DeFiRaccoons
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DeFiRaccoons

AMA RECAP : DeFi Raccoons x SYNC Network.

Date : 23 JUNE 2021
Host : SB
Guest : SYNC Network Team.

INTRODUCTION.

SB | Admin @DeFi_Raccoons:

Please be so kind as to introduce yourselves to the Raccoons!

Cryptogenik | WILL NOT DM:

Hey guys, great to be here! I’m a founder / developer. I have been in crypto for a long time, since before Litecoin was launched as the first fork of BTC.

§YNC Bondsman [NEVER SEND ME FUNDS]:

Hi everyone, I’m Scott One of the founders of SYNC Network. I’ve been in the crypto space since early 2017. My background before going full-time crypto was in finance and project management.

Cryptogenik | WILL NOT DM:

I was in the initial logo contest for Ethereum as well

SB | Admin @DeFi_Raccoons:

Please share with us about your experience and work in the crypto field.

Cryptogenik | WILL NOT DM:

I’ve been in the mining scene and created GUIs for mining pools, member supernova, 50btc, slush pool, etc.

§YNC Bondsman [NEVER SEND ME FUNDS]:

I’ve been investing since 2017, road the bull run up did pretty well over all though the bear market and went full time on this project about a year ago.

Cryptogenik | WILL NOT DM:

My experience is mostly technical in nature, and spreading awareness of the benefits of crypto to the masses

I’ve built several smart dapps for fun until we had this monster idea for SYNC network

SB | Admin @DeFi_Raccoons:

Can you tell us about the name.

Why “SYNC”?

Cryptogenik | WILL NOT DM:

And as we explained the idea to others, the idea sold itself and attracted more talent along the way

The idea behind the name was from SYNC has multiple meanings — the assets are synced across many different liquidity pairds, CryptoBonds are made with an equal amount of SYNC on minting, etc

It seemed to be harmonious with many of the idea’s that we had

SB | Admin @DeFi_Raccoons:

Ok, once again welcome, glad to have you with us today! We like to start off with an elevator-pitch for the people that haven’t yet heard of SYNC Network — Tell us what #SYNC is and what are you guys trying to showcase?

Cryptogenik | WILL NOT DM:

You get the best of staking with the best of NFT tech.

§YNC Bondsman [NEVER SEND ME FUNDS]:

SYNC Network is a set of Defi tools combining Defi and NFTs. We created CryptoBonds which are Long term risk-mitigating assets. These CryptoBonds are NFTs that contain time-locked Uniswap Liquidity tokens and SYNC tokens. While the CryptoBonds are under time lock the liquidity contained within them cannot be removed from Uniswap, but since they are locked in an NFT they are still fully tradeable. This allows for a secondary speculation market where buying and selling the NFTs doesn’t effect the spot price of the assets contained within the CryptoBond

Cryptogenik | WILL NOT DM:

You are able to “Trade” those stakes with others. Super powerful as you are trading “Time”

SB | Admin @DeFi_Raccoons:

Are these Cryptobonds tradable.

Or it is fixed to the user who bought it.

Cryptogenik | WILL NOT DM:

When people sell CryptoBonds, it doesn’t effect the SYNC spot price. Creating CryptoBonds is the best way to liquidity mine, and yield farm at the same time.

Perfectly tradable, you can BUY / SELL / LEND and BORROW using CryptoBonds!

SB | Admin @DeFi_Raccoons:

Have you built a platform for trading

Or you have listed it in other platforms

§YNC Bondsman [NEVER SEND ME FUNDS]:

the lending platform (releasing in a few hours) is P2P and can technically be used as a exchange.

Cryptogenik | WILL NOT DM:

and our P2P Lending platform goes live today!

We also support rarible, swappable etc

SB | Admin @DeFi_Raccoons:

As the crypto market is expanding, we are seeing the onset of the NFT Era — what hopes do you guys have from this.

