AMA TRANSCRIPT: Polystarter x Polygen
If you missed our recent AMA with our latest launchpad partner, Polygen, this detailed AMA Transcript can help you learn all that transpired during this session. Mike Hepburn and Suneel Anand from Polygen joined this session to highlight their project, its USP, the mission, roadmap, the reason to choose Polystarter as their launchpad, and more.
This transcript holds all the details you would like to know before joining the upcoming Polygen IDO on Polystater. So, without a further delay, let’s keep scrolling now.
Host: Hello and welcome to the Polystarter Community @MHep_PGEN, @SunPGEN ! Let’s start by getting to know you first. Could you please introduce yourself to the community?
Mike: I moved to the UK from Canada in the 1990’s to do my Masters Degree at the London School of Economics and never left! I have been mainly working in VC-backed tech start-ups for the last 20 years. The world oy crypto looked like a lot of fun and fast-paced so made the move this year.
Suneel Anand: I am a technology lawyer currently based in India. I have a master’s degree from Leiden University in Holland and specialise in emerging and disruptive technologies more specifically in the crypto and blockchain space.
Q1. Can you share what motivated you to start Polygen and what are the main features that set Polygen apart from the existing solutions in the market today?
Mike: I joined Polygen as CEO earlier this year since it has a world class development team behind it and a great incubator — SL2. Polygen aims to be the “Community’s launch pad” and to bring new thinking to the launchpad space. We believe that IDO launchpads today limit innovation and experimentation by taking a “Gatekeeper” approach. Only a select few Projects are ever chosen by launchpad Investment committees. The result is that great projects may miss out since they do not meet the Gatekeepers strict criteria. We think there are 3 main features that set us apart
- Polygen is the only multi-chain launchpad with no Gatekeepers. Anyone can launch any project.
- Projects have complete flexibility to create their own customised IDO.
- Polygen is not just an IDO launchpad but a fundraising marketplace supported by a diverse ecosystem.
Q2. Could you tell us more about the Community — Based Liquidity Seeding? How does it enable the community to be more involved in the process of fundraising?
Mike: This is a key feature of Polygen and one that we are very excited about! Apologies in advance for the long answer… lots to tell you 🙂. Our liquidity seeding feature allows Projects to raise their liquidity for their raise pool and build a community around their project. In the past, Projects had to provide liquidity themselves which can be a financial burden. Now, when a Project creates a raise on Polygen, they specify how much seed liquidity they require. The Project also sets the reward for providing seed liquidity (ie 5 USDT per 1000 USDT)
It is risk-free for the liquidity investor as well since the funds are held in trust and simply returned if the Project does not reach its target. The concept is that Community members can come to the Polygen DApp and look for projects they love and believe in. When they find a project of interest, they can provide liquidity to help the Project and earn rewards. There is no whitelist or lottery to provide seed liquidity! Provided you pass our KYC process, you can participate! So liquidity seeding has three huge advantages:
- The community gets immediately involved in Projects they love to earn great rewards risk-free. We believe this type of community will be more interested in the long term success of the project, not pump and dump.
- For Projects, they can raise liquidity for their raise pool from the community and not have to have this financial burden.
- This process effectively creates community-based due diligence on projects. Great projects will quickly hit their liquidity raise targets and move on to the raise stage. Weak projects or suspicious projects will not succeed in raising liquidity.
Q3. Polystarter and Polygen are both launchpads catering to projects built on Polygon. Could you tell us more about the partnership that was just made public between Polystarter & Polygen and the common goals & vision moving forward to boost the growth of the Polygon ecosystem?
Mike: We are very pleased to be working with Polystarter! They have been extremely professional and efficient to work with … something I am learning is not always the case in crypto 🙂. Our shared focus on transparency and fairness in the crypto ecosystem make us ideal partners.
Furthermore, our mutual focus on developing the Polygon ecosystem means we can work together to find and help great projects with their IDO fund raise. We both think there is a huge opportunity around Polygon and we will be in a great position to help one another and the community
Q4. Let’s look into $PGEN, the native token of Polygen. Could you expand on its use-cases and token utilities?
Mike: Absolutely! PGEN is Polygen’s native token. Similar to other launch pads, PGEN unlocks membership to Project Raises, Liquidity Seed Pools & more. Users lock PGEN in their membership tiers to access Project Raises. If users have larger PGEN holdings, they get access to project liquidity pool seeding. We are also announcing a super staking program shortly with our strategic partner — watch this space! We believe Polygen’s decentralsied approach with no Gatekeepers will result in a true marketplace for projects.
The fact that the community can participate day 1 following KYC (no lottery or whitelist) means investors will be involved long-term with projects they love. So by holding PGEN — our investors will have access to a unique marketplace of Projects that are on the cutting edge of crypto innovation and experimentation. In short…..Great Community + Great Projects + Seeding/Staking Opportunities = hold PGEN! Last fun fact…. we will be announcing our first project raise next week!
Q5. What are the milestones the team has achieved so far and can you walk us through the Roadmap or what is in the pipeline to look forward to?
Mike: We are very proud of our development team and the technology they have built for Polygen. We believe they have achieved a great milestone so far… with more to come! The Polygen Dev team comprising David Atkinson, Josh Hardy and David Meister are world class and highly regarded in the crypto community as recognised thought leaders. Collectively, the team has developed the Rain Protocol which allows users, in a permissionless manner, to raise and distribute any virtual asset. Rain powers Polygen and is the intelligence behind its industry-leading and unique capabilities. We are launching Polygen Beta V1 next week for our IDO — Polygen on Polygen. Our next roadmap milestone will be the release of V2 early next year
This will include the ability for a Project to create a Trust where they specify membership, raise, seed, token, and team details — fully permissionless. In the existing Beta V1, Community Members participate in dutch auction + AMM during the fundraiser as a fair and transparent way to price and distribute tokens. We think both of these are unique and a big deal! So come to our DApp and see for yourself when we launch!
Q6. Polygen recently raised $2.3M from numerous investors. Could you please share some of the names that backed the fundraising round.
Mike: We are also very proud of our investor table, some great names. We believe we have created an amazing investor community with some of the best regarded Crypto VCs globally. Each investor has been chosen based on the value they can bring to Polygen by bringing us strategic partnerships and also quality deal flow in terms of Projects. A list is here: The lead investor is SL2 Capital, followed by 18 Ventures, Twin Apex Capital, AU21, Polygon Syndicate, Axiom, ZBS Capital and Pluto. Other participants include Iconomy, Insignius Capital, NetZero Capital, Maven Capital, Woodstock Capital Fund LLP, Sky Man Ventures, Lumos labs, Moonboots Capital, Storna Finance, Extra Watts, LD Ventures, Keys Investment, LucidBlue Ventures, Biconomy, GSR and Amplio Capital.
You can read our press release as well: https://medium.com/polygen-ecosystem/polygen-raises-2-3-million-through-a-fundraising-investment-round-10cfdc84396d
Q7. On the topic of security, has Polygen undergone any audits?
Mike: A serious question! Absolutely. Hacken has provided us with all our Smart Contract Audits. We make certain that all our smart contracts undergo rigorous audits.
Q8. What is the Initial Market Cap of $PGEN?
Mike: $618,750 Dollars
Q9. The $PGEN IDO is taking place on Polystarter. Could you share with us the motivation behind choosing Polystarter?
Mike: Polystarter has built a strong brand and community in the crypto space. We wanted to do some of our public raise on Polystarter to tap into their community and increase Polygen’s global presence.
Q1. Where can I buy your tokens now, what are your current contracts and how can I buy them and what are the benefits?
Mike: Our IDO is taking place next week. You will be able to apply on Polystater to be whitelisted or come to Polygen to apply for KYC then you can participate. You can read more here https://ihodl.com/press-releases/2021-11-30/polygen-conduct-its-ido-polygen-trustpad-polystarter-and-copper/
Q2. Smart contracts are susceptible to failure and many projects fall victim to this, costing users money and discrediting the project. How reliable and secure is your smart contract? Have you tested it through any of the parties?
Suneel Anand: Our smart contracts have been audited by Hacken
Q3. STAKING is one of the STRATEGIES to ATTRACT USERS and HOLD Them for a long term. Does your GREAT PROJECT have a plan about Staking?
Suneel Anand: Definitely! We are very excited to be announcing our staking partner (we will have an official post tonight) for Polygen. This will be a critical process that we have integrated in our structure to reward and incentivise our community to contribute towards the progress of our ecosystem.
Q4. Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not, can you tell us, What makes your project different from other projects?
Mike: Our product is live since we are launching Polygen on Polygen… it will have to work! To see it in action, come to complete our KYC process: https://medium.com/polygen-ecosystem/how-to-complete-kyc-on-polygen-1fc59e61fc84
Polystarter is the native Decentralized Launchpad for projects building on Polygon, with a strong emphasis on providing equitable opportunities to the community without the constraints of centralized platforms or high transaction costs.