On Thursday, July 1st, we had the pleasure to welcome to our Telegram chat:
Alexander Kravets, A DAO member and advisor at Beyond Finance.
We asked him questions about the development of Beyond Finance.
Q~ Thanks for joining us today. Please start off by introducing yourself to the Blockchain Space community and your role in the team?
A~ I’m Alexander Kravets, based in US, my background is 12 years at a regulated trading firm catering to high frequency traders, stock brokerage, trade clearing, trading software, market data, and retail brokerage systems, then entrepreneurship, started a few companies. Currently I’m leading a centralized crypto exchange in the United States. I’m a DAO member and advisor at Beyond, as I’m excited about the possibility of bridging DEX functionality and Synthetic instruments to make trading anything accessible to the world.
Q~ Tell us what Beyond Finance is, how it works, and what kind of value the trading protocol adds to the ever expanding DeFi ecosystem ?
A~ Beyond Finance is a novel way to access synthetic assets, bringing traditional financial services to the global crypto community. Beyond’s DEX will simplify Synthetic product trading. Beyond is here to overcome the limitations of existing synthetic asset platforms - slow transactions, low liquidity, high gas fees, poor user interface - by providing a better UI/UX, deeper liquidity, and issuance of any asset, with a lower 300–150% collateralization vs a common 750%, while leveraging a seamless process, faster speed, and focus on Layer 2, sidechains, and cross chain solutions to improve efficiency.
Beyond’s vision is to address the global unbanked problem, and provide democratic access to trading instruments - anyone can easily trade and issue synthetics via a decentralized platform simply by connecting their blockchain wallet to Beyond.
So specific use case is to allow anyone to trade anything, worldwide, 24x7, in a decentralized way. Another is a launchpad product, lending, derivatives and options and leveraged trading, NFT applications, partnerships with major player like Huobi to integrate their communities and token inside Beyond’s ecosystem, and much more to come!
Q~ Can you share with us detailed information on the $BYN tokenomics and it’s usecases ?
So 100m hard cap, half the tokens are reserved for staking and LP rewards. Team and early investors are locked for 1–1.5 years. Current market cap is only $4.5m, 6% of tokens are released.
The use case is staking BYN on the Beyond platform when released to trade synthetic assets, LP rewards, governance, and more use cases like the forthcoming Beyond launchpad.
We are also collaborating with our partners - OKEx, Huobi, a few others to be name soon for additional BYN use cases.
Currently you can stake BYN on Asdendex at 41% APY, pending mainnet release (very soon).
The project is started by traditional finance guys out of Goldman Citigroup and exchange founders so a strong network.
Q~ Can you give us an update on what Beyond Finance has accomplished to date and your future plans for Beyond Finance ?
A~ The Beyond product build was early, which is why the funding was complete in 3 weeks, from VCs that know the space (Moonwhale Ventures, A195, DuckDAO, Cryptomeria Capital, Blocksync, X21 Digital, Rarestone Capital, Master Ventures, Consensus Capital). IDO was April 12 and was heavily oversubscribed.
The DEX Closed Beta is working:
- AMM is up
- Stake BYN to get COLLATERALIZED USDb, and USDb to trade Synthetics assets like EUR, BTC, OIl, Tesla
- Beta upgrade coming - better UI/UX, more trading pairs, Layer 2 solutions for lower fees and enhanced scalability with original ETH security - hybrid model.
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Listing on Ascendex and MXC, more to come soon (and Uniswap is up of course).
In the future, the mainnet will be released very soon, from there we add more trading pairs and functionality, full roadmap here:
Launchpad, DAO, lots of cool stuff
These assets will be live at launch:
QUESTIONS FROM BITCOINTALK
Q~ There are Existing synthetic asset trading platforms in the market but they need improvements in many aspects, how do you tackle the limitations faced in the current synthetic assets markets, what key features have been introduced ?
A~ So DeFi is growing rapidly, focusing on yield farming, loans, and swaps. There is a huge opportunity for synthetic decentralized platforms, where anyone can trade anything, democratized globally. A few existing players are out there, but much more to improve as they are focused mostly on staking - high costs, poor price tracking, low liquidity and lousy UI/UX, plus high collateral cost. Beyond changes that - better UI, better liquidity, issuance of any asset, with a lower 150–300% collateralization vs a common 750%.
Critically, the Beyond platform features one of the most user friendly and intuitive interfaces. It is effortless already and it will be improved as Beyond progresses with feedback from users. Making the platform easy to use has been a primary goal since inception for the Beyond founders.
Q~ Beyond Finance’s ultimate goal is to bring DeFi to CeFi users, so what steps or plans have you taken to accumulate and attract a multitude of non-crypto users ?
