Scientix x Alpaca Finance AMA Recap

This post was originally published on Alpaca Finance

Below is the transcript from the AMA session with Scientix on September 2nd, 2021.

Jopaca: Hi everyone, I’m Jopaca from Alpaca Finance, and I’m hosting this AMA. Our AMA will have 3 sections.

Today we have the pleasure to have with us Q, Founder and CTO of Scientix for a much-awaited AMA session. We welcome him and Scientix to Alpaca!

Q: Thanks Jopaca for the warm welcome!

Jopaca: Hi Q, nice to see you here. Before we go on with AMA, could you give us a quick presentation of yourself?

Q: Hello, everyone. I’m Q, worked as a software engineer in one of the top tech companies in Silicon Valley for years. Interested in crypto 3 years ago and quit the full-time job. Worked in several blockchain startups. Now founder and CTO of Scientix.

biswap

I’m very glad to be here and introduce the Scientix Protocol to you.

Jopaca: Thanks Q. We will now ask you a series of questions we gathered before AMA. Here is the first question.

Section 1 — Predetermined Q&A

Question 1:

Scientix is partnerwing with Alpaca Finance for a new type of long-term pool. Can you please give us an introduction to Scientix? When will it launch?

Answer 1:

Scientix is a future-yield-backed synthetic asset platform on Binance Smart Chain. It allows you to get interest-free loans that pay themselves off over time with no liquidation risk, while your collateral earns you yields in the background!

I want to highlight two points here: 1. self-repaying, 2. no liquidation. The Scientix protocol maximizes the liquidity of your assets. Also, Scientix will be Alpaca’s first long term partnership for Grazing Range pool. 5% of our tokens will go to this pool for ibALPACA stakers in perpetuity. You can enjoy a high APY there, and also earn exclusive NFT Cards. The pool will go live on September 13th, 2021(next Monday) at 2 PM GMT.

Question 2:

How does Scientix work?

Answer 2:

It’s quite simple and straightforward:

1. When you deposit assets (BUSD for now) on Scientix, you can collateralize those assets to borrow scUSD without interest.

2. Because scUSD is a mirrored synthetic stablecoin pegged to BUSD, your loan can never be liquidated.

3. At the same time, your BUSD collateral will be deployed into Alpaca Finance’s lending vault to earn you yields!

4. Then, over time, the yields generated will automatically repay your debt for you!

Question 3:

How’s the tokenomics? And does your token have a maximum supply cap?

Answer 3:

The Scientix team believes in the values of fair launch. So 100% of the tokens will be obtained by staking certain tokens and liquidity pool tokens on our platform.

  • Stakers and liquidity providers are eligible to obtain 55% of the SCIX tokens, emitted over time.
  • ALPACA token holders have access to an exclusive staking pool, which will receive 5% of the SCIX block reward— this is a unique benefit for Alpaca’s users.
  • The Scientix team has access to an exclusive staking pool, which will receive 25% of the SCIX block rewards.
  • 15% of SCIX tokens are reserved for future strategic expenses. These include listing fees, audits, third-party services, liquidity for partnerships, etc.
  • 1% of the SCIX tokens will be the incentive of 5 multi-sig cosigners which will be the initial governance DAO until fully on-chain governance is ready. 2 of these are Alpaca team members.
  • 2% of the first year SCIX supply will be mint at the launch time as the funding of initial liquidity provisioning and auditing fees.

The pie chart can give you a better idea of the structure:

SCIX also has a maximum supply cap. SCIX, which is Scientix’s governance token, the emission model is: In the first week of staking, it will distribute approximately 30,000 SCIX tokens, and the number will decrease by approximately 500 SCIX per week within a year. One year later, there will be a fixed amount of 4,000 SCIX emissions per week.

The total supply of SCIX is 1.313 million. After reaching this number, no new SCIX can be minted unless the community can votes for it.

Question 4:

What is the SCIX token used for?

Answer 4:

There are several things:

  1. Governance

SCIX Tokens give holders governance rights over the direction of the protocol and use of the treasury.

The Scientix DAO will begin as a developer multisig (2 votes from ALPACA, 2 votes from Scientix, one vote from independent signer) with signaling through the Snapshot app. It will transition into a feature-complete DAO.

2. Farming

33% of SCIX tokens are for SCIX/BUSD PancakeSwap LP tokens’ farming. This pair will provide a liquid market for SCIX tokens.

11% of SCIX tokens are for SCIX tokens’ farming. This pool is to reward those SCIX holders who may not be able to join the SCIX/BUSD pool because of too much risk. The lifetime of this pool will be determined by the community.

3.Capture Economic Benefits of the Platform

10% of the yields generated from the underlying deposits to mint scUSD will be transferred to the treasury. All of that will be distributed to veSCIX lockup stakers.

Question 5:

How could a “young alpaca” participate in Scientix?

