Sync Network AMA Recap
CryptoDiffer team
Hello, everyone!😁
Scott Bondsman, Co-founder at SyncNetwork
Cryptogenik, Co-founder / Dev at SyncNetwork
Co-founder at SyncNetwork, Scott Bondsman
Hi, Thank you for the opportunity to share our project with your community.
Co-founder / Dev at SyncNetwork, Cryptogenik
Hello!
Delighted to be here.
CryptoDiffer team
Q1: Can you introduce yourself to our community ?
Co-founder / Dev at SyncNetwork, Cryptogenik
Hello everyone, I’m Cryptogenik Co-Founder / Developer at SYNC Network.
My background in crypto started with Bitcoin around the time Charlie Lee forked it into litecoin.
I’ve been an entrepreneur and IT Systems Administrator in the financial sector for over 20 years.
My hobbies are digital art and photography.
Co-founder at SyncNetwork, Scott Bondsman
I’m Scott Bondsman, the project manager, founder, marketing and business development lead. I am a DEfi enthusiast and had the original idea for the project. I have a background in mechanical engineering and large scale project management. I got my start in crypto early 2017. Between then and now I have invested in countless projects and have a wide knowledge base of crypto.
CryptoDiffer team
Q2: Can you briefly tell us what is MahaDAO in 3-5 sentences?
Co-founder / Dev at SyncNetwork, Cryptogenik
Liquidity is too easily removed on decentralized exchanges.
New Investors are leery of new projects because of recent DeFi rug-pulls.
Long-Term staking is typically cumbersome or overly punishing for those who want to exit their position.
At it’s core SYNC is the utility token used to create CryptoBonds. CryptoBonds use NFTs to provide a unique token of position in the liquidity pool, along with a collective component. Each CryptoBond is totally unique. SYNC is required to create CryptoBonds along with a Uniswap Liquidity Provider Token (LPT), so each CrpytoBond will contain multiple assets within.
SYNC Rewards are based on how long you create the CryptoBond for, and there are no fees. You cannot unlock a Cryptobond before it’s due date. Who ever holds the CryptoBond past maturity can redeem it’s tokens back from the smart contract that is completely DeFi.
Co-founder at SyncNetwork, Scott Bondsman
Liquidity is too easily removed on decentralized exchanges, defi projects are getting rugged all the time, and staking and locking is cumbersome with certain inherent flaws. The SYNC Network is a trustless platform for projects to provide long-term locked liquidity on Uniswap, all while earning rewards in SYNC (on top of the fees earned through being a uni liquidity provider). Additionally, since CryptoBonds are NFTs….you can TRADE or SELL your long-term position by selling your CryptoBond!
In Addition, The artwork that is generated on the CryptoBonds is dynamic and changes with every CryptoBond that is created. Some artwork and items contained within the NFT have different levels of rarity. Currently there are over 2 million possibilities.
CryptoDiffer team
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans
Co-founder / Dev at SyncNetwork, Cryptogenik
We’ve fully released the Dapp, made 3 partnerships, and launched and executed 2 governance votes.
The next two partnerships are very exciting and I can’t wait for the announcements to go out!
Co-founder at SyncNetwork, Scott Bondsman
– First tradable Time locked liquidity product
– First financial NFT
– True secondary market with derivative type attributes.
– The full idea here is to support a large number of projects. Crypto goes through rapid boom and bust cycles because there is only one marketplace that all trades happen on, the spot market (even the futures market affect the spot markets) With the creation of CryptoBonds which are traded on a secondary market spot price pressure is removed all while creating stronger liquidity pools. This will have a sweeping effect on cryptocurrency’s stability in the near future.
CryptoDiffer team
Awesome, a lot of updates to come out!
Thank you for great answers!
I think it is time to start community questions round!
Cryptodiffer Community
How can we trust your project? We don’t know anything about your team members? Even you don’t have any roadmap/whitepaper. So, it’s confusing where you actually wanted to go!
Co-founder / Dev at SyncNetwork, Cryptogenik
We have fully deployed the Smart contracts and have had them audited in a publicly available audit by Coinfabrik. You don’t have to trust the team, but you can trust the code instead.
