BSC.chat Interview Transcript with Acryptos Project

Below you will find the transcript of the interview between Bill Cassidy and Aorlan of BSC.chat with X from Acryptos. This interview was conducted on the BSC.chat Telegram room March 29, 2021.

bill

Okay lets do it

x Thanks for joining us today. Why don’t you start it off with an introductory message about who you are, your background plus experience and the role you play in Acryptos Project.

x

hey bill , thanks for having me!

I’m x, and I’m the lead dev / founder of ACryptoS. I’m relatively new to blockchain development — you could even say I built ACryptoS to learn Solidity and Vyper 🙃 I’ve been in crypto a while though — started mining bitcoin pretty early, and building trading/arbitrage bots across C/DEXs. I also have a couple decades of full-stack dev experience.

bill

I’ve been excited about this interview.

Don’t mind the spammers or people joining or talking, I try to not keep people on a leash but Ill keep it clean for us.

That’s a deep background. I seen a lot of full-stack devs working in defi.

x

Don’t just trust what anon devs tell you about themselves though, make sure to DYOR 😆

bill

You know what feels like forever ago? October and November! I think that is around the time that I met you.

x

yeh, feels like the “good ol days” already

bill

So this one is kind of just a generalized question and you’ve probably answered it 100 times already but Ill shoot it anyways.

What compelled you to launch Acryptos and also why did you decide to launch your project on Binance Smart Chain at the time? Was it for any other reason besides the fee’s?

I guess learning solidity is one reason you decided to launch. Anything else?

x

Read: https://medium.com/acryptos/what-sets-acryptos-apart-d6345e2f5d7f 🙃 I was just starting to learn more about defi and the ecosystem at that time — the different chains, alt-coins, and so on. It was opportune BSC was just starting off, and the low fees made it so much more accessible to play and experiment on, this was just not possible on Ethereum. Yes, I love building stuff and learn best by doing/building

so that was a huge factor

bill

It really was and still is a great testing ground. Even just shooting stuff off on mainnet. It’s been pretty awesome to watch the growth of the network and projects like Acryptos

x

absolutely, it can be a bit scary too though

new projects everyday

new rugpulls too

bill

I try to just help people out and stay on guard.

It’s not easy, there are a lot of dick heads out there.

I liked it better when the only scammer was hyunsick

Alright so I got this for ya

These next few questions are about the project and I’m trying to think of the best way to present them.

x

so ACryptoS started off as a fun project, but when TVL hit $500M that’s when you start worrying a lot more about safety/risk, and I started prioritising audits and moving a bit slower with pushing new stuff out

bill

That is a good way to approach it, most the developers I’ve worked with tend to work in somewhat of the same manner. It’s gotta be pretty stressfull pushing live software to main net with so much money involved.

It’s a powerful position and not one that many people can fill and hold. I said something to someone the other day, something along the lines of “it’s easier to become successful than it is staying successfull.”

this next few questions are somewhat loaded so give me what you can

Give us a brief description about the Acryptos project and some of the main use cases and tell us about the tokenomics

x

So that’s a big challenge as well you know, when scaling the dev team — you need to find not only competent people, but also devs who care about users’ safety as much, and that you can trust

bill

That’s not a loaded question either, disregard my logic or lack there of.

x

haha

We’ve got 2 main products — Vaults are our yield aggregator/optimizer, making it easy for users to achieve the highest yields on BSC; and StableSwap — a DEX/AMM for stablecoins — giving users the best prices, lowest slippage and fees for swapping stables.

bill

This topic seems to have some meat to it so why don’t you share with us some of the ways you deal and cope with holding such a position.

Sorry I don’t mean to be jumping around

x

The tokenomics and project as a whole is designed to be sustainable with a long term perspective — so it incentivises long term staking, and all fees are used to buy back ACS or ACSI and redistribute to hodler. I havent found the answer tbh — but am in no rush to scale dev — safety is most important, and the great thing about projects like this is that if its done right, once its up it doesn’t require much ongoing dev work to keep running

so much more important to find the right people to make sure its built right the first time

bill

That makes sense, like a well oiled machine. I guess once the back end is fucntioning all you really need to “worry” about is making the front end the best thing we’ve ever seen! haha.

