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Plutos Network x Satoshi Club AMA Recap from 6th of May

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 Plutos Network and our guest was @juan_plutos — CEO of Plutos Network. The AMA took place on 6th May.

The total reward pool was 500$ and has been split into 3 parts.

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Website


Hello, dear community! We are pleased to announce our AMA with PlutosNetwork.


Plutos Network

Plutos

thanks

Today our guest is @juan_plutos!


Hey!

Nice to be here!

Muchas gracias!


Welcome Juan, how is going your day?


Hello and welcome to Satoshi Club, @juan_plutos!


Busy, but feels good!


Un placer conocerte, amigo!


So happy to be here!


We are also very excited about the upcoming AMA


Let’s start!


Yes!


Introduce yourself, please. How did you get to be involved in crypto & PlutosNetwork?
Tell us please about yourself and your position in PlutosNetwork.


Ok!

Hello, guys! This is Juan Capilla. I’m CEO of Plutos Network

I’m a graduate of Economic and Business Sciences from the Complutense University of Madrid.


Wow! Your background is impressive!


I’m a serial entrepreneur in both the traditional financial industry and cryptocurrencies. I also run the largest crypto mining company in Northern Spain. I got into cryptos very early, since 2016 when I started to mine Bitcoins.

I run my own head office as a full-time swing trader dealing with cryptos, financial and derivative products including stocks, options, etc. Besides trading financial products and cryptos, I’m also an Advisor to several companies listed on the Alternative Stock Market (MAB of Spain).


So you are an early crypto bird


I and our CTO Leon found out about the lack of good synthetic and derivative platforms for cryptos, so we started to build Plutos Network, trying to offer a solution based on cross-chain functionalities and unique product features!

Over~


How long does it take to develop a project? What plans do you have for the future? And what can we expect from PlutosNetwork?


Amazing concept.


Actually, Leon and I started the project very early, around mid-term of 2020. We decided to build a platform that could offer a better solution for users who trade crypto synthetics assets. We finished the prototype design in September and started building since.

The plans that we have including several exciting deliveries: Staking product to be launched soon; main-net product coming live at the end of June; Solana & BSC integration, etc


You are serious about the process, as we can see it


We do all these to offer users a synthetic platform with better trading experience, scalability and a perfect solution for limitations which current platforms built on Ether are facing: high gas feel, low scalability, low transaction etc.


Could you explain what does synthetic assets mean?


Synthetic assets are the tokenized assets, which can include real-world assets such as TELSA stocks, commodities, futures etc. With synthetic issuance and trading platform, people can place collaterals, mint and issue synthetic assets and trade.

It’s a way of trading more variety of assets like derivatives etc.


Also, we would like to know about your team. Who is on the project team?


It’s amazing, mixing up crypto and stocks, I like it


Ok! Let me share.


https://www.linkedin.com/company/plutos-network/

Feel free to check our LinkedIn page here.

Let me make a brief intro of the core team members.


For sure, thanks.


Plutos Network’s core team members are experienced derivative trader and Blockchain-based trading system developer. With years of working in the traditional financial sector and crypto derivatives, the team discovered the lack of easy-to-use synthetic platform for trading derivatives and decided to build Plutos Network as a Cross-chain synthetic issuance and trading platform in order to fill in the blank and create new values and innovations to DeFi.


How many members your team has?


Our CTO Leon is also a quantitative trader focusing on derivative products (mainly options, futures, and cryptos) in the European trading hub of Amsterdam. Even our CMO also worked in traditional banking. The background of the team is a good explanation of why we wanted and built a project like Plutos, a synthetic issuance and trading platform for cryptos.

Me, Leon, Gonza and a good team of Advisors. Three tech teams: Leon leading 4 developers here in Spain, One team of 3 in Malaysia and One team of 14 in Shanghai.

Distributed, but can work 24/7.


A big team


Oh, we also have a very good marketing and operation team.


Thank you very much for the great intro!


Vincent is from Singapore and our Media guy is in London.


Well Juan, thanks for this amazing intro, we are happy to know more about the features of the project.


Ok!


We have collected some community questions, would you like to proceed?


Sure!

