AMA & Progress Report recap (11.15)
Hello everyone. Now we start our AMA & progress report in our group. It will last 30–60 mins.
First, let me introduce sypool briefly.
Sypool is an asset management protocol. Like traditional funds, investors are offered professional financial services, while fund managers have a platform to raise money (tokens).
This is another innovation that we have migrated finance from off-chain to on-chain. This idea was inspired by both off-chain fund companies and packaged asset derivatives.
In some aspects, Sypool is more than a blockchain fund, because our fund shares are also a kind of token. Therefore, they can do almost everything other tokens can do.
You can consider it as a fund share, or you can consider it as a token pool asset, as well as other new uses that may appear in the future.
We have two kinds of tokens in Sypool.
One is our governance token, SYP. It’s used for voting, farming, minting SAP, trading and salaries & rewards.
The other one is our shares token, SAP. It represents an asset pool, the same as the fund share in traditional financial market. You can mint/buy and hodl, it can be traded in secondary market.
If you provide liquidity for SAP, you can stake the LP token to get reward. In the future, SAP can be used as collateral. Also futures and options will be launched for SAP.
Let me introduce our co founder, Jackson. 👨💼
Jackson has been in crypto world for many years and founded a quantitative fund company trading crypto currency.
This time, we want to bring our trading strategies on chain so we created Sypool.
At first, there will be four main products: Index-traking SAP (Synthetic Asset Pool), Trader-based SAP, Structured Yield Fund and Assets-based quantitative trading SAP. More functions will be developed in the future.
As for technical members, we have designed several projects providing social network and startup tools aggregator. And our teammates have worked on a neuromorphic chip program.
The highlight of our protocol is quantitative trading.
Quantitative trading aims to use a large number of different technical indicators to find current market trends, and make directional investments based on the trend.
We might be the first to bring quant on chain.
To protect investors, each pool will be audited strictly and there is an insurance to compensate investors from managers’ misconduct and hacker attack.
For more details, pls check our latest whitepaper.
Next, let me share the current development progress. 💻
We have spoken to the audit company, waiting in line for audit now.
About the functions. When we launched testnet, we found some problems with the price feeding and it seems that the problems are from Pyth.
After the communication, pyth successfully solved the problem. Now it works smoothly.
We really appreciate their hard work and will cooperate with them in long term.
At first, both transaction speed and request speed on our web are slow.
After the communication with Solana, they have made some openings on the permissions of the nodes. Meanwhile, we have also optimized the code to improve the speed of transactions and requests.
The next part that needs to be changed drastically is the UI.
According to feedback from users of the previous testnet, the UI is not so satisfying, so we redesigned the UI.
And it’s almost Done!!😎
After finish, we will start the last round of testnet, every participates are welcome to make suggestions. Together with some events and rewards.
We will adjust UI based on suggestions, then mainnet will be launched!
If everything goes well, testnet will launch in two weeks and mainnet will launch in the head of Jan, next year or before.
Now that all the development of the mainnet has been completed!
Once the code audit is completed and the UI adjustment is completed, mainnet can be launche! The mainnet is ready to go!!🥳
But we will not stop developing new things. Many are still on the way. Pls stay in tune with us.
That’s all what we have done and what to expect in the near future.
In the next segment, we selected five best questions from the form before. If your questions are not selected, you can still ask after the event. We will answer them one by one when we are free.
1.My question is Where do you see your project in the future and what kind of problems do you think you will have solved? Why should an investor hodl your coin?
Sypool aims to bring crypto trading strategies from off chain to on chain.
There is too much speculation in crypto world, we mainly want to manage assets for some people with low risk appetite, and provide a stable investment platform for them.
It’s totally understandable that some investors want to earn some quick money. But we have seen a lot of long term investors, and they have one thing in common: They believe their long term rewards are worth the wait.
As for SYP holders, there is no guarantee that everyone would benefit from it, but we can promise that Sypool will not remain an asset management protocol.
As we always said, our vision is to build a comprehensive Defi protocol, there will be eco system projects around Sypool. At that time SYP represents the total value of our eco system.
2.Can you list 1–3 great features of the project that set it ahead of its competitors? What competitive advantage does your platform have that you feel most confident in?
First, we are professional in trading.
Our co founder, Jackson also owned a fund company off chain trading crypto currency. He has been in crypto world for many years. At early stages, we will be the manager and we will also invite some other trading teams to join us.
Second, we might be the first to bring quantitative trading on chain. And quantitative trading is more rational than subjective trading.
3.hello, my question is simple considering the trend of nft and metaverse and the very good project on solana which comes as star atlas do you think that sypool can incorporate a pool system in metaverse or a nft reward system by syp / atlas pair eg thank you.
Metaverse is really hot these days, and it does show the potential of crypto industry.
So, how could we miss it.
And we have engaged in it quite early. Some of you might remember two months ago our TGE have a NFT claim process. It’s our first attempt trying to combine asset management with NFT and Metaverse.
We collaborated with DeFine Art to launch our NFT PLUS, giving NFT holders the right to buy SYP in $0.04 at a period of time. It was a great success that they were sold out in one second, and 482 NFTs (492 in total) were redeemed.
But basically, we would like to participate in the economy area of metaverse building. Since metaverse would definitely create numbers of crypto assets. Sypool could be expert of managing it. Glad you mentioned Metaverse SAP. Building a SAP might be a good start. So may be we will have some collaborations with $atlas in the future.
4.(1)Did Sypool consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know who your ideal consumer for your product? (2)At the moment Sypool hasn’t started marketing and marketing is lacking, so my question is, how are you guys going to market and engage your audience with the project? Is there a specific plan or Roadmap you could share with us?
(1)Community members are also our partners. During the testnet, many participates gave a lot of useful suggestions, which are very helpful for our redesign.
The price feeding problem was also found by community members.
Btw the banner on twitter was also designed by our community member. Thank you mate.
As for target clients. we will have various SAPs with different risks. Users can choose products according to their own risk preferences.
(2)We want to attract users by the high quality of our project. So we prioritized development, now our development has come to an end temporarily, we will start planning marketing.
5.We all know fund manager is the key factor when it comes to selecting a fund, how would Sypool design the trust base? From investors side, how the lock-up period and redemption period is going to be set?
Trust is based on security. In this aspect, we show our respect to our pioneer, Set Protocol, which has a very strict audition process for new pools application.
At least at the early stage of Sypool, we would only invite professional traders or institutions to be our SAP managers, considering that they have a better risk control system.
Meanwhile, each pool will be audited strictly to prevent managers from misconduct.
If a manager operates improperly, he will receive a warning. Once more, he will be moved out of the whitelist and his pool will be closed.
Besides, we are planning to set up an insurance treasury to protect investors from managers’ misconduct and hacker attack.
For some SAPs, you can mint and burn anytime you want, for others, such as quant SAP, it will ask for a lock-in period of several months.
That’s the 5 we selected from our community. Congratulations to five winners! If you still have questions, feel free to ask after AMA, we will answer one by one when we are free.