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 Phantom and our guests were @PhantomMr – representatives of Phantom. The AMA took place on the 5th of September.
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
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Phantom!
Welcome to Satoshi Club😀
Our guest today is @PhantomMr 🚀
Mr Phantom:
🥳
Mary | Satoshi Club:
Welcome to Satoshi Club 😀
Andrés M. | Satoshi Club:
How are you? We are glad to have you here😁
Mr Phantom:
Great!
It’s good to be here!
Mary | Satoshi Club:
And we also to see you here today! 😀
Let’s start our AMA 🚀
Could you please introduce yourself and tell us more about Phantom 😀
Mr Phantom:
Sounds good!
Hi all, I am Mr. Phantom, one of the founding members of the Phantom protocol.
I am a veteran in the crypto industry, having been through ups and downs in the industry since 2015. I came from a development and finance background and had worked on various projects including public chains, privacy tokens, cross-border payments, DeFi, NFT and now synthetic assets.
Mary | Satoshi Club:
Oh, so if i am also here from 2015 i am veteran 😂 feeling a bit old😂
Mr Phantom:
The reason that attracted me to create Phantom is that the hope to provide
everyone with the chance to access the most profitable and interesting
financial instruments out there in the market, be it derivatives, stocks or
commodities. Additionally, I had been a collector of NFTs and early engagers on
NFT gaming, and it has been my dream to combine defi and NFT together. So now
you have Phantom. And I want to tell you more about it today.
Done 🙂
Oh sorry.
Also about Phantom 🙂
Just saw that part 😛
So Phantom is a cross-chain synthetic asset issuance protocol that enables all DeFi users to participate in multi-market investment in a decentralized manner. Using the Phantom protocol, users can create synthetic assets (pAssets) with collateral on Ethereum, BSC, Conflux, and Heco for exchange or liquidity mining.
pAssets track the price movements of the various physical world or on-chain assets, such as stocks, gold & silver, cryptocurrencies, NFT, etc, allowing investors to trade multi-market assets on a single platform, eliminating the cost and risk of asset transfers.
Phantom’s Conflux mainnet passed code audit by CertiK and was released on August 2, 2021, with a first-day TVL of more than 5 million USD. Its Genesis NFT release was also sold out in 14 minutes.
Ok, now i’m done for sure 🙂 @madamlobster
Andrés M. | Satoshi Club:
Why do you consider synthetic assets are so profitable?
Mary | Satoshi Club:
How long did you work on Phantom before it was launched? Who developed it? I
mean – who are in your team😀
Mr Phantom:
We’ve been working on the project for about 8+ months before it was launched. The team is very diverse.
Mary | Satoshi Club:
As i know yes, but we will let Mr.Phantom confirm this😀
Mr Phantom:
They consist of members from US, Singapore, HK and Vietnam
Andrés M. | Satoshi Club:
Yes, a hot topic in the market.
Mary | Satoshi Club:
Are you public or anonymous?
Mr Phantom:
We are actually all veterans of the industry, and our combined experiences include project development, investment, and in areas of DeFi, Public Chains, and privacy tokens. Our members; backgrounds are primarily in finance and technology.
We are mostly anonymous, we tend to call each other Phantom 1 Phantom 2, or sometimes Mr. Phantom, like me :)\
Mary | Satoshi Club:
And how many Phantoms currently exist?😂
Mr Phantom:
We have about 10 team members currently, half in development and half in community and business.
Mary | Satoshi Club:
Quite big team 😉
Mr Phantom:
☺️
Mary | Satoshi Club:
Thank you for your intro, mr.Phantom! We choose 6 questions from our community
for the first part of our AMA 😀
Are you ready to answer them?🚀
Mr Phantom:
Sure~
Let’s go
Q1 from Telegram User @UplineStephen
Phantom is also launching a Genesis NFT pool where users can join Phantom Mainet Mining Launchpool and mined a minimum of 30,000 $PHM to receive a reward in the form of 200$PHMP token, which is said to be distributed automatically to all participants wallets. May I ask which token is this $PHMP? What is it usecase, and how does it contribute to the growth of Phantom project in addition to the main token which the $PHM?
Mr Phantom:
Glad to~
Mary | Satoshi Club:
Two tokens?😀 Interesting
Mr Phantom:
Hi, great question! this is a very good usecase.
So let me clarify first!
Phantom has one main token and that is the PHM. we will have IDOs and IEOs in the next several days and its for the PHM!
Andrés M. | Satoshi Club:
What are the utilities of each token?
Mr Phantom:
So PHMP was only for a very specific usecase scenario: for buying Genesis NFTs during the launchpool mining campaign in August. During this period, Phantom Protocol offered a few NFTs that lets users get bonus rewards on the PHMs they mined, and these NFTs can only be purchased through a special token called PHMP, which was given to users who mined more than 30000 PHMs during the period.
