Cross-chain BTC yield aggregator
All Questions answered by Terry
Lola(AMA HOST): Can I have the team member of Acoconut Say hi?
Terry: Hey @DappRachel
Lola(AMA HOST): How are you doing Terry?
Terry: Doing well!
Thanks for organizing today’s ama. Excited to be sharing with you guys
Lola(AMA HOST): Glad to have you as well Terry
Hope the day was fine 😊
Shall we go into today’s AMA fully?😌
Terry: Yes let’s begin!
Q1. Can you give us a general of you and ACoconut? Could you tell us your role in the project?
My background is traditional finance. Started building in the crypto space since 2018
I am the cofounder of NUTS Finance and ACoconut
Lola(AMA HOST): Traditional Finance. That’s good.
Terry: NUTS Finance is the development company behind the ACoconut project
ACoconut in simplest terms, is a BTC DeFi project. Focused on helping BTC holders achieve the best yield across different block chain networks
Q2. How many team members do you have working with you? And can you also tell us their roles?
Terry: We are a team of 12 currently
Divided between smart contract engineers, product managers, community builders and marketing
Lola(AMA HOST): How has been the experience so far?
Terry: It’s been awesome! Enjoy every single moment of it
as mentioned we started building in the space since 2018
Lola(AMA HOST): That’s good to hear
Terry: So it’s been a rewarding yet humbling experience at the same time
Q3. How is the Transaction fees in ACoconut?
Terry: We currently charge a 10% performance fees on Bitcoin deposited through the ACoconut platform.
Currently there are more than usd 25m worth of Bitcoin deposited on the platform
This is our bsc dapp
So far we have helped Bitcoin holders earn approx. USD 473k worth of Bitcoin on their deposits
So regarding to your questions
based on the Rebased earnings, we charge a 10% performance fees. Which is also collected in BTC
Lola(AMA HOST): This is really outstanding. I believe Smart work and commitment has made you achieved this.
Q4. Can you tell us about how ACoconut works?
Bitcoin holders can deposit Bitcoin or btc yield tokens to ACoconut. We put the deposits to work by allocating to various yield protocols. The yield collected are rebased into BTC. Therefore, depositors can collect the interests in BTC
Example: Alice mints 1 btcb+ with 1 btcb via ACoconut at the start of the month. The btcb is put to work by allocating into the Venus protocol. Interests collected are Rebased into btcb+. At the end of the month, Alice can see her balance grow into 1.0001 btcb+
In other words, ACoconut is the first positive rebasing protocol that allows depositors to earn interests in BTC unit of account and maintaining a stable peg against BTC
Q5. What are the benefits or Reward in ACoconut?
Terry: Benefit is btc holders can put their Bitcoin to work by earning BTC yield and AC yield
Btc yield is generated from underlying protocols
AC yield is the platform token of ACoconut
If you are a Bitcoin holders looking for optimal returns in a audited protocol. Look no further than ACoconut
You can track us on DeFi Llama
Q6. How many Partners do you have? And what do you expect from them?
Terry: These are our partners
just to name a few
We are working in tandem to build out the most secured btc defi protocol for btc holders
Lola(AMA HOST): Great! More than 5…
Terry: Our partners range from security experts, investors, btc defi builders, Oracle solutions providers, and marketing firms
Lola(AMA HOST): Okay.
Q7. Can you tell us how ACoconut intends to help liquidity in the decentralized system?
Terry: Sure, ACoconut helps BTC holders generate a competitive yield on their BTC holdings
In other words, it is allowing BTC liquidity to be put into use most effectively
Effective in two ways:
1/ by generating Rebased interests in BTC unit of account
2/ by maintaining a stable peg against BTC so that it maintains composability with existing defi protocols
Therefore, ACoconut is aggregating BTC liquidity and enabling the liquidity to be put to work effectively
Q8. Can you share with our community the plans you and your project have for this year and the coming years?
Terry: Years is a long timeframe in this space
I can share the plans we have for the upcoming months
1/ ACoconut will be deployed on more blockchain networks
Currently we are deployed on BSC and Ethereum. Will be expanding our protocol to other chains
2/ Supporting more yield tokens
Which means more holders of yield tokens can deposit to mint plus tokens to enjoy Rebased earnings and composability
3/ we will be expanding the plus asset mechanism to other assets outside of BTC
Which means users holding other forms of yield tokens can also mint plus tokens to enjoy rebased earnings and composability
Q9. What are the major challenges of ACoconut and how do you intend to solve them?
Terry: To be honest we are a pretty well rounded team and we are confident in our product
One of the areas which we are constantly trying to improve is the narrative of our project
Finding the right narrative for mass market to understand quickly is what we’re fine tuning all the time
Despite the traction we have built, ACoconut has not reached critical mass yet
With the upcoming feature release, new security audit partners, we believe we can further reach mass market adoption
Q10. Share with us all the links about ACoconut, so that readers can find out more and also follow the development of the project.
Terry: ACoconut Useful Links
ACoconut is a BTC DeFi protocol suite designed to enable frictionless movement of BTC liquidity between decentralized systems. The ACoconut protocol suite consists of BTC+ and acBTC, powered by NUTS Finance.
Q11. Lastly our favourite question, do you have any alpha or juicy news for us in BSC News today?
Terry: 1/ ACoconut v2 beta testing is currently ooen on ethereum currently. Participate to earn AC airdrop
2/ as mentioned we will be expanding the plus asset to other asset classes. This would mean adding more composability and yield for assets outside BTC and servicing more holders 🙂
The new features will be deployed over the course of the coming month
so stay tuned 🙂
Lola(AMA HOST): Great work from Acoconut. A lot of plans. Hope to see them soon
Thank you for this great AMA.
Terry: Thanks for organizing once again
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.