Phantom Protocol Summary Recap with Shin Chan Community
We held a live AMA with Co-Founder, Mr Phantom from Phantom Protocol on 26th July 09:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
Jack | ShinChan: Before AMA start, can you introduce yourselves and the team background?
Mr Phantom: I am Mr. Phantom, one of the co-founders of the Phantom team. Of course we have our own names, but within the team we like to use Phantoms to call each other.
I am a veteran of the crypto market, having joined the market back in 2015 and had been developing projects since then.
Phantom is our latest project where we focuses on creating synthetic assets and DeFied NFT products.
The team consists of members all over the globe from China, Hong Kong, Singapore, Russian, and the US
we are all thrilled to participate in this project and hope to bring change to the “DeFi+NFT” world
Jack | ShinChan: Our community would like to know more about Phantom. What is Phantom? What problem does it solve?
Mr Phantom: Great question, let me expand a bit on this.
As mentioned before, Phantom is a “DeFi+NFT” project, more specifically, it is a cross-chain DeFi protocol that supports synthetic asset generation and NFT issuance.
By utilizing smart contracts, Phantom allows individuals to build synthetic assets (pAssets) in a decentralized manner with mainstream cryptocurrencies or NFT as collateral. Phantom enables more people to join in a diverse range of investments by lowering the obstacles to entry.
Synthetic asset is a tool primarily designed for large investors in the traditional financial industry. The benefit of synthetic assets is that they can imitate real-world asset price movements, allowing investors to participate in other investment categories from the comfort of a unified platform without the cost and risk of asset transfers.
One quick example:
if a USDT holder wants to buy and trade Gold, he/she would need to convert his USDT to fiat currency, open an account, and undergo KYC.
Through Phantom, he may now buy pAU (p-assets that resemble the price of gold) directly with USDT utilizing Phantom to get the same return.
Jack | ShinChan: How is the development of Phantom going? Are there any IDO plans?
Mr Phantom: Great question, i think we all care about this a lot :D. let me elaborate
In terms of product development:
Phantom’s testnet was launched in May, accompanied by a very successful beta campaign: 5,000 people participated in the beta experience, which was five times more than we anticipated.
Now for next step: on August 2nd, Phantom’s Conflux mainnet version will go live.
Users of the Conflux Portal wallet can easily create synthetic assets, provide liquidity, and pledge LP Token to participate in PHM reward LP mining with a single click. In the future, we will also support Ether, BSC, and other blockchains.
For the mainnet launch, we have prepared a great mining reward campaign: 20 million PHM tokens will be released for mining in a 30 day period.
Additionally, users who join in EARLY THIS WEEK can win limited edition NFTs that has 10% mining bonus to them!
then, in terms of listing
we’ve been communicating with several centralized and decentralized platforms, the plan is very much in motion and we hope to get the listing done in a timely and suitable manner, we will keep you all posted.
For more details you can follow our twitter (https://twitter.com/PhantomDefi) for firsthand notification.
Jack | ShinChan: Do you have a quick start guide for those who want to participate in the Mining Reward Program?
Mr Phantom: yes, just explain in more clarity:
1. the mainnet mining campaign (20 million PHM release) will start 8/2
2. for this week (7/26–8/1), you can start your participation in advance by joining cUSDT snapshot activity, successful candidates will win EXTRA 10% PHM add to their mining, details can be found here: https://twitter.com/PhantomDefi/status/1419489544408211457
For the mining campaign, users with cUSDT prepared can follow our step-by-step guide to get PHM mining rewards and limited edition NFTs (which will over 10%-15% extra mining bonus). We are currently preparing a “Phantom mainnet mining rewards guide,” You can first join the Phantom tele community to obtain it: https://t.me/PhantomProtocol
If any of you have previously participated in our testnet rewards, this will be a very simple process. If not, don’t worry; our community members will gladly assist you if you go to the official Twitter and Telegram groups.
Jack | ShinChan: How can we stay up to date on the latest Phantom Protocol features and developments?
Mr Phantom: Phantom’s official website is https://phm.finance/, where all features and activity portals can be found.
Please pay attention to the official channel information, as we have seen impostor accounts posting token sale information.
If you want to stay up to date on the latest news, Join our Telegram group at https://t.me/PhantomProtocol.
Phantom’s most recent news will also be posted on Twitter and Medium, so make sure to follow along:
Twitter: https://twitter.com/PhantomDefi
Medium: https://phantomdefi.medium.com/
AMA Twitter Section Begin:
Q1: Phantom Protocol is a next-generation “DeFi+NFT” solution that supports NFT issuance and fractional trading. So as a new participants, how can we benefit from the Phantom ecosystem? How we can get engage in your ecosystem and to get corresponding benefits?
