Recap Of AMA With Centaur Co-founder
Thank you for being a part of the AMA with Centaur’s Co-Founder Sean Kor held on Friday 12th March.
For all those who couldn’t join us for the AMA, please find the transcript of Sean’s AMA.
Please note: Apart from the order of some questions & minor spelling mistakes, the text of the AMA remains unchanged.
Sean: Hey Centaurians! Just like last week, we’ll be doing an open format for the AMA. The chat won’t be muted so feel free to ask questions at any time and I’ll answer them as I go along.
This week, I’ll be providing some progress updates, our rationale on protocol selection, operational security and some macro trends that are relevant to Centaur!
So on the marketing side, we’ve been steadily working with a few additional KOLs (that you might have noticed). These collaborations are more social media and community focused and we’ll continue to expand our outreach across the various channels. Apart from that, we’re also working on some PR coverage in the form of articles and opinion pieces.
On the dev side, the product rollouts are on track for launch. We’re mostly polishing them for the launch dates and focusing on onboarding strategic partners to support mainnet nodes right now.
Question: Couldn’t you give a sneak preview in the future on the progress of the wallet and mainnet or is that not possible?
Sean: The sneak previews will come with the launch campaigns for greater effect!
One of the things we’re looking into are the different protocols to work with. As I’m sure you’re aware by now, we’re doing our launch on Ethereum first and our mainnet is built on Cosmos. The L1 partners we’re working with are Elrond and Casper and we’re constantly following their progress updates too.
So the reason we’re building on Cosmos / Tendermint core is due to:
- High Throughput
- Ease of Implementation
(Effectively a meme at this point)
There was also a recent launch for Cosmos Stargate which we are trying to include for the mainnet launch and some of the upcoming infra such as Ethermint are things we’re also looking at including for compatibility.
Question: Could you explain this a bit more simply please? How is it launching on ETH, but built on Cosmos? It runs with some sort of bridge?
Sean: Ah yeah the phrasing was a bit off there.
CNTR Token -> ERC20
Centaur Wallet -> BTC/ETH/ERC20 Customs Tokens
Centaur Swap -> Ethereum
Centaur Chain -> Cosmos
The Centaur Wallet will support more chains as we scale up and Centaur Swap will also be ported onto other protocols to support native DEX transactions. The long term goal is to use Centaur Chain as the settlement bridge.
Question: Thoughts on Optimism potentially being rolled out in the next month and crushing all the memes?
Sean: This would include the upcoming launch of Optimism (@Zelazool) , the ongoing L1/L2 wars and the efforts to reduce/stabilize gas fees on Ethereum (CHI and EIP1559).
The ones that we are more focused on are those that directly impact Ethereum, as gas fees hurt everyone on the platform and would be something that we would also have to account for in our products.
We are also exploring alternatives to push these platforms onto L2 chains (Matic, Optimism, Fantom, etc.) but due to the relative youth of such platforms, we would most likely only go deeper into them at a later time.
These considerations are also what steers us for protocol development and another reason why we chose Cosmos instead of other hyped platforms (such as DOT where there is a heavy push for future implementations)
Question: Is there any plan in the future to burn part of the supply ?
Sean: At the moment there are no plans for token burning but we are in discussions for something similar to this. It’s still early stage so we’ll be sure to update wherever possible.
Question: Don’t know if it’s possible to register a question before but if so I wonder if there is an estimate if / when https://lp-mining.cntr.finance/ will close
Sean: LP-Mining is still ongoing right now as Uniswap forms a sizable portion of our trade volume. When we first rolled it out, the target was about US$2k worth of CNTR weekly. However, the current weekly rewards are much higher than that right now due to the recent price performance.
To make it more sustainable, we have plans to lower the rewards in the coming weeks but it will still be one of the ongoing campaigns. When Centaur Swap is launched, we may consider stopping this to focus more liquidity on our Swap.
