PERI FINANCE X BTA AMA Recap
Part 1 — Self-Introduction
Lily | BTA Ventures: I strongly believe that this part will bring lots of knowledge of PERI FINANCE to our community.
Lily: So the first question: 1. Would you please briefly introduce Peri Finance?
Gareth: Of course. The project is to build all kinds of synthetic assets DEX on Polkadot. We are building a synthetic asset DEX where everyone is able to collateralize PERI, USDC and NFT to seize the opportunity of on/off chain and traditional finance/non-finance assets’ value fluctuation.
The platform will provide both simple and leveraged synthetic assets called Pynths, which will attract arbitrageurs and increase trade volume, benefitting the stakers. We have got LD Capital, OneBlock, BlueBloock, PrivCode, Ruby Capital, Dasheng Capital, Ramprate, 18 Ventures, Blackdragon, Blocksync, BTA and others as the investors. The seed round was finished and led by LD Capital.
Lily: Great, thanks for giving our audiences an overview of Peri Finance, Gareth.
Here is the next one: 2. What critical problems does it solve that existing solutions are not solving and what is the competitive advantage?
Gareth: 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.
Lily: That’s sound really good, thank you Gareth.
Let’s keep moving with third question: 3. Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
Gareth: Here are the milestones:
Mar 2021 Staking dApp launch on Ethereum Kovan testnet.
Apr 2021 Staking dApp launch on Ethereum Mainnet.
May 2021 DAO launch.
Jun 2021 Staking dApp and DEX dApp launch on Polkadot parachain testnet.
July 2021 DEX dApp launch on Polkadot parachain Mainnet.
Sept 2021 Add NFT synthetic asset
Dec 2021 Add Perpetual Futures swap
The team is going to get web3 foundation grants soon and will keep constant and close eyes on technology change on Ethereum such as ZK-Rollups as well as Parachains with WSAM and EVM on Polkadot so that we can apply the solutions to the platform as soon as there comes any technology that works better on Polkadot.
Lily: Cool, so DAO launch is so close, right?
Gareth: Yes, hopefully all goes to plan.
Lily: Sure, I believe it will. And next one is a really common question from our community to Peri Finance:
4. Can you give an overview of your Tokenomics, and the UTILITY of the PERI token? I’m sure everyone is eager to know.
Gareth: Sure thing, the Tokenomics is as below.
PERI is a utility token used to create a liquidity pool in the process of staking, generating the basic Pynths, pUSD. It is also a tool to be used for voting within PERI DAO, which will play a pivotal role in the development of PERI Finance. PERI holders will receive three different rewards by staking PERI or USDC and minting Pynths. Among those 3 rewards, 2 rewards are given by PERI token.
The first reward comes from PERI inflationary supply policy. Initial supply of PERI will be 11,000,000 and 9,000,000 more will be issued for 40 months as compensation for staking with weekly interval, resulting in a total of 20,000,000 in circulation.
Lily: Wow! Please note this point guys, “PERI holders will receive three different rewards by staking PERI or USDC and minting Pynths”
Great, can’t wait to the releasing token day of Peri!
Gareth: The second reward is the distribution of PERI.Assets’ revenue. The managed funds come from 50% of the fund raised by PERI token sales, so the holders can be rewarded additional profits only by staking PERI.
Lastly, the distribution of commissions incurred in Pynths transactions and leveraged Pynths contract trading. The system will take approximately 0.3% of the fee and transfer it to the fee pool which is to be distributed proportionately to the entitled PERI stakers.
The utility of PERI tokens, the distribution of rewards, or the collateral ratio can be changed later by PERIDAO.
Lily: Love this utility too “…which is to be distributed proportionately to the entitled PERI stakers.”.
And here is the last one in this part:
5. One of the most important parts of PERI is Synthetic Asset. Can you specify about Synthetic Asset? What motivates the founder of PERI choose liquidity Polkadot Network?
Gareth: 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.
Part 2— Q&A(Suggested by various users from BTA community)
Question 1: Nowadays there are a lot of projects that are similar to yours, so what is the real highlight that will become a tool to defeat other competitors?
Gareth: Peri finance is going to be on Polkadot, which makes the project different from the competitors already. In addition to that, the dApp will add NFT synthetic assets and leveraged Synthetic asset up to 20x. This will attract all arbitragers and traders from all different blockchain network via Relaychain on Polkadot.
Question 2: A partnership is essential for Adoption, so can you tell us what partners you have now and in the future?
Gareth: We have a lot of investors back on us including LD Capital, OneBlock, MXC, Ruby Capital, Dasheng Capital and more. We value the partners who can help the project grow. We will keep add Parachain to the partner groups. We believe we can make the project successful with our partners.
Question 3: Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves. So, I want to know the value you aim to add to crypto-industry that will bring greater abundance to the industry.
Gareth: We can emphasize enough usability for all our staker’s; transparency, accessibility in DEX. Also we are committed to bring traditional financial products to crypto space and make them available to everyone although we have a long way to go to help those not familiar with DeFi-technology or financial knowledge.
PERI team will not finish the journey with PERI Finance alone. Based on the experience and technology gained through PERI Finance, we will strive to achieve a more transparent financial system so that all types of users can access DeFi.
Question 4: How secured is PERI Finance’s smart contracts code, did you ever audit it via any third party? What has been the biggest challenge you have faced in your project development?
Gareth: We are well aware that there are some hackings and exploits happening on other DeFi project. We have all our smart contracts audited by 3rd party. We are focusing on adding protection codes to the smart contracts for all known issues. The biggest challenge on dev is to add more developers to speed up the development. I believe every project is facing same issues as like us.
Question 5: Is your team economically capable of running this project? Do you have enough funding to develop it?Can you tell us how the profit is generated by your project?
Gareth: The private fund raising round will be finished next week. But the round is already oversubscribed and we are selecting investors who can add values to the project. I believe we can make out project successful with the fund.