Mr Phantom: Phantom is a synthetic asset + NFT generation/issuance platform, so first of all, users can engage with the Phantom Protocol through synthetic assets mining.
The synthetic assets that users can generate with Phantom include cryptocurrencies, commodities (including gold and silver, etc.), fragmented NFT tokens, stocks, and various other assets with open market prices.
also, you can generate TESLA cars too :D
As mentioned above. Phantom’s mainnet will launch on 8/2. For this first launch, Phantom will support pBTC, pETH, pAU (Gold), and pAg (Silver) on the conflux mainnet, which is set to be launched later this month. More information is available at cfx.phm.finance.
Other pAsset classes are being developed and evaluated for reliability, and more will be available on Conflux, Ethereum, and BSC.
In fact, any asset with a certain level of trading liquidity and an open price could work as a pAsset and be generated via Phantom.
In the future, we will also be opening up NFT fractionization trading and issuance as well. So stay tuned! You can make a hell lot of money through these :P
Q2: You say Phantom’s vision is to tear down the wall and make synthetic assets a transparent, open investment product for everyone, though, what are your strategies to overcome projects that aim to attain the same objectives as Phantom?
Mr Phantom: First of all, the amount of collateral Phantom allows makes us more accessible than other projects. Phantom users can use stablecoins, crypto assets, and even NFT as collateral to create pAssets, while most other projects require their native utility token as collateral, which is a user burden.
Second, Phantom is a cross-chain synthetic asset protocol that will provide users with more options, faster transactions, and lower costs than most protocols that only run on Ethereum. We have just gone live with the Conflux version, and the Ethereum and BSC versions, as well as cross-chain capability, will be available shortly.
The 3rd unique characteristic is the support for NFT assets. Most synthetic asset packages currently handle crypto-assets, stocks, and prominent commodities, but Phantom will give a more comprehensive and in-depth solution for NFT, particularly in the gaming industry.
all in all, Phantom is a very different experience than all other projects on the market, I think for the best knowledge, it’s very helpful to come experience firsthand at: https://cfx.phm.finance/
Our platform’s website :)
Q3: In your website I couldn’t find about your team?Does Phantom team have a professional background and sufficient experience in different fields? Will new members from different sectors be added to your Team as the project develops?
Mr Phantom: great question, let me explain these one by one. First of all, Phantom as a number of great investors and backers that believe in the team:
Conflux is a Phantom investor and early partner, and the first version of Phantom Protocol’s mainnet will also run on the Conflux blockchain. LD Capital, NGC, gate.io, Kyros Ventures, MXC, OpenDeFi, and China’s DOTA2 game KOL 09 are among Phantom’s early funders and investors.
Second of all, Phantom’s team consist of a number of veterans with a background in crypto, traditional finance, internet finance and trading. Phantom’s core team members are from the United States, Singapore & Hong Kong They are all technical and market experts with more than five years of experience in the blockchain industry. Their previous work experiences include investment banks, major fintech companies, and DeFi projects.
Also, we are proud to say that we also have 5,000+ community members from 85 countries have also contributed to Phantom’s product testing and operation development.
Overall, we hope that you can come and join in making Phantom a better project. Phantom is not just a project for us, but for everyone out there :D
Q4: Flash loan attacks and Rugpull” remain the two biggest security problems of DeFi, and the security of investors is not fully ensured. Does the Phantom project have a different approach and set of measures against SECURITY issues compared to other platforms?
Mr Phantom: That’s an excellent question. Our technical team is extremely concerned about security.
All financial products, centralized or decentralized, are vulnerable to various types of attacks, theft, and accidents. However, according to DeFi, approximately $300 million in assets were looted in 2021. Our security team investigated the causes of these incidents and discovered three major categories.
- Flash-loan attacks, in which hackers take advantage of flash lending protocols to manipulate asset prices.
- Rug-pull, a project leaving a back door to withdraw all funds.
- Vulnerability of smart contracts
Therefore we specifically worked on mechanisms to prevent these: the over-collateralization mechanism used by Phantom does not have the problem of flash-loan attack. We can prove that there is no backdoor to manipulate assets and rule out smart contract vulnerabilities with a third-party auditor (soon to be released).
In current industry, many DeFi platforms skip this step, but we take it very seriously.
Before they are deployed, all Phantom smart contracts will be evaluated by a third-party code auditor to ensure that they are free of vulnerabilities and risks. CertiK has already audited our mining protocol, and the rest of our protocols are going through the auditing process.
Q5: I saw explosive growth in the #PHANTOM community of over 3,260 Twitter followers, 5,600 fans in the Telegram group, and 700 followers on his Medium account.
