PERI Finance x BitMart AMA Recap
Date: April 22nd 2022, 3PM UTC
Place: BitMart official Telegram (https://t.me/BitMartExchange)
Promotion: Total $1,000 for
Twitter airdrop, quiz event, users’ question nominees
Part 1. Questions and Answers from BitMart Host
Q1. Which unique features of the project do you have?
A1. The most important thing for PERI Finance’s project is “Synthetic Asset“. Synthetic Asset is a very powerful tool for accessing all kinds of assets. We named it “Pynths“.
Pynths stands for PERI Synthetic Assets and is a synthetic asset of Forex, Indices, Commodities and Cryptocurrency in traditional financial markets. The price moves according to the actual price of the underlying asset. It can be called Delta One derivatives, however since transactions are carried out by smart contracts within the blockchain network and all assets sits on my wallet, they are transparent, very convenient, and highly reliable. Pynths products are USD, EUR, GBP for Forex, S&P500, HANGSENG for Indices, Gold, Silver, Oil for Commodities, BTC, ETH, LTC for Cryptocurrency.
The reason behind choosing Polkadot Network is the Polkadot’s interoperability by which we can easily move our value from one network to another. Thanks to Polkadot’s RelayChain, everyone will be able to mint Pynths without using converting their crypto-asset to another. So, the ecosystem will be extended to all Blockchain network connected to Polkadot.
Q2. What critical problems does it solve that existing solutions are not solving and what is the competitive advantage?
A2. PERI Finance is a decentralized cross-chain synthetic issuance and derivative exchange protocol that provides unlimited liquidity. Additionally, PERI Finance provides solutions to current issues suffering Defi-projects on Ethereum including absurdly high GAS fee, slow transaction speed and the possibility of various attacks such as front running and flash loan by harnessing Layer2 solution with OVM(Optimistic Virtual Machine) on Polkadot by harnessing WASM and Substrate.
Q3. What is the utility of the PERI token?
A3. PERI Finance’s token, $PERI is a utility token used to create a liquidity pool in the process of staking, generating the basic Pynths (PERI Synthetic assets) called pUSD. The staking dApp of PERI Finance is running on Ethereum, Polygon, and BSC mainnets, so users can stake their PERI/stablecoin/LP tokens and claim rewards.
This pUSD can exchange at other Pynths on our upcoming dApp, PERI.Exchange. Users can get an arbitrage profit through trading various Pynths on the dApp.
By the profit of pUSD through the Pynth trade, users can swap the pUSD token to PERI and re-stake it. This virtuous circle allows users to earn an additional profit and makes the growth of PERI Finance platform ecosystem.
PERI token is also a tool to be used for voting within PERI DAO, which will play a crucial role in the PERI Finance ecosystem. Any user can submit a community opinion proposal or vote on the PERI Improvement Proposals(PIP) page. The fee of a proposal is returned after it passes or fails.
Q4. What is the synthetic asset? How PERI stands out for synthetic asset?
A4. Synthetic asset is a synthesized asset with the financial asset, which called ‘Pynths’ in the PERI ecosystem. For example, users can mint the basic Pynths ‘pUSD’, and the price of pUSD is pegged in US dollars. Like this, the price of all synthetic assets are along with the price of the original assets; pBTC(same with BTC price), pTSLA(same with TSLA stock price), pXAU(same with Gold commodities index price), etc.
PERI Finance will provide users with a diverse synthetic asset service, such as synthetic assets of traditional assets, leveraged assets and fractional NFT assets etc. PERI Finance will make interest for not only users on the blockchain sector, but also users on non-blockchain users. And we will provide the fast and convenient multichain asset transfer environment by Polkadot parachain.
Q5. What is the core advantage of PERI Finance dApp?
A5. Since the staking dApp has launched in July 2021, users can stake their own PERI tokens on the dApp and claim the reward. And we’re developing to launch our dApp in Moonriver, which is renowned parachain on Kusama, to achieve the cross-chain ecosystem of PERI Finance.
PERI Finance will allow users to trade various kinds of assets through our synthetic assets decentralized exchange(DEX). Through this DEX, users can trade and earn profit without a swap with external networks.
Users can participate in the DEX through their ‘pUSD’, a minted token on the staking dApp, and we will launch the DEX platform on this month.
Q6. Do you have a specific reason that DEX dApp will launch on Moonriver Mainnet?
A6. We are developing our DEX dApp on the Moonriver network, parachain of Kusama network. We will launch our protocol on Polkadot, as it written on the white paper. Kusama is the Polkadot’s official canary network, and its development progress is much faster than Polkadot, so we choose Kusama for our upcoming DEX network.
The reason behind choosing Polkadot Network is the Polkadot’s interoperability by which we can easily move our value from one network to another. Thanks to Polkadot’s RelayChain, everyone will be able to mint Pynths without using converting their crypto asset to another. So, the ecosystem will be extended to all Blockchain network connected to Polkadot.
PERI Finance’s will implement the dApp to Parachains on the Polkadot. Through the Relaychain on Polkadot, users can trade and transfer their PERI assets without using any kind of token bridge.
Q7. Is the PERI dApp is secure? Do you have any solution to crypto users that your project is safe and reliable?
A7. For the solution of the hacker’s attack, we had a code audit from CertiK to prevent any kinds of security issues. Please check our code audit report with this link:
PERI Finance - CertiK Security Leaderboard
Stay up to date with the latest security insights on PERI Finance: Smart Contract Audit, Skynet Security Scores…
Also, PERI Finance is holding a bug bounty program in Immunefi. Users are free to check our smart contract code and report the security issues.
Link of the bug bounty program:
PERI Finance Bug Bounties | Immunefi
PERI Finance is a decentralized cross-chain synthetic issuance and derivative exchange protocol that provides unlimited…
PERI Finance will maintain a safe dApp platform by requesting additional code audit, and doing several internal tests.
Q8. Do you have any future plan of PERI project?
A8, After we’re going to launch DEX on Moonriver, our next step is launch the Perpetual futures swap on DEX protocol. Users can leverage up to 20x of original Pynths assets. We estimate that this will launch on September this year.
This is the concept image of upcoming Perpetual futures swap page:
Part 2. Questions and Answers from BitMart Users
Q1. What is your top 3 things for priorities in 2022? Could you share some plans for the upcoming year?
A1. These things are our prior things to do on this year:
- DEX dApp launch
- Perpetual Futures swap protocol release
- Launch PERI DAO
Q2. I want to support your project, Tell us more about the Ambassador Program and in what ways can we participate ?
A2. We’re planning our project’s ambassador program very soon. Please stay tuned to our community channels.
Q3. “Many blockchain projects are just on paper and have no real meaning. What practical product is your project using? What plans do you have for a better product in the future?
A3. By staking PERI tokens and stablecoins on the staking dApp, users can mint pUSD and use it to trade with various other Pynths assets. To increase users’ benefit, we will launch perpetual futures swap where users can leverage Pynths assets up to 20X.
Q4. For a project development first of all main priority is having enough fund. Does your team financially capable to run this project? Do you have enough fund for its development? Can you tell us that how your project generate the profit?
A4. Yes, as you can check our Pynths main page, more than 40 venture capitals and communities have invested in our project.
Q5. Where can I currently buy Token?
A5. You can buy PERI at BitMart Exchange. Here’s the trading page: