AMA Recap: GTA Ventures x Arche Protocol
On May 15th, Eliora — COO of Arche Protocol with GTA Ventures hosted an AMA live session at GTA Trading Community. A lot of questions about Arche Protocol core, missions, and plans were sent.
This post includes a recap of the live AMA session and features the questions asked by community members, as well as the answers.
E: Hello everyone. Thank you for joining today’s AMA section and GTA Venture for arranging this event. I wish all of you a wonderful weekend!
1. Can you please introduce yourself as well as the Arche Protocol project?
My name is Eliora, and I am the COO of Arche protocol. I used to work for Huobi Exchange for three years and was responsible for the international market and also worked with a top blockchain media group in Asia.
Arche is a User-Defined Financial Contract Open Platform that committed to developing a user-friendly non-standard marketplace for customized transactions. It allows traders to customize their financial contracts on the blockchain without doing any coding and developers to develop their protocol without doing any hard code.
2. Each project has its own story? Do you mind sharing with us the story behind Arche Protocol?
The story of Arche start with 6 young people, age around 24–30 years old who lead another 25 people. The core team of Arche has worked in the blockchain industry for more than 4 years. Our team has been through a bear market and almost went out of business once. In order to survive, our technical team has taken on multiple technical development jobs and helped with the technical underpinnings of several projects. But we have never lost sight of our team’s original vision. We want to make our voice heard in the age of decentralisation, and we want to create protocols that everyone can use, so that everyone can customise their own financial protocols or create their own protocols in a new era. With Arche protocol, people no longer have to do hard code, traders can use our protocol to customise their own smart contract financial orders, and for developers they can use the contract factory and APIs provided by Arche protocol and link to their own platform’s front-end and complete their development.
3. How does Arche Protocol work? What are the competitive advantages of Arche Protocol compared to other projects?
Arche position as a User-defined smart contract open platform. We are the only protocol in the space that allows users to customize their own financial contract. We serve non-standard spot markets including peer-to-peer market and peer to pool market. In the V1, we will come out with the tools for the users to create OTC, Betting, and also auction contracts. With our tools, people who hold synaptic assets could sell their tokens on our platform. For example, people who stake their ETH to Stafi protocol and get rETH, but this person wants to sell his rETH but there is no place to sell it. But once Arche mainnet came out, they could sell it on our platform. And this is only one of our use cases, we have many others.
One of the advantages will be, we have a unique team with a strong Tech background that work in this industry for more than 4 years.
Where did you get the inspiration for this unique project idea? And what influence will we have on the crypto industry due to the project?
The first application we saw blockchain bring to people was smart contracts, which made the protocol decentralised and tamper-evident, and the current smart contracts are serving around how to improve financial efficiency, just like Uni and Balancer, no protocol cares about how to use smart contracts to serve the people, and whether the product meets the needs of the people is something Arche has been working on area. People take transactions that cannot be done through standardised financial markets and create the financial contracts it needs through Arche, which has a user-friendly visual interface, easy to call on-chain tools, and clear contract management. We hope that Arche will become the first open platform for non-standardised financial contracts in the crypto era.
What milestones have ARCHE NETWORK achieved so far and what is the next roadmap for 2021?
The first milestone would be our private testnet launch, the second will be we finished our first period fundraising and on board a lot of great partners: ParticleXYZ, Ankr, Bounce, Proverbs Group, 3commas, Prometeus LABs, Basics Capital, Tenzor Capital, Lotus Capital, Moonwhale Capital, LD Capital, Gate labs, Chain Capital, Candaq, PAKA, DCI Capital, Raptor, Kryptos Research, Momentum 6, Cinch Block. It also received product support from Stafi protocol and technical integration from PARSIQ.
Which projects are your closest competitors? For example, do you accept Uniswap, Curve or Balancer as your competitors? How will you take to the next level?
Many people would like us to compare us to AMM, which is currently the hottest, but we are NOT doing AMM. Arche is more focused on the customised protocols that users will want to accomplish through decentralised financial contracts rather than dealing directly with computers; the Arche team believes in what AMM will bring to DeFi, especially the disruption to CEX. But it cannot address the need for customisation under non-standardised markets where people have the freedom to think, so Arche serves people, and it is the first underlying protocol under non-standardised financial markets. Our biggest adversary is actually Arche itself, how to motivate the community and users to help Arche find more scenarios, and now we have found many interesting ones, which will be described later.
What are the major obstacles that you have faced on the way of developing the project and how do you plan to solve them?
Specifically in terms of development, our first trouble came from the cost of Gas to create a contract, ETH is expensive and our users need to spend more to use the platform and don’t want to see that happen. So we opted to deploy a simultaneous test on BSC and so far we have been able to find in our tests that this has helped our users on BSC to reduce the cost of creating financial contracts and the good thing is that they all support EVM which has reduced a lot of hassle for us and also look forward to the progress of ETH on the Layer2 network. where Arche is deployed depends on what kind of service our users need. The second hassle is that we want to bring decentralised financial contracts to web 2.0 and enable more users to participate; so we found MaskNetwork and we are happy that we share the same vision and the two teams will work together around this one goal. It’s Arche’s efforts.
What plans do you have to make the Tokens $ARCHE increase their value and be profitable in the long term? How can I get $ARCHE?
There are four main sources of income for Arche protocol.
1. Contract creation fee, but this fee will be zero at the beginning.
2. Paring rewards, Arche protocol will help the contract creator to find their counterparty which will earn the paring rewards
3. Commission fee, a 0.1% of commision will be charged for each transaction on Arche
4. Eco-building income, there will be other protocol and platforms built on Arche and Arche treasury will role as the protocol incubator.
$ARCHE can be used to pay the base fee for creating financial contracts, and $ARCHE is also a bounty to incentivise contract closings; all of the platform’s revenue is converted into $ARCHE into the treasury, which the treasury incoom of ARCHE token will be burned when total issuance does not reach 100 million.