Mary | Satoshi Club:
Could you give us more about upcoming IDOs😀 how and where users can participate
Mr Phantom:
So in summary:
- PHM is the main token of the Phantom Protocol
- PHMP is a special kind of token for a special occasion during August of 2021 🙂
Certainly
Tomorrow we will host IDO on Pentalaunch and Bounce:
https://phantomdefi.medium.com/phantom-announces-phm-auction-on-pentalaunch-5c54525038b7
https://phantomdefi.medium.com/phantom-protocol-announces-ido-on-bounce-certified-c6202bbdccea
The IDOs are very attractive, with 0.005 U and no lockups.
(similar pricing to private placement, except private placement, has lock-ups 🙂 )
Andrés M. | Satoshi Club:
How is the mining process? What’s needed?
Mr Phantom:
Then on 9/7 we will have IDOs on Westarter and DODO
Mary | Satoshi Club:
Yes, I went through and it seems easy to participate 😀
Mr Phantom:
And on 9/8 we will have our IEO on Gate and MXC
For details on these, follow our Twitter to find the quickest update: https://twitter.com/PhantomDefi
Mary | Satoshi Club:
Six🤓 i see that you want to give a chance for everyone
Mr Phantom:
Definitely~
Mary | Satoshi Club:
Btw, as i understand mining process already fonished? Am i right?
Mr Phantom:
This mining campaign actually has ended, but you can find all the details on our medium blog: https://phantomdefi.medium.com/
🥳
Andrés M. | Satoshi Club:
Thanks for clarifying it.
Mary | Satoshi Club:
Thank you for your answers, mr. Phantom! Ready to proceed?🚀
Mr Phantom:
Yep
Q2 from Telegram User @ItsMelissa3
There is something that caught my attention and makes me very curious. A few days ago the Phantom team announced that, starting on September 6th, the Phantom Protocol will kick-off public token offering. The campaign will take place in a total of 7 major public platforms, which include 5 Initial Decentralized Offerings (IDO) and 2 Initial Exchange Offerings (IEO). Why did you decide to launch the token on 7 major platforms? Will the token allocation for each platform be the same? Will any of those 7 platforms have greater benefits than another? For example … even if two users buy the Phantom token on two different platforms, will both have the same benefits?
Mr Phantom:
Ready
That’s quite a lot of question marks lol. let me answer them one by one.
Mary | Satoshi Club:
Sure, take your time 😀
Mr Phantom:
- We want to have the token offering through a distributed fashion and have as many people from all platforms to participate, so we picked several different platforms
The token allocation for each platform are mostly in the same range ranging from 50k – 100k, so you if you didn’t get your IDO spot in one platform, don’t worry, there’s another one to go 🙂
Most importantly, the prices and lockup terms on ALL platforms are the same: 0.005 u and NO LOCKUP
So feel free to look around, they are very balanced 🙂
https://phantomdefi.medium.com/phantom-announces-phm-auction-on-pentalaunch-5c54525038b7
Once again, this is the first one tomorrow
And that you can join our tele to keep tab of the most recent one
All set 🙂
Mary | Satoshi Club:
Satoshiclubbers 🚀 you have a chance 👍 actually a lot of chances
Mr Phantom:
But be sure to check quickly as most of them are first come first served.
Mary | Satoshi Club:
Btw, did you have any private sales?
Mr Phantom:
Yes we did.
Andrés M. | Satoshi Club:
Is still time to be whitelisted?
Mr Phantom:
Yep, Bounce is still available: https://phantomdefi.medium.com/phantom-protocol-announces-ido-on-bounce-certified-c6202bbdccea
Mary | Satoshi Club:
How much was collected? Do that tokens have lock up period?
Andrés M. | Satoshi Club:
Let’s join Satoshiclubbers, last call🥳
Mr Phantom:
Yes, almost 3 million. The tokens have a 20% initial release, and then 12 month vesting period. Team tokens are locked up for 1 year then 24-month vesting.
Mary | Satoshi Club:
Gotcha! Standart practice 👍
Thank you for your answers! Ready to go to the next question?😀
Mr Phantom:
Also this whitelist opportunity in this article gives you the biggest allocation, try it out here: https://phantomdefi.medium.com/phantom-protocol-to-launch-public-token-offering-on-7-major-platforms-with-whitelist-airdrop-925d3d492fbe
Yep~
Let’s go.