x

ah yes, and its always a very clean decoupling of UI and “back end” on dapps :)

bill

Thank you for sharing the tokenomics and brief description. I can attest to the fact that long term holding is incentivized. I’ve watched my ACS holdings go from 5$ each to 300$+ and I’ve just been holding it the entire time. I love the vaults and it’s my favorite BSC project tbh. Not kissing ass either just the truth, no reason to kiss ass

x

thank you for your support! 🙏

bill

Ill wait for you so I don’t jump ahead

x

the price has been moving a lot, I try not to focus too much on it but I do know it affects some users a lot (like when it drops 50%). I used to try and encourage users to farm instead of buy ACS but I don’t think anyone listens 🤷‍♂️

bill

1% of the people listen. No body listens. You and I have come to the same conclusion.

lol

Alright let me ask you about the team

You mentioned a big challenge for you is scaling the dev team. Finding competent people is difficult and finding competent devs who care is even more difficult.

So tell us your method for finding new team members? And tell us about the team. How big is the team? How are decisions made? How do you guys hold each other accountable?

x

it’s mostly community driven

I’m the lead dev, we have a core DAO of 7 — HM, Blight Night, Jasper, Mik Ro, Wei and Mo Ma. HM and Jasper are community Devs. Abdul is our community marketing lead.

core DAO were elected, and they also govern the treasury

we’re starting a program to more systematically reward community contributors

so yeh, it’s grown very organically and pretty decentralised at the moment.

bill

I’ve had chats with MoMa and Wei, both awesome people. Actually Mo Ma is the person who encouraged me to load up on some ACS a while back. One of the best decisions I ever made.

x

cool

bill

Wanna tell us a little bit about the program you are starting for comminity contributors?

x

We awarded our first grant to HM a couple of weeks back for $20K, and we’ve proposed a grant to several contributors for Feb, the budget for which is being voted on now — looks like it will be $10K: https://vote.acryptos.com/#/acryptos/proposal/Qmf6EwepzzbeAeegGYibZMkvFtax64GchpMb3XXmjwy1t8

We’ll probably keep this ongoing on a monthly basis

and anyone can apply/propose for a grant

bill

Nice, that’s actually really awesome. Are the propositions something to help acryptos or it can be for other projects too?

x

well, it’s funded from the project treasury, so it should ultimately add value to the project

bill

yeah makes sense

not going to grant people money to make porn sites

x

if it drives TVL, why not 😆

so if someone wants to do a reality tv series about how they made so much money with acryptos and started their porn empire…

bill

lol

Going to go to the drawing board tonight

see what kinda porn site I can come up with

so hey

These next couple of questions might be a little controversial. But I think it’s a good time and platform for you to share some of your thoughts.

If you don’t wanna answer it’s no problem we can move on.

x

go for it

bill

First one is the syrup exploit. IMO you were in the right, fully. You and I had spoken back when this thing happened.

From what I witnessed you were the first developer to shine light on the syrup exploit in pancake swap. Can you give a little history about what actually happened and the response you received from pancakeswap? Certik had audited Pancakeswap before the syrup exploit, how is it that they didn’t find the exploit?

x

I guess if you google and read my medium article it pretty much tells the story, so I won’t rehash it here. I believe Certik’s response was that their engagement only covered the delta (“difference in code”) that PCS added to the contract they cloned from SushiSwap, and this exploit was not evident in that delta

bill

Got it, Ill see if I can find the medium and post it later

This next one seems like it’s highschool shit but I’m tired of hearing the FUD and just wanna give you an oppotunity to set the record straight. Not sure if you have ever commented publically on this bullshit and if you don’t want to I don’t blame you.

Some people make the claim that Ogle was unfairly denied entry into the ACS DAO. From what I’ve seen there has been some bad mouthing from his group of investors and friends (none of which persuaded me in any sense). But I would like to give you a platform and opportunity to set that record straight. What actually happened there?

After this no more controversy 🙂

Full Note: I’m neutral with Ogle but dispise gemz telegram and the people who hang there.

x

Well… this is a bit of a weird one. But the long and short of it is, Ogle pretty much only got 1 vote, which was from themselves. They then proceeded to call a rigged election. I don’t know what more to say really 🤷‍♂️

bill

honestly I have never gotten any details about the entire thing. Just seen some people talking shit about it and figured I’d hear it from you instead of some randoms. Ogle has never commented about this to me personally so I don’t know either.

