acBTC x MXC<>AMA Recap January 12, 2020

Host:

Please introduce yourself and your team

Terry:

My background spans across primary and secondary capital markets. I began my career with S&P Global, a U.S. credit rating agency. After leaving the corporate space to build my first fx trading startup project, it angled me into the crypto and blockchain space.

My partner and I started NUTS Finance in April 2018. NUTS Finance is the development DAO for the acBTC project. Our vision for NUTS Finance is to leverage blockchain technology to enable an open financial system.

We are 3 years into our journey and still embracing all the new developments and learning opportunities in the blockchain space.

Host:

What is acBTC? What is the working mechanism of the acBTC ecosystem?

Terry:

We can look at acBTC from two angles. First, from an asset standpoint; acBTC is a composite asset backed by a basket of ERC20 BTC. Second, from an application standpoint; the acBTC ecosystem is made up of multiple DeFi protocols including swap, savings and lending.

Therefore, we can describe acBTC as “single asset, multi-protocol” system. acBTC is designed for usability.

On the asset level, acBTC aims to be the most efficient form of collateral and yield generation asset. On the application level, the acBTC protocol suite aims to maximize usability for the ERC20 BTC asset group

The engine behind acBTC is the acBTC composite basket. The acBTC composite basket is currently made up of WBTC and renBTC. Holders of WBTC and renBTC can mint acBTC directly

Host:

Can you tell us about AC token?

Terry:

AC is an ERC20 governance token for the acBTC project. AC holders can participate in the governance of the acBTC system.

Since acBTC is a “single asset, multi-protocol” system. In other words, a multi-protocol system has much greater demands for sound decision making relative to single protocol systems.

AC contract address: https://etherscan.io/address/0x9a0aba393aac4dfbff4333b06c407458002c6183

Host:

What are the distinguished advantages of acBTC compared to other similar projects?

Terry:

A number of ERC20 BTC projects are working on bringing native Bitcoin onto Ethereum (wrapping and unwrapping of assets). We look at these projects as strategic partners because acBTC is focused on solving for the usability challenge faced by many ERC20 BTC assets

Also, the acBTC composite basket is made up of different ERC20 BTC, the more ERC20 BTC there are in the ecosystem, the composite basket becomes more diversified, hence less concentration risk

Therefore, the key differentiation between acBTC and other ERC20 BTC project is that we are highly supportive of other ERC20 BTC projects and we are not adopting a displacement strategy.

We have formed strategic partnerships and are working closely with renBTC, HBTC, oBTC and looking to include more ERC20 BTC assets to the acBTC ecosystem

Host:

What are the usage scenes of AC token?

Terry:

There are 2 distinctive use cases for AC:

Holders of AC can initiate proposals and participate in decision making to upkeep the acBTC system. For instance, items that require decision making includes:

AC holders can participate in the savings strategies to generate effective returns on their AC holdings. Currently, there are 2 savings strategies designed for AC holders:

Host:

Can you explain what your token economics distribution is? How many tokens will be minted? How many tokens will be locked by the team?

Terry:

The total AC Supply is 21,000,000.

15,000,000 AC (71.4%) is allocated for community through liquidity mining and ecosystem incentives.

6,000,000 (28.6%) is allocated to fund research and development and ecosystem partners.

AC tokens distribution is divided into 4 phases (Phase 0, 1, 2, 3)

The goal is to align distribution with product development and ecosystem building. We are currently in Phase 1, the circulating supply is 2.52mm.

There is no lockup period because AC is minted on a weekly basis with no pre-mint or pre-mine

Host:

What issues does acBTC aim to solve?

Terry:

There are 3 key issues:

Let’s dive in on usability because we believe this is the biggest bottleneck for driving ERC20 BTC mint volume currently. In our opinion, the majority of ERC20 BTC are not efficiently put to use due to:

acLoan and acSavings aim to innovate in both areas, namely:

  1. acLoan is a hybrid lending/option protocol that enables:

Quick conceptual example:

2. acSavings is a yield generating protocol that offers above industry standard returns for the ERC20 BTC asset class.

To summarize, our main focus for Q1 is to resolve the usability challenge for the ERC20 BTC asset class through acLoan and acSavings protocol.

Host:

What benefits can acBTC investors get by holding AC?

Terry:

Still have questions? Join our Discord channel for live updates!

💬 Join Us on our Journey!

Twitter: @NUTSFinance

Discord: https://discord.gg/mvANFYe

Telegram: t.me/acbtc_community

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The collective brain behind NUTS Finance.

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