OpenSwap: Solv Protocol AMA Recap

It was a pleasure to have hosted our first AMA with Solv Protocol at OpenSwap Official Community on Telegram. We were glad to have the co-founder of Solv Protocol — Ryan Chow to drop by and introduce his project to our beloved Trolls.

The OpenSwap x Solv Protocol collaboration with $OSWAP Vesting Vouchers was discussed in-depth during the AMA session, to which we think this solution is definitely helpful for our Bridge Troll NFT holders as their monthly airdrop rewards are distributed via these vouchers.

Furthermore, Ryan also shared cool information about Solv’s upcoming Initial Voucher Offering (IVO) which both the OpenSwap team and community members are super excited about!

For those who missed this event or would like to recap on the many things that were discussed, below is the full transcript of the AMA.

Bruce:

Hello OpenSwap Community!

Welcome to our first AMA! Our series of AMAs will explore our OpenSwap partners and learn more about how they are making the DeFi space a better place for all.

We are pleased to welcome our recent partner, Solv Protocol to share with us on what they are BUIDLing. Today we are happy to have Ryan Chow, the co-founder of the Solv Protocol!

Welcome Ryan, it’s a pleasure to have you here

Ryan Chow:

Hi everyone, it’s a pleasure to be here!

Bruce:

Could you briefly introduce yourself as well as the Solv Protocol?

Ryan Chow:

Happy to — I’m Ryan, co-founder of Solv Protocol. I’m responsible for our marketing and research team.

Solv is the first DeFi platform that focuses solely on the minting, managing, and on-chain transactions of all Financial NFTs. You can think of Financial NFTs as NFTs that represent and certify any type of financial equity.

Our flagship product is the Vesting Voucher. You can conceptualize a Voucher as an NFT container with a set of easily definable unlocking rules.

Our Vouchers have the ability to be fractionalized, thus giving locked-up assets liquidity and making for a wide range of use cases.

Here is a visual explanation of the vesting voucher.

Bruce:

Yes, this is what got us most excited about Solv. At OpenSwap we were super keen on getting involved with NFTs and the way Solv does it makes so much sense for our DeFi world

How did this project come about and what are some of Solv’s milestones thus far?

Ryan Chow:

Absolutely. After completing collaborations with over 20 DeFi projects, using Vesting Vouchers for various scenarios such as fundraising, community building, and token liquidity management. We have proved that from a cost perspective, Vesting Vouchers can grease the wheels of managing tokenized allocations for all parties.

Early-stage protocols like ColdStack and Yin love this product for its efficacy in managing lock-up allocations. Seasoned protocols like DODO and Prometeus issued vouchers and used them to incentivize the community to deepen its relationship with the protocol.

The use cases of Vesting Voucher are just out of our grasp, we are reaching for the impossible.

Since our mainnet launch in June, Solv has reached $70 M+ in total value locked (TVL) and boasts 2000 unique Voucher owners!

We have also bought $3 million worth of coverage through Unslashed Finance, $1 million worth of coverage through Tidal Finance.

This past week we have announced a $4M in Series A round fundraising!

Bruce:

You can add us to the list! You’ve solved a lot of our distribution headaches with our vesting tokens

What are some of the problems you see in the DeFi/NFT space right now, and what are the pain points Solv protocol is aiming to address?

Ryan Chow:

Yes, Openswap is on the list!

Bruce:

we are a proud user of Solv!

Ryan Chow:

The problem we see is that financial contracts cannot be fully represented by current protocols. It is because neither ERC20 nor ERC721 can be split. Solv is to solve this problem.

Bruce:

Can you please elaborate on some of Solv’s unique value propositions and how your offerings stand out amongst all these new on-chain liquidity projects emerging in the market?

Ryan Chow:

Absolutely! Since our products are based on the EIP-3525 Token standard, which is our original NFT Standard built for Financial NFTs, our Voucher is the only product of its kind in the industry that has both splitting and multi-attribute description capabilities.

Compared with the ERC-20 solution, it has stronger information description capabilities and can meet more complex and diverse business needs at a low cost. Compared with the ERC-721 solution, it has better liquidity.

Talking about our ecosystem, we’ve built a strong network of resources. That is, we have established cooperation with more than 25 blue chip projects. And we are committed to continue bringing high-quality projects to the platform to avail investment opportunities via Vesting Vouchers to our user base. This will allow us to maintain a pole position.

