Q1. Could you introduce Scientix?
Scientix is a future-yield-backed synthetic asset platform on Binance Smart Chain. It allows you to get interest-free loans that pay themselves off over time with no liquidation risk, while your collateral earns you yields in the background!
Scientix is committed to providing users advances on yield farming via a synthetic token that represents a fungible claim on any underlying collateral.
Scientix protocol has two highlights: one is no liquidation risk, and the other is automatic repayment, which maximizes the liquidity of your assets.
Head projects like $ACLX, $OHM, $TOKE, and $SPELL brought the concept of DeFi 2.0. Different from DeFi 1.0, DeFi 2.0 represents a brand new design logic. It is generally believed that DeFi 2.0 has better composability, higher efficiency, higher asset utilization, and a more crypto-native organization and DAO. $SCIX is the forerunner of DeFi 2.0 on BSC.
Compared with its predecessor Alchemix, Scientix has been deeply involved in the BSC ecosystem and optimized and improved the protocols and users on the BSC. Scientix optimized the token economics and added the lock-up token veSCIX, and all yielding income will be distributed to the holders of veSCIX. Scientix strives to become the representative protocol of DeFi 2.0 on BSC.
Q2: Thanks for the introduction! Sounds very interesting! Could you introduce how to use Scientix?
Sure. It’s quite simple and straightforward:
1. When you deposit assets (BUSD for now) on Scientix, you can collateralize those assets to borrow scUSD without interest.
2. Because scUSD is a mirrored synthetic stablecoin pegged to BUSD, your loan can never be liquidated.
3. At the same time, your BUSD collateral will be deployed into Alpaca Finance’s lending vault to earn you yields!Over.
4. Then, over time, the yields generated will automatically repay your debt for you!
Q3. Nice. No need to worry about liquidation, and can take out anytime. So could you explain why cooperate with ACryptoS and what’s the future plan for the partnership?
Great question. As we all know, ACryptoS is an AMM protocol based on BalancerV2’s algorithm. ACryptoS is offering the first AMM for stable coins based on this algorithm on the Binance Smart Chain (BSC).
We collaborated with ACryptoS for lower slippage and fewer trading fees, and with ACryptoS we aim to build a better pool for BUSD/scUSD pair.
It’s a big improvement for Scientist Protocol which will make the leverage of the collaterals much easier and less loss. The trading fee was reduced to 0.04%, which is the lowest as we know, and the slippage is just 1/100 of the original, after using the Balancer V2 algorithm.
For future collaboration, we are developing one-click auto-compounding feature based on ACryptoS pool and flash loan.
Q4. Yes, it’s an awesome partnership! Next question is, what are the use cases of Scientix?
1. Revolving loan and improve the asset utilization. Through revolving loans, users can get up to twice the initial assets because Scientix is an interest-free loan, thus doubles the APR.
2. Get future earnings in advance. You can take a look at the following two pictures, which reveal the mechanism and advantages of Scientix.
The following pic tells that Albert deposit 100K in Scientix Bank, and he can immediately get a 50K interest-free loan, Unlike a credit card that requires monthly payment and interest repayment, Scientix will automatically help him repay the debt.
In the second picture, entrepreneur Elon received 1 million investment. After depositing the investment in Scientix, he can immediately get 500K of cash to run the company. After a year, he can withdraw 500K of principal and an additional 100K of interest income. In the traditional way, 500K is used and 500K is deposited in the bank. After one year, he can only get 50K of interest income.
Q5. Cool, interest-free loan, and auto repayment! So how’s Scientix’s performance after launch?
Scientix is the first long-term partner of Alpaca Grazing Range. With the support of the Alpaca team, Scientix went live on September 13th and achieved good results. The TVL reached up to $250 million at the peak, and minted over 50 million scSUD.
