AMA Recap — Metis and Standard Protocol

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Standard Protocol

7 min readNov 26, 2021

💌 Dear Standard Protocol degens,

Standard Protocol is building a decentralized interoperable stablecoin supported our multichain DEX. We had partner up with our exclusive partner, Metis, a Ethereum Layer 2 Rollup Platform.

On Nov 25 (Fri), we had an awesome AMA on Metis official channel to kickstart the beginning of our journey in to Layer 2. As our next chain expansion after Shiden Network and Ethereum, we announced our DEX launch on Metis will be on 📅 Nov 29 (Mon), 12pm UTC!

Our stablecoin USM as first native stablecoin on Metis. Be excited about these and keep your eyes on us.

For those of you who’ve missed the AMA, you can find it below. It offers an introduction of Standard Protocol and its upcoming plan with Metis, and what we aim to achieve together in the coming future.

METIS AMA

Participants:
1. Hyungsuk Kang, CTO and Founder of Standard Protocol
2. Norbert, Metis

Introduction and Roadmap

Norbert (Metis):
Good day guys, we are glad to host Hyungsuk Kang, the CTO and Co-founder of Standard protocol.

Kang (Standard Protocol):
Hello everyone, Thank you for having me.

Norbert (Metis):
Before we start today, can you make a short introduction about yourself and your team to our community? What is Standard Protocol and what do you do?

Kang (Standard Protocol):
Standard protocol proposes digital asset standards in the multichain ecosystem. Standard provides a suite for the next decentralized finance starting with Collateralized Rebasable Stablecoin(CRS). CRS is the new method to generate stablecoin with position ownership, free loan, and rebasable total supply and tries to be the multichain stablecoin without overwhelming dependencies of USDC/USDT, governed by DAO.

I have been working in many blockchain companies but I saw many failures of achieving inverse-panopticon social dynamics. From the failures of decentralization I have seen, I thought the industry would need a standard of decentralized finance for the overall economy or internet. Hence, I named the project that I am doing with Standard protocol, and me and our team strive to provide financial infrastructure backed by algorithmic trust and inverse panopticon social dynamic mechanisms.

For me, I mostly code. You can find my works on our github.

Norbert (Metis):
So let’s start with our partnership, what does Standard Protocol see as the strategic partner of Metis and what do you stand to gain?

Kang (Standard Protocol):
I was very intrigued by the design of DAC. I believe web3.0 will somehow make companies more open and more accessible for people to dynamically improve and interact better as it gives power to more diverse people. Metis was the only layer 2 solution that actually really thought about the inverse-panopticon social dynamics. Decentralization does not simply mean ‘not centralized’. It takes efforts of governance of people related to the protocol and the clear, transparent view of the network status.

I try to achieve the social dynamics of Standard Protocol in Metis where it is getting important nowadays (e.g. sushi insider report, terra insider report, etc), and form a truly decentralized, self-trackable system. In addition, Metis is fast, layer 2 is the future, no one can handle eth gas fees now

Norbert (Metis):
You have definitely chosen the best ayer 2.

Kang (Standard Protocol):
I am 100% sure.

Norbert (Metis):
We can see Standard Protocol keeps being innovative. But I want to know from your perspective, how do you differ from similar blockchain projects?

Kang (Standard Protocol):
What I want to emphasize about our project is the inverse-panopticon social dynamics. Overall decentralization in crypto industry has become the buzzword. People blindly follow an asset which is said to be decentralized. However, who governs the system of the protocol? Does it have a standard method to innovate themselves? How will the crypto’s money and stablecoin be regulated? We differ ourselves by having a decentralized governance from the very start, and we do not bring maximalism. We contribute to any blockchains that follows the same goal with us and tries to be the standard in this upcoming multichain ecosystem.

Norbert (Metis):
Standard protocol is unique by all standards.

Kang (Standard Protocol):
Thank you.

Norbert (Metis):
Next question, what is the current status of your project and the upcoming activities/major events we should expect?

Kang (Standard Protocol):
We have the basis of decentralized financial activity, DEX, and revenue model where users of our protocol gain from fee shares as dividend is achieved. Now, a new financial system with dividend shares is coming; stablecoin. I think overcollateralized stablecoin has a lot of spaces to innovate with the support of layer 2. Metis’s layer 2 solution has enabled stablecoin smart contracts to add debt position market via NFT and design of free loan to make a position where one’s collateral is yield bearing via staking to validators and paying ignorable amount of stability fee.

On our stablecoin launch status, currently codes are now done, and auditing is held. We are expecting to launch the new stablecoin (CRS) in this December or next January.

Norbert (Metis):
My community is very eager to see the DEX from Standard Protocol!

Kang (Standard Protocol):
Sure, you can check them out at https://apps.standard.tech, or we expect to launch on next monday, Nov 29, 12pm UTC.

Norbert (Metis):
Woohoo!!! That’s great news to our community!

Kang (Standard Protocol):
Next monday. stay tuned.

Norbert (Metis):
Please share links to your website and social media.

Kang (Standard Protocol):
https://wiki.standard.tech/one-stop-links

Community Q&A

Question 1:
I see there are some minor similarities between STND and LUNA, are you in direct competition with LUNA? what makes STND different from other projects?

Kang (Standard Protocol):
LUNA uses only one chain in cosmos where it is not decentralized interoperable. Standard, on the other hand, comes with different implementations(e.g. evm, parity substrate, cosmos-sdk, etc) that strives to be decentralized interoperable in any network ecosystem. We do not take maximalism and tries to by a top dog blindly royal to a certain ecosystem. what we bring is the shared understanding and awareness of web3.0 standard

Question 2:
What is Standard Protocol’s global expansion plan? Which market does Standard Protocol currently focus on? Or focus on building and developing to get customers- users and partners?

Kang (Standard Protocol):
For global expansions, we are currently working on a mobile p2p wallet where people can easily pay themselves easily like venmo. people can vote for other types of currencies where collaterals can peg to. This will have their decentralized interoperable money

Question 3:
Standard Protocol establishes a reserve bank with decentralized governance. Most current stablecoins such as USDT, BUSD, USDC, etc., are centralized. The same goes for Oracles, which are focused. So does this mean that Standard Protocol is centralized project?

Kang (Standard Protocol):
Standard does not have reserve for stablecoin, and it is minted by overcollaterization. Also, I think there is a huge misunderstanding of decentralization when it comes to stablecoin. Decentralization does not simply mean ‘not centralized’. when USDT, BUSD, USDC is an issue for an fiat government policy, DAO can always take a response by removing as collateral with 0% stability fee to undo the collateral via inverse-panopticon social dynamics. Also, those “centralized” stablecoins are now approved by the fiat policy in the recent report.

For oracles, actually chainlink is focused to 17 network validators, one cloud function in band protocol. if you call this is centralized because this is “not centralized”, this is wrong. Oracle clients should be infinite when it is decentralized. The difference should be made that all network members can be an oracle without permission and verification for provable security when they become an oracle. We have made an oracle client, Lumen, where anyone can act as an oracle via volunteering as oracle then elected with governance. It also comes with algorithmic trust where it regulates fraudulent activities. It is all about inverse-panopticon social dynamics. self-regulatory system with computational trust

Kang (Standard Protocol):
I think I can answer a few extra ones. We are planning to integrate some props in decentralland or other metaverses, such as vending machines.

Vending machines in Gamefi metaverse would be interesting. I also made a wrapper for ERC1155 to ERC20 that ERC1155 assets (e.g. metaverse items, game items) can be used in the defi ecosystem. More reference: https://ethereum-magicians.org/t/wrapping-erc1155-into-erc20s/7516

I am looking forward to collaborating with other game projects, building their game economy and our stablecoin, USM becoming their branded dollar. This will defend the value of their gamefi project token as it gives a way for holders to collateralize and build business around USM.

Norbert (Metis):
Thanks for an Amazing AMA today.

Kang (Standard Protocol):
Thank you for having me.

About Metis

Metis is an Ethereum Layer 2 Rollup Platform that aims to deliver a Web3 Economy at low gas fees, fast transaction, native storage and high security. Metis has recently launched its mainnet, Andromeda.

To learn more about Metis Network: Website, Twitter, Medium, Telegram (Community), Telegram (Announcements), Instagram

About Standard Protocol

Standard Protocol is the first Collateralized Rebasable Stablecoin (CRS) protocol for synthetic assets that will operate across multichain ecosystems, with our in-built DEX as a market maker to ensure capital-efficient liquidation process and stability of our stablecoin MeterUSD ($USM). It is also a recipient of the Shiden Network Builders Program Grant, Polygon #DefiForAll Fund and Polkadot Web3 Foundation Grant. Standard Protocol strives to innovate as the next-generation digital asset and prides itself on its global community growth approach