Q3 from Telegram User @ambbobb
Phantom support multi-market synthetic assets expands from crypto to traditional markets like gold and stocks. Phantom itself also exclusively create a type of synthetic asset called pNFTs which are also anchored in the value of real world assets. It was stated that pNFTs can be further used to mint liquid, tradable pNFT tokens. I want to know how many functionality does pNFT possesses in your project? And apart from normal trading, can pNFT tokens be reverse back to pNFT to exchange for the corresponding actual asset when they collected and burned altogether?
Mr Phantom:
Great question. let me explain
pNFTs are fractional tokens of NFTs that can be collateralized on the Phantom platform. So in essence, it allows you to trade on a popular NFT with lower prices and therefore more chances to profit
The pNFT mechanism can actually be adapted to traditional assets as well so for a large piece of asset you can dice it up into pieces to be traded on the Phantom platform, and each piece’s price movement is directly related to the overall price expectation of the asset.
Yes, pNFTs do have a chance to be “reversed” back – if all of them are collected and burned they can be used to get the actual asset behind it.
Mary | Satoshi Club:
So, using this i will be able to buy, let’s say a fraction of EtherRock?😀
Mr Phantom:
So in essence, if you buy all of the pieces, you get the whole 🙂
Yeeeeeeeeeeeeeeeeeep
Mr Phantom:
Exactly!
Andrés M. | Satoshi Club:
Interesting concept😃
Mary | Satoshi Club:
I was always interested in the process behind fractionalization 😀
Mr Phantom:
😃 it’s the future of the DeFi+NFT evolution
I believe
Mary | Satoshi Club:
Does it mean that before a fraction of some NFT appears on the market this
market buys it? And sell fractions after?
Or how it works 😃
Andrés M. | Satoshi Club:
Is highly profitable, allowing everyone to be part 😁
Mr Phantom:
It can happen. Initially the faction pieces are traded within the Phantom ecosystem and gradually opened up with other platforms i believe.
Yep, you get another chance to profit on the NFT even if you don’t own it. NFT-derivitive.
Andrés M. | Satoshi Club:
👏
Mary | Satoshi Club:
As i know we already have some markets where we can buy NFT fractions. Is it
possible or may be will be possible in the future that i will buy a fraction on
one market and sell on another if it has better price😃
Mr Phantom:
Yes! that is our expectation. This creates an extremely exciting new market
Just like what you have with the derivatives market.
Mary | Satoshi Club:
Then the future is bright 🤩
Thank you for your answers! Ready to jump to the next question?
Andrés M. | Satoshi Club:
Yes, very innovative advance😁, like the Satoshi and Bitcoin
Mr Phantom:
Let’s do it 🙂
Q4 from Telegram user @Josegamboac
Even with advancements in security protocol, the rise of third-party code audits, and the maturation of the crypto space in general, we are still witnessing the loss of millions of funds through hacking, smart contract errors, and theft. As of 2021, approximately $ 300 million in assets have been looted from DeFi platforms. What are the security protocols used by Phantom protocol to make its platform 100% secure? Has your smart contract already been audited? Should we trust phantom as a secure platform?
Mr Phantom:
Several things:
We go through audits for our codes. The phantom smart contract has been audited by Certik, and you can find the link on our site
We have a dedicated force committed on enhancing the security of the protocol, and they have been continuously developing the protocol and making it better
Mary | Satoshi Club:
Did you ever think about insurance? May be CertikShield?
Mr Phantom:
- finally, we engage with the community to get our codes better. during the Testnet phase, we offered over 200 participants prizes for bug hunting. We cherish our community and their help in making Phantom better.
Mr Phantom:
Yep it’s in the consideration as one of the solutions.
Andrés M. | Satoshi Club:
You told that your mainnet was audited by Certik, what kind of problems did you
find?
Mr Phantom:
Great question.
We have a few findings on the front end level of the protocol, but the essence is strong. The details can be found here on the audit report: https://www.certik.org/projects/phantom
Andrés M. | Satoshi Club:
So everything is SAFU right now?😁
Mr Phantom:
Hahaha, I believe in that
Although our security guys tell me to constantly be aware and upgrade.
Andrés M. | Satoshi Club:
Thanks for your answers, let’s proceed with the next question!😃
Q5 from Telegram user @Jonahapagu
It is stated that Phantom will take a basket of stable coins as collateral to generate synthetic assets which can be linked to real world assets, and after some time it will then introduce more high-quality tokens as collateral…So what stable coins does phantom currently take as collateral, what types of High-Quality tokens do you intend to introduce as collaterals in the future..how will users be able to use these collaterals in the creation of synthetic assets and link them to real world assets, how are these synthetic assets linked to real world assets, is there a mechanism that ties this assets to their real world equivalents, and is it all types of real world assets that can be mimicked in the creation of synthetic asset using phantom or is there a limit or restriction to what real world assets can be linked in Phantom..
