Plutos Network AMA Summary Recap with Shin Chan Community
We held a live AMA with Juan Capilla, CEO of Plutos Network on 7th May 10:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
Jack| Shin Chan: Before AMA start, can you introduce yourselves and the team background?
Juan Capilla : This is Juan Capilla. I’m a graduate of Economic and Business Sciences from the Complutense University of Madrid.
I’m a serial entrepreneur in both traditional financial industry and cryptocurrencies. I also run the largest crypto mining company in Northern Spain.
I run my own head office as a full-time swing trader dealing with cryptos, financial and derivative products including stocks, options etc. Besides trading financial products and cryptos, I’m also an Advisor to several companies listed on the Alternative Stock Market (MAB of Spain).
Our CTO Leon is also a quantitative trader focusing on derivative products (mainly options, futures and cryptos) in the European trading hub of Amsterdam. Even our CMO also worked in traditional banking. The background of the team is a good explanation why we wanted and built a project like Plutos, a synthetic issuance and trading platform for cryptos.
Jack| Shin Chan: Do you have any news/update about Plutos Network would like to share with us?
Juan Capilla : First, we are making great progress on dev: chain-bridge module completed, some core smart contracts done, doing Solana dev; Launching first product (Staking) around 20th, will do a “Faucet Airdrop” to draw attention. Second, we are talking to top IDO platforms for an IDO in June, which will be finalized real soon. We almost completed private sale with leading VCs joined. Recently, we partnered with Razor Network for future technical integration!
AMA Twitter Section Begin:
Q1 :I noted that your staking program is initially focused on the Ethereum protocol but there’s future plans of migration to other chains, which ones do you have in mind and what significant changes will come with these migrations?
Juan Capilla : Actually we will be launching our Staking product in two weeks on BSC first. Our main-net launch is set to be at the end of June now which will be based on Ethereum as a transitional product for more improvements. After the main-net launch, we will be doing migration to BSC and Solana. We do believe that the combination of BSC and Solana will be offering a perfect solution for the current limitations that Ether-based platforms have such as high gas fee, low transaction, low scalability, etc. We use a sub-parachain and chain-bridge module to connect and communicate with Polkadot para-chains through Rococo etc. These modules will also help cross-chain functionalities when we integrate Solana and BSC.
Q2 : You point out that Plutos will not need a Liquidity Provider, that simply by betting PLUT and minting assets such as pUSD will be enough to have liquidity, but for this, users must have a stake with capital blocked for a long time? or how will they always keep good liquid?
Juan Capilla : First, there will be various pools including a Genesis Pool and more. And, determined by the periods of Staking, users can enjoy different levels of token incentives. Also, the Infinite Liquidity that Plutos offers will be enabled through Minting, by which users can also get rewards, more like a Mining activity. With the introduction of user incentives, we will be seeing a large user base, which will definitely power the entire system with good liquidity. Users can decide how long and how much they want to Stake here at Plutos.
Q3: Recently, 50 million dollars of hacking damage occurred on AMM model Uranium Finance. Is there any security measures in place to prevent this kind of risk in advance as the Plutos network that supports the AMM mechanism is likely to be damaged?
Juan Capilla : Yes, definitely security is №1 priority for a platform like Plutos. Let me share some measures that we will be applying: 1, We will employ top third-party auditors to go through our smart contracts and codes, and make sure that we are tight in security; 2, We will be building a pool using the transaction fees and commission of the platform to act as a back-up vault, in case of such losses, compensations can be made by using the capital here; 3, We will be working with DeFi insurance protocols to offer easy-to-access insurance for users. So in case of such incidents, users can also be compensated from third party insurance providers.
Q4: I read in Plutos Network telegram group, the admin in the group said that he will announce the hard-core partnership,So what are your expectations of this partnership, what do you hope to achieve with them and what is the greatest benefit to users?Can you give us a little leak
Juan Capilla : First, we will be expecting more partnerships which can help with our technical integration, such as Razor Network, ChainLink and Umbrella for real-time price feedings and other protocols which can help with technical enhancements. For a platform as sophisticated as Plutos, we definitely need all the help that we can get. Second, we will be expecting more partnerships which can help with our community growth and user base increase, like top CEXes, communities, partners to drive local community growth etc.