Can’t wait


A multicultural team


Yes, a decentralized one also.

LOL

Q1 from Telegram User @Korryl


Good one!

Before I answer, may I share a Tweet here?


Wonderful! today we can create international teams without leaving our country. It’s amazing how our world has changed!

Of course


https://twitter.com/kaiynne/status/1387266949302734852

This tweet is actually made by the Founder of Synthetix.

I must say that, we share the same insights that Solana and BSC will gain more organic traction and more users will choose these two for scalability and better user experience. DeFi is in a stage that Ethereum has more and more become the limitation for its further developments. We are here to make a difference and change this situation to make DeFi and synthetics more accessible.

In order to get a better picture, let me share a photo also.


Judging by the infographics, Plutos is the best in all respects


So first, Plutos is a cross-chain synthetic issuance and trading platform, built on Polkadot, Solana and BSC. The limitations facing the current market of crypto synthetic platforms are the results of Ethereum’s defects such as high gas fee, low transaction speed etc. By integrating Polkadot, BSC and Solana, Plutos will be able to offer a solution and provide the best trading experience for users.

Second, we have lower Collateral ratio than most of the current synth platforms. The reasons are that we take the best security practice and better algorithm to make sure that our users will not have to place excessive collaterals just in order to use the product.


So Plutos has a multi chain structure, right?


Yes, we do.

Third, Plutos applies both on-chain and off-chain oracle feedings to make sure that we have the best and real-time data feeding to minimize the possibility of slippage.

Also, by building a sub-parachain and integrating Solana and BSC, Plutos offer better scalability.

Over~

Yes, we already completed the chain-bridge module to enable cross-chain functionalities.


And it helps you to deal with fees and increase liquidity, right?


It does, especially when we integrate BSC and Solana.

These ETH killers will make us a Killer App.


Great comparison

Well! thanks a lot for the answers! ready for the next question?


Ready!

Q2 from Telegram User @Indomiekuy


These three are actually the 3 main products that we call the 3 pillars of Plutos.

And each pillar has its unique functions.

Staking is where users can stake assets here and get passive income as Plutos offers incentives for liquidity providers. By minting synthetic assets by users, Genesis Pool and more pools will be created to offer the best liquidity for synthetic trading. By integrating liquidity from leading DEXs and applying AMM mechanism, Plutos Market can offer the best trading experiences for synthetic assets, avoiding limitations of current platforms such as high slippage etc.

Over~


How much is the APR by stacking?


For more technical info, can check: https://plutosnetwork-1.gitbook.io/plutosnetwork/

Details will be released soon when we launch the Staking product in around 2 weeks!

APR will be decided by the pools and terms.


So those are the main benefits for holders? What else could earn long term holders?


Well, the platform itself offers user incentives such as Staking and Mining rewards in order to get better liquidity in pools. So the holders of our platform tokens will first enjoy the passive income of doing so. And they will also have the rights to be part of the governance, including voting on the addition of sub-contracts or system upgrade proposals. Moreover, holders of our platform tokens will be granted with more previllages such as initiating a pool for their assets of choice etc.


Amazing, great news for our investors interested on PLUT


It is very profitable!


It’s PLUT, with a “T”


Thank you so much, Juan, would you like to add something before the next question?

Oh sorry


Yeah, actually we have another killer feature.


We will remember this


We definitely can offer better accessibility.


Unlike other platforms such as Mirror or Synthetix, users can only place collaterals of the assets that the platforms support such as USDT, ETH etc. But here with Plutos, users can deposit and place collaterals of their assets of choice (holding PLUTs of course). When there is enough liquidity in the pools, basically all users can freely mint and issue their synthetics.

Over~


Is KYC needed?


This is a really cool feature.


KYC will be required for certain jurisdictions.

We will have a list for this.


Thanks for the clarification. Let’s proceed


Ok!


Thanks a lot for the clarification

Q3 from Telegram User @cryptofollower


Nice one!

The main-net product launch is set to be at the end of June. It will be first on Ethereum. After the testing is approved and all functionalities running well, we will first start the integration to BSC first, which is easier than Solana and Polkadot. Then, we will start the migration to Polkadot and integrate Solana. Actually we completed the chain-bridge module already and are doing dev on the sub-parachain to connect and communicate through Rococo etc. So, for us, Ethereum version will only be a test one. For better scalability, security and accessibility, we will enable these features after the migration and integration.

Over~


By the way, you can also share your road map.


Here it is.

This is only for 2021. More will be built in the future!


Thank you so much! you still have a lot of work ahead of you! although a lot has already been done!


Yes!

That’s why we work 24/7 for the dev.


Well done

What about the IDO? When it is going to have place?


IDO is set to be early June now. We are still finalizing with the platform(s). So, stay tuned.


We will

, any announcement channel to follow the coming news?


https://t.me/plutosANN

Here!

Pls, follow us for updates!

https://t.me/plutosnetwork


Let’s join Satoshiclubbers


Pay attention and join, Satoshi Clubbers!


Thanks, Juan for share, ready for the next question?


Yes!

Q4 from Telegram User @Fkarlos


Let me explain.

Actually, Synthetic assets are not NFTs, but we are exploring the integration.

Actually team and I did our research and studies on how can we apply NFT into synthetics. We found out that the mechanism of NFT by applying ERC721 standard to make each token unique and special through tokenization has a similar ideology as synthetics. With the growth of DeFi and NFT, more real-world assets can be tokenized and minted to issue synthetic assets. When it comes to Plutos, yes, we will be first exploring a way of combining NFT into synthetics, probably starting with our protocol similar to ERC721 in the future. But definitely we will be doing a lot in NFT as we stronger share the same idea that NFT will bring more new values and innovations to real-world and vice versa.

Over~


Are you working on your own NFT marketplace?


We do not have our own NFT marketplace yet, but will definitely find a way to integrate.


Great approach to this question and detailed answers! Thank you! ready to proceed to the next question?


Ready!

Q5 from Telegram User @Jonahapagu


Oh, simple but a good one.

Can check this image here.

When users want to issue synth assets here at Plutos, they will be needing to place collaterals first. Like I mentioned before, the collaterals can be of their choices, which is different from current ones. After they place the collaterals in the pools. The pool acts as a liquidity provider, acting as the counter-party when trading pUSD to pBTC, for example. With enough liquidity, they can mint into synthetic assets, like pTELSA, pPUT etc. The AMM of Plutos Market will avoid things like slippage during the trading process.

Over~


Currently how many synthetic assets do you manage? Is there an Apple asset?


haha, we will make the first list of synth assets published when we launch the main-net product. Sure, you can mint Apple stocks here too.


And what about the fees for that process?

Great, personally I love crypto but I’m interested on stocks as well, your platform is a great way to interact with both


Yes. Approximately 0.3% of the value is deducted from all synthetic trading volume and 0.03% of notional amount is charged for Plutos synthetic issuance including products like swaps, options and perpetuals. The fees are going to be sent to the fee pool which we could use for some buy-backs in the future.

The fee structure actually powers the whole system with stable income.


This strategy helps you to avoid inflation or which strategies will you implement?


You mean for the Platform token?

Yes

We have this deflationary mechanism designed.


Yes.


We will be using part of the fee for regular buy-backs.

With increasing use cases and expanding user base, more values will be added to the ecosystem for sustainable and long-lasting growth.


So no burning tokens?


Buy-back and burn.


Oh great


Good strategy


To generate more demands for tokens in the market, and reduce supply at the same time.


Great job, congratulations to your team Juan, you have an strong project


Thanks!


Thank you very much for your answers and clarifications.


We are growing fast and making great progress.


Ready for the next question?


Ready!


I see, your community is big

Q6 from Telegram User @andrey_seleznov


Indeed V3 is an exciting version of Uniswap. Yes, our dev team has already started to take a look into the algorithm. For sure, we will be accommodating V3 and V2. By our primary assessment, the dev work will be difficult, but super confident that we can do it. Besides, integrating leading DEX is a way of guarantee “infinite liquidity”. We want to offer the best trading experience to users.

Over~


Finally, where can we buy $PLUT token?


Stay tuned for our public sale.

IDO coming soon!


We will

Part 2 — live questions from the Telegram community

Q1 from Telegram user @ronaldo_super

Actually, we just announced the partnership with Razor Network today, take a look: https://twitter.com/PlutosNetwork/status/1390305392337383432 We don’t set limitations on which oracle(s) that we choose and use. Our earlier design is to work with ChainLink and Umbrella. And we are doing the pertaining development as well. And Razor wanted to get involved with their real-time pricing feedings into Plutos, so we evaluated and agreed.

Q2 from Telegram user @highpee

Not exactly the reason. Let me explain. Building a parachain needs a lot of dev and costs. We took rather a smart way. We use a sub-parachain and chain-bridge module to connect and communicate with Polkadot para-chains through Rococo etc. These modules will also help cross-chain functionalities when we integrate Solana and BSC. The sub-parachain will be a valuable improvement in order to realize interoperability, scalability and fast transactions.

Q3 from Telegram user @andrey_seleznov

Oh, for that, we did send out a notice in our TG group:

Dear Plutos Community: Please note that we are currently doing some functional upgrading, so the official website is encountering some display issues (namely the team section, but feel free to check team info here: https://www.linkedin.com/company/plutos-network/) We will fix the display issue soon. Leon and I have been trading traditional and crypto derivatives for like 2 decades, so it’s not that difficult for us to start the project. But, yes, finding the right dev teams is the hardest part. Luckily for us, we have friends who helped us and onboarded two good dev teams, one in Malaysia and one in China.

Q4 from Telegram user @alptrader

Yes.

Q5 from Telegram user @Mrwagner

Not only just plan. We will be launching our Staking project around 2 weeks from now. And, we will be holding a “Faucet Airdrop” where users can claim their test-net tokens in the faucet and claim back to the real tokens after TGE. It will be a huge airdrop event I think. So, do follow us and don’t miss it.

Q6 from Telegram user @Avicalvin

1, We will employ top third-party auditors to go through our smart contracts and codes, and make sure that we are tight in security; 2, We will be building a pool using the transaction fees and commission of the platform to act as a backup vault, in case of such losses, compensations can be made by using the capital here; 3, We will be working with DeFi insurance protocols to offer easy-to-access insurance for users. So in case of such incidents, users can also be compensated by third-party insurance providers.

Q7 from Telegram user @boradam

Yes, we do. For us, Solana and BSC can be a perfect combination to offer upgraded ETH killers, they will be working on Defi even when ETH offers to scale solutions in production. Solana is clearly more of a rising infrastructure for more Dapps to be built upon for higher scalability and faster transaction. BSC/Solana have sufficient momentum to maintain a meaningful percentage of DeFi activity once they have multiple ETH scaling solutions in production.

Q8 from Telegram user @sofiaisla

Very good question! The rewards for users are from both Staking and Minting, providing incentives for LPs. As for the OCW component, we will first be replying on partner oracles such as ChainLink, Umbrella, and Razor for the data transmissions. We will be implementing the OCW module when we complete our APIs. For now, team is working on other components such as XCMP based on Substrate. So it will take some time. Yes, Staking will be first on BSC, then Solana and Polkadot.

Q9 from Telegram user @Rahulmgr

I do believe that the team background is a big edge of Plutos. One big reason that DeFi derivative market is not mature enough is that there has been a lack of professionals working in traditional financing and derivative trading. Our core team members, however, are experienced derivative traders and Blockchain-based trading system developers. With years of working in the traditional financial sector and crypto derivatives, the team discovered the lack of an easy-to-use synthetic platform for trading derivatives and decided to build Plutos Network.

Q10 from Telegram user @mucana

Sure, we do see community as the №1 priority. User experience is always what we are trying to offer better solutions for. In order to do so, we must always listen to the users and learn from them. We now have a plan that we will do a product test event when we first launch our main-net product. A huge prize pool will be offered to users who made valuable suggestions to us after trying our product. We will keep making improvements and adjustments based on those suggestions that we receive until we polish the product to be the best in the industry. Thank you!

Part 3 — Quiz Results

In the final part, we tested your knowledge in terms of Plutos Network. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru
Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/


Plutos Network Telegram community: https://t.me/plutosnetwork
Twitter: https://twitter.com/PlutosNetwork

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