How have you planned to implement NFT in your project

Cryptogenik | WILL NOT DM:

We are a partnered with Trustswap and will be launching our integration with them when they launch as well

CryptoBonds are NFTs

§YNC Bondsman [NEVER SEND ME FUNDS]:

CryptoBonds are NFTs that contain Uniswap Liquidity Provider Tokens and SYNC tokens. These tokens held in the NFT are time locked and earn high yield here are a few examples:

Cryptogenik | WILL NOT DM:

In our project, (CryptoBond) NFT’s are the foundation of the technology, enabling DeFi based NFTs

SB | Admin @DeFi_Raccoons:

What will the trading pair

Will it using SYNC

Cryptogenik | WILL NOT DM:

We use ETH as the base pair for most tokens because of Uniswap design

Trading of the actual CryptoBonds is done P2P on a per CryptoBond basis, so you can accept wETH or DAI

SB | Admin @DeFi_Raccoons:

Please tell us something about your core team? How many of you are working on SYNC Network, how big is your dev team at the moment?

§YNC Bondsman [NEVER SEND ME FUNDS]:

Our core team of 7 is from various backgrounds, Alex Moon our advisor has been a great help, Frankie is a seasoned Ai and backend developer and I do the UI/UX work, Scott does the Business development operations and Ninja does the growth hacking. Anthony and Josh run marketing for us. Cryptokeeper does our Twitter bot so every time you make a CryptoBond it’s generated and tweeted out

SB | Admin @DeFi_Raccoons:

Apart from AMAs , what are the various ways you are doing growth hacking and promotion of your project?

Cryptogenik | WILL NOT DM:

We publish articles on Medium and stream weekly on Twitch

You can follow me and Scott for our thoughts or the main channel for SYNC specific topics only

§YNC Bondsman [NEVER SEND ME FUNDS]:

We host a live stream every week on Friday at 5 pm UTC on Twitch https://www.twitch.tv/syncnetwork.

Answering questions from the chat for about 2 hours, people in the live stream get information before everyone else

SB | Admin @DeFi_Raccoons:

Can you please explain about your “Cryptobond Artwork” and the working of the rarity algorithm that makes it unique?

Cryptogenik | WILL NOT DM:

Sure! Each CryptoBond’s design is based on many factors, and some are very difficult to obtain, and chance is the only way, so everytime you create a CryptoBond it’s going to be unique.

Some rarer designs are super rare, and with over 1 Trillion combinations we will never see them all

SB | Admin @DeFi_Raccoons:

You have divided your NFTs into different categories.

Can you please give a brief summary of the various categories?

What was the criteria by which you assorted the various categories?

Cryptogenik | WILL NOT DM:

For a quick example, a specific scene may have 1 element with a 10% chance of appearing.

The more of these 10% chance items in your scene the more rare it becomes

It’s like a 10% chance of a 5% chance of a 5% chance of a 5% chance etc

But some items / scenes have a 30% chance so they are more common

and on Bond’s with an id that ends with 77 they also get a RATE BONUS

So as well as getting “Lucky” artwork, they also get more apy

So it’s not just appearance’s that can change

You can see that 16 lucky CryptoBonds got the rate bonus and 2 super lucky’s did too

They are all amped up quite a bit as well, as their odds of getting rare art spike up over 90%

Whoever created it

We do not make the CryptoBonds, you guys make them!

SB | Admin @DeFi_Raccoons:

What was the criteria by which you assorted the various categories?

Like who decided whether it is epic or legendary

Cryptogenik | WILL NOT DM:

The formula is based on how many rare elements are in the scene, and it’s all done by smart contract.

The odds system works in a similar way to how Bitcoin is mined

It’s outlined in detail in the whitepaper, and it’s pretty techie for those interested

SB | Admin @DeFi_Raccoons:

In terms of value capture, what is the tokenomics of SYNC token, and how do you stimulate the users to hold your token in the long run?

What is the use case of your token?

