Profile of Tenzent in ApeCoin
Posts by Tenzent
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Allocate 45,000 APE to Silo Finance Lending Market
by Tenzent - No Role
Posted on: Feb. 3, 2023, 12:20 p.m.
Content: Our project is completely decentralized - all lending is non-custodial like AAVE/Compound except with a difference in pool design (our code is original). Our multi-sig has no control over the protocol, it’s fully onchain unlike most other projects - we’ve put a great deal of effort into making this the case. The SiloDAO controls specific parameters but cannot directly affect any user funds due to the immutability of our pools.
More on what SiloDAO controls: SiloDAO - Silopedia
@Amplify I appreciate all the helpful suggestions and input and will come back with an adjusted proposal to satisfy the unique standing of ApeDAO today.
Thank you for the feedback thus far - any input critical or supportive is super appreciated and I will do everything I can to answer any and all questions.
Likes: 3
Replies: 0
No replies yet.
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Allocate 45,000 APE to Silo Finance Lending Market
by Tenzent - No Role
Posted on: Feb. 1, 2023, 1:14 p.m.
Content:
Allocate 45 , 000 APE to Silo Finance Lending Market
Proposal Category: AIP, Treasury, Voting, DeFi Integration
Abstract
Sio Finance would like to request a capital injection of 45 , 000 APE tokens to its permissionless risk-isolated lending market. The APE tokens will help kickstart lending liquidity and create a new revenue source for ApeDAO. Silo markets are non-custodial and as such can be removed at the behest of the ApeDAO at any point in time without the consent of Silo.
Silo has already done similar successful programs with the Balancer and Aura DAOs.
Background
Silo Finance is a non-custodial lending protocol that creates risk-isolating money markets. In our lending protocol, each market - we call it a silo - consists of a base asset such as $APE and two bridge assets, ETH and a stablecoin XAI (pronounced /zī/ ). Borrowers in each silo (market) are only exposed to the risk of 3 assets at any time rather than all the assets in the protocol.
This secure design of money markets protects borrowers against lending hacks, as experienced in previous exploits of Cream Finance, Venus protocol, and, recently, Mango Markets. Because our isolated silos don’t share risk, the Silo lending protocol can theoretically create unlimited money markets.
Our implementation of money markets is drastically different from shared-pool lending protocols like Compound and Aave, where all token assets sit in one market only. As such, if one token asset is manipulated, the entire protocol becomes at risk of insolvency.
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Our team is partially doxxed and counts on the help from a multitude of prominent and respected advisors.
Team:
Yoshua Urioste (BD Lead - ME!)
Aiham Jaabari (Head of Growth and Founder)
Shadowy Edd (Smart Contracts Lead and Founder)
Ihor (SC Engineer)
Neo Racer (SC Engineer)
Siros (Front End Lead and Founder)
El II (FE Engineer)
Tyko (FE Engineer)
Sergey Maksinov (Product Manager)
Andrew (Product Design)
Anton (Mathematician)
Alexey (Mathematician)
Advisors:
Sam Kazemian (Frax)
Tyler Ward (BarnBridge)
Ameen (Reflexer)
ShapeShiftDAO
Joey Santoro (Fei)
Tyler Reynolds
Santiago R Santos
Regan Bozzman (Lattice)
Emile (XDefi)
Sherwin Lee and Keith (DeFi Capital)
Motivation - The $APE silo
The Silo protocol has deployed a risk-isolated market for $APE consisting of three assets: $APE-ETH-XAI.
This means users can do the following for example:
Deposit $APE into the APE silo.
Borrow ETH or XAI from the APE silo.
Deposit the borrowed ETH into the WBTC silo.
Borrow WBTC from the WBTC silo.
Because both APE and WBTC silos are isolated, any manipulation of the WBTC silo will not impact $APE depositors. Soon, $APE depositors will be able to borrow any of our 30 + assets while limiting their risk to one market at a time.
Rationale
If the proposal is successful, In addition to making non-inflationary yield on its $APE deposit, this new lending market will enable whole new use cases for token holders and other market participants including but not limited to:
Leverage Long/Short.
Borrowing assets to Farm.
Delta Neutral farming.
Silo Finance has always been friendly to ApeDAO, using APE as one of its beta test assets from launch. Silo was also the first lending platform to create lending markets for the token. At current depth it is hard to garner APE deposits, for this reason we need APE to help us stimulate the market and allow it to grow.
Security
Silo counts on two audits from reputable auditors (ABDK and Quanstamp), full formal verification via Certora and a Immunefi Bug Bounty.
Individual reports and details can be found here: Audits & Formal Verification - Developer Docs
Sepcifications / Steps to Implement
To deposit $APE into the Ape silo, the treasury multi-sig would need to do the following:
Approve APE transfer to APE silo 0 xd 953 cC 57 D 906 e 1 F 2 D 7 d 6 C 8 C 50 A 369 Ff 64096 DDC 5
Call deposit(address _asset, uint 256 _amount, bool _collateralOnly) on Silo contract ( 0 xd 953 cC 57 D 906 e 1 F 2 D 7 d 6 C 8 C 50 A 369 Ff 64096 DDC 5 ) where _asset is APE address, _amount is amount of APE deposited and _collateralOnly is false.
