Port x Satoshi Club AMA Recap from 10th of August

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 Port and our guest was @gabriel_wong. The AMA took place on 10 August.

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

Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with Port! Welcome to Satoshi Club😀

Gold Rocket | Satoshi Club: Hello again, dear community!

Today our guest is @gabriel_wong

Gabriel Wong: hello everyone! Nice to be here!

Hello and welcome to Satoshi Club, @gabriel_wong!

Mary | Satoshi Club: Hi, happy to see you here! How are you today?😀

Gabriel Wong: I am pretty good today. Excited to share more about Port Finance!

Gold Rocket | Satoshi Club: Nice Ava btw😁

So let’s start 🚀

Introduce yourself please. How did you get to be involved in crypto & Port?

Tell us please about your position in Port?

Gabriel Wong: Hey there! I am Port Finance’s Captain. I have previously worked at global tech companies such as Google. I have also contributed to the Ethereum DeFi and Solana Defi ecosystems before.

Mary | Satoshi Club: Nice background! How did you get involved into crypto?

Gabriel Wong: I got into crypto since 2017 from trading. Later on started to contributed to open source crypto projects. In the beginning of this year we feel that the time is ready for us to actually build something in this space. 😎

Gold Rocket | Satoshi Club: What is the essence, main Idea of Port?

Mary | Satoshi Club: Gold year😀

Gabriel Wong: We hope that Port can be the safe harbour for all liquidity.😊

Gold Rocket | Satoshi Club: so you are an experienced sea captain😁

How long does it take to develop a project? What plans do you have for the future?

Mary | Satoshi Club: How big is your team? How many team members do you have?

Gabriel Wong: We start writing our first line of code from April this year. And then we release our dev net version 2 months ago, mainnet version 1 month ago while also completed our fund raising at the mean time.

Going forward we have some exciting plans:

– Start liquidity mining in August 2021

– Implement Leveraged Trading using Serum orderbook in September 2021

– Start working on Fixed interest rate borrowing and lending in October 2021

– Polish existing UI and UX while integrating with other projects

We have 4 people in the core team all coming from technical background and previously worked at large global companies such as Google, Facebook, Microsoft and also top tier trading firms. We met each other in London. whilst studying Computer Science at Imperial College. We have followed the Ethereum DeFi scene quite closely. Now, we feel it is an opportune time to build on Solana, where we can fill in some of the missing pieces in its early, burgeoning ecosystem.

Gold Rocket | Satoshi Club: You started at a great time. Great action plan! 👌

Mary | Satoshi Club: Is your team public or anonymous?

Gabriel Wong: Working hard to serve our user!

The team is anonymous at the moment. 🙂

Mary | Satoshi Club: Gotcha 😀

Gold Rocket | Satoshi Club: Thanks for great introduction, we will have several questions selected for the Part 1. Ready to start?

Gabriel Wong: Sure!

Let’s go!

Q1 from Telegram User @Highpee

Port Finance is a Money Market Protocol based on Solana and you intend to provide users with Variable Rate Lending, Fixed Rate Swap and Interest Rate Swap. Can you explain the ideas behind these three-steps concept approach and how they are carried out? How do you provide a Variable Rate and Fixed Rate lending at the same? How is your variable interest rate tied to deposited token utilisation rate thereby allowing you to incentive more deposits? And how do these approach allow you to offer an attractive financial products that can better the ones provided by Aave, Compound or cream finance?

Gabriel Wong: There are many question in Q1 here, I will respond to it one by one for clarity.

Mary | Satoshi Club: Sure, take your time!

Gold Rocket | Satoshi Club: Feel free😊

Gabriel Wong: Can you explain the ideas behind these three-steps concept approach and how they are carried out?

We hope to provide the product to the user in ascending order of sophistication.

The variable rate product is the most widely use product where depositor just deposit fund and earn yield, we hope to roll out this product first to serve the widest audience.

