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 Standard Protocol and our guests were @derrenb00 @TonyLing and @marchzheng. The AMA took place on 12 April.
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 Standard Protocol! Welcome to Satoshi Club😀
Gold Rocket | Satoshi Club: Hello, dear community!
Today our guests are @derrenb00 @TonyLing @marchzheng
march zheng: hey everyone great to e meet!
lets crush this AMA today
Dixon | Standard Protocol: hi everyone, dixon here. thx for having us~
Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club, guys!😀
Mary | Satoshi Club: Hello, guys! Happy to see you here 👍
march zheng: super pumped!
Mary | Satoshi Club: Let’s go 🚀🚀🚀
And we will start with intro😄
Could you please introduce yourself and tell us more about Standard Protocol 🎉
march zheng: march zheng here- head of global communications!
Mary | Satoshi Club: Nice to e-meet you 😀
Dixon | Standard Protocol: dixon wong here – product owner
Mary | Satoshi Club: 👍
Gold Rocket | Satoshi Club: BTW How did you get to be involved in crypto & Standard Protocol?
Dixon | Standard Protocol: after you @marchzheng
march zheng: Standard Protocol
The first Collateralized Rebasable Stablecoin (CRS) protocol for synthetic assets, and will operate within the Polkadot ecosystem.
The first and only Polkadot Web3 foundation granted project from Korea, with a global community growth approach.
We implement a hybrid mechanism for stablecoin minting and include a new paradigm for liquidity aggregation. In contrast to previous generations of algorithmic stablecoins, Standard rebases its stablecoin supply in each era. It will act as the catalyst for the financial activities of other parachains to enable leveraged trading and arbitrage via a built-in AMM. It will also include a protocol for synthetic asset markets by way of a decentralized oracle.
We have a DAO team structure distributed across America, EU, China and Korea. While our KOLs and communities disperse all over the world:
Mr.Business, The most well-known KOL in Polkadot Ecosystem
Joseph Young, the famous crypto analyst owns 120+K subscribers in Twitter
Mr.Beast, a 56M+ fans Youtuber (the biggest KOL in the world)
Ivan on tech, one of the biggest crypto influencers in the world
Crypto Banter, one of the most active youtuber influencers
others such as Crypto of Secret, Carl the Moon, Crypto Rank, Crypto Differ, MoonWalker,
And 40 other KOLs in Korea、China、Amercia、England、Germany、Spanish、Dutch、Turkey、Russia、Vietnam、Thailand、India、Middle-East、Brazil、Portugal、Nigeria、Indonesia
Investor List
CMS, DFG, A195, Rarestone, LinkPad, Spark Digital, , Moonwhale, PhonexVC, Signal Venture, Momemtum 6, Blocksync, Lotus Capital, AU21, D64 Ventures, CryptoDreamFund, Master Venrtures,
i got involved in sandard simply because i saw what the first generation of Algo stable rebase looked like with ampleforth and esd etc, and thought that collateral solutions with high liquidity solved the issue
so bascially, standard to me represented the prime for what gen 2 algo should be, with ample liquidity
Mary | Satoshi Club: Guys, i was always afraid of rebase projects 😂 but when i see your investors list i think that i am wrong 😂
march zheng: most importantly ^^ thank you
Mary | Satoshi Club: Yes, i see that it has huge potential!
Gold Rocket | Satoshi Club: Thank you! the intro was great! ready to move on to questions from the community?😉
march zheng: yepp, from a BD standpoint, we are going to capitalize aggressively and efficiently on asian exchange volume and KOL LPs.. on the latter, we are fully engaged with over dozens of KOls, not to mention specific business lines of inquiries with rhe former
but most importantly, its our tech advantage and advent of liqudiity that matters
ready golden rocket! thank you!
Q1 from Telegram User @Korryl
I understand that standard protocol is a rebase stablecoin project, but do your project also offer passive income like farm, stake and liquidity mining? Or maybe do you have incentive and reward program for holder?
march zheng: even though we are one of the fist korean native project to get the polkadot web 3.0 grant, we have always prided ourselves on being chain agosnitc. though we have the polkadot community edge in both CHINA and KOREA, we not only want to engage parachains of the polkadot ecosystem but also utilize our community network and value from BSC. at the end of the day, the key to incentivizing farming, staking and lucidity programs is to tackle the strongest chains 🙂
and we will build programs for all, chain agnostic wise
Gold Rocket | Satoshi Club: Well… thanks for the answer. Who else wants to add something? 😊
march zheng: thanks 🙂
@TonyLing plz welcome the head of china, tony
Mary | Satoshi Club: Do you have dates when your Protocol will go live?
