AMA Session with XY Finance — Recap
Translation:
Korean
ThunderCore Host: Hey @Wilson, great to e-meet you here on ThunderCore’s Discord channel!
XY Finance: Hi everyone, I am Wilson, Founder of XY Finance. I’m glad to be here with ThunderCore Community.
ThunderCore Host: First and foremost, We’re pleased to announce our latest strategic partnership with XY Finance.
We’ve been very excited to see your outstanding performance at XY Finance. And we’re very excited to integrate ThunderCore which is cross-chain compatible. With this partnership, everyone can easily enjoy the DeFi journey via XY Finance on ThunderCore.
XY Finance: We’re excited to reach the strategic partnership with ThunderCore. In addition to the current collaborations, we’re looking forward to deepening the collaboration on the NFT sector. We think there are great opportunities in the ThunderCore ecosystem with the help of the strong community.
ThunderCore Host: Thank you very much for your support, we are also very excited to partner with XY Finance!
Ok, now I’ll begin this AMA with a couple questions for you and your team and then follow up with 3 questions that we’ve collected from our community which is interested in learning more about XY Finance.
Afterwards we’ll open the channel up so everyone can ask you questions about XY Finance and you can pick 3 questions to reply.
XY Finance: Sure, I’m glad to share more details of our powerful products. Can’t wait to introduce XY Finance. Just bring it on!
ThunderCore Host: ThunderCore’s users have been growing steadily recently, with that said our users have definitely been interested in DeFi DApps! Since XY Finance is a DeFi DApp, I’m sure most of our users have either heard of XY Finance or have used it. But for those who haven’t heard of XY Finance, could you please briefly explain your DApp to our users?
XY Finance: XY Finance is a one-stop cross-chain aggregator for DeFi and Metaverse. We aim to provide users with the fastest, easiest, and most economical cross-chain services covering the following three major parts in the emerging multichain world: DeFi, GameFi, and NFT.
Let’s dive into our applications in the three fields.
- X Swap and Y Pool provide the fastest, most straightforward, and most economical cross-chain swap service with a seamless experience, and liquidity providers can earn yields without impermanent loss. In addition to the DeFi aggregator, we also focus on the NFT liquidity aggregation, NFT Satellite.
- NFT Satellite: Our NFT Satellite is a simple and user-friendly platform that integrates all major NFT marketplaces on various chains and allows users to buy, sell and swap NFTs on our platform in one transaction. What’s more, we have launched our GameFi project GalaXY Kats already. But we can talk it later.
If you are interested in XY Finance and would like to be up to date with us, don’t forget to join our social channels over on Twitter, Discord, and Telegram and become part of our fast-growing community!
- Visit our website: https://xy.finance/
- Read our Medium: https://medium.com/@xyfinance
- Join our Telegram: https://t.me/xyfinance
- Follow our Twitter: https://twitter.com/xyfinance
- Connect on Discord: https://discord.gg/xyfinance
ThunderCore Host: That’s awesome! I agree that the impermanent loss is a potential risk for the stakers, and the NFT Satellite is such a cool feature. This platform is helpful since there are lots of different NFTs on different chains.
Can you explain the mechanism of XY Finance’s cross-chain bridge ? And how can it benefit the community?
XY Finance: One of our advantages is our unique cross-chain bridge — Y Pool, to provide liquidity, which can significantly improve the slow and costly cross-chain transactions caused by unstable liquidity and unreasonable fees.
Meanwhile, based on the structure of our single-asset pools, we have deeper liquidity and reduce liquidity providers’ risk by exempting impairment loss.
Moreover, we have set up a unique rebalance mechanism to maintain 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.
With the help of the rebalance mechanism, our platform can provide stabler services to our valued users compared with other competitors because we can significantly prevent our liquidity from drying up. That’s to say, we allow users to complete transactions smoothly and seamlessly through our one-stop cross-chain services.
To help you quickly recap the advantage of Y Pool. 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
Besides, we understand that there are numerous cross-chain competitors. So, I want to share our biggest advantage with you. We are the first cross-chain service provider trying to serve DeFi power users, GameFi players, and NFT collectors!
Notably, none of all current cross-chain competitors find out the NFT and GameFi potentials. That’s our strongest advantage to other projects while they still stay in only the DeFi aspect. We have been developing our blockchain game GalaXY Kats, which will start alpha testing and public beta testing in Q1 and Q2 of 2022, respectively.