Answer 5:

In our token economy, we reserved 5% of SCIX tokens for ibALPACA tokens. ibALPACA token holders have access to an exclusive staking pool.

There are two ways for Alpaca holders to access the staking pool:

  1. You can join Grazing Range at Alpaca’s website and stake ibALPACA to earn the SCIX token.
  2. You can deposit BUSD at Scientix.finance, which is deployed to Alpaca to generate you yields, and mint half the value of the deposited BUSD as scUSD which can earn you further yields. If you’re already depositing on Alpaca, this is an easy way to gain better capital efficiency of your funds.

For more details, please follow our official Twitter: https://twitter.com/ScientixFinance and join our Telegram group at: t.me/scientixfi

Question 6:

Why did you choose Alpaca, is there any connection between you and the Alpaca team?

Answer 6:

There’s no connection between our two teams outside this partnership. Alpaca is the 1st leveraged yield farming protocol on BSC, and the 3rd largest protocol with a trustworthy reputation. So we had no hesitation in choosing Alpaca as our most important strategic partner. That’s why we reserved 5% of SCIX tokens for ibALPACA tokens.

Question 7:

It says Scientix is a new type of Grazing Range partner for Alpaca, what’s the difference, and how could I participate?

Answer 7:

This is a long-term pool that will be available not for only 1 or 2 months, but for many months or even years. In this case, it’s for the lifetime of the token emissions from Scientix. ALPACA holders will be eligible to receive 5% of all SCIX tokens.

You can stake ibALPACA tokens on Alpaca‘s Grazing Range page, which can also help you earn an NFT. You can also stake them on our Farm page though you won’t be eligible for the NFT there.

The NFT tier you receive will be based on the amount of ibALPACA staked:

– Green Tier: staked at least 500 ibALPACA

– Silver Tier: staked at least 5,000 ibALPACA

– Gold Tier: staked at least 50,000 ibALPACA

Question 8:

What makes Scientix unique compared with similar projects, and what’s your biggest advantage?

Answer 8:

Scientix is the first future-yield-backed synthetic asset platform working with Alpaca on BSC.

We designed our tokenomics carefully.

We launched our product and token using a Fair Launch. Like Alpaca, we had no presale, no premine, and no investor.

We created a SCIX/BUSD farming pool, which makes the SCIX/BUSD pair have better liquidity.

Investors can lock their SCIX and get more rewards than similar projects, including all protocol fees and 11% of the SCIX emission.

Similar to Alpaca, our biggest advantage is we allow users to get better capital efficiency on their funds. By minting scUSD, not only will you earn yields at Alpaca but can also generate more yields on those minted tokens.

Section 2 — Live Q&A from audience

Question 1:

What about security and audits?

Answer 1:

Yes, our smart contracts have been audited by two professional firms: Inspex and Secbit

You can view our audit reports through the links below:

(1) Inspex: https://app.inspex.co/library/scientix#?scope=scientix-stakingpool-vault-strategy-votingescrow (2) Secbit: https://github.com/sec-bit/scientix-audit-report/blob/main/Scientix_Protocol_Report_EN.pdf

Question 2:

Can you share some Details about Recent Major Achievements done by your project? Also, what are the Future Roadmap & Targets of your project?

Answer 2:

You can check out Roadmap here: https://docs.scientix.finance/our-protocol/roadmap

Our goal in Q4 is to be listed on CEXes. A complete on-chain DAO, Leveraged farming of scUSD on Alpaca. Q1 in 22 will support more assets and deploy our protocol on more chains

You can check the details on this doc.

Question 3:

Do you have a coin burn / buyback system or do you plan to increase the value of those token burn tokens and attract investors to invest?

Answer 3:

All protocol fees (10% of Alpaca yields) will be used to buyback SCIX and distributed to SCIX stakers. We will also develop more methods for increasing SCIX value.

Question 4:

Where can I buy your tokens now. What are your current contracts, and how can I buy them and what are the benefits?

Answer 4:

The contracts will be live next Monday. You can buy SCIX on PancakeSwap after that. More details will be in https://scientix.finance 😄

Question 5:

STAKING is one of the STRATEGIES to ATTRACT USERS and HOLD Them and long term. Does your GREAT PROJECT have plan about to Staking?

Answer 5:

Yes, we have! You can find the details here:

https://docs.scientix.finance/tokenomics/staking-pools

Question 6:

How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?

Answer 6:

Please join our TG channel: https://t.me/scientixfior follow our twitter: https://twitter.com/ScientixFinance. You can get our news there. You can check links here: https://docs.scientix.finance/resources/links We hope that more and more people join us and help us build the community. We all appreciate any help from you.


Scientix x Alpaca Finance AMA Recap was originally published in Alpaca Finance on Medium, where people are continuing the conversation by highlighting and responding to this story.

Leave a Comment