后农场时代的期待—APY | AMA 回顾

2020 年 10 月 21 日中午 12 点，墨客 &APY.Finance; 的 CEO Will 在 Uniswap 中文社区进行了“后农场时代的期待-APY”的 AMA 主题分享。本次 AMA 由区块方舟 BlockArk 支持，链闻 ChainNews、星球日报 Odaily、区块律动 BlockBeats 媒体支持，直播分享内容整理如下：

墨客：大家好啊，欢迎参加今天的 AMA，我是今天的主持人墨客，BlockArk 联合创始人。今天 AMA 的主题是“后农场时代的期待-APY”，嘉宾是 APY.Finance 的 CEO Will。

墨客：我们先请 Will 自我介绍下吧。

Will：Hi everyone，I'm Will Shahda, the founder of APY.Finance.I got involved in DeFi back in 2018 because of my interest in stablecoins. While Tether may have been the most popular stablecoin, I found myself drawn to the mechanics behind systems like MakerDAO and Havven (now Synthetix).

大家好，我是 Will Shahda， APY 的创始人。出于对稳定币的感兴趣，我在 2018 年就开始参与进 DeFI 领域。尽管 Tether 可能是当下最流行的稳定币，但是我发现我对于 MakerDao 和 Havven （现在改名为 Synthetix）这些系统背后的机制更为着迷。

Will：In 2019 it became clear to me that DeFi would be the next big thing in crypto. Everyone in the space was product-focused and the projects were delivering real value to users. It was a return to crypto’s roots, the promise of programmable money.

在 2019 年，我清楚地意识到 DeFi 将是加密界的下一个大事件。这个领域里的每个人都以产品为中心，项目为用户提供了真正的价值。这是对加密货币根源的回报，是可编程货币的承诺。

Will：To hone my expertise in DeFi, I started attending as many Ethereum hackathons as possible. I put teams together and executed on projects under tight deadlines in the heat of competition. Frequently, we found ourselves winning.

为了磨练我在 DeFi 方面的专业知识，我开始尽可能多的参加以太坊黑客马拉松大赛。在激烈的竞争中，我将团队凝聚在一起并在有限的时间内完成项目。我们发现自己通常是最后的获胜者。

Will：The most recent hackathon I participated in was HackMoney. It was here that the idea for a yield farming robo-advisor, now known as APY.Finance, was born.

我参加的最近一次黑客马拉松是 HackMoney。 正是在这次大赛里，我萌生出了一个 yield farming 机器人顾问的想法，现在被称为 APY.Finance。

墨客：好的，谢谢 Will，那我们开始正式的交流环节。第一个部分我会先提问，然后结束完之后进入自由提问环节，我们会选择 3-5 个回答。

墨客：As a FARM aggregator, could you tell us what are advantages do APY has compare with YFI?

APY 是一个 FARM 聚合器，相比于 YFI，它的竞争优势在哪里？

Will：Unlike projects like Yearn Finance, APY Finance does not offer liquidity providers with a wide selection of investment strategies to choose from. Leaning on liquidity providers to perform this task for themselves is time-consuming and requires trained insight

与 Yearn Finance 等项目不同的是，APY Finance 不会向流动性提供者提供多种选择的投资策略。 因为仅仅依靠流动性提供者自己完成这项任务是非常耗时，并且也需要训练有素的洞察力。

Will：Instead, APY abstracts away this complexity by offering liquidity providers a way to invest in a single capital pool that fits their risk tolerance profile. Upon doing so, the APY Robo-advisor persifies the capital collected in the pool across an assortment of deeply-vetted DeFi yield farming strategies.

与之相反，APY 通过为流动性提供者提供一种投资于适合其风险承受能力的单一资金池的方式来消除这种复杂性。 这样做之后，APY 机器人顾问将通过各种成熟的 DeFi yield farming 策略来分散收集在池中的资金。

墨客：In the process of using it, I found that the cost of APY contract interaction is very low. How do you do this?

我在使用的过程中发现 APY 合约交互的费用非常低，请问这是怎么做到的？

Will：Instead of multiple transactions and incur $5 - 7 gas fee per transaction, all users deposits are collected in a pool. As the value in the pool gets accumulated, the APY platform routes the entire fund in a single transaction to the respective strategy. This way users save gas fees in excess of 99% making yield farming profitable and accessible, including for investors with low capital allocation.

所有用户的存款都集中在一个池中，而不是每次交易收取 5 - 7 美元的 gas 费。并且随着资金池的价值不断累积，APY 平台会将整个资金在一次交易中按照各自的策略进行交易。通过这种方式，用户节省了超过 99% 的 gas 费用，使 yield farming 有利可图，而且对资本配置较低的投资者来说也是如此。

墨客：When APY conducts asset management, how much reserve funds will you leave for users to withdraw. What if there is a bank run?

在 APY 在进行资产管理的时候，会留大概多少的储备金给用户提现。如果碰到挤兑会如何？

Will：Users own a stake in the pool based on the size of their deposit relative to the TVL at the time of deposit. When a user withdraws they can either submit a request for a cheap gas fee and receive their funds on the next rebalance, or they can do a more expensive withdrawal that immediately unwinds a portion of the portfolio.

用户根据其存款相对于存款时的锁仓量的大小来占比池中的股份。 当用户提款时，他们可以在使用少量 gas 费的情况下在下一次 rebalance 时收到资金，或者也可以也可以花费更多的手续费进行立即提款，并立即撤消部分投资组合。

墨客：嗯，看起来这个问题不太好回答。不过意思就是确实会有部分资金会去其他地方使用。但由于都是在链上的，所以通过提高 gas 的方式进行二级交互可以提回资金。

墨客：If there is a risk in a certain item in the APY asset management package, is this part of the loss directly shared by users?

如果 APY 资管套餐中的某个项目出现了风险，这部分亏损是直接由用户分摊吗？

Will：Security is very important in DeFi and something we try to touch on often when talking about APY. With such a heated market, we feel that many are overlooking the security risks. The risks are often not obvious and require specialized knowledge to properly assess.

安全性在 DeFi 中是非常重要的一部分，这也是我们在讨论 APY 时经常试图触及的问题。 在市场如此火爆的情况下，我们感到很多人忽视了安全风险。 而风险通常并不是很明显，也需要专门知识才能做正确评估。

Will：We approach security in layers. First, of course, is the security of our own contracts. I’ve done security audits myself in the past, so I know just how rigorous you have to be to have confidence in the security of a contract. Proper testing and documentation can go a long way for auditors.

我们采取了多层次的安全措施。 首先，当然是我们自己合约的安全性。 我之前也做过安全审计，所以我知道要对合约的安全性有信心需要多么严格。 正确的测试和记录对于审核员可能会大有帮助。

Will：Next is the security of the protocols we interact with. There is a lot of excitement about the interoperability of DeFi protocols, but the security of a system is only as good as the weakest link. This is where the persification of yield farming strategies according to risk score comes in.

接下来是与我们交互的协议的安全性。 对于 DeFi 协议的互操作性有很多令人兴奋的地方，但是系统的安全性仅与最弱的链接一样。 这就是根据风险评分实现多样化的 yield farming 策略的原因。

Will：With multiple strategies we are able to reduce our downside risk in the event of a vulnerability from a third party protocol, while keeping yields high.

通过多种策略，我们能够在发生第三方协议漏洞的情况下降低下行风险，同时保持高收益。

Will：We also believe that when properly incentivized, governance participants with specialized knowledge for assessing risk for strategy will get involved. We’ve seen this validated with the launch of YFI.

我们还相信，如果适当地进行激励，则会有具有评估战略风险的专业知识的治理参与者会参与其中。YFI 的发布证实了这一点。

Will：Finally, we are exploring options for insurance to limit the downside risk as much as possible from any unforeseen DeFi disasters.

最后，我们正在探索保险方案，以尽可能限制任何不可预见的 DeFi 灾难带来的下行风险。

墨客：Why doesn't APY release coins yet, what is APY waiting for? Will APY use a linear unlock method as CRV did? So if is it too unfriendly to retail investors on ETH? We all know that yield farming coins will have a higher price at the first beginning, and retail investors have to use higher gas to obtain a small number of tokens at this moment, which is not cost-effective.

