Judy_Host of EncryptClub: BSC and Heco have gained lots of traction with the previous surge of platform coins, and many projects began to implement multi-chain ecological layout on them. The rise of multi-chain ecosystem will inevitably make cross-chain service a necessity, and cross-chain vault pools offering high yields for miners is very likely to become the following trend. Today, we are honored to have AMA with APYSwap, a protocol for the decentralized exchange of shared of tokenized vaults, and Andriy, CEO of APYSwap will share us more information about APYSWap.
Welcome to EncryptClub and thanks for coming, Andriy. Could you give us a self-introduction?
Andriy: Hi, I am Andriy, founder and CEO of Apyswap. We are building a marketplace for the tokenized vaults, cross chain defi assets. Started working in IT in 2002, I have been working closely with Cisco. Used to be Cisco Certified Network Profession. In 2007 I finished Warwick Business School in UK with MSc in Infortmation Systems Management. Right now I am Warwick University ambassador in Ukraine. I worked in IT building data centers. I came to crypto in 2015, started as a miner, building mining farms in Ukraine. Then worked with cybersecurity company Hacken. They focused on doing crypto payment integrations in retail with Point of Sales devices, particularly NCR. Also I worked with my team on building a non custodial cross chain crypto mobile wallet.
Thanks for your introduction, Andriy. Let’s start AMA QA now.
Q1: Could you briefly introduce APYSwap? Can you tell us about the outstanding investors and partners of APYSwap?
Andriy: APYSwap is a protocol for decentralized cross-chain exchange of shares of Tokenized Vaults. It implements a delegation function for user assets and provides a marketplace for financial assets trading. APYSwap allows users on multiple blockchains (initially Ethereum, Polkadot and Binance Smart Chain) to create and control their native blockchain vaults and transfer the ownership to third parties. Users may also benefit from passive income without actively managing their portfolio. Alpha version is already available with beta and Polkadot’s parachain version still in development.
APYSwap has completed a Private Investment Round, raising $1.8M with the help of our strategic partners. We are honored to be backed by such investment funds as NGC Ventures, Asymm Ventures, Genesis Block Ventures, Kyros Ventures, Hillrise Capital, Astronaut Capital, Black Mamba Ventures, AngelOne, Gestalt Capital, all of whom demonstrated their long-term commitment to our vision.
Q2: As APYSwap is a protocol for the decentralized exchange of shares of Tokenized Vaults, what are the core products on your platform? The product is a core part that contributes to the success of a project.
Andriy: APYSwap consists of three layers: the protocol and smart contracts, the layer 2 aggregation marketplace as well as the user wallet on the top layer. APYSwap Vault is the underlying layer. It is a smart contract managing access to its funds and functionality to other blockchain agents depending on their share ownership of the vault. It can interact with any trustless service on the Ethereum, Polkadot , Huobi Eco Chain and Binance Smart Chain networks.
Q3: How to ensure the user’s asset security when using the delegation function of APYSwap, which users are able to create and control vaults on their native blockchain and transfer vault’s ownership to the third parties?
Andriy：We will of course conduct multiple audits of our smart contracts not only by our internal team that has experience in Blockchain development for many years but will also get the best hackers checking our code too both as bounty hunting and contracting. As a matter of fact, I have finished speaking to my close friend who runs one of the largest cyber security projects in crypto like 15 min before this AMA session
Q4: As we know, every successful project has a few stories behind the scenes, what’s the story behind APYSwap success? What was that vision when it first emerged as an idea?
Andriy： 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.
Q5: What is the most unique thing Apyswap brings to the blockchain community? How is it better than other platforms?
Andriy：The freedom it gives the users in terms of combining the various cross chain assets and projects selection too. Our competitors they currently offer the fixed set of portfolios, while at the Apyswap we encourage our users to construct the vision of the ideal DeFi portfolio they really want. It is really like a LEGO blocks that can be used to create anything you want. Also from the beginning I have been designing the whole strategy involving decentralization and non being a custodial at any point. Essentially users retain access to the underlying assets in every single portfolio they have a share of and I think that is kind of a cool thing to do.
Judy: Here comes the Free QA Session, guest can choose 1–2 lucky questions raised by group members to give a brief reply.
User1: What is APYSwap’s requirement for launching project? What measures will APYSwap adopt to eliminate run-away projects? Do you have any staking mining plan?
Andriy: New projects will stake in our tokens an insurance pool, so if they run away, we will compensate the users. Our staking program and liquidity mining program will be announced in a few days.
User2: What are APYSwap’s competitors, what’s your advantage over them?
Andriy: APYSwap creates flexible “Delegates” or “Vaults” which can be used to work with any Ethereum contract, acting as a user’s proxy. These delegates can be “tokenized” by users, issuing a standard ERC20 token with the value of 1 (100% ownership). The amount of ownership tokens is a share of all the liquidity shareholders can withdraw from the delegate and other tokens can no longer be minted.
In the case of Set Protocol, a “Token Set” is created, which is a predefined combination of tokens in a particular proportion. These sets are ERC20 tokens and those “Set Tokens” are minted when a proportion of component tokens are deposited to the set. This way token portfolio can be easily managed in a certain proportion (by trading different set tokens). Enzyme Finance (formerly known as Melon Protocol) creates vaults to interact with DeFi services. Portfolio managers are operating these vaults and users can trade vault shares.
However, unlike Enzyme, APYSwap is able to cover all solidity blockchains by using layer 2, representing assets from layer 1. A cross chain portfolio can be created for any solidity blockchain, specifically Ethereum, Polkadot, Binance Smart Chain and Huobi ECO Chain, connected by Ethereum smart contracts. Therefore, these blockchains can be actively for trading, providing a universal and cheaper solution to users with a low barrier to entry.
In addition, compared to its competitors, APYSwap provides a better user experience by offering a marketplace, where users are able to delegate their assets. Portfolio managers can actively trade on user’s behalf to generate yields. APY wallet provides a convenient interface to interact with the APY Vault’s functions and engages users to interact in APY ecosystem’s governance.
Judy_host of EncryptClub: Thanks Andriy for joining our AMA and sharing so much valuable information with us. Thank you all for watching this AMA. EncryptClub will work hard and bring more wonderful content for you in future.