ACoconut AMA Recap
ACoconut is the chassis behind acBTC, $AC and BTC+. ACoconut is a suite of open protocols designed to enable frictionless movement of liquidity between decentralized systems.
Today we have Terry Lam as Co-Founder of ACoconut joining us to answer our questions for the next hour.
I’m Terry Lam. I come from traditional finance background. I was in capital markets advisory before diving into block chain and crypto in 2018. We started NUTS Finance in 2018, right at the peak of the last bull run. Our focus was to leverage blockchain to improve the workflows of traditional financial services. Fast forward to today, we launched ACoconut last October. The focus of ACoconut is to enable frictionless movement of BTC liquidity across blockchain networks and between defi protocols.
Question from the CryptoRank team
#1. Can you tell us about Acoconut? What problems do you solve, both in the space and for the community?
Terry: – 2 problems 1. Moving btc liquidity between blockchain networks is expensive Ie. Moving BTC from native Bitcoin network to ethereum 2. Moving btc liquidity between defi protocols is also very costly Ie. Moving wbtc from compound to aave just look at gas price today.
Therefore, ACoconut is an suite of open protocols designed to solve the 2 problems mentioned. Ultimately our focus is to enable frictionless movement of btc liquidity between systems (ie. Layer 1 networks and defi applications).
#2. Could you shortly describe the milestones Acoconut have achieved, and about your upcoming plans?
Terry: – ACoconut is made up of 2 asset protocols 1. acBTC 2. BTC+
acBTC is a composite Bitcoin made up of pegged-BTC (ie. WBTC, renBTC, etc).
The use case for acBTC is to reduce costs for users when moving BTC liquidity between Ethereum and other next generation layer 1 networks (ie. Polkadot, BSC, HECO) BTC+ is a positively rebasing synthetic BTC made up of pegged-BTC and BTC LP assets.
The use case for BTC+ is that it is an interest bearing asset pegged to Bitcoin, so users can earn interests naturally and able to utilize BTC+ as collaterals in DeFi protocols. In terms of milestone, acBTC is live (app.acbtc.fi). Roughly 11mm TVL currently locked in acBTC protocol, BTC+ is currently going through security audit. We aim to launch BTC+ by early March
CryptoRank community questions
#1. Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
Terry: – Yes holder of AC can lock AC to participate in the governance of the ACoconut system. Aside from that, the value capture of AC is through management fees collected from BTC yield strategies where AC holders can earn a portion of the fees collected
#2. How many killer features of Your project that makes it ahead of its competitors? Could you tell us 2-3 features ?
Terry: – BTC+ is a positively rebasing synthetic BTC that allows users to generate interest while keeping usability of their BTC asset. The killer feature is that users do not need to constantly rebalance their BTC positions between different yield generating protocols. And at the same time, users can use the interests generated via BTC+ to write off any fees incurred in other DeFi protocols such as interests, premium, trading fees, etc. BTC+ will bring a lot of innovation to the BTC DeFi space because it enables users to effectively generate interests on their BTC holdings while maintaining maximum usability.
#3. What kind of partnerships with different projects/platforms/protocols can we expect from ACoconut in the future? Could you give us some examples of how other projects can leverage ACoconut ?
Terry: – Any DeFi projects with BTC liquidity can work with us. Curve, Badger, Compound, Aave are all potential partners. Ultimately we can aggregate BTC liquidity to generate a competitive return for users depositing BTC pegged assets and or BTC LP assets on our platform
#4. What is total supply ? Are your plans to focus on market or to grow community?
Terry: – 21m max supply, circulating 2.9m. Our plans is to focus on product development, community building and liquidity management
#5. That’d be pretty popular right now for the sudden rise in BSC. Are you guys already on BSC?
Terry: – https://twitter.com/NUTSFinance/status/1363776096626335744?s=19 We’re the first project to launch a crowdpooling event on BSC Powered by DODO. The event starts on 2/24 17:00 utc+8. This marks our official deployment of the ACoconut solution on BSC