In the rapidly evolving landscape of decentralized finance (DeFi), innovation and adaptability are key to staying ahead. Georgii Verbitskii, the founder of TYMIO, brings a unique blend of corporate experience and deep knowledge in trading derivatives to the DeFi space. With a career that spans companies like Microsoft, eToro, and Thomson Reuters, Georgii recognized the transformative potential of blockchain and smart contracts in 2017. This realization led him to create TYMIO, a groundbreaking platform that offers “limit orders with yield” on ETH and WBTC.
In this exclusive interview, Georgii delves into his background, the inspiration behind TYMIO, and how his 17 years of experience in trading derivatives shaped the platform’s innovative concept. He explains the workings of the TYMIO App in layperson’s terms and discusses its unique approach to monetizing intentions to buy or sell cryptocurrencies. Georgii also highlights what sets TYMIO apart from other DeFi platforms, emphasizing its low-risk passive investment strategy and user-friendly interface.
Q1. Can you tell us about your background and what inspired you to venture into the world of crypto and DeFi, especially with the creation of TYMIO?
I have a solid corporate background – worked in companies like Microsoft, eToro, and Thomson Reuters – and, at some point, transitioned into asset management entrepreneurship, dealing with complex financial instruments such as futures and options. In 2017, when crypto started gaining momentum and becoming relatively mainstream, it became clear that this was the most promising direction to focus my efforts. Combining my derivatives trading background with the opportunities presented by blockchain and smart contracts ultimately led to the TYMIO creation.
Q2. With 17 years of experience in trading derivatives, how did your past experiences shape the concept and functionality of TYMIO’s “limit orders with yield” on ETH and WBTC?
Due to my experience, I understand how complex financial instruments work and how beneficial it would be for the broader market to utilize them. Limit orders with yield offer safety, require no active trading and entail no risk of liquidation. We provide the opportunity to use complex option-based income strategies for everybody in a simple interface that is easy to use without any specific knowledge.
Q3. Can you explain in layperson’s terms how the TYMIO App works and how users can monetize their intentions to buy or sell significant cryptocurrencies?
TYMIO operates as follows: you choose the price level you are willing to buy or sell, BTC or ETH, and then you review the app’s offered yield for various timeframes to decide whether to place the order. It’s important to understand that this order differs from those on exchanges. This order is triggered not based on touching the required price level but on the price level at the time of the contract expiration. If, at the contract expiration, the price is above or below the specified level, the order executes, and you receive the asset at the initially defined price.
Some risks are involved, as you might receive the asset at a less favorable price at contract expiration. However, you will still get a more favorable price than the market price at contract initiation. In any case, if the deal goes through, you get the asset at the price you intended and are ready to receive, and this price will be better than the market price at the contract initiation. Thus, TYMIO offers the opportunity to monetize the intention to make a deal.
For some, executing a swap might not be the preferred scenario; sometimes it is, sometimes it is not – it depends on their strategy. Our statistics show that 74% of orders are not executed, allowing users to receive high APR on their capital without swapping it for another asset. The beauty of it is that you will receive a fixed yield in both of these scenarios; that is what we call a guaranteed yield.
Q4. TYMIO aims to offer a low-risk passive investment strategy without requiring users to time the market or possess active trading skills. What sets TYMIO apart from other DeFi platforms, and how do you ensure this low-risk strategy for your users?
TYMIO significantly distinguishes itself from other players in the market, comparable to several earning types. First, staking. TYMIO carries slightly more risk than staking but offers higher returns. Second, farming. Farming lacks the flexibility TYMIO provides, where users can set the time and price for asset buying/selling, with the crucial advantage of a fixed yield in stablecoins.
Third, active trading. Unlike TYMIO, it takes time, and emotional energy and entails significant risk of unlimited losses or even liquidation. As I said before, with TYMIO you have a 74% statistical probability of a positive outcome in any given time and market condition. Fourth, option vaults. Their UX is too complex, and they lack flexibility. Sometimes, even fintech professionals struggle to understand how to use them. TYMIO is way more user-friendly and straightforward.
Before TYMIO, the public lacked the means to monetize their desire to buy or sell assets; a possibility now is accessible even to non-professionals. To ensure a low-risk strategy, always ask yourself if you’re willing to buy or sell at the specified price; if so, the transaction does not possess any market risk for you – you will execute it with a better price and additional yield.
Q5. You recently released V3 of your contract and passed the audit conducted by Pessimistic. Can you share more details about this audit process and what it means for TYMIO and its users?
Yes, we completed an audit with Pessimistic Security, and no critical vulnerabilities were found. Pessimistic Security thoroughly analyzed the smart contract code for security concerns applicable to a broad audience. It concluded that as contract operators, we do not have access to client funds, and the contract is secure. It is a crucial milestone in our product development as we transition into a truly decentralized and non-custodial protocol, as confirmed by our audit.
Q6. TYMIO App has shown impressive figures with a turnover of over $9M and generated more than $130k. How exactly is the TYMIO yield generated?
TYMIO generates yield by utilizing options liquidity, mainly through a strategy involving covered call options selling and profiting from this sale. The profit from this sale is translated to clients in the form of yield. Since the covered call or cash-secured put options selling strategy is well-known and the outcome is predictable, clients cannot incur significant risks associated with major market movements. They initially know and understand their two scenarios, as discussed above.
Q7. Could you delve deeper into the options liquidity venues you utilize and the low-risk option strategies, such as selling covered calls or cash-secured puts, that TYMIO employs?
TYMIO utilizes both centralized and decentralized sources of options liquidity. We use our capital to generate profitability, meaning clients’ funds remain within the smart contract, safeguarded from third-party risks. Therefore, users can rest assured that the aspect concerning interactions with third parties lies entirely on TYMIO, bearing all associated risks. As our partners, we exclusively collaborate with the market’s most prominent players, the top 5 platforms by options liquidity.
Q8. TYMIO’s contract is not only audited but also insured. Can you elaborate on the measures taken to ensure the safety and security of users’ funds, such as the reserve fund of 100,000 USDC?
Security is our top priority as an innovative fintech app. We have thoroughly vetted our contract by engaging a prominent auditing firm specializing in smart contract audits. Additionally, we are implementing a program and have established a reserve fund to address unforeseen circumstances related to the smart contract. Currently, it is $100,000, and we plan to increase it as the service evolves.
Q9. As TYMIO grows, what are your plans for expanding your offerings beyond ETH and wBTC/USDC? Are there any new blockchains, assets, or liquidity sources you are considering?
Yes, we have plans to integrate L1 and L2 networks, such as Optimism, Solana, and Base. The next significant milestone we aim to achieve is transitioning to fully decentralized profit generation utilizing only decentralized platforms. This transition will drive us towards a fully decentralized structured product protocol.
Q10. TYMIO aims to transition ownership to the community through a Token Generation Event (TGE) and airdrop. What led to this decision, and how do you envision the community’s role in the future governance and decision-making processes of TYMIO?
We plan to launch our token soon, marking a significant milestone in transferring protocol governance to the community. This decision will be highly beneficial for both the protocol and the community, as our goal is to create a truly decentralized structured product protocol that can be utilized by as many people as possible, ensuring maximum transparency in its operation.
We already have a points accumulation mechanism for the active protocol users, and our early adopters will enjoy maximum privileges during the Airdrop. Token holders of TYMIO can expect a significant increase in yield compared to the standard within the app.
Q11. What challenges did you face while developing TYMIO, and how did you overcome them?
We started building TYMIO during the peak of the bear market in the fall of 2022. Initially, we faced low yields and weak interest, but despite this, we managed to create a loyal user base that found significant value in our product. This inspired us to continue developing and improving the product because we saw it was very positively received. 80% of those using our product at least once become regular users. That statistic was inspiring, so despite the bear market, we continued to develop and expand functionality.
Q12. Where do you see TYMIO in the decentralized economy and the broader DeFi ecosystem in the next 5 years?
TYMIO serves as a crucial building block in the infrastructure, catering to those who seek higher yields than what staking offers but are not inclined towards active trading with its emotional involvement and risks. We bridge the gap, satisfying users’ needs who desire increased profitability associated with a simple, user-friendly interface and reduced risk.
Essentially, we provide customizable structured products that users can tailor to their specific parameters and circumstances. With a substantial user base, we see our role as valuable and pivotal. Moreover, we admit that our service can have a broader application, as it is far easier to use than, for example, providing liquidity on UNISWAP. We’ve strived to make it accessible to a broad audience. In essence, we aim to be the leading Decentralized Structured Product Protocol.
Q13. For potential users who are new to DeFi, what advice would you give them when considering using TYMIO as a passive investment strategy tool?
For new users in DeFi, we recommend following the principles of tymionauts. The main principles include taking your time, avoiding greed, resisting emotions, and entering into transactions with pre-set parameters where both possible outcomes are comfortable. By doing so, users have a tool that maximizes capital growth despite market volatility and fluctuations.
Q14. Can you share any upcoming features or developments that the TYMIO community can look forward to?
Yes, we plan to launch support for USDT stablecoin shortly in addition to USDC. Additionally, we will be integrating additional blockchains to expand our user base. Our plans also include supporting additional wallets, including mobile wallets, and adding other assets to the platform.
Q15. Lastly, what message would you like to convey to the TYMIO community and those interested in joining the DeFi space?
We believe that the future of finance lies in decentralized finance, and we strongly recommend embracing this direction and continually exploring new possibilities, protocols, and asset management principles. Previously, you couldn’t generate yield simply by expressing your intention to buy or sell an asset, but today, this is an innovative opportunity. In the world of finance, we are in the process of building a world where financial assets interact differently with less complex entry barriers and tools. Our main principle is to provide the opportunity for a wide range of users to enter the market of decentralized finance and options strategies.
Interview Summary
In this enlightening conversation with Georgii Verbitskii, we’ve gained invaluable insights into the innovative strategies and philosophies driving this groundbreaking DeFi platform. With a solid foundation rooted in corporate experience and a deep understanding of trading derivatives, Georgii has crafted TYMIO as a bridge between traditional financial instruments and the decentralized future of finance.
TYMIO’s unique “limit orders with yield” approach offers users a low-risk, passive investment strategy that stands out in the competitive DeFi landscape. Georgii’s emphasis on user-friendly design, flexibility, and transparency underscores TYMIO’s commitment to democratizing access to sophisticated financial strategies, making them accessible to both novices and seasoned investors alike.
As TYMIO prepares to transition ownership to the community through a Token Generation Event (TGE), Georgii envisions a future where governance is decentralized, transparent, and community-driven. This commitment to community involvement and empowerment is a testament to TYMIO’s overarching mission to create a truly inclusive and accessible decentralized financial ecosystem.