Q5: On your website, you mention that Plutos Pool can offer endless liquidity for users with the best trading experience. So, how will it be possible to get Infinite liquidity and how will the system work and how will the APY rate you offer to users who stake $ PLUT be determined?
Juan Capilla : Actually there are three ways Plutos will apply in order to provide “infinite liquidity”. 1, Through user Staking and Minting, they can create pools and become liquidity providers. Through these, LPs will get rewards and more will join to provide more liquidity; 2, We will be integrating liquidity from mainstream DEXs including Uniswap, 1inch, PancakeSwap etc for seamless trading and avoid slippage; 3, A genesis pool will be created for LPs to pool their assets as the back-up Vault for liquidity.
Telegram Live AMA Begin:
Q6 : I saw on your website, Plutus Build on Polkadot, BSC & Solana. Why did you choose all of these Networks, Especially Solana? Do you think solana has potential? What advantages do you get if you use the Solana network?
Juan Capilla : To answer this good question, let me share a Tweet which is actually made by the Founder of Synthetix: https://twitter.com/kaiynne/status/1387266949302734852 It says actually that, Solana and BSC can be a perfect combination of solutions to current limiations on Ether-based platforms. I must say that, we share the same insights that Solana and BSC will gain more organic traction and more users will choose these two for scalability and better user experience.
DeFi is in a stage that Ethereum has more and more become the limitation for its further developments. We are here to make a difference and change this situation to make DeFi and synthetics more accessible.
Q7: Plutos Network and Razor Network are partnering, then is there a partnership for the future for decentralized data feeds on the Plutos platform with this high level of reliability and speed?
Juan Capilla : Yes, we partnered with Razor Network for future technical integrations! The technical integration of Razor’s advanced feedings into Plutos platform can be seen as a “go-to-solution” that solved major difficulties facing the synthetic market such as lack of user accessibility, scalability of current solutions, user experience all at a lower cost.
Q8 : PlutosNetwork is a platform that supports CrossChain and is currently integrating with BSC, SOLANA and POLKADOT. How will you create Interoperability between blockchain chains?
Juan Capilla : A Sub-parachain will be built to be the underlying module for communications with parachains on Polkadot. Thanks to the outstanding features of Plutos Sub-parachain, Plutos will enable fast communications through the module with various parachains such as Rococo etc. The component will be a valuable improvement in order to realize interoperability, scalability and fast transactions. The sub-parachain and chainbridge module will also satisfy our needs for integrating Solana and BSC.
Q9 : ✅ According to your documentation, the derivative services will also cover the traditional commodity markets. Does this mean forex, stocks, and commodities, and can derivatives of these assets be traded on DeFi?
Juan Capilla : Yes, you are absolutely right. One big advantage that Plutos has is that we support more variety of products, including commodities, options, contracts, swaps etc. Users can issue the customized derivative assets such as bonds to trade or raise funds in a decentralized way.
Q10 : a successful project is an experienced team, do Plutos Network and the team have experience in crypto offerings to find out and does Plutos Network have a place to get the latest information besides telegram channels like reddit, discord, youtube or others?
Juan Capilla : Let me make more intro on core team members: I trade both financial derivatives and crypto products such as contracts and options for the most of my career. I found out that there are serious limitations including the lack of liquidity, platform manipulation, high risks due to price fluctuations etc. Our CTO Leon is also a quantitative trader focusing on derivative products (mainly options, futures and cryptos) in the European trading hub of Amsterdam. Even our CMO also worked in traditional banking. The background of the team is a good explanation why we wanted and built a project like Plutos, a synthetic issuance and trading platform for cryptos. You can follow us on Twitter: https://twitter.com/PlutosNetwork TG Ann channel: https://t.me/plutosANN and join our group: https://t.me/plutosnetwork for community airdrops and updates!!!
