On March 16th 2021, our community had a chance to welcome Co-founder of SIL Finance - Mr. Vincent Gu to join in an AMA to give fruitful information about the key features and roadmap of of SIL Finance – a decentralized automatic investment platform based on smart contracts, focusing on providing users with DeFi Financial Management services.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the lastest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA, the Mr. Vincent Gu directly greeted the community and provided detailed information on SIL Finance as well as some key products and new features
Time: 08:00 PM (UTC + 7) on Monday, March 16, 2021
Airdrop 200 USDT for the best questions in the AMA.
Below are some main points of this AMA:
Question for Part 1- Project overview
1. First, please introduce briefly about your team and SIL Finance.
Mr. Vincent Gu: We have the Big Orange, he is an early adopter in the crypto space since 2013, and is a well-known community leader in China, a.k.a KOL. He have so many fans that I've to mute most of them, and he has good relationship to many awesome and well-known exchanges Me the Vincent, I'm a battle-tested serial entrepreneur that mostly focused on fundamental technology, ex BitMart co-founder and ex Ethereum dev, and the Mr.Da, he's an operational pro guy, ex okex, helped various projects up to their tracks. I mostly represent the tech team, the tech team also comes from Ethereum developer grade background. Ok, now the marketing team.
Alex Joined crypto industry since 2017, worked as senior executive in some successful crypto projects, former okex senior global manager. Alvin has a background of TRON Foundation ecosystem building and product lead, Abra CeFi product lead, and Paxful product lead. Been advising projects like top 30 exchange, cloud mining as well. He resonated with SIL’s approch in DeFi and have been building sil.finance with the rest of the team. And we have various other members that help manage our communities.
Now the product. SIL is a decentralized automatic investment platform based on smart contracts, focusing on providing users with DeFi Financial Management services. SIL Finance has been focusing on transaction-based liquidity pools. There is a well-known function or flaw in the pool based on token exchange (LP), that is, impermanence loss (IL), which usually surprises new players blocks experienced players. It is difficult for novice users to control the positions.In order to minimize volatility, SIL introduced a smart contract based pairing engine that provides two additional solutions for current LP players, and both require only one-party token from players.
As the pioneer project of the DeFi aggregator domain, SIL is based on Ethereum, and strives to lower the entry barrier of DeFi and add value to users, so that more people can access DeFi.
The whole starts from where UniSwap gets hot and SushiSwap came in bound, we are all early adopters of UNI and SUSHI, and we played a lot, but soon find the issue that not everyone has a pair of tokens, e.g., the Big Orange found that, the fans in his group, they usually have one side of the tokens, and they tried to find the oppposite users in that group, so they could make a match, like I have ETH and @maru1875 you have USDT, we all don't want to loose our positions, so why not let's make a team and get into UNI or SUSHI together, and split the profit later. It's around September 2020, where we find the idea that make a one-sited liquidity pool maybe a practical idea, soon we sit down and brain-stormed the prototype, and during our development, we recruited a few test users from our community, they give us a lot of feedbacks, mostly importantly, they give us the idea that if we can reduce the IL(Impermanent Loss), they will really like our product, guys you can check our site, https://sil.finance. there are two modes there, one is just one-sided composition, another is IL reduction mode, this is the strength from the community, really impressive, besides that, we did a lot of code improvements and other security stuffs, this is how we get here today. we intended to make Sil.Finance a easy entry-level product for the beginners in the crypto space, and let user's make more profits than their owns.
Every single UniSwap user and SushiSwap user could earn more on Sil.Finance then directly put liquidity into them, so all the users of these DeFi products forms the edge of our adoptions, we have really flexible code architectures that will adapt to any future liquidity swap pools, so user's could stay tuned to that. we have the chance to convert as mush as possible liquidity from UNI or SUSHI, on that basis, I can't imaging the profit posibilities.
In the Vietnam market, I guess there already many fans of UNI/SUSHI swaps, if you switch to sil.finance, you still get all the benefits of mining, plus extra SIL tokens, it's a product worth try out. we'll put much efforts to Vietnam market by ways of marketing and community managements, and gives our warmest welcom to everyone wanna try our product, we have Vietnam language ready on our site, yes.
2. Please share with us the vision of SIL Finance in the near future. What do you plan to achieve mass adoption in the Vietnam market?
Mr. Vincent Gu: I already mentioned our Vietnam market strategies, I'll focus on the vision part.
This is our feature set:
We planed a few things ahead:
1. L2 integration
2. NFT integration
3. Compose Delegator Mode
For the L2 part, we'll integrate well-known L2 portals for easier gas fees, mostly will be zkSync, but maybe all, stay tuned. Soon will delivery a very interesting series of NFT tokens that just issued by us, which will corresponding to individual matching-pair tokens, and having our Sisters(SIL comes from Sister in Law) series to represent the card faces.We call them Buff / Debuff cards, it you hold them in your wallet, it will affect the mining speed of yourself or someone else, if it's a Debuff cardThe Compose Delegator Mode is like YFI, SIL will delegate values of many assets for users. The Debuff cards are actually very tricky, you can slow down the mining speed of one address that you input like when you throw bananas to other players while you are playing Mario Cart.