为什么 APY 还不发币，APY 在等什么？APY 会采用 CRV 那样的分批解锁的方式么？这样在 ETH 上对散户是不是太不友好了。我们都知道矿币在刚上线的时候会有一个较高的价格，而散户此时要使用较高的 gas 获得少量的代币，这是不划算的。

Will：We want to make sure we have every piece in our go-to-market strategy in place before releasing the token. We believe our IDO strategy will give retail a fair shot and reduce the impact of bots, we will be announcing more about our IDO this week. The liquidity mining rewards program has 6 month vesting so we have also been developing a signature-based claiming contract to reduce the gas cost of claims. We wanted to have this claiming contract in place so liquidity miners could start claiming after TGE.

我们要确保在发布代币之前，我们已经在我们的进入市场战略中做好了每一件事。 我们相信我们的 IDO 策略将给散户一个公平的机会，并减少机器人的影响，我们将在本周宣布有关 IDO 的更多信息。 流动性挖矿奖励计划有 6 个月的保护期，在此之间，我们一直在开发基于签名的提取奖励合约，以减少提取奖励的 gas 成本。 我们希望这一提取奖励合约，可以方便流动性矿工可以在 TGE 之后开始提取奖励。

墨客：It is mentioned in APY token version 3 that the follow-up strategy can be handed over to the community for democratic decisions. Is this really good? Because Democracy does not necessarily mean professionalism.

APY 令牌阶段 3 里面提到，后续的策略可以交给社区来进行民主决定，这真的好么？民主不一定代表有专业度。

Will：We also believe that when properly incentivized, governance participants with specialized knowledge for assessing risk for strategy will get involved. We’ve seen this validated with the launch of YFI.

我们还相信，如果适当地进行激励，则会有具有评估战略风险的专业知识的治理参与者会参与其中。YFI 的发布证实了这一点。

墨客：In the past ten days, we have not seen any APY product updates, there is a FARM interface only. What did APY do with funds, and what benefits does it benefit to users? When will the updated function be released? Can you disclose it?

在过去的十多天，我们并没有看到 APY 的产品更新，只有一个 FARM 的界面。这背后 APY 利用资金做了什么，对用户有什么益处？更新的功能什么时候释放，可以披露一下吗？

Will：We have been hard at work preparing everything for the IDO and TGE. This involves both development and auditing for relevant contracts. We’ve been developing a new UI specifically for the IDO and we will be announcing it shortly. After the IDO we will be releasing many more product-focused updates as begin releasing the strategy portfolio.

我们一直在努力为 IDO 和 TGE 做着准备。 这涉及到相关合约的开发和审核。 我们也专门为 IDO 开发了新的用户界面，并会在不久后宣布。 在 IDO 之后，随着战略产品组合的发布，我们将会发布更多以产品为中心的更新。

墨客：In October, with the collapse of the DEFI bubble happened, we saw yield farming projects ‘return rate plummeted. The annualized return rate of more than 150% is very rare (what we see is that many aggregators have nothing to mine). At the same time, the overall market performance of DEFI tokens is not good. based on such a bad environment, how can APY bring more value to users?

10 月份我们看到了 DEFI 泡沫的破灭，FARM 项目的收益率直线下跌，年化 150% 以上的收益率已经非常少见（我们看到的现象是好多聚合农场已经无矿可挖）。同时 DEFI 的代币整体市场表现也不好，在这样的大盘环境下，APY 怎么带给用户更大的价值？

Will：We believe APY is best suited for a mature DeFi market.

我们认为 APY 最适合成熟的 DeFi 市场。

Will：The recent DeFi hype was fueled by yield as a function of token speculation. Those types of market conditions have high yields for over-hyped pools, but the liquidity being provisioned is not providing real value to users or other financial primitives.

最近的 DeFi 炒作是由收益率作为一种象征性的投机行为所推动的。在这种类型的市场条件下，过度炒作的资金池有很高的收益率，但所提供的流动性并没有为用户或其他金融原生群体提供真正的价值。

Will：Once yields begin to settle and become more of a function of demand for liquidity, the need for persification and risk-management increases. We see this reflected in how retail investors approach traditional markets. The average investor purchases ETFs or invests in mutual funds instead of taking an opinionated position in equities or commodities. This is where APY’s smart routing system and strategy portfolio is at its best.

