AMA Recap: CRYPTO MINERS X SOLILY PROTOCOL

Solily is a one-stop DeFi platform incorporating a variety of DeFi services into one ecosystem. Who aim to build a go-to DeFi platform for newcomers by providing more accessibility and capital efficiency to users. They believe the protocol will scale fast due to its eclectic nature. SoLily Protocol connects all the DeFi features into a single ecosystem. Their vision lies in creating a go-to DeFi platform for any service you can think of. Trade, lend, farm, stake, launchpad-all in one protocol.

We hosted an AMA session with Solily Protocol on 25th May.

Miss Uzma was the host from Crypto Miners and Cactus was the guest. He shared delightful knowledge and unique features of Solily Protocol.
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Segment 1️⃣: Introduction

Uzma || CRYPTO MINERS:
Hello Everyone 👋
Welcome to the AMA session with Solily Protocol

Lets welcome our guest

Cactus𓀠:
Hello Guys!!!

Uzma || CRYPTO MINERS:
Welcome here 🤗

Cactus𓀠:
Feeling great to join y’all!

Uzma || CRYPTO MINERS:
Thankew for bringing us the Solily Protocol

Now lets start with introduction segment without any further delay 😀

Cactus𓀠:
Yes let’s do it

Uzma || CRYPTO MINERS:
1) Give a brief explanation about ‘Solily Protocol’ .What popped up in your mind to create such a platform in this Space?

Cactus𓀠:
Sure! Hi guys this is Cactus from Solily.

Solily is a one-stop DeFi platform incorporating a variety of DeFi services into one ecosystem.

Actually we are inspired by the Solana Riptide Hackathon which we joined last month. It was a brillant experice for us.

Capital inefficiency in DeFi protocols are pretty low and user friendly. As a investor, you have to stake and harvest by yourself and consuming many time.

We are here to build a yield aggregator based on Solana top projects and for its users!

A lot of asset Vaults has been launched already on Raydium and Larix!

We are proud of what we have achieved along the way.

Uzma || CRYPTO MINERS:
2) So what are your main features and advantages that discern you from other projects?

Cactus𓀠:
We aim to build a go-to DeFi platform for newcomers by providing more accessibility and capital efficiency to users. We believe the protocol will scale fast due to its eclectic nature.

1. Solve the Pain Point
One of the pain point for DeFi lovers is that we need to collect rewards everyday.

2. Maximum Efficiency
Auto-compound frequency is set at 10 minutes thus allows users to reap more rewards with their assets.

Also we are sharing platform incomes with veLILY holders with our users.

Uzma || CRYPTO MINERS:
Rewards in every 10 minutes 🧐

Cactus𓀠:
YES MAX Efficiency for users staked assets!

That’s what auto vaults are all about.

Uzma || CRYPTO MINERS:
Could you please elaborate the ‘Auto Vaults’

Cactus𓀠:
Yes normally a user often needs to collect rewards everyday and mannually usually when you wake up.

Our strategy is written in smart contract protocol and help you auto harvest your rewards and auto-compound them into staked again So you can earn more without any action from your side.

Uzma || CRYPTO MINERS:
Great 👌🏻👌🏻

Cactus𓀠:
Users will only need to stakd at the first step and leave it all to us.

Uzma || CRYPTO MINERS:
3) Talking about the team
How has the experience and background of your team been effective in the success of your project so far?

Cactus𓀠:
I’m sending a pic

Uzma || CRYPTO MINERS:
I love the avatars 🔥

Cactus𓀠:
Yep! Nas is our founder and CEO. His is a Carnegie Mellon CS Major alumni

As for others I will not name it specific person but just share it here.

One is a University of Waterloo alumni and one INSEAD MBA alumni

We all started to join crypto in 2017.

Have an average 4+ years of developing experience in DeFi.

We did contributed to several open source projects on Solana and Serum ecosystems in the past.

Uzma || CRYPTO MINERS:
4) Now Share us about your Native token, What are the some of utlities of $Lily Token in Your Ecosystem? And if possible share to us the Tokenomics

Cactus𓀠:
Yep.

LILY is our protocol governance token. It has a maximum supply of 200,000,000.

5% Initial Liquidity — 10,000,000 LILY-500,000USDC provided via Raydium
15% Development Fund (including IDO) — 30,000,000 LILY
10% Boardroom — 20,000,000 LILY as dividends distributed in 10 months
10% Team — 6 months cliff and 540 days vesting
60% is minted through yield farming.

To prevent selling pressure like other DeFi tokens, we create a governance and platform income sharing system to maintain its price!

Uzma || CRYPTO MINERS:
5) How long did it take to develop this project? What plans do you have for the future? And what can we expect from Solily Protocol? If possible could you please share road map with us.

Cactus𓀠:
We started to buildinga core team in october last year.

Then we finished the web and ux design in early March this year.

We then joined the Solana Riptide Hackathon and received 2988 votes from the community!!

https://solana.com/riptide/voting/solily-protocol

After we finished the hackathon, we started the work of testing on Solana Devnet testing.

Then community testing on Solana Mainnet!!

When all is ready to go, we decide to launch Solily on May 17th!! Yeah we are finnally there.

I will skip this details lol. I’m so excited every time when I bring these story up. It’s too hard and a cherishable journey for us

Anyway check our roadmap here guys if you interested! https://docs.solily.io/roadmap

Uzma || CRYPTO MINERS:
Hard work and journey always brings the fruitful results 🔥

Cactus𓀠:
Thank Uzma

Uzma || CRYPTO MINERS:
That’s the end of introduction segment

Now moving to the Twitter Questions

If you’re ready 😃

Cactus𓀠:
Yeah let’s get to it

Segment 2️⃣: Twitter Questions

Uzma || CRYPTO MINERS:
1) I see a popup message on your website that solana blockchain is facing problems and transactions may fail. What is the issue and why did you choose to built on solana in case of these problems? Will there more chains added in future?

