AMA Recap with Beyond Finance
AMA Venue: https://t.me/gemdetectors
Host: Let’s start this AMA on GEM Detectors 💎
Useful links to the project:
🖥 Website: https://beyondfinance.io/
💬 Telegram: https://t.me/beyondfinanceglobal
🐦 Twitter: https://twitter.com/beyondfinanceio
📚 Medium: https://bfinance.medium.com/
🛠 Github: https://github.com/Beyond-Trade
Today we have Alexander Kravets (@Alexander_Kravets), advisor for Beyond Finance! It is a great pleasure to meet you again after a few months. Thank you for choosing us and our great community for this update!
Alexander: Hey @CryptooFry! Awesome to be here again, and thanks for having Beyond in the chat for the followup.
Host: Before we start, for users who have recently joined and missed the first AMA, can you make a brief introduction to what Beyond Finance is?
Alexander: So Beyond Finance is a novel way to access synthetic assets, bringing traditional financial services to the global crypto community. Beyond’s DEX will simplify synthetic trading by overcoming the limitations of existing synthetic asset platforms.
Beyond’s vision is to address the global unbanked problem, and provide democratic access to trading instruments — anyone can easily trade and issue synthetics via a decentralized platform simply by connecting their blockchain wallet to Beyond.
Long story short — a synthetic DEX where you can trade any asset that leverages the BYN token for collateral, rewards, and staking
Host: I’ve personally tested the DEX in Beta and was running smoothly. Our previous AMA was in May. What are the most significant updates you have introduced since then?
Alexander: There’s been quite a bit since May
Obviously we’ve launched the Mainnet in early August, TVL approaching $2m now I believe for BYN locked on exchange by organic users
We’ve launched BYN staking
We’ve entered into major partnerships with Huobi, Klaytn, and Lithium
We’ve listed on MXC, Ascendex, and Gate.io (more to come!)
We’ve launched a mobile version of the Beyond Dex
We’re integrating new chains
Lots of other stuff coming soon
Host: I’ve also checked that Beyond have successfully passed Certik audit! This is great news as Certik is one of the leading audit companies in the crypto world. How is the report?
Alexander: Yep, security is one of the important factors we consider in running the project. We have taken a long time and thorough review in choosing the auditor for our product and we’ve decided Certik is the most reputable and high quality auditor who could ensure the security of our platform and smart contract.
The final Certik report affirmed that there is no security issue in Beyond platform and tokens.
Separately, we are going through penetration tests and other security bolstering measures. Our devs are taking a lot of time and effort to protect our users’ assets.
Host: You’ve broken down the mainnet launch into 3 phases, which is an approach that I really liked and it shows that the team is working hard behind the scenes to improve the DEX. Can you show how every phase is adding features and functionality to the DEX? Are all 3 phases finished?
Alexander: More like 4 from the Roadmap!
So we’re set on Phase 1 — launch the DEX, wallet, and Staking
Phase 2 is other chains — Heco, Klaytn, App for mobile, LP rewards
Phase 3 is other trading instruments, integration with Huobi and Klaytn, lots of cool exchange stuff
Later on it’s about automation for voting, the Beyond Launchpad (BELP), NFT stuff, lending, etc
Also for NFT there will be a BELPY the cat — just a heads up in case you’re a cat collector
Host: Yeah indeed I was asking about the two big partnerships for Beyond: Lithium and Klaytn. What values do these two partnerships add to Beyond?
Alexander: Klaytn:
By integrating Beyond’s synthetic asset trading protocol, Klaytn users will be able to access a wide variety of financial assets in a completely decentralized manner. Additionally, Beyond’s users will be able to create and access new markets by leveraging assets built on the Klaytn blockchain.
Klaytn is a public blockchain developed by Ground X, the blockchain affiliate of the South Korean company, Kakao. This leading internet company is well known for their messaging app, KakaoTalk, used by over 90% of South Korea’s population with over 50 million users. Klaytn’s recently announced partners include LG Electronics, Binance, Shinhan Bank and Injective Protocol.
Beyond plans to integrate onto Klaytn’s blockchain network, which greatly benefits the DeFi ecosystem. Users of Beyond will enjoy fast transactions, low fees and large scalability of Klaytn.
