MOD : Hello Mr. Terry L welcome to our community.
Terry L : Hello, guys glad to be here
MOD : Hi everyone and welcome to the AMA on Forum Crypto Moonlight Official Group. We’re honored to host an Ask-Me-Anything session with acBTC.
MOD : There are 3 segment in this AMA today
- Segment 1: project introduction
- Segment 2: Question from Twitter
- Segment 3: Free asking
MOD : Q1. Can you tell us a little bit about what you did before entering the world of cryptocurrency and what is your role now in acBTC?
Terry L : I started my career with S&P Global, a U.S. credit rating agency in driving product strategies for the investment management segment.
After leaving the corporate space in 2016, I started a foreign exchange affiliate trading platform.
This project actually angled me into the crypto and blockchain space. And since then I fell down the rabbit hole like most of you and started NUTS Finance.
acBTC is actually our first project targeting the retail crypto users.acBTC is a composite Bitcoin solution on Ethereum that aggregates swap, savings and lending applications into a single platform.
Ultimately, acBTC aims to serve as the most usable form of ERC20 BTC on Ethereum.
On a regular basis, I am responsible for product design and go-to-market strategy for acBTC.
MOD : Q2. Can you tell us about xcSwap and how it works? What are the advantages of xcSwap?
Terry L : acSwap is an application where holders can exchange between ERC20 BTC at minimal slippage and competitive transaction fees.
Example: a user holding WBTC can swap into renBTC at minimum slippage (depending on order size) and competitive transaction costs (currently 0.04% for Curve, 0.02% for acSwap).
On the other hand, xcSwap represents cross-chain Swap. This is an application where holders of native BTC can exchange for acBTC or any other forms of ERC20 BTC.
Example: a user holding native BTC can exchange for acBTC or any other forms of ERC20 BTC with xcSwap in a secure and non-custodial way.
So in short, acSwap = swapping between ERC20 BTC. xcSwap = exchanging between native BTC with ERC20 BTC
MOD : Q3. Recently, there have been many projects that offer their users to provide liquidity to get prizes. So what is your advantage with other projects that offer similar things?
Terry L : Our goal is make acBTC to be the most usable form Bitcoin or Ethereum. So acBTC ecosystem will include many applications.
And if you look at the way we design the liquidity mining pools, the first pool is Big Blind, which was to incentivize miners to deposit renCrv to earn AC.
This pool was designed to attract liquidity from Curve Pool’s 5 to help us bootstrap our acSwap application (WBTC, renBTC liquidity).
Big Blind lasted for almost 3 weeks, it ended on 10/23. Went through a migration and turned into the HODLER pool.
The value capture for HODLER is the swap fee application. Right now you can stake acBTC to earn AC + acBTC (collected from acSwap application fees, including redeem fee and swap fee now).
The design mechanism of each pool is used to help AC and acBTC holders capture the most value from the acBTC ecosystem.
And acYield is another great way for AC holders to capture value. Meaning, we will introduce strategies to optimize returns for various forms of ERC20 BTC (ie. WBTC, renBTC to begin with).
The acYield application will charge a management fee, the management fee is collected in WBTC. which then is used to buy acBTC (contributing to swap fee application), and paid to liquidity providers.
So in short, to minimize sell side pressure for the AC token, we will be implementing a range of strategies via liquidity mining pools to help AC holders capture value.
MOD : Q4. The ERC-20 network is a widely used network but nowadays many users complain of very high transaction fees. How can your project solve this problem and keep investors interested in your project?
Terry L : acBTC is not a scaling solution so we cannot address Ethereum’s TPS issue directly.
However, we have high hopes for the roll out of Eth 2.0 along with some of the existing scaling solutions on Ethereum such as Optimistic rollup, zk-SNARKS, etc.
Nevertheless, the acBTC is a collection of protocols designed for ERC20 BTC and native BTC.Our applications were designed from a usability point of view,meaning we aim to provide a frictionless user experience for users to manage their BTC holdings.
