APYSwap AMA Summary Recap with Shin Chan Community

We held a live AMA with Andriy Velykyy, Founder of APYSwap on 1st March 10:00 PM (UTC+8). Here’s the recap for those who missed it.

Introduction

Thank you for your introduction.

Andriy|APYSwap: 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, have been working closely with Cisco. Used to be Cisco Certified Network Profession. In 2007 finished Warwick Business School in UK with MSc in Infortmation Systems Management. Right now I am Warwick University ambassador in Ukraine.
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 devises, particularly NCR. At that time I have met my partner and CTO Yuriy. We worked together on building a non custodial cross chain crypto mobile wallet. Also Yuriy has been closely working with Solana core team.

JH|ShinChan: Thank you for your introduction.

Can we know when the whitelist result of APYSwap will be annouced? Our members are waiting for the results

Andriy|APYSwap: We have been waiting for the Fractal to perform KYC and that caused some of the delays. Our team has received the KYC approximately 1 hour ago. So in roughly two hours we will match the KYC tables to POLS holders/non holders and announce winners. Sorry for the delay, but it wasnt on our side.

AMA of Twitter Section Begin

Q1: “What does APYSwap stands for?Does the APY in your project represents the Annual Percentage Yield?Can you share a little more about the name of your project APYSwap..?”

Andriy|APYSwap: Of course, 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.
The idea behind naming that on our marketplace users can share the portfolios that bring various Annual Percentage Yield between each other.

Q2: “What inspired the creation of Apyswap Project, is it actually difficult to start it? Which companies do you think are potential partners, and to a certain extent they are good for the user base and Apyswap Project itself?”

Andriy|APYSwap: 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. Any legit DeFi project is a potential partner of mine and I would love to work together.

Q3: “What is your roadmap for 2021? What are notable milestones we should look forward in 2021?”

Andriy|APYSwap: This month (in March) we will roll out the Beta with new user interface. That is the next milestone
Later this year we will work together with Moonbeam to test on Kusama
Also each and every month we are continuously working on integrating more partners.

Q4: “Do $APY holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?”

Andriy|APYSwap: The most important role of the governance token would be whitelising the DeFi projects that will be available and priced on our platform. Apart from that users will be able to take part in determining the platform fees, oracles compensation etc.

Q5: “What if a token do scam after listing on #apyswap? How Investors can get their money back? What mechanism do you have in place to prevent this kinds of situation?”

Andriy|APYSwap: The insurance pool works to ensure that only reputable DeFi projects are available on the
marketplace. While the initial whitelist will be created by the development team, thereafter the decentralised community will be responsible for managing this responsibility.

If a project is deemed to fall below the standards expected, the tokens locked in the insurance pool would be distributed to all of the participants who own part of its LP tokens in APYSwap Vaults. Projects will stake tokens to propose themselves for inclusion in the whitelist, with token holders voting on the proposal. This is re-evaluated periodically, with projects delisted when lacking sufficient community support for inclusion.

Telegram Live AMA Begin

Q6: Has your smart contract been audited by any blockchain system? What’s your next most important priority? Is your team basic enough (Funds, Communities, etc.) to hit those milestones?

Andriy|APYSwap: 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 Dyma from Hacken my close friend who runs one of the largest cyber security projects in crypto before this AMA session.

Q7: 1) hey @AndriyV , why APYSWAP website is not accessible and tomorrow is your IDO date? 2) Why your team choose Polkastarter to launch IDO?

Andriy|APYSwap: I am confused about the website not being accessible. apyswap.com works just fine for me. I love the Polkastarter community and it has been my pleasure to work with Daniel and his team. Also because we are building on Polkadot it makes perfect sense to do IDO on Polkastarter.

Q8: Apyswap already raised 1.8M in private sale. After this huge success what is your next plan? Will you directly listed on Exchanges or will you conduct a public sale?

Andriy|APYSwap: We will hold a small IDO public event tomorrow on POLS, selling the equivalent of 125k USDT in our tokens. After that we will list on Uniswap.

Q9: The APYSWAP project idea is unique and extraordinary, how did this idea emerge?

Andriy|APYSwap: 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.

Q10: Following Peanut’s success in launching the token. What other programs will you do to develop this project? Will there be more innovations from Project Peanut in the future?

Andriy|APYSwap: Actually I think that this question has been copy pasted from Peanut AMA, like many other question that I have seen right now. But that being said, I can say that the Peanut team are good friends and partners of mine and we work together and they help us.

Q11: Do we as investors of your tokens have the right to participate in the governance of the project? On what kind of decisions can they vote on about the APYSwap?

Andriy|APYSwap: most important is whitelisting of the projects available on the marketplace

Q12: Reading about you, I found that in an article it mentions that APYSwap implements a delegation function for users’ assets. Exactly what are the main advantages that this function would offer to your users? Can any user make use of this function of your platform?

Andriy|APYSwap: delegate function means, that user can deploy assets to the eth address, tokenize the address and share part of it with all the underlying assets with another users.

Q13: Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same?

Andriy|APYSwap: Most of my investors are world famous funds, not retail investors. 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. Do you think that such entities would invest in a project that they are not sure of?

Q14: What makes them different from other projects similar to ApySwap?

Andriy|APYSwap: 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.

Q15: Are there KYC requirements to use Apyswap.com?

Andriy|APYSwap: no, we are a decentralized non custodial marketplace, this we dont need our users to go through KYC process. That being said, I need to mention that everyone who participated in private round and whitelist for POLS had to KYC due to legal issues.

Q16: 1. What is the 1st thing you will do after successful IDO in polkastater tomorrow?
2. Would you consider to spare a whitelist spot for ShinChan Community who asks the best question today?

Andriy|APYSwap: 1. get some sleep maybe. didnt have an opportunity to for the last week)
2. our lottery is random based, we know that a lot of users are unhappy if whitelists are hand picked, thus we decided to make the winners purely random.

Q17: Do you provide any service for liquidity pool providers? what would be the requirement to become a lp at APYSwap

Andriy|APYSwap: we will launch a liquidity mining program in a few weeks from now. But we will not do it for long. Would be similar strategy as Uniswap did — 1–2 months only of liquidity mining for people who lock assets inside our vault and.

Q18: Will there be more Community rewards program like T-shirt design (Although I missed i😭t)?

Andriy|APYSwap: Hey! I will be happy to do T Shirt contest and Memes contest. I like both T Shirts and memes, so dont worry, after things settle down a bit and we go through tomorrows IDO I will announce an event that you will be able to take part in

Q19: What is the way that apyswap is going to reduce the high transaction fee as mentioned on website

Andriy|APYSwap: L2. We have considered Chromia, Solana, now building on Polkadot, first Moonbeam parachain, then we will see.

Q20: on your website, many companies such as NGC Ventures, Asymm Ventures, GNB, Kyros, Hillrise Capital etc .., support your project. How do you get a lot of support and maintain that support over the long term?

Andriy|APYSwap: Yes, ofc. Talked to Dyma about that already

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