ACoconut x DeFi Degenerates AMA Recap

Host:

Hello, Terry. Why don’t you give everyone a brief overview of the project in your own words to start.

Terry:

Sure thing! ACoconut is a BTC DeFi product. It consists of 2 protocols, acBTC and BTC+.

acBTC is a synthetic BTC made up of a basket of pegged BTC (currently WBTC, renBTC). acBTC is specifically designed for cross-chain transactions (ie. moving BTC between Ethereum to other EVM compatible chains).

On the other hand, BTC+ (which we just launched beta yesterday) is a synthetic BTC made up of BTC-yield tokens (such as: vBTC, acsBTCB, autoBTC, fBTCB).

BTC+ is designed for BTC holders to capture yields on different chains as well as keeping it compatible with different DeFi protocols.

Question:

So is this product only for those of us who hold BTC already and want a place to leave it in for yields?

Terry:

Both BTC+ and acBTC are designed for BTC holders. However, You can participate in the farming pools as a AC, BUSD holder as well. We have a pool where you can contribute AC/BUSD liquidity from DODO dex. We will be introducing AC/BNB pair on PancakeSwap soon.

Question:

Would it impose the benefit for converting my BTC into BTC+?

Terry:

Sure. So right now, if you deposit BTC into venus, you get vBTC in return. The benefits of BTC+ are:

1/ Allows you to generate an additional layer of returns on your vBTC token (from AC reward).

2/ Once you have minted BTC+, BTC+ can be used in other lending/margin trading protocols (generating additional yield).

So simply put, BTC+ provides additional yield and usability on your BTC assets. All while allowing you to keep the base yield (ie. yield from Venus/Autofarm/ACryptoS/ForTube)

Question:

How do you guys think you compare to other teams doing similar things, such as BadgerDAO? What makes you different?

Terry:

BTC+ adopts a positive rebasing mechanism,meaning the interests gathered from the base protocol is used to mint additional BTC+. This allows BTC+ to maintain a good peg with BTC.

On the other hand, Badger’s DIGG rebases both positively and negatively. Hence, it does not maintain a good peg against BTC. Also, BTC+ is on BSC now, We are the first cross-chain BTC yield aggregator.

Question:

Well that sounds amazing. What are the risks for BTC+ holders then?

Terry:

Depeg of underlying BTC-yield tokens. What that means is, if vBTC depegs from BTC or if the Venus protocol suffers a security breach. Then this would impact the composition of BTC+.

To counter that risk, We have acSafe, which is an insurance reserve users can buy with AC token. User can buy cover on any assets within the BTC+ composition basket (ie. vBTC), if in case vBTC depegs, then users would be paid out in AC.

Host:

Are you guys a public team?

Terry:

Yep, public team.You can check our time via https://nuts.finance/about/.

ACoconut is part of the solution suite by NUTS Finance. We started building in the space since 2018.

Host:

Do you have any previous projects?

Terry:

Yep, But no token. We built a middleware platform in 2019, called NUTS platform. It’s a dev tooling solution for launching dapps. You can check our github for a list of projects that we’ve worked on. https://github.com/nutsfinance

Question:

Badger has been on BSC for a few days. You launched before them?

Terry:

What I meant was, combining BTC+ and acBTC, we are the first project that can realize cross-chain yield aggregator. Badger is on BSC I am aware of that.

Question:

How do you plan to maintain stability with a coin that is supposed to be pegged to BTC with no negative rebases?

Terry:

The rebase is based on interests generated from the underlying BTC yield tokens only. Therefore, whenever there is a rebase, user’s principle balance would grow.

For example, If you deposited 1 vBTC at the beginning of the month to mint 1 vBTC+. You are likely to see your vBTC+ balance grow to 1.0001 (arbitrary number). The 0.0001 vBTC+ is from the yield collected from the underlying venus protocol.

Therefore, this is a positive rebase only. And the principle token can then track the value of BTC.

Question:

So the AC token is your governance token that serves as a hedge against the risk of depegging?

Terry:

A few use cases for the AC token:

1/ Used for buying insurance cover

2/ Holders of AC can lock AC to increase mining power (Boost) and voting power (this is similar to Curve’s veCrv)

3/ Fees collected from the acBTC and BTC+ protocol is used to repurchase AC from the open market, the repurchased AC is used to replenish farming pools (to maintain consistent APY for farmers)

4/ AC will also be used to subsidize users for cross-chain transactions (ie. moving acBTC from Ethereum to BSC will incur cost, but we will subsidize users with AC)

Question:

Is AC available on BSC?

Terry:

Yep, AC is currently trading on Dodo dex

https://app.dodoex.io/exchange/BUSD-AC

Question:

What is initial liquidity added on AC?

Terry:

The max supply of AC is 21m. Right now roughly 3m is circulating.

Exact numbers can be found here: https://www.coingecko.com/en/coins/acoconut.

Based on circulating supply, market cap is only about $5m. AC liquidity on DODO right now is roughly at 116k. AC liquidity on Uniswap is roughly 280k.

Host:

Why did you choose to use DODO?