Okay lets move on. Lets get some resources

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

x

A big fuss was thrown and all at the time. But all that’s ancient history

Our TG of course: t.me/acryptos9, announcements: @acryptos8.
Twitter:
https://twitter.com/acryptosdao https://twitter.com/acryptosx
Medium:
https://medium.com/acryptos

bill

Alright thank you sir! I have a whole list of questions but I know you are a busy person so Ill start stearing us to the wrap up. Hope you can spare at least abother 15–20 minutes!

Can you explain the difference between ACS and ACSI.

or just tell us what each token is what purpose they serve

x

take all the time u need man

Essentially, ACS is the native token for the Vaults, and ACSI is for the StableSwap and probably all other future non-Vault products. So atm, ACS earns the fees from Vaults and ACSI from the StableSwap.

This is my bot’s auto reply 😆:
- https://docs.acryptos.com/faq#1-what-is-acs-and-what-is-acsi-what-are-their-core-products
- https://docs.acryptos.com/faq#7-what-is-the-vision-of-acs-and-acsi
- https://acryptos.medium.com/efficient-stablecoin-trading-on-binance-smart-chain-with-acryptos-stableswap-e5b0b361a404

bill

It’s like a sports league and ACS is my team

I see people rooting for ACSI all the time too though lol

It’s kinda funny

You’ve created factions

x

they’re sorta in the same family 🙃

bill

I donated 50 ACS to a pool for my shitz project. People been earning ACS for 5 or 6 days now. That’s like having a signed jersey

x

haha yeh i know, thanks for the support man

bill

wrong one lol

for sure it’s fun

Alright lets talk about competition

Some heavy hitters out there..

How do you set yourselves apart from the beefys, autofarm and other vault projects?

x

i like how you’re unafraid to call your coin SHITZ 😆

bill

whats that sane

It is what it is?

hahaha

x

Read the article! https://medium.com/acryptos/what-sets-acryptos-apart-d6345e2f5d7f

In short, we are designed around being: Sustainable. Long-term. Safe.

Our Vaults farm only on PancakeSwap, Venus, and just added this week, Swipe Swap. Why so few? While the 4+ digit APYs of the newest hyped projects can be very tempting, we made a decision not to go down that path. When evaluating a project to farm on, we ask ourselves — where does the yield come from? Is it sustainable? What value is being created by this project? Is there any longevity?

When there is no clear answer then the project is likely a pure-farm/ponzi/degen play — we don’t see much value in creating Vaults for those, and they are also inherently incredibly risky. Which leads to the most important reason — SAFETY.

When farming on other projects’ smart contracts, not only do you need to audit and ensure your code is safe, you also need to audit and ensure that all the underlying projects’ code is safe. Users should always ask themselves before depositing into a Vault, just how familiar is the dev with the underlying projects’ smart contracts?

When user funds were stuck in PancakeSwap due to the SYRUP exploit, we got ours unstuck in a few hours while others’ were stuck for days.
We had the first Vaults on Venus, more than 3 weeks before anyone else did.

Our competitors wrote their strategies based on our approach, yet our code is more efficient and we still achieve ~5X lower gas costs for our users and ~25% higher yields. When low liquidity on Venus resulted in users’ funds getting stuck in competitors’ Vaults for days, ours continued to function normally.

sorry for the copy paste

bill

These answers will be published so this is great information

I like the approach you take with projects to vault. Comes back around to caring about the users.

After this interview yes

x

im not making a moral judgement on pure farm/degen/ponzi plays though, not saying they don’t care about their users. just that our approach is a different one and we dont see ourselves adding value for our users creating those vaults.

bill

it makes sense. The project comes first. Degening is fun but it gets exhausting

In the AMA with BSC.news you guys spoke about insurance and audits. I recall your comment about insurance and was wondering if you could reiterate the point you made there?

x

I’ll just quote my reply here: “…I do feel “insurance”, and to some extent, audits are just a form of marketing and smoke and mirrors. Users should closely examine what protection any kind of “insurance” actually provides. What exactly are you covered for? There’s a reason why the yields are so high. Most users would be better off just managing their own risk, spread the risk out, don’t put everything in 1 basket, don’t put so much in defi or crypto, and so on. If a $1B TVL project is “covered” for $1M, that’s 0.1% of coverage. If the “cover” is also defi based… and on the same chain… what’s the point really? 🤷‍♂️ I think any “real” insurance for defi would probably cost >$1M for $1M of coverage- i.e. uninsurable.”

