Can you tell us about your company/project?
Franco, Community Manager -
Swift Finance is a one-of-its-kind yield farms based on the Avalanche blockchain where we conduct APR Resets. Basically, we will reset the APRs of our non-native farms, giving you the high APRs every degen out there seeks. A significant portion of the fees that we collect from these weekly resets will then be given back to the community through our Burn Pools - where you burn your SWIFT to earn stables
Can you tell us about the team behind this?
Franco, Community Manager -
The team is headed by our dev who has had experience in participating in numerous farms throughout the chains starting from Defi Summer - both on the technical and marketing aspect of it. The other members of the team have also had experience in yield farming in the past and intend to provide a unique experience to yield farmers out there.
Could you tell us the idea/inspiration behind the birth of your project?
Franco, Community Manager -
Most yield farms die because their native token does not possess any demand and people are constantly selling, which pushes APR of their pools down. Eventually, since there are no new deposits because the APR is not high enough to attract new investors, the devs will not be able to continue development or buy back tokens as there are no more deposit fees being collected. Swift Finance solves that completely as the pools will go on rotation and there will constantly be new deposit fees being collected thus allowing continuous fee-sharing in our pools where SWIFT holders can stake and earn a part of our fees. This ensures there will be constant demand for SWIFT and ensures a stable token value with high APR's every 7 days.
The website and the idea is really promising , just loved it. From what we understand, you are first ever self-sustaining yield farm. Could you please in detail explain about what actually is the difference with other farming projects? What would be your Unique Selling Point when compared with competitors?
Franco, Community Manager -
What separates us from other yield farming projects is that we have our unique weekly APR Resets which allows farmers to enjoy high daily APR rates compared to many other farms out there. The fees that we generate from these weekly APR Resets will then be funnelled to our Burn Pools where you can burn the SWIFT that you have gained to earn stables.
The concept of high APR resets really seems promising. While there are members who are new to crypto world, could you please explain the concept being implemented here? Please explain it in simpler language that our viewers can understand this awesome concept well. In continuation to this, can you please explain on why only the ' non-native farms and pools will have the 'APR Reset' feature. '?
Franco, Community Manager -
In simpler terms, you can stake your favourite AVAX ecosystem tokens and earn high daily APRs. The farms will then reset, which means you will need to restake your tokens again to enjoy those high APRs. We are only having the APR Reset feature for our non-native tokens as it is something that will be more familiar to farmers everywhere and in most cases, most farmers would rather stake native tokens once and accumulate instead of doing it on a weekly basis.
The auto compound feature at Swift Finance really caught our eyes. Could you please explain a little on auto compounding module? And what are the optimal rates here that you have mentioned?
Franco, Community Manager -
For the auto compounding module, we have made it such that it will auto compound every 4 hours for our farms. This way, the APRs that you will be getting over the long term will be higher compared to when you just stake it once without reharvesting your gains. Our next step in our autocompounding will be to provide Avax incentives like on Aave. Example, Beefy only offers the base rewards such as ETH or USDC on its own rather than ETH + wAVAX. Our next step in our auto-compounder journey is to fill this unique gap in the market, which we believe will allow us to stand out in this market giving us a more dominant presence and ideally capture more market share with Beefy & Yield Yak possessing close to $500m in TVL (we will be happy with even 1% of that). Performance fees collected from future auto-compounder farms will also be used to buy back & burn SWIFT, creating more burn avenues.
What are your current marketing strategies being implemented?
Franco, Community Manager -
Currently, we are having our ads up on Ape O' Clock where we intend to capture the attention of yield farmers new and experienced. This is done on a weekly basis which ensures that we are the top of mind for these farmers. We also have featured tweets from Avalanche-focused Twitter accounts which helps increase our reach on social media. Right now, we are exploring on being on more platforms and reaching out to other ecosystem partners in order to expand.
What has worked for you in terms of marketing & what has shown significant results?
Franco, Community Manager -
We have noticed that posting these ads on Ape O' Clock have worked for us which is why we've continued doing so since we started. We noticed a dip when we stopped it for a week or two so we continued doing so. There aren't any that we can say have shown insignificant results as in one way or another, they have helped us gain more reach.
What has been the biggest challenge for you so far & how have you overcome it?
Franco, Community Manager -
Our biggest obstacle has been helping new users to look into how the APR Reset feature will be beneficial in the long run for the sustainability of the yield farm. Instead of farming and dumping the tokens, the yield farm has been set up in a way to be self-sustainable, though this would mean that more users to participate to increase liquidity. This is also something we are working to grow further.
Where do you see the project in the next 5 years?
Franco, Community Manager -
We see this becoming a mainstay on the Avalanche ecosystem which will further contribute to the popularity as well, which we believe to be the next big thing in the battle of the L1s
