On December 7th 2021, our community had a chance to welcome Mr. Wilson Huang, Founder of XY Finance to join an AMA to deliver fruitful information about the key features and roadmap of the project.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the latest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
🔎 XY Finance (https://xy.finance/) is a one-stop cross-chain aggregator for DeFi and Metaverse.
At this AMA, Mr. Wilson Huang directly greeted the community and provided detailed information on the project as well as some exciting events that will be held in the near future.
Time: 19:00 (UTC+7) | Tuesday, 07-12-2021
Reward Pool: 200$ for members with the best questions.
Below are some main points of this AMA session:
PART I: INTRODUCTION OF XY FINANCE:
1. Could you give us a brief introduction to Wilson and XY Finance? How was the idea of XY Finance born?
Mr. Wilson Huang:
Hi everyone, I am Wilson, the founder of XY Finance. I’ve been involved in Bitcoin since early 2014, and with seven years of solid experience in the crypto industry, I became the advisor of various protocols in the past. Our team started working on XY Finance about half a year ago, and the team consists of blockchain talents from Ethereum Foundation, imToken, and IBM. As for our product – XY Finance is a one-stop cross-chain aggregator for DeFi and Metaverse. We aim to provide users with an efficient cross-chain ecosystem consisting of three parts: DeFi, GameFi, and NFT. Regarding the idea of XY Finance, the past year has seen significant adoption in decentralized smart contract-powered blockchains, such as Ethereum, Polygon, BSC, Fantom, Cronos, Ronin, Solana, and Avalanche.
As such, demand for swapping and transferring digital assets from chain to chain has skyrocketed too. This has created the need for a cross-chain swap application that provides a fast, secure, and decentralized way to perform cross-chain transactions and staking. Also, the daily cross-chain volume has surpassed $100M due to multichain ecosystem growth. As DApps and infrastructure continue to mature and DeFi yield becomes everywhere on multiple chains, we knew cross-chain swap needs would continue to grow. This is why we’re creating our next-generation protocol, XY Finance, to help users seamlessly and optimally transfer and swap assets from chain to chain without any disruption.
2. What strengths of your product make you believe it can compete with other competitors?
Our most significant advantage is that we allow users to complete transactions smoothly and seamlessly through our one-stop service. In addition, with our unique cross-chain bridge, Y Pool, we can provide liquidity on our own and improve the slow and costly cross-chain transactions caused by unstable liquidity and unreasonable fees. Also, to balance the Y Pool’s liquidity, XY Finance proposes a rebalancing incentive mechanism that will reward users with XY Tokens for helping to rebalance assets on different chains.
To sum up, with the help of Y Pool, XY Finance features the following five outstanding advantages:
– Instant cross-chain transfers (only two transaction IDs needed)
– Incentivized rebalance system (prevents liquidity pool from drying up)
– Earn your share of all transaction fees based on your provided USDT liquidity
– No impermanent loss thanks to our single-asset liquidity pools
– Highest composability thanks to many tokens being swappable on XY Finance
3. Would you mind sharing your partnership and investors that strongly support XY Finance with us?
In the latest round, we have raised $12 million from Circle (Circle Internet Financial), Infinity Ventures Crypto, Mechanism Capital, Morningstar Ventures, YGG (Yield Guild Games), and Animoca Brands. We are honored to see investors across core pillars in the industry: exchanges, venture funds, research firms, GameFi DAOs, and game developers, such as MEXC Global, TRON Foundation, gCC (gumi Cryptos Capital), Lemniscap, Evernew Capital, PANONY, Axia8, Looksrare.vc and more.
PART II: PRE-COLLECTED QUESTIONS FROM TWITTER
1. From @Rockabye1985
Please tell us what is $XY’s utilities in your ecosystem? What’s benefits $XY bring to investors/ holders? Is there any way to earn $XY from your platform? And do you have a token burn mechanism?
Mr. Wilson Huang:
The followings are the current and planned functions of XY Token:
1. Staking incentives: XY Token holders will be able to stake their tokens on the protocol and act as a catalyst to boost rewards on provided liquidity by up to 2.5 times. XY Token holders who stake their tokens will receive a portion of the revenue generated by the protocol.
2. Liquidity mining: Liquidity providers can stake their assets into the Y Pool to receive xyTokens, such as xyUSDT. In addition to earning swap fees, to further incentivize these providers given opportunity costs, liquidity providers will be eligible to receive XY Tokens through a liquidity mining program, adjusted based on a user’s relative contribution and additional parameters.
3. Governance: XY token holders will be able to participate and vote in the governance process of the platform. Through governance, users can influence and modify product features and key parameters of XY Finance. This will enable XY Token holders to influence the direction of the protocol’s development.
If users want to earn $XY, they can provide liquidity and help rebalance Y Pool. And yes, we do have a token burn mechanism. For now, you can refer to the graphic on our website; the details will be determined after our DAO is formed.
2. From @Nguyenhuybach12
Cross-chain development is currently concentrated on many platforms, so how will XY Finance consider this as the technology development focus of the platform? What benefit will this bring to users when they use XY Token to get other tokens and vice versa?
