ONTO x SIL AMA Review — October 9, 2021
On October 9th, 2021 at 1:00 pm UTC, Onto Wallet held an AMA event in conjunction with SIL.
Liana, Project Manager of SIL.Finance, was a guest of the Onto Wallet community to introduce SIL.Finance to others.
The following is a compilation of the text of the AMA.
SIL.Finance is a single sided yield aggregator (1 click hedging) with adventurous functional #NFT farming card add-ons. Or in formal form it’s a decentralized automatic investment platform based on smart contracts, focusing on providing users with DeFi Financial Management services. SIL provides dual-token liquidity for variable swaps, automatic LP matching, and automatic compound interests. According to factors such as annualized rate of return, safety factor, financial management cycle, etc., it automatically selects and configures products that best suit the interests of users, making complex liquidity mining to become simple.
Welcome to the ONTO Wallet AMA session with SIL Finance!
This is Yildirim from the ONTO Wallet Community and your host for today’s AMA session.
Thank you for joining today’s AMA session.
To help us learn more about SIL Finance, we are fortunate that we will be joined by the Project Manager Of SIL Finance, liana @lianana
Let us give a warm welcome to liana @lianana
Hello liana @lianana please say hi to the ONTO Wallet community.
Hey @YildirimI it’s good to see you
Hi ONTO Wallet community~
This is Liana from SIL.Finance~
Can you introduce yourself to our community.
Okay, I’m the PM of the SIL.Finance, coordinate things around here and there. We have a 12 member dev team that need to manage.🤣
I’m the co-founder of SIL, I’ve been a serial entrepreneur that usually and mostly focuses on fundamental technology
Good at distributed systems and high-perf computing
@YildirimI let’s go
Thanks for Your Introduction liana
Now lets jump into the Q/A
Could you please explain what SIL Finance is?
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).
- NFT addon to speedup mining process, or slow down someone else’s, or yourselves.
- Multi-chain coverage:
- 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.
Can you tell me why SIL Finance chose to focus on the NFT sector? What are the opportunities there?
Okay, SIL’s NFT is a fun addon that the team tried to boost user’s farming experiences. SIL Augmented NFT(SAFN) makes you stand out not just on accelerated yield profits, but also merge and trade, and carries blessings from the sisters. Best for Crypto Sharks with gaming in mind.
We pick NFT as a fun carrier because the extendability of NFT format, which is a standalone form from ERC-20 tokens.
Actually we can implement almost everything with NFT. If you have played Mario Kart, you may remember planting bananas on the track in order to slow down other players if they happened to step on the bananas. The SIL NFT Debuff cards are quite like that, just be careful don’t use Debuff cards on yourself, lol.
Each SAFN has an attribute that contains the effect of acceleration or deceleration. The acceleration card enhances the mining speed of matching LP assets, and each SAFN has a corresponding coin that is in effect (e.g., it is in effect for ETH coins), and its effective length of use varies. Each card has a unique number, which can also be read by the digital wallet that stores the card.
SAFN is divided into 5 levels, from low to high: common, uncommon, rare, epic, and legendary. The higher the grade, the higher the rarity, the smaller the circulation and the stronger its additive effect. For example, an ETH acceleration card with legendary rank with Vitalik cover will enhance the mining speed of all ETH-related LP pairs. If this SAFN card is obtained, it can be injected into the mining pool (use this card to speed up ETH mining when the ETH is on either side of an A/B asset, such as ETH / BUSD or BTCB/ETH, for more mining gains) and the user’s SIL mining rate will be multiplied by the multiplier on the card. It’s an amplifier for the farming system, try it for funner experience, and you can collect.
What are the major milestones SIL Finance achieved so far & what are in the future pipeline?
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
Many people will want to know what are the strengths of your project, but I want to know the weaknesses and problems that your project faces? How do you plan to solve it?
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.
Last question! Does the community have any input in the development of the project?
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.
That wraps up the first part of the AMA session. Thank you liana for your answers! Now, we will enter the next Session.Where our Guest will answer our Users Question that we collected previously from Twitter.
1st Question by @OpuGhosh2 (https://twitter.com/OpuGhosh2)
SIL Finance is a more advanced protocol than YearnFinance, and I wonder if they are related to each other. YearnFinance owns “yTokens” which has different utilities, SIL Finance has its special tokens? Will they implement something similar?
SIL comes from Sister in Law, it’s actually a prank to the YFI, don’t ask me why, lol.
The SIL token could be used to:
- Governance voting.
- Value vessel of all SIL Finance platform profits.
- Buy NFT on SIL.
- When profit amplification by moving LP profits to profit token’s Single Token yield farm implemented, SIL will be used as mining collateral.
2nd Question by @Sunil58898226 (https://twitter.com/Sunil58898226)
I heared that in the early days of SIL , after the launch there was a hack happened and investors lost their funds . Did you guys recovered it all back??. How can u convince us that there is no such thing will happen anymore?