bill

When I read that I was like ‘fuck yeah”

I swear

x

Soteria just listed us though 😆

bill

Okay so you guys plan on getting some audits done

x

and Certik just gave our PCS contract a flawless audit

bill

nice

x

Yeh we have audits from defiyield, certik and hacken

so far so good, audits have came back clean

hacken is finishing up a comprehensive audit of all our contracts too, that too has come back clean and they are now just incorporating our responses

bill

Yeah Acryptos lives up to it’s name. A++ and I am hoping that more and more begin to see the value you have to offer

x

Audits don’t give any guarantees though — I still worry and keep a close eye on things

But it does add an extra layer of verification, more eyes on the contracts and some level of reassurance

bill

Thanks for the responses there. We got a few more questions and then Ill let you get back to making magic.

x

I feel no matter how well audited or carefully crafted their code is, any dev would be foolhardy to be complacent

bill

How centralized is the Binance Smart Chain? Would you ever consider moving ACS to another chain if the fee’s and economics make sense? Do you guys ever plan to submit an application to the Binance Accelerator Fund?

x

We’ve tried to participate in every Binance program since the beginning, hopefully they accept us into one soon

bill

No comment lol

Not a fan of their inclusion methods

x

I mean, relatively speaking it is clearly not as decentralized as Ethereum, unfortunately the ETH gas fees just make it non-viable. It’s hard to say how things will develop though — BSC will always be where I started, and I hope we never have to move

bill

I agree, it just feels like a home to me, not sure if you feel the same

x

I am aware 🙃

I just focus on the things I can affect — building. I mean, that’s the whole point of being de-centralised right — anyone can build and not have to rely on Binance or anyone else for endorsement

of course, it’ll be nice to get more support

bill

Joining the accelerator fund requires projects to give up some aspect of control. I’m happy you guys will focus on building without relying on them. have you ever talked to Jeff from Binance or joined the Discord they have for teams?

Jeff is a good guy, you should try to get a hold of him

If you have not already

x

yeh we’ve started talking more with BSC team, and starting getting more support, so it’s good

bill

Good. Alright we are inching toward an hour and a half so I am going to end it with these last questions

Note for my sake

Share your vision for Acryptos with us. What do you expect to accomplish in the next 6 months to 1 year.

Share your thoughts on what crypto and more specifically defi will do for the internet in the next 5 years.

And then top that sundae off by telling us what some of your favorite BSC projects are besides Acryptos.

x

I have a couple exciting ideas I want to implement, nothing I can really share about at this point in time though — so do stay tuned! I also sort of feel, just being able to keep doing what we’re doing for the next year would be an accomplishment in itself — so many projects just dont last…

bill

The test of time is a real test. Even the months you’ve been here is an accomplishment

x

I mean crypto and defi….. crypto is the future of money and defi is the future of finance, what’s more to say? If you think the last few months was crazy, its just going to get crazier

its going to grow and evolve in ways no one can predict

Best you can do is be ready to ride the waves

bill

I think it’s really fascinating how all these contracts are basically living on a network and communicating with eachother and working 24/7. Like some skynet shit

x

My favourite BSC projects are the boring ones haha — the ones we farm on — PCS, Venus, Swipe… I love 1inch too — they have a super product

Unfortunately I think the best devs are just running arbitrage/liquidation/frontrunning bots though, so much more money to be made there than building projects 😆

bill

I’ve fallen victem to the frontrunner bot. I think the arb bots are okay since they help with volume. Those frontrunners can eat shit though lol.

x

set slippage to 0.1% and do smaller trades :)

actually, just use 1inch 😆

all bots at the highest level are “front running” though… 😆

bill

if I sit here and explain to you why it happened Ill look like an asshole lol

so Ill forget about it and keep my slippage lower

Alright X.

Sincerely appreciate you taking this hour and a half to speak with us. It’s been a pleasure man. It’s also our longest interview we’ve done so far.

x

hey thanks bill, appreciate it!

it’s been fun

bill

yeah it has been

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