Scientix got listed at DappRadar, Coingecko, CoinMarketCap, Dex.Guru, Debank, DefiStation, CryptoRank, Zapper, DefiLIama, BscProject, etc. Scientix supports most of the mainstream wallets such as MetaMask, ImToken, TokenPocket, SafePal, and Coin98.
Scientix is the first and so far the only long-term partner of Alpaca Grazing Range. Alpaca users can get an additional 5% $SCIX reward. Besides the cooperation with alpaca, Scientix has also established business development relations with lots of other protocols. For example, Scientix created a bug bounty on Immunefi, and cooperated with the decentralized auction protocol Padit to conduct a British auction of $SCIX. Recently, Scientix worked together with the stable currency exchange protocol ACryptoS to add the BUSD/scUSD trading pair, which aims to provide the users a swap pool with lower slippage and gas fees. Focusing on the core functions of Scientix, Scientix will seek more partnerships to create a better DeFi 2.0 product for users.
Q6：Next let’s talk about security. Have the contracts been audited by professional auditing firms?
Yes, of course. Security is one of the most important. Scientix has an experienced technical team, and our smart contracts have been audited by two professional firms: Inspex and Secbit. Scientix adopts multi-signature and adds TimeLock. 2 votes are from the Alpaca team, 2 votes are from the team, and the left 1 is from external independent. DAO will need a 4/5 multi-sig agreement.
You can view our audit reports through the links below:
Inspex: https://app.inspex.co/library/scientix#?scope=scientix-stakingpool-vault-strategy-votingescrow
Secbit: https://github.com/sec-bit/scientix-audit-report/blob/main/Scientix_Protocol_Report_EN.pdf
Q7. Next, could you share what actions and plans Scientix has in the near future?
Sure. We have a detailed description of our roadmap, according to our plans and vision of Scientix. You can check it here: https://docs.scientix.finance/our-protocol/roadmap. It’s our goal to optimize the protocol, improve the user experience and reduce the user costs step by step.
In the first month of Q4, Scientix collaborated with Immunefy to launch the Bug Bounty. We hope this can use the community power to monitor and improve the security of our project. Also, we have prioritized the high slippage and high gas fees issue in PancakeSwap. We worked with ACryptoS to reduce the gas fee from 0.25% to 0.04% and the slippage to 1/100 of the original, using the Balancer V2 algorithm. scUSD/BUSD quickly became the №1 trading pair on the ACryptoS due to this.
Besides, we still have some cooperation under discussion, which will be announced gradually.
We are developing scUSDT and scBNB products and increasing the utility value of $SCIX. We’re working on the one-click revolving loan product that allows users to easily double the yield income by a simple click.
We also improve the user experience of the popular wallets on the market, allowing users to have a better experience on mobile.
Q8. Excellent! Then how should we get SCIX?
You can participate the farming at Scientix: https://scientix.finance/#/farm. Yet we have 4 pools: SCIX/BUSD, scUSD/BUSD, ibALPACA, and SCIX.
Also, you can buy SCIX at PancakeSwap directly:
Q9. Compared with your competitors, what makes Scientix unique?
Scientix is the first future-yield-backed synthetic asset platform on BSC, and supported by Alpaca. We have carefully designed Scientix’s token economics.
Scientix is a 100% fair launch. Similar to ALPACA, Scientix has no pre-sale, no pre-mining, and no investors.
We created the SCIX/BUSD farming pool, which makes the SCIX/BUSD pair have better liquidity. SCIX holders can exchange SCIX to BUSD and then stake it in Scientix.
Investors can stake their SCIX and get higher rewards than our competitors, including all protocol fees and 11% of SCIX.
We will have deeper cooperation with Alpaca in the future, assist the Alpaca ecosystem building and development, and achieve a win-win situation.
Compared with SPELL, which is one of the hottest projects recently, Scientix has the advantages of no loan interest, no liquidation risk, and automatic debt repayment. The risk is lower. Here’s a picture that shows you the differences between the two projects:
