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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.
Andres 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.
Andres 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.
Andres 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.
Andres 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.
Andres 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.
Andres 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.
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.
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.
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