Satoshi Club
Published in

Satoshi Club

Cyclos x Satoshi Club AMA Recap from the 25th of February

Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Cyclos and our guest was . The AMA took place on the 25th of February

The AMA session was divided into 3 parts with a total crypto reward pool of $500

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&WebSite

Jonah 🏅🎹 | Satoshi Club

Hello Dear Satoshiclubbers welcome to our ANA session with CYCLOS

Robocop | Satoshi Club

Hello Satoshi Club community ! We are pleased to announce today AMA with Cyclos

Jonah 🏅🎹 | Satoshi Club

Our guest today is @oxhantu

Hello welcome to satoshi club

Robocop | Satoshi Club

Glad to have you here, how are you today ? @oxhantu

Daniel

Doing well thanks

Jonah 🏅🎹 | Satoshi Club

Great.. Let’s proceed to our AMA

Can you please introduce yourself to us how you got into crypto, and how CYCLOS started?

Robocop | Satoshi Club

Welcome back to Satoshi Club , i remember Cyclos already do AMA on september 2021, but can you introduce again yourself to our new member ?

Daniel

Sure. I entered crypto in 2017 as head of research with a large crypto media company and moved over to Binance in 2019 to work with listings and investment. I’ve always been interested in how crypto can revolutionize money so when DeFi came to the forefront, I became very interested in launching a project that would contribute to innovation on this front. That’s where Cyclos came in.

Myself and Shardul (co-founder) took what we felt were all cutting edge ideas in DeFi and combined them together- concentrated liquidity (letting liquidity providers choose the price range where their assets make orders) + solana blockchain.

The first version of Cyclos was meant to concentrate liquidity on Serum’s order books. However, when we launched the v1 mainnet, we weren’t satisfied with the Serum integration. So we decided to go back to he drawing board and build a concentrated liquidity market maker that stands on its own.

Jonah 🏅🎹 | Satoshi Club

Impressive Background

Can you give us a brief intro of what Cyclos is all about?

Robocop | Satoshi Club

Thats really great ! you have a great background and experience

Daniel

Sure. We are an AMM (automated market maker) built on Solana. However, we use a new function for fulfilling swap orders called concentrated liquidity. The basic idea is that if you want to put your idle assets to work to earn a yield on Solana, you can come to Cyclos and choose the price range where those assets are active.

For example, I might choose to provide liquidity on a SOL-USDC pair with a price range of $80 USDC per SOL to $100 USDC per SOL. This means that 100% of my assets are being used to fulfil traders’ orders in this price range. This results in higher yields for me as a liquidity provider, and much less slippage and price impact for traders. It’s a win win all around.

Jonah 🏅🎹 | Satoshi Club

At the moment how many Team members do you have working on this project?

Daniel

The cool thing is, as we open up new pools, the opportunity to earn from traders’ fees is huge in the beginning even without liquidity mining incentives because your rewards are distributed according to the portion of the pool you provide.

We have 4 devs an 2 on operations

Robocop | Satoshi Club

Thank you for the great intro , shall we go to part 1 with 6 question from community?

Daniel

sure let’s go ahead

Robocop | Satoshi Club

Q1 from Telegram user @Ecmq10

Hello Cyclos team. You mention that Cyclos is an AMM that solves the problem of capital inefficiency and maximizes returns for liquidity providers. Please tell us, how does Cyclos achieve this? What are the tools that Cyclos uses to solve this problem? How does being built on top of Solana help Cylos in dealing with the problem of capital inefficiency? For what reasons did you decide to choose Solana instead of another blockchain? Thank you!

Daniel

So I guess I already answered the first part of this in the introduction regarding capital efficiency, as that is the core value offering of the product.

Let’s move onto the Solana part. The biggest way building on Solana benefits us is that there is very little in the way of fees to stop 1. holders of any size providing liquidity on Cyclos 2. liquidity providers moving their positions around as prices change. These are two massive barriers on Ethereum for example which make it extremely expensive to use concentrated liquidity.

So part of our reasoning for launching on Solana in that regard was technical. The other was business oriented. We saw an opening to build something that hadn’t been built yet on Solana, so we jumped at it.

Jonah 🏅🎹 | Satoshi Club

This gives you a first mover advantage on Solana

But Along the line do you plan on integrating other chains as well?