Bruce:

yeah I am most impressed with your splitting capabilities, it makes it so easy for us to set one vesting schedule in one shot and then chop it up to distribute it to all the recipients

What value do you believe Solv Vouchers can bring to retail investors?

Ryan Chow:

It’s exactly designed for that purpose!

To start, all retail investors can now participate in early investing!

This is an Institutional-level investment opportunity for retail investors. Solv Protocol is mainly targeting allocation trading, where retail investors can enjoy low friction, high transparency, fraud-free trading experience, and easily obtain their preferred lock-up allocations.

In addition, we will soon launch liquidity mining rewards, and users who trade Vouchers will get incentives in the form of $SOLV Vouchers.

The Voucher is an excellent opportunity for holders to invest in projects at a discounted price.

In July, a 2-year DODO vesting voucher (meaning the DODO tokens locked in the voucher will be released in 2 years) was issued on the Solv Marketplace, with a unit price of $0.49633 when the DODO spot price was $1.02. Now, its price is $1.5.

So, it’s safe to say that all of the buyers here have enjoyed high returns in a short time.

Bruce:

That’s incredible! Sad I missed out on that voucher!

IVO (initial voucher offering) is a never-seen-before way of issuance. What is the difference between an IVO and all the other conventional forms of an initial public offering of tokens? Our community members would want to know if $SOLV’s IVO is worth getting into!

Ryan Chow:

An IVO is an Initial Voucher Offering. All users participating in our IVO will enjoy the same rights as private equity investors and will be able to participate directly in Solv’s primary market investment.

In this IVO, Solv will publicly sell SOLV Vesting Vouchers, a type of NFT that represents locked-up $SOLV tokens. Solv directly distributes Vouchers to users as an on-chain certificate for locked Tokens.

Vouchers tokenize locked up tokens, which in turn releases asset liquidity. Before the unlocking period, users can transfer Vouchers to meet their funding needs.

Solv has established a marketplace specifically for financial NFTs on its platform. Holders can receive a certain number of SOLV tokens on the Solv platform during the unlocking period.

Bruce:

Do you hear that OpenSwap Trolls? this is a wonderful opportunity to get the same rights as private equity investors! Early early deal!

Can you explain to us the rules of an IVO and how would one participate in this?

Ryan Chow:

Yes, amazing opportunity!

How to participate in the coming IVO?

1. There’ll be $350k Solv Vouchers sold on Binance NFT. ($400 per Voucher)

2. There’ll be $350k Solv Vouchers which are only purchasable for addresses on the whitelist sold on Solv marketplace (on BSC). And the maximum purchase limit is $400 for each address.

How to get your address added to the whitelist?

1. Participate in the Gleam campaign(Details will be posted soon).

2. Ask questions in the SOLV x OpenSwap AMA Tweet

Solv is offering the OpenSwap community up to 30 whitelists, and they will be distributed by the OpenSwap team to the lucky winners of the post-AMA event.

Winners of the AMA Twitter Questions should submit their BEP20 wallet address and email address to Admins of the OpenSwap Official Community on Telegram.

Please note that addresses successfully included in the IVO whitelist will be subjected to pass KYC, and it would be first come first serve, so remember to submit your questions by replying to the tweet within 24 hours from the end of this AMA!!!

Of course, the final results of winners would be determined by OpenSwap, so please remember to check with OpenSwap’s community managers after this AMA!

Bruce:

woot woot! OpenSwap community will be part of the whitelist! Start brainstorming those questions for Solv! And thank you to the Solv team for providing us with this opportunity!

Can you tell us about the $SOLV token, what will be some of the utilities?

Ryan Chow:

Sure! People holding $SOLV can participate in the governance of the project, receive the dividend of the protocol income, enjoy a discounted fee for trading in the marketplace, and have the opportunity to get allocations of the new projects!!

Bruce:

Awesome stuff! I guess one thing we didn’t mention is that these NFTs have a marketplace! So you can trade the vouchers as you would with NFTs.

Ryan Chow:

Exactly! https://app.solv.finance/marketplace

Bruce:

Will there be any community-focused reward programs where community members would be able to incentivize themselves with SOLV tokens?

Ryan Chow:

Definitely! Users trading in the marketplace will get the most rewards.

Bruce:

What do you think will be SOLV Protocol’s endgame and what should users expect after that?

Ryan Chow:

We aim to become the Opensea for trading financial NFTs.