And then for the fixed rate lending product, it is more complicated where user need to decide on a interest rate that they are willing to pay and depends on the market rate they might not be able to borrow at that particular rate.

Going forward, we hope to implement interest rate swap which will be the most complicated.

Gabriel Wong: How do you provide a Variable Rate and Fixed Rate lending at the same?

We will allow the user to choose between fixed rate and variable rate in our protocol once fixed rate is live.

Mary | Satoshi Club: When do you plan fixed rate to go live?

Gabriel Wong: How is your variable interest rate tied to deposited token utilisation rate thereby allowing you to incentive

more deposits?

The interest rate curve is designed such that when the utilization is close to 100% the rate increased drastically. Recently in our platform, we have seen several times that the USDC deposit APY reaches over 30% +, sometimes as high as 50%+, this incentivize depositor to come and earn yield rather quickly. Depending on the asset, more volatile asset will also have a more aggressive parameters.

We plan to launch fixed rate lending via Serum orderbook by end of this year.

Mary | Satoshi Club: Awesome APY👍 for sure it will incentive

Gabriel Wong: And how do these approach allow you to offer an attractive financial products that can better the ones provided by Aave, Compound or cream finance?

Our first variable rate lending product is currently live on mainnet. Compared to Ethereum product such as Aave and Compound, we have many different innovations:

– more aggressive parameters for Loan to Value Ratio and also liquidation threshold

– for each user, we also plan to introduced the concept of subaccount where each wallet is allowed to divide the risk into different sub-accounts so even if one subaccount is liquidated, not all assets are lost for given users.

– we plan to integrate directly with Serum to achieve leveraged trading

Gold Rocket | Satoshi Club: great answer😁

Q2 from Telegram User @Asela1112

Currently Port Finance has been associated with lot of mega crypto platforms such as RAYDIUM, Solanium, MERCURIAL FINANCE etc..what are the future goals/plans, that you hope to launch with these partners? How did they help you in order to grow from ground level to current stage? Will you do more airdrops & giveaways for them in future? Will there be more partnerships in Port Finance partner’s list on your website soon?

Gabriel Wong: – Solanium has been our IDO platform and has been a great partner for the launch. We leveraged the huge (close to 200k) community for bootstrapping our user base. Their community also makes up the over 50k community that we have now.

– With Raydium we listed there yesterday where you can now trade.

– With Mercurial finance, we have been discussing integration

– We will definitely discuss further exciting community activities with them and also other Solana projects – stay tuned!

Mary | Satoshi Club: Btw, how trading is going?😀

Gabriel Wong: We’re mainly focusing on building out the product and grow the community at this stage. 😁

Mary | Satoshi Club: I like this direction of your thoughts 😀

Gabriel Wong: thanks!

Gold Rocket | Satoshi Club: by the way, share your roadmap with us.. you already said a bit in the intro …

Gabriel Wong: Here is a brief road map:

– Liquidity mining in August 2021

– Leveraged Trading using Serum orderbook in September 2021

– Start working on Fixed interest rate borrowing and lending in October 2021

– Polish existing UI and UX while integrating with other projects

Gold Rocket | Satoshi Club: Thanks for your answers and sharing ☺️

Ready to proceed to the next question?😊

Gabriel Wong: yep

Q3 from Telegram User @KhaleesiTheCryptoLady

I read in your medium that major step in the Q3 PORT Roadmap has been the migration of mainnet application to prepare supporting more assets, which is already completed. So, what are the major changes you made compared from the old version? What will happen if users remain to use the old version? Is it necessary to withdraw funds from the initial launch application and redeposit them into the new application?

Gabriel Wong: To support more assets going forward, we deploy a new version of the on-chain program. So we asked our user to migrate from our previous version to our current version. It will be great if all user can migrate from the old version to the new version since there won’t be much borrowing happen there and we intend to deprecate it once all user fund has been removed.

Gabriel Wong: Done!