Enter overall cost
Silo Finance is asking for 45 , 000 APE tokens however it is worth noting that the ApeDAO doesn’t have to give Silo’s team or any other entity anything, the protocol is permisionless, risk-isolated and non-custodial by design. The ApeDAO won’t actually be spending any of this money as it is directly available to them for withdrawal. Quite the opposite, this will actually generate revenue to the DAO in a non-inflationary way.
Likes: 1
Replies: 1
Replies:
- Kuddo: Not sure how funding this would be possible. But as @Amplify mentioned, there can be workarounds.
Other than that, where can we check some Sio Finance stats? Like how many daily users, volumes, etc.
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Backing Musicians that Actually Fit in Web3
by Tenzent - No Role
Posted on: Oct. 14, 2022, 9:27 a.m.
Content:
Mantis:
Thanks for the comment, and congrats on your proposal passing! Just thinking out loud right now — we first build the platform to capture IP from a LOT of musicians. Apecoin Soundcloud. Apecloud. Soundnana. :rofl: Anybody who posts their song gets $APE based on views and likes, in return for giving up X% of the copyright to that recording to the platform. That % gives the DAO the incentive to market successful and relevant posts for even more exposure and even back the artists who posted it directly.
I like this Apecloud idea a lot, there is not many other crypto music streaming platforms, I can’t think of any big ones besides maybe audius. Ape has much bigger mind share than audius and a majority of all crypto projects, so something like this would be a place where there is a definite edge to be had. I vote ApeCloud btw, Soundnana too much like solana.
Mantis:
Whatever music site we set up gives artists $APE incentives for encouraging interaction, whatever that may be. However, instead of giving out $APE for likes or whatever, the artist’s reward is automatically placed as collateral in a lending platform, allowing them an overcollateralized stablecoin loan.
Mantis:
The more I think of it, the more I’m convinced that providing $APE collateral to music artists in exchange for engagement to form a decentralized, defi-UI centric record company is the way to go. So do you think this could be done in conjunction with Silo Finance? @Tenzent
Mantis:
As for scheming on the siloed pool itself, we stop that by creating an engagement system that resembles the Apecoin DAO voting system, with the same blockades for bots.
100 % we are on board with this, we could seed a sufficient amount of borrow-side liquidity for such a thing to work should ApeDAO want to move in this direction. We’re also unique in the sense that we allow spTokens (Silo Protected Tokens), these tokens have the unique advantage of not being able to be borrowed by other users which would provides an extra layer of security AND consequentially people wouldn’t be able to use the APE liquidity to short.
Likes: 4
Replies: 0
No replies yet.
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APE Lending Markets - Silo Finance
by Tenzent - No Role
Posted on: Oct. 11, 2022, 12:51 p.m.
Content: Hello Apes!
I’m Yoshua with the business development team at Silo Finance, and I wanted to make a PSA for APE Holders about our lending markets. We currently have a “Silo” (Lending Pool) live for APE where you can borrow ETH and, soon, a stablecoin.
Context
Silo Finance is a Defi Lending protocol that creates permissionless and risk-isolated lending markets. Silo’s Lending markets or “Silos” can be thought of as Uniswap liquidity pools where each token is confined to its own pool, but swaps between pairs happen via the bridge asset (ETH). Restricting each asset to its own pool protects them all from contagion risk like with shared pool models. If a token gets exploited, none of the other silos are affected.
Visualization:
Silo Docs: Read Me - Silopedia
APE Silo
Screen Shot 2022 - 10 - 10 at 4 . 03 . 42 PM 1143 × 766 177 KB
Ape Silo: silo.finance
We currently have a Silo for APE with $ 65 , 000 of borrowing liquidity available in the pools. The pool can serve as a great form of capital efficiency for APE holders, who will be able to remain exposed to APE while performing other activities. This opens up a few new avenues for dedicated APE holders, an APE holder can now;
Borrow to Farm: Hold on to your APE while borrowing assets like ETH to deposit them in other opportunities.
Leverage long: Increase your exposure to APE by swapping borrowed assets for additional APE.
As our stable coin gets closer and closer to release, we can start looking to increase the amount of borrowing/bridge liquidity in this Silo. We like the APE community and hope that we can do more together in the future. Thank you!
If any Ape community members want to contact me, my telegram is @tenzents or Tenzent# 0038 on Discord.
Likes: 1
Replies: 0
No replies yet.
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What can I do with my Ape Coin while the market is down?
by Tenzent - No Role
Posted on: Oct. 10, 2022, 4:07 p.m.
Content: I’m from Silo Finance and we have a lending pool for APE if you’re looking to borrow to farm you should take a look!
P.S. Our system allows you to deposit protected collateral which makes it so your ape tokens can be used as collateral but not be borrowed. In case anyone is concearned with safety.
Likes: 2
Replies: 0
No replies yet.
