AMA: Gem Chasers & Savix
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
Discord: https://discord.gg/WYtrWD9f2t
Radar 🍥:
Hi Gem Chasers, welcome to another AMA Series! Today we have SAVIX with us @Anatol93, welcome!
Anatol Galkina:
I am happy to be here with you.
Radar 🍥:
Great! Can we start off with a brief introduction of yourself and the team before we dive into the project?
Anatol Galkina:
Of course. My name is Anatol. I am in crypto since Mt-Gox.
I studied Mathematics and Physics and am running a software company since 2001.
I git to know Michael, the other founder of Savix, while working on a software project.
Concerning Savix:
In Spring 2020 Micheal and I had first discussions about the future of Ethereum and what significance staking has within the Ethereum ecosystem.
Discussing the profit opportunities of users participating in staking pools, we asked ourselves, if there couldn’t be a way of generating staking rewards, but avoiding the drawbacks pool-based staking brings, like dependency on the pool operator, locking of tokens, not transparent reward calculation etc.
We decided to try a different approach to staking. And Savix is the result!
Sorry for spelling mistakes 😊 I try to put down the words fast …
Radar 🍥:
Haha, please take your time 🙂 It’s absolutely fine.
Wow so you’ve actually been in crypto for a while, and your background is also very transferrable to crypto. So yeah I’ve noticed that too. In some defi projects the APY cannot be calculated or is volatile for example..
So this brings me to ask what is different about SAVIX? And what is SAVIX actually?
Anatol Galkina:
One question: Can I post images or links if they fit to my answer?
Radar 🍥:
Sure, but try to explain them too!
Anatol Galkina:
YOu ask about the predictablity?
Radar 🍥:
We also have @mcopper here with us as well 🙂
Michael Copper | Savix.Org:
hi guys
Anatol Galkina:
With Savix we calculate the staking returns in a rebase contract. This way we do not have to make any transactions to add to holders wallets.
The mathematics behind this is compleicated in the way, that in Solidity we cannot make too complex calculations.
For isntance I would have liked to calculate the staking rewards with a Taylor series. In PC this easy, but in Solidity we could not pay the gas for this. Our mathematics are as simpale as possible and solid at the same time.
using a mathematical curve has the advantage of being predictable.
Radar 🍥:
For how long is it predictable?
Anatol Galkina:
we can calculate exactely what return one gets at a point in time.
Radar 🍥:
& Has this been done before?
Anatol Galkina:
This way it is predictable for ever. After 5 years the curve is beoming a straight.
As far as I know this has never been done before in this way.
YOu can find details and a grafical representtion fo the staking curve in our medium blog:
savix-org.medium.com
Radar 🍥:
Ok great, I just want to ask @mcopper about a brief introduction of yourself and anything crypto related in the past?
Michael Copper | Savix.Org:
i actually got anatol into crypto. i read the original bitcoin whitepaper around 2012 if i remember right.
we both invested and got goxxed !
this put us out of crypto for a while out of pure frustration. but we re-entered the game and bough ethereum at around 27$ price point
myself im a full stack c# developer who switched to solidity about 2 years ago
Anatol Galkina:
Here is the curve
Michael Copper | Savix.Org:
now we utilize the full ethereum toolset ecosystem
you can check the uniqueness of our code on github
we have some 150+ commits since october last year
Radar 🍥:
wow congratulations! you guys are OG’s haha
Michael Copper | Savix.Org:
we did a lot of things wrong
Michael Copper | Savix.Org:
good investing is not an easy task
Anatol Galkina:
But it is not all bad, either. We cannot complain actually.
Radar 🍥:
Well it seems like you guys have a working product, that hasn’t been done before. Staking that can actually calculate your future APY.
But is this all that SAVIX offers? I remember seeing that people can earn 3 streams of income with one token. How does this work?
Anatol Galkina:
It is just the though about Mt.Gox which makes me cry.
