Polysynth x Satoshi Club AMA Recap from the 9th of August
Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Polysynth. The AMA took place on the 9th of August.
The AMA session was divided into 3 parts with a total crypto reward pool of $500
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&WebSite
Mary | Satoshi Club
Hello Satoshi Club! Happy Tuesday everyone! Let’s welcome our guest today – the Polysynth project!
Jonah 🏅🎹 | Satoshi Club
We are excited to welcome our guest @Cinnabon13
Hello welcome to Satoshi Club
Swati Agrawal | Polysynth
Thank you @Jonahapagu ! Excited to be here with the Satoshi fam!
Mary | Satoshi Club
HI! How are things?
Jonah 🏅🎹 | Satoshi Club
We are Looking forward to a moment to remember
Swati Agrawal | Polysynth
Absolutely great! The market is looking a bit better by the day so thats a relief!
totally! cant wait to talk more about polysynth – lets get started
Mary | Satoshi Club
That’s so true Merge is coming
Jonah 🏅🎹 | Satoshi Club
Yes Indeed it provides more opportunities for projects to build and grow
Mary | Satoshi Club
btw, guys, since everyone is here, let’s get started
We’ll kick off with an intro
Mary | Satoshi Club
@Cinnabon13 Please tell us about the role you play at Polysynth and your background.
Swati Agrawal | Polysynth
Of course! Yes, of course! My name is Swati Agrawal. I head growth and marketing at Polysynth. Before Polysynth, I was the CEO/Founder of a stealth mode community-VC DAO which raised $1.5mn+ from a community of 12k+ members. Before starting my web3 journey, I worked in a travel tech company which got acquired as head of growth. Before that, I worked briefly with the CEO of an ed-tech start-up and at McKinsey & Company as a management consultant. I have an educational background in engineering and general management from two topmost ranked institutes in India (the equivalent of MIT/Harvard in the USA).
Here at Polysynth I head Marketing, growth, BD and communication
Swati Agrawal | Polysynth
I’m a degen whose crypto journey started in 2017 when I wrote content for a Swedish company’s newsletter. My interest grew, and I invested in ETH, BTC, Tron, ADA, LTC, and 15 other coins. When things heated up again in 2021, I returned fully committed to web3 full time in 2021.
Mary | Satoshi Club
What is your Degen score?
Swati Agrawal | Polysynth
hahaha, better not discussed
Jonah 🏅🎹 | Satoshi Club
You do have an impeccable experience in building and helping great products grow
Swati Agrawal | Polysynth
Appreciate it!
Mary | Satoshi Club
What’s Polysynth? Could you tell us the story of your project and the stages you have already overcome on the way to its construction?
Swati Agrawal | Polysynth
Polysynth started as a peretuals trading platform synthetic assets. The vision was to make commodities, stocks, any kind of tradeable asset borderless. Perp V1 was launched in Jan 22 but was deprecated due to some changes in features that we wanted to bring about.
Currently, we’re LIVE WITH Defi Option Vaults. Polysynth DOVs offers a simple way for users to earn yields via depositing assets into structured products, which removes the trading efforts and complexity. Our DOVs (DeFi options vaults) are easy for users to deposit their money and make 20-40% APY on the deposited assets (USDC/ETH/BTC).
Swati Agrawal | Polysynth
The APY is paid in the deposited assets – ETH, BTC, or USDC, as the case may be. Say you deposited $10,000; by the end of the year, you would earn anywhere between $2000-3000 on this capital.
Mary | Satoshi Club
How much APY in total already was payed?
Swati Agrawal | Polysynth
The story is simple, 2 DeFi degens got together years ago to work on a remittance crypto wallet but this was 2012 when things were not as easy and regulaitions were super tight. They got back again when the time was good to never look back! built a team of ex founders and we’re all hence on our journey to make finance more accessible through DeFi
Jonah 🏅🎹 | Satoshi Club
20-30% return on deposit at the end of the year is really an above average return
Swati Agrawal | Polysynth
About $40k on 1.5mn TVL across 7 weeks. if you do the math, thats about 2.6% in 7 weeks
Mary | Satoshi Club
The best cooperation
Swati Agrawal | Polysynth
which is insane!
