BSCDaily.com hosts Solo.top: the single-asset mining aggregator without impermanent loss
BSCdaily – Admin: Hello everyone! 🙂 Today our guest is: @Jacob_Town from Solo.top
BSCdaily – Admin: Jacob is the Strategic Investor of Solo.top & Founding Partner of S.Capital
BSCdaily – Admin: Hi Jacob!
Jacob Town: Hi everyone! Thanks BSCdaily for offering the opportunity to comunicate with you guys
BSCdaily – Admin: Thank you for attending today’s AMA @evoJacob Town, nice to have you here
BSCdaily – Admin: It’s our pleasure to have you in the house
BSCdaily – Admin: Are you ready? @Jacob_Town
Jacob Town: Sure, can’t wait
Q1: Would you please share with us what is Solo.top and how it works?
Jacob Town: Solo is a single-asset mining aggregator without impermanent loss.
Jacob Town: For users, what they have to do is just stake single asset and get earnings without having worries about asset allocation, the price fluctuations, and impermanent losses. All these problems will be solved by Solo as the smart contract will monitor the whole network in real time to catch the high APY and operate delicately. These made Solo.top a very user-friendly platform.
Jacob Town: Since DeFi boom emerged, Solo team has noticed that DeFi mining requires users to spend lots of time and attention, especially for those who have less funds and do not know much about technology. Users are also risking a lot by providing liquidity and transferring frequently. So a professional and intelligent mining platform-Solo came into being. Through Solo’s funding integration and real-time high-yield capture, users can obtain a safer and higher-yield mining experience than manual operation.
BSCdaily – Admin: A mining platform without impermanent loss, interesting!
Table of Contents
Q2: As far as I know, Solo.top has been online for almost one month and it is rather popular in many communities. Can you break down its operational performance for us?
Jacob Town: Sure
Jacob Town: Solo has been launched for almost one month, and the total value locked has reached 400 million USDT, which can be regarded as reaching our small goal at the very beginning, but we still need to work harder.
Jacob Town: To put it humbly, 400M is the result of Solo’s limit to deposit amount for safety and steady development. If the deposit amount is not limit, I believe the TVL will be far more than 400M.
BSCdaily – Admin: Nice, so Evolution is a yield farming platform!
Q3: I remembered that Solo.top was launched on Binance Smart Chain days ago on 10th April. Is there any difference on the mining strategies between BSC and Heco?
Jacob Town: First of all, Solo is a single-asset mining aggregator without impermanent loss, which aims to provide users with a zero-threshold, secured DeFi mining service. Therefore, no matter launching on Heco Chain or on Binance Smart Chain, all we want to do is to bring more DeFi benefit for our users.
Jacob Town: On the other hand, the BSC ecology is also booming. Relying on the mature ecology of BSC and Solo’s user-friendly products, I believe that Solo and the entire ecology will develop better and better.
Jacob Town: Solo’s strategy on BSC and Heco will generally not be different in terms of security review and strategy customization standards. The specific strategy will be different due to different projects on the chain. For example, Solo has launched MDEX and BXH strategies on Heco, and will update more high-quality projects as strategy libraries on BSC.
Q4: What are the advantages of Solo.top compared to that of other mining aggregators in the market?
Jacob Town: Our advantages can be divided from two aspects, technology and model.
Jacob Town: Technically, Solo uses smart contracts to capture the returns of the entire network in real time, adjusting positions in time, automatically reinvestment, and hedging token price fluctuations through smart strategies and derivative.
Jacob Town: In the actual operations, even gas fees are accurate to the lowest price. In the long-term frequent operation, all costs are reduced to the lowest.
Jacob Town: In terms of model, Solo regards itself as a manager of users’ earnings rather than a sharer, maximizing user’s earnings and giving it to users, rather than replacing user’s earning through issuing tokens.
Jacob Town: We hope that Solo can continue to innovate in strategy and model, whether it is in a bull market or a bear market, so it can continue to bring users a high rate of return.
Jacob Town: Recently, many traditional funds and capital institutions have contacted us, hoping to allocate some of their funds to our platform for management. So, Solo does a good job in this respect, and has won the recognition of some peers or traditional capital.
Q5: As a aggregation platform, Solo.top needs to allocate a large number of assets that users deposit on the platform. So how does Solo.top ensure the user asset security?
Jacob Town: It took us quite much time for design and deployment of the smart contracts, not like those projects which just simply fork.
Jacob Town: Long-term crypto-asset security is what the team ultimately chases. The platform underwent multiple rounds of both internal & public risk and pressure testings by industry experts, and it did not launch until the smart contract passed security audit by Certik. Techniques such as multiple signatures, asset vault isolation and delegate contract are being used for general security enhancement and risk hedging.