CF: NFT is a super hot trend now. Just can't wait!
Questions for Part 2 - Pre-collected questions from Twitter:
1. How can SIL Finance compete with other recent projects in the DeFi space? Please name some killing features and key products that make SIL stand out from your competitors. @Dgiangg91
Mr. Vincent Gu: On the contrary, we are not like AC's SIL or Bancor v2.1's BNT. The thing that provide real-liquidity is that, all our pairs are based on real trading pairs, not */BNT synsatic liquidity
User's will not have to give-up UNI/SUSHI LP farming profits while using SIL, but they get more, SIL will also do compound-interests for users, usually 2 times a day, this will rapidly increase the principles of user's assets. If you have previously used Harvest.finance, you know what I'm talking about. Also the single-sided approach, put user's money to maximum usage. Also we have the IL reduction mode, where if you are token minded, you can choose this mode in case of price fluctuation, to protect you token amount
2. What's the focus of the Sil Finance now? Build and develop products, acctract customers and users or partnerships? Are there any plans to burn or block unsold $SIL tokens to control flexibility, cost and security? @TrungHi34791477
Mr. Vincent Gu: Btw, you can check our whitepaper at https://github.com/sil-finance/Docs/releases
We are pushing our target on marketing, partnerships and further developments parallelly. Now we have covered in 3 languages(many others coming soon), we already have a lots' of (20+) partnerships in various countries around the world . many amazing institutations and kols are interested in our product and is going to work with us
The SIL token model is near-linear release mode, usually will be released in 6 months, but we will push our voting contract soon after we launch, there are many many parameters the community can control by voting Sil.Finance will use 0.5% of transaction fees to re-buy the SIL tokens and re-supply into the total mining cap
3. DEFI is evolving too fast and the ability to break is very high. What do you think about this and can you be sure that Sil's products will be demand in the long term? What is Sil planning to contribute to DeFi's growth? @QuyenCao11
Mr. Vincent Gu: Indeed, DeFi is still in it's young age, lot's of products maybe lacks of thoughout thinking or tests, or audits, then people loose money. The security is too important in DeFi space, we have our code audited by SlowMist in the January, and Certik will audit our code again this month for doubled security. And we tested the code for 3 months, it's vitally imported for us to have the code right. Also, we have 15% share of SIL tokens dedicated to cover any security issues, which we call the the Governance Treasury
4. What are your plans for the nearest year in terms of marketing and business development? How do you plan to expand the network, community, partnerships, etc? @trantheanh_337
Mr. Vincent Gu: Yes, we will integrate more DeFi product to SIL, this will be quite a lot.
5. NFTs is becoming more popular, many projects come out related to NFT. So how do you rate the potential that SIL FINANCE 's NFT can bring? Do you have any plans to make NFT become a new market trend? @john_labby
Mr. Vincent Gu: Quote:
Soon will delivery a very interesting series of NFT tokens that just issued by us, which will corresponding to individual matching-pair tokens, and having our Sisters(SIL comes from Sister in Law) series to represent the card faces.
We call them Buff / Debuff cards, it you hold them in your wallet, it will affect the mining speed of yourself or someone else, if it's a Debuff card. We happened to have an artist on the team, and we've already planed this thing for a month, there will Sisters Series Buff/Debuff cards incoming. We are looking forward to bring those interesting memories that gamers like. We love them so much ourselves.
CF: Oh that's so sweet.
PART 3: BEST LIVE QUESTIONS CRYPTOFAMILY GROUP
Question 1: “Token burn” is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn? From @elonmasking
Mr. Vincent Gu: We don't burn tokens, we re-buy them, Sil.Finance will use 0.5% of transaction fees to re-buy the SIL tokens and re-supply into the total mining cap.
Question 2: Currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some reasons why they should buy and hold your token in the long term?
Mr. Vincent Gu: The APY maybe ridiculously high initially.
Question 3: I would like to know if you've completed any security audits? Perhaps by third-parties? We've seen dozens of hacks, exploits and stuff like that this year, what measures have been taken to protect investors and community from it? From @TheBoom666
Mr. Vincent Gu: Two audits, one SlowMist, one Certik.
Question 4: How does project increase the token's value, liquidity and utility? So that it can lead to an increase in token prices? What is your plan to make your project stable and provide the highest return for investors in the long term? From @nobita_x9
Mr. Vincent Gu: The more liquidity we can get, the more profit we can generate, we are focusing on bring liquidity from UNI/SUSHI to our site, and we totally open to them at the same time.
Question 5: What is your strongest advantage that you think will make your team leading the market? In contrast, what is your weakness? How do you plan to overcome it? From @super534
Mr. Vincent Gu: We have built exchange before, which is a success story, we also have chain development experiences, and KOL's and global BD, we are diversified team, we hold the same target.
CF: Thank you so much for taking your time to join our AMA today, as well as thanks our members for rasing hundreds of good questions for SIL Finance.
For all of the questions that have not been answered yet, guys feel free to search for more information on the links provided below:
Telegram Vietnam: https://t.me/SILFinanceVN
Whitepaper & Source code: https://github.com/sil-finance/Docs/releases