Swati Agrawal | Polysynth
because its in the deposited assets!
and this is only the premiums. we’re not accounting for price rise in the assets
Mary | Satoshi Club
Not bad and i suppose you will pay much more
Jonah 🏅🎹 | Satoshi Club
At the background how many People do you have pulling off this great project alongside you?
Swati Agrawal | Polysynth
we’re a team of 14 ppl – 4 of us are ex founders. our CEO is a serial entrepreneur with 4x exts in the past
Mary | Satoshi Club
https://polysynth.com/about-us
Swati Agrawal | Polysynth
yes pls check us out here
Mary | Satoshi Club
Quite big and experienced team
Jonah 🏅🎹 | Satoshi Club
I’m already sending out connection requests
Swati Agrawal | Polysynth
haha, waiting to accept
Mary | Satoshi Club
Swati, I found that you have the Polysynth Academy project (http://academy.polysynth.com/). I enjoyed reading the stories on its page. Do you plan to continue educating your community?
Swati Agrawal | Polysynth
yes, we’re totally solid on wanting to make the future fo defi as inclusive as possible!
hence, not just Polysynth academy, we’re also working on a youtube series called “EARN LIKE A PRO” of which 3 episodes are already out! https://www.youtube.com/watchv=lVF58jzirfc&list=PLerzT21JSIVHC1T2uaORiPraYMUkViLDp&index=1&ab_channel=Polysynth watch it here!! this talks about how a user canuse polysynth to earn 20%+ APYS!
Mary | Satoshi Club
I will continue reading! A lot of useful info there!
Swati Agrawal | Polysynth
appreciate it!
Mary | Satoshi Club
Switching to YouTube, sorry
Swati Agrawal | Polysynth
haha yes!
much easier
hence we made this series!
Mary | Satoshi Club
Swati, thank you for the incredible intro! Are you ready for the first part of our AMA, where you get to answer six questions from our community?
Swati Agrawal | Polysynth
oh yeah
Let’s shoot!
Jonah 🏅🎹 | Satoshi Club
Q1 From Telegra User @Rozielyna
I understand that Polysynth Protocol is an exchange for trading synthetic assets and their perpetual futures, giving its investors access to a global set of stocks, commodities, currencies, bonds, ETFs, index funds, interest rates et al. all while staying in the crypto ecosystem. Can you tell us mode about the Products of the Polysnth protocol and How it works? What are the features/benefits and competitive advantages of Polysnth protocol over other synthetic assets protocols? I also read that Polysynth protocol has minting or trading fees, Why have you Decided on free Minting fees and How will you then generate revenue for your project? Thank You
Swati Agrawal | Polysynth
We released perpetual protocol in January and we had over $200 million in trading volume – we have deprecated that product and are building a version two which will be released early next year in the meantime we have launched Polysynth‘s current product which is defi option vaults and these walls have been earning over the last two months anywhere between 15 to 40% interest. how this works is that it’s basically option selling what’s the main competitive advantages of Polysynth is that it’s on the low fee network like Polygon and we have already expanded into other other EVM compatible chains.Our team is a team of multiple times founders in the past who have experience with DeFi. we will generate revenue for the project through the fee that we earn on the vaults = 10$ of the premiums earned on a profitable week
Mary | Satoshi Club
Which chains did you already expand?
Swati Agrawal | Polysynth
We’re already live on Polygon and Eth and through Hyphen and O3 swap bridges, we’re on 10+ chians like Arbitrum, Avax, BSC, Optimism, Fantom etc
Jonah 🏅🎹 | Satoshi Club
How many unique users did you record when the perpetual protocol was released in January before it was deprecated?
Swati Agrawal | Polysynth
So just swap your assets and bridge them seemlessly!!
Jonah 🏅🎹 | Satoshi Club
exciting range of options
Mary | Satoshi Club
Wow, currently i can see only Ethereum and Polygon markets, more coming?
Swati Agrawal | Polysynth
At its peak we had 7k people participating in the trading
I wasnt a part of polysynth back then, but this is the number I’ve seen!
Yeah actually, through these bridges users can deposit their assets from any of these chains!!
