This month, we had the opportunity to interview Eric Nguyen, the CEO and Co-Founder of Amnis Finance. Amnis Finance has quickly become the leading liquid staking platform on Aptos blockchain, providing users with a secure and innovative way to maximize returns on their APT tokens.
In this interview, Eric discusses how Amnis has grown to become one of the top protocols in Aptos, what makes their approach unique, and the exciting developments ahead. Read on to discover how Amnis Finance is shaping the future of DeFi on Aptos.
“Amnis Finance is a pioneering liquidity staking on Aptos.”
Q: Can you briefly introduce yourself?
A: Hi, my name is Eric Nguyen, the CEO and Co-Founder of Amnis Finance. I have over 10 years of experience in the financial industry, including roles as a trader at Nomura International and Elliott Management Hedge Fund in London, where I oversaw a portfolio with $2.5 billion in AUM. I'm also the Co-Founder of Spores Network and serve as Vice President of the Investment Committee at the Vietnam Blockchain Association. I hold a BSc in Finance from the London School of Economics and an MSc in Finance from Imperial College London.
Q: Can you give us a brief introduction to Amnis Finance?
A: Amnis Finance is a Pioneering Liquidity Staking on Aptos. We introduce a secure, user-friendly, and innovative liquid staking protocol that empowers users to effortlessly maximize returns on their APT tokens while unlocking their liquidity.
Q: Could you explain about liquid staking for those who are not familiar with it?
A: Liquid staking is similar to putting your money in a savings account and earning interest, but it’s more profitable than traditional staking. Traditionally, when you lock up your money to earn rewards, that money is inaccessible until you withdraw it. However, with liquid staking, after depositing your money, you receive a special token in return. This token represents your locked-up money and can be used to trade, lend, or participate in other financial opportunities. So, liquid staking allows you to earn rewards while still being able to use your money.
Q: Could you elaborate on how liquid staking works on Amnis Finance?
A: When users connect their wallet and mint APT tokens into Amnis, they receive amAPT in exchange. This amAPT can be used to add liquidity or trade on other DeFi platforms, or it can be staked to earn additional rewards. The underlying APT associated with amAPT continues to generate staking rewards by being locked up as stAPT. Users can maximize their returns by holding stAPT, which accrues staking yields, or by using stAPT for lending on Aries Markets or Meso Finance as well as for staking and yield farming within the Aptos DeFi ecosystem.
“An ultimate staking solution with high APR and robust security”
Q: How has user adoption been since launch?
A: Since the launch of Amnis mainnet in October 2023, user adoption has been very strong. We've quickly become the second largest DeFi Protocol by TVL on Aptos, with over $122 million in TVL. We've seen significant engagement, with over 220,000 stakers contributing more than $19 million worth of APT, and over $18 million in liquidity pools on DEXs. Our community has grown rapidly, now boasting over 80,000 members on social media. Additionally, we've secured more than 50 major partnerships and collaborations, which has further driven our adoption.
Q: What distinguishes Amnis Finance from other liquidity staking platforms in the DeFi space?
A: Amnis Finance stands out from other liquidity staking platforms by leveraging the scalability and security of the Aptos blockchain to provide an ultimate staking solution with high APR and robust security. While other platforms typically charge a 10% fee on staking rewards and impose withdrawal fees, Amnis offers a user-friendly protocol with zero withdrawal fees and swift transaction. Amnis outperforms other Aptos LSD protocols with a staking APR of 10.43%.
We also maintain a stable 1:1 pegging ratio of amAPT to APT to avoid token value fluctuations, the limitation of other projects. Notably, Amnis Finance is backed by Aptos Foundation, offering token utilities, such as governance, incentives, institutional KYC support, and an affiliate system.
Q: Can you describe the utility of the amAPT, stAPT, AMI tokens within the Amnis ecosystem and in the DeFi space?
A: amAPT acts as a stablecoin loosely pegged to APT, meaning 1 amAPT represents 1 APT, and the amount of amAPT in circulation matches the amount of APT in Amnis Finance. When APT is minted to Amnis, an equivalent amount of amAPT is generated. amAPT can be used to add liquidity with high APR or trade on other DeFi platforms.
stAPT represents the user's actual stake in the Amnis vault. At any time, amAPT can be staked into stAPT, allowing users to earn a staking yield on their amAPT of up to +10.43%. Over time, as validators accumulate staking yield, an equivalent amount of amAPT is minted and added to the vault, enabling users to redeem their stAPT for more amAPT than they initially deposited.
Simply put, holding stAPT can generate passive income as your stAPT becomes worth more over time. Additionally, stAPT can also be used for lending, restaking, and yield farming within the Aptos DeFi ecosystem.
AMI is the governance token of Amnis, a DAO operating on the Aptos blockchain. Holders of AMI have the right to vote on proposals submitted by DAO members and control the allocation of 25% of the total APT in the Amnis Stake Pool, which is allocated to node operators. AMI also serves as an incentive to bootstrap the adoption of the Amnis LSD staking ecosystem.
Q: How does Amnis Finance integrate with other DeFi platforms on Aptos? Are there any notable partnerships or collaborations?
A: Since our release, we have partnered with over 50 DeFi platforms on Aptos. Two of our most recent partnerships are with Meso Finance and Cellana Finance, both of which have brought additional staking solutions to our users on Aptos.
Our partnership with Meso Finance, the newest lending protocol on Aptos, allows users to level up their returns by supplying their stAPT in return for rewards or using staked tokens as collateral for loans without the need to unstake.
Meanwhile, through our collaboration with Cellana Finance, a trusted ve(3,3) DEX on Aptos, users can provide liquidity to our liquid staking token pairs on Cellana, enabling them to earn additional rewards and exchange with other assets.
We've built a collaborative ecosystem that empowers projects to innovate together, strengthening the Aptos Foundation. This approach has boosted our TVL, resulting in improved liquidity and faster transactions, making it crucial for long-term growth.
“We’re holding a series of campaigns in August and will soon announce our tokenomics plan.”
Q: What strategies are you using to attract and retain users?
A: Currently, we're running a series of campaigns throughout August to ensure engagement, attract as well as retain users.
We kicked off August with the launch of the Referral Program and Top Monthly Referral Season 6, where users can earn rewards by referring Amnis to their connections, with a total prize pool of 30,000 APT.
Following that, our Lucky Wheel campaign offers users one ticket for every 5 APT staked, with the chance to win exclusive NFTs. This campaign leverages Aptos' on-chain randomness for fairness. Both of these initiatives are part of our big Incentive Program, which has been running for six seasons straight and is our main pillar in attracting and retaining users.
As a token of appreciation, we’re also giving away three free Lucky Wheel tickets to Amnis Draconian NFT holders this August. This is just the beginning of exclusive perks we're preparing for our valued NFT community.
Finally, users can leverage their amAPT and stAPT on our partner DEXes and lending platforms to earn high returns. As a bonus, they can collect extra Retroactive points and rewards from our partners.
Q: What are the key milestones and developments we can expect from Amnis Finance in the coming year?
A: We're anticipating the upcoming unlock of 2.4 million $AMI and will soon be announcing our tokenomics plan. In addition, our partnership with Meso Finance is expected to significantly boost our TVL within the Aptos ecosystem. Draconian NFT holders can also look forward to even more exciting developments, so stay tuned. We're also actively pursuing collaborations with other leading SocialFi protocols to bring our community more engaging campaigns.
“Amnis and the Aptos ecosystem are deeply intertwined, each driving the other's growth.”
Q: What made you choose Aptos as the blockchain for Amnis Finance?
A: We chose Aptos as the foundational network for Amnis because it aligns with our core values, offering high transaction speed, low transaction costs, and robust security. Moreover, Aptos is home to many high-quality DeFi projects, which Amnis Finance aspires to support in the Aptos Ecosystem.
Q: How does the Aptos blockchain's unique features enhance the functionality and security of Amnis Finance?
A: Aptos offers lightning-fast transaction speeds and can handle a massive volume of trades, making it ideal for Amnis Finance users to process deposits and withdrawals smoothly. Aptos also utilizes the advanced programming language "Move,” which offers formal verfication and resouce-oriented programming to help build secure smart contracts, safeguarding user funds from potential threats.
Q: How do you see Amnis Finance contributing to the growth and development of the Aptos ecosystem as a whole? Or vice versa?
A: Amnis Finance and the Aptos ecosystem are deeply intertwined, with each playing a significant role in the other's growth and development.
By providing liquid staking, we stimulate network activity, increasing transaction volume and fees, which in turn benefits Aptos validators and the overall ecosystem. Through liquid staking, Amnis not only provides a neccessary feature to help attract new users, but also retains them through exciting campaigns and offers.
Aptos' high throughput, low latency, and robust security provide a solid foundation for Amnis Finance to build upon, ensuring smooth operations and user satisfaction. Additionally, Aptos’ large community provides Amnis with tremendous support in terms of funding and partnerships, which is crucial for our continuous development and innovation.
Q: Are there any plans for chain expansion beyond Aptos?
A: Currently, we are fully committed to building and expanding within the Aptos ecosystem, as we believe it offers the ideal foundation for our project's goals. That said, the blockchain landscape is constantly evolving, and we're always keeping an eye on emerging technologies. Who knows what the future may hold?
“We're committed to building a thriving DeFi ecosystem for everyone.”
Q: What do you envision for the future of DeFi and how does Amnis Finance fit into that vision?
A: DeFi is changing the way we think about money, making finance accessible to everyone, not just the big players. Especially on Aptos, we’re visioning a DeFi ecosystem that is safe, scalable, and upgradeable for not only developers but also for users all over the world.
Amnis is excited to be part of this movement. We’re boosting Aptos DeFi by unlocking the power of staked APT, making it easy for people to earn rewards on their APT without locking it up. This means more APT can be used in other DeFi projects, helping to grow the entire ecosystem. Plus, we're building tools and features that make DeFi simpler and more fun, bringing new users into the Aptos world. By working closely with Aptos, we can build something truly special for the Aptos DeFi community.
Q: Lastly, could you share a message for your users and investors?
A: We're deeply grateful for the support of our incredible community and investors as we continue to build Amnis Finance. Your belief in our vision has been instrumental in our progress.
We're excited about the future with the potential to revolutionize how users interact with their staked APT. Our focus remains on creating a user-centric platform that maximizes the value of your digital assets.
In the coming months, you can expect more innovative financial products, strategic partnerships, and community-driven initiatives. We're committed to delivering on our promise of a thriving DeFi ecosystem where everyone can participate.
Thank you for being part of our journey. Together, we're building a future of finance that's transparent, accessible, and rewarding.