Question: Regarding nodes, I think you mentioned in last AMA that it would likely be around 3mn to run one. Given that that is quite a lot, and our circulating supply, and that I imagine that multiple nodes will be operated by the same individuals/organisations, could this lead to a state at mainnet launch when there are only around 100–200 nodes running? If that’s the case, will we not be open to criticism of not being decentralised?
Sean: This is a very good question. Last week, I mentioned that the minimum stake will be in the range of 2M-3M CNTR. At that point in time, the USD cost would be about $30k-ish, quite in line with the initial launch prices of validators for most mainnets (EGLD, DOT). However at this time, the fees have gone up considerably due to the price performance of CNTR so we are reviewing that number internally.
A separate point to note is that the maximum number of validators would be 100 for Cosmos chains. Anything beyond that might lead to latency being an issue for data propagation due to the number of nodes. However, with delegation in place, the network will still be decentralised and protected based on Byzantine Consensus.
Question: Also on Bancor you can add single sided liquidity; a pool bnt/cntr can be created by anyone — will this not be good for Centaur ?
Sean: Bancor’s implementation of single-sided liquidity is slightly different from ours.
Bancor mints BNT to match every token in the DEX so they are effectively paired against BNT as an intermediary token for all trades.
As an example,
A ETH -> USDT trade would go
In the case of Centaur, the pools are independent and liquidity is added directly to each asset (consider the DAI/Compound/Venus structure for the pools, although they are DEXes). Prices are then derived via oracles.
A ETH -> USDT trade would go
Question: What are Centaur’s views regarding EIP-1559 being included into London hardfork coming July, and will it affect Centaur in any way?
Sean: Our tech team is of the opinion that stable gas fees would definitely benefit Centaur and the ecosystem in general
Okay I’ll circle back to answering questions later. For now I’m going to move on to Operational Security and what Centaur is doing about it.
Our ERC20 token contract has been audited by an independent third party. But then again, so has most of the platforms that got hacked/rugged.
One of the things I proposed was that the team should be responsible for educating the community regarding how the platforms are designed and what the considerations and thought processes are.
For Centaur, the Token Contract source code has been verified on Etherscan (https://etherscan.io/address/0x03042482d64577A7bdb282260e2eA4c8a89C064B#code). The first thing you can note from this is that this is NOT a proxy/upgradeable contract, which is one of the first red-flags.
Question: So I would assume the recent PAID network rug is due to their upgradeable contract?
Sean: It is partially due to that. There is a postmortem (https://certik.io/blog/announcements/paid-network-post-mortem) done by Certik that you can take a look at for more info.
Aside from that, there are also some macro trends that are relevant to Centaur and we are actively following such new developments.
Question: Thanks for this… I don’t follow PAID, have they recovered? Are we still partnered with them? Has this had any direct impact on CNTR?
Sean: We are still partnered with them and this has not caused any direct impact to $CNTR other than the raising of some eyebrows (which I hope I have addressed). Our partnership with them is also focused on the integration with their dispute resolution and arbitration platform which is still in development at this time.
Question: Do you have plans to do IDO on Centaur Swap? I think that will attract a lot of liquidity to the platform.
Sean: Market trends like this one are things that we also look into and experiment with. For now, we’re focusing on clearing up the solutions proposed in the roadmap but moving ahead, I think these ideas are also things we would be opening to building IF we can provide a clear value proposition to our users.
Question: If CNTR chain becomes the main settlement bridge are we essentially blockchain agnostic at that point?
Sean: This is the long term goal for us but it’s also partially contingent on the developmental progress of Cosmos/Tendermint Core and the growth of that ecosystem
Question: Any new exchanges on the horizon ?
I’m going to ask our designer to add this to our Centaur sticker pack. :D
Thank you for being a part of Centaur Community.
By combining the best elements of decentralised finance with measured regulatory control, Centaur is bridging DeFi and traditional finance. For more information, please visit our website, join our Telegram community discussion group and announcement channel.
For more information, please take a look at our: