BSCDaily.com hosts Gennix: #Gennix #BSCDaily #DeFi #BSC
BSCDaily Admin: Today I have here with me Mr. Bryan from the Gennix protocol.
Bryan: Hi thank you for having us!
BSCDaily Admin: Welcome Bryan to the bsc_daily community and how are you today?
Bryan: Very well. Yourself?
BSCDaily Admin: I’m doing quite well actually, excited for the Gennix protocol AMA with you today. Do you want to say anything before we begin with the AMA?
Bryan: We wanna thank the host and BSCDaily for allowing us to be featured on the BSCDaily TG and on all other social media platforms. We know the crowd is excited for the AMA, so let’s get to it 😁
Q1: Please walk us through the Gennix project. What is it? Why did you decide to build it?
Bryan: Gennix is a DeFi lending protocol that operates on the Binance Smart Chain. Gennix supports staking and farming and already has a functional v1 platform at app.gennix.io
We decided to build the Gennix platform after identifying a unique opportunity in DeFi lending. Many of the incumbent platforms have a history of being hacked. Our solution is to come up with robust security practices and policies that reduce the risk of hacks. The Gennix team has a background in the operation of real-world financial institutions, and the skills obtained are easily transferable to the world of crypto.
We analysed several DeFi lending platforms and spotted areas that could be improved, which can provide a more seamless user experience when interacting with the Gennix platform. Features that are aligned with the crypto narrative can be requested by the community, which puts power into the hands of the people.
As crypto natives, we understand the pain points of the industry. We want to simplify the overly complicated system that poses a barrier to entry for everyday individuals and to facilitate the adoption of crypto and blockchain for the global population.
BSCDaily Admin: So Gennix is heading towards a pretty impressive range of people, not just the ones who are experienced in cryptoverse, but also the ones who are new.
You were talking about the Gennix protocol having “robust” security practices and policies that reduce the risk of hacks. We will get to that later on, just want to remind people that Gennix really pays attention to security.
And also, putting the power in the hands of the people. That means Gennix has developed a DAO already, or it’s something that’s gonna be implemented in the future?
Bryan: The DAO has already been developed, but is on hold for the time being until we hit a predetermined number of daily active users on the Gennix platform. This is one of our security measures that makes a 51% attack harder to accomplish.
Q2: Some people may say that Gennix is a clone of AVVE/Compound. Is it true? What features does Gennix have that others may not in order to set Gennix apart?
Bryan: Gennix is a fork of the EasyFi protocol. However, the primary function of lending in crypto was popularised by protocols like AAVE and Compound.
In DeFi lending, users have to deposit a value of collateral in order to take a loan. Gennix utilises TrustScore to reduce the value of collateral required to take the loan. Over time, users can supply lesser and lesser capital as collateral to take the same value of the loan. This feature already sets us apart from all other lending platforms.
We understand the trouble when interacting with different blockchains. Money has been lost forever due to misclicks, complicated platforms and errors. Gennix intends to have a multi-chain stable swap, which allows users to bridge assets freely between blockchains. This allows the platform to have more utility, and generate revenue from transaction fees.
Gennix also plans to have a DEX on the platform itself. If you are someone who trades crypto relatively frequently, you will understand the pain of having to use multiple platforms (bridge platform, DEX platform) in order to move assets from one blockchain and trade it on another. Gennix allows users to bridge and swap on the platform directly, without having to use multiple platforms to perform transactionary actions.
For now, the bridge and the DEX are under development. These are new features that will be gradually rolled out throughout the course of 2022 😁
Q3: Who are the founders of Gennix?
Bryan: The founder of Gennix is Dean Marjanovic. Dean has a background in trading and FX, He has held top positions across fiat exchanges throughout the course of his career. The time spent also enables him to make connections in the traditional financial markets. Essentially, facilitating the flow of smart money into crypto.
Gennix also has several other team members: Celilsemi Sam Erkiner, Haribabu Mandapalli, Dang Tran, Jeevika Makani, Steven Yuan and Richard Garnett.
Their combined experience spans across industries such as Finance, IT, blockchain and marketing. You can visit our website (http://gennix.io/) to view their Linkedin profiles.
BSCDaily Admin: Great, a fully public Team sure helps the community to trust in Gennix’s authenticity. What about you Bryan? I can’t see your name in the answer, so you must be new to the team?
Bryan: haha I am a community leader in the Gennix community. The founders have a very close working relationship with the community, and everyone works together to promote a cohesive social environment.
Several of us have been in the Gennix community since day 1, and everyone has an equal stake in the platform and all voices are heard in the Gennix Community
Q4: Let’s talk about your token $GNNX. What are some of its use cases and can you tell us about your tokenomics?
