Prosper | Binance AMA(Feb, 22, 2021)
📗 Part 1 📗
Q1. What is the difference between Prosper and other Prediction markets? What makes your approach unique?
In Prosper, we are convinced that a lot of current crypto products (including the existing prediction markets) are very complicated and have quite high technical barriers for the average user. Thus we are trying to approach the most simple concept. Choose your side, and place your prediction within a few seconds! No specific technical knowledge required 😉 Other prediction markets require a few days of studying before you ACTUALLY can use them.
Q2. You are claiming that there are a lot of issues in the prediction markets landscape, how is Prosper going to solve them?
The main problem of the existing prediction markets is a lack of liquidity. There are two ways how we are trying to solve it now:
1 — Implementation of Binary Liquidity Model, which has been used for quite a while in traditional financial products, such as Binary Options. Basically we will allow users to borrow their stablecoins to protocol in order to receive the platform fees and token rewards. Those stablecoins will be used to fill the prediction pools with necessary liquidity.
2 — Implementation of on-chain liquidity aggregation. Basically each network has its own community of supporters, which hold a lot of network native currency for a long term. They would prefer to use it in some way, but simply can not, due to lack of adoption. Prosper serves as a vampire here (in a good sense). We allow supporters to use native currency of their favorite networks to participate in the prediction pools and be eligible for the rewards from other networks.
Q3. Can you briefly explain the core features of $PROS token? How is it being used on the platform?
Sure! $PROS token is being used as:
1. Prediction Insurance — get a cash back of 15% of your prediction if you lost, however it will require to lock your $PROS for a bit;
2. Commission Token — we are following the $BNB concept here. Lower the platform fees by using $PROS token. Part of the fees collected in $PROS will be burned on the quarterly basis;
3. Dao governance token — vote for the core decisions on the Prosper future development;
4. Exclusive predictions token — access to the most hyped social predictions, such as US elections for example;
And more. 🙂
Q4. I saw that the platform has been live for 12 days this year. Can you please tell us a bit more about the most recent results that you were able to achieve?
Yep, we are actually very proud of the results that we were able to achieve! During two stages of prediction mining, we generated 4 prediction pools every hour. Around 1,000 people participated in the predictions on our platform. The total prediction volume during those 12 days reached 79 m USD, which is quite an insane number compared to the existing prediction markets, such as Augur and Polymarket. And it’s only the beginning of our journey !
Q5. Speaking about revenue and platform fees, what is the current fee rate and what’s the total revenue of Prosper for those 12 days of work?
We are pretty transparent here, as all the fees collected are being transferred to the Prosper DAO treasure. The current fee rate of the platform is 3%, but it can be changed by DAO voting at any moment. The exact balance of the DAO treasury can be easily found on bscscan. Currently it’s something around $650,000 which means that our average revenue per day is around $50,000.
📗 Part 2📗
Q1. Are you a global project or local project? Can anybody anywhere use Your project without any restrictions?
One of the most interesting and complicated questions on the same time. See, we’re following Uniswap approach here. Basically prosper is just a technology and protocol which allows users to create their custom predictions. So there shouldn’t be any problems in that field. 🙂
Q2. There are not many non-custodial projects in the ecosystem. I know PlotX and MarsDefi on this regard.What is your differentation from the anyone which might be close to Prosper model?
Totally Different concepts 😉 We are easy to use and simple. The results are proving that 🙂 The projects you’ve mentioned had almost zero volume during their all existence, prosper almost reach 100M volume in 12 days. 🙂
But the main difference is:
1. Simple concept;
2. Crosschain support and on-chain liquidity aggregation;
3. Future customization;
Q3. Token burn” is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn?
Yep, as i mentioned before, $PROS is a comission token. $PROS received from the commissions will be burned on a quarterly basis.
Q4. What price oracles does PROSPER use to get accurate data? Could you elaborate on the process of voting and forecasting prices for a token or a coin in the market?
We’re using Chainlink oracle at the moment. Of course. 🙂
1. Connect your MetaMask with Prosper;
2. Choose side (Bull or bear) and currency for prediction (currently we support BNB and ETH);
3. Place your prediction: if the price of BNB(eth) will be above the starting one, bulls won, if below — bears.
Q5. Referral Commission is a major part for a project to build up, spread in crypto user….When PROS add Referral Programefor shining this project?
No doubts! We’re developing own referral system to attract new users. It will go live pretty soon with our re-launch in the next week. I suggest you to follow our social channels for the latest news about our referral program. 🙂
Q6. Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the CONSIOUS VALUE NETWORK of Token & attract Investors to invest?
Yep, we’re following buyback & build approach implemented by $YFI. Part of the commission will be used to BuyBack $PROS and distribute it in a form of cashback for users of the platform.
Q7. What’s the focus of the now? Build and develop products, win customers and users or partnerships? Are there any plans to burn or block unsold tokens? control flexibility, cost and security?What’s the focus of the now? Build and develop products, win customers and users or partnerships? Are there any plans to burn or block unsold tokens? control flexibility, cost and security?
Currently our main focus is an integration with the new networks:
Matic — integration finished
Avalanche — almost finished
Ethereum — integration finished
BSC — integration finished
Tron — integration ongoing
Near — integration ongoing
Polkadot — integration ongoing
Q8. The hot new term in crypto is “YIELD FARMING”. So Do you have a plan to develop the Yeild Farming system?
Yep. We’re going to implement Yield farming in Binary Liqudity model. Basically users will be able to lend ther stablecoins to our platform to earn yield income from the commissions. Their funds will be used to supply our prediction pools with the initial liquidity.
Q9. Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
Yep. If you’re holding $PROS token, you can participate in the governance.
The DAO can vote on such important questions as:
- Comission rate;
- Referral reward;
- Developer reward;
Q10. Security and reliability are the factors that are most concerned by users in the blockchain system. Where is project transparency reflected?
For sure. First of all, Prosper is non custodial, so we don’t hold user funds. Secondly, our contract code is opensourced and can be easily found on bscscan. Thirdly, each prediction made is visible through the blockchain 🙂 So we don’t really have an issues here.