OEC ✖️ SIL AMA Review — Oct 29, 2021
On October 29, 2021 at 12:00 pm UTC, SIL.Finance will be joining OEC community for AMA session!
Joe, Operation Manager of SIL.Finance, was a guest of the OEC community to introduce SIL.Finance to others.
The following is a compilation of the text of the AMA.
James@OKExChain:
JJoe Welcome to OEC Community. We are glad to have you here. We will start our AMA with you in a few minutes 😃
JJoe:
Hey James . it’s good to see you. Thanks for inviting me here
Hi OEC community~
This is Joe from SIL.Finance, the Operation Manager
James@OKExChain:
Glad to have you here. Let’s get our AMA underway, shall we?
Could you please introduce and explain what SIL.Finance is?
JJoe:
Before introduction , You all could view the site (https://app.sil.finance/) to ‘have a drink’ in lounge during AMA
Yes, Sil.finance is the world’s first decentralized LP composer that purely built on smart contracts technologies.
To user’s concept, it’s a single sided yield aggregator (1 click hedging) with adventurous functional #NFT farming card add-ons.
SIL focuses on providing users with unique DeFi Financial Management experiences with creative recreations.
SIL currently offers:
Type1: YIELD farms: Single token mining on top of LP farms which have much higher yields than traditional single token pools (employs LP composition).
- Automatic passive Impermanent Loss Mitigation for all farms of type1. (profiting users mitigate losing users within the farm).
- Type2: HEDGE farms: Single token hedging on top of LP farms, users get 2x leverage like experience simple by deposit (use AMM’s X * Y = K).
- Automatic yield compounding (user triggers or bot triggers, with minimal resolution set to 1 hour).
As you could see , SIl has top Yield Apr around OEC
- NFT addon to speedup mining process, or slow down someone else’s, or yourselves.
- Multi-chain coverage:
- Ethereum
- BSC
- OEC
- Polygon (WIP)
- Cadano (WIP)
- Avalanche (WIP)
- Support quality swaps on every chain.
The SIL’s model is unique on the DeFi market, it’s single-sided functionality is solely contributed by users, the product gives all the possible choices back to the community and is way more open than yield products.
Under the hood, SIL employs:
- Isolated ordering queue, each pool contains:
- Pending queue
- Priority queue
- LP composition (share based matching algorithm)
- Share accumulator
- Asynchronous settlement calculator
- Synchronous settlement calculator with double output emitter
The revenue of mining will be distributed to all users in proportion, there is no intermediary, no principal commission fees. It’s fair and just. The platform is jointly built by crypto enthusiasts from all over the world, and the management of the platform is entrusted to all SIL holders.
James@OKExChain:
Wow, this is a very nice and in-depth introduction of your project. Thank you!
What are the major milestones SIL Finance achieved so far? And what are the future goals for your project?
JJoe:
SIL has already iterated over many sprints internally, which brings various improvements over user experiences, profit generation, APY calculation accuracy, enhanced binary withdrawal options, etc.
SIL has covered Ethereum(SushiSwap), Binance Smart Chain(PancakeSwap), Okexchain(CherrySwap, JSwap). SIL has offered 2 episodes of SAFN sale events, sold hundreds of SIL NFTs. SIL’s overall TVL is over 20M USD.
SIL’s WIP features includes:
Profit amplification by moving LP profits to profit token’s Single Token yield farm and auto compound there.
- SIL Single Token Yield farm to earn this aggregated profits.
- LP composition (1:n matching algo, in development)
- Per address pairing ring
- Per pair-unit per deposit with:
- Point-in-time LP price (materialized)
- 1:n relation records
- Local IL mitigation
- LP shadowing
- Opens type3: LENDING farms (or integrate with AAVE alikes)
- SIL itself arbitrage against market and route profits among SIL’s YIELD farms, HEDGE farms and LENDING farms.
- Free NFT marketplace
- The marketplace offers free self-listing of any legit ERC-721 tokens
- The marketplace allows seller to set any ERC-20 tokens for the currency
James@OKExChain:
Excellent! We and our members usually want to know about the strengths of projects. Instead let me ask you something different
What are the weaknesses and problems that your projects faces? And how do you plan to solve them?
JJoe:
Yes , u r right. You got the point, SIL is a newcomer, we have a whole market surface to build and a new crowd to educate.
Also, users may experience more gas fees while depositing into SIL pools, since the code logic is more complicated than a plain version of liquidity pool. We did many rounds of regression tests to emulate transactions in order to reduce gas fees.
In the meanwhile, there are cybersecurity and crypto-security always happening in the crypto space, we also did lots of smart contract security talks with auditing firms(slowMist and Certik), and simulate various possible security breaches and did various guarding gates and algorithms to prevent possible events like impersonation, flash-loan attacks, MITM attacks, and we do not allow random contract to call our contract directly.
Also, Sil.Finance smart contract will allocate 15% of tokens as Governance Treasury, which would help to cover emergency situations when something really unexpected happens.