Cryptodiffer Community
Staking has really taken the altcoin space by storm, along with the increased adoption of NFTs. Given volatile market cycles in crypto with years going by with almost no new investor action, what are the metrics that you measure the success of your project aside from price of the ERC-20 token and NFT bond values? What are your overall marketing plans and strategies to scale in the coming months and years?
Co-founder at SyncNetwork, Scott Bondsman
I think the fact that our product can give creditability to projects with their liquidity being locked, this will provide more trust from investors that a “rug” situation is far less likely.
Cryptodiffer Community
Why did you choose ERC-721 did you take a look at the alternatives? Such as ERC875, ERC1155 or ERC998; all these standards enable efficient querying and transferring in a coherent manner and can be extended just like ERC721.
Co-founder / Dev at SyncNetwork, Cryptogenik
Because of it’s already widespread adoption and maturity. The other erc standards have pending changes or not set in stone yet and we wanted to ensure a hassle free experience for everyone. Also there were many unneeded features like mass production that were not useful to our end goals.
The only thing that I think users might miss is being able to send many bonds in 1 transaction, but this isn’t as big of an issue for 99% of our users.
Cryptodiffer Community
Can you provide an overview of your tokenomics? Will the design of the token increase and decrease with the success of the platform, does it include any scarce pathways, such as equity, storage, or burning?
Co-founder at SyncNetwork, Scott Bondsman
Yes SYNCs total supply is elastic. As CryptoBonds are created the SYNC contained within are burned from the total supply until maturation. reward rates go up as supply increases driving incentive to lock SYNC in to CryptoBonds, As supply falls from CryptoBond creation so do rates, driving the incentive to the Secondary market. this will ebb and flow in market rate cycles, ensuring a low inflation rate based on the users interactions.
Cryptodiffer Community
SYNC is a utility token as it is required to create a CryptoBond. What drivers of growth for SYNC token do you see in the future? Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of tokens and attract investors to invest?
Co-founder / Dev at SyncNetwork, Cryptogenik
The token is used to create the CryptoBond like you say, but as CB’s are created the total supply shrinks.
It’s tied within many CB’s to create a network effect of value across many liquidity pools so it will always retain it’s utility even if an asset that it’s tied with isn’t.
Cryptodiffer Community
What is the strongest advantage that you think will make this team lead the market? in contrast, what weaknesses do you have and how does the team plan to overcome them?
Co-founder at SyncNetwork, Scott Bondsman
The advantages that we currently have are:
We are First Movers on this tech.
The creation of the secondary market supports the underlying spot markets, reducing negative price pressure.
You can also use a CryptoBond as a hedge against impermeant loss.
Current weaknesses are around project exposure to the crypto community, we are a new projects and getting the word out with AMA’s such as this one is extremely important right now.
Cryptodiffer Community
There are many NFT projects in the crypto space. How will your NFT be different from what we’ve seen before? Will you have rare and expensive NFTs that will take the NFT industry to the next level?
CryptoBond consists of several tokens. How does CryptoBonds retain value over time?
Co-founder / Dev at SyncNetwork, Cryptogenik
CryptoBonds are unique, and when they mature the ETH can be extracted back out of them. If ETH has value, then so will any CryptoBond.
So that have multiple types of value, the assets they contain, and the chance of them being of a very rare type. Some combinations are only a 1 in a trillion chance, so they may never been seen at all, but it’s possible, and many levels in between.
Cryptodiffer Community
Why are Non-Fungible Tokens still not reaching their full potential on the Ethereum network and how do you aim to remove obstacles to reaching their real uses?
Co-founder / Dev at SyncNetwork, Cryptogenik
The existing NFT platforms are very crude. We’ve been talking to the creators of these platforms and the feedback we’ve been getting is very positive for most of them.
Some of them won’t survive but that’s the great thing about following a standard, our CryptoBonds will work on multiple platforms, not just in our own DAPP
Cryptodiffer Community
Just see your project, can u tell me why did u created this project & how u getting profits with Sync Network?
My last question is I didn’t participated your liquidity mining in uniswap! Why should i participate? Is there any benefits for me to join in liquidity or for holding your tokens?