Bryan: For holders of the Gennix token, users can use these funds to stake their tokens into the Gennix staking pools to generate tokens. This reduces selling pressure and rewards all holders for holding our token.
Users who have LP tokens can also stake their LP tokens in our GNNX-BNB LP pool, which boasts a significant APY.
For users who lend funds, they prevent the case of idle crypto assets sitting in their wallets. When lending funds, the protocol automatically mints gTokens into your wallet, which represents the supplied asset + accrued interest. Users can unstake their gTokens at any time and retrieve their assets
For borrowers, this can support small to medium businesses for their daily capital requirements. Gennix also has a use case for arbitraging opportunities, where savvy users who spot arbitrage opportunities can perform their trades without delay.
GNNX is a governance token, holding the token allows users to have voting rights. This allows the community to shape the future of the Gennix platform.
Q5: I have to say, users care a lot about the liquidity pool, assets, APY,… when using Gennix since it’s a lending and borrowing protocol. So can you give us a tour of Gennix’s supported assets, APY and liquidity pool?
Bryan: Gennix offers several assets. BNB, BTC, CAKE, ETH, UNI and USDT. each of these will have a gToken contract when supplied. All gTokens will have their respective staking pools where users can perform a single-sided stake of their gTokens to generate more GNNX tokens. The APY will be released to the public when our pools officially open, but we are expecting the APY to be in the high hundreds.
Gennix also offers single-sided staking of the GNNX tokens, as well as LP token staking. Which currently have between 25-300% APY.
As for the liquidity pool, Gennix has adopted an almost 90% Protocol Owned Liquidity (POL). As such, the founding team has allocated funding to the liquidity pool and locked it
Q6: COVID 19 has slowed many economies around the world but as a crypto business has it affected you negatively or positively? Secondly, are you still on track to achieve your targets as the road map says?
Bryan: As our work is done remotely, COVID 19 has not significantly impacted our operations. We are still working hard despite the pandemic to deliver the promises to our community as per our roadmap.
We are currently on track for all our tech deliverables as of today. However, as we will be adding in newer features to the platform. We have decided to release a new roadmap, which will be published on the Gennix website (shown above) in the coming weeks.
Q7: What’s next for Gennix? Can you disclose some of Gennix’s marketing plans in the year 2022?
Bryan: Next, Gennix plans to have a multi-chain stable swap and a Decentralised Exchange (DEX) on the Gennix platform. This will create a “One-Stop shop”, where all crypto users can swap, borrow, lend and bridge tokens all on the Gennix platform.
Gennix’s marketing plans involve increased PR coverage and a full suite of relevant crypto influencer and marketing campaigns. Right now, We have youtube influencers covering the Gennix project, and we also have a Twitter campaign ongoing in partnership with BSCDaily (Hint: They are awesome for also allowing us to be featured on their official TG)
The Gennix team does have several more plans for marketing, but this will be released in our own telegram channel in the weeks to come https://t.me/GennixCommunity
Q8: With all the black swan events caused by hackers, can Gennix break through the current blockchain bottleneck in terms of security?
Bryan: Gennix has already completed its smart contract audit and found no major issues with its codebase. Stringent security measures are being evaluated daily, and any potential issues are ironed out as much as possible before the launch of any product. These measures include access control to the treasury and the restriction of smart contract functionalities. Unfortunately, we cannot disclose the full scope of security measures taken by the project team due to operational risks.
However, Gennix has implemented blacklisting capabilities. This tracks DeFi wallets that interact with high-risk platforms. The Gennix platform automatically blacklists these wallets and disallows them from interacting with our platform. This is to safeguard our existing users and ensure that only the highest-quality borrowers interact with our platform.
BSCDaily Admin: Huh the blacklisting capabilities sound great, that is something that me personally do not hear much of
Bryan: Exactly 😁
Q9: Where can we find out more about Gennix?
Bryan: You can view the entire scope of our project in these two links. Alternatively, feel free to ask members in our community.
CMC link: https://coinmarketcap.com/currencies/gennix/
Official website: https://www.gennix.io/
BSCDaily Admin: Perfect, I’m just going to throw in some other links to Gennix’s communities if you don’t mind:
– Telegram: @GennixCommunity
– Twitter: https://twitter.com/GennixDefi
Bryan: Awesome. Appreciated!
BSCDaily Admin: With this we are now at the end of our AMA session with Gennix 🔥🔥🔥
Time for wrapping up, any last words you would like to say to our community?
Bryan: Haha thank you all for your interest in our project. and thank you BSCDaily for letting us be here. Have a good day and happy new year everyone!
BSCDaily Admin: Happy new year to you too! And best of luck to Gennix in the future! Great job.
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