Mr. Wilson Huang:
The biggest advantage of XY Finance is that we have our unique cross-chain bridge Y Pool, to provide liquidity on our own, which can improve the slow and costly cross-chain transactions caused by unstable liquidity and unreasonable fees. Also, to balance the Y Pool’s liquidity, XY Finance proposes a rebalancing incentive mechanism that will reward users with XY Tokens for helping to rebalance assets on different chains. Once XY token has been launched, further rewards can be earned by staking your xyUSDT to earn XY tokens. The more you contribute and the longer your pool-side tokens are staked, the greater the rewards.
Nonetheless, our NFT & GameFi project GalaXY Kats allows holders to enter our future Play-To-Earn blockchain game. Depending on the faction of your minted NFTs, it will provide special utilities such as APY boosts, swap fee discounts, token airdrops and more via XY Finance services. XY Finance together with our unique GalaXY Kat utilities as well as play-to-earn feature, who said you can’t have the best of both worlds? In the near future, we will provide you with a one-stop-shop for services related to cross-chain exchange or unchain assets such as your tokens, NFTs as well as GameFi equipment and more to be revealed! XY Finance is committed to be the best cross-chain aggregator for DeFi & Metaverse, join us and let’s HODL & BUIDL together!
3. From @hellennguyen378
Please explain us how can we join your IDO? What’s is the requirement to participate and become a new holder of XY finance? And at the current, what’s is the biggest concern of your project? Can you share your roadmap until 2022 and further?
Mr. Wilson Huang:
IDO: This week, on December 9th at 10 PM (UTC+8), we will launch our IDO event via Balancer Liquidity Bootstrapping Pool (BLBP) on Copper Launch.
Biggest concern: To be honest, we are confident in our product. But if you ask, the biggest challenge for us, I will say it’s talent recruitment. I believe that would be a mutual difficulty for the whole crypto industry.
Roadmap: So far, we have already completed a couple of milestones of the Q4 roadmap. First, Y Pool has successfully launched, accumulating more than 30M volume within two days. In addition, 10K of GalaXY Kats NFT were sold out!
Regarding our future development plans, we plan to support Cronos, Ronin, Avalanche, Arbitrum and launch NFT Satellite, an NFT liquidity aggregator, by the end of this year; we will support more networks such as Flow, Solana, and Polkadot in Q1 of next year. We will also integrate NFT marketplaces on different chains, launch the NFT wrapper and “NFT Sweeper,” and later launch the limit order swaps.
4. From @PKragakA
Smart contracts are vulnerable to bugs and even recently three big new DeFi projects were victims of this, costings users funds. How efficient and secure is your smart contract, and did you ever audit it via any external party?
Mr. Wilson Huang:
Security has always been the top issue for us. We will ensure the security of our service and protocol is safe for our users. Therefore, our team and advisors from Ethereum Foundation, Curve, Pleasr DAO, and more, has closely reviewed the smart contract. Meanwhile, we have contacted the best auditors on the market, such as BlockSec. Once the audit is completed, we will upload the report to our website.
5. From @JENIYAKK
Without proper marketing and capital infusion, project dies, how do you convince us you have adequate marketing power and capital to push this project to the top project?
Mr. Wilson Huang:
We raised $12M from the latest funding round, and we got strong support from our investors. The fundraising attests to growing institutional confidence in the network and its immense value to the crypto trading market. In addition to the support from our investors, we have built up strong networking with multiple CEXs, PR agencies, and blockchain news media companies, which empowers our marketing power and further pushes our project forward. We aim to leverage the proceeds to enable a long-term vision that will accelerate and uplift the cross-chain industry as a whole; XY Finance will become the best one-stop cross-chain aggregator for DeFi and Metaverse.
CF: Much appreciation to all the insightful answers from our Guest. The community must be really interested in becoming part of XY FINANCE. Let’s continue with the last part of today’s AMA: Live questions
In this free-asking part, all members will have 2 minutes to make questions for our Guests today. Feel free to ask and he will explain gradually in his answers.
PART III: BEST LIVE QUESTIONS IN CRYPTO FAMILY GROUP
1. Can you tell us about your upcoming presale? Where can I buy your tokens?
Which exchanger can get this token?
We don’t have presale. IDO on CopperLaunch this week(12/9). For more details please see this tweet thread: https://twitter.com/xyfinance/status/1468147783719088128?s=20
2. Can you share your social media links so we can keep ourselves updated?
Official Website: xy.finance
3. Ambassadors play a very important role in every project, Do you have an ambassador program? If yes, how can I be one?
Yes you can reach out to our Alpha Team members XY Lune or XY L on Discord or in Telegram.
4. Do you have a whitepaper? if yes please share it with us and secondly are you working to AUDIT your project, to make its security more secure and reliable?
Whitepaper: https://docs.xy.finance . Yes we are working with BlockSec right now and we are looking for more audit firms.
5. Is your platform suitable for crypto beginners? Or does it only limited for professional users?
Yes it’s newbie friendly. You don’t need to go to different places to complete cross-chain swap. You can cross-chain swap any token to any chain with only one click in XY Finance
CF: Seems like there’re many things to learn more, but I’m afraid the time is up now. For all of the questions that have not been answered yet, guys feel free to search for more information on the links provided below: