GateLive AMA Recap-Enosys

Who is Ēnosys, and what are you currently working on?

Nik Christodoulakis (CEO of Enosys):
Ēnosys is a research and software development center, currently building a multichain Super-app for a DeFi-based economy. We began development on the Songbird Canary network where we currently have 12 products up and running.

At present, we are rolling out these products onto the mainnet eco based on the Flare network. We then aim to branch out the eco to various other networks such as XDC and Ethereum. Our Mainnet eco currently consists of our Dex, Farm and Bridge, with the Clover protocol to be released very soon which will introduce the Gateway of Destiny event.

Can you elaborate on the Clover protocol and the upcoming Gateway of Destiny event?

Nik Christodoulakis (CEO of Enosys):
The Clover Protocol is an NFT distribution protocol designed for companies and art houses to create fair, transparent marketing campaigns. It makes high value items more inclusive and attainable without duing or fractionalizing the item by making it more affordable collectively. For example, an artist could create a collection of 1000 pieces and these NFTs can be sold individually.

The Clover protocol can randomly attach an additional property to one or more of the NFTs - like a shiny Pokemon for instance. So once the initial sale has concluded, a Draw phase randomly applies the desired attributes to a select amount of NFTs.

Then the Reveal phase can begin where you can choose to reveal your NFT to see if it contains the special attribute - the Shiny. With regards to the Gateway of Destiny event, some of the attributes or Shinys are physical items, and this is where the Ermis protocol comes in.

Can you tell us more about the Ermis protocol and how it connects web3 to physical items?

Nik Christodoulakis (CEO of Enosys):
The Ermis protocol is an on-chain redemption protocol which enables the redemption of phygital NFTs. It enables the secure exchange of encrypted personal information to a vendor in order to facilitate the safe transfer of a phygitals physical counterpart from the vendor the redeemer.

This is done via the Ermis protocol, where those who hold an NFT which has had the Redeemable attribute attached to it via the Clover protocol, can claim the physical item associated with it. That physical item can be anything, such as a bottle of Sake as with SushiSwap, a pair of Ēnosys socks, or a 200g, 18 Karat gold obelisk inlaid with black diamonds. The holder of a phygital NFT is not required to redeem it if they choose not to. It can also be traded on the marketplace.

Can Ēnosys Bridge bridge NFTs to other networks and does the Bridge play an important role for the expansion of the eco?

Nik Christodoulakis (CEO of Enosys):
Yes… tokens and NFTs can be bridged across to other networks and vice versa. Ēnosys Bridge plays a monumental role in the expansion of Ēnosys to a multi-chain eco and we wanted to make sure that the backbone of this eco was constructed robustly and securely as possible. Bridge took nearly 2 years of research, development, testing and auditing before we even began a slow and controlled rollout.

Our proprietary TLC, Pauser Node and admin structure focuses on security over liveness with any admin actions requiring a laborious series of audits, contract enforced delays, multi-sig transactions and validator approvals.

Bridge was quite a milestone for us and it has proved to be popular already with almost $2million of value currently on chain with more bridges currently on the horizon.

We have also been excited to see what Flare Labs can accomplish with F-Assets and LayerCake as these protocols should compliment each other quite nicely and offer various communities various options for onboarding liquidity and utilising it within DeFi. The more avenues there are for onboarding liquidity into the eco, the more volume that can be generated and thus fees that are aggregated into our APYCloud for our eco participants.

The APYCloud is an interesting concept. Can you elaborate on that?

Nik Christodoulakis (CEO of Enosys):
The APY Cloud functions as a tax on team profits, which is then shared back to the governance stakers in a sustainable way. Most DeFi projects rely almost exclusively on a reward token to incentivize platform use. The APY cloud creates a sustainable profit sharing model in which yield does not depend on price appreciation for reward tokens, but instead will increase rewards as platform usage increases.

With the native capabilities that Flare is building for their network, we believe that Flare will become one of the central blockchains in the space with fast, cheap, trustless bridging of any asset. Positioning ourselves as the first, biggest, and best DeFi product suite on the Flare network places our token holders well to capture the growth that the inflow of liquidity will bring. Effectively, the bigger the Flare Networks grow, the more rewarding our platform will be for participants.

By absorbing fees collected from all Ēnosys products not only on the Flare network, but across multiple networks and distributing them to it’s governance participants, the APY Cloud aims to create a robust distributed reward mechanism for it’s users that does not rely solely on one single protocol.