Community Call May 4th, 2021: A Recap
We held our fourth Community Call yesterday on Tuesday amid an all-time high for Ethereum and the DeFi ecosystem.
Our CEO Ilia Maksimenka took on as many questions as we had time for, and we had a great session, so as usual, we publish a summary blog post so those who missed out can review the discussions.
Latest Roadmap Updates
In terms of roadmap development, first, the Stealth DEX update, which we believe will be a really huge project scheduled to be released in May on PlasmaFinance, with 70% completion in terms of smart contracts and security audits. Our development team is scaling and can take on more projects, promising cooler stuff in the future!
Next, Limit Orders are being played out in testnet so will be delivered very soon on the front end, with an announcement next week! We’ve written about it before in this blog post, but essentially, you’ll soon be able to use Limit Orders on PlasmaSwap AND Uniswap v2 just like you would on a normal CEX. As we aggregate more DEXs, you can do Limit Orders on all these different AMMs.
Good news also for Android users as the Android app is being finalized and it will be released soon into production to connect with DeFi on PlasmaFinance.
Flash Rebalancer is a great tool to optimize liquidity migration, doing it in one single transaction instead of four as on regular DEXs. We’ll now be pushing out Rebalancer v2, to migrate liquidity across PlasmaSwap, Uni2, and Uni3 when it goes live, thanks to PlasmaFinance.
Gas Station and Hyperloop — we are not stopping the development of these features but we have to change the infrastructure due to changes in the block infrastructure of Ethereum (due to ongoing upgrades). With Hyperloop, we focused only on integration between ETH, Plasma, and BSC, but now as ETH 2.0 goes to PoS, we started building bridges from Hyperloop to ETH 2.0 — and this means we will interact with ALL Layer 2 networks atop ETH. This will be huge and help the adoption of L2 solutions, with different features other than gas optimizations. PlasmaFinance will migrate with all these different features — not just cheap gas! Because of the new tweaks, we now foresee additional development needs, pushing their timeline to come at the end of summer (Q3). But these “gaps” will be filled instead with many other products like SpacePort!
Ilia also appreciates all the community feedback and encourages more discussions on development roadmap topics, so keep them coming!
SpacePort IDO Launchpad
Ilia first came up with the idea when seeing IDOs rise to popularity in early 2021, and saw SpacePort as a catalyst for full adoption of PlasmaFinance infrastructure, as SpacePort would be fully integrated with the entire ecosystem and PPAY, giving incentives to PPAY holders.
Unlike other centralized launchpads, SpacePort is fully built with smart contracts, with customization tools and processed in the model flowchart above being managed by contracts themselves.
There will be 2 types of IDOs on SpacePort: a self-managed one that can build their own IDOs with smart contracts deployed. We will have no role here except to provide the platform. The second type is our incubator program for what we identify as solid projects that we’ll support with our community and VC backers.
xPPAY holders with at least 20,000 xPPAY are prioritized in the First Come First Served model, able to access these new IDOs at the earliest stages. People who don’t hold PPAY will be able to enter at later public stages if there are any allocations of tokens left. Usually, popular IDOs have early allocations bought up early by token holders, and we believe xPPAY holders will also do the same, but this doesn’t lock out regular people, it still gives them a chance and if they want a guarantee, then they hold xPPAY — hence, a more democratized IDO model.
Uniquely, investors’ tokens can be made to be always vested through smart contracts in SpacePort. This means zero selling pressure, helping the project grow organically in the market, protecting it from dumping. Funds collected from all interactions will also go back to PPAY holders — for example, gas fees and authorizations. So PPAY holders always win!
IDOs launching on SpacePort can also benefit from automatic liquidity pools created on PlasmaSwap after a successful IDO is completed. LPs don’t go to the dev’s contracts either, but to the vesting contracts with periods decided by projects. No chance of rug pulls as long as vesting contracts are active! Not manually, automatically.
With our latest dashboard update, you can see Launchpads that shows all the major launchpads, with their past and upcoming projects, with all their metrics of each token and launchpad itself. See for yourself the total percentage of funds raised and ROIs, along with their traction, and analyze the success for yourself. We ourselves have already done a huge analytical job of this and we believe the SpacePort model is the best and optimum implementation, learning from the experiences of what’s out there.
Finally, a small portion of IDO tokens is also directed to the governance contracts. Governance of PPAY will be able to decide on what to do with these, there are many use cases but this is entirely up to PPAY holders to vote on.
Transparent IDO information and analytics
As you can see from this sample sneak preview, you can see all kinds of information of IDOs on SpacePort (which will launch on PlasmaSwap). You can even see the percentage of DEX liquidity lock, which is the percentage of funds that will be locked into a Liquidity Pool on PlasmaSwap if the IDO is a success.
We will implement here a soft cap and hard cap measurement — soft cap raise is the minimum to be considered as a success, and the contract will automatically open a pool for these IDOs.
On the other hand, if a soft cap is not reached, then the IDO is considered unsuccessful, and all funds raised will be automatically returned by the contract to investors!
Each project will also have its own IDO tab, where you can see all kinds of analytics and information, including where they have liquidity and where they are trading on. You can even schedule upcoming IDOs to your calendar;)
You can see full token economics including circulation, all grabbed from smart contracts on-chain so you know you are seeing true data that you won’t normally find anywhere else! From vesting period, to locked up periods, to locked liquidity and social allocations (a lottery-style manner to guarantee allocation), you can see everything transparently, so you know yourself how safe the IDO you are looking at is, and at what stage they’re at, and what performance they’re having. Whitelisting is also optional for projects, and you will be able to see this on this page transparently.
Your IDO participation is also easily visible in one place, under a “Ticket” system (holding 20,000 xPPAY qualifies you for a ticket) that tracks your IDO participation portfolio. It’s never been easier to look at your IDO portfolio from one single dashboard!
Quick-fire Q&A
Assets for investments: We will provide projects the ability to choose the tokens they want to raise funds with. Currently, these are ETH, USDT, USDC, DAI, and PPAY.
xPPAY vs LP tokens: Only if you hold xPPAY will you be rewarded with trading volume from PlasmaSwap and IDO participation. It’s more profitable as such to hold xPPAY than LP tokens.
Hyperloop and ETH 2.0: 1st layer may be BSC but we are also building with ETH Layer 2 protocols. Cheap gas fees that will come with ETH 2.0 that may come this year won’t impact Hyperloop coming because there are many more use cases other than gas optimizations, and will help with the adoption of all markets. It will solve issues of gas fees, of liquidity, of anonymity. Hyperloop is a bridge to other Layer 1 and Layer 2. ETH 2.0 still needs bridges that are more decentralized so is still highly important as a feature.
Lockup periods: These vesting periods can be from days to months, and is dependent on the projects’ decision.
Fiat on-ramp: PlasmaPay is fully integrated with cards and wallets for on-ramp and card issuance is being worked on. When there is a more realistic date for the card program, we will announce it.
Multiple Verticals: All verticals, of which SpacePort is only one, will provide the entire tools and services for DeFi on PlasmaFinance. This includes protocols, tools, and every feature we develop. We aim to aggregate all the liquidity from different sources by end of the year.
SpacePort: Many IDO launchpads are centralized and are issuing very low-quality projects on board. But we are focusing on high-quality and solid projects that we hope can achieve a strong community staying and building for the long-term.
SpacePort will allow the democratization of projects, allowing projects to do their own thing according to their own rules, where users have to do their own research. The only way to currently find good projects is through CoinList but this is a centralized platform and we want to provide a decentralized alternative so good projects don’t have to wait in queues to join exclusive clubs.
Incentivization for providing liquidity: Unlike other platforms that are providing a lot of liquidity incentives, we don’t see this as part of our strategy because they aren’t sustainable. We saw for example Sushiswap and 1inch stopping or failing their liquidity mining program, while other big protocols are dropping tokens on the market to try build liquidity. You often see upwards of 10,000% liquidity growth during campaigns but as soon as the program ends, liquidity drops entirely.
As can be seen from huge centralized platforms which keep burning tokens, smart liquidity comes on big platforms to get these rewards but will always return to decentralized infrastructure in the end.
On SpacePort, projects themselves will create additional liquidity incentives to grow their own volume. We believe this is more organic and healthier for the token without selling pressure as they’re not simply “airdropped”.
Most highly-incentivized models can be implemented on wealthy infrastructure but PPAY has a very limited token supply and we reserve half of it for governance. Once governance switches on, PPAY holders can decide what to do with PPAY, including using them as liquidity incentives!
Uni3 and coming DeFi trends: We are definitely building PlasmaFinance to integrate with Uni v3 and other upcoming DeFi technologies and optimizations and this is precisely what we aim to do overall with every new feature. To bring the very best of DeFi under one roof, so that it doesn’t matter which service or product you choose, you can access it from one place, and still bring all that value to PPAY holders.
Ticket price or SpacePort IDO investment tiers: For the first IDOs, we plan to set the minimum amount for holders to be 20,000 xPPAY and we will see how this works out. In the future, it could be different values, based on our experience with the initial IDOs. This could also depend on PPAY price.
Whitelist restrictions: This depends on projects, some will do fully open ones but some may choose to have whitelistings. This is entirely up to projects.
To summarize
So it’s clear that SpacePort isn’t just a separate project but a deep part of PlasmaFinance. Its goal is to bring in more projects to the platform, bring more liquidity and activity, ultimately bringing value to PPAY holders. We want to be a CoinList for DeFi, with sophisticated due diligence on new projects to bring you the highest quality IDOs only — this means not many IDOs, perhaps 3 or 4 a month, but the ones backed by the best influencers and highest quality VCs! In the future, we will be looking to collaborate with BSC launchpad to have the possibility of dual IDOs so projects can launch on both platforms.
We hope you enjoyed the Community Call as much as we did, rest assured we are working very hard to continuously bring organic and long-term value to PlasmaFinance.
Watch out for our first IDO, coming to you in the next few weeks!
Watch the full May 4th 2021 Community Call with PlasmaFinance CEO Ilia Maksimenko on YouTube.
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