AMA Follow-Up Recap: Gem Chasers & SYNC Network
Below is a full-recap of the AMA, for the gem chasers who couldn’t make it, or for anyone that’s interested. Feel free to have a read!
Telegram: https://t.me/GemChasers
Twitter: https://twitter.com/GemChaserz
Gem Radar ✪:
Today we have a follow-up AMA. This will be a different AMA to per usual as we have already done an AMA with this team before. So I Re-Welcome the Sync Network team. Welcome @Cryptogenik @Scottbondsman @frankbondo How are ya’ll doing today?
Cryptogenik | TEAM SYNC:
It’s good to be back!
Scott Bondsman:
Hey @radargem thanks for having us back. Things are going great!
Cryptogenik | TEAM SYNC:
The news is crazy, 2021 and everything already going on, feels unreal
yet, I feel great lol
Gem Radar ✪:
I feel you both! So there is many things to talk about the Sync Network and I’m so excited to explore some updates and developments with you guys as well as if there is any news you can give us today haha!
Scott Bondsman:
YES many new things coming to the platform. A new governance model where we can have the community be able to fully run this themselves.
Cryptogenik | TEAM SYNC:
Man we have a lot going on! The development of the SYNC-LOCK program, New Art Budget, New Governance Model new art already underway with improved rarity algo
Gem Radar ✪:
Where do we start from! and welcome @frankbondo !
Frank Bondo:
👋hello!
Gem Radar ✪:
Right we got the main team all here together now! okay so lets start with the Art budget? what is that? And you also have a Gas Station Budget too right?
Cryptogenik | TEAM SYNC:
Yes, the gas-station refunds the gas spent on creating CryptoBonds,
it’s in the discord #gas-station text channel with instructions
just paste your TX and that’s it!
Yooo the brain @frankbondo
Scott Bondsman:
The original artwork of the bonds will be discontinued, making them extremely rare. These will be considered genesis bonds.
Gem Radar ✪:
That’s awesome so SYNC is allocating budgets to the community to help with developments, trades, fees etc
Cryptogenik | TEAM SYNC:
On the Art budget, the community allocated 10ETH to art, and we’re having the original artwork improved and redone completely
So all the original artwork that’s on the current CryptoBonds, will be VERY rare, like genesis bonds
and won’t ever be able to be made again
Cryptogenik | TEAM SYNC:
The new artwork will be much much more dynamic and we will document out some of the items and factors that it’s made up of
Gem Radar ✪:
Right so when will this take into affect? The first (Genesis) Bonds will increase in rarity after the new Art is completed right?
Cryptogenik | TEAM SYNC:
Yes, the New art is a few weeks away, but this is the first announcement we’ve made of it
Gem Radar ✪:
Give us some more juice!!
Cryptogenik | TEAM SYNC:
Rare artworks alone can sell for thousands of dollars, esp if you look at what Beeple has been releasing
The new artwork will have multiple new scenes and could look completely different from each other
So some will look 100% different with different scenes
Gem Radar ✪:
Yeah definitely. Since our last AMA I’ve realised actually a lot of things about SYNC. I mean this is big. You guys have created a ready to use Ecosystem that provides rewards and incentives to the communities. It provides services, NFT- Yield Farming (First ever project to incorporate NFT and Yield Farming together) and much more. So this leads me to ask you about SYNC-LOCK. How is that going?
Cryptogenik | TEAM SYNC:
There could be hidden objects that sometimes appear in the scenes etc.
Scott Bondsman:
Yes we create direct incentive. The liquidity gets locked in a NFT that receives rewards back in SYNC token. these NFTs are fully tradable all while the liquidity is locked.
Frank Bondo:
thats right, normally the incentive is uniswap fees, and thats it. but unfortunately, people can remove liquidity at any time. so we have to incentivize locking that liquidity. Thats where the SYNC token comes in. you lock up, you get BOTH the uniswap fees, and the SYNC interest when the NFT matures. Theres concrete incentive on both sides…both locking liqudity, and locking it for the long term
Gem Radar ✪:
And how do people use SYNC-LOCK?
Does a project have to lock liquidity with you first for users to utilize this? What is the process of using SYNC-LOCK!!
Cryptogenik | TEAM SYNC:
There’s a Google form for now to signup to have our team and community do our DD to see if they are a good candidate
Gem Radar ✪:
Perfect so there is a criteria to pass correct?
Cryptogenik | TEAM SYNC:
As per above, we do have to whitelist the project first, then anyone can lock that project’s liquidity
Frank Bondo:
yes, there are technical criteria that i’d have to vet as a dev. For example, burn tokens in general are dangerous (think statera and balancer), inherent flash loan attack vectors etc. So theres no set defined criteria because when i vet the pairs i need to audit on an individual basis
we want SYNC to be a stable protocol. In the end, we are anti-rug and we want the community to trust the pairs that we add have been audited internally. If SYNC is just adding any pair, we cant be sure that there wont be any problems.
