AMA 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 ✪
Ok @gemchasers, welcome to our third AMA series of the day today/tonight 🙂 We have here with us the Sync Network team. A coin I’ve been personally following their journey so this should be interesting. Warm welcomes to @Cryptogenik @frankbondo @Scottbondsman
Cryptogenik | TEAM SYNC:
Hello!
Delighted to be here.
Thank you
Frankie:
👋 thanks for having us
Scott Bondsman:
Hi everyone. Thanks for having us.
Gem Radar ✪:
No problem 🙂 Hope you are all doing well. Can we get some brief introductions first before we dive into what your project is all about ?!
Cryptogenik | TEAM SYNC:
Hello everyone, I’m Cryptogenik Co-Founder / Developer at SYNC Network.
My background in Crypto started with Bitcoin about 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.
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.
Frankie:
dev here, been a software developer since as long as i can remember. specialize in artificial intelligence, and started blockchain development in 2018
Gem Radar ✪:
Thanks for the intro’s 🙂 Lets dive right into it. What is $SYNC all about? What’s the purpose of $SYNC and does it solve any problems we face in #DeFi currently? If so how
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!
Cryptogenik | TEAM SYNC:
SYNC tokens are the utility token 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.
As SYNC is required to create CryptoBonds along with a Uniswap Liquidity Provider Token (LPT), so each CrpytoBond will contain multiple assets within.
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.
Gem Radar ✪:
Wow so you guys are actually using an NFT other then for digital art?
Cryptogenik | TEAM SYNC:
Yes! It’s not been used like this before
Gem Radar ✪:
I’m sold, AMA over.
Cryptogenik | TEAM SYNC:
XD
Frankie:
Yes! The main utility of our NFT is a financial one. ALTHOUGH. we have some pretty amazing art. check this out
https://view.syncbond.com/?id=277
Gem Radar ✪:
Love it, you guys are actually utilizing amazing tech! of course I am not against art or anything, but from an investors perspective we want to invest in new innovative tech 😄
Frankie:
this is a lucky bond. one in 100 is lucky and also gets a higher rate than normal.
Also, we have developed a new algorithm for generating new artwork, which will debut with our listing of TrustSwap and another to be announced big name.
The new art will have 2 MILLION combinations. no two will be alike
Cryptogenik | TEAM SYNC:
Yes other projects that offer staking use penalties to keep you there. Here you have CryptoBonds that keep the liquidity locked even if you trade it off from the Uniswap Market
Frankie:
as you can see in that lucky bond, our early supporters so far have been making out very well.
Scott Bondsman:
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.
Gem Radar ✪:
Okay great, so what’s the current roadmap? What can we expect next from this team
Cryptogenik | TEAM SYNC:
The next partnerships is very exciting and I can’t wait for the announcements to go out!
The next partnership will also involve some cross integration with their product as well — which is exciting
Gem Radar ✪:
Apart from partnerships any developments we can further see?
Frankie:
SYNC is proud to announce partnership with TrustSwap
SYNC is proud to announce an integration with TrustSwap’s upcoming Swappable — a new NFT and ERC-20 Marketplace. TrustSwap has been…
Frankie:
The swappable marketplace integration with trustswap is going to be a game changer.
Cryptogenik | TEAM SYNC:
We would like to see other sites use our Bonded metrics so that when people are looking at uniswap they can see how much liquidity is locked in CryptoBonds
Gem Radar ✪:
Interesting!
Cryptogenik | TEAM SYNC:
Those stats are already available on chain for anyone, and in our dapp
Frankie:
swappable is going to enable a total secondary marketplace where people can sell their positions in bonds. currently we are using OpenSea but it is rather clunky bc its made for art. Swappable will be more finance centric. Imagine an exchange for CryptoBonds. What would you pay to receive $1000 USD/ETH in 90 days? $750? $500? A whole new dynamic market is emerging
We currently have about $275K of liquidity locked in CryptoBonds
Frankie:
remember that liquidity cannot be removed until the bond matures. much of that liquidity is locked up for a long time, strengthening decentralized exchanges and DeFi as a whole
Gem Radar ✪:
This is something definitely the crypto space is missing currently..