Mr Phantom:
Whoa 🙂
Ok let me answer them
Right now USDT and their equivalents on the chain that the Phantom Protocol is based on (for example, cUSDT).
In the future as we expand to other platforms there will be BUSD, USDC and others.
High-quality tokens refer to crypto assets that have an established history of market performance, liquidity, and product evolution. This of course includes BTC, ETH, and other major altcoins
Additionally, we look at latest ones that are promising and consider to add them into our basket.
The link between traditional assets and Phantom assets is price. Basically the price of the traditional assets are anchored in the synthetic asset built on Phantom
Thereby users get a chance to profit on the price changes of said traditional assets.
Finally, we want to say that any asset with a transparent pricing has a chance to be synthetized on Phantom Protocol.
Andrés M. | Satoshi Club:
Could you tell us more about the stocks and prediction segment? What stocks can
be found there? Tesla, Amazon?
Mary | Satoshi Club:
Do you interact with your community? Can they make their proposals? If yes,
how?
Mr Phantom:
We plan to have major blue chips on the platform. However currently with the market regulation this may take a while and we are likely to have the commodities to be adopted first 🙂
Everyday and all the time. Currently users can proposal through community engagement with CMs
Or email us
We have a team of CMs in the community (you might not see us lol)
Mary | Satoshi Club:
Awesome 😎👍
Mr Phantom:
But we are always looking and collecting
Mary | Satoshi Club:
Community is fuel for every project 🚀
Andrés M. | Satoshi Club:
We will be waiting excitedly for that😁
Mary | Satoshi Club:
Thank you for your answers! Ready for the 6th and last question from this part?😃
Andrés M. | Satoshi Club:
🥳🥳
Mr Phantom:
Let’s go.
Q6 from Telegram user @Asela1112
Currently BSC $PHM Finance is on Testnet version. When will you go for Phantom Mainnet? I think, the functions like Farming is not working properly, because I try to connect Trust wallet of mine & It said: “the chain is not supported “. Why is that? Are there any security issues on your test net? Can you recommend that the PHM testnet has adequate security to use?
Mr Phantom:
Yes, the Testnet is definitely a place for testing and finding new things.
And definitely, bugs and problems can be found.
Currently, the Trust wallet issue is likely due to its’ not on the chain that we are currently adopted to.
It should be resolved in the future and we are fully adopted 🙂
And the problem is noted for sure.
Mary | Satoshi Club:
Only he who does nothing is not mistaken😃
But we can test using Metamask?
Mr Phantom:
Lol
Mary | Satoshi Club:
😉
Mr Phantom:
Yep you definitely can.
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Ratash97
How does phantom protocol provide cross-chain compatibility?
Mr Phantom:
We adapt to multiple chains including BSC eth and conflux. The main chains will likely all get our supports 🙂
Q2 from Telegram user @Rissky778
Where does the project name come from? What does it mean for you and why did you choose that name for your project?
Mr Phantom:
Phantom feels fast and anonymous 🙂
Q3 from Telegram user @Asat94
Where can we learn more about it? links tutorials, youtube?
Mr Phantom:
Oh yes, check out our medium, this place has the most information about everything Phantom: https://phantomdefi.medium.com/
Q4 from Telegram user @Rakshitx5
You have written on your website that Phantom is looking to combine Esports too. So what kind of integration it will be? Will you release blockchain games or anything else?
Mr Phantom:
- NFT snapshot offerings in terms of collectibles and trading cards
- NFT gamefi applications
- NFT character cards 🙂
Q5 from Telegram user @Nonerlike
Can I still particiate in your testnet and report bugs if found? ang reward for bug finder or any bug bounty programme available?
Mr Phantom:
The previous one has ended, but stay tuned for our upcoming one!
Q6 from Telegram user @Ellen09
Could it be an unbelievable development for Earth that you will make the most noise in 2021?
Mr Phantom:
Lol we certainly hope so.
Q7 from Telegram user @Nonerlike
What are the stable coins Phantom will take as collateral to generate synthetic assets? Can you name some major crypto currencies and Quality tokens too?
Mr Phantom:
USDT, BTC, ETH. Other quality tokens to be announced soon.
Q8 from Telegram user @Saif12123
Sir💖””Will this Coin users be able to exchange tokens freely without the need for a KYC??””🦎
Mr Phantom:
Yes.
Part 3 – Quiz Results
In the final part, we tested your knowledge in terms of Phantom. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
For more information and future AMAs, join our Social Media channels:
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Our partners
Phantom Telegram community: https://t.me/PhantomProtocol
Twitter: https://twitter.com/PhantomDefi
Website: https://phm.finance