Daniel

Yes. we are actively working on that front at the moment.

Robocop | Satoshi Club

yes, high gas fee from ETH really expensive and this is something new for Solana Blockchain

Jonah 🏅🎹 | Satoshi Club

Awesome what chains are you working on?

Daniel

In our case it is particularly important, because liquidity providers pay a gas fee every time they add liquidity and change their position

So in our case, since solana is low cost, capital should be able to move much more quickly around to different price ranges where it is needed

We will announce the chain when the time is right

Jonah 🏅🎹 | Satoshi Club

We will be on the lookout for this

Thank you for your answers

Robocop | Satoshi Club

Please don’t forget to share with Satoshi Club

Robocop | Satoshi Club

Let us continue to next question ?

Robocop | Satoshi Club

Q2 from Telegram user @chinyere2020

I learnt that the $CYS staking feature is now live on your V2 UI. Can you give more information about the $CYS staking feature? What is the minimum amount of $CYS tokens that users are eligible to stake? How long must users lock their tokens before they can withdraw their earnings? Will the APR% your staking pool be fixed or will it depend on certain market factors? Apart from the staking yield, are there other benefits that users who stake their $CYS tokens will enjoy?

Daniel

There is no minimum amount that can be staked. Users have a choice- lock with no time and earn 25%. Or, they can lock their holdings for 4 months and earn 75–100% APR.

Once we deploy more pools, we will begin distributing a share of the revenue from Cyclos directly to CYS stakers

Daniel

we will also implement governance

Robocop | Satoshi Club

Can you please share the tokenomics $CYS token ?

Jonah 🏅🎹 | Satoshi Club

Btw How many pools are available at the moment?

Daniel

You can check it out on our site: https://cyclos.io/

We have USDT-USDC and CYS-USDC pools live

Daniel

we’ll be launching more shortly

Jonah 🏅🎹 | Satoshi Club

Great

Jonah 🏅🎹 | Satoshi Club

Thank you for your answers

Robocop | Satoshi Club

Thank you for the answer

Jonah 🏅🎹 | Satoshi Club

Are you Ready for the next question now?

Daniel

yep

Robocop | Satoshi Club

Q3 from Telegram user @QuianaV

Cyclos proudly officially introduced CycloSwap, the most advanced swap interface on solana. Can you explain more on CycloSwap and its unique advanced features that makes it different from traditional Swapping applications/Dapps? Are users required to hold the any tokens in order to use CycloSwap? How many swapping Pairs does Cyclos Swap currently supports? Can you share on how cost effective is CycloSwap in terms of gas fees consumed during swapping?

Daniel

Our new swap CycloSwap is live on our concentrated pools. I don’t know the exact amount of gas it consumes, but it is around a few cents. Right now as just mentioned, we have USDC-USDT and our native token CYS-USDC. We will be adding more pairs soon with the release of our audit report. What makes CycloSwap different is that it uses concentrated liquidity pools to conduct swaps, rather than the old style pools which are much less efficient

Jonah 🏅🎹 | Satoshi Club

How many audits have you done?

Daniel

We’re doing 1. We’ve conducted extensive testing on the product as well.

Robocop | Satoshi Club

beside Cycloswap, what other feature that you will have in the near future ? how about NFT ?

Daniel

Our liquidity positions are actually NFTs.

In the future, we will implement staking for these NFT positions

Jonah 🏅🎹 | Satoshi Club

Awesome

Jonah 🏅🎹 | Satoshi Club

Thank you for your answers

Ready to proceed to the next question?

Robocop | Satoshi Club

Thank you for the detail answer, do you want to add something or we can go to next question?

Daniel

next question works

Robocop | Satoshi Club

Q4 From Telegram User @Modrumz120

From Cyclos website, i learnt that Liquidity providers place their assets at price intervals of their choice i.e. “concentrating” their liquidity. Concentrated Liquidity gives liquidity providers total freedom in how they distribute their liquidity and rewards them for meeting market demand. I’m curious to know,who are these liquidity providers and can a user be able to be a liquidity provider too?What are the requirements needed for users to be able to become liquidity providers in the Cyclos platform? What are other benefits which liquidity providers can benefit from in the Cyclos eco-system? Thank you.