Mary | Satoshi Club
Well done! Thank you for the detailed answer! Anything to add, or can we proceed with the following question?
Swati Agrawal | Polysynth
yes, lets proceed!
Jonah 🏅🎹 | Satoshi Club
Q2 from Telegram User @Asela1112
Talking about $POL tokenomics, Total supply of $POL is 1 Billion & You have allocated for Strategic Sale- 3.5%, Seed Sale- 5.14%, Private Sale-5% & Public Sale-1% Which will be the main fundraise events in Polysynth Ecosystem. How many fundraise events have you completed so far, Did you conduct Strategic Sale & Seed sale already? If yes, tell us about that, How much funds were you able to collect from those two events? However, you have allocated approximately 15% for fundraisings. But For Community only 1% which is a small portion. Why is that? Is there anyway to get $POL tokens except buying it on Public sale? By the way, Please tell us about your upcoming Public sale & Private sale rounds? How can users participate on them & Tell us what will be the requirements?
Swati Agrawal | Polysynth
We have raised $1.5mn in the first (seed) round in which the token value was $0.025. We have 1,000,000,000 tokens in all taking the FDV after round 1 to $25mn.
The other was a strategic sale where we raised about $3 million+, the token price was $0.1 per token taking the FDV to $100 million.
right now what you see here as Private sale & public sale is both for the community so it’s actually 6% for the community. just that private sale will happen first within a private community so you can call it like an initial discord offering and then we will a list the token open for the public sale so that’s how it’s going to be. Our TGE will be sometime in early October so keep an eye out on the community sale that is going to happen, price will be at 0.4 $ per token and it will be only for a private group which is essentially the community on our various handles.
Mary | Satoshi Club
Among your investors is Sandeep Nailwal (Co-Founder & COO, Polygon), and Polygon is listed in PARTNER ECOSYSTEM on your website – what unique benefits do you get from this cooperation? And do you have plans to cooperate with other networks in a similar format?
Swati Agrawal | Polysynth
REquriement will just be being a aprt of our community to participate in the first private sale for the community
Sandeep has been instrumental in getting key investors on board and in making introductions to several prominent people in the ecosystem. Polygon is a popular chain and the ecosystem comes with its own benefits of many large protocols.
We do have plans, but not immediately
we’re consolidating our position as were alreayd live on Ethereum which has max liquidity anyway
Mary | Satoshi Club
We will keep an eye on your news
Jonah 🏅🎹 | Satoshi Club
Polygon is indeed a great option
Swati Agrawal | Polysynth
yes!
strong ecosystem and innovations everyday
Mary | Satoshi Club
Never stopped development
Jonah 🏅🎹 | Satoshi Club
And polysynth is here to add that synthetic feel to polygon
Swati Agrawal | Polysynth
absolutely – one stop shop for derivatives!
Jonah 🏅🎹 | Satoshi Club
Polygon + synthetic = polysynth
Mary | Satoshi Club
Cool! Swati, are you ready to go ahead with the third question?
Swati Agrawal | Polysynth
lets do it
Jonah 🏅🎹 | Satoshi Club
Q3 From Telegram User @QuianaV
I understand that you want the Polysynth protocol to be owned and governed by its community and in order to distribute supply, you designed trading rewards, arbitrage rewards and staking mechanisms through which all contributors to the protocol can get part of the supply in a fair and evenly manner. Can you explain on your trading rewards, arbitrage rewards and staking mechanisms and how they would work individually as part of the protocol and also ensure all contributors get supply in a fair and evenly manner? What are the minimum requirements for a user to make new proposals and vote on existing proposals?
Swati Agrawal | Polysynth
great question
Trading, arbitrage and stakign rewards were to incentivise appropriate stakeholders in perp V1.
For DOVs, we have DOV rewards which are basically a portion of the fee that we are earning as a protocol so we share a percentage of that free with the people who would put capital in a streak with us there will be more awards in the future which was incentivise people to put more capital and keep the capital for a long time. there is no minimum requirement to make a proposal and vote on existing proposals. we haven’t started a governance process yet tho, it will be done soon after the TGE and other the initial public sale – this will ensure that everyone has a fair holding of the initial Paul tokens
Mary | Satoshi Club
Will your governance be carried out using POL tokens?