With that said, we implemented a framework design which help save gas when interacting with our protocols.
when a user is conducting an acSwap transaction, the fees are deducted from the input token prior to the actual swap exchange.
the fees collected are saved as a batch for conversion at a later time to reduce the frequency on on-chain interaction.
These are some of measures we have implemented throughout the acBTC ecosystem to cope with traffic congestion on Ethereum.
MOD : Q5. If any of our members are interested in your project, how can they be able to support your project? What are the things they can do and what will it benefit them?
Terry L : We do want more and more people can support us.
The community can participate to earn free AC tokens in a few ways:
First, become a liquidity provider – we are opening new liquidity mining pools each week, LPs can earn AC which in turn have rights to partake in ecosystem governance
Second, become a Community Dealer – this is like an ambassador program where you actively promote and help grow the acBTC ecosystem.
Third, become a user of our applications and complete weekly missions posted in our Discord channel (mission includes retweet our announcements, introduce a friend about acBTC, etc.)
Forth, become a tester – we have a bug bounty program where you can help us locate bugs in our application.
AC holders have the rights to partake in the governance process of the acBTC ecosystem (submit and vote on proposals about application functions, fees, token economics etc.)
Q1. From @ga_gakenal I want to try acBTC stake coins what are needed to get AC & acBTC? And how many estimates do I get for the whole month?
Terry L : Don’t hesitate! The rewards are waiting for you guys
We launched the HODLER pool to earn AC and acBTC recently.
Since we need to stake acBTC in HODLER to get the rewards, we need to mint acBTC with WBTC or renBTC first. The emission for HODLER Pool will be be 12,857 AC/Day during 10:00 EST 10/25/2020 to 9:59 EST 11/1/2020.The emission schedule is released roughly 24-48 hours before the start of every new week.
Right now the estimated APY for AC is approx 18.5%.
Q2. Q2. From @Withoutyousam Can you Tell us what the difference between NUTS Finance and acBTC is? Are these two projects the same or two partners working together?
Terry L : NUTS Finance is the development DAO behind acBTC.
acBTC is our first product targeting the retail crypto market.Once acBTC gets to a sustainable stage, we will build other projects.So the relationship between acBTC and NUTS Finance is acBTC is a standalone project, NUTS finance is the development entity behind it.You can learn more from our community.
Q3. From @Saaelusuga How does your project integrate Bitcoin #BTC into the Ethereum #ETH network? How does it work?
Terry L : Many awesome projects and great solutions provide bridging. Like. Projects like WBTC, SBTC, renBTC are addressing the bridging problem from native bitcoin network to ethereum network.
acBTC is addressing the usability of ERC20 BTC. Meaning, holders of acBTC can better utilize acBTC as a collateral asset relative to WBTC, renBTC and sBTC.
Let’s take lending for example.
Right now, if you are holding onto WBTC, the collateralization level you can get by pledging WBTC ranges from 30 – 60%.In our point of view, this is not an efficient utilization of Bitcoin as a collateral asset.Therefore,we are introducing acBTC as a more efficient form of collateral asset.
Meaning holders of acBTC can set a higher colleralization level in lending/borrowing applications. This is the entire value proposition of acBTC, being the most usable form of ERC20 BTC.
This is not a competitive relationship between acBTC and the other forms of ERC20 BTC.Because ultimately, the way acBTC is minted and backed is by a basket of ERC20 BTC. So the more iterations of ERC20 BTC there are, the better it is for acBTC to develop in the future.
Q4. From @mai18315 What are the great achievements that NUTS Finance has achieved so far? What difficulties and risks did you encounter during project implementation and what factors helped motivate you to overcome difficulties?
Terry L : Always encounter the difficulties,The mission of NUTS Finance is to leverage blockchain technology to build secure, composable and easy to use technology modules to empower financial application builders.
