Mary | Satoshi Club: Hello, Satoshiclubbers! We are happy to announce our AMA session with APY Finance 😀 welcome to Satoshi Club😀

D| Satoshi Club: hello Will! Welcome to Satoshi club! )

Mary | Satoshi Club: Ahaha, welcome to Satoshi Club 😀

Will: Hi everyone! Thank you for having me!

Serg | Satoshi Club: As a student, I had a life, now I have almost only work 😁is this a balance?

Will: Close enough 😂

Mary | Satoshi Club: And let’s start with your introduction and how you started with APY.Finance?)

I feel the same balance 😂

D| Satoshi Club: life? what is this? 👀😁

And what is APY.Finance?

Mary | Satoshi Club: Will we find balance with APY.Finance?)))

Will: No. You will only find yield 😁

D| Satoshi Club: Or rebalance

Serg | Satoshi Club: Can we start with the intro? 😁

Will: I’m Will Shahda, the founder of APY.Finance.

I got involved in DeFi back in 2018 because of my interest in stablecoins. While Tether may have been the most popular stablecoin, I found myself drawn to the mechanics behind systems like MakerDAO and Havven (now Synthetix).

In 2019 it became clear to me that DeFi would be the next big thing in crypto. Everyone in the space was product-focused and the projects were delivering real value to users. It was a return to crypto’s roots, the promise of programmable money.

To hone my expertise in DeFi, I started attending as many Ethereum hackathons as possible. I put teams together and executed projects under tight deadlines in the heat of competition. Frequently, we found ourselves winning.

The most recent hackathon I participated in was HackMoney. It was here that the idea for a yield farming robo-advisor, now known as APY.Finance, was born.

Mary | Satoshi Club: Amazing) what will APY.Finance do for me as for an ordinary crypto user?

Serg | Satoshi Club: Maybe it will bring life back 😁 and you will forget about work

Mary | Satoshi Club: Is this possible?)))

Will: As an ordinary crypto user, it will give you easy and frictionless exposure to the entire yield farming industry.

  With a single low-cost deposit, you will start earning a risk-optimized yield that you can rely on for the long term. Liquidity makes all things possible.

Mary | Satoshi Club: It is intriguing) If yes, my lambo will have numbers ‘APY.Finance’😂

D| Satoshi Club: great! it’s like 1inch for DEX?

Will: You can think of it as 1inch for yield farming.

APY does smart routing to a portfolio of yield farming strategies in the same way 1inch does smart routing to many DEXs.

  Where it differs is that APY continually rebalances to seek the greatest risk-adjusted yield. My AirPods are branded APY.

Mary | Satoshi Club: Great👍 I like the idea of your project ☺️

D| Satoshi Club: @madamlobster? I’m ready for the first part! you?)

Mary | Satoshi Club: Also, we have a questions, which we collected from our community) ready Will?)

Will: I’m always ready.

Mary | Satoshi Club: Let’s go 🚀

D| Satoshi Club: Q1 from bitcointalk user pedronino @xaviermaya on Telegram

I have seen that you have a smart contract that will rebalance liquidity to avoid loose of funds or other risks. Does it mean that it will move liquidity from one pool to another? Or how exactly? Speaking of rebalancing.

Will: The system rebalances whenever there is a new allocation of liquidity that would result in a gain of risk-adjusted yield that exceeds the rebalance thresholds for the transaction cost.

When this happens, portions of liquidity are unwound from different strategies in the portfolio to be redeployed in other strategies.

To keep this automation decentralized, a tiny portion of yield gets reserved as an incentive for third parties to call the rebalance function when it becomes available. This is how APY effectively distributes the gas cost of rebalances across the entire userbase.

We are also looking into using Gelato to further optimize gas costs using their decentralized system of collaborative bots.

Mary | Satoshi Club: So, imagine, I am using APY.Finance and… I will deposit funds to your platform, right? And then it will do everything for me? Or i am wrong?

Will: That is exactly right. There is a single place to deposit and you don’t need to worry about a thing from there.

  Our dashboard will provide analytics and transparency for the interested. You will have total insight into the strategies used and how they are being run. We see this as an opportunity to educate people on DeFi.

Mary | Satoshi Club: Yes, because a lot of people are afraid) hard terminology etc. So, I am trying to make thing simple for understanding)

D| Satoshi Club: @willshahda locked total value of your pool now $47,903,417.04 let’s say if i have only 200-300$ is there any point to participate in mining? i mean how much tokens would i earn with that sum?

Mary | Satoshi Club: it’s dust😂 but I also have 200-300$ ) we can unite😂

Will: Sounds like the beginnings of a DAO 👀

Mary | Satoshi Club: Sure😂

D| Satoshi Club: HaHa 🤝

Will: The TVL went far past our data model 😂 The support we received was incredible.

  To figure out how much APY you would earn per day, just take your account value (in this case $200-300) and divide by the TVL (~$48) then multiple by the daily rewards (30k).

  We will continue to revisit the reward emission rate over time as getting feedback from the community and figure out how best to incentivize users in a way that improves the health of the platform.

D| Satoshi Club: Ok, thanks for the answers! 😄

Mary | Satoshi Club: Thank you for your answers) can we go to the second question?)

Will: No problem! Let’s do it.

D| Satoshi Club: Q2 from bitcointalk user Ballantines87 @PaoloMonte87 on Telegram

Will there be an automated notification system in place so that the user is aware in advance and in real-time of the yield farming robo-advisor actions?

Will: You will be able to see when to rebalance is pending, but sometimes a pending rebalance may go through quickly to capture yield opportunity.

Using our dashboard, you will be able to see what actions the platform is taking for each strategy. It will give full transparency into the steps for each strategy and metrics for the strategies.

