cryptodaily.io hosts an AMA with Solily Protocol. #SolilyProtocol #Solana #SolanaDaily #AMA
Cryptodaily Admin: Hello everyone! I hope you’re all having a fantastic day, welcome back to another AMA with SolanaDaily. I’m Daley, your host for today and together with Solily Protocol is Mr. Nas – CEO
0xNas: Hello guys!
Cryptodaily Admin: Good day to you, how are you doing Nas?
0xNas: Doing well. Excited to bring some good spirit to the crowd
Cryptodaily Admin: We all need it! this whole situation going on is detrimental for everyone, but I think they’re also looking forward to today’s AMA! Just a little bit shy 😂 So, let’s start the Solily Protocol AMA right away to lift their moods up, shall we Nas?
0xNas: I hope it’s not a bad decision to do an AMA during this time. But let’s get to it!
Cryptodaily Admin: Well, it’s a good time to show people what you have been working on and bringing to the crypto space! So, to start the AMA, I have here my first question for Nas:
Q1: Could you please introduce yourself and the Solily Protocol to our community?
0xNas: Yes. I’m the founder and one of the core contributors at Solily Protocol! I’ve been contributing to various projects in the Ethereum ecosystem as well such as QiDAO. Solily Protocol is a full suite DeFi platform built on Solana offering a variety of financial products to provide the best user experience in Web3. We offer yield farming strategy vaults, synthetics and crypto trading, NFT marketplace, as well as single-sided liquidity pools. Our vision is to cross collateralize the platform so you can trade any assets all at the convenience of one user-friendly platform, especially for newcomers of DeFi.
Cryptodaily Admin: So what’s it like moving to Solana?
0xNas: Refreshing. I particularly like the community of Solana. The devs community is very helpful and meticulous at what they do.
Cryptodaily Admin: They really do, the speed is incredible. So you just mentioned building also an NFT marketplace in Solily Protocol
Q2: What kind of NFT marketplace will you integrate to the Solily ecosystem? Will it support multiple platforms’ NFTs such as Opensea, Metaplex or MagicEden?
0xNas: This is definitely something we are considering by integrating Wormhole to port users from Ethereum to Solana. We believe in an interoperable future. I believe that the NFT ecosystem in Solana will be better than in Ethereum because of:
1. The ease of NFT contract deployment.
2. The competition of NFT marketplaces in the Solana ecosystem as compared to the somewhat monopolistic marketplace in Ethereum.
Cryptodaily Admin: Is this still in discussion or there has been specific plans to integrate?
0xNas: It’s still in discussion. Right now our focus is to develop an ecosystem that’s suitable for new users to DeFi. In later stages we’ll expand to NFT marketplaces.
Cryptodaily Admin: Got cha, and let’s talk more about the ecosystem that Solily’s building
Q3: You have planned to enhance Solily Protocol by introducing markets for tokenized stocks, Defi derivatives, and NFTs. Why did you choose these three particular fields?
0xNas: The Solily protocol will offer a full suite of Defi applications to its users. The goal is to simplify the user experience by allowing users to trade, stake, and interact with NFTs all on one platform. We targeted these three sectors as they have a large number of users that would benefit from these features. Tokenized stocks are increasing in popularity as a concept and Defi derivatives offer multiple use cases including hedging strategies which can lower risk for users. We welcome the feedback of the community and will make enhancements based on user demand.
Cryptodaily Admin: Sure, but being a one-stop platform may come with potential flaws in security. I know that the team has completed great technical work on the platform, as well as the launch of the Alpha
Q4: But are your contracts fully audited?
0xNas: Yes. The Solily platform highly values security and ensures a great user experience for all users. The team has decided to enlist Hacken and Kudelski Security as our primary audit partners in order to prevent malicious actors and hackers from exploiting vulnerabilities in the smart contract design.
Kudelski has a strong track record of assisting projects to navigate this landscape and we are happy to have such a great partner in the space. Regarding the security of the platform: we have opened a bug bounty program that every BETA tester can participate in to win rewards (See pinned messages in our channel for details). Features after beta will become open source so users can peer review and point out any potential flaws.
Cryptodaily Admin: Check out their socials for more details about the bounty program! So Solily is aiming to be a one-stop platform for newcomers
Q5: How can people new to crypto use your platform? Is your project suitable for beginner and advanced traders?
0xNas: Definitely. We are building the platform to be extremely user-friendly. It will be easy to trade for beginners as well as more advanced order types for experienced traders. We will also be publishing instructional content in order for beginners to understand all the features.
Cryptodaily Admin: Hope the content includes video instruction too 👀I always look for those tutorial videos when using anything 😂
0xNas: Suggestion well received!
Cryptodaily Admin: Next question! You’ve been answering this at the start of our AMA, but I still want to understand further about:
Q6: Why did Solily choose to build on Solana and not Polygon, Ethereum, BSC, etc.?
0xNas: We chose to build on Solana because of the high transactional throughput of over 50,000+ tps, fast block times (400ms) and the high level of development compared to other blockchain solutions!
Cryptodaily Admin: I have to agree, Solana is arguably the fastest, and you’ve already had Wormhole to bridge. Next question:
Q7: One of your core features is tokenized stocks; could you explain how this will work?
0xNas: Tokenized stocks will work as synthetic representations of the underlying stocks and will only track the price movement. In the future, users will be able to deposit our utility token LILY in order to mint USDL or any Token of their choice that is available in the pool. Users can trade these different synthetic tokens and can burn their debt in order to withdraw their collateral.
Cryptodaily Admin: For my last question:
Q8: What is Solily’s competitive advantage over protocols like Tulip?
0xNas: Although we started late on the Solana ecosystem, Solily has established itself as one of the most novel protocols as it incorporates a lending optimizer, and dividend mechanism for its governance. In the future, Solily will adhere to its vision and become one of the most user-friendly and interoperable protocols in the ecosystem by implementing cross-chain integration, NFT integration and synthetic assets.
Cryptodaily Admin: With this we are now at the end of our AMA session with Solily Protocol🔥🔥🔥
Time for wrapping up, any last words you would like to say to our community?
0xNas: Hope you all enjoy the session. Be positive and look on the upside during this time. I’ll see you around Solily and Solana! Stay tuned for more updates on our twitter and telegram! And thank you for the session Daley!
Cryptodaily Admin: Thank you Nas for the AMA with Solily Protocol! Thrilled to see what Solily can do in the near future, being an innovative one stop suite for crypto newbies and traders. I wish the best for you and the project! Prosper my friend!