AMA Session with Ace from Apricot Finance (APR)

Guest: Ace, Co-Founder of Apricot Finance
Host: Iris of MEXC Global

Introduction:

Iris: Today, we’re honored to have Ace, Co-Founder of Apricot Finance, to our community to give us a more intuitive introduction to their unique project.

Ace, welcome. Would you like to say hello and introduce yourselves?

Ace: Yes, let me give a short description of our team. This is Ace, I’m mainly in charge of overall operations and business development. I used to work in a consulting firm and after that I co-founded a trading & brokerage platform. Another Co-Founder, Cecilia, leads overall strategy product direction and other development, she has a strong financial background in Wall Street.

Our tech lead Yaniv is passionate about programming language design and will lead the development team. He used to work in one of the top high-frequency trading firms. Dr Gou is a Phd in finance, he is responsible for Apricot’s economic modeling and financial product design.

Questions about the project

Q1

Iris: What is Apricot? Can you share with us more in detail?

Ace: Well, 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.

Q2

Iris: What triggers you to launch Apricot? What are some of the real-world problems/ pain points that Apricot aims to solve?

Ace: When we launched apricot, we discovered that the current DeFi protocol generally has slow transaction speeds, high transaction fees, and insufficient product design. The biggest problem that apricot strives to solve is to solve the current DeFi protocol liquidation problems through asset securitization.

Q3

Iris: What are some of the challenges that Apricot currently faces? How do you aim to solve them?

Ace: The biggest challenge we currently face is the balance between product launch and product safety. Our solution to this problem is to improve our products by continuously recruiting more capable developers, and the second is to cooperate with multiple auditing companies to ensure the safety of our code.

Q4

Iris: Are there any exciting news or updates with regards to Apricot that you would like to share with the users?

Ace: Well, We have met goals in the roadmap till now, our basic lending agreement (Apricot Lend and Apricot Assist) has completed its initial development phase and is undergoing code audit and we have more new-designed features that are on the way to come into reality. Once it passes the code audit, the mainnet will be launched after the Stress Testing. Meanwhile, we will also launch fixed-rate lending, unsecured lending and FinTech modules this year. On the Financial side, we are closing our private round very soon and targeting our IDO / IEO in mid-August. 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!

Q5

Iris: If you were to summarize your project in ONE word, what would it be? Why?

Ace: Wow, we have many words that could reflect Apricot, I think the key word is “Guarantee”.
Iris: and why did you choose this word?

Ace: Bad debt handling has always been the most difficult yet important point for all lending platforms to deal with. Currently, most mainstream lending platforms rely mainly on external arbitrageurs to handle bad debts, but if external arbitrageurs are unwilling to handle or in case of a “liquidity crisis”, these bad debts are often paid for by the platform. Hence, Apricot will introduce asset-backed securitization approaches found in traditional finance to solve the bad debts that third-party arbitrageurs are unwilling to handle. In simple terms, for bad debts that arbitrageurs refuse to intervene with, Apricot will first liquidate such bad debts through its platform to fulfill the promise that any bad debts can be liquidated within 2 hours.

Free-asking Session

Q1. What is your plan about globalization? Do you have local Communities for those user who don’t understand English well?

Ace: We are a global project. Apricot’s core development team members come from US, Singapore, and China with diverse backgrounds.

We plan to launch mobile and web apps in Vietnamese, Korean, French and other languages by the end of the year, and we will hire part-time people in local communities to help us translate. Therefore Apricot is surely a global project face to user all over the world.

Q2. Currently, NFT is very hot, do you think you will apply NFT technology to your products in the future?

Ace: At present, NFT has indeed caused a violent response in the market. In the future, we will consider incorporating NFT into our scope of collateral to give NFT real economic value and increase NFT liquidity.

Q3. Hello sir, I want to know more about $APR token, can you share to us about $APR’s whitepaper and tokenomics? Secondly, can $APR be staked on DEX or any where else?

Ace: Our white paper can be obtained from our official website and social networking sites, which contains detailed instructions on APR. We have already started a plan for APR staking with multiple exchanges for both DEX and CEX.

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