Bruce:

The OpenSea of Financial NFTs, I love it!

It’s so cool that you can trade the NFT before the tokens are vested

Offers users so much flexibility with their investments

Ryan Chow:

Yes, more flexibility and liquidity!

Bruce:

Partnerships are extremely important to any projects dealing with on-chain liquidity aside from your strategic partnership with OpenSwap, who are some of your partners and backers?

Ryan Chow:

Let me introduce our investors: the institutions that participated in our seed round include IOSG, Spartan, Hashed, and other well-known institutions.

Our private round investors include Sfermion(Lead), Blockchain Capital(Lead), Jumptrading, CMSHoldings, Apollo, The Lao, Defi Alliance, and Gumi Crypto. The vesting period of the IVO is much shorter than the private round fundraising.

As of now, we have over 2,000 Voucher users, 20 project partners, and our Current TVL has exceeded $70 million.

You can see the Current TVL, Partners, and Activities of our program on the Overview page of our website. https://solv.finance/overview

Bruce:

That’s quite an impressive list! A lot of strong backers in the DeFi space. Congrats!

Ryan Chow:

Thank you!

Bruce:

Incredible growth and momentum

Ryan Chow:

Thanks to many great partner projects’ support, like OpenSwap!

Bruce:

Aside from the much anticipated Solv IVO, anything else Solv supporters should be looking forward to? And where can community members get updates about Solv protocol?

Ryan Chow:

We will launch a brand new type of voucher called Convertible Voucher. It will be a more powerful tool for fundraising. We already have 4 projects going to use it.

Bruce:

Can’t wait to see this one!

What is the cooperation between Solv + OpenSwap?

Ryan Chow:

Let me introduce our collaboration to the community.

OpenSwap is a community-oriented DeFi project with 60% of the tokens allocated to the community. As part of OpenSwap’s community-focused incentive programs, they will issue vouchers on the Solv platform.

Not only this, but they are building on the staking reward use case with $OSWAP Vesting Vouchers.

All of the OpenSwap staking program and rewards initiatives would have the rewards tokens subject to a vesting schedule of a minimum of 6 months. This can be empowered by Solv Protocol’s Vesting Voucher technology.

At this moment in time, OpenSwap has two ongoing campaigns that will use the Solv protocol to distribute rewards, and they are:

1. Liquidity Queue Providers Kickstart program

2. Queue Trading competition

Unlike conventional linearly vested token rewards, with Solv Protocol’s Vesting Vouchers, voucher holders can freely trade and transfer their holdings even before tokens finishes their vesting schedule.

All these can be done on the Solv Marketplace as well as third-party platforms such as OpenSea!

All these would be value-adding for the OpenSwap project as it helps to further contribute to the liquidity of OSWAP tokens!

Bruce:

Yes! Solv has been a gamechanger for us allowing us to add more value to our OpenSwap community by giving them more choice and freedom to use their rewards/investments during the vesting period.

Thank you Ryan for those in-depth answers to the above questions. I am sure much like myself, our community learned a lot about Solv Protocol from this session!

Now moving on to the second part of this AMA, where we will take a look at some of the exciting Twitter questions from OpenSwap community members!

Ryan Chow:

Great!

Bruce:

Alright, here we go!

1. Security is a key issue in the DeFi space, are your contracts audited? And by who was your smart contracts audited by?

Ryan Chow:

Solv Protocol is designed to protect users’ assets. We work closely with top-notch blockchain security solutions to protect our users’ assets from external and internal risk factors.

We are proud to say that our source code has successfully passed the audits by both SlowMist and CertiK, key blockchain security organizations, and is on schedule to be audited by a third security network.

In the pursuit of higher protocol security, Solv has purchased $1 million worth of insurance coverage through Tidal Finance and $3 million of insurance coverage through Unslashed.

This allows the Solv users to get insured over SC risk. The current plan covers smart contract vulnerabilities deployed on Ethereum and Binance Smart Chain.

Needless to say, this is quite momentous as this is the FIRST time Defi insurance is being applied to the NFT sector!

Besides, we are offering a $50,000 bug bounty to incentivize developers and white hats to help us secure our protocol by uncovering its vulnerabilities and shortcomings.

We are pleased to be able to launch this undertaking with Immunefi, which is a leading bug bounty platform experienced in the testing and securing of Defi protocols.

Bruce:

Indeed you are the first for many things! Marrying DeFi + NFT amongst one of them!

