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Recap on AMA with Polygon
💌 Dear Standard Protocol supporters,
Last Thursday, we had an awesome AMA on Polygon official channel to kickstart the beginning of our journey on the Polygon Network.
We will soon be launching MTR, our stablecoin and MVP of our DEX on Polygon Network. Be excited about these and keep your eyes on us.
By the way, STND is up and live on Polygon Network and will soon be available for trade on Sushiswap.
For those of you who’ve missed the AMA, you can find it below. It offers a great introduction of Standard Protocol and its features, and what we aim to achieve in the coming future.
Participants:1. Hyungsuk Kang, CTO and Founder2. March Zheng, Global Communications Director
Chinmay (Polygon):To start with, sir please tell us something about yourself.
March (Standard Protocol):I am the Global Communications Director at Standard Protocol. I am in charge of communicating with our KOLs and managing our communities worldwide!
Chinmay (Polygon):Great! So tell us the reason behind the formation of Standard Protocol, and why is it necessary?
March (Standard Protocol):We will capitalize on the new trend that is crypto, which I feel we can still say cause it is that early. Our ultimate goal is building an entire ecosystem integrated with testimonial and sovereign, but we understand the necessary tech steps now within crypto. We need to create a robust ecosystem for users, and integrate in a legal fashion on and off-chain.
Chinmay (Polygon):Can you tell us a bit more about Standard Protocol and its features?
Hyungsuk (Standard Protocol):Standard Protocol is a multichain stablecoin which is supported by every layer on the blockchain ecosystem. We provide Layer 1 stablecoin with Parity Substrate connected as parachain on Layer 0, and we have multichain ecosystem of stablecoin in each of the blockchains on Layer 1 and Layer 2. We use bridges and other interchain solutions to make everything connected.
For features, we come up with Collateralized Rebasable Stablecoin (CSR), which rebases available supply for generating stablecoins to provide more robust stablecoin solution. When (other) stablecoins focus on collateralization and do not prepare on value loss from liquidation,Standard focuses on fairer liquidation using Bond as NFT or liquidation by providing arbitrage opportunities where we just throw liquidated collaterals to MTR pair.
March (Standard Protocol):Standard Protocol at basis is a three token module design where we will create an economy within Defi and Gamefi. We will first instigate network effect development for our native stablecoin Meter (MTR) and then interact with the top Layer 1 platforms.
Chinmay (Polygon):Amazing, so is it already live and connected to top Layer 1 and Layer 2 chains?
Hyungsuk (Standard Protocol):We have finished running testnet on Parity Substrate, and we join Kusama parachain auctions next week for venturing multichain ecosystem. Contracts are now completed and we expect to venture our protocol in Polygon’s Layer 1 and 2 solution.
Chinmay (Polygon):Awesome! Can you explain a bit about the 3 token module? How does it work?
Hyungsuk (Standard Protocol):We have Meter (MTR), Liter (LTR), Standard (STND). MTR is our stablecoin generated from collaterizing other tokens in a blockchain network. LTR is our LP token of DEX which can benefit from liquidated collaterals. STND is our governance token to decide our future of multichain ecosystem and can claim shares of stability fees paying back MTR.
Chinmay (Polygon):Got it! So, as you mentioned a little about the coming week Kusama parachain integration, what has Standard Protocol achieved till now and what are your further plans for this year?
Hyungsuk (Standard Protocol):Standard Protocol has successfully integrated chainbridge, bridge between Polkadot assets and EVM based chain assets. Our Kusama parachain will venture through connecting both assets soon in Polygon by tapping both liquidity between Kusama and Polygon. Then we will apply for Polkadot and do the same. On the smart contract side, we have partnered with Chainlink to provide oracles for synthetic futures.
Back then when I was at Terra when people were making Mirror, there was no put option with transparent liquidation method. To overcome this, Standard will make a better synthetic future with call/put option supported in Polygon.
March (Standard Protocol):On the BD end, we have received full ecosystem support from many great outlets, and we had an extremely successful IDO on Polkastarter from our initial listing. We are now in the phase of formulating our technology and preparing for further exchange listings and development outlets.
Chinmay (Polygon):Amazing! How was your experience building on Polygon? And how can that benefit users? To add to this question only, what impact will it bring to Polygon?
Hyungsuk (Standard Protocol):Polygon for me was definitely faster than Ethereum, and gas fees were much lower that our team was relieved of costs operating the dapps. I think Polygon can benefit users with lower gas fees when interacting with the dapps, unlocking its full potential. If you look at the current gas fees for creating NFTs in Ethereum, deploying to Polygon is no-brainer.
I think people will sooner or later find out the gas price is too high. Sometimes I get surprised when I have to spend $115 to initiate a transaction on the current Ethereum mainnet. I think Polygon being the Layer 2 of Ethereum can resolve this issue effectively and eventually use platforms which migrate to Polygon.
Chinmay (Polygon):Yeah, the gas fees is pretty High, compared to what Polygon offers 💯As an user right now, what can be the steps for me to use Standard Protocol in the best way possible and what can be the benefits?
March (Standard Protocol):Interacting directly with Meter (MTR), our stablecoin, and participate in our yield ecosystem through this function.
Hyungsuk (Standard Protocol):In bull run, can leverage trading by1) Collaterize MATIC and get MTR2) Use MTR to buy more MATIC3) Wait for MATIC price to go up4) Payback MTR with the price that you borrowed before with some fee5) PROFIT
In bear run, MTR acts as a global put option by1) Stack MTR and prepare for liquidation2) Find liquidated collaterals in our LTR DEX and buy collaterals with cheaper price with MTR3) Wait for Collateral price (e.g. WBTC) to go up for the next bull run4) PROFIT
Standard Protocol tries to provide investment opportunities in both bear run and bull run. You will be able to discuss when to execute these strategies in our channels after deployment.
Chinmay (Polygon):Unique and awesome 🔥Definitely, can you please share the links to your social media channels?
Hyungsuk (Standard Protocol):More strategies with synthetic assets are coming 🔥Sure, here it is https://linktr.ee/standarddefi
Chinmay (Polygon):Before we conclude, and open the platform for the audience, is there something that you would like to highlight to summarise?
Hyungsuk (Standard Protocol):Standard will be the Defi standard of multichain ecosystem. Expect more to come as we are just getting started. 🦾
Ibrahim (Audience):I could see that Standard had three different tokens in its ecosystem, MTR, LTR and STND, right? But could you tell us about the operation that each of them will have? And which of them will be stablecoin?
March (Standard Protocol):We envision a three token module system that is interacting with each other to build the defi liquidity effect. Only Meter (MTR) is the issued stablecoin in our 3 token module.
Hyungsuk (Standard Protocol) — previously answered:We have Meter (MTR),Liter (LTR), Standard (STND). MTR is our stablecoin that is generated from collaterizing other tokens in a blockchain network. LTR is our LP token of DEX which can benefit from liquidated collaterals. STND is our governance token to decide our future of multichain ecosystem and can claim shares of stability fees paying back MTR.
Alex P (Audience):How is Standard development going? Can you describe in details on current development efforts, market expansion plans, expected applications, and when will they become commercially available?
Hyungsuk (Standard Protocol):You can check our codes at https://github.com/digitalnativeinc We are auditing the code and setting up the portal. We strive to finish the dapp deployment by the end of September.
Roman (Audience):Do you have a strategy to reach big offline commerce industries? Considering that even with the exponential growth of e-commerce most of the transactions worldwide involve those industries. Are you already partnering with one?
Hyungsuk (Standard Protocol):We aim to collaborate with gaming companies to tackle game market before offline commerce. Gamifi is hot so we provide stablecoins to form its economy revolving around Standard’s ecosystem. We also have plans to reach out to offline commerce with private banks.
VVIP (Audience):Can members of the Standard ecosystem get Standard tokens participating in the Standard programs? What does your member incentive system include?
Hyungsuk (Standard Protocol):We include staking, ambassador, and protocol grants program.
VVIP (Audience):While you build your project, does one take under consideration community feedback and demands?
Hyungsuk (Standard Protocol):We do already and the Dot Validator Alliance is helping so much on the community and validator side. All of our validators are formed from the community.
About Standard Protocol
Standard Protocol is the first Collateralized Rebasable Stablecoin (CRS) protocol for synthetic assets that will operate across multichain ecosystem. It has been granted with #DefiForAll Fund from Polygon and is also the first and only project from Korea to be awarded a Polkadot Web3 foundation grant and prides itself on its global community growth approach.