Recapitulation of PERI FINANCE PROJECT AMA event held at AMA LOVERS CLUB.
Date: Tuesday, 23rd March, 2021
Time: 13:00 UTC
The PERI FINANCE PROJECT team was represented by @Gareth_pynths who judiciously shared with us detailed knowledge and information about PERI FINANCE PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on PERI FINANCE?
ANS: I am a broadly experienced financial services executive of 17 years. I’ve worked for both multinational and startup firms, including founding my own companies.
I have planned businesses, set vision and strategy and have been involved in large deals/transactions. Operationally within larger companies I have managed teams on projects, used initiative to spot and drive development opportunities and helped manage change.
Most recently as a consultant I’ve worked on various projects involving, venture capital investments in the blockchain and FX space, a mid-sized company merger, 2 acquisitions and operational restructuring of an FX broker business.
The PERI team has a rich background in both finance and blockchain tech.
We are passionate people from various backgrounds and experiences. In the future, PERI team will introduce our members, advisors and background one by one.
Q2: Can you introduce PERI FINANCE, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: PERI Finance is a decentralized cross-chain synthetic issuance and derivative exchange protocol that provides unlimited liquidity on Polkadot network.
Thanks to Polkadot’s interoperability, everyone on almost all ecosystems will be able to use the platform easily. Along with it, PERI Finance will also solve current issues suffering Defi projects on Ethereum including absurdly high GAS fee, slow transaction speed and the possibility of various attacks such as front running and flash loan by harnessing Layer2 with OVM(Optimistic Virtual Machine).
Q3: Unlimited liquidity🤔 How do PERI plan to achieve this?
ANS: Our Peri team is working hard on development by setting a step-by-step goal. This is our main milestone.
Mar 2021 Staking dApp launch on Ethereum Kovan testnet.
Apr 2021 Staking dApp launch on Ethereum Mainnet.
May 2021 DAO launch.
Jun 2021 Staking dApp and DEX dApp launch on Polkadot parachain testnet.
July 2021 DEX dApp launch on Polkadot parachain Mainnet.
Sept 2021 Add NFT synthetic asset
Dec 2021 Add Perpetual Futures swap
The team is going to get web3 foundation grants soon and will keep constant and close eyes on technology change on Ethereum such as ZK-Rollups as well as Parachains with WSAM and EVM on Polkadot so that we can apply the solutions to the platform as soon as there comes any technology that works better on Polkadot.
In order to make better platform and serve well to need of Defi, the team is working closely with Polkadot and parachain projects.
Q4: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: As mentioned above, we are ultimately committed to achieving our team's key milestones to create a De-fi platform using Parachain.
The team's roadmap is above and has recently been working closely with several projects creating the Polkadot ecosystem.
Q5: Can you briefly describe your PARTNERSHIPS so far?
ANS: As you can see, PERI Finance has announced the completion of seed funding round. The investment was raised from investors led by LD Capital, the most reputable investment firm in Asia.
Additionally, They are introducing us to their DeFi partners who can cooperate with us and create synergies. It will help us solve the problems that have been discussed in DeFi and build more robust platform.
All of the above will be announced next month.
The peri team also has periodic partnerships and technical exchanges for close cooperation with the Polkadot ecosystem and decentralized De-fi teams using Parachain technology, as mentioned above.
Q6: Can you give an overview of your Tokenomics, and the UTILITY of the PERI token?
ANS: PERI is a utility token used to create a liquidity pool in the process of staking, generating the basic Pynth, pUSD. It is also a tool to be used for voting within PERI DAO, which will play a pivotal role in the development of PERI Finance. PERI holders will receive three different rewards by staking PERI or USDC and minting Pynths. Among those 3 rewards, 2 rewards are given by PERI token.
The first reward comes from PERI inflationary supply policy. Initial supply of PERI will be 11,000,000 and 9,000,000 more will be issued for 40 months as compensation for staking with weekly interval, resulting in a total of 20,000,000 in circulation.
The second reward is the distribution of PERI.Assets' revenue. The managed funds come from 50% of the fund raised by PERI token sales, so the holders can be rewarded additional profits only by staking PERI.
Lastly, the distribution of commissions incurred in Pynths transactions and leveraged Pynths contract trading. The system will take approximately 0.3% of the fee and transfer it to the fee pool which is to be distributed proportionately to the entitled PERI stakers.
The utility of PERI tokens, the distribution of rewards, or the collateral ratio can be changed later by PERIDAO.
Q7: Can you give a detailed guide on how to participate in the Token Sale?
ANS: LD Capital has invested in the seed round, and many VCs are currently participating in the second round.
However, we are aim at creating the desired synergy between VCs and sharing the future of the Defi industry.
Private sales for users are currently being planned and will be announced through the official Peri Finance channels.
2nd Segment: Twitter Questions
Q1: Q1 from Twitter user @beretspinkn
I saw many people said that NFTs are the next ‘Trend’. I also saw some use-cases of NFTs in crypto space. How do you think about the evolution of NFTs in crypto space and the real world? Does PERI Finance launch any NFT in future? I am excited for PERI Finance's NFT
ANS: We have a roadmap to add NFT features to the platform. We will announce how we implement NFT Pynths when the time come. Also, we will consider to have our own NFTs as well. I myself thrill about having them. so I am sure you can be excited about that.
Q2: Q2 from Twitter user @zoejaynewaite
What is technology which are used by PERI Finance for fast and scalable transactions ?
What kind of measures will be implemented to secure the chain with sharding and its security liabilities
ANS: As mentioned in the white paper, we are going to harness OVM, ZK rollups and don’t forget the fact that Polkadot itself is a scalable network. We are going to have security audit and keenly implement protection code for all known issues to secure the platform.
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