Jacob Town: We carried out due diligence on mining strategy feasibility and the result showed that MDEX and BXH strategies gain the most stable return with least security issue. Our technicians executed a series of testing and internal contract audit before Solo.top was presented to users.
Q6: We believe that Solo.top has become more globalized after joining the BSC community. What’s your plan on meeting increasingly diversified users demand?
Jacob Town: Among most players on the BSC and Heco network, mainstream crypto asset like BTC, ETH is usually the very choice of people’s, and we have no doubt that optimization of current vaults stays top in our to-do list.
Jacob Town: We also noticed that novel crypto assets appeal to many players, especially at the current DeFi craze.
Jacob Town: Security and stability over APY yield is ironed in our mind so we’ll only release new strategies or token vaults after comprehensive research and serious testing. We’ll listen to members’ votes and bring what the communities genuinely desire.
Q7: Liquidity mining has attracted a large wave of users with its beautiful returns, but it is often accompanied by impermanent loss. How does Solo.top deal with this problem?
Jacob Town: In traditional financial markets, a well-performing financial product should optimize yield on the premise of ensuring of risk controllability.
Jacob Town: During the process of product design, a product team should assess the potential risk, valuate it and make rick transfer, then give risk premium to users.
Jacob Town: The past 6 months witnessed the mad growth of DeFi and most players directly expose to higher risk level than their risk preference. What Solo.top does is to narrow the risk exposure, make it reasonable for users.
Jacob Town: As we mentioned, participants’ exposure to risks was minimized due to comprehensive concern over mining strategy optimization and the use of derivatives.
Q8: Many aggregation platforms have issued their own platform tokens in order to increase user revenue. Does Solo.top have any plans in issuing platform tokens?
Jacob Town: Let me put it this way, it’s normally for a decentralized platform to release token and most people will concern it bizarre if an eye-catching project refuses to issue token. To most people, issuance of token means higher APY yield potential.
Jacob Town: Considering that the current policy on token issuance remains unclear, we therefore chose not to issue it at the moment. As a project who looks forward to going through bears and bulls, we’ll bring our participants long term & stabilized return and we have faith in our delivery abilities. A project is likely to be influenced much by the performance of its token in the secondary market, which means both positivity and negativity are to be magnified. Not issuing token should be the option concerning the status quo.
Jacob Town: In short, Solo.top aims to reduce risks for user, increase their ROI, bring the market desirable yield, rather than replacing users’ return with the platform token. Just like how the users earn MDX and BXH directly in Solo now, Solo will continue to implement such return distribution. Thus there is no token issuance plan for solo.
Q9: We all know that there are many high-quality projects on BSC. In addition to MDEX and BXH strategies, will Solo.top consider new mining strategies in the future? For example with Pancake or others?
Jacob Town: Yes for sure. Solo will assess a project in terms of team, tech, contract security, TVL, amount of users, etc. There are many high-quality projects in the BSC ecology, and Solo will support more strategies in the future, of course on the premise of meeting the Solo security standards.
Jacob Town: Meanwhile, we also hope to cooperate with quality projects whether in Heco or BSC ecology, to together bring users what they need. This is our vision.
Q10: Regarding the product, functionality and ecology consolidation, what plans does Solo.top have that can be disclosed to us?
Jacob Town: At present, solo has been launched on Binance smart chain and Huobi eco chain, providing more token mining usage to all users.
Jacob Town: In addition, solo will also cooperate with various projects in the ecology to create more mining scenarios and asset value-added services for their users, such as the cooperation with Burger Swap which has launched early today and NFT STK, many other projects will following soon.
Jacob Town: Solo is also expanding, to launch on more public chains and enriching the mining strategy and token pool, aiming to bring better mining services to users. In the new version of the website, many users are very interested in the mining reward which will coming soon, please keep an eye on the V2 version of solo.
Jacob Town: Please look forward to it!
BSCdaily – Admin: We will, thanks for sharing @Jacob_Town 👍
BSCdaily – Admin: As we are coming to the end of the AMA. @Jacob_Town, anything else you’d like to add before the end?
Jacob Town: OK, thanks BSCdaily, thanks everyone.
Jacob Town: Always feel free to contact me and our team members.
BSCdaily – Admin: Thank you very much for your time today at BSC Daily @Jacob_Town
BSCdaily – Admin: Hope you have enjoyed yourself as much as all of us did
BSCdaily – Admin: I wish Solo.top all the best and look forward to its development in the near future
Jacob Town: Thank you! Let’s build the crypto world better!