Recapitulation of APRICOT FINANCE PROJECT AMA event held at AMA LOVERS CLUB.
Date: Wednesday, 9th June, 2021
Time: 14:00 UTC
The APRICOT FINANCE PROJECT team was represented by @Acetsui who judiciously shared with us detailed knowledge and information about APRICOT FINANCE PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on APRICOT FINANCE?
ANS: My name is Ace, I had 7 years of entrepreneurial experience in Fintech start-ups. Before Apricot, I co-founded Ponton Coin trading and brokerage platform. In Apricot, I'm mainly in charge of overall operations and business development. My partner, Cecilia, leads overall strategy product direction and other development, she has strong financial background in Wall Street.
Our tech lead Yaniv is passionate about programming language design and will lead the development team, and he used to work in one of the top high-frequency trading firm. Dr Gou is a Phd in finance, he is responsible for Apricot’s economic modeling and financial product design.
How big is the Apricot team?
Core members are four of us, we also have other colleague helping us on tech development etc.. it's about 7-8 pax
Q2: Can you introduce APRICOT FINANCE, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Apricot Finance is a comprehensive DeFi solution built on the Solana network which will provide users with services such as excess floating rate collateralized lending, fixed-rate collateralized lending and DeFi FinTech modules etc. Apricot’s ultimate goal is to become a leading platform in the DeFi industry by building a secure, efficient and innovative one-stop DeFi service platform that provides personalized DeFi solutions for all users.
The main issue that Apricot has addressed is the current lack of liquidity for the DeFi platform in the event of a black swan event.Compared with other projects of Solana Ecology, the main advantage of our project lies in the fast development progress. Currently, the test network has been deployed and is expected to be launched next week. Compared to the Ethereum lending project, due to the limited performance of Ethereum, a large number of products and trading strategies that persist in traditional finance cannot be implemented in the DeFi projects on Ethereum. For example, the development of "asset-backed securitization" and "high-frequency trading" products to be launched on the Apricot platform requires the entire public chain to maintain a stable, efficient and swift Time-to-Finality capability at all times, but the current performance and functionality of Ethereum is insufficient to develop such products.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: yeah sure, there are some achievements we have made
Technical-wise, our basic lending agreement (Apricot Lend) and Apricot Assist has completed its initial development. Meanwhile, we will also launch fixed-rate lending, unsecured lending and FinTech modules this year. And everything is on track now.
Financial-wise, we just closed our seed round of $800k over last weekend, Our investors include Chris McCann (who is an early seed investor in Solana and FTX), Genblock Capital, NGC Ventures, DFG, CMS Holdings,Double Peak Group, CryptoJ Capital, Coinsights Ventures, and many others. And now we are at our private round fundraising.
We will keep our investors and users informed of our development progress through social media and our official website. Kindly follow us on social media to get more first-hand information.
So the testnet is launching nextweek. What are the features expected on the testnet?
It will include basic lend features, which is Apricot lend. As well as the recently added self-liquidation mechanism of Apricot Assist.
Q4: Can you briefly describe your PARTNERSHIPS so far?
ANS: Sure, as shared earlier, We have reached strategic cooperation with top investment institutions around the world, including NGC , DFG, CMS, Genblock, Conisights, Double Peak, Triblock, Dweb3 etc... These institutions will give us project assistance in terms of products, financing, and markets. And we also have partnership on the technical perspective such as price feeding and auditing, etc... to develop our platform into a higher stage. In the future, we will look for cooperation opportunities with multicoin capital, coinbase, Polychain Capital, etc.
Apricot Fianance will operate a 2 token ecosystem right?
$APR and $COT yes, APR is our main token, and COT is only for bad debt management.
Q5: Can you please give an overview of $APR and $COT?
ANS: APR is our main token, which is planned to have the utility when the Apricot Network Launches. Its role includes community governance, reserves, user incentives, collateralized mining. With APR, users will be able to trade, provide liquidity, and share value growth with the platform.
However, COT is our innovation in Apricot, it is the special token for bad debt processing on our platform, which is conceived to deal with bad debts on the platform through asset-backed securitization. Its function and mechanism can be thought to be similar to that of ETF products in traditional finance. Purchasing COT will bring about the following benefits: firstly, investors will be able to share the income of the platform on bad debt investment and processing; secondly, they can get more governance rights of the platform community by purchasing COT; thirdly, a certain amount of APR tokens will be given to users who purchase COT in the early stage on the platform. reward.
Now, the COT pool will only include some top assets such as BTC and ETH, but when the project operation is more matured, we will manage the COT pool in a graded manner and include some secondary assets through community voting to make the COT series more diversified and resourceful.
I put more words explaining COT token, only because it's new and I want to explain the concept behind. But does not necessarily mean COT is more important than APR. Our main token is still APR, please dont get confused.
Q6: What are the future plans to further improve liquidity and token value?
ANS: The value of tokens can be seen as the market response to the value of the platform. In terms of our products, our project team will launch more innovative products in the future to provide more possible functions for our tokens and enhance token liquidity; in terms of the market, our professional marketing team will carry out professional marketing operations on different social media platforms and hold various promotional activities to ensure that our project remain relevant in the market ; in terms of ethical standards, team members and early stage institutional investors have come to a consensus on token management after its initial launch. The majority of tokens will only be unlocked after more than one year, which ensures that the project will not damage investors' rights in the short term.
2nd Segment: LIVE Questions
Q1: In your website i saw 2 types of borrow opportunity. Such as
1)Borrow with more
2)Borrow with less
Can you tell me the pros and cons of this to option. Which one i should go with you think?
ANS: Thanks for bringing this out, these two are actually under different contexts.
Borrow with more is referring to more options (which is Apricot Lend and Apricot Assist) and more guarantee (Apricot Rescue). However borrow with less is with less collateral rate and less liquidation risk.
thus they are not contradicting each other.
Q2: I see in the website that the testnet is coming soon and im really interested to the idea of borrowing with less liquidation risk...can you tell me how to enter the testnet and if i will be able to try every product provided in the apricot finance website?
ANS: At present, our test network has entered the stage of code audit. After the audit is completed, we will select some members from the community and investors to help us with the stress test. We will conduct the test on social media. In the test network stage, the products you can experience are mainly our Apricot LEND and COT. The test time is around the beginning of July.
Q3: Congratulations on your Last Seed Round In which $800,000 was raised. Since $COT token also carries more voting weight as $APR. which token should investors consider the most? Also could you explain your low liquidation penalties?
ANS: Which token to focus on depends on your investment goals and risk tolerance. If you are a common investor who wants to invest in value and is more focused on the long-term growth of our platform and community governance, then we recommend that you pay more attention to APR. If you have a stronger risk tolerance and want to do bad debt arbitrage, then we would recommend you buy COT. Because of the existence of COT, a bad debt processing mechanism, our liquidation penalty is lower than that of other platforms.
Thanks for all the interests from you guys, I think this will be the final question I guess. Appreciate your time and efforts, Please do support us.
we'd like to work with you guys in long term.
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