A~ So most synthetic exchanges are hard to use, confusing, have low liquidity. Beyond has made the experience comfortable for CEX users with a familiar interface and deep liquidity via AMM.
It’s a DEX, so anyone with a wallet can access Beyond worldwide.
The idea is to help everyone trade any asset, 24x7.
While having a global ecosystem to support this - to fix all the issues inherent now in Synthetics platforms.
QUESTIONS FROM TWITTER
Q~ Can you give us a walk through the Beyond Staking Program, how attractive is the APY and what are differences between the levels 1, 2 and 3 staking ?
A~ Sure - so a good resource is here -
And right now Ascendex at 41% with a 2 week lockup.
Xiaolin : The APYs for different lock up periods are really attractive
Alexander Kravets : Thanks, alot of that is already filled but more to come soon as mainnet launches.
Q~ I could see on your page that you mention that the project is aimed at all types of investors, but what plans do you have to create confidence and security for people who decide to invest in your project ?
A~ So for security, the funds are locked up via smart contract.
Control via Beyond DAO through Beyond Improvement Protocol guidelines
Smart contract audited by
CertiK Blockchain Security Leaderboard
Coinfluence UniArts Network UniCrypt Opulous Moon Maker Protocol Hodlers Network Amasa Ruler Visor Finance Tipsy Duet…
As far as investment, the BYN token is integral to the Beyond ecosystem, must lock/stake to trade on Beyond and rewards/LP rewards are payable there. The team is strong and there is significant traction.
Q~ I love to give my feedback to help in developing a more user friendly platform. When is the next phase of testing for the Beta version of Beyond, and will it be opened to the public this time and not just to a selected few ?
A~ The first early Phase 1 beta testing has been completed with our partners, strategic investors. Phase 2 is on going for selected exclusive users who hold at least 2000 BYN. Next is Phase 3, whitelisting for the public testing will be opening in the next few days. Stay tuned!!!
QUESTIONS FROM TELEGRAM
Q~ What are the competitive advantages of Beyond Finance. that would make it a superior product to others in the same space ?
A~ One is the team. The team comes from global asset management, govt regulatory agencies, VC, investment banks, trading, management consulting - Goldman, UBS, Bain, Two Sigma, Singapore Ministry of Finance, Index Ventures, etc. Also founders and board members of top tier global exchanges in Korea. The Beyond DEX is built by traders for traders who want to solve the Synthetics trading problems.
Specifically it’s a better UI/UX, more liquidity via automated AMM, lower collateralization ratio, and more pairs.
Q~ What are the rights of Beyond Finance owners? And what features are provided when the owner of Beyond Finance ?
A~ Beyond will function as a DAO - here is a link to governance -
Q~ Is your project supporting a local community too?, What are your plan to increase awareness and adoption where English is not spoken?
A~ Apart from our main channel, we have established local communities all over the world and more are joining every day!
Here are a few links:
Global Community: https://t.me/beyondfinanceglobal
News Channel: https://t.me/beyondfinancenews
Korean Community: https://t.me/Beyond_Finance_Korea
Vietnam Community: https://t.me/beyondfinance_VN
India Community: https://t.me/Beyondfinance_india
Indonesian Community: https://t.me/beyondfinance_IND
Bangladesh Community: https://t.me/beyondfinance_bang
Sri Lanka Community: https://t.me/beyondfinance_sir
Pakistan Community: https://t.me/beyondfinance_Pk
Nepal Community: https://t.me/beyondfinance_np
Ukraine Community: https://t.me/beyondfinance_ukr
Sweden Community: https://t.me/Beyondfinance_Sweden
Morocco Community: https://t.me/beyondfinance_mo
France Community: https://t.me/beyondfinance_fra
Spain Community: https://t.me/beyondfinance_sp
Brazil Community: https://t.me/beyondfinance_brz
Nigeria Community: https://t.me/beyondfinance_Ng
Q~ What features of Beyond Finance might be of interest to large companies and corporations now? What will motivate them to use Beyond Finance in the future?
A~ Beyond is partnering with large crypto exchanges like OKEx and Huobi who are investors, also with mainstream companies like a large Korean conglomerate partnership which will be announced soon. Generally speaking it is very attractive to be able to trade synthetic assets and forthcoming sophisticated products like futures and swaps on Beyond, 24x7, for institutional participants.
Q~ What inspired the development of this Beyond Finance project? What did you prepare for the long-term development of Beyond Finance ?
A~ The inspiration was simple - the founders were using synthetic platforms to trade and they were terrible - so they decided to make something better - for traders, by traders. The product was created right away which is why $7.5m was raised in 2–3 weeks and there is so much more to come!
We are launching very soon and have a few more major announcement. Stay tuned!
Please engage with Beyond here, and have a wonderful week!
It’s really nice having the Beyond Finance project in here!!!
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