Yes, it indeed happened, but it’s a frontrun event not hacking. We fixed the problem, recovered all the funds back, plus 2 weeks of closed door minging, plus airdrop NFTs, we tried to let everyone be comfortable with that issue.We have dedicated medium articles tracking the progress of the frontrun event, most people have felt confident.
Now SIL has been running for almost 4 months, no issues since then.
3rd Question By @huyenthuvu7549 (https://twitter.com/huyenthuvu7549)
So many “RUG PULLS” are here in crypto market .And many projects have been pulled in and out of scams recently . Why people should trust your project ? Do you have proper security for your project ?
As to the last question, 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.
4th Question By @le23t (https://twitter.com/le23t)
What was the idea that motivated you to create SIL Finance ? Is your way of managing smart contracts different from the classic smart contracts developed in Ethereum?
Actually the SIL team comes from a crypto exchange background, the team have rich knowledge about how exchanges run and are fully aware about the weakness of centralized organizations, so we decided to build something solid on pure blockchain technology.
Some team members have solid experience on Ethereum development, some even have built their own blockchain from scratch before, so we kindly have confidence on creating something useful and new using smart contracts.
Last question Of This Session By @OpuGhosh2(https://twitter.com/OpuGhosh2)
You said that SIL Finance have 2 modes in SIL website, First is only one-sided composition, and Second mode is Impermanent Loss reduction mode. Could you explain how this 2 modes actually work ? why did you makes 2 modes in your website ?
A good question, but it’s too long to explain here, please reference our doc: https://docs.sil.finance/tutorials/interface-guide/hedge/ and https://docs.sil.finance/tutorials/interface-guide/yield. The usage of SIL is very easy, but to deeply understand it, the curve may be steep.
Yildirim：Alright! That completes the Second segment of our AMA! Thank you liana for the comprehensive insights of SIL Finance. So our guest will answer 6 questions from live session! Let’s now proceed to the free-ask section. I will unmute the group but put on a 15-minute slow mode as there will be a lot of questions coming through. @lianana are you ready for there Questions?
Is your Project a local and a global project. How many People do you have for non english user? Can anyone uses your services from anywhere in the world.Is there are any restrictions of using your service?
It’s a global project. It’s a DeFi and permissionless.
Dirk Pollard BTC 10k：
Currently from where i can buy ? Is it possible that I can get only by holding it?
[Re Dirk Pollard BTC 10k]
On Pancakeswap sir, you can also get SIL by staking on SIL platform.
What tools has SIL built to improve performance farming and bring the “honey” of passive income to users? What are the most optimal strategies for depositing the underlying funds in the yield farming protocols that SIL provides?
SIL is the world first LP composer, we compose LP from different money from different users, users are alleviated from preparing both side of LP tokens.
In the future, will you collaborate with #SILFinance several influencers to develop technology to make it more advanced? Who are the influencers that have collaborated?
[Re Erik Warman]
We have Boxmining onboard, many ambassador working around the community too.
What is the long-term vision of the $SIL project? Can you introduce the development roadmap of the project and what goals that wants to achieve #Sil_Finance by the end of 2021 and beyond?
Yes the team have many long term goals to fill in the near future, it’s already been listed on the docs.sil.finance, you can check on that.
All we do is to help user to earn more money on DeFi, through SIL.
How do you convince the average crypto user that $SIL should be your one-stop-shop for the benefit of your assets? Why not go for a different and more renowned project? And how are you going to instill confidence in your user base, since the team is anonymous?
We used to educate users in our community by various ways or explanations, since we created something new that’s nowhere to reference, yeah it’s been hard, but we are working on it. Team is an anonymous DAO, but code is law, we trust solid code than people, code never change. In the end, we bring profits to the user and a brand new way to interact with DeFi, we believe we can eventually be recognized.
Yildirim：That’s it for our AMA guest. Let’s give a round of applause for liana
Thank you @YildirimI and ONTO Wallet community~~It’s been a pleasure.
A big congratulations to the winners of this round #SILFinance AMA!
@Gduckyraper @DirkPollard Disqualified For Copy Paste Question,Next Time I Will Ban For Copy Paste Questions
Please dm @YildirimI to claim your rewards! That’s it for our AMA guest. Let’s give a round of applause for liana
Thank you YildirimI and ONTO Wallet community~~ It’s been a pleasure.
Yildirim：ONTO Wallet Community, if you would like to know more about SIL Finance! here are some useful links for you:
Official Website: https://sil.finance/
liana @lianana, is there anything else you would like to share or you want us to know?
please post SIL community so that everyone can join.
Another Disqualified User @yenblades
On behalf of the ONTO Wallet team and community, thanks again and we wish you, your team and your project all the best!
Yildirim：That ends the ONTO Wallet AMA with SIL Finance.