ApeRocket AMA Transcript

"DeFi yield farming aggregator and optimizer for BinanceSmartChain"

By
BSCNews
on
October 3, 2021
Category:
AMA

Andrew (BSC.News)

Hello everyone and welcome to the AMA with ApeRocket!

Today we have @warren0x joining us today to talk about ApeRocket

Pleasure to have you here!

Warren 0x

Hi ! My pleasure :)

Andrew (BSC.News)

So how this will work is, the AMA will consist of two rounds. The first round will be us going through the questions that I had prepared for you before hand. And then the second round will be a community round where I will open up the room to allow questions to come in. The second round is also where we will select the two winners of our giveaway

Sound good?

Warren 0x

Sounds good! Let's go

Andrew (BSC.News)

Okay great!


1.Please introduce yourself and the team behind ApeRocket.


Warren 0x

I’m Warren, a backend developer for Aperocket. I do mostly operations and solidity work.

Aperocket is composed of 4.5 people. 4 full time people and one person who works on the project when needed, all with different backgrounds, but for the most part a technical background.

I am here today to present to you what we have been working on for the last few weeks. The V2 of our platform. It has been an exciting journey developing it, we’re so proud to finally come present it to the rest of the community

Andrew (BSC.News)

Awesome! Well we are super excited to hear about what you've been working on


2. What is ApeRocket? What is it that you are contributing to the Binance Smart Chain?


Warren 0x

So, Aperocket is a platform designed to host several products, all with the same main objectives: to optimize the yields of its users.

our first and main product is a Yield Aggregator. It aggregates and compounds yields from others protocols and saves you time and money compared to doing it yourself.

We currently support 3 protocols: 

Apeswap,

Pancakeswap

and Biswap

We contribute to the Binance Smart Chain, by making all the capital flowing into it efficient

Andrew (BSC.News)

Very neat work!

So let's talk about some of the other products you have to offer


3. Can you briefly list the products that you have to offer on ApeRocket?


Warren 0x

At the time, we have only one product, our Yield aggregator. It is made up of three main components that are:

Vaults: Capital efficient pools that automatically generates yields. Users will deposit their assets and we'll be in charge to autocompound and aggregates their yields following the best opportunities present in the market

Zap: It's basically a tool developed for convenience. It allows user to hop on a Vault simply instead of going into an exchange for example, just swap a token into whatever token to enter a vault using our zap

Lock: Users can chose to lock their SPACE, our main token, to participate in Governance, earn the platform revenues that are redistributed on a rate of 100% to the users who locks their tokens and in the near future, boost their earnings in the pools

Andrew (BSC.News)

Okay nice! Thank you for that explanation

So before we touch more on the features


4. What is $SPACE? How it used on your platform?


Warren 0x

Of course, good question

$SPACE Token is the main token of our ecosystem.

It is minted following the revenues generated by the platform. Basically, for each BNB collected in term of performance fees, 100 $SPACE are minted.

As I speak, BNB is up to $429, and SPACE price is up to $7.4

It means that for each $429 collected in performances fees, 740 are minted

To avoid increased volatility, and avoid whales just passing by, farming and dumping consistently, we've introduced a Vesting mechanisms.

Each new SPACE minted is vested for 13 weeks. In returns, users will get a receipt token, the xSPACE token, that represent their vested and/or locked token.

The main and most important use of the token is to collect revenues from the platform. It's a governance/revenue sharing token.

Andrew (BSC.News)

Interesting, very cool that you guys have that focus of longevity on your tokenomics as well

So to go more in depth about the features you offer


5. What is the Lock feature and what purpose does it serve on ApeRocket?


Warren 0x

When we introduced the idea of the Lock concept we had in mind the long term holders and true Aperocket supporters.

Basically, Users can lock their SPACE Token from 1 to 100 Weeks. Same as the Vested token, they'll receive xSPACE are receipt based on their lock duration period.The longer you lock, the more xSPACE you get. From 1% to 100% ratio of your SPACE token in xSPACE.

So you are probably asking yourself why should I lock my tokens ?

By commiting and locking your tokens, you gain the rights to participate in the protocol life, by proposing and voting on important topics, and most importantly, you earn revenues made by the platform, from all of our products.