Gem Radar ✪:
Okay perfect! Makes sense that the community and core team would DD
Frank Bondo:
we have bonded 50% of our own liquidity pool ($300k right now totally bonded for long term) So we are trying to set the example for decentralized exchanges, and SYNC LOCK partnerships allow new projects to do this for cheap, and it will later down the line incentive anybody else in their community to lock up for incentives
Cryptogenik | TEAM SYNC:
Via the governance system the community can also choose to whitelist liquidity pairs on uniswap that they feel would be a good fit into the SYNC Network
But SYNC Lock offers teams the ability to lock a large portion of their tokens on the platform at once
Frank Bondo:
we encourage anybody to pressure their favorite projects to LOCK THEIR LIQUIDITY FOR SYNC REWARDS!
Cryptogenik | TEAM SYNC:
YES ^^
The Network effect will be powerful
Gem Radar ✪:
Definitely agree with Frank 😂
& The more I discover Sync and research it, the more I fall in love with it & Increase my bags. I feel like this is going to pop off to the moon this alt season
So this leads me to the FRS
Currently the FRS is still on going, and it gives a chance to get discounted tokens compared to Uniswap?
Cryptogenik | TEAM SYNC:
I see people buying at ATH’s and it makes no sense to me. SYNC is just getting started, that’s where you want to be
Gem Radar ✪:
Yeah I feel it too, it just needs to SYNC in to people that we are very early for SYNC
Cryptogenik | TEAM SYNC:
yea thats right, the Fair Release Schedule releases newly minted tokens once a day at midnight EST. placing ETH into the pool will get you a proportion of what is being minted for the day. People who place ETH into there will receive a discount compared to buying on Uni….except they will need to wait for the daily counter to finish for the day. The FRS will not be running for long! It is completely autonomous, and the majority of funds received are going to go into the treasury (minus operations — governance decided) and that treasury is under full control of the community. not us!
Scott Bondsman:
This is the first ever secondary crypto market specifically designed to support the spot market. LET THAT SYNC IN! A brand new market that allows for a more dynamic way to trade .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.
Gem Radar ✪:
2021. This is going to be huge for SYNC. Few understand..
So what’s next for SYNC, can we see or reveal some updates for the community? What can we see in the near future for SYNC!
Scott Bondsman:
We are currently in discussions with 3 other projects for SYNC-Lock. Other projects see the value that SYNC can add to there platforms and love it.
Cryptogenik | TEAM SYNC:
The new governance modal is rolling out in the next vote, it’s much improved over the manual method we were doing, it’s more decentralized and automatic
Scott Bondsman:
Imagine being able to trade and sell your bond positions. We are totally equipped to do this already. There are NFT marketplaces releasing by the end of this month that will make it very easy for you to find sellers for your CryptoBonds, and also buy them if you want to assume somebody elses time risk. For example, what would you pay for a $5000 cryptobond that unlocks in 30 days? Not $5000 id guess….but maybe $3000? imagine being able to bail somebody out of their bond and making gains on this secondary market just by accepting the fact that you will need to wait a bit. (ALL THE WHILE KEEPING THAT LIQUIDITY POOL STRONG) — and selling a bond does not affect the price of the underlying token on the exchange
Cryptogenik | TEAM SYNC:
ALSO, in the last governance vote, we had a unanimous decision that the community was interested in collaterlized loans on CryptoBonds. Imagine being able to take your $3000 bond you just bought (thats worth $5000) and being able to loan ETH right out of it
Gem Radar ✪:
This absolutely makes sense and is actually revolutionary
Scott Bondsman:
Imagine being able to sell the loans debt then.
Gem Radar ✪:
🤤
Scott Bondsman:
exactly. thats what wall st needs. over collateralized loans that they can buy in bulk. they already do it with under collateralized loans.
Gem Radar ✪:
Honestly your ecosystem provides alot of resources and services to people. What’s so cool about SYNC is that the community is deciding where to take SYNC
And you guys are currently working on making it even more decentralized
Cryptogenik | TEAM SYNC:
Yes, and there’s lots of ways to speculate on it. From the tokens, to the bonds, there’s going to be a lot of diversity on speculation.
I’m sure some people will be looking to pickup CB’s that people are looking to get out of, and get great deals on Cb’s from the market
Some will be looking to pickup CB’s that are of a rare type too — the collectible kind, that others may not have cared about
You see this in games with skins all the time — where rare items are very high value just because no one else can have it.
Gem Radar ✪:
What is the BEST WAY to fully understand all of the functionalities of SYNC? Should they join your telegram? Website? What is the go-to info hub
Scott Bondsman:
and check out the Dapp:
app.syncbond.com
Gem Radar ✪:
That’s where you get the freshly minted coins for cheaper right ? 😛
Cryptogenik | TEAM SYNC:
yeeees
Gem Radar ✪:
Alright awesome. Massive updates since last time. SYNC-LOCK seems to be the talk of the town atm. It’s still amazing how you guys are able to provide incentives for people locking liquidity.
And the first ever “Visual” Yield farming! — NFT YIELD FARMING
Cryptogenik | TEAM SYNC:
Yes, I think this new “Visual Yield Farming” is going to change the face of defi
Gem Radar ✪:
exactly what happened with me..
Cryptogenik | TEAM SYNC:
It’s going to be everywhere
Gem Radar ✪:
Well it’s important to state that you guys were the first
Cryptogenik | TEAM SYNC:
Yes, the FIRST to create something new in Defi in a while
Gem Radar ✪:
Ahh, definitely. But what’s even more cool is you are using your project as a hub to continue building on top of it as well as keeping up with trends
Scott Bondsman:
Its hard to be first. Its hard to have genuinely good ideas. Anyone can be second.
Cryptogenik | TEAM SYNC:
Yes it’s growing everyday as we push the limits of what it can do, talking to people we discover new possibilities
DeFi is so amazing to be in right now
Gem Radar ✪:
Especially right now.. LOL! Okay, so we have three community questions we pre-selected that we’d like you to answer! Let me know when you are ready!
Scott Bondsman:
Ready
Cryptogenik | TEAM SYNC:
Fire
Gem Radar ✪:
@Chajunz asks, why did you choose ERC-721? Is it because of the NFT? Will the NFT hold value in my wallet or is it just digital art?
Cryptogenik | TEAM SYNC:
NFT tech allows us to create something like mini index that can be swapped around
It’s never been used that way before, and we’re making it visual as well.
Gem Radar ✪:
Haha it’s still SYNC’ing in..
@alice_wonderland12 asks, Cryptobonds can be TRADED, doesn’t that collide with the strict definition of what a NFT is? Is this possible? To trade NFT’s with it’s value?
Cryptogenik | TEAM SYNC:
Cryptokitties are examples of NFTs, and peole buy/sell Cryptokitties all the time. A CryptoKitty has been sold for over $100,000 USD before
We are like that, but each art ALSO contains access to liquidity mining rights in our contract
Scott Bondsman:
the value is actually locked within the smart contract (of which has been audited, and the admin keys have been BURNED) The only person who can take the liquidity and sync back out of the contract, is the holder of the NFT coming back to the smart contract and running the MATURE function. This will burn the NFT, and send back the liquidity pair tokens, the original SYNC, plus the new rewarded SYNC.
Frank Bondo:
C-O-F-E/CBONDS
Contribute to C-O-F-E/CBONDS development by creating an account on GitHub.
Frank Bondo:
we are totally open source:
https://github.com/C-O-F-E/CBONDS
CBOND Smart Contract Audit — CoinFabrik Blog
CoinFabrik was asked to audit the contracts for the CBOND project. First we will provide a summary of our discoveries and then we will show the details of our findings.
https://blog.coinfabrik.com/cbond-smart-contract-audit/
Gem Radar ✪:
@Rosane1a8 asks, Will there be a wide variety of tokens available to create Cryptobonds with, what known cryptocurrencies are part of this list, and more will be added soon?
Scott Bondsman:
SYNC ETH
SWAP ETH
DEXT ETH
USDT USDC
USDC ETH
USDT ETH
DAI ETH
WBTC ETH
WBTC USDC
XBTC ETH
USDC EURS
AAVE ETH
LINK ETH
will be added today
Gem Radar ✪:
The list is growing 🥳
Scott Bondsman:
We want the community to propose a lot of tokens. AAVE and LINK were community decided through governance.
Scott Bondsman:
The more LPTs that get added the stronger the protocol becomes.
Cryptogenik | TEAM SYNC:
I’m very excited for AAVE and LINK
Scott Bondsman:
so this bond is returning periodic divs. every 90 days.
Cryptogenik | TEAM SYNC:
That returns $420 / quarter at todays price
Gem Radar ✪:
Wow!
So many ways to make gains with SYNC!
Cryptogenik | TEAM SYNC:
That’s cool, that’s the first one I’ve seen
Gem Radar ✪:
Alright guys! Let’s wrap this up for today! Firstly it was good to see ya’ll back here and honestly you guys can drop by whenever you want, we can do like a mini follow up next or something haha! We love you guys and we are so excited to see SYNC grow as an ecosystem.
@gemchasers don’t forget to check out SYNC if you haven’t already! This is a project we will continue supporting ongoing as we absolutely love the team!
Thank you guys for spending some time with us again here today!