Cryptogenik | TEAM SYNC:
We actually came to the same conclusion, and that’s why we created CryptoBonds, we were LOOKING for a product like this to use
and when we couldn’t find it, we made it
So we had a need first, and then went about solving our own problem, and then made it totally DeFi
for everyone to be able to use
Scott Bondsman:
Current reward rates are High. But they adjust daily with demand. the more SYNC that is locked the lower the rates go. This will self balance the overall inflation rate of the currency which other “staking or farming” tokens cannot say.
Frankie:
We would like to remind people that although the token is available on UniSwap, it is currently available for a discount through our Fair Release, which can be found on
be sure to read up on our recent governance decisions to understand it completely, although right now it is at a 50% discount from that on Uniswap
Cryptogenik | TEAM SYNC:
Good point, the more CryptoBonds that are made the lower the reward rates go for creating new CryptoBonds
there are only 9 days left until the emission halves
Cryptogenik | TEAM SYNC:
They way people will start hunting for CryptoBonds on the market instead of creating new ones
CryptoBonds must be created with SYNC tokens.
So to lock $500 of Uniswap Liquidity, you need $500 of SYNC
Our users have found the dapp easy to use, which was very important for us since the idea is so new to people
Scott Bondsman:
We even make adding liquidity to uniswap easy to do with only the need for ETH and one transaction to be run.
Frankie:
SYNC supply increases, rates go up (such as when a cryptobond matures), SYNC supply decreases, rates go down (when you create a Cryptobond, the SYNC is temporarily burned for the life of the bond)
This results in algorithmically calculated, healthy interest rate cycles.
Cryptogenik | TEAM SYNC:
Yes adding liquidity to uniswap was hard enough, so we have a function where you supply just ETH and you get back the uniswap liquidity tokens from any one of the Liquidity Pools.
Frankie:
the CryptoBond contract will forever try to gain new investors by raising interest rates until people come in, and then rates will die down again until bonds mature. (at this point it would be good to go to the secondary market to trade)
Cryptogenik | TEAM SYNC:
A typical add liquidity transaction is easier on our dapp than even uniswap
Gem Radar ✪:
Okay alot of info to digest here haha!
Cryptogenik | TEAM SYNC:
For example you add 1 ETH and instantly get back ETH/WBTC Liquidity tokens from Uniswap
Cryptogenik | TEAM SYNC:
Good point, the more CryptoBonds that are made the lower the reward rates go for creating new CryptoBonds
there are only 9 days left until the emission halves
Cryptogenik | TEAM SYNC:
They way people will start hunting for CryptoBonds on the market instead of creating new ones
CryptoBonds must be created with SYNC tokens.
So to lock $500 of Uniswap Liquidity, you need $500 of SYNC
Our users have found the dapp easy to use, which was very important for us since the idea is so new to people
Scott Bondsman:
We even make adding liquidity to uniswap easy to do with only the need for ETH and one transaction to be run.
Frankie:
SYNC supply increases, rates go up (such as when a cryptobond matures), SYNC supply decreases, rates go down (when you create a Cryptobond, the SYNC is temporarily burned for the life of the bond)
This results in algorithmically calculated, healthy interest rate cycles.
Cryptogenik | TEAM SYNC:
Yes adding liquidity to uniswap was hard enough, so we have a function where you supply just ETH and you get back the uniswap liquidity tokens from any one of the Liquidity Pools.
Frankie:
the CryptoBond contract will forever try to gain new investors by raising interest rates until people come in, and then rates will die down again until bonds mature. (at this point it would be good to go to the secondary market to trade)
Cryptogenik | TEAM SYNC:
A typical add liquidity transaction is easier on our dapp than even uniswap
Gem Radar ✪:
Okay alot of info to digest here haha!
Cryptogenik | TEAM SYNC:
For example you add 1 ETH and instantly get back ETH/WBTC Liquidity tokens from Uniswap
Yes it is! We have had community members make youtube tutorials and the docs.syncbond.com use gifs to walk you through everything step by step
Gem Radar ✪:
So you guys are even making educational resources for people to understand it and making it user friendly! Everything is checking out, and your coin’s value is increasing at a rapid rate. Do you guys have a marketing roadmap in plan aswell to keep up with this momentum and raise more awareness?
Scott Bondsman:
Yea marketing is our main focus right now. Doing as many AMA’s like this one as possible. We hired a full marketing team and since they came on things are looking bright.
We are in the talks with some larger partnerships, and of course those are more uncertain and demanding so we aren’t talking about them as much yet until what we can do with each other is clearer, but I’ve been honored to talk to some real giants in crypto
Gem Radar ✪:
That’s amazing!
