one click solution in exchange for the ownership tokens. These tokens can later be burnt to receive a corresponding share of assets, locked inside experts’ portfolio. By burning said tokens, smart contract will distribute to the followers the assets from the Signature Vault, proportionally to the share that they own and deducting it from the vault.
From our perspective the best target market is KOLS. They sort of can use this product naturally
As for the price question — while we are still working on different approaches toward the oracle problem, the good news is that most of the KOLs that we have contacted have those tokens traded already at least on DEXes and we can feed the price data from there.
Telegram Live AMA Begin:
Q6 : 💫APYSwap simplifies yield farming and reduces its costs for users, how is this cost reduction possible without affecting the profitability of the farming or the sustainability to the platform?
Andriy Velykyy : by combining various DeFi assets in a single vault, tokenizing this vault and enabling users to be able to transfer / use shares of it on layer 2 or less congested chains that ETH right now is.
Q7 : Do you mind to share with us what was the first thing you did after successful APYSwap TGE which happened not long ago?
There are many decentralised exchanges in the market. What is your plan to increase user base & volumes in APYSwap?
Andriy Velykyy : Our TGE was on the 2nd of March
What we have achieved so far
In March we launched APYSwap vaults, presented NFTs fractional ownership technology
In April we launched BSC network vaults and bridge to HECO, launched Syrup Pool on Pancake and MDS incentivized farm
In May we did a bridge to Solana, partnered with Dexlabs, launched a community giveaway of NFTs based on our tokenized vaults tech and presented a concept of signature vaults
We are being traded on a number of DEXes including but not limited to Uniswap, Mdex, Pancakeswap, Raydium.
Q8 : Could you explain what you guys mean by “shared ownership of a vault”? How is it set up, is it safe to give access to an asset manager?
Andriy Velykyy : Shared ownership is always meant to happen in a decentralized, non custodial way. You retain the access to the underlying assets equal to your shares by the smart contract. There is no a single entity that can prevent you from getting your share.
Q9 : Where can I explore about APYSwap project’s latest news. Where can I check them and where can I find your whitepaper?
Andriy Velykyy : We publish everything on tg announcement https://t.me/apyswap
And in detailed articles can be found on Medium
Q10 : So how is the apy team feeling through this slump in the last week? I know as an apyswap holder since the beginning, I would love some to hear so optimistic words
Andriy Velykyy : The market crashed on all of us, not that I am happy about it personally. But we have been working hard on finding new use cases also for the token and we strongly believe that we will recover sooner rather then later.
Q11 : Is Signature Vaults already live to participate? How many experts are already registered? I’m really interested.
Andriy Velykyy : After we came up with the tech concept, we have assigned our marketing department to contact the KOLs, especially those who are on the cap table and get their feedback. Looking forward to it later next week
Q12 : Ⓜ️ Is there any future plan to resume the delivery of rewards for opening and creating the vaults?
Andriy Velykyy : yes, also a new staking program has been launched today with bring.finance
our token is in the ring.
Q13 : APYSwap is a protocol for decentralized exchange of Tokenized Vaults shares. How do I lock my token into Vault? And what are the locking details?
Andriy Velykyy : you can find the vaults here: http://vaults.apyswap.com/
Q14 : 🔥 Why does APYSwap use layer 2 protocols as a bridge? What is the advantage of cross-chain support for Ethereum, HECO and Binance Smart chain and how does EVM support it?
🔥 Can APYSwap use the same bridge contract on different blockchains? Can virtual machines be used to further parachute into the Polkadot ecosystem?
Andriy Velykyy : just to be clear we dont use l2 as a bridge. To be honest that question does not make much sense
a bridge is a bridge, l2 is l2
we see the l2 as a possible marketplace for creating cross chain vaults and trading the shares of them
and we do bridges too. EVM to non EVM compatible chains
Q15 : being Vault a smart contract, could you tell us, if it has been audited in the last months or evaluated internally by your team, to corroborate that it is error free, secure and ready to be used, if so, what guarantees that the results are transparent?