Beyond’s synthetic asset trading platform will in turn be available to MILLIONS of users of the digital asset wallet based on Klaytn, Klip.
Lithium is cool too — oracle on private equity transactions
The Beyond synthetic exchange was built to enable broader access for the unbanked/underbanked in a limitless manner. The collaboration with Lithium will focus around creating new private markets that are not publicly traded, such as Space X or Stripe.
By utilizing Lithium’s price oracle, Beyond will be able to create synthetic products that can track price movements of private assets accurately and promptly, while allowing for worldwide participation and price discovery.
The integration involves Beyond being a Wisdom Seeker, with Lithium the designated oracle for pricing data.
So private asset synthetics
Trade pre-IPO synthetics based on private transaction pricing data, prediction market
Host: What you can say about Beyond DEX app? The app will allow anyone to trade derivatives on the fly! Can you show how users can start and configure the app? Is there a guide?
Alexander: Sure! The DEX App is uploaded on our website. Anyone can download it and trade synthetic assets mobile, anytime anywhere 24/7 — https://beyondfinance.io/bynToken210810.
Also, we have also uploaded our native app on the Google Play Store and it’s under review from the Google team now. Native App makes our app even more convenient to use. An iOS version is also underway. Dev work is almost done and iPhone users will soon be able to trade on mobile.
For users convenience, we will soon upload a guide video on how to download, install and use mobile app. It’s going to be a step-by-step guide that anyone can easily follow without any difficulties. Please stay tuned!
Host: Are there other points on the roadmap besides those you have already shown and illustrated above?
Alexander: There’s lot of other advancements internally related to scaling, marketing, partnerships, support, back end, security, ecosystem, and so on — we will release as we move forward. For now, focusing on the above — layer 2, better experience, mobile, more assets, more ways to trade, cheaper faster easier along with Launchpad and strategic use case for the token there
Host: You have referred to the staking program, can you explain what is it and how users can participate in the program?
Alexander: Beyond allows users to stake BYN tokens and get rewards. How Beyond staking is different from other general staking platforms is that a basic synthetic token USDb is minted when users stake BYN on our platform. With USDb, users can trade various synthetic assets like forex, commodities etc.
At the early stage, Beyond staking is providing extra-high reward APY to appreciate early contributors. Current APY is standing around ~250%.
Basically users benefit three-fold by staking:
1) Enjoy the price appreciation of BYN tokens.
2) Gain profit from synthetic asset trading.
3) Earn high APY staking reward.https://bfinance.medium.com/beyond-staking-guide-e1386b102db
COMMUNITY LIVE SECTION
Q1: Who are your investors? How do you generate revenue to maintain the project? What are BeyondFinance’s goals for 2021 and beyond?
On which DEX platforms can I buy $BYN tokens and are you planning to list on a new exchange?
What areas are #BeyondFinance focused on right now? (DeFi, Stake, Dapps, Yield Farming, NFTs, Gaming) and what is your target this year?
Alexander: Huobi Ventures, Chainlink, Rarestone Capital, Spark Digital Capital, Consensus Capital, and OKEx Blockdream Ventures.
Revenue generated by treasury management, exchange fees, etc
Uni and Sushi — plus CEX like AscendEX, MXC, Gate.io
Right now staking, defi, and trading — later launchpad, NFT
Q2: reading from the web beyond “Beyond being designed to create an ideal synthetic product protocol for everyone. While there are other attempts on the market to create synthetic products through a similar concept, there are critical flaws that erode trust in synthetic products” the question is what kind of critical weaknesses do synthetic products have? and what is the advantage of your concept compared to other synthetic product concepts?
Alexander: Good question. Why Beyond?
Most synthetic platforms focus on TVL and paying out staking rewards, are hard to use, slow, expensive, and generally not efficient.
Beyond overcomes the limitations of existing synthetic asset platforms — slow transactions, low liquidity, high gas fees, poor user interface — by providing a better UI/UX, deeper liquidity, and issuance of any asset, with a lower 300–150% collateralization vs a common 750%, while leveraging a seamless process, faster speed, and focus on Layer 2, sidechains, and cross chain solutions to improve efficiency.
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