Cryptogenik | WILL NOT DM:

SYNC tokens are the utility tokens used to create CryptoBonds, and they are burned from the total supply when a CryptoBond is made

they are reminted, IF you Burn your Cryptobond at the end of it’s life

§YNC Bondsman [NEVER SEND ME FUNDS]:

During this market crash the CryptoBonds were tested hard. Seeing as most altcoin project bleed out 60–90% I’m happy to say that the majority of the cryptobonds in creation are still in the green 50–100% on average. With some still up over 10x.

Cryptogenik | WILL NOT DM:

so you must destroy the artwork in order to get your SYNC reminted back, and LPTs back.

Yes, our tokenomics have bear markets in mind. It’s a good safe haven asset

Also — I know that creating CryptoBonds is the preferable way to use SYNC tokens, BY FAR

Think about it — If you make a CB the SYNC is burnt, but you still own that SYNC in a CryptoBond to TRADE with!

The SYNC deflates while still being liquid

§YNC Bondsman [NEVER SEND ME FUNDS]:

True DeFi, dont just hodl them use them to your advantage in a CryptoBond

Cryptogenik | WILL NOT DM:

So the more CryptoBonds made, the more their internal price pressure appreciates

Making their speculative value more desirable

Yes, and as soon as you create the CryptoBond, you see how much SYNC it will create in return

so if you spend 1k SYNC to make a CryptoBond, it has the new larger return amount printed on it

SB | Admin @DeFi_Raccoons:

And lastly, can you tell us a bit more about late 2021?

Could you please share with us your long-term goals for the sector in which you create your project and your vision that will carry you to these goals?

Cryptogenik | WILL NOT DM:

right on the face of it

We are looking at cross platform solutions and more AMM dex’s similar to uniswap

like Sushi and Balancer for example

§YNC Bondsman [NEVER SEND ME FUNDS]:

As for future developments we are working on a version 2 of our smart contract that will allow for multi dex LPT support such as balancer and sushi LPTs, Also the V2 will be multi chain allowing users the ability to switch to a different chain if gas get to crazy.

SB | Admin @DeFi_Raccoons:

Can you tell us about your listing plans?

Especially the ones involving major exchanges, CEX and DEX.

Cryptogenik | WILL NOT DM:

These will have gas benefits and support more liquidity pools on other chains

We’re a DeFi project we wish to be listed organically, and have been in talks with several large CEX exchanges

There’s much more advantage to the token holders being listed organically, so we want that

LIVE AMA QUESTIONS.

Flourish:

Can you explain if your dapp makes it simple and easy for users to add liquidity to the Uniswap LP’s that you already have whitelisted for bonding?

§YNC Bondsman [NEVER SEND ME FUNDS]:

We have a easy 1 click add liquidity button on our Dapp where you can take eth and in 1 transaction turn it in to any LPT you desire.

saitama:

Cryptobonds can be TRADED, doesn’t that collide with the strict definition of what a NFT is? Is this possible? To trade NFT’s with it’s value?

Cryptogenik | WILL NOT DM:

I see, no NON-Fungible doesn’t mean Not Tradable, it like selling a basket if you want to think of it that way instead.

Some baskets are not the same size as other baskets, so they are worth different amounts.

If all baskets were equal, then they would be “Fungable” as any basket would be worth what any other basket would be.

But they are not equal, so each NFT has a different worth.

Ari Key:

While you build your project, do you take into account community feedbacks and demands?

§YNC Bondsman [NEVER SEND ME FUNDS]:

SYNC is a DAO and token holders can propose changes at will. CryptoBond holders are the voting class

dian airlangga :

Something I’ve never seen Here you combine NFT and DeFi in a new way for me, Can you tell us exactly how the Crypto Bond is made and what it consists of? and how to make it? Is there a complicated process to go through?