Daniel

Great question. Liquidity providers are anyone- you, me, any crypto holder can provide liquidity. All that means is if you have some assets in your wallet that aren’t earning, and you want to put them to work, you can “provide liquidity”. Other traders come to Cyclos and want to exchange, for example, USDT to USDC. If there is no liquidity there inside the Cyclos program, we can’t offer them a trade. That’s where liquidity providers come in. Anyone with USDC and USDT can open up Cyclos, (https://app.cyclos.io), click on “pool”, and add their assets in a specific price range. In the case of USDT-USDC it’s easy to select the price, because these two assets tend to remain around $0.98 and $1.01. Your assets will sit in the protocol and as traders come, they will be used to meet swap demand. As your assets are traded back and forth, you will earn a fee as a reward for providing liquidity.

In addition to the fees, we will also be launching liquidity mining. This will allow LPs (liquidity providers) to earn an extra incentive in CYS on top of the fees they collect as a reward for providing liquidity.

Jonah 🏅🎹 | Satoshi Club

Well detailed

What percentage of the fees do you distribute to liquidity providers?

Daniel

60% of all fees go to them

Robocop | Satoshi Club

if we provide liquidity, does it have penalty if we want take it back or we can take anytime we want? i mean do we need time contract (for example 1 year) to provide liquidity?

Daniel

There is no penalty. That’s why the low gas fees of Solana are so important. Let’s say you provide liquidity on SOL-USDC between $80-$90 USDC/SOL, and the price suddenly drops. You can change your position so that now your liquidity is in the right price range.

Of course, you could also spread the liquidity out more thinly from the beginning in a wider range, but if the price of SOL remains fairly stable, you won’t earn as much because you will have some idle assets.

Jonah 🏅🎹 | Satoshi Club

Thank you for clarifying this

Daniel

for sure

Jonah 🏅🎹 | Satoshi Club

Ready for the 5th question now?

Daniel

yessir

Robocop | Satoshi Club

Thank you for the detail answer

Robocop | Satoshi Club

Q5 From Telegram User @Ritshimwa

Cyclos recently introduced the Cyclos evangelist program to attract newcomers and Promote Cyclos. Can you explain on Cyclos Evangelist Program and functions of users who apply and are selected as Cyclos Evangelist? What are the benefits, incentives which Cyclos Evangelist are entitled to as they promote the Cyclos Platform? What are other future strategies by the Cyclos Platform in order to create more awareness about the Cyclos Platform?

Daniel

Yes sure. So anyone from the community can apply to be an evangelist. We recently opened up a form for expressions of interest to gauge how much enthusiasm there is from the community. There is a lot of enthusiasm luckily

The whole idea behind the evangelist program is that we want to draw on our community to help explain to others in their own languages how to take advantage of the Cyclos product- i.e. how to conduct trades and importantly, provide liquidity. As you have probably noticed from this AMA, liquidity provision is a concept not many people are familiar with (even though it’s a great way to earn on your assets) so we want to spread that message out as much as possible.

The content with the best quality and highest social media reach each month will be rewarded with CYS tokens.

Daniel

We will be releasing the details of that as soon as new pools are live

Jonah 🏅🎹 | Satoshi Club

Great.. do you have a targeted number of evengelists in mind?

Robocop | Satoshi Club

why its name Evangelist ? its take from evangelion ?

Daniel

Evangelist is an English word for person that spreads a message

Robocop | Satoshi Club

oh haha ok thank you for the explanation

Robocop | Satoshi Club

@oxHantu how about this ? do you have target for Evangelist ? how many Evangelist do Cyclos want to have?

Daniel

We don’t have a target. As many as possible

Jonah 🏅🎹 | Satoshi Club

Great..

Robocop | Satoshi Club

Thank you for the answer

Jonah 🏅🎹 | Satoshi Club

Let’s proceed to the last question for this part

Robocop | Satoshi Club

Q6 From Telegram User @jameslekan664

Hello!

Security is of Paramount importance for every DeFi project because this tends to give users a high level of trust in the project. Going through your road map, one of the objectives listed for last month being January is to begin the bug bounty program and that caught my attention. Can you elaborate on your bug bounty program? As a hacker that wants to participate, what criteria must be met? Is the program currently ongoing and how can I participate? What rewards will the bug hunters get?