What an achievement! Phantom really spoils fans by holding many events?
What is it and what’s more in the near future!
Mr Phantom: great question! let me share the first 3 upcoming events that can benefit YOU:
First, cUSDT snapshot campaign:
[Win Mining Bonus NFT with cUSDT Snapshot]: From July 26 to August 1, The first 500 users who register for the event and have over 5,000 cUSDT in their wallet at the time of the snapshot will receive an accelerated NFT card. The wallet address containing this NFT will receive a +10% mining acceleration.
Registration is now open here: https://phantomdefi.medium.com/prepare-your-cusdt-early-and-unlock-secret-benefits-to-our-upcoming-phm-mining-campaign-714a76621a70
Second, 20 million PHM mining rewards:
[20 million PHM mining rewards]: From August 2 to 31, users who participate in Phantom synthetic asset liquidity mining can share 20 million PHM tokens rewards.
the details will be released in Phantom’s twitter and community, so be sure to follow us.
3rd: Phantom Genesis NFT for extra PHM airdrop bonus:
[600 Limited Edition NFT for Phantom Genesis Users] on August 15 and 31, Users who reach 30,000 in PHM mining revenue can get a PHM-point to redeem 600 limited edition mystery boxes. Inside each box there are:
an NFT artwork from global artists specially made for Phantom’s mainnet launch, with Genesis member badge and serial number
Mining +15% BUFF bonus (each wallet address can only benefit from one Mining Bonus NFT.)
This NFT will also become a unique identifier for Genesis users for future airdrops and privileges on Phantom.
This is Phantom’s largest reward program by far.
so be sure to come participate to win your tokens :D
Telegram Live AMA Begin:
Q6: Do you have any VC that invested in your project?
Mr Phantom: Yes! Conflux is a Phantom investor and early partner, and the first version of Phantom Protocol’s mainnet will also run on the Conflux blockchain. LD Capital, NGC, gate.io, Kyro Ventures, MXC, OpenDeFi, and China’s DOTA2 game KOL 09 are among Phantom’s early funders and investors.
Q7: How is pNFT different from regular NFT? And what are the benefits and advantages of having the pNFT?
Mr Phantom: pNFT is collaterized assets from other NFTs. They can be divided into fractions that will smaller amounts for each part. Therefore pNFTs have higher liquidities and can be more easily traded than NFTs.
Q8: ✅ With which NFT marketplaces is Phantom Protocol coordinating relationships to enable pNFT exchange and trading within them? Tell us what your plans are in this regard.
Mr Phantom: Hi, we are reaching out as well as in talks with many well-known marketplaces such as renowned ones including OpenSea, Rarible. Also NFT marketplaces from the big 3 exchanges are also our goals to work with.
Q9: Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest??
Mr Phantom: We are in discussions to include these benefits to the token! additionally we are also talking to creating more scenarios for users to pledge their assets using the PHM token so it will increase the underlying value of PHM. for these info please make sure you join Phantom’s community (https://t.me/PhantomProtocol) to find the firsthand info fast!
Q10: 💫💫Can you explain us where can we buy your native token $PHM? Considering that you’re a multi chain platform, your token is able to travel through different chains? How are its tokenomics?
Mr Phantom: PHM has not been released to public yet, so ways to get PHM tokens:
1. come join the upcoming mainnet mining event and get PHM tokens ALMOST FOR FREE (details see my answers above)
2. come participate in IDOs that are coming soon (will share in our tele and twitter)
3. once after IDO, PHM will be listed on exchanges and ready to be freely traded.
4. PHM token supports cross-chain liquidity and can freely flow among Conflux, Ethereum, and BSC chains (other chains are in development too).
5. for Tokenomics, please visit our website for full details: https://cfx.phm.finance/
Q11: Many project fall because they Don’t pay attention what user want. So what Medicaldoge doing to satisfy users? Do you guies take any feedback?
Mr Phantom: oh yes DEFINITELY, we take community feedbacks very very seriously. If you have any thoughts or ideas, please don’t hesitate to come share with us. Once again, you can leave your comments in all Phantom official channels:
Tele: https://t.me/PhantomProtocol
Twitter: https://twitter.com/PhantomDefi
Q12: How did you create a mechanism for the liquidity providers to use your platform and raise their funds so that the Phantoom project does not experience any Liquidity Problems? What will be your incentives for LPs?
Mr Phantom: This is how it works: you first provide liquidity for pAssets or PHM in an AMM-based DEX and obtain LP, then you stake your LP into the Phantom Protocol, thereby earning PHM tokens. In short this is the process for Phantom liquidity mining. The first event for this will start on August 2nd with a 20 Million PHM token release ready for you to mine :D
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