PERI Finance X Satoshi Club AMA Recap
Time: 11:00 (UTC), May 7th, 2021
Venue: https://t.me/Satoshi_club
Airdrop 500 USDT for the best questions, quiz answers in the AMA.
Part1. Introduction
Mary | Host of the Satoshi Club: Gareth, could you please tell us more about PERI Finance?
Gareth Bowles | Co-Founder of PERI Finance: Sure, PERI Finance 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. And also our project participated lots of VCs, such as LDCapital, Oneblock, Dasheng Capital and so on.
D. | Host of the Satoshi Club: Yeah, you have lots of VCs i have read your medium article today about strategic investment. Then Why did you choose PERI as building a synthetic asset?
Gareth: Okay, by the time I got the hang of the blockchain, I decided to build a platform called VCN which could have been a first defi project. And in 2018, I started the ICO with the prototype.
However, I had to drop it since the market wasn’t matured enough to accept the idea and I didn’t want to take any of multi-marketing money, returning to my existing business. After a few years of non-blockchain business, I looked back to blockchain space again.
Then I realized the market was mature enough to build my idea. That’s why I started the project!
You know, Defi offers potential growth opportunities for blockchain projects. The effects that DeFi has had on the crypto space are huge!
Part 2. Pre-Collect Questions from Satoshi club Official Page
Q1. As I see you have two IDO coming on KickPad and DuckStarter what are the details of those offerings? Also in DuckStarter the IDO is with ETH but in KickPad it is with BNB. Are those same tokens and do we need to hold any launchpad platform tokens for participating?
Gareth: Good question. They’re all same tokens only appear in different chains. They all have different form to join the IDO/IEO event, I think that giving each of their explanation page would be better.
Here’s detailed page as below,
Mary: Thank you! And which percent from your total supply will be distributed through IDO/IEO?
Gareth: We will distribute 90k token supply, so… that would be about 0.45% of total!
Q2. PERI finance is a cross-chain synthetic issuance and derivative exchange protocol that provide the opportunity to trade a wide range of crypto or traditional assets. You have said that the basic procedure in which this is done is classified into 4 steps which are: Assess, Market, Mint and Royalty. Can you provide some details on what each step entails? What is the importance of each function and how are they expected to be executed?
Gareth: Actually, these concepts are catagorized to explain NFT fractional, which will be added once our designed technologies are up and running after the successful transition to Polkadot.
But as our Pynths enables to play synthetic assets, basic logics are applied to get the same benefits: Easy access and widened trading markets, generating various assets by minting, and tailored rewards. All these are enabled because the unlimited liquidity.
D: When do you plan to migrate on Polkadot?
Gareth: We’ll about to migrate at July, Because Chainlink implementation will be finished on Polkadot.
Q3. PERI will implement two types of rewards and incentives, the first one is the PERI inflatonary suppy policy and the second one is the PERI Assets’ revenue, can you highlight the most important points of these revenues model and which one benefits the most to the holders?
Gareth: We were planning to manage the fund that we collected from the private sale, but due to the shortage of our resource, we may have to change the timeline about that. We’ll announce revenue models and benefits soon!
Mary: Got it! By the way, can you share your tokenomics with us?
Gareth: Will do, here’s PERI’s tokenomics details;
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.
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.
And 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.
Furthermore, The utility of PERI tokens, distribution of rewards or the collateral ratio can be changed later by PERIDAO.
Mary: Wow, community will decide?
Gareth: Yes, PERIDAO will decide by themselves!
Q4. On your website you describe the Pynths NFTs as a game changer for the massive NFTs market. Since NFTs are rapidly evolving and we see new ones being created each day, what are you contributing with your own NFTs? Can you tell us how work the Pynths NFTs? What are some of the utilities or features that make them a game changer?
Gareth: Absolutely. As many crypto enthusiasts are interested in NFT token, we’re planning to stake the fraction each of NFT. All The fractions are able to move to various exchange, also it is able to collected as “synthetic assets”. We are not making NFT assets, but NFT derivates products.
D: Interesting approach…so your NFTs will be look like piece of art, as we used to, or they will have some different appearance?
Gareth: There will be a variety of NFT even E-Sports and so on!
Q5. Hi PERI! I noticed UNI mentioned among the platforms using derivatives liquidity enabled by PYNTH. Will PERI support the new V3 UNI version? Does V3 require major adjustments on your part? Thank you!
Gareth: Sure we will. Although we launch our token in V2 UniSwap first I can assure you that we are going to move onto V3 Version. Stay tuned the further news!
Mary: When your token will be launched on Uniswap?
Gareth: 10th of May. IDO and IEO will take place on the same day.
D: By the way, after your IDOs and IEO will be successfully closed, are you planning some sort of liquidity mining on UNI?
Gareth: Sure we are, It will be Uniswap and PancakeSwap, both are our liquidity providers!
Q6. Users are given the opportunity to stake Peri and Pusd on your platform,nowadays we have platform that don’t give users access to stake unless the provide liquidity on their platform. Do we need to provide liquidity of the token before we can stake them on your platform. When do you plan to introduce more token to be staked on your platform, how juicy are your APY also?
Gareth: We stake PERI on USDC, not pUSD. And we provide almost unlimited liquidity through Debt Pool because it’s rolled as Liquidity Provider. Also, we expect APY to be skyrocketing because we create about 200k tokens each month.
Mary: How users, which are staking on your platform are protected? Is it safe?
Gareth: Good question, 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. Also, we are focusing on adding protection codes to the smart contracts for all known issues.
Mary: Is that third party audit report public?
Gareth: Absoultely! We get audited by Certik!
Mary: Awesome, can you share that report with our community?
Gareth: Yes, we are. If it is requested, we will be happy to share with you.
Part 3. Questions from Satoshi club users and Answers
Q1. We have known that Ethereum has higher gas fee with the transaction especially to DeFi projects, include vulnerability of being hacked too. What does PERI Finance establish as the solution for this issue?
A: Pynths utilizes Polkadot’s Optimistic Virtual Machine (OVM) that reduces the cost and time of transactions exponentially by harnessing WASM and Substrate. Using optimistic rollups and Polkadot’s Relaychains will enable PERI Finance users access to a wide breadth of both traditional finance and crypto assets in the form of leveraged and unleveraged synthetics products. Added benefits of using Polkadot’s parachain are quick transaction speeds at low cost without the risk of flash loans and front running.
2. Peri have a nice team that is ready to get the job done to the maximum, will you take into account the opinions, contributions, ideas of your community members at any time?
A: PERI tokens are also used for governance. We have created a PIP (PERI Improvement Proposals) system to collect community opinions, so that anyone can submit a PIP using 1PERI, and when adopted, the number of PERIs used for voting will be reflected in the system. The PERI used at this time will be returned.
3. TikTok and Youtube Videos are Making good role in Marketing, Impulse approached any influencers here? what marketing is the team focusing on?
A: At the moment we are focusing on contents marketing through medium and few SNS platforms, but we are definitly to open using tiktok and youtube as it serves different demographics and purposes. Pleasy stay tuned!
4. How do you keep your platform safe for Investors, and is your platform protected from hackers? And how do you manage if there’s an attack on your platform, including the personal data of your platform’s users? Is your platform ready for this?
A: We are well aware of recent hacking and exploit of the other defi platforms. We have had applied codes for all of known issues. We are getting all our smart contracts audited by 3rd party auditor like Certik. as per the personal data we don’t save any personal data because we are in decentralized ledger system, blockchain. All users need are wallets and assets in the it. That’s what it takes for using our platform including framing and trading.
5. Which of your token is good to buy the one on Kickpad or the one on Duckstarter?
A: Both of their platform are really good. I recommend users to choice which is more convinent, not which is better. I’ll send the link again about IDO Details;
https://kickpad.medium.com/kickpad-x-peri-whitelist-is-live-3b4c1e53ccf9
https://medium.com/duckdao/peri-finance-duckstarter-9f8cf86d4e9c
6. Peri Finance is having a white list IDO competition on Kickpad, what are the requirements to participate in this competition, what is it about and how long is it going to last?
A: At first, our IDO will be start at 10th, May
You should prepare by following things:
- Make sure to do whitelist ahead
- Needs to use a different wallet than the one you used for staking.
Please see the Kickpad’s recent announcement, thanks!
7. As I know partnership is really important because it can make your project growing fast. PERI Finance already announced doing agreement with Oneblockcapital and Moonwhale project. could you introduce to us what project are them, and what are the benefit the partnership for both of you? do you have plan to add other partner for now?
A: We have partnered with lots of VCs, Institutional Investors and some community driven funds who are the most valuable partners for PERI Finance up until now. We are now trying to announce one by one for giving people the idea we will be able to be successful with great partners. We are also planning to keep extending partnerships to Polkadot Parachain projects and top tier projects and traditional financial institutions. We believe we can grow only with great partners, we can not make it by ourselves. As PERI Finance is targeted cross-chain ecosystem, we will grow together.
8. Currently, many NFT platform projects such as PERI Finance give good news for art and investors. How will PERI Finance be unique and competitive in this environment?
A: We understand that Traditional artists and defi has a lot of gap between them. and we want to be the project that will work as a bridge between both aritists and defi community. Will try to reach not only art enthusiasts but focus marketing toward investors as a financial product. We hope it will bring another revenue for artists.
9. What is PYNTHS and what are its advantages for investors? What are the advantages and rewards of staking PERI in PERI Pool? Are there problems in the pool caused by lack of liquidity or resources?
A: We labeled Pynths as our synthetic assets which will be minted by users when staking PERI. Because it’s replaced ‘liquidity provider’ by our users in the name of PeriPool, ideally unlimited liquidity gives benefits back to our users with high rewards.
10. Q: Can PERI provide a road map for your future then is there staking, IDO on your road map?
A: Glad to. 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
Need more info? Check below for more information about PERI Finance!
Website: https://www.pynths.com/
Twitter : https://twitter.com/PERIfinance
Medium : https://medium.com/perifinance
Discord : https://discord.gg/FF8U8A458j
Telegram : https://t.me/peri_global
[Disclaimer]
PERI Finance team members will NEVER DM you first on any platform. There are multiple fake Pynths tokens out there. Do NOT attempt to search and buy Pynths token before an official listing announcement.
