Jarvis Network — Telegram QUIZ & AMA — May 8
On Friday, May 8, we had the pleasure to welcome to our Telegram chat:
Pascal Tallarida, CEO of Jarvis Network.
Some sentences have been slightly edited for readability but the meaning has been conserved.
In this AMA, Pascal Tallarida, CEO of Jarvis Network joined the GAINS community to tell us about his project.
Jarvis network is a set of protocols on Ethereum to unify and uberize all the financial markets. It allows anyone to become a broker by funding and maintaining liquidity pools (like Uniswap), against which users can gain exposure to the price of any traditional or digital assets.
Jarvis market is a trading platform for active investors offering spot and leveraged trading, competing with traditional brokers. it is simple to use, all you need is a Web3-type wallet like Metamask for example.
Jarvis Network is different from other DeFi projects because it already has a user base and a 30k traders community, which is the biggest asset of all.
Crypto assets are not yet covered by the Jarvis market, which for the moment focuses on real-world assets such as fiat and indexes. It will soon feature stocks, metals, commodities and more.
Its token, JRT, ensures the participation of the DAO which collects the revenues generated by the protocols, and manages a fund for the promotion of the network. You can also get fees from the network by staking JRT.
The Jarvis wallet features a “Universal Login” to easily connect to multiple dApps. It also has a free fiat on-ramp.
Q — Alexandre R from GAINS: Can you tell us what you did before crypto, how you got into crypto, and if you’ve had any other venture in crypto previous to being involved with Jarvis Network?
A — Pascal Tallarida from Jarvis Network: I was a professional Forex trader and entrepreneur: I was managing a prop trading firm and a trading school. Both activities were successful and helped me get known in the industry. Thanks to that, I gathered both a large community and a big network of partners as well as gaining the trust and recognition of my clients and peers. I came into crypto because of the speculation, I stayed because of the tech. I first met Bitcoin in IG (a CFD broker), probably in 2015 or 2016. But it is only at the beginning of 2017 that I bought my first cryptos. I skipped the opportunity to buy BTC, ETH or DASH as I thought they were too high (1300, 30 and 5 dollars back then) and only bought one of the cheapest cryptos on Poloniex and Bittrex (Ripple, Reddcoin, etc.) and then started a collection of altcoins and ICOs.
Q — Alexandre R from GAINS: Can you tell us what your role is at Jarvis Network and what the project is about in a few simple sentences?
A — Pascal Tallarida from Jarvis Network: Officially I am CEO; but I oversee the business development, the financial engineering, the treasury management, the design of the product, the community, and the support (at least the French one).
Jarvis network is a set of protocols on Ethereum to unify and uberize all the financial markets.
Users can gain exposure on any financial assets against liquidity pools supplied by other users, either through non-custodial margin trading (Margin protocol) or through synthetic assets (Synthetic protocol, named Synthereum).
Note: A synthetic is a financial instrument that simulates other instruments. Synthetic assets aim to give users exposure to a variety of different assets without needing to hold the underlying asset.
More info here or here.
Leveraging these protocols, we are developing two client-facing apps:
1) Jarvis market (a trading platform for active investors, using the margin protocol and synthetic assets for trade settlement) and
2) Jarvis wallet (a contract wallet for passive investors, based on synthetic assets which natively integrate some DeFi protocols).
Q — Twitter user @wheeinpurple: What makes the Margin Protocol and the Synthetic Protocol different? Can you explain the advantages and disadvantages of each?
A — Pascal Tallarida from Jarvis Network: I have chosen this question because of the second part of it: what are the advantages and disadvantages.
a) So, the Margin protocol is designed to power trading platforms to compete with traditional brokers. Most of the logic happens off-chain, only some part of the protocol is decentralized. It cannot become a building block for DeFi; yet, it can be a tool to hedge market exposure that some users can have while using other protocols.
Advantages: gas efficient, scalable, perfect for high frequency, and short term trading.
Disadvantages: need to trust, even if we are going toward a trustless platform, and there is no chain data.
b) The Synthetic protocol (Synthereum) is designed to be a building block for DeFi protocols (as it can issue a token tracking the price of any fiat currency) and for DeFi client-facing applications (like it is for Jarvis wallet). As everything happens on-chain it is not designed for short term or high-frequency trading but rather for long term investment.
Advantages: onchain, no need to trust us.
Disadvantages: gas cost, slow transaction, and we cannot add multiple assets from day 1, it will be a slow and long process.
Q — Twitter user @NguyenQ32225128: You seem to have twisted this into some sort of attack against Synthetix… But nothing negative was said about it. Synthetix’s success and being ranked as a top DeFi project could reflect potential gains for JRT, no?
Could you walk us through a very concrete example of someone using your platform? It might still be a bit confusing.
A — Pascal Tallarida from Jarvis Network: Synthetix is a sleeping giant and we plan on leveraging from its status. Aave and Curve leveraged from a market created by Compound and Uniswap to quickly progress and attract capital. Since we do not provide (yet) exposure to cryptocurrencies but rather a real-world asset (fiat, and in the future stocks and indices) we can benefit from the growing demand for the synthetic assets that Synthetix has generated to capture market shares. But we do not only rely on this of course. We are lucky to sit on a huge database and community of non-crypto investors, who are waiting for the kind of solution we are building before entering the DeFi ecosystem.
Unlike SNX, you do not need to provide liquidity to benefit from the transaction that will happen within the Jarvis network but the token is designed to capture the value of our ecosystem.
I cannot say if all of this means that the JRT will perform as well as SNX (disclosure: I am an SNX holder and liquidity provider/staker in Synthetix) but it is all the best I wish to our token.
Often people tend to ask us if we are copying/competing/getting inspired by Synthetix. Yes we are competing, but we actually think that the market of synthetic assets will grow in such ways that even if you only have 10 or 20% of market shares it will be a huge success. As for the inspiration, I actually have been an Abra wallet user since 2017, and the inspiration of our synthetics come from Abra.
For Jarvis market, you only need a web3 wallet like Metamask or Trustwallet, you connect to the platform, deposit Dai, and start margin trading on Forex, indexes, and soon stocks and cryptos.
For Jarvis wallet, you only need to choose a username (ENS) and to deploy the contract wallet (we will pay for the gas). Then you have to fund your wallet. you can use our free fiat on-ramp to buy Dai or synthetic assets or you can deposit Dai or Ether.
Then you can create a portfolio using a dex aggregator.
You can of course use Jarvis wallet to connect to the trading platform using WalletConnect or Unilogin.
Q — Telegram user Milton “Rockstar” Friedman: Could Jarvis be considered a type of DEX exchange?
A — Pascal Tallarida from Jarvis Network: No, it is not a Dex, you can see it as an automated liquidity pool like Uniswap.
Q — Telegram user Edgardo Tico: What is the Greatest Achievement you’ve done so far?
A — Pascal Tallarida from Jarvis Network: Survive with our ICO money (300k) for almost 2 years and ship beta products.
Q — Telegram user Rimjhim: How are you different from other crypto wallets?
A — Pascal Tallarida from Jarvis Network: We will be the only one based entirely on synthetic assets. So it will be a EUR-based wallet, or GBP-based, etc.
Q — Telegram user Josefina Korea Love: Will KYC, or any delivery of our personal data, be necessary?
A — Pascal Tallarida from Jarvis Network: No KYC, we have chosen to incorporate the trading platform and the wallet in countries where the regulation does not require it (St Vincent).
Q — Telegram user John: How is Jarvis Network different from other DeFi Projects?
A — Pascal Tallarida from Jarvis Network: We already have a user base and a community, which is the biggest asset (I have 30k traders in my community).
Q — Telegram user Elly ♂️: I was really amazed to see that I can customize my wallet by purchasing some themes.