Michael Copper | Savix.Org:
i can add some point
we do not use a tax based system like for example RFI
so our rewards do not depend on network activity
rewards come no matter if we have many transaction or not
also no artificial slippage on uniswap
this makes us 100% erc-20 compatible
now to the several income streams
because of this compatibility. savix can be compounded with other defi projects
our first upcoming dapp is called trinary
with a few simple clicks you can add liquidity to our uniswap pool and you will get rewards from our special trinary pool. for this you have to lock your SVX for a certain amount of time. all this while still gaining your basic built in staking rewards
1. staking rewards
2. fee rewards for providing liquidity on uniswap
3. trinary rewards
and our smart contract will execute those tasks for you
In short:
1. Holders receive the staking rewards automatically
2. They can invest the tokens into ERC20 compatibel DeFI
3. They can participate in the fees of ecosystem’s Uniswap pool
Radar 🍥:
4. No tax system?
Michael Copper | Savix.Org:
no
if you send 100 tokens receiver gets 100
All you do is HODL & Earn
Michael Copper | Savix.Org:
we use a technique ampleforth introduced
user balances are internally just a percentage of the total supply
increasing the total supply automatically increases each users balance
thats what our staking mechanism does in the background
very smoothly, rewards come several times a day
yes, you just hold and earn
Radar 🍥:
when the token supply increases though, doesnt this affect price?
Anatol Galkina:
This always the case if new tokens are created of course, independetly from the way this is done, let it be minting or mining or whatever. We have to find a good balance betweeen the incentive to hold the stking can create and the value the token create bycreating interest in using it.
Radar 🍥:
So how can this be compounded with other tokens? How is this actually going to be achieved?
Anatol Galkina:
For the latter Savix has the advantage that tokens are not locked an can be invested in other DeFi products at the same time.
Our DeFi dashboard will use a tempalte based approach to enable Savix holders to invest in DeFi with a single click.
Michael Copper | Savix.Org:
and look at hex, they do something similar, without compounding possibility in a much more convoluted way
look at the market cap of that
Anatol Galkina:
Nevertheless, it is very important that a high staking APY is not lasting to long, is not too high and that the staking returns flatten out y time.
You can find details on how the token value is created and how staking and DeFi usage are in balance with each other in a medium article once again:
Michael Copper | Savix.Org:
Important is, while the curve flattens we will introduce interesting compound possibilities, like our first trinary dapp
Anatol Galkina:
To your next question:
Compunding is easy, since Savix is ERC20 compatible. We have a specific certificate for this, which can be found at our website.
Michael Copper | Savix.Org:
and ofc users can find other places to use the flexibility, staking will always work in the background no matter what
Radar 🍥:
Who do you consider as competition?
Michael Copper | Savix.Org:
well hex did it right…
Anatol Galkina:
Of course other staking tokens are in a way. BIg DeFi platforms can be,
Michael Copper | Savix.Org:
rfi i dont like because it uses tax and depends on network activity and is unpredictable
Anatol Galkina:
But if we manage to create the DeFi dashboard in the way we visualize it, it will be really unique.
Michael Copper | Savix.Org:
but probably also a competitor
Anatol Galkina:
We aim for Easy DeFi for Everyone.
We will enable DeFi investment and simultaneous staking just with a few clicks, For non tech-savvy.
I think this does not exist yet.
Radar 🍥:
So this also helps with mass adoption.
Anatol Galkina:
I hope so.
In my opion we often have the following situation:
Radar 🍥:
But why should people invest in Savix in the pre-sale? what is the advantage? and difference from listing price. As well as how much of total eth raised will you be adding to liquidity?
Anatol Galkina:
If you want to invest, you have to make your own researh of course. You have to read complex texts about technical things and you have to understand the economics as well. It is not that easy going to do the work, that “once” a bank has done for you.
If you want to replace services of a bank it has to as easy as going to to bank.
The price is the best.
Of course I cannot know this for sure. But I really believe that yo ucan never get Savix for this price again.
