AMA with SYNAsset
Introduction segment
auria | Decentralized Club💎:
Could you guys provide a quick overview of the SynAsset project?
ᴀʙᴀsɪᴇᴋᴇᴍᴇ ️:
Sure.
In our regular financial world, derivatives are representations of stocks or bonds that a trader does not own but want to sell or trade. In essence, if you want to profit from the price fluctuations of a stock that you don’t own, you can do this through a derivative. Synthetic assets are replica of derivatives in the crypto space. The difference between both being that synthetic assets keeps records of trades on blockchain and also, the representation of the derivatives by tokens.SynAssets is created and managed participants who are distributed around the world. All consensus participants work together to build the SynAsset ecology. They are responsible for executing all technologies, operations, products, and making decisions.
After SynAssets products go online and operate stably, we will recruit more consensus participants to develop DAO governance functions. At that time, all decisions will be discussed and proposed by the consensus participants in the ecology, and will be certified by the voting of all SAT token holders.As a people centered project, SynAssets will launch on Polygon because of the high rate of etheruem gas fee. The transaction costs on the Polygon chain are very low, the process is faster and more secure. Recently, there has been great explosive growth of the Polygon ecology. Polygon chain TVL has been enlarged by countless times, more and more outstanding developers are building on Polygon chain Dapps.
auria | Decentralized Club💎:
What are the benefits of buying and holding the SynAsset Token?
@abasiekeme
ᴀʙᴀsɪᴇᴋᴇᴍᴇ ️:
There are many advantages, but I'll mention few:
1)FAIR LAUNCH:
SynAssets is a startup project with no venture capital investment. This reduces overall cost of financing, increases founder ownership, increases growth. SynAssets Token(SAT) is issued by IDO(Initial Decentralized offerings). SynAsset is also a fair startup which means that anhyone can participate in the initial offering.
2) 5,5 CONSENSUS:
(5,5) is the idea that, if everyone cooperated in SynAssets, it would generate the greatest gain for everyone (from a game theory standpoint). Currently, there are five actions a user can take:
Stake (+5), Invite (+4), Bond (+3), Deflation (+2), Sell (-5).
3) HIGH SECURITY
In order to improve security, all SynAssets codes will be open on GitHub, so that all users can supervise and verify, and professional auditors will be invited to conduct security audits. SynAssets will adopt a multi-signature wallet where 1 key will be kept by one elected community administrator, 1 key by either of the member of the market team or financial team that is early consensus participants, and 1 key by the best community contributor. In the later stage, community members may propose to add more safe keepers for the multi-signature wallet. In this way, there will never be risks of rug pulls.
4) DEFLATION MECHANISM
SynAssets will introduce a mature mechanism in order to further build the Consensus. Protocol-controlled liquidity, mechanisms of deflation which were great pillars of the Shiba miracle will be introduced.
Every token issued by sAssets will be governed by the deflation mechanism of Meme coin.
5) Different classes of users can also benefit from SynAsset. As an IDO participant, the main benefits are the token quota in the early stage, with which they may enjoy the wealth growth brought by the development of SynAssets ecology.Staking users will benefit through growth in supply chain. With the increase of sAsset Treasury assets, new sToken will be minted, most of which will be allocated to pledgers.Price stability stands as the key to gaining as a bond user. Bond users could stake on tokens which will be redeemed at maturity.
auria | Decentralized Club💎:
Can you guys tell us what you are planning to achieve this year and beyond?
ᴀʙᴀsɪᴇᴋᴇᴍᴇ ️:
We have done a lot of work including completion of the website and whitepaper launch. IDO smart contract and Consensus network smart contract is under development.After the initial launching of SynAssets, we will successively launch sAssets such as sMatic, sBTC, and sETH. Besides crypto currencies, such as BTC, Matic, and ETH, we will also launch traditional financial assets such as Apple and Tesla stocks, so as to bring the new type of consensus mechanism into the traditional financial community. In the future, SynAssets will work with consensus participants to successively develop and launch new functions such as DAO governance in order to jointly build the SynAssets ecology.
We have also announced the Global Consensus Ambassador Recruitment Plan and Global Consensus Volunteer Recruitment Plan,we have so far received a lot of positive responses. Interested members here can apply through link:
https://forms.gle/qggcHi6irqYRVCjs5
Global Consensus Volunteer Recruitment Plan:
https://medium.com/@SynAssets/global-consensus-volunteer-recruitment-plan-ab411496461e
You can also view our achievements by going through our roadmap:
https://doc.synassets.finance/roadmap.
kara:
We will announce IDO whitelist rules next,only ambassadors have the whitelists currently,twitter and discord whitelists will be announced,stay tuned.
Other campaign like Ambassadors AMA Reward Plans in progress,we will invite ambassadors do 6 AMA with other community.And $matic giveaway and UI Design Contest,etc.will come.