We need more exposure on $SYNC! doing an AMA here is always good ofcourse 🙂
Cryptogenik | TEAM SYNC:
So far the feedback given to us has been amazing and it makes me very happy to hear those words coming from people I already admire in the space so I tend to get a little buzzed from it, it’s surreal in a way
Gem Radar ✪:
You guys are going great so far 🙂 What about the security measures of $SYNC Network? how do you ensure security? contract been audited externally?
Cryptogenik | TEAM SYNC:
Yes we have had audits and public audits from Coinfabrik
I think Scott has the link handy
Scott Bondsman:
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.
Scott Bondsman:
https://blog.coinfabrik.com/cbond-smart-contract-audit/
Cryptogenik | TEAM SYNC:
Also regarding security
Since the minimum turn around is 90 days flash loans are not much of an issue
We’ve thought hard about this, and consulted with people, and the most it could do would be to make an unbalanced bond, but we have a 100K SYNC limit per bond, so it would cost a LOT and the result would be a CryptoBond with low rewards. So there’s also no incentive to do so as they couldn’t make a profit.
by people I mean, auditors and other blockchain developers
Flash loans can’t adjust rates or anything like that.
The access to the mint function by admin has also been burned
so now the project is fully defi and can’t be paused, frozen, locked
The project also has over 50% of the liquidity locked on UniSwap
These all add security at various points in a project to ensure it’s safety
Gem Radar ✪:
Definitely, all these add value to security 🙂
Ok so I wan’t to ask more about the financial NFT’s
Cryptogenik | TEAM SYNC:
Awesome
Gem Radar ✪:
In what other ways will this be used? How about for companies wanting to share documents or maybe a title deed, or something else that’s valuable?
Cryptogenik | TEAM SYNC:
It’s possible that our CryptoBonds could be used for in game items or like a license to use a service
We currently use them in governance to count as votes. You get 1 vote per CryptoBond in our governance model.
Frankie:
We currently only support locking of Liquidity pairs, but we are discovering new ways to utilize these CryptoBonds every day. One cool example of how these can be used is:
New project lists with CryptoBonds, locks up a good amount of liquidity so that the community is confident they wont remove all that liquidity. This company can then pay their employees/contractors with cryptobonds to also make sure their own employees ‘vest’ their shares, and dont dump on their price
Gem Radar ✪:
Yeah It would be cool if we can see your platform being used outside of the crypto community as well is what I’m trying to get at for mass adoption.
Scott Bondsman:
There are many things that are possible here and we encourage the community to take part in governance votes. CryptoBond holders have all the voting rights and they will decide the next steps for SYNC and CryptoBonds.
Cryptogenik | TEAM SYNC:
The CryptoBonds are also printable
Grandparents could gift them to grandchildren for graduating
Gem Radar ✪:
Definitely, the possibilities are endless here. Love the fact how you guys are up for mass adoption and I see you have the capability for it aswell
Cryptogenik | TEAM SYNC:
You can “See” what you are holding in your hand. People are very visual and this could give them confidence in Crypto in general
Like imagine holding the paper equivalent of your CryptoBond. It feels amazing
Especially for the older generations
Gem Radar ✪:
Definitely. But when we see this happening, will your platform be able to handle this?
Has there been thought of developments put in for this?
i have been working in server architecture development for about 10 years, we have built a pretty much infinitely scalable backend for the CryptoBond generation and frontend. The more it grows, we automatically spin up more servers. and we have very intense security measures in place
Gem Radar ✪:
Perfect!
This is what we want to hear
and this is why it is so important to know your backgrounds
Frankie:
sure, it would be a security risk for me to outline the tech stack, but while we 3xed overnight, my servers barely felt it :)
Gem Radar ✪:
LOL yeah for sure
Okay well I think we have covered pretty much everything for now!
We might invite you back for a quick follow-up if that’s okay with you guys? To see more of your project in action.
Frankie:
yes! definitely up for that
Gem Radar ✪:
The only thing I can say is keep rocking! Congratulations on your overall success
Scott Bondsman:
Yea that would be great!
Gem Radar ✪:
You guys have ticked all the boxes
Scott Bondsman:
Thank you very much
Gem Radar ✪:
innovating on new tech
freaking love it! I will buy the dip 😛
