Thread by @0xRafi

1/ A thread on $APY @apyfinance. I believe this could become a major DeFi bluechip, and I’ve been waiting since the 10th Feb for the price to settle before posting this! But it just won’t. So I’ll post it now, but please go slowly if you buy it. It just did a 5x in 2 days!

2/ So the APY platform is a yield farming aggregator that uses a single pool of liquidity and automatic rebalances the portfolio among different strategies to optimise risk adjusted yield revenues. It is basically like having an automated fund manager managing your portfolio.

3/ Today, if for example, you have funds in a yearn vault and you realise another vault launched with better returns, it can cost 100’s of dollars in ETH fees to switch between them. For anyone not investing huge amounts, this makes switching strategies completely unpractical.

4/On APY, with a single deposit, users funds will be spread across multiple yield farming strategies and automatically rebalance over time to optimise risk-adjusted returns. So users won’t need to keep track & switch between strategies (+pay for fees!) to optimise yield over time

5/ The genius step here is that the $APY algorithm will track not only the strategies % yields, but also risk scores taking into account financial, liquidity or smart contract risks, so funds will be re-allocated over time in order to maximise yield but also manage risk.

6/ Some upcoming strategies include really interesting stuff like $COMP farming with leveraged $DAI using dYdX flash loans, or $CRV farming with locked veCRV. And APY’s execution contract will eventually support a drag-and-drop style UI for creating new strategies.

7/ About the token: $APY is the platform’s governance token to be used to vote on new strategies / strategy changes, risk scores, platform fees etc. Fee levels are currently set to 0%, but once fees are implemented, a % of them will be distributed to $APY token holders.

8/ Max supply of $APY is 100M, w/ 36.5% for seed & strategic investors (vested 1yr), 20% for team+advisors (1yr cliff+3yr vesting),12.3% for community investments, and 31.2% for liquidity mining rewards, vested for 6m to help attract users that will support the platform longterm

9/ Liquidity mining was launched in Oct 2020 and an IDO happened on Nov 5th, with the sale of 2.6M tokens on @BalancerLabs. Staking went live on Nov 13th, and the platform Alpha launch is expected to happen soon.

10/ The dev team led by CEO Will Shahda is top level and early investors to the project include major names such as @AlamedaResearch, @arringtonXRPcap and @coingecko, so this is a very legit project with big names behind it.

11/ Looking at the most obvious competitors, compared to $APY’s 126M current market cap we have on the top of the food chain $YFI with a 1.5bn mkt cap (so there’s about 12x room for APY to catch up), $ALPHA at 489M, $SFI at 220M and $FARM at 171M.

12/ So here’s a project with a great product that I can’t wait to use myself, a great team and big-name backers, and a platform launch coming very soon. Again, I would be careful buying here just after a 5x price increase in 48h, but you can keep an eye out, and buy the dip.

13/ A few links:
- Alpha demo video:
- Lite paper: docs.apy.finance/whitepaper/lit…
- Medium: medium.com/apyfinance

@ethdapp