Swati Agrawal | Polysynth
Oh yesss!!
which is why we want their fair distribution
Mary | Satoshi Club
Tricky question How do you perceive Vitalik Buterin’s statement : Agreeing with the proverb “those who most want to rule people are those least suited to do it” and supporting DAOs being run by transferable governance tokens is a contradiction. Transferable governance tokens are all about giving *more* power to “those who most want to rule”.
Swati Agrawal | Polysynth
hmm, very interesting!
My persoanal thoughts having been the CEO/founder of a DAO myself: I do not agree with Vitalik’s statement. Those who will give up their tokens to give up their power of participating and control are literally the last people who should be given any power because they lack a critical component – intent
Mary | Satoshi Club
Ahaha, now we have more space for philosophy or practitioners will win over the skeptics
Jonah 🏅🎹 | Satoshi Club
Absolutely true, the main point will be to ensure the tokens get into the hands of those who do have the intent to remain valuable players in the DAO
Swati Agrawal | Polysynth
Exactly
Jonah 🏅🎹 | Satoshi Club
We’ve seen different ideas around this of recent
Mary | Satoshi Club
Swati, thank you for answers! Do you have anything to add or is it time to move on to the next question?
Swati Agrawal | Polysynth
lets go ahead!
Jonah 🏅🎹 | Satoshi Club
Q4 From Telegram User @ghostofcharmeleon
Hello, the Polysynth team.
In trading with leverage, the liquidity in the glass is very important. In case of insufficient liquidity, even a small amount can greatly affect the price, which in turn can cause liquidation of both the long and short positions of the trader. It happens that even on centralized large exchanges there are squizzes that are not available on others. How are you going to provide liquidity for trading and protect traders from squiz that are not market-wide?
Swati Agrawal | Polysynth
Yes you are extremely right that in leveraged trading liquidity is the one thing that matters a lot. The way we will do it is that we will create a liquidity pool where in we will incentivise the lenders or the contributors to that pool by giving them a fixed 10% to 20% sort of a APY depending upon the utilisation of the pool. so liquidity in this way is ensured that is never ever dried up because as soon as liquidity is taken for leverage, the interest rates would increase and hence the leverage positions will be closed by some other traders so you are hundred percent guaranteed that they will always be liquidity for taking leverage on the platform
Mary | Satoshi Club
When I was looking for more information about your project, I found that one of the advantages of Polysynth is “24/7 quotes on any asset in any market conditions, even during market crashes”. We had a market crash in May this year, and your project was already live, so tell us how you can evaluate the performance of the protocol on those days?
Swati Agrawal | Polysynth
Hey Mary, this is for Perp, which we deprecated before the crash, we were already live with DOVs in May
we dont hence have data for that
Our DOVs performed brilliantly, while the market crashed 20%+, we made around 15k in premiums!
Jonah 🏅🎹 | Satoshi Club
Btw looking at the fixed APY of 10-20% for lenders and contributors, should we expect this percentage to always remain within this range?
Mary | Satoshi Club
That’s market didn’t crash for your users
Swati Agrawal | Polysynth
yes, teh utilization curve has been mathematically modeled this way that 95% of the times, itll remain between these bounds
Jonah 🏅🎹 | Satoshi Club
Impressive I must say
Mary | Satoshi Club
What will happen if 5% comes? In which case it will happen?
Swati Agrawal | Polysynth
it’ll run to infinity where the borrowing cost will be so much that people will stop taking leverage becasue it’ll outsize their potential returns from taking the leverage
Mary | Satoshi Club
Really comprehensive answers! Ready to continue with the next question?
Swati Agrawal | Polysynth
absolutely!
Jonah 🏅🎹 | Satoshi Club
Q5 From Telegram User @Emidm28
I read that Polysynth offers a referral program for users to invite their friends to try Polysynth and earn profit while doing so, this program is called “Polysynth Refer & Earn”. Can you explain to us what are the rewards that users receive for each referral? How many referrals must a user have in order to receive rewards? Can users withdraw those rewards? What are the requirements for the referral to provide rewards? Can we still join the program and get our referral link? Thank you
Swati Agrawal | Polysynth
Yes great question so Referral program is very much live you can go onto https://bit.ly/3p3sf2O and click on refer and earn and this will create a referral link for you so once you and your friend both signup and deposit whatever fee is generated to the platform will get shared between you and your friend.