Terry:

We chose DODO for a few reasons. We were the first project to be selected to do a DODO Crowdpooling event on BSC roughly 1 month ago.

We wanted to let the BSC community know about the AC project. So we decided to do the DODO Crowdpooling event. https://twitter.com/NUTSFinance/status/1364604147194994694.

This was the result of the Crowdpooling event. Also, DODO sas a very unique PMM algo that can help LP minimize impermanent loss. But we will be opening up another pool on PCS shortly. It will be AC/BNB.

This is our trading pair on Uniswap (AC/ETH) for those who are interested. https://info.uniswap.org/pair/0x6660551884b1cCc968662d72c2e6897a1CA4BfAc

Host:

I wonder why DODO isn’t more popular then?

Terry:

DODO is a newer player in the Dex game. Havent hit critical mass with LPs yet. But they are solid. The tech is good. By the way, you can either buy AC on Uniswap and bridge it over to BSC using our own bridge as well. So whatever works well for you all.

Host:

Do you have a link to that bridge?

Terry:

https://token-bridge-bsc.acoconut.fi/

You can bridge between AC (on ETH) to AC (on BSC) back and forth. Just pay a little bit of gas.

Host:

I assume most people here will just buy on BSC, so what do you guys have on the roadmap in the following month or so?

Terry:

All good!! A bunch of exciting stuff! So right now beta testing is running. We don’t have a set end date, we will close off beta as soon as the Dapp is perfect and we’ve gathered sufficient user feedback.

Also, please be reminded that Beta participants will qualify AC airdrop. Don’t miss out on that.

Once Beta testing is complete. We will launch the real farming pool. Right now you are earning mock AC from the farming pool in Beta, but the mock AC will qualify you for AC airdrop.

Once the BSC campaign is done, we will go back to Ethereum. And open up v2 on Ethereum. As well as farming pools on Ethereum.

Host:

Yeah that sounds like a great plan

Terry:

So really, the BSC community is getting the first dips!!! https://bsc-beta.acoconut.fi/

Participate in this beta to qualify for airdrop!

Beta testing guide: https://medium.com/nuts-foundation/acoconut-v2-beta-testing-guide-16ee561a744

Everything you need to know about v2: https://medium.com/nuts-foundation/introducing-acoconut-v2-aa80d508c05d

Host:

Why don’t you give some insight into future marketing plans too if you don’t mind?

Terry:

Yes! Marketing. We are looking to really tap into the BSC community. We are confident that the ACoconut protocol suite (BTC+ and acBTC) offers the most robust BTC DeFi solution for BTC holders. If you are aware of any other high quality BSC community, please let me know. Definitely would love to spread the gospel

Host:

Of course I will keep you updated.

Terry:

By the way, I’ve done a podcast with BSC News last week: https://www.bsc.news/podcasts/episode-30-a-conversation-with-acoconut.

For those who’re not a big reader. Can tune in to the session. A lengthy one, but covers everything from product design, tokenomics, roadmap. It’s a good one

Question:

Is there a way to avoid ETH fees currently?

Terry:

You can use ACoconut v2 on BSC entirely without having to incur any ETH gas. You can also buy AC (on BSC) via Dodo dex. https://app.dodoex.io/exchange/BUSD-AC

Question:

Is there a difference if you hold AC on bsc or on ETH chain? I mean if I hold AC in bsc will I be eligible for the airdrop after the beta ends?

Terry:

No difference. You will need to participate in the beta test in order to qualify for airdrop. Meaning You will need to:

1/ Log in to https://bsc-beta.acoconut.fi/

2/ Mint any kind of Single+ tokens with either BTCB or vBTC/acsBTCB/fBTC

3/ Stake the single+ token into a farming pool

4/ Claim your AC (this is mock AC)

Then sit and relax, And you will be airdropped AC token once beta is over. So in short, This is just like you are participating in a normal farming campaign, mint and stake.

Hold on to the mock tokens, and you will be rewarded with real tokens.

Close to 30 BTC currently staked in the farming pool in the beta test. Let’s get the numbers up up up!

Question:

I am not sure if possible but it would be banging if you could switch chains and pay fees in the chain of your choosing

Terry:

Nope, if you’re interacting with beta right now, the gas fees are paid in BNB. Mint, claim, withdraw, all using BNB to pay for gas. Because beta is on BSC network. You don’t need to worry about having to pay for gas in ETH. I promise!

Question:

Is this project still in beta?

Terry:

acBTC is in production. BTC+ is in beta on BSC. We launched acBTC in October of last year. You can find out the audits here. https://github.com/nutsfinance/acBTC/tree/master/audits

Host:

I think that sums everything up very well. Thank you guys for coming — if anyone has more questions visit: https://t.me/acbtc_community !

Terry:

Thanks. I will drop updates here going fwd directly if that’s okay

Host:

Of course — that is welcomed

Terry:

For those who missed the session and would like a quick summary of our project. Please read this tweet! https://twitter.com/NUTSFinance/status/1375374651971407876

Still have questions? Join our Discord channel for live updates!

💬 Join Us on our Journey!

Twitter: @ACoconutDAO

Discord: https://discord.gg/mvANFYe

Telegram: t.me/acbtc_community