Ryan Chow:

A super marriage!

Bruce:

A lot of solid security names there, we are glad to hear that our $OSWAP is safe in your vouchers currently!

Ryan Chow:

Super safe!

Bruce:

2. Given the nature of being able to fractionalize these vesting vouchers, wouldn’t this be easily classified as a security by financial regulatory authorities? How does Solv intend to explain to them should regulators knock on your door?

Ryan Chow:

According to lawyers, whether those vouchers are legit is determined by the locked tokens inside. If the tokens are legit, then the vouchers are as well.

Bruce:

3. The applicability of NFTs is growing a lot, to the point that it is already possible to digitize the value of physical targets with them, with the vNFT standard, is it possible to enhance this much more? How much more do you think the usability of NFTs can grow with this standard?

Ryan Chow:

Good question! Financial vouchers are taking a majority part of the financial market, such as bonds, insurance policies, deposit receipts. The best carrier of those financial vouchers is vNFT.

We believe vNFT will bring NFT more use cases in financial areas, which further promotes the development of NFT.

Bruce:

Wow, so NFTs are more than just art!

Ryan Chow:

It is more!

Bruce:

4. For Solv’s upcoming IVO, would participants be getting vesting vouchers instead of directly getting the $SOLV token? When do you guys anticipate distributing the real tokens to voucher holders?

Ryan Chow:

That’s right, users will get vouchers. The tokens in the vouchers will be released in 6 months, with the start date undetermined yet, but will be no later than June 30th, 2022.

Bruce:

Awesome! I’m sure our community can’t wait

5. IVO stands for Initial Voucher Offering? This is something new to the DeFi space, do you envision more projects will adopt this fundraising approach in the near future, do you think this will be a replacement for conventional IDOs?

Ryan Chow:

Yes, it is a better way for fundraising than IDO as IVO helps to maintain a longer relationship between the project and the community.

IVO also helps the project to fundraise before the token gets circulated.

It benefits retail investors as well since it makes it easier for them to participate in the primary market investment, which use to be the game only for corporate investors.

Bruce:

And as a project owner, it is a great way to get some initial funding so you can continue BUIDLing towards the token release.

I’m just curious, who coined the term “IVO”?

Ryan Chow:

Haha I stepped into the office one day, the team came up with it

Bruce:

See what I mean? Solv is the first for many things! I hope everyone adopts the term IVO!

Ryan Chow:

We changed one letter and it’s a big change!

Bruce:

Thank you very much for your time with the OpenSwap community tonight! It was a fruitful experience and Solv Protocol’s IVO sure sounds like something our community members would be interested to get in on.

On behalf of the OpenSwap core team, we are super excited to have you as part of our partner network and collaborate with you in the future.

Last but not least, where should OpenSwap community members go if they want to receive the latest updates from yourself and the Solv team?

Ryan Chow:

I really enjoyed the time here. Thank you so much for having me and always being our strong supporter!

Please follows us here and stay tuned for the IVO next week:

- Official Website: https://solv.finance/

- Twitter: https://twitter.com/SolvProtocol

- Medium: https://solvprotocol.medium.com/

- Telegram: https://t.me/SolvProtocol

- Discord: https://discord.com/invite/ewpb9jqzyD

Bruce:

Thanks again Ryan, been a pleasure. Feel free to hang around the OpenSwap community! We are all looking forward to your IVO!

Ryan Chow:

Thank you!

About Solv Protocol

Solv Protocol is the decentralized platform for creating, managing, and trading financial NFTs. As its first financial NFT product, Vesting Vouchers are fractionalized NFTs representing lock-up vesting tokens, thus releasing their liquidity and enabling financial scenarios such as fundraising, community-building, and token liquidity management for crypto projects.

About OpenSwap

OpenSwap is the world’s first DEX providing on-chain swaps at zero slippage and multi-chain arbitrage opportunities. As the DeFi universe continues to expand, liquidity becomes increasingly scattered across multiple chains and the situation is poised to get worse as new chains emerge with individual DEXs on each chain. The OpenSwap team has been working for the past several months on building up a vision of a comprehensive one-stop DeFi hub that offers the best on-chain pricing, multi-chain arbitrage, and zero slippage, allowing users to experience revolutionary benefits through optimizing their trades through unique features such as Liquidity Queues, Hybrid Smart Router, and Open Interchain Protocol.

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