Meanwhile, our NFT Satellite are under development, which will integrate all major NFT marketplaces on several chains. We not only aggregate AMMs on a single chain but also aggregate cross-chain bridge liquidity and NFT market liquidity.
ThunderCore Host: Thank you for your responses Wilson, these are very detailed information about the mechanism of XY Finance.
Also I’ve heard that XY Finance also has released its own NFT project — GalaXY Kats. Could you please tell us more about this project?
XY Finance: GalaXY Kats is a collection of 10,000 unique meerkats NFTs existing on the Ethereum blockchain. GalaXY Kats project aims to fulfill its mission not just as an NFT/PFP, but also as an asset providing practical utilities to holders. Being a GalaXY Kats Adopter will allow you to enter our future Play-with-Earn blockchain game. Based on our latest whitepaper, we’re going to launch our alpha testing for 10,000 GalaXY Kats holders on March 24 and open beta testing in Q2 2022!
In addition to the GameFi sector, GalaXY Kats holders can further have special utilities such as APY boosts, swap fee discounts, token airdrops and more via XY Finance, depending on the faction of your minted meerkat.
ThunderCore Host: Awesome!! 10,000 different meerkats.
Do these NFTs have any utilities?
XY Finance: From the previous question, GalaXY Kats have many GameFi utilities. But we want to create more utilities for GalaXY Kats holders. In addition to the GameFi sector, GalaXY Kats holders can further have special utilities such as APY boosts, swap fee discounts, token airdrops and more via XY Finance, depending on the faction of your minted meerkat.
ThunderCore Host: That’s really nice to hear! You can use GalaXY Kats to jumpstart your journey into the MetaVerse. All right, let’s go on to the next part. When we announced the AMA, we also asked the communities to share their questions on what they’re interested in knowing more about XY Finance.
Here are the 3 questions we picked up from Twitter:
Twitter Q1 — @YoshioSoares : How apy on XY pools work? What situation made’s pump or dump?
XY Finance: Our APY is calculated in a similar way conducted by other bridges. In short, the APY displayed on Y Pool is the 7-day and 24-hour average APY of Y Pool. There are two major formulas adopted in our APY calculation. Here I use 7-day APY to clarify the formula.
Because Y Pool’s LPs earn cross-chain swap fees on XY Finance instead of earning lending interests and mining tokens, we use the aforesaid formula to calculate the APY.
Please note: the rewards are subject to the cross-chain transactions on the platform, so the APY is volatile. To be more specific, if there were a lot cross-chain swaps on XY Finance over the past day, the LPs would earn a lot swap fees, and the xyUSDT value and APY would significantly increase. However, if there was no cross-chain swap on XY Finance over the past day, the LPs won’t earn any swap fees, and the xyUSDT value won’t increase compared to when there are cross-chain swaps.
Twitter Q2 — @dossou_fernando : Apart from a cross-chain swap aggregator, do you plan to create a NFT swap aggregator or an NFT marketplace? If yes, what blockchain would it be compatible with and when will it be launched?
XY Finance: We are building our NFT liquidity aggregator NFT Satellite now, which can be considered a NFT marketplace too. We will evaluate the NFT ecosystem on each supported chain and will support chains with flourishing NFT ecosystem, such as Ethereum, BSC, Polygon, Cronos, ThunderCore , and more. Besides, we’re in talks with numerous NFT marketplaces, so we will support all strategic NFT marketplace partners first. We are planning to launch NFT Satellite in the second quarter of 2022. If you want to receive our latest news, join our social channels over on Twitter, Discord, and Telegram and become part of our fast-growing community!
*Visit our website: https://xy.finance/
*Read our Medium: https://medium.com/@xyfinance
*Join our Telegram: https://t.me/xyfinance
*Follow our Twitter: https://twitter.com/xyfinance
*Connect on Discord: https://discord.gg/xyfinance
Twitter Q3 — @delamesa2018 : TT being in the cross-chain already, what will be the major added feature and benefits both XY and TT can bring to each other.
XY Finance: XY Finance brings more DeFi, GameFi, and NFT exposures to TT holders and the whole ThunderCore community. At present, XY Finacne help ThunderCore to expand its outreach to other five major crypto ecosystems, such as Ethereum, BSC, Polygon, and Fantom. In short, we help ThunderCore to build a portal to transfer natives from the aforesaid chains to move into the amzing and promising ecosystem, also known as the ThunderCore ecosystem.
