PERI Finance
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PERI Finance

PERI Finance x Chainlink AMA Summary

AMA Info

Date: May 12, 2022 9:00 a.m. Eastern Time
Venue: Chainlink Official Telegram (https://t.me/BitMartExchange)

Questions and Answers on the Chainlink Host

Q1. Before we start, please introduce yourself. How did you start your journey on cryptocurrency and blockchain?

My name is Gareth Bowles I majored in business administration at Staffordshire University. I started my career at money moneyycorp TTT Ltd, moved to CitiBank, and worked as a currency dealer at LMAX exchange.
He was also an advisor and shareholder of King William Street Capital Management Ltd and director of Pathfinder FX Ltd.
In early 2017, when encryption was a relatively early concept, I was fascinated by blockchain technology and began to dig into it. Thanks to my previous participation in the FX market, I had a few friends who were in the encryption space. By the time I got used to the blockchain, I decided to build a platform called VCN. This platform could have been the first defi project. In 2018, we started ICO as a prototype. But I had to give up because the market was not mature enough to accept the idea and I didn’t want to go back to the financial business for multi-marketing money.
As I prepared the PERI project with the existing financial industry, I looked back on the blockchain space. Then I realized that the market was mature enough to build my idea. That’s when I started this PERI project.

Q2. Tell us about your project, how does it work?

A2. PERI Finance is a cross-chain based synthetic asset issuance and derivatives decentralized exchange. This means dApp will run on multi-chain networks like Ethereum, Polygon and Polkadot.
Our DEX allows users to trade ‘synthetic’ or ‘mirrored’ assets, which are tokenized version of various funtions including cryptocurrency, stocks, commodities, and FX. The creation of such funtions was possible because of Chainlink’s cutting edge live price feeds system. And this is why Chainlink is such an important partner for us.
The base currency of our DEX is called pUSD which is a stablecoin minted from staking PERI, our native token. Users need to stake 400% worth of PERI in order to mint pUSD — this mechanism differentiates PERI’s pUSD from algorithmic stablecoins like UST. There’s always need to be 400% worth of PERI available for any pUSD to be minted, and as soon as the staked value of PERI reaches 150% of previously minted pUSD, pUSD gets liquidated in order to stop the loss.

Q3. As always, we’re interested about what makes your project special?

A3. There are 3 special features that make our project so special: vAMM, crosschain, and Pynths.
vAMM is the mechanism behind our DEX that sets us free from the size of liquidity locked in our DEX. Chainlink’s live price feed system provides PERI seamless price feed from its world-wide oracles, creating no room for slippages on users’ trades no matter the size. A virtual Automated Market Maker (vAMM) is a system that provides synthetic (or virtual) liquidity, allowing traders to buy and sell derivatives entirely on the blockchain.
Our dApps are deployed on ETH, Polygon, BSC, and Moonriver. You can choose whatever network you want to start trading with us.
Pynths are ‘mirrored’ tokenized funtions that represent the value of cryptocurrencies, stocks, commodities, and FX. Users can basically trade anything on our DEX instead of using different platforms for every single type of token.

Q4. Please tell us more about how your project is using Chainlink technology??

A4. As briefly mentioned above, our project is using Chainlink technology for 2 features: vAMM and Pynths. Chainlink provides live price feed of all the markets out there for our vAMM to execute properly. Chainlink also provides accurate live price feed of individual traditional and crypto to be applied on our Pynths.

Q5. What is the best way for someone watching today to get started with your project ?

A5. The best and the easiest way for someone to get started with our project is staking PERI on our staking dApp on his/her favorite chain. A user can buy PERI from both CEXs and DEXs and start staking PERI , pUSD can be minted with PERI as collateral. Then pUSD can be used to trade various crypto on our DEX.

Q6. What’s next on your project’s roadmap?

A6. We have a perpetual swap function on our DEX coming this Summer. This feature will broaden available options for traders using our DEX. Then PERI ecosystem will expand further into the NFT and DeFi world. Pynths’ use-cases will become much more dynamic. Our ultimate goal is to attract all the players from the traditional finance system to web3, more specifically, to PERI ecosystem.

Q7. Where can the audience follow you and your project?
A7. To learn more about the PERI ecosystem, feel free to join Twitter, Telegram and Medium. The link is as follows.

Twitter: https://twitter.com/PERIFinance
Telegram: https://t.me/peri_global
Media: https://medium.com/perifinance

Staking dApp | Dex DApp | Website | Twitter | Telegraph | Medium.

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