Mary | Satoshi Club: How many new assets did you add to new version? Was it the only one thing that changed?

Gabriel Wong: Currently we have added: USDC, USDT, PAI, SOL, SRM. We plan to keep adding new asset going forward! Deploying a new version allow us to improve the internals to allow for the change. 😎

Q4 from Telegram User @Deaddynot

Hello, Port team! Talking about your governance module which will be implemented in September 2021 i couldn’t find more details about this. Could you tell us how this module will work? What proposals will be subjects of governance and what requirements you have to members to become involved in this system?

Gabriel Wong: We will be disclosing the details of this shortly. The proposals that will be subject to governance include things like what assets to list, the risk parameters for various assets. Members will need to be holding a specified number of tokens to take part in governance.

Mary | Satoshi Club: Gotcha! We will wait for the updates on governance module 😀

I also want to ask you about security of your platform

Gabriel Wong: sure

Mary | Satoshi Club: What about it? Did you pass any audits?

Gabriel Wong: Yes we do. We have successfully passed the audit done by Bramah System. And we are also going through a second audit.

Thanks for your answers

Mary | Satoshi Club: Oh, that’s nice😀 security should be priority in the light of recent Poly hack

Thank you for your answers, Gabriel!

Ready to go to the next question?

Gabriel Wong: Yep. We take this extremely seriously. We are also working with LIQ protocol to ensure speedy liquidation as well. There is also extremely extensive testing before we deploy.

yep

Mary | Satoshi Club: Awesome 👍

Q5 from Telegram User @yellowchamp

I read in your document that Port Finance has a Bug Bounty Program,in which participants can earn rewards up to $100,000 USD. So,can you explain more about the mechanics and structure of your Bug Bounty Program? Can anyone even without skills in finding bug can participate in this program? Why does the rewards is so high? Does it not cost much for your platform for this reward? Is this Bug Bounty Program still ongoing event in your platform? Thank you

Gabriel Wong: Yes. Bug bounty is a long-running event to encourage white hat hacker to find and also report security vulnerabilities directly to us to increase the overall safety of the protocol. Anybody can report issue and we will take every report very seriously.

Mary | Satoshi Club: Btw, did anyone already find some bugs?😀

Gabriel Wong: Not any critical ones. Mostly just UI improvements. We have a Github repo open for all the issue that has been reported: https://github.com/port-finance/bug-bounty

Mary | Satoshi Club: Perfect 👏

Gold Rocket | Satoshi Club: Tell us please about your tokenomics btw

Sure!

Gabriel Wong: Here is a break down of tokenomics

Total Supply: 100 million.

• Ecosystem: 33%.

• Liquidity Incentives: 31%.

• Team: 20% .

• Fund raising: 10%

• Initial Liquidity: 4%.

• Advisors: 2%.

Gold Rocket | Satoshi Club: Great thanks 👌

Ready to proceed to the last question of this part?😊

Gabriel Wong: Sure!

Q6 from Telegram User @JaviSuBs™

Greetings, tell us a bit about Port Finance, how a project without liquidity protocol works, how Port can combine fixed income products that include variable rate loans, fixed rate loans and interest rate swaps. ?

Explain to us about the strategies that Port Finance intends to use to meet these objectives.

Gabriel Wong: We plan to doing different phases. The current focus is on the variable rate lending, then fixed rate lending and finally interest rate swap! We are working very hard and take a product-oriented approach.

We are taking a very product-oriented approach where we launched the product first and kept iterating based on user feedback. The current user interface is already our third iteration of the UI. We’re working tirelessly on a new version to support liquidity mining in August.

Mary | Satoshi Club: What about cross chain solutions? Do you plan them?

Gabriel Wong: Yeah, we plan to support asset coming from Wormhole bridge.