一旦收益率开始稳定下来，并更多地成为流动性需求的函数，对多样化和风险管理的需求就会增加。我们从散户投资者对待传统市场的方式中看到了这一点。一般投资者会偏向于购买 etf 或投资于共同基金，而不是对股票或大宗商品持有固执的立场。这就是 APY 的智能路由系统和策略组合的最佳之处。

墨客：We have seen two good capitals; Alameda and 12 Capital have invested in APY. Can you talk about what they like about APY?

我们看到两家不错的资本 Alameda 跟点阵投资了 APY，可以谈下他们看中 APY 的哪些点吗？

Will：The VC firms that invested in APY were most impressed by a few factors such as:

投资 APY 的风投公司对以下几个因素印象最深 :

1.We are focused on the long term growth of DeFi and have a plan to capitalize on what we see as the enduring yield farming trends.

2.We are a product focused team. They could see how carefully we have designed the architecture of the APY system. Everyone on the engineering team comes from my Ethereum hackathon network and are very passionate about creating products in the space that provide real value to users.

3.They could see the power of the governance token when used with a system like APY. The tremendous power for the governance token to influence capital gives it considerable utility. This article does a good job of explaining some of the ways we view governance tokens:

https://www.placeholder.vc/blog/2019/2/19/cryptonetwork-governance-as-capital

https://www.placeholder.vc/blog/2019/2/19/cryptonetwork-governance-as-capital

好的谢谢，那我们现在进入自由问答环节，会英文的可以直接提问。不会英文的问完之后我们会翻译给 Will。

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自由问答环节

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问：Since September, the Defi coins on the market have been falling. Will APY go online?

从 9 月份开始，市场上的 Defi 币都在跌，APY 上线会不会也这样？

Will：I can’t speak to the price of the token because we are a US company, but a lot of the more recent DeFi projects have focused on value props that dependent on the recent hype. APY is well suited to provide value for users as the market stabilizes.

因为我们是一家美国公司，所以我不能谈论这个代币的价格，但是很多最近的 DeFi 项目都把重点放在了炒作价值上。随着市场的稳定，APY 会为用户提供非常合适的价值。

问：Is APY currently negotiating with exchanges for listing?

APY 目前有在洽谈主流交易所吗？

Will：we have an upcoming IDO but we will also be supporting that with future centralized exchange listings as well.

我们即将推出 IDO，但我们也将通过未来的中心化交易所上线来支持它。

问：In your professional opinion, how could an inpidual investor balance the risk and the return when investing liquidity mining product?

以您的专业观点，个人投资者在投资流动性挖掘产品时，应如何平衡风险和回报 ?

Will：the biggest thing you can do is persify. One of the largest risks in DeFi is security. Because so many financial primitives are dependent on each other, a single security flaw could have ripple effects causing tremendous amounts of TVL to be lost.

你能做到最大程度的事情就是多样化投资。DeFi 最大的风险之一是安全问题。因为如此多的财务基础是相互依赖的，一个安全缺陷可能会产生连锁反应，导致大量的 TVL 丢失。

问：The plagiarism and homogenization of farm projects seems to be easy. If APY is open source, other projects can easily be copied. Then how will APY establish its own barriers?

Farm 类项目的抄袭和同质化似乎是很容易的，如果 APY 开源，别的项目很容易就抄过去了，那 APY 会如何建立自己的壁垒？

Will：building a moat and creating defensibility is a huge issue in DeFi. Most attempt to build a moat using liquidity, however liquidity will do nothing to prevent forking unless it actually grants an economy of scale.With APY, the higher our TVL, the more efficiently we can yield farm, and the lower the gas fees for users.We also have the advantage of being very user-facing as an aggregator. This means we have a chance to build brand loyalty by engaging our users with a brand they identify with.

建立护城河和加强防御能力是 DeFi 的一个大问题。大多数人都试图利用流动性来建造护城河，然而，除非流动性真的能带来规模经济，否则它无法阻止分叉。有了 APY, TVL 越高，我们的农场生产效率就越高，用户的 gas 费用就越低。作为一个聚合网站，在面对用户的时候我们有一个非常大的优势。这意味着我们有机会通过吸引用户使用他们认同的品牌来建立品牌忠诚度。

墨客：好的，谢谢 Will。期待 APY 早点上线，毕竟我还挖了一堆等着它吃饭。今天的 AMA 到这里就结束了，谢谢大家。

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