PERI Finance X Satoshi Club AMA Recap
AMA Info
Date: 15:00(UTC), 31th July 2021
Place: Satoshi Club Telegram Community (https://t.me/Satoshi_club)
Promotion: Total $500 for Pre-Quiz, Live Question, Live Quiz Users
Part 1. Introduction
Gold Rocket | Host of Satoshi Club: Please remind us a little about the project😊
Andrés M. | Host of Satoshi Club: We have the AMA recap of previous incredible AMA. Let’s check it Satoshi-clubbers!
https://esatoshi.club/peri-finance-x-satoshi-club-ama-session-07-may-2021/
- Reminder: PERI Finance held an AMA session with Satoshi club on May 2021. Check the previous AMA Recap:
Gareth Bowles | Co-founder of PERI Finance: Glad to! PERI Finance is a cross-chain based synthetic asset issuance and derivatives decentralized exchange. This means PERI dApp will run on multi-chain networks like Ethereum, Polygon and Polkadot. Users can exchange synthetic asset, which is tokenized assets that have the same value as original assets.
Also, derivatives means that PERI Finance will provide leverage and inverse functions to synthetic assets.
Gold: Thanks for your great intro👏 What’s new with you during these three months?
Gareth: First of all, our staking dApp is officially opened on Polygon mainnet!
Gold: Wow! Congratulations!🔥 This is a big milestone👏
Gareth: Indeed, but it’s just the beginning of us:)
Andres: Let’s remember, what is the essence of PERI and which problems do you want to solve?
Gareth: Thanks Andres! We aimed to solve current issues on Ethereum Network like high gas-fee, low speed transactions with PERI Finance dApp first. So this is the reason that we chose dApp network for Polygon.
Gold: It really makes sense.
Andres: Great targets, is really needed to increase the adoption.
Part 2. Pre-collected Community Questions
Q1. I read an article that said you would launch on BSC Mainnet with a 1025% APY on staking. As a new investor, I’d like to know what are the specifics of staking with PERI. What are the requirements, what is the coin or token I should stake in, in what token do I get my rewards, is there any punishment for staking and unstaking constantly? Also, is that APY the standard or is there a minimum APY? How risky is it?
Gareth: As for new stakeholders on PERI Finance, we have released detailed guide by laymen’s term, I will give you links below:
For simple process explanation, users should
buy PERI on listed exchanges → transfer tokens by Polygon bridge → staking on PERI dApp.
We don’t give any penalities for staking-unstaking. And also for the APY, it’s up to daily TVL(total value locked) on PERI dApp, users can check daily APY on dApp.
Gold: It is easy enough to do it. Please remind me on which exchanges we can buy PERI?
Gareth: Sure thing! We have listed on Gateio, MEXC, and XT for CEX.
And users can swap PERI through ETH on UniSwap. Also, we will re-open Pancakeswap to BSC users very soon.
Q2. PERI Finance offers users a low gas rate and achieving transactions is faster as achieving these objectives if more than 1,000 users are doing a transaction at the same time that PERI Finance offers responsiveness and security at the time of a transaction?
Gareth: Good question. As I mentioned in the beginning, PERI Staking dApp is live on Polygon. They offers large amounts of transactions without issues, and providing services to users with low-gas fee. Also, we are doing numerous times of internal test, and bug-bounty program to users is still opened since this June.
So we can say that PERI Finance is fully-prepared with transaction bottleneck issue, and users can feel safe for it:)
Andres: That’s great, so there will be no problem with a congested network?
Also, have you done audits? Which problem did you find on your contracts?
Gareth: Yes, we had many times of intense test of our dApp! Also, we have done code audit on Certik without any critical issues.
Although the code report was not 100% resolved(91% actually), but that issues were about styling code, not for serious malfunctions on dApp.
Q3. How did it happen that a hacker was able to steal 61,000 PERI from ChainSwap? How did you manage to block the address of a hacker who managed to withdraw tokens? Share your experience of fighting hackers and how do you think it is realistic to protect yourself from hackers by 100%.
Gareth: Right, the previous ChainSwap hacking issue was serious thing to us too.
As we’ve noticed that problem, we bought all of amounts of PERI that hackers dump on exchange to protect users’ assets. And we blocked hacker’s wallet to prevent additional transaction immediately.
Therefore, we can say that PERI Finance has successfully preserved all of users’ PERI assets.
Here’s the Etherscan history about this issue:
https://etherscan.io/address/0x65e393bb8c9f5e6ee4238c3b8863506f76789880#events
And this is detailed announcement about Chanswap hack:
Gold: How did you manage to block the hacker’s address? It was not easy it seems to me.
Gareth: Yes, by finding transaction changes on our smart contract, we have found the hacker’s wallet immediately. And our dev team freezed that account very quick.
Gold: 👏👏👏 Great job guys!
Gareth: Thanks! Our dev team worked it very well.
Q4. PERI Liquidity Pool depends on the amount of PERI in the stacking.
PERI Max Supply: 20,000,000,
So the liquidity is limited to this amount.
Question: What if you are very popular and trade large amounts? How will you be able to ensure minimum spreads and the ability to execute contracts?
Gareth: We know that many of users struggling to participate Polygon’s staking dApp, so we are going to provide staking dApp on multi-chain network. This will start on BSC within 2 week, and ETH Mainnet later.
We expect that this will let users to join staking dApp more, and this will give more abundant Liquidity pool.
And the question was about large amounts, and I think dApp on multi-chain will be helpful for this answer.
Q5. As we see NFTs and related projects are on the peak of the hype lately and will be very popular in the foreseeable future. I see that Peri is no stranger to NFTs either and introducing Pynths’ NFTs — linked synthetic assets that promise to be a game changer for the massive NFTs market. Peri plans to show its uniqueness in the Pynths’ NFT ecosystem and greatly reward and monetize artists and investors. Please elaborate about the Pynths’ NFT ecosystem, how does it benefit both artists and investors at the same time? What are the unique features that only Peri provides in the rapidly evolving NFT space?
Gareth: I think most of Satoshi users know that NFT market is a talk of the town in the blockchain world. PERI Finance will launch NFT fractional assets service to liquidate NFT easier.
This is also a kind of synthetic assets, and users are free to trade on various crypto exchanges.
Andres: The NFTs will have use-cases or will be only collectibles?
Gareth: Well, I will answer it with an additional explaination. By users making NFT fractional assets, they can encash some amounts of NFT and making additional staking. So we can say that this would be an additional usecases for NFT.
Q6. PERI tokens are used for governance. You have created a PIP system (PERI Improvement Proposals) to hear community opinions. So,can you explain more about this system? How can anyone of your community contribute to PIP system? How does proposal being submitted by the community and how it will being sort out and evaluated by your team? What are the advantages and benefits that PIP system will bring to PERI network and to the community? For those community that will be part of PIP system, can they get any community incentives or benefits from PERI Global?
Gareth: PERI PIP is a name of PERI ecosystem governance. Users can suggest their question with 1PERI, and question approval is decided by user’s staked PERI amount. It means that this would be a kind of ‘council’ on PERI Finance ecosystem. And this system will open on December of this year.
Gold: Wow, a lot of amazing events are coming for PERI, please share your roadmap with us to check it in detail😁
Gareth: Sure! Here’s roadmap of PERI Finance on 2021:
- Technological Implementation from Various Projects (August)
Chainlink Price Feeds, Polygon Network, MakerDAO’s DAI Stablecoin etc. - Launch PERI Decentralized Exchange Service (September)
Create and Trade diversified Pynths from PERI DEX
Other Crypto tokens, Forex, Commodities, etc. - Launch PERI NFT Decentralized Exchange Service (October)
Generate NFT Fractional Assets by staking NFT on PERI Vault - Launch Pynths Perpetual Futures Service (November)
Add leverage to Pynths up to 20X - Launch PERI DAO(Decentralized Governance of PERI Finance) (December)
Users can decide PERI Ecosystem agenda by voting with PERI token
Part 3. Live Questions from Users
Q1. From you roadmap, it says you will Launch Pynths Perpetual Futures Service in November. Can you tell us more about this?
A1. PERI will give users to users Perpetual Futures Service. This can make users to invest various synthetic assets on short/long position with up to 20x leverage.
Q2. High gas fee & slow network are the main issue with platform, How does Peri solves this problem?
A2. The main reason for using Polygon is low gas-fee, swift transaction. PERI Finance recognizes that transfering their asset from ETH to Polygon is still complex, so we keep making guides on official medium blog. Please check on our website!
Q3. Can You explain more about “Synthetic assets” in simpler terms?
A3. Sure, ‘Synthetic Assets’ indicates a token that has the same values with another asset. For example, pUSD which is basic synthetic assets of PERI Finance, values same 1USD in real currency. And for stocks example, like if we make pTSLA for synthetic asset, this price goes same with real Tesla stock.
Q4. You mentioned that Total Supply of PERI is 20,000,000, and This means that changing the price of PERI token will affect the liquidity of the pool, because PERI Liquidity Pool is created by staking PERI and minting Pynth called pUSD. And when the price of PERI will decrease, and competitors can influence the price specifically by selling PERI on exchanges, the value of the pool will decrease. How can you protect the liquidity pool and make it deep enough?
A4. I think this problem is occured by PERI price drops that you’ve mentioned about. We are keep achieving our milestone, doing numerous marketing events, and improving our dApp steadily. You know that surely we can’t control the price, but I think this will make PERI price go up.
So this is the reason that we’re compensating for user’s continuous support of PERI Finance by participating staking program.
Q5. I know that English is a popular language …But do your project plan to spread awareness of its project in different countries where English is not good? Does your GREAT PROJECT have a local community for them to better understand PERI project?
A5. Yes we have. We’re currently managing China and Korean local PERI community.
Q6. 61,000 PERI have been hacked. What are the impacts in tokenomics and token supply of project ? Has there been any changes? What have been done till now of hacker wallet address?
A6. As I mentioned previous question, the hacker’s wallet is successfully blocked, and tokenomics/token supply is not changed by this issue. Users also able to check details on our smart contract history and medium announcements.
Q7. Is it possible to buy PERI without having to go through the KYC process?
A7. If you want to buy without KYC, we recommend swap on UniSwap. Pancakeswap for BNB holders will open soon, so stay tuned for upcoming news:)
Q8. What makes PERI Finance unique and different from other projects?
A8. So many things we have!
We will launch dApp on multi-chain, provide synthetic assets DEX with NFT fractional assets, leverages, having lots of major tech integrations like Chainlink, Polygon, DAI and more soon. These things are different from any other Defi Projects.
Users can join these services by staking dApp, so we highly recommend users to stake PERI before other dApps will open, and claim reward!
Q9. Burning tokens makes tokens rare. Does PERI Finance burn tokens to stabilize the reward and create a limited supply with high demand?
A9. As you see on the tokenomics, total supply of PERI token is relatively lower than other crypto projects. So we don’t have any plan about burning PERI now.
Q10. PERI holders staking PERI and minting Pynth called pUSD, what will pUSD be used for?
A10. pUSD will be used for buying various synthetic assets in PERI Exchange. We called ‘Pynths’ as PERI synthetic assets. So pUSD will be the basic token of PERI dApp. And users can mint pUSD by staking their amount on our dApp.
About PERI Finance
PERI Finance is an innovative synthetics issuance and derivatives market that utilizes blockchain technology to supercharge trades through its protocol.
PERI Finance allows accessing a wide range of both traditional financial and crypto assets in the form of leverage and non-leverage synthetic products. We empower users with the lower GAS fee, speedy transactions, and ample security from front-running or flash loan.
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