Gold Rocket | Satoshi Club: @TonyLing welcome to Satoshi Club! 👋
Tony Ling: We are not rebase stablecoin indeed,we use synthetic asset for collateral,and also somealgorithm,and our Founder Kang build up a innovative hybrid mechanism for that
Mary | Satoshi Club: @TonyLing welcome here!
march zheng: we dont like to shill this, but kang is the former head top tier devleoper of terra and full time plasm.. we have a korean genius here
Mary | Satoshi Club: I see, it’s something different 👍
march zheng: gen 2 @madamlobster
Tony Ling: Definitly. Yield farming, joining as protocol validators. These are passive income methods, and as other protocol, we have interest rate for staking
march zheng: learn from mistakes from first
gen
that is the key
Gold Rocket | Satoshi Club: Thanks for clarifying👍 it is very important!
Mary | Satoshi Club: It’s great! Users like incentives and always looking for them!
march zheng: liquidity mining and incentive tokeneconomics are only going to defvelop and build from here
thats the beauty of crypto
and our chain agnostiic advantage lets us engage all ecosystems
Mary | Satoshi Club: 👍
march zheng: thanks 🙂
Mary | Satoshi Club: Thank you for your answers, guys! Ready to proceed or you want to add something?😀
march zheng: plz proceed!
thanks mary
we are clearly excited as u can tell, haha
Mary | Satoshi Club: 😍
Q2 from Telegram User @AmirJosh
Standard protocol uses three token system: Meter($MTR), Liter($LTR), and Standard($STND). Why do Standard Protocol created 3 tokens to use for their ecosystem? Is it hard for 1 token to shoulder the usecases of all the 3 mentioned above? Do their supply differ from each other?
march zheng: as a ben 2 stablecoin, we are trying to tackle upon the problems of collateralization and rebase that were present in gen1. to keep it simple, we are offering our governance token STND in the presale. It will benefit from 1) our exchange relationship BD, 2) LP liquidity fr liter and meter through our asian BD relationships which will flow back into value accrual (similar to EIP 1559 in terms of token burn relative to usage) for STANDARD and 3) deflationary supply like ETH relative to usage.
above all, we want ample collateral that mixes well with ample demand. the latter from defi and parachain communities is more important than anything
generation* 2
both meter and liter through collaterization and LP for yields will accrue to governance for standard that beneifts from exchange listings, governance decisions, and buybacks
thanks @GoldRocket27
Tony Ling: To summarize, we have five modules, Oracle, token, farming, vault, and exchange. For token part, we need stablecoin MTR as our core concept”stablecoin”, and LP token for our inner AMM exchange, and also governance token STND for farming as well as trading in cex
Gold Rocket | Satoshi Club: this is a pretty smart decision! 👍
Mary | Satoshi Club: So, Meter and Liter will be governance tokens. If we can get STND from pre sale, how we can get MTR and LTR?
march zheng: similar to Maker and Dai.. u collaterize say ETH into the maker protocol (say STANDARD in this instant) and mint our stablecoin meter
Gold Rocket | Satoshi Club: by the way, please share your tokenomics
march zheng: apologies, only STANDARD IS THE GOVERNANCE TOKEN
Mary | Satoshi Club: Np, now we got it!
march zheng: can we share this? @TonyLing
and then the value accrual to maker is similar to how it is for dai
Tony Ling: Sorry it’s not public
march zheng: except as for standard, we are benfiting from DEFI lp from multitide fronts
standard, ofc, is the specualtive end that beneifts from specualtin and real utility/LP usage
Tony Ling: Only our investors and business partners we can offer that. And for token distribution,that is in our wp
march zheng: the minted meter, and thus stable liter in all market conditions remain normal
Gold Rocket | Satoshi Club: Gotcha
Mary | Satoshi Club: We will definitely read it!
Thank you for your answers, guys!
Do you want to add something or we can go to the next question?
Tony Ling: Next pls
Mary | Satoshi Club: 🚀🚀🚀
Q3 from Telegram User @Indomiekuy
As a Rebase Stablecoin project and synthetic asset, I read that Standard Protocol already make partnership with bank with name “Gingko Bank”, can you share detail what are the result from that agreement? Also where is the location of “Gingko Bank”? Do you have plan to add another bank as partner in the future?
march zheng: We cannot at this time indefinitely, any “macro events” outside of crypto hole can understand
What we can say is as we near IDO on polkastarter.. more is going to be announced in further detail
As for partner ships without mentioning names… be on lookout 😉
Mary | Satoshi Club: Whitelist is already open?😀
Tony Ling: Haha firstly thanks for your close attention and that is a super good news for not only us but the whole defi industry. This bank locates in Korea, and we are thrilled to have deep partnership even for some fiat-crypto gateway using Standard application afterwards, But for other info, sorry we have to keep it as a secret, but stay tuned please!
march zheng: ^^^ as for ginkgo bank.. Korean… that we can mention :))))))
Trust the Koreans hahaha
Tony Ling: We arr strong all over the world and Korea too!
march zheng: [ 💯 Sticker ]
Shhh
Haha
Mary | Satoshi Club: We won’t tell anyone, Satoshiclubbers can keep secrets😂😂😂 but, yes! We will wait for updates!
Gold Rocket | Satoshi Club: ready for the next question?😀
march zheng: Yepp!
Fire away!!
Q4 from Telegram User @Andrey_Seleznov
Hi Standard
Impressed by the fact that Standard Protocol was awarded a grant from the Web3 Foundation! Was it a difficult process and what was required from you to pass all the milestones?
march zheng: Will Let tony fire away
Tony Ling: Well,that’s a long story…
march zheng: But yes was difficult in very beginning it’s our comparative advantage relative to region
Tony Ling: But not too difficult for us to go thru this for Our Founder Kang is really good at coding and he has a complete solution in Oracle model
Mary | Satoshi Club: Yes, i know that it’s not so easy to get this grant! Congratulations!
Tony Ling: Also some other parts in our github strike the voters a lot so we pass
Mary | Satoshi Club: You have the best Founder!
Gold Rocket | Satoshi Club: Congratulations! thanks for the answer! Do you want to add something?
Tony Ling: Just to remind, we have the best solution oracle provider in substrate and thru that we will have a lot partnership in polka ecosystem with other defi projects, and even outside the blockchain world!
That’s all
Mary | Satoshi Club: That’s simple – you’re the best😉
Q5 from Telegram User @dudeiebitch
We all know there is no rewards for oracle in a decentralized ecosystem but only on the centralized ecosystem, you planned to rewards oracle providers in a decentralized ecosystem but you proposes a reward mechanism in each era and slashes equivocation with the IQR rules. What are these IQR rules and how do you plan to achieve this with the cons of decentralization
march zheng: Tony ^
Sorry @GoldRocket27 could u batch down the iteration on IQR? We like to clarify meaning first
From a philosophical standpoint if I can answer immediately, it’s relative to the macro meaning of decentralization. For us first. Prioritizing initial LPs and provided is foremost
Mary | Satoshi Club: Philosophy is also good!
march zheng: In time, we hope to build a global mindshare to the level that we see with eth, but we realize it’s ambitious ness. Incentivizing liquidity and users first is foremost
Tony Ling: Good question. Indeed we reserve a certain percentage of our token for oracle providers-the validator, it’s important. And we choose from them ramdomly to promise the fairness and decentralization.
Gold Rocket | Satoshi Club: this is a question from our member of our community.🤷♀ want to add something or share some important information
Mary | Satoshi Club: They will be rewarded randomly?
march zheng: From that end, decentralization is a framed question IMO
We want to reward ample liquidity providers and users
But also realize eth is one of the kind
Perhaps bnb is one of its kind
Tony Ling: The oracle providers are chosen in each era to share the reward token in pool for certain percentage of all of our token, kind of consensus mechanism.
Mary | Satoshi Club: Interesting system and for sure it will help decentralisation!
Gold Rocket | Satoshi Club: Many thanks for answers! Ready to proceed to last question of this part😊
march zheng: Let’s go!! 🙂
Q6 from Telegram User @victorogb
With it’s interoperable ecosystem feature, Standard Protocol can work across different blockchains as a form of smart contract in each network, sharing price information to other chains or fiat assets with charging fees. The lack of fees charged on this services, is it totally dependent on Standard Protocol’s self-sustainig oracle reward ecosystem or a variety of other unique features, and can you briefly describe how the self-sustaining oracle reward system works?
march zheng: Fees is relative of usage.. and we hope to provide an ample balance in terms of usage relative to feees
All decentralized oracles suffer from either fee accrual or lack of liquidity aggregation
We want to combine that in the best decentralized and centralized method… if possible!
By one, aggregating liquidity to LPs decnefdlizafoon fashions, and utilizing price oracles centralized in correct fashion
Mary | Satoshi Club: That’s true!
Tony Ling: First, it’s true we need to have a balance between the fee input and the token output based on the oracle service, but that’s also one part that if more frequently service used, we will involve more validators to feed the price, which will distribute our token bonus. Second, we believe we will have a lot more usage in traditional world and become a killer app for traditional financial asset!
Gold Rocket | Satoshi Club: you have ambitious plans and goals! 👍
Mary | Satoshi Club: Why you want to kill traditional assets?😂
Tony Ling: Well…they need to embrace Crypto haha
Take it or leave it
march zheng: Guys.. why are we all in cryptoVb
??
Because it’s the future of financial coordination
And we want to at least help it go ONE STEP in that direction
Mary | Satoshi Club: Yes, if i will talk about this without jokes – i understand the importance!
And we really appreciate what you’re doing! That’s a great job!
Gold Rocket | Satoshi Club: thanks a lot for the answers! and now there will be the most exciting part of AMA – live questions!
Mary | Satoshi Club: Our users prepared a lot of questions 😉
Do you want to know what ‘a lot’ means?
march zheng: Oh geez
Love the enthusiasm!
Tony Ling: Lol
Mary | Satoshi Club:[12.04.21 14:18]
Let’s go 🚀
Part 2 — live questions from the Telegram community
Q1 from telegram username @rockmorti
Is it possible in Standard protocol to do MARGIN operations? that is, some lend and borrow mechanism to use in the market?
march zheng: Depends on our technical capabilities .. will inquire the team
Q2 from telegram username @topind7
How do I get to know more about Standard protocol, any channels or communities of yours I can join?
march zheng: Standard.tech
Q3 from telegram username @KhaleesiTheCryptoLady
When will be your IDO, do you have whitelisting? How can we participate in acquiring STND token?
march zheng: Polkastarter website.. follow our Twitter standard tech
Q4 from telegram username @Carolina0012
I understand that the Token module is a register that stores asset information about the Standard Protocol and other strings. How are assets managed? How is each one identified, are they identified in batches, or do they have a unique identifier?
march zheng: Internally, all movements Capital in and between on our blockchain 🙂
Q5 from telegram username @Eminet001
does STANDARD PROTOCOL Plans on launching events like ambassador programmes. ?
march zheng: Yepp! Country dms worldwide
India
Vietnam
Us
China
Korea
DM me if interested I helping.. it’s part of our bread butter
Q6 from telegram username @BJosefinal61
As you plan to support leverage in commodities and other assets, do you plan to add an incentive system based on liquidity pools?
march zheng: Liquidity poools and LP always.. just different mechanics of the governance token we will do to provide that
Q7 from telegram username @boradam
As you are using polkadot and ethereum blockchains for your three tokens and the gas prices are high, do you plan to add support for BSC too?
march zheng: Interoperable is the word. Erc 20 for tech. Polka dot and BSC for community
Q8 from telegram username @feranno
Do you believe the Standard Protocol adds a different value or a unique contribution to the blockchain system?
march zheng: Yepp, we will collaterize rebased stablecoin like no other algo befor us
Q9 from telegram username @Karoceh
What is the long-term vision of the Standard Protocol? Was Standard Protocol developed to dominate the Oracle field? How does the Standard Protocol stand among other decentralized oracles? Are you open to possible partnerships with other oracles?
march zheng: Bridge traditional world and crypto world, start from Korea first
Q10 from telegram username @NataliyaKil
In the vault, we are able to generate MTR. To remain liquid, we have to have at least a 150% collateralization ratio. You even have a formula for calculating debt: Debt (MTR) = Collateral (MTR) /1.5
Can you tell us more about such an opportunity as MTR generating, why you need collateral and why 150%?
march zheng: Reference Maker and eth but with the Polkadot ecosyste.. we are leveraging communities here poladot wkse
Part 3 – Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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