Daniel

There are no specific criteria. We will be open sourcing the code, and will release the details of rewards for different types of bugs. There will be a range of rewards depending on the type. If you are interested in participating, please follow us on Twitter: https://twitter.com/cyclosfi and Telegram https://t.me/cyclosofficial

Jonah 🏅🎹 | Satoshi Club

Has the date for this been announced?

Daniel

not yet

Robocop | Satoshi Club

Thank you Daniel ! it has been an amazing time in this first part of the AMA

Jonah 🏅🎹 | Satoshi Club

Thank you for your answers so far

We will now proceed to the second part of our AMA

Our users are eager to ask you their questions directly

Jonah 🏅🎹 | Satoshi Club

Are you ready for them?

Robocop | Satoshi Club

Before we open the chat, can you please share the important link or social media

from Cyclos? @oxhantu

Daniel

sure

https://t.me/cyclosofficialchat

https://t.me/cyclosofficial

https://app.cyclos.io/#/swap

http://discord.gg/gyaK56UreX

Jonah 🏅🎹 | Satoshi Club

Thank you for sharing

Chat will be opened for 120 secs

Opening chat now

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Murthy_Rajpaksha

I read that You are introducing veCYS feature on platform,
What is it for?

Daniel

The idea behind this is to follow a similar governance and rewards structure as set out by Curve Finance on Ethereum. Users will lock their CYS and obtain veCYS. Depending on how long they lock they will receive a higher degree of say in governance decisions.

Q2 from Telegram user @BrayantGonzalez

Regarding the problems that we have seen in the Solana network in recent months, such as congestion and more, could you tell us what measures Cyclos plans to take in this regard? Will they consider migrating to other networks if these problems continue?

Daniel

Well the main thing is we will go multi-chain. That way we are not 100% tied to the ups and downs of any 1 chain. That said, we are not worried about network outages on Solana. The more ambitious your goals are, the more problems you will run into initially, but they will be overcome with time. We believe Solana will be good in the long term

Q3 from Telegram user @kokonutella

How many of your tokens do I need to buy in order to join the governance of the project?

Daniel

Any amount. There is no limit.

Q4 from Telegram user @Nonerlike

Do you have any guide or article for help how to provide liquidity? Also what is the APR if I do staking in your platform?

Daniel

We do. I will share it here https://medium.com/@cyclosfinance/welcome-to-cyclos-devnet-47b63d79cb69

Q5 from Telegram user @surendra040

Do you have any plan to add more pairs in the future apart from USDT-USDC? What are your upcoming priorities?

Daniel

We do. We will be adding more starting around end of next week if all goes according to plan.

Q6 from Telegram user @ghok4386

Currently, NFT is really hot topic now, Do you think you will apply NFT technology to your products in the achieved future??

Daniel

Our LP positions are actually NFTs. We were the 2nd project ever to implement this after Uniswap V3.

Q7 from Telegram user @Marcos2002

As I Was Reading, I Found that You are Planning to Introduce the CYCLOS DEVNET , May I know More about the CYCLOS DEVNET , Please tell me Some Unique Features ?

Daniel

We are already on Mainnet

Q8 from Telegram user @Clint_25

Cyclos, is fantastic and has a great potentiality to succeed in the future. Could you please explain how I can invest with Cyclos? Do you have any IDOs or are you in the midst of a presale?

Daniel

The project is already listed on MXC, Gate.io and our own app, app.cyclos.io

Q9 from Telegram user @Karoceh

You mentioned that Cyclos will also implement governance. Is this mean Cyclos will be 100% driven community? Or does the team still have a role in making decisions

Daniel

Yes that’s correct. The team will have a say in the governance because there are team tokens, but the project will be progressively decentralized.

Part 3 — Quiz Results

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.

For more information and future AMAs, join our Social Media channels:

English Telegram group: https://t.me/Satoshi_club/
Russian Telegram group: https://t.me/satoshi_club_ru/
Spanish Telegram group: https://t.me/satoshi_club_spanish/
Telegram Channel: https://t.me/satoshi_club_channel/
Twitter: https://twitter.com/realsatoshiclub/
Website: https://esatoshi.club/

Our partners:
Telegram –https://t.me/cyclosofficialchat
Medium –https://medium.com/@cyclosfinance
WebSite — https://cyclos.io/
Twitter-https://twitter.com/cyclosfi

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store