Co-founder at SyncNetwork, Scott Bondsman
I had the idea for this project while i was investing in HEX. I saw all the value in the Time locked Stakes but thought man it would be way better if we could trade these stakes, the idea was a Bond like asset. Cryptogenik then added the idea of bonding the Uni LPTs in to an NFT to make it tradable while providing a much need financial service that supports the crypto space and doesn’t compete with it.
Cryptodiffer Community
I think that the project needs to solve real-world problems or problems. What is the main concern of your project?
Co-founder / Dev at SyncNetwork, Cryptogenik
The main issue is locking liquidity so that it is really locked, and not just “incentivized” locking. If people hear some fake news, it could ruin a perfectly fine project due to FUD. When others who haven’t heard the news but see the volatility in the market, they panic sell because they don’t know what’s going on.
We want to bring positive stability and create value at the same time.
Cryptodiffer Community
Do you think users will think to use cryptobonds and risk huge impermanent loss for three years for an extra 2% when they are seeing liquidity pair total supply fluctuating?
Co-founder at SyncNetwork, Scott Bondsman
A CryptoBond is actually a hedge against impermeant loss. trading a CryptoBond before maturation resets your impermeant loss, the party buying doesn’t experience any impermeant loss either since that metric is calculated after the time of purchase
Co-founder / Dev at SyncNetwork, Cryptogenik
When you trade a CryptoBond, you are trading that position in the liquidity pool at the ratio it would be for that day anyway, so the loss calculation is effectively reset for every new owner of the held liquidity position (CryptoBond)
Cryptodiffer Community
Why do you only work for Uniswap? Are you planning to list on other DEXs? Will there be any problems with listing on CEX?
Co-founder at SyncNetwork, Scott Bondsman
Currently only Uniswap LPTs are being whitelisted but it is possible to add others if that is voted on by governance. Uniswap is where all the action is currently, Yes there are other DEXs but For our role out it was important to support Uniswap before anyone else.
Cryptodiffer Community
What are your current plans to onboard new clients and what market are you targeting?
Co-founder at SyncNetwork, Scott Bondsman
We currently have a public partnership with xBTC where we are locking $200k of liquidity with them in xBTC CryptoBonds, they are putting up 100k of their LPTs and we are putting up 100k of SYNC to create these CryptoBonds.
We are looking for other projects to become partners and create a similar deal.
Cryptodiffer Community
Many DeFi projects face many UI / UX constraints and challenges. How do you plan to improve the user experience and make your platform easy to use?
Farming and NFT staking is a new trend. What do you think about this? Are there any similar programs in SYNC PROTOCOL?
Co-founder at SyncNetwork, Scott Bondsman
Yes the user experience is really important to us, We have streamlined the adding of liquidity to Uniswap into a one click add. with only ETH you can add liquidity to Uniswap for any of the LPTs we have listed.
Cryptodiffer Community
How do you plan to onboard the initial liquidity needed for your pools and what benefits if user want to be liquidator or provide liquidity?
Co-founder at SyncNetwork, Scott Bondsman
High reward rates on your CryptoBonds, the ability to get out of your position unlike other time locked stakes where they use a pain model to keep people locked in with harsh penalties if you break your time lock.
Cryptodiffer Community
Who is your target customers- professional traders or the one’s that are just getting started? Who can benefit the most from the tools that you are offering?
Co-founder at SyncNetwork, Scott Bondsman
Since the UI is streamlined this can be for everyone form experienced crypto trader and investors all the way to grandma and grandpa. this also has cross over in to traditional finance traders and investors because this is a derivative like product.
Cryptodiffer Community
How does Sync Network deal with other DEXs currently obstacles to accessing DeFi services: high gas cost with on-chain transactions, liquidity being fragmented to various protocols and services, trade fee, subpar UI/UX and lack of efficient market-making mechanisms?
Co-founder at SyncNetwork, Scott Bondsman
We believe that since we create direct incentive for user to create CryptoBonds (provide liquidity) liquidity provides are more likely to come back in full force to Uniswap and less fragmented across other smaller Dexs
Cryptodiffer Community
I think that the project needs to solve real-world problems or problems. What is the main concern of your project?
Co-founder at SyncNetwork, Scott Bondsman
Well it does solve real world problems with liquidity being rugged all the time. Providing liquidity is very important for the future of Defi. but knowing that said liquidity cannot be removed for a certain time duration gives confidence to the investors of that project.