Andriy Velykyy :yes, we have conducted numerous security audits. more to follow
Q16 : 🎟 How do APYSwap bridges achieve interoperability on multiple chains and how is it different from the recently released Wormhole bridge?
🎟 Why did you decide to move Oracle reconciliations to the chain for your new bridging protocol What is the importance of oracles in adding new blockchains and how will oracle benefit APYswap?
Andriy Velykyy : Wormhole is not scalable. Unfortunately in this architecture it is close to impossible to bridge using in BSC and/or Polygon
Also it is not governed on chain.
We will address those two issues. On chain governance and scalability
Q17 : What is your motive behind creating this APYSWAP project? And what is your focus now?
Andriy Velykyy : I started working on this project because I personally needed it. Think that this is the best way to get the product/market fit, huh?) While researching various DeFi projects and allocating my personal liquidity in them, I have found out that there is no simple way to bringing crowd intelligence to the specific portfolio designs. I would love to have an opportunity to benefit of people putting their time and effort in creating the most efficient portfolio available and being able to buy a share of it. Essentially I would be happy to have a portfolio of portfolios maximizing my rewards and minimizing the risks and my vision is that on Apyswap marketplace users will be able to do that
As for my focus now — I am really looking into bridges and the proper governance for them. I think linking the liquidity of different chains together is our core mission at the moment
Q18 : Does Apy swap have that name-breaking price that we learned last week to avoid the price dropping so much, then does $APYS have the token burn out of the total supply to become token scarce, and the $APYS token is already in the trust wallet?
Andriy Velykyy : burning is something we are considering
and yes, we are already on the trust wallet.
Q19 : Is there event or airdrops in your project to get people Attention?
Andriy Velykyy : plz check BSC community giveaway https://apyswap.medium.com/bsc-community-giveaway-611ab817834f
Q20 : Does the $APYS token listed on the Solana blockchain, then pair the $APYS token and can stake for the $APYS token?
Andriy Velykyy : Staking on Solana will be possible soon, yes
Q21 : ✅ On your website you announce the APYSwap NFT Giveaway, can you give us details what this event is about, how can we participate?
Andriy Velykyy : yes, I have shared the link to the Medium a few messages above this one
Q22 : We could say that Signature Vault is quite similar to an Index in that we can invest in several projects with a single click. What are the benefits for the creator of the Signature Vault in order to incentivize if I use?
Andriy Velykyy : Mostly reputational. See, KOLs are always proud of their portfolio, especially if it performs well. We are giving them a possibility to have all assets in a single vault. Quite cool, huh?
Q23 : Governance componentry has became a very hot utility over the past 6–8 months. What are the obvious benefits and also flaws of the Activity & Time Weighted Proof of Importance model?
Andriy Velykyy : I will share my thoughts on a bridge governance/validation on our Medium later next week. Yes, it is important, yes we are thinking about that
Q24 : On your website, many companies like NGC Ventures, Asymm Ventures, GNB, Kyros, Hillrise Capital, etc. Support your project. then do you have large Investors who fund your project?
Andriy Velykyy : we had a 1.8 million USDT round prior to the public one. The investors are mentioned on our website and medium
Q25 : Where can I buy APYSwap tokens and where can I stake it to earn a return?
Andriy Velykyy : you can find the available markets on coinmarketcap or coingecko
new staking program has just being announced today.
Q26 : I suppose that you could think about Solana in the short/medium and Polkadot when it’s a feasible alternative? What are your plans with blockchains?
Andriy Velykyy : working hard on Solana now, then Cardano and Tezos. Looking into bridging with them. Polkadot too, but that is not up to us, but their development
Q27 : 🌼 You comment that DeFi is currently very complex for common users, however you include a new term for everyone: “APYSwap Vaults Shares” Doesn’t this complicate it even more? How do you plan to educate the newbie DeFi community to be able to use APY Swap?
Andriy Velykyy : We publish on Medium articles each and every week educating the users of what we do and what is happening in DeFi ecosystem
please follow https://apyswap.medium.com/
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