AMA Recap —Standard Protocol & Footprint Analytics
Dear STND community, we have recently partnered with Footprint Analytics as our on-chain analytics partner.
Footprint Analytics is an all-in-one analysis platform to visualize blockchain data and discover insights. It cleans and integrates on-chain data so users of any experience level can quickly start researching tokens, projects, and protocols.
Upon Standard USM stablecoin launch, we will track metrics including $USM circulation, borrowed USM, collateralized assets, liquidated assets, as well as our Account NFT trading activities on many NFT marketplace.
We will be launching a bounty campaign along with Footprint for our community in a few months. Now, please check a quick recap of the latest AMA session we had on Mar 17th.
AMA Recap
Host: Alex, Community Manager
Guest: Hyungsuk Kang, Founder and CTO of Standard Protocol
Part 1. Introduction
Alex:
Welcome Hyungsuk Kang. Want to start with a brief introduction about yourself?
Hyungsuk:
I am founder of Standard protocol, a self custodial stablecoin project, I write codes and do overall stuff for operating it.
Alex:
What is Standard?
Hyungsuk:
Standard is the self-sovereign stablecoin protocol where users own not only stablecoin that acts as internet money but also you have full custody to trade with. Simply think of it as new MakerDAO or Magic Internet Money (MIM) or Terra / Luna.
Alex:
What inspired and motivated the creation of the Standard? What’s the goal behind the standard and how does that benefit users?
Hyungsuk:
Stablecoin nowadays has a huge problem. When they say they are decentralized money, they have centralized ownership on operating its systems.
USDT, USDC is owned by Tether Foundation and Coinbase. UST is owned by Do Kwon, DAI is owned by Maker Foundation and MIM is owned by Sifu😉. There is no verified way of operating stablecoin in self-custody or providing self-sovereign solutions in the Web3 ecosystem.
That is why we created Standard Protocol — truly decentralized money that is owned by everyone who participates in the protocol, without any custodial risks from the protocol maintainer.
Alex:
Wow, That’s an awesome inspiration and a completely unique approach. Can you tell us what is your team background?
Hyungsuk Kang:
Our great team — Digital Native Foundation’s background comes from people previously working and developing Polygon, Terra, Cosmos, and Polkadot, we build sustainable protocols multichain. With Standard, we try to make other protocols as well to interact with it, in the multichain ecosystems.
Alex:
Thank you very much for this introduction. I know that you are preparing to launch your MVP product — $USM Stablecoin. Can you give us some more details about its design, besides it’s being completely decentralized as You mentioned before?
Hyungsuk Kang:
$USM unlike other stablecoin, provides a self-custodial contract wallet as NFT for managing one’s $USM position.You can either sell your account to others for saving gas on issuing stablecoin or use it to leverage other DeFi protocols for your position.As I also mentioned earlier, all of your funds are in your hands unlike with other stablecoins.
Alex:
Compared to competitors, what makes Standard stand out to new users?
Hyungsuk:
Standard is unique because with a self-custodial stablecoin wallet, you get self-sovereignty, your ownership of your fund.
It does not make sense in crypto that you do not have your own bank account.But your money’s collateral is owned by a single party.
$USM is a decentralized bank, and gives one each bank account with a unique NFT.
- Full ownership to users
- All operated with carefully set rule
- Updatable with STND governance
Alex:
How does standard protocol work with footprints and what are you working on for a dashboard?
Hyungsuk:
Footprint is the only multichain data analytics platform we know of. Future is multichain and I think footprint is pioneering the right path.
Standard and footprint analytics will work in diligence to show $USM growth in the multichain ecosystem and endeavor to deliver truly decentralized money for decentralized finance.
Part 2: TWITTER QUESTIONS
Alex:
Can You tell us the top 3 priorities in 2022 for Standard Protocol? Could you share some plans for the upcoming year?
Hyungsuk Kang:
Of course, with pleasure and here they are — Our top 3 priorities for 2022: Adoption of Standard $USM Stablecoin:
- $USM in curve wars — we are working on bribes to bootstrap $USM liquidity in the curve
- $USM analytics — manifesting decentralized system. This is why we are here, partnering with Footprint to show how our Stablecoin mechanism works with burning $STND like Terra is doing with $LUNA burn.
- $USM usage — we are discovering more use-cases for $USM with sustainable banking through money markets or synthetic asset trade.
Alex:
As an individual, how can I benefit from using Standard Protocol and USM stablecoin in this bear market?
Hyungsuk Kang:
In bear markets, one can collaterize safer assets(e.g. USDC, USDT, ETH, WBTC — all available already on Metis where we will launch our protocol in coming days), then issue $USM and wait for other relatively volatile collateral to liquidate into Standard native DEX.
In Standard $USM liquidation mechanics, liquidated collaterals goes to Standard DEX for trade, with cheaper than market price.
With $USM in your pocket, you can buy those relatively volatile collaterals and keep it for the next bull run.
Alex:
Are there any passive income methods that Standard offers? Staking, liquidity mining, yield farming? Also, what incentives are there to ensure enough liquidity?
Hyungsuk Kang:
For passive income holders, we try to have a $USM savings vault (WIP) that can turn our stablecoin stability fees distributed to stablecoin stakers.
For now, one can just stake $STND in dividend pool where we distribute overall protocol fees as dividends by buying back to $STND.
Regarding the values Standard wants to bring to Web3 development, the main point is that decentralized protocols and the internet, need not only decentralized money, but what is even more important here: self — sovereignty, and this money is owned truly by the people, not a group of VCs.
In Standard, we believe that self—sovereignty is the true decentralization, and Standard aims to deliver that. Apart from technicals, we all saw MIM fail as decentralized money with Sifu risk, because it was not self-custodian.
We think it is high time to change that! Bitcoin is self-sovereign, so is $USM.
Alex:
Are there plans to launch the borrowing business on BSC or any other chain?
Hyungsuk Kang:
So far we are partnering with Celer Network to make $USM canonical token. You can read more about cBridge partnership and usage here:
Regarding deploying multichain — we start with $METIS then $ETH, $MATIC, and other major chains after bootstrapping liquidity in high-profile chains.
Outro by Standard
Web 3.0 is an era of ownership and self-sovereignty. With $USM Stablecoin design, users own both the borrowed $USM and CDPs. On top of that, users don’t need to go through the hassle of reading heavy documentation to participate in the bear market opportunities. It’s just as simple as interacting with an AMM, which users have already been doing for a while in DeFi.
Standard Protocol would like to give a big round of applause to all of our friends out there working on a stablecoin.
If you are truly interested in what Standard has in store for the Web3 ecosystem, please dive into our product series articles listed below:
- Behind the Product #1 — Why build a DEX for a Stablecoin Protocol?
- Behind the Product #2 — Beyond Voting. Rethink DAO as a Business.
- Behind the Product #3 — Visioning Self-Sovereignty in Protocol
- Behind the Product #4 — Leverage & Hedge with Stablecoin
- More Than Price — The Stability of Stablecoins
- Original AMA Recap
About Standard Protocol
Standard Protocol is the first Self-Sovereign Stablecoin protocol that embraces and visions the truly decentralized form of Web3.0. Empowered by its interoperable DAO ecosystem, Standard Protocol empowers its users with full control over its monetary system through a multichain DEX, a decentralized Oracle, and a non-reserve design for CDP using NFT. We’re also a recipient of the Polkadot Web3 Foundation Grant, Polygon #DefiForAll Fund and Shiden Network Builders Program Grant. Standard Protocol strives to innovate as the next-generation digital settlement currency and prides itself on its global movement in self-sovereign finance.
Please click the following links for further more information about the Standard Protocol:
Website | Twitter | Telegram Community| Medium | Discord | Clubhouse | Reddit