Will: You will be able to see more real-time than in advance. Space moves very quickly and we don’t want to limit rebalance frequency.

Mary | Satoshi Club: Will you have  mobile app?

Will: A mobile app is not an immediate priority, but we will be looking at our usage statistics to see what devices are most common for our users to better support them. We also will be integrating more wallets, including mobile wallets.

Mary | Satoshi Club: Ok, this will be comfortable for your users)

   Third question?)

Will: I’m ready

D| Satoshi Club: Q3 from tg user @jobel4

APY Finance uses Robo Advisor for yield farming. So what advanced features of Robo Advisor will make yield farming of your platform into a higher level? With the help of Robo Advisor, can we expect a higher ROI from yield Farming? How does Robo Advisor function in APY Finance network?

Will: APY functions as a yield farming robo-advisor to automate the capture of risk-optimized yield.

Users can expect yields that capture the growth of the entire DeFi industry without the huge barrier-to-entry and time commitment they would otherwise have to make.

  Many yield farming projects ignore risk and we think this is a mistake if DeFi is to mature as an industry. Diversification is a huge step forward for risk management and decentralized risk assessments further refine the capacity for APY to generate higher yields at a lower risk.

Mary | Satoshi Club: In which crypto should i deposit funds to your platform to let your robots decide where they will put it?)

Will: We support DAI, USDC, and USDT

D| Satoshi Club: Only stablecoins?

Mary | Satoshi Club: Do you plan to add more currencies?

Will: Yes, for the time being. Stablecoin deposits simplify some of the financial properties of the system. We will need to workshop other assets to decide if they can be supported as a deposit.

Will: That being said, the actual strategies used by APY are not limited to stable-coin strategies.

Mary | Satoshi Club: Got it, thank you)

  Next question knocked, ready?)

Will: Go for it

D| Satoshi Club: Q4 from telegram user @jonahapagu.

Early this month your smart contract was audited by Holborn and they found a gateway which could have triggered a recentracy attack which was fixed by the team I’m interested in knowing what level of damage the exploitation of this gateway would have caused to APY FInance, and how did the team fix the issue.

Will: It was an extremely low threat that was fixed. The reentrancy occurs in an event as opposed to any state change in the code. Exploiting that vulnerability would at best cause an inconsistency in the logs. It would have not been possible to affect any smart contract data.

 In addition, the function in question had a reentrancy guard around it. So it is doubtful that the vulnerability could have been exploited even if it had remained.

Mary | Satoshi Club: Do you have an insurance fund or something like this? If something will go wrong? But I hope it would never

D| Satoshi Club: Btw can I catch a rebalance moment and earn something on it? like pull my liquidity or add more, as it works with elastic supply tokens? I know some people do that kind of stuff. maybe it’s a silly question but I want to ask 😂

Will: We are looking into using insurance as a backstop. We are still figuring out how best to approach this.

Insurance is just a failsafe, however. It is best for nothing to go wrong, to begin with. We take testing very seriously and our contracts have very comprehensive unit and integration testing. Right now, we have about ~99% test coverage for our contracts.

  This type of game ability will not be possible due to the way deposits are batched for deployment to the yield farming portfolio. It is definitely a valid concern.

Mary | Satoshi Club: You are preparing well!

D| Satoshi Club: Good to know! thanks!)

Mary | Satoshi Club: Next question or you want to add something?)

Will: We can move on. Ready for the next one.

D| Satoshi Club: Q5 from tg user @raulsanchez8

You know that many projects remain anonymous in their presales and then they exit scam when it finishes,but I have seen that APY.finance team is fully public and the company is legit and licensed. Did you notice that your presale went better than others only because of being a public team?

Mary | Satoshi Club: Like this question)))

Will: It definitely helps to be a known team and a US-based company. The incentives for the team are fully transparent because we have locked and vested tokens for 4 years and the engineering team can be paid an actual salary. This removes a lot of unknowns for investors and gives people security in the team’s long-term focus on the project.

  A lot of the “fair launches” we’ve seen have turned out to be exit scams. Which in hindsight is far from fair.

Mary | Satoshi Club: You’re right, we also saw a lot. Which license do you have?

Will: Being in the US does present certain restrictions on how we do capital formation due to regulations, but the compliance also makes us trustable.

  We are a Delaware C Corporation. DeFi Labs Inc. for anyone interested in looking it up in the registry.

Mary | Satoshi Club: Yes, USA has a lot of restrictions) I wonder how you even took this risk to register your company there?) Usually, it is some islands or so

Will: We have a good lawyer 😂

D| Satoshi Club: Ha-Ha

Will: We made sure we did things by the book.

Mary | Satoshi Club: Our ‘many thanks’ to your lawyer 👍

 Thank you) and the last question from this part?)

Will: Let’s hear it!

D| Satoshi Club: Q6 from Telegram user @johnny_cash_btc

APY pools liquidity in a single transaction, reducing the transaction fees. That looks nice. What is the reduction in numbers? so, for example, if now I have to provide liquidity and I have to pay 12$, how much will it be with you?

Will: This depends heavily on TVL for the economy of scale and gas fees at any given time. There are also many types of fees you could incur.

If you were yield farming on your own, rebalance fees would be your biggest burden. The savings we provide here are linear with respect to the TVL. Depending on the size of your deposit relative to the TVL, you could easily see a savings of over 99% from what you would have yield farming manually.

 Deposit and withdraw fees also benefit from the economy of scale, but do have a price floor. That being said, they are about 1/10th what you see from platforms that do not batch deposits and withdraws.

Mary | Satoshi Club: So, we will not only earn with your platform but also save our money)

Will: Permissionless yield must be accessible yield!