You can join our discord:https://discord.gg/D8R7ZucQpx .
Twitter segment
auria | Decentralized Club💎:
1.
blaze
@AbayomiNathani2
SynAssets contributor would be rewarded if they invite more users participate in the consensus network how long do you intend on taking this amd tell us your priorities
ᴀʙᴀsɪᴇᴋᴇᴍᴇ ️:
Great question.
Only ambassadors have the right of invitation and will gain SAT invite reward of 4%. Also, the invitee will gain 1% SAT invite reward.You also can join the IDO without an invitation link, but you can't gain the invite reward.
We will annouce the detailed rules of IDO on our discord server, https://discord.gg/D8R7ZucQpx.
Our priorities are stated above. If you are not okay with the information given above, read our whitepaper: https://doc.synassets.finance/
auria | Decentralized Club💎:
2.
Tobi Okunola
@TobiOkunola1
sBTC, sMATIC, sETH, sAAPL, sAMZN，etc. will join SynAssets to build a new the world of synthetic assets. When are they planning to join synassets?
ᴀʙᴀsɪᴇᴋᴇᴍᴇ ️:
The IDO is just the beginning of SynAssets. We will continue to work hard to serve SynAssets as best we can. We will create a global synthetic assets exchange in the blockchain world. We hope to bring the optimized Olympus into synthetic assets world to solve this problems, anchoring not only crypto assets such as DAI, BTC,ETH,but also real-world assets such as Apple and Tesla stocks,gold, futures, and indexes, etc. We will enter the era of synthetic assets 2.0 due to the addition of SynAssets.We can build more consensuses, and so as to integrate the crypto currency market with the traditional financial market
auria | Decentralized Club💎:
3.
Donglee3
@Donglee32
On your website you don't mention that you have done any internal or external audit of #SynAssets smart contract,so can you give us details if you have done any audit before? And in case you haven't, would you plan to perform any review of your smart contract in the near future?
ᴀʙᴀsɪᴇᴋᴇᴍᴇ ️:
Yes, Audit will be done and the Audit firm will be chosen by community. We will audit our contract before IDO.
kara:
now,the smart contract is open source on github:https://github.com/synassets/contracts
Before IDO,we will invite all ambassadors and all members to testnet.
Also we will invite professional auditors to conduct security audits, covering all smart contracts deployed at the time, including Treasury, pledge, bond, and consensus network.
The smart contract audit report will be published in the official website and the community as soon as possible.ract audit report will be published in the official website and the community as soon as possible.
To ensure the security,Multi-signature wallet where 1 key will be kept by one elected community administrator, 1 key by either of the member of the market team or financial team that is sMATe up of early consensus participants, and 1 key by the best community contributor.
auria | Decentralized Club💎:
4.
Lalpori
@Lalpori11
Almost 4/5 of investors are focused purely on the price of token in short term instead of understanding the real value and health of the project. Could you tell us on motivations and benefits for investors to hold #SynAssets token in long term?
kara:
Yep:The project value is determined the the price of token in the long term.
Recently, SynAssets will first establish a powerful consensus synthetic asset protocol on Polygon. Every consensus participant in the ecology will benefit from the consensus. SynAssets will become the future for global finance. Not only crypto currencies, but also stocks, gold and other traditional financial tools will join SynAssets characteristic of fairness, transparency, security, and no spokespersons or dictators.
About the motivations and benefits for investors to hold #SynAssets token in long term is the (5,5)consensus as answer before.Also the Token Economic Model:
SAT is the platform token for the entire SynAssets ecology. The open and fair IDO is adopted so that there are no pre-mining and team reservations. All the consensus participants can have opportunities to obtain SAT tokens through the whitelist,token utility will be determined by DAO governance.
80% Initial funds from IDO will enter into treasury and distribute to 10 new sAsset.
SAT token holders are entitled to IDO, governance, etc. of all sAssets Projects in the ecology. Moreover, the unlimited deflation mechanism is applicable to them.
The specific rules of the deflation mechanism are as follows: Assuming that the first sAssets project is named sMatic and the token is MAT. Users should hold Matic-SAT LP in order to participate in IDO (Initial DAO offerings) so as to get MAT. After IDO finishes, Matic will be added to the liquidity pool, and SAT will be automatically destroyed. At the same time, MAT will enter Staking so as to get sMAT rewards. That is to say, half of IDO funds will be destroyed. As a network aggregation, the existing SynAssets will launch more new sAssets. SAT market circulation will be decreasing, which will form an unlimited deflation mechanism.
IDO of SAT tokens are divided into OG Market and Public Market. Only whitelisted holders can participate in OG Market; while participants in Public Market don’t have to hold the whitelist but have to pay higher price. After the close of the two markets, SAT tokens will not be issued any more. 80% of the total raised tokens will be put into the liquidity pool, and 20% used for the market of early consensus participants as well as development fees.
auria | Decentralized Club💎:
5.