The wallet has a “Universal login”, Can you explain it a bit more?
A — Vsevolod Potorocha from Jarvis Network: The idea is to create a marketplace where you can tokenize art for example, so one artist makes a nice theme/background for others to buy.
A — Pascal Tallarida from Jarvis Network: Unilogin is a protocol that allows you to connect to Dapp using your ENS + we integrate with WalletConnect, hence you can connect / login to multiple Dapp using the wallet, hence “universal login”.
Q — Telegram user Gue Siapa: Many blockchain projects and companies focus on making very complex systems, say they will revolutionize the society, and help the unbanked. Since you work directly in the area, how realistic do you think such statements are?
A — Pascal Tallarida from Jarvis Network: I think unbanked have other goals than investing for now.
But the beauty of blockchain and open systems is that anyone could participate in it, so we hope that many people who are left behind and who are living in countries with poor access to education and finance could use our product to start creating and managing their digital wealth.
Q — Telegram user Legea: 3 reasons that make Jarvis better than its competitors?
A — Pascal Tallarida from Jarvis Network: We have a user base and a community outside of tweeter and cryptos.
We have a very cool product with a real business model.
We are really community-driven and I am very close to our investors and users.
Q — Telegram user Jep: “Not your keys, not your coins.” But it seems like Jarvis wallet offers no private keys. Explain how it works.
A — Pascal Tallarida from Jarvis Network: Joke aside, there are private keys, but you do not need to know it (the wallet is designed for non-savvy users it is a smart contract wallet built on the top of Gnosis Safe).
Q — Twitter user @eljovan: What is the leading Utility of JRT? And what are the tokenomics of it?
A — Pascal Tallarida from Jarvis Network: First of all, JRT provides membership in the DAO; the DAO collect all the fees generated by the protocols and will vote on how to allocate them (buyback program, the prize for the trading contest or bounty, distribution to token holders, etc.
The DAO will also manage a 100M JRT pool to fund rewards programs to bootstrap the network usage.
Then, JRT also has a staking feature: for the Jarvis network to work, it needs validators, relayers, and liquidity providers. These actors will have to stake JRT and will be rewarded with trading fees.
I can explain longer how validators, relayers and liquidity providers work but the answer might be a bit long
So if you are ok with that I can give you some details about it.
Validators: in the Margin protocol, trades happen off-chain; to enable trust and to remove opportunities to attack a single point of failure, a network of validators must maintain a copy of every off-chain trade and user balance before to validate the on-chain settlement. In the future, to increase even more the trustlessness of the protocol, we will be using zk technologies that will require them as well.
Relayers: in the Synthetic protocol, user deposits are matched with liquidity providers funds in order to form a collateral and mint synthetic assets; users have to deposit 100% and the liquidity providers have to provide the rest (depending on the collateral ratio of the desired synthetic asset ); in the Synthetic protocol (v2), the usage of the oracle is minimized and no on-chain price feed is used to know how much collateral a user needs to deposit to the mint synthetic asset; it provides an opportunity for a malicious actor to deposit less (10% as an example) forcing the liquidity providers to deposit the rest of the collateral (100% as an example) and then burn the asset, eventually stealing the liquidity provider funds. Relayers are maintaining off-chain order-books to be sure that users provide the required collateral according to the number of synthetic tokens they want to mint.
Liquidity providers: for both protocols, liquidity providers are the sole counterpart and are therefore bearing all the risks. They have the opportunity to remain market neutral by running off-chain market making bot.
The number of tokens that will need to be staked will be determined by the DAO. There will be the opportunity to delegate your JRT as well.
Q — Telegram user Hellkhaey: Hey man, your tech is top notch. However, many investors care only about the price of the token, rather than the real value of the project, and once the price falls, they FUD the hell out of your project. How would you ensure people see the bigger goal of the project rather than focus on the volatile price? How would you ensure a balance between these two things, tech/product, and price?
A — Pascal Tallarida from Jarvis Network: The token helps collect the fees, many of our investors value this aspect more than the token price.