Cactus𓀠:
Great Question.

Solana is having an degraded performance and it’s annoying we all don’t like it.

https://status.solana.com/

Check here anytime your tx is not smooth!

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.

Solana is arguably the fastest, and you’ve already had Wormhole to bridge.

Uzma || CRYPTO MINERS:
2) Partnership is essential for every project. How do you maintain your partnership now and in the future? What steps have you taken now or will you take in the future? You can show us some of his highlights!

Cactus𓀠:
We are in good connections in many notable names out there.

The official announcement is coming soon tho.

I’d like to share here initially. Do you like this idea? haha

Uzma || CRYPTO MINERS:
Y not 😃

Cactus𓀠:
We will announce our partnerships on Friday..

And another big name is Chainlink

An announcement will be made on June 1st. Stay tuend guys

Uzma || CRYPTO MINERS:
3) What about the motivation and benefits of investors currently holding on to your tokens in the long run? About 4/5 investors focus perfectly on the value of the token in the short term rather than understanding the actual value and health of the project.

Cactus𓀠:
We are 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.

LILY holders can benefit from our developments.

Solily is a community-driven protocol. Together we make it blossom.

Actually we just finished our week 1 platform income dividends.

I’ve heard many supportive words from community members after that event. haha

Uzma || CRYPTO MINERS:
4) In the Whitepaper, you have said that there is NO DEPOSIT FEES and NO WITHDRAWALS FEES. Can You please talk more about the PLATFORM FEES? Also tell us about Curve DAO. Why do you choose that and what benefits of it?

Cactus𓀠:
Yes it is true. NO DEPOSIT FEES and NO WITHDRAWALS FEES.

About PLATFORM FEES:👇

Curve and its products are always a benchmark for DeFi protocols.

We are inspired by their DAO system and then integrate it into our systems. We believe this is one of the best models to align the incentives of the platform with loyal token holders.

The longer you lock up for, the more veLILY you will receive, which translates into a higher multiple on your rewards APY and governance voting power.

Uzma || CRYPTO MINERS:
5) Can you give some information about security measures? How safe are investor funds?
Is Solily passed KYC and audits?

Here’s last question from twitter

Cactus𓀠:
Cool

Solily platform highly values security and ensures a great user experience for all users.

We have passed KYC with Solana_Daily

As for audits, we are in negotiation with hacken.io and https://slowmist.io/en/

I will keep everyone updated when there are any results.

Uzma || CRYPTO MINERS:
So thats end of Twitter segment

Now moving to the last segment — Live QnA

If you’re ready 😃

Cactus𓀠:
Ready!

Uzma || CRYPTO MINERS:
lets go,

Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guest choose some best to answer)

1) SuperHero:
Currently, How many platforms are you supporting in your Vaults and in future do you have any announcement regarding platforms?

Cactus𓀠:
Raydium and Larix for now

Will launch Francium tomorrow. https://twitter.com/solilyio/status/1529326885385011200?s=20&t=biC-LYxQ6CyeEK2i63H6mQ

2) ❤️Ontora Jahan Mow❤️:
Do you have tutorial videos so we can get to know your project more clearly or do you have a YouTube channel or something? can you share it with us…..

Cactus𓀠:
https://drive.google.com/drive/folders/1j9R6iEBwz929HV6ZNRFdJpgrLPzd28GA

Here is our pitch deck. Hope it helps!

3) BNL 2:
Do your project running any Airdrop? Who to join your airdrop please share link

Whare are can buy your Token? Please give your Token Contact address and presale link

Cactus𓀠:
No airdrop. We fair launched at May 17th,

Users can trade LILY on Raydium. https://raydium.io/swap/?inputCurrency=sol&outputCurrency=LiLyT885cG9xZKYQk9x6VWMzmcui4ueV9J1uzPDDajY&outputAmount=0&fixed=in

$LILY: LiLyT885cG9xZKYQk9x6VWMzmcui4ueV9J1uzPDDajY

4) Shiva:
In phase 2 you have plan for listing on Coinmarketcap and CoinGecko,

Everything is going on time or we have to wait for some more time for the listing?

Cactus𓀠:
We made it quicker then we expect!

https://www.coingecko.com/en/coins/solily-protocol

https://coinmarketcap.com/currencies/solily-protocol/

And DeFiLlama

5) DAVID:
How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?

Cactus𓀠:
Join our socials via linktree to catch up with LILY!

https://linktr.ee/solily

*This segment ends here*

Uzma || CRYPTO MINERS:
Thankeww so much for the well detailed answers and explanation about Solily Protocol 🔥

It was a pleasure to hosting an AMA with you ❤️

Cactus𓀠:
MY PLEASURE

Great to be here

Uzma || CRYPTO MINERS:
Is there anything else you want to share with us?

Cactus𓀠:
https://t.me/solilyprotocol

Yes plz make sure you joined our official group.

Uzma || CRYPTO MINERS:
Yeah. Sure

Cactus𓀠:
Many scammer groups out there. It’s dirty play.

Ok think that will wrap it all for today

Uzma || CRYPTO MINERS:
Yeah. Time to conclude this AMA session

Cactus𓀠:
Bye Bye Guys. Meet me in our group.

😄.

Uzma || CRYPTO MINERS:
Once again thank you and best of luck for the future 😊

If you want to learn more about Solily Protocol, here are some important links for you:

Website: http://www.solily.io/
Twitter: https://twitter.com/solilyio
Telegram: https://t.me/solilyprotocol
Discord: https://discord.gg/CXSTZRYtH9