§YNC Bondsman [NEVER SEND ME FUNDS]:

Our dapp makes the process very easy. We even have a how to section available there

Lovely_DC 💋:

SYNC tokens are utility tokens used to create CryptoBonds, and they are burned from the total supply when CryptoBonds are created. do you think this high supply could have a negative impact on the future price of the token? How are these tokens distributed? And does SYCN burn tokens to stabilize rewards and create a limited supply with high demand?

Cryptogenik | WILL NOT DM:

Great question, allow me to unpack.

SYNC is a speculators playground.

Let’s say you have a Common CB — so you do burn it on maturity and create more. But Someone else kept theirs, eventually the older generation of artwork that was ONCE common, is now rare because others burned theirs. So what was common, may in fact become rare.

So far very few of the rare CryptoBonds have been matured for their tokens, because they are so hard to get.

We see the minting and burning of SYNC running in tandem with the number of users. The system is engineered to grow and shrink based on the activity of the users.

So inflation is not an issue in the future.

The whitepaper shows how we were able to achieve this balancing act.

Kartika❤️❤️:

Hello Sir @Cryptogenik and @Scottbondsman

Currently many investors are interested in quick profits and ignore the long term benefits. Can you give them some advice on why they should buy and hold the $SYNC for the long term? and What is your strategy to attract more investors???

§YNC Bondsman [NEVER SEND ME FUNDS]:

The full power of SYNC and CryptoBonds were tested through this crypto crash. The majority of CryptoBonds are still up large percentages where as most tokens have blead out 60+%

Ari Key:

How was the idea to create this project born? It is very interesting. What do you want to prove? What are your expectations?

Cryptogenik | WILL NOT DM:

The idea arose from the “Punishment” model of other staking tokens, and the knowledge of Cryptokitties.

We were able to create a staking system without the pain of fees of early unstaking and remaining liquid at the same time.

We are aiming to be a top 20 token by marketcap

BTRxKUMBANG:

Does the SYNC project have a vision and mission for the long term? If so can you tell us what is the long term vision and mission of the SYNC project?

§YNC Bondsman [NEVER SEND ME FUNDS]:

The porting of traditional finance in to DeFi, But improving the flaws we have in the real world with trustless smart contracts

Retrotyrang ddz:

@Cryptogenik Can you tell if there will be a wide variety of tokens available to create Cryptobonds with, what known cryptocurrencies are part of this list, and more pairs will be added soon?

Cryptogenik | WILL NOT DM:

Yes, projects go through a community vote (governance) whitelisting vetting and partnership programs to get added

CRYPTOBONDS are also used to cast votes on our governance platform. So please remember that CryptoBonds are also valuable for shaping the future and direction of the platform!

IMPORTANT LINKS.

🌎 SYNC Website: https://syncbond.com/

💻 SYNC DAPP: https://app.syncbond.com/

👩🏼‍🚀 Discord: https://discord.com/invite/7D7k7ng

✈️ Telegram: https://t.me/SYNC_NETWORK

🚀 Telegram ANN: https://t.me/SYNCANN

🐦 Twitter: https://twitter.com/SYNCToken

👽 Reddit: https://www.reddit.com/r/SyncNetworkOfficial/

Group’s Description:

An investor community for everything related to DeFi, NFT, IDO, Blockchain, and much more. We share our analysis, fundamentals and hold AMAs with all sorts of projects!

That’s all we have time for today, until next time, consider joining our socials underneath to join our DeFi Discussion!

🦝 Join DeFi Raccoons Telegram Channel
🦝 Drop a follow on Medium
🦝 Follow up The DeFi Naut

Now for a disclaimer — I’m not a financial advisor, anything you read on my Medium isn’t financial advice, it’s a log of myself doing due diligence on projects, please verify any and all information presented (error reporting welcome) and make your own decisions.

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An investor community for everything related to DeFi, NFT, IDO, Blockchain, and much more. We share our analysis, fundamentals and hold AMAs with all sorts of projects!

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SB

SB

cryptocurrency enthusiast,WRITER and reader.

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