AMA Recap: Community call with CEO of Plasma.Finance

Date: Saturday — Aug 28, 2021
Time: 2:00 UTC
Link: https://www.youtube.com/watch?v=0SJP4jsGTfs

1. Max Krupyshev: Will we see investor transactions on the CPD token sale in real-time?

You will see the transactions for every purchase of coins on SpacePort. So, you will have this chart, where you see lines describing activity throughout the timeline of the IDO and you will see how fast the coin is selling in real-time.

2. KHB: Question to the community, why should I invest in Coinspaid instead of Plasma? What is so special about CPD?

This question is about CoinsPaid hence, please feel free to always do your own research whenever you’re investing in any coin in the crypto space and in DeFi. You can go to the CoinsPaid website and examine its token page on PlasmaFinance. You can also read the Pitch Deck of the company and see if you like what they are doing. Do you believe in their future? Do you believe that the biggest crypto companies for e-commerce will reach them and pull from their volume of billions of dollars in DeFi? If you can answer these questions and still believe in the coin, then you may invest.

As for us at PlasmaFinance, we do not opt to invest on CoinsPaid or any other IDOs on SpacePort. We are just like a technical provider of the platform and all these protocols launching on SpacePort are fully decentralized. We don’t even manage anything. Anyone can run their own IDO on SpacePort based on their own terms.

So as I said, do your own research on where you invest, in which company and in which coin.

3. TheNilil: When will governance be live? PPAY really needs it.

That question, I think, is relative to PPAY and PlasmaFinance’s development roadmap. PPAY already has governance aspects ready for deployment. But firstly, we need to manage the current protocols and deploy them as planned on our roadmap. The next action will then be to link them with the governance before leaving it to perform on auto-pilot. Once this happens, governance will be turned on and we will follow every request from the people on how to manage all these protocols, manage all the fees of the protocols, etc.

So, the first step is to finalize our roadmap and these protocols, which is scheduled to happen at the end of this year. We will issue and launch a lot of new protocols. Most of them are stealth protocols. We decided to make them stealthy and not disclose any current roadmap updates to protect us from competitors. Each of them will be super huge, just like HyperDEX was. I promise you will love all of them. To be honest, I love all of them already. After we finalize all of these this year, I think we can run our governance. And with that, you’ll be able to vote for the next stages of the development of our roadmap or vote for the fees for a commission or any other events as they come up. You will also be able to manage the community allocation of PPAY tokens. So based on the governance allocation that will be managed through the governance function, will dictate how we spend on specific areas e.g whether we spend it on marketing, on development, etc.

And for the terms of governance, we need more PPAY holders. We need bigger whales who will participate in the protocol. Even in social governance right now, we need participants in the marketing of the project. We need investors, not just those speculating on price in the short term, but people looking to invest in the project for several years. Perhaps big names, big funds backing the protocols and who are really interested in participating in governance to help the project to grow.

Also, let me use this opportunity to share some information as regards our marketing because, in the last few weeks, a lot of people have been asking about it. I see a lot of smart ideas and suggestions in our community chat in Telegram so I want to do some kind of new way of marketing for PPAY; a new tactic.

So for now, when you join our Discord, you will see a channel called a #Marketing Proposal. If any PPAY holder or community member has any proposal for marketing, PR, collaboration on YouTube, blogger, Twitter or Telegram chat, or any other type of marketing idea, just put your proposals and ideas in this Discord chat. We will invest additional PPAY on any person who helps us communicate effectively using these marketing proposals.

PlasmaFinance is now one of the biggest DeFi platforms. We have around 50k users every month. These people use our market, trading tools, Hyperdex and several other features of our awesome platform. I am proud to share that the community in terms of protocol users is actually growing, even though some of these adopters don’t show up in our community and Telegram channels. There are actually a growing number of adopters using a ton of protocols.

We see the growth of the users of the platform itself and in the future, this will help PPAY to grow even more. Because what this means is that their transactions generated also go to PPAY stakers.

So if you want to propose marketing activities, perhaps you have some connections with vloggers, Youtubers and other people in the space, just put a proposal on our Discord chat and we will discuss how to organize AMA collaborations with other Youtube vloggers.

4. Romma SdM: I understand we will get a linear release of the CPD tokens. Do we need to pay gas fees every time we claim the CPD tokens?

So, the model of claiming of CPD tokens means that CPD tokens will unlock on the contract for each user and they need to claim this. Every claim from this contract incurs a gas fee on the different chains. I don’t think you need to claim the token every day on ETH but you can do it on Polygon or on BSC since the gas fee there is like a cent. You can claim any time, but each time is a different transaction. So you do need to pay a small amount of gas fee for each transaction.

5. holako2: Ilia when Gas Station please

Good question. As you know now, we are focusing more on new chain support like Polygon, BSC and Ethereum. We have protocols on all these now and also HyperDEX. As we have shared earlier in our community, we will also discuss which chain you would like support for next. Gas Station is also coming, perhaps in September. But in the meantime, there will be several more stealth products and protocols for you to look forward to.

Gas Station is the protocol wherein you can make a transaction on any chain and pay the gas fee in any stable coin or even in PPAY. Hence we see this as part of PlasmaFinance’s revolutionary product for the market. It’s a technologically robust feature. And to be honest, I’ve never seen anything like it on the market and even if you were to see an attempt to develop it, people would raise a ton of money just for R&D. Yet we are doing it in parallel with other protocols that we deploy so it will take time as it’s a complex development process. Nevertheless, we didn’t change anything from our roadmap and as it will be ready, it will be deployed on-chain.

My question to the community now is based on the current situation where we do a lot of DeFi stuff, like lending protocols, protocols for options, and other complex professional features for financial markets to build an investment bank on DeFi and on the blockchain. But also, a hot topic now is NFTs. So, I’m throwing this open to our community. If you have some ideas on how we should approach it, or if we should follow this hype at all and build something for the NFT market, share it on our Telegram group. I’m interested to know your thoughts on the right role for platform development or if we should just focus on DeFi and all these existing features on our roadmap.

6. Bojan Dr: When Hyperloop sir?

Hyperloop and HyperDEX are parts of one infrastructure along with Gas Station. HyperDEX reflects the first part of Hyperloop deployment. The next part would be bridging all the chains that we have connected to with the Hyperloop bridge so it will work together with HyperDEX.

If we decide not to move forward with NFTs, we should be able to continue Hyperloop development in September. But we can look for a way for you to vote on what you want on PlasmaFinance right now as there are many interesting ideas.

Hyperloop and Gas Station are technically difficult protocols, so we’re developing and testing them but we do need to question if these should be what we spend all of our time on now. Should we focus fully on Hyperloop or do we still need to do it in parallel with other important protocols for the platform? I’m hoping for some opinions from the community on social media and Telegram, so I welcome further discussion there.

7. Timothy S: Who is responsible for all the graphics and visualizations, cyberpunk vibes. It all looks amazing

I’m responsible. I love design, I love product designs, I like typography. I spend some of my time drawing and creating pictures. We also have some creative guys in our groups like Airdrop Hunter who create a lot of cool stuff and gifs for us.

8. Aathithyan Saravanselvam: Can we expect native derivatives with leverage in Plasma?

This is one of our stealth products. If you can imagine now in PlasmaFinance, we’re trying to build products similar to actual financial services. We’re talking about derivatives stocks, stable coins, leverages, lending, options. All these protocols exist in the real world and are still less adopted and with only a few projects attempting them in the blockchain.

So as we try to bundle all these protocols in one place, we need investments in real banks and all these services in one place, which is why we have all these ideas to build these protocols for you in a single place. Again, we have very limited resources so we need to decide where we focus on next. So would you prefer options, stocks, or NFT tokens on PlasmaFinance? Let us know and discuss on Telegram.

9. Benedito Silva: I don’t understand why xPPAY holders don’t have guaranteed allocation at SpacePort… would you like to understand why holders need to submit the lottery? Establishing a period of 15 min is a lottery.

The current allocation itself is only designed for centralized launchpads. The lottery mechanism sounds like a nano mechanism inside each centralized launchpad. So, you never know why you win or not. It’s like a black box.

When you are doing a launchpad that’s fully decentralized on-chain with smart contracts then you can do this kind of guaranteed allocation or lottery because it doesn’t make sense for the protocol itself, so there are no such mechanics on the chain, you can do it manually.

As SpacePort is fully decentralized, we need to be transparent and we don’t have any way to get or take features away from anyone. This is just a kind of priority of holding, allowing faster participation but it’s not a guarantee of anything. It’s all first come first served. So that’s just one probable design in a decentralized launchpad.

10. Bojan Dr: How big is the PPAY team?

Now we are around 20 people. Most of them are developers, as you see, not many people with the marketing team but we are working closely with a few big agencies who support Uniswap and ADA. We will also drive our public relationship with PR and media.

But the team is focused on the development of many products. As you remember, we still have Plasma Pay and we’re still developing that. I think maybe at the end of this year or next year we will provide more features like bank accounts and banking cards with Plasma Pay and PlasmaFinance.

So our team is currently split between Plasma Pay, Plasma DLT, our blockchain, and PlasmaFinance. It’s not many people doing these difficult roles.

11. Question about marketing

We get a lot of questions about marketing, and now I understand better how marketing within our industry works. Presently on the market, all these protocols like Uniswap, 1inch, Yearn Finance, all these big guys, are backed by huge VCs. As a result, their marketing isn’t as transparent to people using their protocols but it’s clear for me as we’ve gained the relevant experience on this stuff.

When you see protocols handle money on marketing like with Uniswap, which has billions in funds, they spend vast amounts on marketing, funneling all of this money into the market. There’s almost no possible way for projects much smaller than them to compete when it comes to paid marketing.

The only viable marketing strategy for companies like us is word of mouth, nothing rivals this. So it is very important for the community to help us spread the word about ourselves, what we are doing, explaining to our friends and family. Share our posts on Telegram and on Twitter. A second strategy is just to be more active with Youtubers, vloggers, AMA sessions but to be honest, they are super expensive and not really effective right now. So we’ve tried several vloggers and don’t see any returns for that and are now left needing more capital to spend on our budget.

So that’s why I propose for you, if you have some marketing expertise if you have a network, vloggers, ideas, just share it in our Discord and we will discuss how much money we are going to spend on that and what effect we can expect from it. But now, most of our users arrive from referrals, referred by our friends and our community and we have a pretty good rate of user base growth on PlasmaFinance.

So I don’t really see any problem with our marketing. It just takes time for the adoption of the protocol. Even the likes of Uniswap started the protocol in 2019 and only at the end of 2020, people started really using it. So take into account that we need time for adoption and to build better UI and better protocols.

12. nemphilis: What are the perspectives for the end of this year?

In terms of development, we have a few big sales products that we are working to release at the end of Q4. We are actually targeting a one-stop-shop in DeFi so we should support all the functionality of DeFi in one platform so you don’t need to go anywhere outside the platform to conduct vast spending, lending, borrowing, etc. We want to bring all these DeFi tools into one platform by the end of the year. Maybe if you ask or vote for some creative idea, we could look into doing that for you too. In summary, a lot of things will happen this year.

13. Aathithyan Saravanselvam: Any idea to raise funds from crypto-based VC firms?

Yeah, we are a pretty young protocol right now. Maybe you saw on the news and the market right now, a lot of big protocols, let’s say 1inch, are trying to raise now, $100M, with a capitalization of almost $3B. So to raise capital from big VCs, we still need to grow our community and adoption of the protocol and user base but I think by the end of this year, we should meet this target and then I hope we will be able to raise from big VCs and put their names on our website.

I’m hoping all this positive stuff will happen this year, with another 3 months still left, everything should be fine and we hope to be backed by the biggest VCs as the one-stop-shop for DeFi and as the biggest protocol in DeFi.

14. Bojan Dr: When will more coins being added to the circulating supply? Do we have to be worried because of the possible inflation?

As you can see now, the circulating supply of PPAY is growing but actually, it’s only on the numbers as there is no actual growth of circulating supply. It means that many of the allocations that we had on the PPAY contract are locked for 6, 12 or 24 months as part of the vesting mechanism. As time passes, these are simply unlocking on the contracts with our staking mechanism. But take note, they aren’t actually entering circulating supply.

With our cross-chain functionality, we also try to split the circulating supply on the different chains and you don’t need to worry about these numbers because they’re not the real numbers of circulation and of the trading volume. There’s also no need to worry about inflation as we don’t like any tokens to go to market without special needs for that, so we don’t spend any coins. Our team tokens are locked for 24 months, our community is using coins for xPPAY rewards as an additional reward for the weekly stake rewards.

There is a very small amount that goes to the market, joining circulating supply, but most of the unlocked tokens are still sitting on the smart contracts and are not claimed.

Most of our investors from Telegram sold their tokens at a good profit in the last year. So now as we see on the price chart, a lot of people joined the project at a very good price. I think, for now, there is no barrier to token growth in the near future. As I said earlier, we just need good adoption of the protocol and the community’s help with marketing and PR.

15. Mark Thomas: Coinbase wallet is experiencing problems with the wallet connect feature, can this be fixed?

First of all, Wallet Connect is an external protocol so we cannot really fix anything directly from our side. So if you are experiencing any problem with Wallet Connect, you need to go to Wallet Connect and ask them but if you see the problem exists in the PlasmaFinance platform just send this problem or screenshot in our support chat and we will fix it as soon as possible. We are trying to have everything working on our platform but it is already so big, with all these connections for wallets, it’s already hard to support but if you have any problems just ping us in support.

16. Jacky Greenhow: Do you have an expected date/month for governance?

I think this should be around the end of the year. To run the governance, we need to finalize all our protocols for DeFi that are on our roadmap because we can’t run the governance without that. We also need to grow our token holders a little more so we have much more power with the different strategic investors who are going to vote in the protocol’s interest.

17. Oleksii Victory: When Binance?

I passed this question

18. Ysf41: Will there be a CEX listing for $ppay soon? Is there any CEXs you interview?

Regarding centralized exchanges, they are all coming, there is no problem with them. I’m only concerned about the control they may have on the coin. Let’s say you list on Binance, then Binance controls almost all the circulation, the governance of the token, and as we are really trying to build the decentralized future for DeFi, we need to keep some distance from centralized exchanges that won’t allow us to control what we can do. So all these big exchanges are on our list right now. There is also the question of when they list us. Some waiting lists are 3 months, others are even 6 months but almost all of the DeFi exchanges will list PPAY over the next year. So don’t worry about that, these things take time.

19. Jacky Greenhow: When sleep?

I almost never sleep, the sun is always here so I’m always working on the platform and on the development.

20. Rog: What was the most difficult challenge during the development of SpacePort?

SpacePort is the first of its kind in the form of a decentralized Launchpad. The SpacePort contract is like a combination of a big factory of contracts. You can read it on Etherscan or any other scan, you can read all these contracts and they are all DeFi. You will see around 10 contracts managing all the aspects of SpacePort IDOs. As anyone can create an IDO, there are different fields and options they can fill inside the contracts. All these need to be managed on-chain by all these smart contracts. So it was hard stuff building this kind of architecture of contracts. Moreso, it was also hard deploying all of them on different chains since Polygon and BSC is a bit different from Ethereum. When you work with the contract and when you work with the dApp, then you encounter some difficulties with all these chains.

But now it all works perfectly and I hope you can see how cool it will all work out with the CPD launch on the 31st of August.

21. Romma Sdm: Is there any upcoming IDO after CoinsPaid?

Now, as you see on the platform there are two pages. One is called Innovation hub and the other is called SpacePort.

Any project launching its own handmade IDO will launch on the Innovation hub. Here, you can come, create a token and create an IDO without any restrictions.

