Pontoon AMA Summary Recap with Shin Chan Community
We held a live AMA with CEO, Venkatesh Karanalu from Pontoon on 26th October 5:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
Serene | Shin Chan: Before we start the AMA, can you please introduce yourselves and the team background to our community?
Venkatesh Karanalu | Pontoon Finance: I am from IT background with 14+ years into IT industry serving major players like Wipro, Congnizant, DELL EMC and CapGemeni for DataCentre management. My previous role includes dataCentre architect.
Entered Crypto at the last of 2017 as. part time trader and then moved ahead with investments and now Co-Founder and CEO for Pontoon.
Serene | Shin Chan: Any latest/ update news about Pontoon you would like to share with our community?
Venkatesh Karanalu | Pontoon Finance: We are all set for launch on 28th Oct 21 which is 2 days from now and will be launching incentivised testnet on day 1.
Also we are running a gleam contest for the community worth giveway worth 20k
Please join this group to stay updated with our announcements —
AMA Twitter Section Begins:
Q1. Pontoon is designed to address the issue of cross-chain liquidity fragmentation; how will the platform manage and resolve this issue, and which blockchain will users retain their assets on?
Venkatesh Karanalu | Pontoon Finance: Pontoon is one click liquidity mirror protocol that aims to solve fragmentation and composability concerns in the ecosystem in a complete trustless way. At Pontoon there is no MINT or creation fo synthetic assets thereby eliminating the need of Centralised Exchange.
Liquidity fragmentation is currenlty a major concern in the ecosystem where the tokens are spread across unevenly.
We at Pontoon are trying to solve this by incentization model for the liquidity providers. It works like, uses to provide liquidty and earn portion of Tx fees along with TOON tokens as rewards. We have dedicated 35% from overall tokenomics to attract the users for providing liquidity.
Users can have assets at any end and can retain at any end.
Q2. Safety and security are always the top concern of users. What security mechanisms does #PontoonFi protocol have in place to ensure user assets are not targeted by hackers? Do you have any plans to audit through a third party?
Venkatesh Karanalu | Pontoon Finance: We have audited by major firms Zokyo, PeckShield, Slowmist, Blocksec and CoinInspect. Rest safety is assured of the protocol.
Q3. I understand that Pontoon has dedicated 35% of the general tokenomics in order to solve the fragmentation problems, right? But really, how to allocate this percentage of tokens would solve this problem from the root?
Venkatesh Karanalu | Pontoon Finance: In my previous answer as said, we have incentivization model that releases the token from a LP perspective. High rewards are always attractive to provide liquidity along with portion of Tx fees is also provided to them.
Q4. Current cross-chain protocols are not composable, which eliminates the purpose of cash laymen. What protocols has Pontoon developed to solve this problem? How have you made your project composable in order to provide the best liquidity in the largest possible amount?
Venkatesh Karanalu | Pontoon Finance: Yes we are aiming to go atleast on 8 chains for now which is EVM compatiable and we are testnet ready on Eth, BSC and Polygon and will launch mainnet after 1 month of TGE.
Q5. The present issues with DeFi are high gas costs, fragmented liquidity pools, insufficient throughput, and a bad user experience. What will the finance team at PONTOON do about it?
Venkatesh Karanalu | Pontoon Finance: Yes we are prepared for gasless Tx ( relayer networks) , fragmented liquidity as disucssed earlier. Community will have a chnace to have hands on incentivised testnet to know our user interface and throughput of the Tx. I would assure we have a very good UI for users.
Telegram Live AMA Begins:
Q6. What is the role of $TOON in ecosystem? Where can users buy it now and what is it for?
Venkatesh Karanalu | Pontoon Finance: Toon Utilities
1) Governance: Token holders can vote on the direction of the protocol and fund allocation from the treasury.
2) LP Incentives for LPs and Relayers: Liquidity providers will be incentivised for providing liquidity on each network.
3) Proof of Stake Relayer Network: A network secured by a series of validators running relayer node and getting incentivized on the fee collected.
We will go live on 28th Oct 21, please wait for the announments n official channel —
Q7. Is Pontoon Is only for the Expert Users of Blockchains Or new Users like Me also Can Use your Platform Easily ?
Venkatesh Karanalu | Pontoon Finance: Pontoon is for all, for new users we have educational programmes that runs to have deep understanding on the protocol and the ecosystem.
Q8. Pontoon has a composition capability with Plug and Play configuration. What is compositing capability with the Plug and Play configuration? How does it work? What advantages does it offer?
Venkatesh Karanalu | Pontoon Finance: The best way to understand composability on DEFI is money legos and that is the reason we are going onto 8 chains which is ECM compatiable. Out smart contracts are develop with these features which can be made utilised without the need of writing a code from the scratch.
Q9. On what chains, Pontoon Finance is Deployed?
Venkatesh Karanalu | Pontoon Finance: We wil go live on 28th Oct 21 through IHO on HotCross which is BSC launch platform.
Q10. How do You able to solve Low speed Transaction & High Cost Transaction?
Venkatesh Karanalu | Pontoon Finance: We are planned for decentralised realyer networks for gasless transactions.
Q11. The name must be come after some discussion #Pontoon. Can you tell me the story behind the name? And where can i buy your tokens? Is there is IDO or pre-sale information available?
Venkatesh Karanalu | Pontoon Finance: Pontoon means bridge and since we have token transfers across the chains, the is Pontoon.
Q12. Does Token Holders can Vote on the Direction of the Protocol?
Venkatesh Karanalu | Pontoon Finance: Yes this is one of the TOOn utilities.
Q13. Will the Pontoon token be ERC20 and be available on the main Ethereum network (Main Net)?
Venkatesh Karanalu | Pontoon Finance: Yes we have on ERC20 and all the details would be made available through our Ann channel.
- End-
