ACryptoS Review

What is ACryptoS?

ACryptoS is a DeFi platform built on the BNB Smart Chain, enabling its users to earn higher yields through Advanced Crypto Strategies (ACryptoS stands for advanced crypto strategies).

The platform positions itself as an effective tool for long-term investors looking for sustainable tokenomics, safety, and careful risk management.

ACryptoS offers three products designed to grow users’ assets by means of automated yield strategies: ACryptoS vaults and farms (yield farming optimizer), ACryptoS StableSwap (stablecoin DEX), and Acsi.Finance (decentralized exchange).

How does ACryptoS work?

One of the main products that ACryptoS offers is vaults. The goal of ACryptoS vaults is to grow assets through automated yield strategies. When assets are deposited into the vaults, they produce a higher yield by means of more frequent compounding, efficient gas utilization, and other automation strategies. There is no need to manually harvest the vault as users’ assets will be compounded automatically. 

ACryptoS vaults may offer up to three different types of returns depending on the vault and what the user chooses to do: Swap APY, Vault APY, or ACS APR.

Swap APY are the swap fees earned as a liquidity provider. Vault APY is the yield generated from Vault Strategies. ACS APR is the yield generated from staking tokens in farms.

There are various vaults available on the ACryptoS vault namely Venus Vaults, Atlantis Vaults, Channels Vaults, CAKE Vault, PancakeSwap LP Vaults, MDX Vault, and Mdex Liquidity Provider (LP) Vaults. 

ACS vaults and ACSI vaults are the protocol’s governance vaults used for compounding native ACryptoS tokens (ACS and ACSI). These vaults receive a generous share of ongoing token emissions and most ACryptoS fees are used to buy back ACS or ACSI and distribute them into the Governance Vaults.  

ACryptoS StableSwap is an automated market maker (AMM). The protocol is claimed to be the first Curve clone on BNB Smart Chain enabling stablecoin trades with approximately ~500X lower slippage and 10x lower exchange rates as compared to other AMM on BNB. 

ACryptoS StableSwap has two sub-pools ACS4USD Corepool and ACS4 + VAI / UST / QUSD Metapools.

The ACS4USD Corepool consists of four stable coins: BUSD, USDT, DAI, and USDC. 

ACS4 + VAI / UST / QUSD Metapools enable trading between the metapool's token and all four core-pool tokens in ACS4USD. Such trading prevents dilution of base pools and allows listing of less liquid assets. The exchange fees are set to 0.01% in the Corepool and 0.06% in the Metapools.

ACryptoS Farms are used to distribute ACryptoS native tokens - ACS and ACSI to incentivize liquidity providers and share the protocol’s stake with users. Whenever assets are deposited into the StableSwap or Vault, users may choose to stake their vault tokens or LP tokens into the corresponding farms, which further increases the yield on deposits. In this case, vault tokens will yield ACS tokens, while StableSwap LP tokens will give ACSI tokens as rewards. Farms don’t have an auto-compounding option and users are required to harvest manually through the Harvest Button.

Acsi.Finance (Decentralized Exchange) AMM is the Balancer's V2 fork on Binance Smart Chain. The DEX allows for up to eight tokens in each liquidity pool with varying ratios. Swaps between various tokens in the pool have lower slippage and higher returns, while with customizable ratios users are more diversified in risks, as compared to just investing in a two-token pool. Acsi.Finance also has an Asset Managers function, which can generate additional yield for liquidity providers by reinvesting unutilized tokens.  

How to use ACryptoS?

As a first step to start using the ACryptoS app and to deposit assets into vaults for auto-compounding, users need to install a crypto wallet and have some BNB available in it. ACryptoS wallet support includes Metamask, Wallet connect, Onto wallet, Match wallet. 

Once the wallet is connected, all available vaults can be viewed. The user needs to choose the asset and the amount to be deposited and then accept the transaction fee before confirming the operation. After successfully depositing tokens into a vault, users receive vault tokens which can be staked into the farms to earn ACS (the native token of ACryptoS Vault), by clicking the Stake button. Any amount withdrawn from a vault is subject to a 0.1% withdrawal fee. For the ACS Vault and the ACSI Vault, the withdrawal fee is 10% (applied only to the amount one withdraws).

In order to provide liquidity to StableSwap, it is necessary to navigate to StableSwap on the main menu of the ACryptoS app. Choose the pool and assets to be deposited, and click Deposit. After successfully depositing the assets, users receive LP tokens, which can be staked in the farms to receive rewards in the form of ACSI tokens. Liquidity providers receive 50% of the swap fees paid by users of the exchange. A harvest fee of up to 10 ACSI applies to each harvest.

The ACS and ACSI tokens

ACryptoS has two types of native tokens in its ecosystem, which are ACS and ACSI.

ACS is the native token of ACryptoS Vaults. ACS has a max supply of 1,888,888 ACS with emissions cut of 18.65% every 90 days. The current daily token emission is ~1335 ACS per day, out of which 33.33% goes to the ACS Vault, 10% is rewarded to the developers’ team, and 3% goes to the treasury.

ACSI is the native token of StableSwap. ACSI has an identical tokenomics structure as ACS. 

By staking native tokens in the Governance Vaults user earns a share of all protocol fees. The ACS Vault accrues withdrawal and performance fees from all available Vaults, while the ACSI Vault accrues exchange fees generated from StableSwap (50%). In addition, both governance vaults also earn their respective Farm harvest fees and token emissions rewards (33.33%).

Only ACS and ACSI tokens staked in the Governance Vaults can be used for taking part in the governance of the protocol. Voting weight is measured in ACS, a minimum of 88 ACS (or the equivalent in ACSI)  is required to create new community proposals.

Staking in the Governance Vaults can be regarded as commitment to the protocol, and instead of a time lock, the protocol has adopted high withdrawal fees of 10% for such vaults.

Is ACryptoS safe?

The ACryptos team warns its users to be cautious as the project is still in its beta stage.

Acryptos is applying a 48-hour time lock to their protocol’s updates. This means that there is a 48-hour delay on any code changes in the smart contract before being deployed. Its goal is to allow users to withdraw their funds in case a developer wanted to implement malicious code (or gone rogue) and such actions are queued in the 48-time lock. The protocol has a timelock monitor and Telegram timelock monitor bot, meaning that the community is informed of all upcoming changes.

ACryptos’ smart contracts are claimed to be forked from yearn.finance (Vault, Controller, Strategy), SushiSwap (MasterChef), Uniswap (Uni), and Curve (StableSwap). All deployed contracts have verified and published source codes on BscScan.

ACryptos also runs a bug bounty program encouraging its users to report on any critical safety issues with rewards up to $100K.

The team behind Acryptos remains anonymous and no team-related info has been published on their social media.

Partners

Acryptos has recently partnered with Biswap and Unifi Protocol, broadening the vault variety. It has also integrated Bogged finance and Feeder finance on Stable Swap and Asci finance bringing more liquidity pools into the platform. Another strategic partnership was made with ForTube, creating a vault for their protocol and integrating it into Stable Swap and Asci finance. 

The protocol has also integrated platforms such as Yeildwatch, DefiYeild, Open Ocean, DeBank, SCV Finance, and many more. 

What's next?

The plans of ACryptoS include entering into the NFT, Metaverse, and GameFi industries. The team plans to issue its first NFT collection in 2022 along with the first games, whose beta release is scheduled for mid-2022. ACryptoS NFTs will also be part of a larger ACS Metaverse, to be developed in 2022. It is also planned to integrate multiple platforms for more Vaults and Farms and grow language groups worldwide. 

Links

https://docs.acryptos.com/

https://vote.acryptos.com/#/