On SpacePort, we support highly selective IDOs, choosing quality projects and teams with good products and vision that fit into our philosophy of development. Soon, we will target to take on perhaps one project per month and we will incubate them and help them with all the token design, IDO design etc., and put all our efforts on the launch of this project. I expect another one or two projects till the end of this year on SpacePort and maybe many of them in the Innovation hub but always do your own research. Don’t just believe what you see in Innovation hub or SpacePort. You need to check everything and research everything and be a smart IDO investor.

22. Rog: Can you tell us a bit about how HyperDEX is different from 1inch?

Actually, there are a few DEX aggregators on the market, and one of the most popular is 1inch. So what’s different between HyperDEX and 1inch? It’s a very good question since the idea is the same, you just aggregate the liquidity and roll them. But I think the key difference is in how we realized and built this protocol.

I can’t directly compare it with 1inch. You can compare the rates on HyperDEX and 1inch — sometimes the rate is better, sometimes it’s worse but we don’t take any fees on HyperDEX. This may change in the future, as I know from 1inch they took these fees from the trades from the cost of slippage and they also have this kind of private MM pools. So actually we don’t know what happened with the 1inch protocol and how they are doing that.

But if you compare it with the rates that you get on HyperDEX, it’s sometimes better but the difference is very, very small. It’s just a different implementation of the architecture of the protocol itself but the idea is the same. We are just trying, as I said, to build every DeFi feature and need in one place, all these protocols in one place, so that’s why we took these different ideas in the market and put it all together in one UI for the user.

23. Eidolon Seer: Is HyperDEX continuing to be tweaked/improved? Lots of people bring up how it didn’t give them the best rate or maybe the savings amount didn’t make any sense. Could this be a user error?

The next HyperDEX update will be for limit orders. Right now, HyperDEX is just market orders but the next big update will very soon make limit orders available across all the blockchains, on Ethereum, Polygon and BSC. So that’s a big improvement of HyperDEX and it’s very close. Of course, we will improve every product that we build. It just takes time and focus.

24. breakdowntobuildup: With Hyperloop being a multichain bridge, are there plans to have similar functionality Anyswap/Multichain swap function within the DEX?

Hyperloop is actually a kind of “bridge of the bridges”. So Hyperloop connects HyperDEX between different blockchains and builds a bridge on top of the bridges. That’s the idea behind Hyperloop.

Hyperloop should be at the end of the development roadmap because it’s kind of like just connecting the dots in different blockchains and I think we will have another like 2 to 3 chains to them before the end of the year. By then Hyperloop itself will be the big, big release because it will just connect all of them in one place as a bridge. So don’t discount Hyperloop, I think it should be completed at the end of the roadmap this year.

25. Jacky Greenhow: Connecting to Cardano could be good, ADAX, a Uniswap for ADA is currently pumping

Thank you for all the ideas about the support of different blockchains. Sometimes, I would like you to sit in our chairs a little while to understand how complex it can be to integrate other blockchains. We have to consider the user experience around it, which chain to integrate, which wallets it supports, how big the community and the user base are, its volume, and all that.

You can easily spend another month or two integrating a new blockchain, so we welcome your suggestions, but would love you to do some research, identify how useful they might be, and compile these evidence-based facts into a solid proposal for us to argue for which next blockchain you’d like us to support.

26. Bojan Dr: When Plasma Game

We have some games on our blockchain right now but it’s kind of a stealth product because our team’s focus is on building PlasmaFinance to finalize it this year. Hence we can connect it with Plasma DLT and release this blockchain with all its new features. It will likely be a DeFi game blockchain but that will come just next year, I think.

End of AMA

Ok, guys, I think we are good here, let’s continue our discussion in the Telegram group. Thank you all for coming today to our AMA session. I’m really glad to see you here and I appreciate your support for our platform. Just subscribe to this channel, like this video and let’s chat on our Telegram. And for the next release, I think in another two weeks we will have another AMA session with the presentation of the new protocols and stealth products. So thank you one more time and see you soon.

🔥 Try HyperDEX on BSC now: https://apy.plasma.finance/#/hyper-dex

Plasma Wallet | Plasma.Finance DeFi| Telegram | Twitter | Reddit | Github

🚀 SpacePort IDO Launchpad:

Website | Telegram | Twitter | Substack | Launchpad Alliance