This applies for every friedn who uses your referral!! the more people you get on to the platform, you keep getting 25% of the fee generated through their deposit so it’s a great way of earning!
Mary | Satoshi Club
As i understand rewards will be payed in POL tokens?
Jonah 🏅🎹 | Satoshi Club
And also there are no limits to number of referrals I suppose
Swati Agrawal | Polysynth
nope!
Mary | Satoshi Club
Just add your referral link to your bio
Swati Agrawal | Polysynth
haha yes It’s actually pretty neat!
Mary | Satoshi Club
So, if my referral deposited ETH i will get ETH, right?
Swati Agrawal | Polysynth
if 10 of your friends deposit ~10k, premiums earned will be around $4k on this. Fee generated will be 10% = $400. You can keep 25% of this, so $100.
yes, The premiums are earned in the deposited assets so the fee sharing is also in teh same asset!
Mary | Satoshi Club
I urgently need a friends with deep pockets we will both earn
Swati Agrawal | Polysynth
hahahaha yes, that is true
Jonah 🏅🎹 | Satoshi Club
I can support you, send me your link
Mary | Satoshi Club
Swati, i need to create my ref link asap, meanwhile are you ready for the 6th question?
Swati Agrawal | Polysynth
hehe, please head over to https://polysynth.com/trade/refer-earn
yes lets go!
Jonah 🏅🎹 | Satoshi Club
Q6 From Telegram User @Ivvanna_Cahya
In Your ROAD Map, I noticed that you have launched V1 of Perpetual Futures in March 2022, which now has a cumulative trading volume of $200mn+. Although knowing that you are currently working on Perpetual Features V2, which was said to be with more Advanced features such as 150X leverage, infinite asset classes, multi-asset collateral support and limit & stop-loss order types etc. I am really excited about the Perp V2, so can you elaborate more on when you plan to Launch the V2? What other Amazing Features are users of your platform expected to See before of after 2022?
Swati Agrawal | Polysynth
Hey, thanks for the question. We are also equally excited about v2 launch, but it will happen sometime early next year. This year, we are fully occupied with launches around leveraged feature in the vaults, composibiilty to increase user yield and retail focused simple app for users to deposit their assets and earn 10% on it in a fully decentralized, transparent manner.
The new model will not need external market makers as our users can be the counterparty single asset liquidity provider and earn fees + trader’s PnL for providing liquidity.
Swati Agrawal | Polysynth
it will be a fully decentralized trading platform for trading perps and spot for crypto assets
Jonah 🏅🎹 | Satoshi Club
Is there a walkthrough and roadmap you can share with us?
Swati Agrawal | Polysynth
oh yes
Swati Agrawal | Polysynth
We launched V1 of Perpetual Futures in March 2022, which now has a cumulative trading volume of $200mn+. We’re currently working on Perp V2, which will be launched later this year with more advanced features like 150X leverage, infinite asset classes, multi-asset collateral support and limit & stop-loss order types.
Our DeFi Option Vaults are currently live. 6 weekly trading sessions have been completed earning high APYs even in the ongoing bear market. In DOVs, the strategies for 4-week average APYs are as follows:
WETH and WBTC Covered Call – 22% and 19%, respectively
ETH and BTC Cash-Covered Put – 35% and 34%, respectively
In the next month (here’s some alpha), we’re going live with leveraged options vaults that will let users earn up to 350%+ APY.
Our roadmap for the last quarter of this year includes PerpV2, and we have Synthetic Assets for early next year!
Ultimately, we want to become a one-stop shop for all on-chain derivatives solutions!
Mary | Satoshi Club
Swati, i want to tell you that your can easily participate in speakers competitions! First places are guaranteed It was unforgettable first part of Polysynth AMA! And we are ready to jump to the live part if you’re Sure, you will enjoy it!
Swati Agrawal | Polysynth
haha, we should’ve done a voice AMA and I’d have never stopped lol
Lets get to it!