Mary | Satoshi Club: Gotcha 👍

So… Now we’re close to the most exciting part of our AMA 😀

Live part🚀

Part 2 — live questions from the Telegram community

Q1 from telegram username @highpee

Hello Port Finance 🙋‍♂️🙋‍♂️

You said you will introduce the concept of SUB-ACCOUNT which users can use to limit complete liquidation risk. How will a single wallet be used as multiple sub-accounts? How can this help to prevent complete liquidation of collateral?

@gabriel_wong

Gabriel Wong: Each wallet could have numerous sub account, they collateral and loan are separate for each. So even one sub account gets liquidated, it will not affect your other account.

Q2 from telegram username @Asela1112

Tell me 3 reasons, why to prefer Your over other competitors. What are those features, which makes you unique, from your competition?

thank you.

Hello 🙋‍♂️

@gabriel_wong

Port Finance have integrated flash loan feature. users can use it for Trading arbitrages, Collateral swaps & self liquidation & can be gained a huge profit. What is the maximum amount, you are capable to offer in the form of flash loan? Can you tell us the interest, that you incure back?

Gabriel Wong: For flash loan you can borrow up to 100% of the available liquidity that is still in the pool. And there will be a fee charged for flash loan as a percentage of the total borrow amount.

Q3 from telegram username @kkkkmmlo

Do the token holders have right to the participate in the governance of the project? On what kind of decisions can they vote on about the project?

Gabriel Wong: Yeah. Governance is able to decide what assets to list, the risk parameters required for for each assets for example. Members will need to be holding a specified number of tokens to take part in this

Q4 from telegram username @BJosefina61

Can you talk about your settlement ranges and interest rate determination? is it similar to Aave and Compound or something also some new features?

Gabriel Wong: Yeah, we we uses a model that is similar to Aave. You can read more here: https://docs.port.finance/interest-rate-curve

Q5 from telegram username @sweetdoge

What is Serum orderbook and what are the features of the Serum order book?

Gabriel Wong: Serum is the flagship DEX of Solana ecosystem. We plan to integrate with Serum to implement new features.

Q6 from telegram username @Smartling

What potentials did the team see in the Solana ecosystem that made them want to launch Port Finance on it and what goals do you intend to achieve by doing this?

Gabriel Wong: We believe in the long-term growth of Solana ecosystem.

We also believe borrowing and lending is the most fundamental building block of any Defi ecosystem. We aim to build a lending product that is easy to understand and use.

Q7 from telegram username @kkkkmmlo

Tell me 3 reasons, why to prefer Your over other competitors. What are those features, which makes you unique, from your competition?

thank you.

Gabriel Wong: 1. Our biggest strength lies in our speed of execution (with the core team being experienced engineers) and our product focus.

Compared to other lending protocols on Solana, we’re already on mainnet and we are actively looking to integrate with other protocols and supporting new assets. We believe that there is a first-mover advantage in this new ecosystem. We will also continue improving the product based on our users’ feedback.

2. With regards to the product, Port Finance has a broader scope compared with its competitors – it aims to be a one-stop shop for money markets products including 1) Variable interest rate 2) fixed interest rate lending 3) interest rate swaps. Based on our understanding, other competitors have a smaller scope in comparison.

3. Using the Solana blockchain, users are able to borrow more money vs what they can do on ethereum with the same amount of collateral

Q8 from telegram username @Nonerlike

You have a very big reward pool of bug bounty upto $100000. Do you have enough fund for this reward pool and whom should I contact for this? Is it available now or not?

Gabriel Wong: It’s still open and available. Read more here: https://docs.port.finance/security/bug-bounty

Q9 from telegram username @DF3295

What is your perspective of adding more assets to Port Finance, and could SOL serve as collateral as well? be decided by governance?

Gabriel Wong: We hope to add more assets in the coming weeks. SOL can be used as collateral, yes.

Q10 from telegram username @Ble73

Does this project support staking and farming sir?🍀🍀🍀🍀🍀

Gabriel Wong: We are planning for this! Stay tuned