James@OKExChain:
Awesome. Thank you for letting us and our members know
Let’s talk about the role of the community. Does the community have any input in the development of the projects?
JJoe:
Yes, our voting system built on Snapshot is already launched, SIL is totally governed by written rules.
Sil.finance ecosystem is made up of voting proposals from SIL token holders. If the proposal passes the requirement of quorum (1 % staking tokens at governance structure), and also wins the majority of support (50 % of the votes),
And the total staking of winning party should exceed 4 % of the total supply, then it can be executed with a 6-person multi-signature wallet. Any revision must have approvals from at least 4 out of 6 wallet signatures. These signature holders will be voted by SIL holders initially and may be subject to change according to future governance voting.
The SIL team only does bootstrapping work before the voting system is fully deployed and then gives the choices back to the community.
James@OKExChain:
Nice. I’m sure the community will be glad to know that they can be an important part of your project
Onto the next question
Why should people trust you? Do you have a proper security for your project?
JJoe:
Absolutely Trust slowMist and Certik!
SIL has come out of the security issues, but the SIL team is still working hard to earn their respect. The team wants to bring more utility possibilities to the DeFi space, the spirit has never changed.
Sil.Finance smart contract has allocated 15% of tokens as Governance Treasury, which would help to cover emergency situations when something really unexpected happens. But it still hasn’t been used for once.
James@OKExChain:
Great! So glad to hear that
Why the farming has 2 parts? Yield and Lounge? What’s the connection between them?
JJoe:
Wow, the part is so excited to share.
The lounge mechanism is a exclusive design from team .As you can see in the logic diagram
User provide single token first to SIL LP Composer .
The LP profit will be broken in two parts:
50% will be bonus to SIL/JF lounge,which users could stake SIL with high APR to get JF
The last will back to make LP to Composer.
In addition, the users could also directly stake SIL through buying in SIL/USDT , which also promote the price of SIL and APR.
It is positive for all points, which help the SIL eco run healthily.
By the way , the silians who involved in the lounge has already got great profit .
Welcome OEC family to ‘have a drink’ in SIL lounge.
James@OKExChain:
Great. Thank you so much for sharing in-depth information about your project
This is the end for the first section for our AMA. Now, it’s our member’s time to ask questions. This group will be unmuted for 5 minutes. You can ask your questions. After that, we will mute the group again, so our guest can pick your questions and answer them.
Let’s go!
JJoe:
So warm of OEC community.
Xuân Mai:
Can you give an overview of your Tokenomics, and the UTILITY of Token?
JJoe:
https://docs.sil.finance/. We update all info about the SIL and tokenomics. Also you could join our community https://t.me/sil_finance to learn more.
Carli Mckinney cronocio:
I want to support your project, Tell us more about the Ambassador Program and in what ways can we participate ?
JJoe:
So thanks for your support . We have plan for that . After AMA you could DM me for form to apply.
xxxthe6345Txxx:
Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
JJoe:
The SIL token could be used to:
- Governance voting.
- Value vessel of all SIL Finance platform profits.
- Buy NFT on SIL (these SIL will be destroyed).
- SIL platform will generate revenue in the near future and SIL is the only vessel to carry it.
Wilbert Heinz:
How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?
JJoe:
Join https://docs.sil.finance/get-started/communities
👯♀️Twitter: https://twitter.com/Sil_Finance
👯♀️Medium: https://sil-finance.medium.com/
👯♀️YouTuBe: https://www.youtube.com/channel/UCByeubQ7KSlU3li-Bsi6DyA/featured
👯♀️Discord: https://discord.gg/jq7CpjkWUm
👯♀️Github: https://github.com/sil-finance
🇨🇳 Chinese (https://t.me/SILFinanceCN)
🌍 Official News (https://t.me/SILFinanceNews)
Retta Oconnell 545:
Staking programme is very important for any project, Can i stake your token? Do you have any plan of starting staking programme?
JJoe:
You could stake SIL in our Lounge up to 4000% APR to grabs ! https://app.sil.finance/lounge. JF also has great performance also. We have distributed around 24,000+ JF ! Join to have a comfort drink!
James@OKExChain:
Great thanks again for taking the time to answer our community questions
These are the today’s Free Ask section winners: @maisan555 @cronocio @xxxthe6345Txxx @wilbertheinz @wolfdog54
You can contact jjoe and claim your rewards
jjoe do you have any last words before we wrap up our AMA?
JJoe:
In addition , The supply of SIL is only 30,000. So thx James and OEC family. Sil.finance welcome all users to join sil. SIL will launch more compaign to promote around the world.
James@OKExChain:
Excellent. Thanks again!
Thank you everyone so much for attending today’s AMA session. We enjoyed it, and we hope our members enjoyed it as well! This AMA is over.
Until next time!
JJoe:
Thank you all OEC family ! Pls winners dm me your OEC address to claim reward.