Cryptodiffer Community
Honestly, what do you guys think about crypto ‘investors’? We aren’t necessarily stake holders/hold equity but we can be very demanding and sometimes hostile. Is this one of the reasons why the team goes ‘dark’ sometimes?
Co-founder at SyncNetwork, Scott Bondsman
We have never been “dark” We actively communicate with holders in out discord and telegram channels. we are always up to answer community questions, and help people.
Cryptodiffer Community
With so many holders owning such large bags of Sync, why would project creators choose Sync Cryptobonds over another liquidity locking mechanism like Unicrypt when they know they are at risk of large Sync bag holders dumping on them?
Co-founder / Dev at SyncNetwork, Cryptogenik
Teams usually hold a lot of their tokens, and thus need a lot of SYNC when locking them into CryptoBonds. But unlike Unicrypt, you can exit your liquidity provider position without pulling the liquidity from Uniswap!
Cryptodiffer Community
DeFi is one of the hottest topics in the blockchain field. Can you share your opinion about DeFi with us?
Co-founder at SyncNetwork, Scott Bondsman
I think that when people are forced in to financial corners from their governments anything is possible, just take a look at history and you’ll see its bound to repeat itself.
Cryptodiffer Community
How are you planning to stand out in the midst of competition?
Co-founder / Dev at SyncNetwork, Cryptogenik
Right now we don’t have much competition. Unless you count the staking tokens which charge fees for early withdrawal, or yield farming which doesn’t really lock liquidity, then I’d say we address all of their weaknesses and simply offer a superior product.
Cryptodiffer Community
The DEFI bubble is pumping up every day and it’s only a matter of time before it bursts. What do you think about this and can you be sure that SYNC products will be in great demand in the long term? what are the ways that SYNC Token generates profits/revenue to maintain your project and what is its revenue model ?
Co-founder / Dev at SyncNetwork, Cryptogenik
We hope that by building long term positions that we can help prolong the life of DeFi and “Flatten the curve” of that bubble into long term value
Co-founder at SyncNetwork, Scott Bondsman
With the creation of this Secondary market that supports the spot market we have the opportunity to rewrite the normal boom and bust (bubble) cycles in crypto currently
Cryptodiffer Community
Usually the project only tells about their strengths. Can you tell us honestly about the weaknesses of your project? And what are your plans to solve it?
Co-founder / Dev at SyncNetwork, Cryptogenik
I would have to say our weaknesses would be that we didn’t have anyone to follow and so we are doing our best to navigate this uncharted space.
This is also our first project, so the stakes are very high for us. We’re extra careful and are very thankful that the community has responded with positivity to our ideas. From small community members to large CEO’s we’ve been spoiled with praise and we know that this is something unique and new, and that means it’s extra risky. So the praise in the face of all that has been very humbling!
Co-founder / Dev at SyncNetwork, Cryptogenik
Thank you guys so much for the great questions. I’m excited to see you all again in our tg very soon!
Co-founder at SyncNetwork, Scott Bondsman
Really great questions everyone. I really appreciate everyone’s time. please come join us in our Telegram and discord servers. we are always online and willing to answers more questions.
Here are links to our dapp, socials, chart, whitepaper.
DAPP & FRS: https://app.syncbond.com/
Contract: https://etherscan.io/token/0xB6ff96B8A8d214544Ca0dBc9B33f7AD6503eFD32
Audit: https://blog.coinfabrik.com/cbond-smart-contract-audit/
Chart: https://beta.dex.vision/?ticker=UniswapV2:SYNCUSD-0xFb2F545A9AD62F38fe600E24f75ecD790d30a7Ba&interval=360
Concept: Tradeable Locked Liquidity in the form of Cryptobonds “sync’d” with the SYNC token
Medium Article – https://medium.com/@cryptogenik
Whitepaper: https://syncbond.com/wp-content/uploads/2020/12/sync_whitepaper.pdf
Twitter: https://twitter.com/SYNCTOKEN
Reddit: https://www.reddit.com/r/SyncNetworkOfficial/
Bitcoin Talk: https://bitcointalk.org/index.php?topic=5294970.new#new
Cryptodiffer TEAM
Thank you for you answers, it was an insighfull session
Thank you everyone who participated, great questions as always!