Radar 🍥:
So why do you think this? There will be strong buying pressure? of what? / why?
Michael Copper | Savix.Org:
our unicrypt price is the most competitive, but we also run an IEO for people more comfortable using a CEX, its a different crowd of people there, but right now because of the little nose dive of eth they pay a higher price
we put 50% of the eth raised in unicrypt into liquidity locked for 6 month
Anatol Galkina:
We will not stop pushing the marketing for Savix and we will fulfil the roadmap you can find at our website.
This is the Trianry dapp coming up in summer, the DeFi dashboard in 2dn half year.
Even if Savix would not scale very fast we believe that the use cases of multiple income streams will convince people to join in the long run.
Michael Copper | Savix.Org:
also, you get the best staking yield buying early. it starts with a whopping 2% per day
Anatol Galkina:
You may wait and see Trinary come to action of course. If others invest before it their choice.
Michael Copper | Savix.Org:
trinary pays out in ETH btw
Radar 🍥:
Ok lets move onto the security measures you guys have taken place. KYC/Audit?
Anatol Galkina:
Up to now the reactions to our vision is very positive.
Michael Copper | Savix.Org:
kyc with pinpoint capital yes
external audit with quillaudit
we also have a special certificate for our erc-20 compatibility
Anatol Galkina:
Btw. there is another article on the vision of savix at medium as well.
https://savix-org.medium.com/the-road-to-smart-defi-for-everyone-a9344e4242f5
Radar 🍥:
Awesome, although you are anon. You have done everything to gain trust with the community taking extra measures, i like it and I’m impressed.
What type of CEX listings can we see after launch?
Anatol Galkina:
We know that trust is essential.
In the end it is more important to trust the code than the people though
Michael Copper | Savix.Org:
if we gain traction, we will get into negotiation with some of the bigger ones
Radar 🍥:
definitely.
Michael Copper | Savix.Org:
also our higher hardcap helps with getting a listing on a big one
Radar 🍥:
can you link your github?
Anatol Galkina:
Let me add. I personally like DEX more than CEX. Uniswap is best i nmy opinion.
Radar 🍥:
Yeah but pinpoint capital makes sure that these are not able to be forged.
Anatol Galkina:
Savix
A perfect collateral for decentralized finance. Savix has 3 repositories available. Follow their code on GitHub.
Anatol Galkina:
Radar 🍥:
Do you think that people might try to copy your project and make clones? and how do you feel about this?
Anatol Galkina:
In github you find all test cases as well,everybody can make the test.
Michael Copper | Savix.Org:
we dont mind to get cloned, since we have first mover advantage
and our token is only the start of our plan
Anatol Galkina:
Actually we already had a bad scammer copying our name, ticker and slogans and made money scamming people in January.
Another project just copied our texts.
I think it is likely that we could get copied. We have to be fast enough in development to be always ahead.
Radar 🍥:
Ok cool! I will move along now to community questions via Twitter
Anatol Galkina:
Sad that we cannot do anything about it
PLease go ahead.
Radar 🍥:
Calebkure asks, What do you have about incorporating nfts into your ecosystem as it one of the main topics trending this crypto space for a while now
Would you like to join the trend?
Michael Copper | Savix.Org:
yes, we are juggling around ideas how to add it to our ecosystem but it is too early to get into specifics
Anatol Galkina:
Michael writes to that.
Radar 🍥:
I’d be interested to see how you can also incorperate NFTs into this technology
Anatol Galkina:
I think Michael has a connection issue.
We can imagine cooperating with a NFT market place.
Generally NFT is very interesting, but we would like to find a way really tigh NFT to real world things. For this we do not have found a solution yet.
But this would be beyond Savix anyway … Porblably a new project …
Radar 🍥:
Ok, that sounds interesting! so we only had time for 1 communtiy question from twitter, I’ll end the AMA here Congratulations to CalebKure for winning the prize, you will be contacted by me via twitter to claim it.
So I will just like to say thanks to both of you for such a great AMA! goodluck!
