Phuture x Satoshi Club AMA Recap from 5th of July
Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Phuture and our guests were @Charles and @OliverMehr! The AMA took place on 5 July.
The AMA session was divided into 3 parts with a total crypto reward pool of 500$
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram community
Gold Rocket | Satoshi Club: Hello again, dear Satoshi Club community! We are pleased to announce AMA with Phuture.
Today our guests are @Charles and @OliverMehr!
Charles | Phuture: Great to be here!
Oliver Mehr: Thanks for having us.
Andrés M. | Satoshi Club: How are you doing?
Oliver Mehr: Doing well, thank you.
Charles | Phuture: Doing great. Things are getting exciting here at Phuture!
Gold Rocket | Satoshi Club: We are delighted to have you here today.
@Charles and @OliverMehr!
Gold Rocket | Satoshi Club: Thanks for joining guys!
Andrés M. | Satoshi Club: You’re welcome
That sounds great
Gold Rocket | Satoshi Club: Let’s start!
Introduce yourself please. How did you get to be involved in crypto & Phuture?
Tell us please about your position in Phuture?
Charles | Phuture: Both Oliver and I have worked together for the past 4.5 years. Prior to Phuture we worked in a partnership capacity at a London VC, deploying capital into crypto-enabled businesses since early 2016. We also made some ICO investments, QuantStamp, Havven (Now Synthetix) are some examples.
We have co-invested with the likes of Alibaba, Google Ventures, Kleiner Perkins etc.
Been focused on Phuture for the past 18 months. As I said before, things are getting exciting!
Oliver Mehr: My role is head of product at Phuture, working closely with all facets of the development and design team to refine Phuture with the aim of providing the best web3 indexing experience.
Charles | Phuture: My role is Head of Growth, I spend my time looking at our socials, thinking of growth hacking techniques we can use and everything in between.
Gold Rocket | Satoshi Club: Great background, guys
Andrés M. | Satoshi Club: Great, so in a nutshell what is Phuture?
Gold Rocket | Satoshi Club: What is the essence of Phuture?
Oliver Mehr: Phuture is a decentralised platform for the creation and investment of passive index strategies.
In a nut shell, Phuture allows anyone to create their own, or invest into an existing passive investment strategy.
Gold Rocket | Satoshi Club: Tell us about the benefits of your platform. How is it different from others?
Oliver Mehr: We make it simple for investors to obtain exposure into a sector or an entire asset class.
Phuture has been redesigned from its foundations to scale and as a result this design allows us to turn index creation into an entirely permission-less activity.
Thus, anyone can come to the platform and deploy a passive strategy.
Andrés M. | Satoshi Club: Like staking and farming services?
Oliver Mehr: All indices, where applicable, are optimised by pushing assets to yield optimisers such as yearn. Meaning that index investors benefit from the additional yield, improving index performance.
Gold Rocket | Satoshi Club: It’s really important segment of the crypto market!
Also we would like to know about your team. Who is on the project team core?
Oliver Mehr: Further, Phuture leverages a unique rebalancing architecture that aims to improve index performance by rebalancing assets at more advantageous times.
Therefore, we fully expect like for like indices created on Phuture to perform better than our comps
Charles | Phuture: Phuture is redefining the role of an index in a Web 3.0 environment. The idea that anyone or DAO can come to create an index that automatically rebalances and follows a set of rules e.g. top 10 by market cap, is really exciting.
Off-platform yield, as Oliver mentioned, is a game changer. Phuture is one of the first to be doing this in the crypto index sector.
Unlike other projects (not mentioning any names), we are completely product focused. We have spent the time to build something new and not yet seen before
Gold Rocket | Satoshi Club: Thanks for the introduction, we will have a question selected for the Part 1. Ready to start?
Andrés M. | Satoshi Club: Well, it sounds so interesting, we have collected some community questions to learn more about your project.
Oliver Mehr: The Phuture protocol manages all rebalancing and reweighting actions.
It is literally set and forget for the user.
Which is perfect for not just a crypto native audience but also a non crypto native one too.
Gold Rocket | Satoshi Club: I think this has obvious benefits!
Charles | Phuture: This is key. Crypto needs to take away the complexities. This is what Phuture does for its users.
Gold Rocket | Satoshi Club: Mass adoption in action
Andrés M. | Satoshi Club: It’s a great advance for the crypto technology.
Oliver Mehr: We will saturate the existing investors in crypto who are looking for index exposure fairly quickly.
This means that in order to achieve massive growth and scale we need to attract the huge cohort of existing index investors that are looking to attain even a small % of diversified crypto exposure.
Charles | Phuture: The Phuture protocol is built for crypto indices. This focus gives us a huge advantage, having designed and built the protocol from scratch.
Andrés M. | Satoshi Club: Thanks for the clear introduction about the project guys, would you like to add something before the community questions?
Charles | Phuture: We would love to invite everyone to the Phuture Testnet Launch Event — https://phuture-finance.medium.com/phuture-testnet-launch-event-31bd2dd9c4f1?source=———0—————————-
Andrés M. | Satoshi Club: Let’s join Satoshiclubbers.
Charles | Phuture: We are also running a PHTR giveaway — https://gleam.io/c9PRa/phuture-testnet-event-giveaway
Andrés M. | Satoshi Club: A lot of rewards
Charles | Phuture: It’s all about token distribution
Into the right hands!
Andrés M. | Satoshi Club: Thanks for share it with our community, Satoshiclubbers don’t loose this big opportunity
Oliver Mehr: If those rewards weren’t enough, we are also running a staking program… here ->
Gold Rocket | Satoshi Club: We will have questions from the community on this topic and you will have more to tell about
Charles | Phuture: More incentives will be announced on the 12th of July! Make sure to tune in to the testnet launch event
Andrés M. | Satoshi Club: Let’s proceed
Q1 from Telegram User @Shaa93
I read in Twitter: “One of the main risks to the Phuture protocol is onboarding assets that present a systemic risk to the platform”, so I think each asset is checked carefully before being whitelisted on the Phuture platform when there are so many projects scams and fakes! What solutions does Phuture have to filter high quality, legitimate projects to minimize risk before being whitelisted?
Charles | Phuture: Yeah, whitelisting of assets is key and something the protocol does. On top of this, the community will be able to pre-select indices or newly listed assets that can be incentivised with PHTR
Oliver Mehr: Phuture’s first line of defence is its token whitelist. We leverage tokenlists, an initiative started by Uniswap which allows projects to utilise existing asset lists used by blue chip defi projects such as compound, aave etc. We take these lists and refine them even further for Phuture’s use.
Assets must have sufficient on-chain liquidity
Preferably, they must have a DAO structure with core platform functionality controlled by multi-sig
Battle tested projects that have stood the test of time.
Appealing to the lindy effect.
The Lindy effect proposes the longer something has survived the longer its remaining life expectancy is.
This is at the core of our asset selection. New assets will be added via community vote
Andrés M. | Satoshi Club: First time hearing about “Lindy effect” concept.
Charles | Phuture: You should join the Phuture Telegram and Discord, we share new concepts and ideas
Andrés M. | Satoshi Club: Do you have any token on plans?
It seems that is an innovative community, of course we will join
Oliver Mehr: We will be launching with 40 assets initially. We will share these assets in due course.
The PHTR is already available to the public and can be found on Uniswap as well as Gate.io
Andrés M. | Satoshi Club: Thanks for the info. Let’s proceed with the next question
Q2 from Telegram User @shambulance
Can you tell us a bit about use case of ePHTR? Will it be on circulation? Are you planning a fixed ePHTR to PHTR swap ratio or it will be dynamic in the future?
Oliver Mehr: Firstly, users can only obtain ePHTR by staking PHTR
Only ePHTR holders can vote via our Snapshot portal.
So ePHTR provides you with voting power
Moreover, ePHTR holders are constantly receiving rewards
in the form of PHTR
So the ePHTR/PHTR exchange rate is always increasing in value.
It will remain dynamic forever
At the moment rewards are coming from the DAO treasury
Andrés M. | Satoshi Club: What are the usecases of each token? ePHTR and PHTR.
Oliver Mehr: In the future, protocol fees will also be distributed to ePHTR holders as well.
ePHTR = governance token and yield bearing variant of PHTR.
PHTR = access to governance token, must be bonded by off-chain solvers to perform core platform functions and will provide access to additional features of the platform in the future.
Andrés M. | Satoshi Club: What is the APR and what is the minimum amount of tokens needed to stake?
Oliver Mehr: Currently ePHTR holders are earning an APY of 30%
Andrés M. | Satoshi Club: Wow, a big percentage.
Charles | Phuture: In the upcoming launch event we will be introducing a new liquidity mining program for the PHTR token. Another incentive to buy and hold PHTR
PHTR plays a critical role within the Phuture protocol
Gold Rocket | Satoshi Club: agree! the benefit is obvious
Andrés M. | Satoshi Club: Yes, another great reason to Hodl
Thanks for the explanation guys, ready for the next question?
Q3 from Telegram User @Asela1112
Focusing on tokenomics, you have incurred three types of fees calles Redemption fee, Yield fee & AUM fee. Please explain what’s the purpose of fees mentioned above & why did you integrate 3 types of fees? Where does this fee goes? Is it for the users or marketing purposes?
I didn’t see about burning mechanism of $PHTR except burning of the redemption fee. And also you have said about perpetual inflation up to a maximum rate of 3% per annum. So how will you control inflation rate of $PHTR without a proper burning mechanism? Also $PHTR involve as a governance right of the stakers & holders. How will franchise vote system work in Phuture platform? Will you renounce the ownership of Phuture platform to make a DAO System?
Oliver Mehr: Great question
Firstly, once we take the fee it is transferred to a fee contract.
Next the funds are used to buy back PHTR tokens
We then burn 20% of those tokens.
The remaining 80% is redistributed into ongoing Phuture initiatives such as liquidity mining, marketing, user acquisition, staking, community programs etc
Redemption fee is taken in PHTR for redeeming an index
Yield fee is taken from the yield we generate in off platform locations like yearn.
AUM fee is an ongoing fee we take on the total assets held in the system.
All fees are reinvested back into the ecosystem or distributed back to token holders.
The PHTR token contract has the ability mint additional tokens. Before any new tokens are minted a thorough governance proposal and vote would need to be conducted.
A max of 20mm PHTR can be minted at once. Although we are not expecting to have to mint more tokens.
The reason we included the option to mint more is to ensure that should we need to continue incentivising the ecosystem, we have the ability to do so.
I think other projects can run into issues with a hard cap where their ecosystem is not at the stage where it is self sustainable and they dont have the ability to mint additional tokens to incentivise growth.
We wanted to avoid that situation happening to us./
Andrés M. | Satoshi Club: Clear explanation, thank you
Btw, how can you assure that user’s funds will be safe? Have you done audits?
Oliver Mehr: We are having our contract code audited by Quantstamp.
Charles | Phuture: The CEO of QuantStamp is an investor in Phuture. Who knows, maybe there will be a QuantStamp index soon?
Andrés M. | Satoshi Club: Congratulations, that’s a recognized brand
Gold Rocket | Satoshi Club: Who knows?
But this is definitely a good sign!
Andrés M. | Satoshi Club: Of course will be a great deal
Let’s proceed with the 4th question, time to know about the great event coming
Q4 from Telegram User @yellowchamp
Phuture will have a “Phuture Testnet Launch Event” this coming 12th of July in which this event will be showcasing the Phuture testnet and the upcoming liquidity mining program. So as a hint for everybody,can you share some advance idea for your upcoming Liquidity program? What would be its mechanism and structure? Aside from Liquidity mining program,can you share what else we can expect with Phuture Testnet? Are there any airdropping and giveaways upon launching of Phuture Testnet? After this Testnet,what is the next steps to be looking forward in Phuture? Thank you
Andrés M. | Satoshi Club: Partially covered
Gold Rocket | Satoshi Club: But I’m sure the guests have something to add or clarify on this issue.
Charles | Phuture: Great question. We want to keep the event special and save the announcements. What I can say is, expect something exciting not only from the testnet but the liquidity mining program.
We are really excited to see how the community reacts to the simplicity and elegance of the Phuture protocol.
As for giveaways, we are running one to celebrate the upcoming event. Check it out here — https://gleam.io/c9PRa/phuture-testnet-event-giveaway
Andrés M. | Satoshi Club: How many tokens to distribute there?
Gold Rocket | Satoshi Club: Indeed! what you do is a unique quality product
Charles | Phuture: Next steps will be to continue growing the Phuture ecosystem, launch mainnet and scale as we find product market fit. The Phuture DAO controls 51% of the current token supply. We are excited to continue building out the core community contributors who help enable Phuture and it’s growth
The giveaway is looking to distribute $4k+ in PHTR tokens. Make sure to complete all tasks
Andrés M. | Satoshi Club: Great opportunity for our community before the coming pump I think
Charles | Phuture: Alpha leak!
Andrés M. | Satoshi Club: Thanks for the clarification, let’s proceed with the next question, we are near to the end of this part of the AMA.
Q5 from Telegram User @Indomiekuy
Phuture project already doing ama with Satoshi Club and from last ama you will launching your testnet, so how is the result from your testnet? Can user also participate to test and try it ? Also what event do you prepare for the launching of your testnet?
Andrés M. | Satoshi Club: One of the events is the giveaway, Satoshiclubbers https://gleam.io/c9PRa/phuture-testnet-event-giveaway
Charles | Phuture: Testnet launch event will be taking place on the 12th of July. We will be doing a live demo and running through the testnet, which we will release shortly after.
We most likely run a bug campaign after launch. Details on this are still to be decided.
Oliver Mehr: Once our testnet goes live everyone is welcome to try out the platform. We will continue to add functionality to the testnet and will be looking for user feedback.
Charles | Phuture: The preparation consists of rigorous testing and re-testing. Not to mention letting the good folks in crypto know what’s happening! Spread the word.
Andrés M. | Satoshi Club: Don’t forget to share with us the results of the launch, we are excited for that
Charles | Phuture: Absolutely!
Gold Rocket | Satoshi Club: thanks for sharing
Andrés M. | Satoshi Club: Now we have the last question of this part of the AMA.
Q6 from Telegram User @NataliyaKil
For the third quarter, you have scheduled a snapshot of voting for gasless governance. The date has already been set, what is the structure of this event and who can take part in it?
Charles | Phuture: Snapshot will be ready for the mainnet launch date, which is not yet set. It’s already implemented in Phuture. Technically we could use it today.
Oliver Mehr: Absolutely, we are excited to be bringing our community gas-less voting
We believe this removes one of the key barriers to entry for users looking to participate in governance
Gold Rocket | Satoshi Club: Yes, this is a landmark event
Andrés M. | Satoshi Club: That will increase mass adoption, great job for part of your team, you have a great project in hands
Andrés M. | Satoshi Club: Well, that makes 6/6 questions answered, thank you so much for your time and clear answers guys.
Now is time to receive a ton of questions from the Satoshiclubbers
. We will open the chat and you should choose your 10 favorites questions to answer, ready to go?
Part 2 — live questions from the Telegram community
Q1 from telegram username @JoanaZ
️When staking on PhutureDAO, you can use two different tokens: PHTR and ePHTR. The PHTR is straightforward, but why do you need the “enhanced PHTR”? Have access to one-of-a-kind services with this token?
Oliver Mehr: ePHTR ensures that users who vote are tangibly connected to the protocol. This ensures that users who are voting and submitting proposals are more aligned with the protocol and thus incentivised to make better decisions.
Q2 from telegram username @slla1112
Is there a particular reason why PHUTURE prefers the Ethereum network? Do you have plans to include other networks in your system in the future?
Charles | Phuture: Ethereum has a phenomenal user base which Phuture intends on working with.
Our vision is to become the de facto index provider on all protocols and chains. Building out our brand on Ethereum will allow us to dominate on the newer chains emerging.
BSC, Solana, Polkadot are all places Phuture will grow into.
Q3 from telegram username @meml97
Where will I be able to buy PHTR? And at what price exactly? @OliverMehr @Charles
Charles | Phuture: I personally see now as a great time to accumulate PHTR. How can you not have exposure to a crypto index provider at the protocol level?
Our focus has been on the product. Once the testnet is live, we will begin looking at new incentives to help distribute and grow the amount of PHTR holders, which helps the Phuture ecosystem.
Right now, you can buy on Uniswap or Gate.
Q4 from telegram username @captainprice111
Why does the Phuture platform see itself as the future of crypto indexing? Do you think #PHUTURE will break new ground in crypto?
Oliver Mehr: Absolutely, Phuture is the first to bring on-chain and off-chain dynamics to crypto indexing. Our architecture enables us to support permission-less index creation, better rebalancing performance, easier multichain support, deep index liquidity from day 1 and a non constrained design that provides scope for leveraged indices, yield optimisation and more in the future.
Q5 from telegram username @alptrader
You mentioned at first you will only launch 40 assets so in the future do you plan to add more assets into the platform? Do you require whitelisting?
Oliver Mehr: Absolutely, we expect Phuture to eventually list 100s of assets. Each new group of assets will vetted and only added to the protocol after a vote has been passed.
Q6 from telegram username @csgonub
What is it that you are focusing right now most?
Charles | Phuture: Product. Community. Growth.
Q7 from telegram username @arboledae
How important are financial alliances / partnerships for your project? What can you tell us about your latest alliances, what benefits will they bring to your community?
Oliver Mehr: We put a lot of value on productive partnerships. Phuture utilises a lot of other decentralised protocols and as such, the opportunity for us to partner with these protocols exists. We are power users in some of these protocols and actively exploring how we can collaborate more closely. F or example, we use 0x API, keep3r network, yearn and uniswap. Just to name a few.
Q8 from telegram username @orlemys
Once the protocol is live, the community will have a say on how the DAO’s funds are allocated, which amounts to over 50% of the total token supply. How will this take place? Do you have a governance token? What users are allowed to vote and what are the minimum requirements to do so? Also, what are some examples of the ways the DAO funds can be allocated?
Charles | Phuture: When you stake your PHTR, you receive ePHTR, this is what’s used for governance.
The Phuture community can propose new ideas, vote on others, and have their voice heard.
Allocation of capital will be the benefit the overall ecosystem. If it doesn’t make sense for all, the proposal won’t likely pass.
Q9 from telegram username @Sumione
What is the official contract address to buy $PHTR in uniswap? Since eth fees can be high can I buy in BSC like pancakeswap?
Charles | Phuture: Official Contract address (please always check as there are scammers out there): 0xE1Fc4455f62a6E89476f1072530C20CF1A0622dA
We are NOT yet on BSC or pancake swap.
Pair address: https://app.uniswap.org/#/add/v2/ETH/0xE1Fc4455f62a6E89476f1072530C20CF1A0622dA
Make sure to keep an eye on the medium for the latest updates RE the token:
Telegram is a great place as well — https://t.me/phuture_group
Charles | Phuture: If you want alpha leak. Check out our Gitbook — https://docs.phuture.finance/
Q10 from telegram username @luk4jah
Phuture uses solvers to ensure the proper operation of the platform. Solvers execute three core protocol functions:Rebalancing,Recapitalisation,Re-weighting.Who are these Solvers and how important are they to Phuture?Can anyone be part of this solvers or you get to choose them?What will be the benefits of these solvers?Will they be rewarded? Thanks
Oliver Mehr: Solvers are the backbone of the Phuture protocol. They perform platform critical functions including rebalancing and reweighting. In order to become a solver you must bond an amount of PHTR tokens. Once you have bonded these tokens your address will be whitelisted to perform these functions. Each function that the solver executes will be rewarded with KP3R credits. These credits will be worth more than the cost of executing the function and results in positive expected value for the solvers.
If solvers act maliciously they will be slashed. The platform ensures that it always has more slashable value from the solvers than the solvers have access to from the protocol’s funds.
Part 3 — Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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