Q11 : Are you planing any IDO or any ICO for your token and when do you planing to launch it?
Juan Capilla : Yes, we are talking to several top IDO platform and finalizing our IDO timeframe which will be in June. Stay tuned!
Q12 : You mentioned you will launch your mainnet end of June. Do you have your testnet right now? How can we join it?
Juan Capilla : Actually the mainnet product will be on Ethereum which is coming at the end of June. We see this version as our testnet version because we will doing migration to Solana and BSC if all functionalities are tested well and all improvements are completed after we do a test event for users to try the product and offer us suggestions for product improvements.
Q13 : Can you explain a little about the Main Components, Product Highlights, and the DAO Governance Mechanism that Plutos has?
Juan Capilla : Sure, let me share a picture here for better understanding.
The highlights of Plutos include: Cross-chain functionalities, Lower C-ratio for higher capital efficiency, Integration with Solana and BSC, more user incentives, Infinite Liquidity and Higher accessibility.
Q14 : I have seen the problem and limitations in crypto derivatives and synthetics,including high gas fee, limits of product variety, bad trading experience such as high slippage, manipulations by CEX exchanges, etc.
Does Plutos solve these problems.If “yes” how does it do so?
Juan Capilla : The answe is yes. Let me explain how we are going to do that. We do cross-chain synthetic issuance and trading, offering a perfect solution for the current limitations that Ether-based platforms have such as high gas fee, low transaction, low scalability, etc. We use a sub-parachain and chain-bridge module to connect and communicate with Polkadot para-chains through Rococo etc. These modules will also help cross-chain functionalities when we integrate Solana and BSC.
Q15 : Your roadmap shows a busy Q2! Alpha, IDO, TGE and more! I saw your plans to Migrate to Polkadot and then integrate with BSC and Solana. On which blockchain are you releasing then and from which chain are you going to migrate? Does it mean you are also supporting Ethereum?
Juan Capilla : Yes, very busy Q2! hahaha. Our main-net launch is set to be at the end of June now which will be based on Ethereum as a transitional product for more improvements. After the main-net launch, we will be doing migration to BSC and Solana. We do believe that the combination of BSC and Solana will be offering a perfect solution for the current limitations that Ether-based platforms have such as high gas fee, low transaction, low scalability, etc. We use a sub-parachain and chain-bridge module to connect and communicate with Polkadot para-chains through Rococo etc.
Q16 : You realize current the market of crypto derivatives is undervalued and you make Plutos Network. What is your marketing strategy to keep Plutos network number 1? You know these day many copycats
Juan Capilla : Well, good question! We will be focusing mainly on continously improvements of our product to make it user friendly. Then, we will apply a “go-to” and localized market strategy to go deep into the groups where we can find our users and get better knowledge of their needs. We will be pushing hard for business development and marketing moves.
Q17 : I have read that on your Website, Plutos will introduce you about Plutos Market, Plutos Pool and Plutos Staking. Could you tell us more about these three features? Will it contain innovations compared to existing alternatives?
Juan Capilla : Yes! There are three pillars of products: Plutos Staking, Plutos Pool and Plutos Market. Each pillar has very unique functionalities. Staking is where users can stake assets here and get passive income as Plutos offers incentives for liquidity providers. By minting synthetic assets by users, Genesis Pool and more pools will be created to offer the best liquidity for synthetic trading. By integrating liquidity from leading DEXs and applying AMM mechanism, Plutos Market can offer the best trading experiences for synthetic assets, avoiding limitations of current platforms such as high slippage etc.
Q18 : Why did u you prefer to be a sub-parachains rather than a full Polkadot parachains? Also, will you be limiting further integration to only Solana and BSC?
Juan Capilla : A parachain will take a lot of dev work and costs. We will be needing the sub-parachain more like a component to connect and communicate with parachains and intergate Solana and BSC, which is quite sufficient for us already. The sub-parachain supports the cross-chain functonalities. And, what we will be focusing on will be Solana and BSC.
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