Mary | Satoshi Club
Let’s go
Part 2 — live questions from the Telegram community
Q1 from Telegram user @demyrman
What is the short-term goal of Polysynth? Will there be any caps for early users? What qualities will you have to build trust?
Swati Agrawal | Polysynth
Short terms goals of Polysynth are to build a community and grow the TVL. no caps for any users, you can deposit as much as you want! We are default completely on chain, so 100% trasnparent. Other thann that kyc of founders and Audit is in the pipeline tho we are all already doxxed
Q2 from Telegram user @blockkitty
How the auction mechanism on Polysynth works? For Strike Selection Mechanism, How Polysynth maximises yields while minimising downside?How does it work? Can you also tell about Delta Value Selection?
Swati Agrawal | Polysynth
Great question! Auction is a competitive RFQ with market makers. We do strike selection basis delta we find most conservative and safe from our backtested results which can be found in our blogs
Q3 from Telegram user @wondergar
can you explain to those who do not understand about Leveraged Options
in the Polysynth ecosystem and how much scattered leverage can be used?
Swati Agrawal | Polysynth
pls refer to our Earn like a Pro series here to learn more about how you can earn on Polysynth –> https://www.youtube.com/watch?v=lVF58jzirfc&list=PLerzT21JSIVHC1T2uaORiPraYMUkViLDp&ab_channel=Polysynth
Q4 from Telegram user @Karry1999
In Your Website, You have Mentioned that
“Volatile markets? No stress”
May I know Why You have Said this Because In Volatile Market it is Obvious to Concern about our ASSETS AND FUNDS ?
Swati Agrawal | Polysynth
We have said this because we do options selling which enables us to earn premium irrespective of whether the market goes up or down
Q5 from Telegram user @redroninx
How do we register on the Polysynth platform, do you have any documents or KYC requirements at the registration stage? Is there a minimum investment amount requirement, if so how much do I need to deposit at the beginning?
Swati Agrawal | Polysynth
Just need your wallet and you’re good to go buddy! nothng else needed and no min amount needed!
Q6 from Telegram user @Rinkus987
I Saw that Polysynth and BICONOMY has Done the Collaboration With Each other ,
May I know more about this Partnership and How BICONOMY will help POLYSYNTH ?
Swati Agrawal | Polysynth
Biconomy basically ahs a brudge called Hyphen whcih we have integrated onto our platform! wiht this bridge, uyou can move assets from 10+ EVM comp chains into our platform
Q7 from Telegram user @curiosoAMA
What are the risks of investing in Polysynth’s DeFi Options Vault? How can I be sure that these strategies really work?
Swati Agrawal | Polysynth
We’ve backtested our vaults with past 1 yr of data. The risk is only there if the market moves more than 40% within a week which is super unlikely. Even in that case, you just accummulate the asset, NOT LOST ANY MONEY only make profits
Q8 from Telegram user @itzvivek_969
Can you tell us about POLYSYNTH ACADEMY and what do we learn here? On what topic do you teach the newbie? Can you also share the link to academy?
Swati Agrawal | Polysynth
I know this is a plug, but anyway! Polysynth academy has been designed to teach DeFi concepts from scratch. Howveer, we’re releasing a more relevant series which teaches how to earn using polysynth platform – https://www.youtube.com/watch?v=lVF58jzirfc&list=PLerzT21JSIVHC1T2uaORiPraYMUkViLDp&ab_channel=Polysynth
Q9 from Telegram user @G0DABEG
What plans to you to engage Non-Crypto natives on this Project. And also how do you plan to increase projects growth while improving the project technologically at thesame time?
Swati Agrawal | Polysynth
thorugh educaton and partnerships which you can check out on our Twitter platform
Q10 from Telegram user @Vihaan100
The gas fees which is the main issue because so many type of users cannot afford the high gas fees for the different type of platforms so what is the gas fees on the polysynth app ?
Swati Agrawal | Polysynth
Our transaction layer in on Polygon which is super effective on gas and anyway, we do transactions once a week which doesn’t matter much from a gas perspective!
Part 3 – Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
For more information and future AMAs, join our Social Media channels:
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Website: https://esatoshi.club/
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Medium –https://blog.polysynth.com/
WebSite – polysynth.com
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