In addition to our instant cross-chain services, we also support ThunderCore to deepen the business related to GameFi and NFT sectors. We are the first cross-chain bridge to focus on GameFi and NFT fields. As one of our strategic partners, we will support ThunderCore to deepene the GameFi and NFT business development. We’re looking forward to starting more collaborations with ThunderCore to increase synergy effects and achieve a win-win situation.
ThunderCore Host: Cool, it seems that everyone is very interested in knowing more about XY Finance.
Now how about let’s open the channel for a couple of minutes and everyone is welcome to ask questions about XY Finance and @Wilson can choose 3 questions to reply.
XY Finance: Yeah, let’s do it!
ThunderCore Host: I see a lot of interesting questions! @Wilson, please take a couple minutes to choose 3 questions to answer
Here are the 3 questions we picked up from Discord:
Discord Q1 — @Leo Wu : Do you have any plan to support L2 and solana in the future?
XY Finance: Of course we have. We have scheduled the development plans for integrating L2s such as Optimism, as well as non-EVM chains, including Solana, Polkadot, and Kusama. We will continue to update our roadmap to keep all members updated.
Discord Q2 — @Sheniow : What’s XY Token plan in near future?
XY Finance: XY Token lives at the heart of XY Finance’s DAO and the protocol. XY Finance has been ensuring all contributors to the leading cross-chain aggregator are incentivized to use the token for its intended functions, rather than sit on and speculate from the sidelines on what it may be worth a week later. Meanwhile, we are giving utility and value to the XY Token by highlighting its use in staking, governance, strategic partnerships, and GameFi games.
$XY has the following utilities:
🏛DAO Governance
💰Treasury Management
⛏Exclusive Mining
🎫Access to #GameFi & #NFT Projects
🚀APY Boosting
💵GameFi Payment
Discord Q3 — @ngolokante1123 : When will you complete GalaXY Kats Game Alpha?
XY Finance: We’re going to launch our closed alpha game test on March 24. And the whole alpha test is expected to open eligible testers, including GalaXY Kats holders and whitelisted members who have Alpha Test Ticket NFT, for 14 days. To get more latest information, you can follow and join our communities to avoid missing valuable info.
ThunderCore Host: Great, seems that everyone is really interested in XY Finance. Are there any upcoming updates or roadmap you want to share with the public?
XY Finance: I can share our current high-level goals with you. At present, we have been working day by day on the development of APIs and SDKs and our NFT liquidity aggregator called NFT Satellite. After completing the former, we can explore more collaboration opportunities with DeFi/GameFi/NFT projects, covering lending platforms, NFT marketplaces, and more. During the bull run in the NFT industry, our NFT Satellite can take advantage of the trend to expand our ecosystem.
In addition to the aforementioned two goals, we have been integrating and supporting more chains to expand our ecosystem. So far, we have expanded our outreach across Ethererum, BSC, Polygon, Fantom, Cronos, as well as ThunderCore.
ThunderCore Host: We’ve really enjoyed having you here with us today @Wilson! At the same time we’re looking forward to the future collaborations between XY Finance and ThunderCore. *emoji
XY Finance: Thanks for having me today. It’s my pleasure to be here! XY Finance is planning on a series of events this year. Don’t forget to follow us on Discord, Telegram and Twitter to get the most updated information!
ThunderCore Host: That’s a wrap! Thank you all for joining us here today and a special thank you to @Wilson and the XY Finance team for joining us during this AMA. At the same time, we’re looking forward to more collaborations with XY Finance.
XY Finance: We’re looking forward to more collaborations with ThunderCore. See you next time everyone. $XY and $TT TO THE MOON!
ThunderCore Host: For those of you whose question was chosen and replied during this AMA, please DM me and provide your wallet address that supports TT on ThunderCore and a wallet address that supports XY Tokens on Polygon!
Note that if the winners don’t reply within 48 Hours, their qualifications will be canceled.
The rewards will be distributed by March 31, 2022.
About ThunderCore
ThunderCore is a secure, high-performance, EVM-compatible and eco-friendly public blockchain with its own native currency, TT. With a breakthrough consensus protocol that overcomes the scalability “trilemma” called PaLa, the ThunderCore network offers 4,000+ TPS, 1 second confirmation times, and low gas fees that cost less than a fraction of a cent, giving decentralized applications security and scalability.
Currently, ThunderCore has an international user base that spans across more than 100 countries.
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