At the time, we have only the Yield aggregator as a product, but moving forward, we're planning to enhance and develop Aperocket by introducing newly crafted Products, with the same main goal: Optimize users' yields

Andrew (BSC.News)

Okay cool, so you guys actually incentivize users to lock their funds for more benefits rather than other platforms that may only lock funds to maintain token price


6. What are Rocket Vaults? How does your fee structure work?


Warren 0x

Yes, that's an important one

So as I said earlier, Vaults are pools where users can deposit their assets, and take advantage of the automatically generated yields.

In term of fee structure,

ApeRocket's fee structure is relatively simple. We do not charge any fees on your deposits or withdrawals, unless you withdraw within 72 hours of making the deposit in which case a 0.5% fee is charged to avoid frontrunning.

However, for each autocompound that occurs at least once every 2 hours, we charge 30% of the performance fee on profits. The performance fee is a fee applied to what you have earned during the current period. It is not a fee on your total assets, but only on your earnings. In exchange for the 30% fee, you receive SPACE tokens which more than compensate for the fee, as I explained earlier. So in the end the user wins.

The performance fees collected are then redistributed to the xSPACEs stakers in the form of WBNB either via the lock or the vest of their SPACE tokens. 

This way, the money does not go out of circulation but is reinjected in order to create a virtuous circle in which the people involved in the project are the beneficiaries. Through this fee structure we privilege a long term vision that knows how to reward the patient people. Passive income is the way

Andrew (BSC.News)

Okay nice! Thank you for that information

So this next topic is one I found to be very interesting and unique


7. What is Zap how did you guys make this possible? How do you think Zap will make an  impact on the future of DeFi?


Warren 0x

Zap is a tool that enables users to swap in and out of several liquidity position. You can convert your single asset to an LP position, or to another token. This tool is provided for the convenience of the users. It uses multiple routers (Apeswap, Biswap, Pancakeswap etc.) and there are no additional fees. It is an easy and didactic way to swap your tokens without extra fees. From what we see of our data, it's a loved features on Aperocket. We'll iteratively improve it overtime. 

Our goal is to make the most complete and simple user experience.

Andrew (BSC.News)

Gotcha


8. Are you audited? How can you ensure users that your platform is safe to use?


Warren 0x

We have been audited by Peckshield, a renowned company in the field of Blockchain auditing, the report is already available on our website. Their report allowed us to deploy on mainnet. 

We have also been audited by a new company, Mutative, which has proposed itself since the announcement of the V2. They have audited our contracts, even our frontend, to check if we are linked to the right contracts, the user-flow and the performances are acceptable. Their report will be available soon on our Website. Even with 2 full audits, we’ll keep soliciting audit companies to complete a full security review overtime, it’s part of our deployment process.

In term of safety, in addition to the audits, we have an internal risk assessment framework that we follow carefully when implementing new strategies. Typically, every protocol that we support and will support in the future, have or will pass our assessment framework, in terms of code quality, audits etc.

Also, we've introduced in our system design, whitelist. Only whitelisted protocols can interact with Aperocket. As a safety measure, it can prevent flashloans. We've seen a huge amount of them on the BSC lately.

Andrew (BSC.News)

Oh okay so the whitelisting is a sort of vetting process you guys do?

Warren 0x

For example, if a project would like to interact with one of our vault contracts using another contract, they need to be whitelisted by us or they can't interact.

Andrew (BSC.News)

Ah I see, thank you for that clarification

So last but not least


9. Any exciting news you would like to announce here today?


Warren 0x

I'm not allowed to share any preview of our next products for the time being, but I can tell you that the journey is just starting! Make sure to follow us on our socials, especially Discord, some alpha leaks will be disclosed from time to time. 🚀

Can i share the socials ?

Andrew (BSC.News)

Yeah of course!

Please do

Warren 0x

Thanks!

Website

Discord:

Twitter:

Telegram:

Andrew (BSC.News)

Okay nice!

Make sure to check out ApeRocket everyone! They are a Yield Optimizing platform with tons of innovative features looking to revolutionize the future of DeFi!



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