This is what we set out to do since 2018. And this is driving us to overcome the difficulties.But let’s come back to acBTC.
acBTC ecosystem includes acSwap, acYield, acLoan and xcSwap. acSwap was launched on October 25.
So if you say achievement, this is a small one of it. Now our focus is to promote the acSwap application to increase usage.And at the same time we are building the acYield application.
Since we are still in a very early stage in terms of the project timeline, we need the liquidity to bootstrap acSwap.And we need to learn how to better leverage the community to help us spread awareness for the project.
Q5. From @GangNameS Existing projects sometimes only think about the benefits for the team without thinking about the profits of investors. How to get profit while still providing profit for investors?
Terry L : AC token upholds the acBTC ecosystem.
It is the fuel that powers the engine. 71.4% allocated to the community via liquidation allocation and 28.6% for developer allocation. No pre-mine or presale.
The value capture for AC holders are in multiple ways (ie. using acBTC to buy AC from the open market, acYield strategies to return acBTC and award liquidity providers with acBTC etc.)
Ultimately, the value of AC will be largely driven by the applications which we are rolling out >> acSwap, acYield, xcSwap, acLoan. The revenue ultimately is derived from our applications The revenue in turn will be used to buy back AC or mint acBTC to reward liquidity providers and AC holders.
Ronaldoge : Can you explain to us how the Big Blind Pool works? How can we participate in this Big Blind Pool program? And why do Big Blind Pool participants get 2 rewards (renCRV and AC token) at once?
Terry L : Since people want to know about the Big Blind pool we designed several liquidity mining pools the first pool is Big Blind, which is to incentivize miners to deposit renCrv to earn AC. This pool was designed to attract liquidity from Curve Pool’s 5 to help us bootstrap our acSwap application (WBTC, renBTC liquidity). Big Blind lasted for almost 3 weeks, it ended on 10/23. Went through a migration and turned into HODLER pool.
the staked renCRV in Big Blind was converted into acBTC helped bootstrap the acSwap application.
So you can participate in HODLER pool to earn AC + acBTC
Mawlaa : Can you list 1 or 2 deadly features that make #your project stand out from its competitors? What competitive advantage does your platform have that make you feel the most confident in yourself?
Terry L : I can list some major killer features of our acBTC ecosystem first
The acBTC ecosystem includes a series of applications, including acSwap, acYield, xcSwap, acLoan.
acBTC serves as a highly efficient collateral asset. Meaning, holders of acBTC can use acBTC as a collateral for taking out a loan at a much more competitive LTV ratio relative to existing ERC20 BTC offerings.
Swap between ERC20 BTC at minimum slippage and competitive transaction fees relative to existing DEXes
Maximize returns on acBTC and ERC20 BTC with our acYield application
Exchange between native BTC and ERC20 BTC using our xcSwap application in a secure and non-custodial setting.
Lanaya : Trust and security is important, what investors , customer and users data safe secure when working with your project?
Terry L : Indeed, security comes before everything and it is our highest priority to ensure our applications are SAFU
We are working with SECBIT Labs for smart contract security.
We have released phase 1 security audit report.
Read the full report here:
Also, we are looking to engage other security auditing firms to reassure our codes are SAFU! For us, everything is open source. Our codebase and our team background (no anon teams) and most importantly our track records.
Kencell : to create the $acBTC financial ecosystem, will there be a buyback or burning of a token supply?
Terry L : where management fees will be used to swap for acBTC which would be used to reward liquidity providers.
Essentially, our liquidity mining program is carefully designed to create value for AC holders and liquidity providers.
SHEHZAD : Does the AC Token have a plan to increase or decrease the supply in future?
Terry L : People always care about the supply,AC is the governance token for the acBTC ecosystem.
Total supply cap of AC is 21mm. Cannot mint more tokens because 21mm is the max cap.
Governors can vote to reduce.