Mehedi Hasan
@mehedih79094827
"STAKING" is one of the STRATEGIES to ATTRACT USERS and ACHIEVE MASS ADOPTION. Does your GREAT PROJECT have plan about Staking?
ᴀʙᴀsɪᴇᴋᴇᴍᴇ ️:
Yes, SynAsset has plans for staking. Staking users will benefit through growth in supply chain. With the increase of SynAsset treasury assets, new SynAsset token will be minted, most of which will be allocated to pledgers. Therefore, the yield of the pledger comes from the compound interests generated by the staking. Of course, the staking may face the risk of token price fluctuations. Simply put, if the growth rate of the staking reward exceeds the potential risk of price decline (due to inflation), the staking user can make a profit.
kara:
One of the advantages is the (5,5)consensus about SynAssets.If we both Stake & Stake(5, 5), it is the best thing for both of us and the protocol (5+5=10).
If one of us Stake and the other one invite,it is also great because staking takes DAO token off the market and put it into the protocol, while invite more consensus participants to join(5 + 4 = 9.
If one of us Stake and the other one bond,it is also great because staking takes DAO token off the market and put it into the protocol, while bond provides liquidity and Matic or DAI for the treasury(5 + 3 = 8).
If one of us Stake and the other one deflation,it is also great because staking takes DAO token off the market and put it into the protocol, while deflation reduce token circulation(5 + 2 = 7).
When we both sell, it creates the worst outcome for both of us and the protocol (-5 - 5 = -10).
Live segment
1)bllll:
How every consensus participant in the ecology will benefit from the consensus ? How will it become the future of global finance ? And what are Benifits of it being on POLYGON?
ᴀʙᴀsɪᴇᴋᴇᴍᴇ ️:
SynAssets Token seeks to be the ideal crypto derivatives project. Problems of projects such as Synthetix and Mirror and other synthetic assets which have problems of insufficient liquidity,low capital efficiency and liquidation risk , is what SynAsset seeks to solve through introduction of optimized Olympus into synthetic assets world. This will not only anchor crypto assets such as DAI, BTC,ETH,but also real-world assets such as Apple stocks, Tesla stocks ,gold, futures, and indexes, etc. The launch of SynAsset tokens will mark the beginning of a new era in the synthetic asset world.
SynAssets will launch on Polygon as a powerful consensus aggregation network which have sufficient liquidity and no liquidation RISK. As a people centered project, SynAssets will launch on Polygon because of the high rate of etheruem gas fee. The transaction costs on the Polygon chain are very low, the process is faster and more secure.
2)Topind:
I want to know how the Protocol is able to maintain such an high staking APY?
kara:
yep,the staking weill maintain high staking apy,very amazing.
you can understand if you have played the $OHM.
And,we cerate the (5,5)consensus,deflation system,invite,etc.
3)Mr. Introvert:
🔶🔶🔶🔶🔶🔶🔶🔶🔶🔶
🔶🔶🔶🔶🔶🔶🔶🔶🔶🔶
What are your marketing strategies and how will you have a global expansion and adoption fo your project where English is not spoken?What are your next upcoming priorities? What is in your roadmap ?
🌈🌈🌈🌈🌈🌈🌈🌈🌈🌈🌈🌈🌈🌈🌈🌈🌈🌈🌈
ᴀʙᴀsɪᴇᴋᴇᴍᴇ ️:
We have ambassadors all over the world helping us promote our project to their community.
Our roadmap is open to the public. Click link to view:https://doc.synassets.finance/roadmap
4)Uji🕶️🕶️:
Hi!✅✅
I'm really interested in your project. Your project is very good.Can you share your social media links so we can keep ourselves updated?✅✅@alisa679@abasiekeme
ᴀʙᴀsɪᴇᴋᴇᴍᴇ ️:
🔗Learn more about the project through:
Website
https://www.synassets.finance/
Twitter
https://twitter.com/SynAssets
Discord
https://discord.gg/D8R7ZucQpx
Medium
https://medium.com/@SynAssets
Whitepaper
https://doc.synassets.finance/
Roadmap
https://doc.synassets.finance/roadmap
Github
https://github.com/synassets/contracts
This video also explains why you shouldn't sleep on this project.
https://youtu.be/pSuo9218Zxo
5) Temitope Awoyinka:
🔥
You stated that only ambassadors have the rights to invite and will gain $SAT invite reward of 4%
Why is it that only ambassadors have the right to invite and can I apply to be an AMBASSADOR.?
🔥
kara:
because ambassador is the crypto influencer,will contribute to the SynAssets ecology.
Btw,invitee will can get 1% invite reward.
other sAssets have set all member can get invite reward,more info,please join our discord.
Now,everyone can apply for the ambassadors.