Q — Telegram user Sicxa: What role do you think Jarvis Network will play in making blockchain highly adaptable for the worldwide stage?
A — Pascal Tallarida from Jarvis Network: We think that we can bring thousands of non-crypto investors to trade/invest using our products powered by blockchain, they will still trade their favorite market (indexes, stocks, etc.) but with an on-chain settlement.
They will feel the difference, trust me.
Q — Telegram user Madara TRADER: What are plans for global expansion, what are you focusing on at this time, expansion or more exchange listing or building of your ecosystem or marketing and partnership?
A — Pascal Tallarida from Jarvis Network: We will start by focusing on targeting local traders community in France, Spain, UK, Germany, etc.
We don’t want to run an expensive international campaign, but rather a guerilla marketing strategy and to leverage educational youtube channels and influencers.
Q — Telegram user Cleo💗: What progress has been made on the new capture mechanism for the JRT through Synthereum?
What benefits does Jarvis Network obtain by participating in the UMA contract and the liquidity group Synthereum?
We are soon launching the v2 with only UMA leveraging their priceless framework concept.
We have a closed beta for the trading platform and closed beta for the wallet.
We already have a free fiat onramp.
Q — Telegram user Cardo Dalisay: Talking about the relationship between user Experience and DeFi.
DeFi seems very easy to use so many Users explore DeFi because of its simplicity.
What is Jarvis Network Contribution to make DeFi in having the best User Experience?
A — Vsevolod Potorocha from Jarvis Network: User experience is the key aspect in our applications, we believe in the statement — UX is like a joke: if you have to explain it, it’s not funny/working.
Therefore we are providing clear and easy to understand design while still allowing you to perform complex actions. The idea is to be able to open positions/deposit etc. “in one click”
Q — Telegram user Albert: I would like to know, why was the delivery of Testnet postponed and what will be the next delivery date? Was there any problem?
What news do you have about the creation of the off-chain bot in relation to the problems presented by Tesnet?
A — Pascal Tallarida from Jarvis Network: The testnet of the v2 of synthetic has not been postponed yet.
We first are modifying the smart contract to support the Bot when we are done with that, we will need to finalize the bot (relayer).
Then we will launch it on the testnet.
Q — Telegram user Joxes: Dai adoption is currently slow, do you think projects like Jarvis will be a win-win relationship for both Jarvis and Dai’s adoption?
“Instantly borrow money without any paperwork”, how secure is this mechanism? Are you insured on the blockchain?
A — Pascal Tallarida from Jarvis Network: Dai is the token we have chosen to start with. But we are not closed for working/adding other stable coins or even to create a Super USD (jUSD) backed by different shades of the stable coin, to replace Dai in the Jarvis ecosystem.
But Dai has a very good on and off-ramp infrastructure that we can easily leverage from for our trading platform and for our synthetic assets.
Q — Telegram user ●CC● | Elrond 🇵🇭: Do you have any plans to attract non-crypto investors to Jarvis Network and how? What are the measures to increase awareness of Jarvis Network in non-crypto space?
A — Vsevolod Potorocha from Jarvis Network: We essentially started with non-crypto users and we plan to continue to do so. We already have a strong community of traders waiting for the product. The idea is to have the fastest and easiest solution to go from fiat to crypto (that’s why we have Jarvis wallet with free onramp).
Pascal and Vsevolod, thank you for coming to our group today! It was very interesting to learn more about your complex platform. I was very impressed by the capital-efficient part: the over-collateralization part is taken care of by other parties! That’s great. I like the past experience in trading you have and the big trading community that follows you. These will certainly play a big role in your success.
Keep us updated!
Where can people go to follow you?
Alexandre R from GAINS
The best is twitter and Discord,
Thanks Alex, and thanks everyone.
Pascal Tallarida from Jarvis Network
Thank you Alex and all the participants!
Vsevolod Potorocha from Jarvis Network
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