Standard Protocol AMA Summary Recap with Shin Chan Community
We held a live AMA with March Zheng, Global Communication Director of Standard Protocol on 13th April 10:00 PM (UTC+8). Here’s the recap for those who missed it.
Elson| Shin Chan: So before we start the first section, can you please introduce yourselves and little about your project to our community?
March Zheng: My name is March, and I am the global communications director of standard protocol. We are the first Collateralized Rebasable Stablecoin (CRS) protocol for synthetic assets that will operate within the Polkadot ecosystem. The first and only Polkadot Web3 foundation granted project from Korea, with a global community growth approach.
We implement a hybrid mechanism for stablecoin minting and include a new paradigm for liquidity aggregation. In contrast to previous generations of algorithmic stablecoins, Standard rebases its stablecoin supply in each era. It will act as the catalyst for the financial activities of other parachains to enable leveraged trading and arbitrage via a built-in AMM. It will also include a protocol for synthetic asset markets by way of a decentralized oracle.
Essentially, we are a generation 2 algo stable coin with a governance token incentivized into the ecosystem.
Elson| Shin Chan: Any latest news you would like to sharing with our community?
March Zheng : Learn About Standard Protocol • https://docs.standard.tech/
• Website: https://standard.tech/
• Github: https://github.com/digitalnativeinc/standard-protocol
• Discord: https://discord.com/invite/p4w9KUZvxe
• Twitter: https://twitter.com/standarddefi
• TG ANN: https://t.me/standardprotocol
AMA Twitter Section Begin:
Q1 : Smart contracts are prone to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you audit it through any of the parties?
March Zheng : Since you mentioned about the audit, I would assume the “smart contract” represents for the Tokens’ smart contracts. We have not yet issued the tokens, whereas we would do it soon. Standard team noticed that there have been many hacking issues happened in Defi area, and we always consider security problem above all.
Standard is currently talking with Slowmist for audit party, which a leading blockchain security company providing service for top exchanges such as Binance, Huobi, and OKEx. We believe Slowmist could help us to ensure that our smart contract is safe.most importantly, we will ensure to work with multiple parties on this end, and of course have a strong internal technical team that is always up to date on these matters
Q2 : How do you think with Asia market? Does Standard team have any plan approach this market which the potential market in crypto? If yes, How do you plan to spread awareness about Standard in these country where English is not spoken well?
March Zheng : Standard’s team consists of excellent and talented people from different countries, including emphasis on Asian countries bread and butter. We believe Asia is one of the most important markets and we have already made some implementation plans:
1) Cooperating with local KOLs to promote Standard;
2) Work closely with local communities to translate all the materials so that non-English speaker also can understand Standard;
3) Listing on top exchanges both globally and locally.
Q3 : How is your project development going? Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?
March Zheng : We have been granted the Web 3.0 Grant and are currently developing for the UI and oracle module, which is considered the most innovative and important module in our system.
Regarding marketing plans, we have already cooperated with more than 40 KOLs from different countries, such as Korea, China, America, England, Germany, Spanish, Dutch, Turkey, Russia, Vietnam, Thailand etc. Also, localized community establishment is on its way. By doing so, we are confident in promoting Standard globally and getting listed on top exchanges, offering a wide diversity of services to world-wide users.
We are going to have the IDO on 4/27 on Polkastarter, and officially get listed on top exchanges, while promoting our commercial DEFI service to users.
Q4 :Projects that plan to go into any market must first look to take out the competition, which is possible by bringing new and innovative ideas.
So tell us what freshness is Standard Defi bringing in order to take out the competition.
March Zheng : Our three token module system. Though we are an algo stable coin (perhaps considered second generation), we benefit from having also a governance token used for staking and liquidation. For our Stable coin generation, we rely on a Maker similar system for MTR generation. MTR issuance ratio (inverse of collateralization ratio) is fully controlled by governance within an epsilon range; However, when the MTR price goes out of the epsilon range, emergency shutdown executes and no more MTR will be issued for the rest of the era. Starting from the next era, the system takes charge and adjusts MTR issuance ratio to stabilize MTR price to USD until MTR price recovers to 3 quarters of the epsilon range. If MTR price is above USD, more MTR will be minted from collateralization in the next era. So our system trusts the community indefinitely as long as they do a good job on setting collateral ratio. How we build upon collateral and ensure liquidity comes in the meter and standard token relation!
Q5 :What was the biggest milestone your project has? What is plan in the future ? Please can you share about your partnerships for success? How can your project be successful so quickly?
March Zheng : DO is without a doubt the first priority. Staking within DEFI is the baseline for supporting a project, and we want to gather more and more users and KOLs etc to facilitate this action. We have shown some early good signs given 40+ KOL have been onboarded to spread the news around the globe for us. Thus, we have organically built up a community that is genuinely interested in our product. we don’t know how far we may go but we surely want to go fast and far with the community first in mind. The people is going to be our success :)
As for exchange listings, be on the lookout on our standard twitter!https://twitter.com/standarddefi. As for technicals, the team is constantly working and improving the modules :)
Telegram Live AMA Begin:
Q6 : Users who want to produce MTR at the checkout must have at least 150% collateral rate. So why do we have to deposit 150% to create the $ MTR token? How did you determine this rate?
March Zheng : We wanted to copy the Maker system in this regard, and perhaps even higher collateral rate down the road.
Q7 : How do you plan to solve the interoperability issues? Which technology will you use to acheive awesome interoperability?
March Zheng : We are working with chainlink as we speak :)
Q8 : in order to be able to call it community driven? Which members of the community can participate in the decision making?
March Zheng : Standard governance token votes… community proposals.
Q9 : Is it actually true that STND Protocol employs overcollation in order to mint its stablecoin, Meter (MTR)? Tell us something about it, for insntace, what benefits does it offer for stablecoins? Does it help to obtain an elastic supply?
March Zheng : Yepp, overcollateral, safer floor of value in case market prices drop.
Q10 : Technology is changing every second, are you afraid that in the future your project will lag behind new platform with newer technologies? Do you have plan for this?
March Zheng : Its funny, we are actually considered a stronger iteration of ampleforth and ESD, gen 1 algo stable. we are gonna learn from the mistakes and be better.
Q11 : How to persuade the public to believe Standard Protocol technology?
How will Standard Protocol team resolve if there is an unfortunate security problem?
March Zheng : Our team will emphasize securities and relations with security houses at all costs. we realize this is the early days of DEFI still… we will work to be as transparent as possible.
Q12 : In your project is it in anyway possible to do MARGIN operations, where some lend and borrow mechanism to use in the market?
March Zheng : No margin capabilities as of now.. we want to guarantee the three module token system interaction first.
Q13 : Our advisors are respected and renowned experts in their respective fields.” In your opinion, is the consultant’s knowledge in various fields one of the key points for the success of your project development?
March Zheng : Absolutely, its about the people and its about the community. we appreciate all the work and help!
Q14 : How do you think that Your project would be a good project to invest in? And what do you think about the scope of it in the near future?
March Zheng : We have a strong tech team, the right bd movements, and engagement with strong KOls. there is a plan!
Q15 : Your whitepaper said that STND platform will have a Cross Chain integration, however, what networks will it actually support?
Jay : For now we are based on substrate and officially got the Grant from Web 3 foundation. We are going to build and develop based on Binance Smart Chain, ethereum and any other main-net by using bridge function.
Bridge function can allow Standard to be applied on different main-net.
Q16 : Right now you are using Ethereum blockchain but there is a gas problem right now. Do you plan to add BSC support?
March Zheng : Absoutely, its in the line of works. we want to leverage all the best ecosystems out there! polkadot focused first ofc since we got the grant.
Q17 : Will you have IDO soon? AMPL is one of the last famous token, but don’t think they are doing well so will Standard take them as a lesson and make more improvement on your ecosystem?
Jay : We are going to have IDO at Polkastarter 4/27. We have observed many projects and learnt a thing or two from those successful projects.
We are not gonna say whether AMPL is good or not, but what we can say is that we have prepared well, and try no to make the mistakes :)
Q18 : Is this a long term project for users who wants to trade with Standard Defi?
March Zheng : Absolutely, we want to engage the entire defi spectrum.
Q19 : a successful project is an experienced team, does the standard protocol with the team have experience in crypto bidsng to find out and does the standard protocol have a place to get the latest information besides telegram channels such as reddit, discord, youtube or others?
Jay : Standard team consists of experienced and talented people from different countries, and we all have more than 3 years experience in crypto with tech part, marketing, and community etc….
Also we have invited renowned influencers and experts to join the team, helping us to promote Standard in diverse areas.
For more information, please check the website:
Standard — The Standard for Digital Assets
Standard delivers collateralised, interoperable Digital Assets on Substrate.
Q20 : Have your protocol undergone any audits?
March Zheng : In the process, will look to do it around IDoweek will be done the week of IDO i believe.
Q21 : One of the using benefits I see in Standard Protocol is that it fixes the mistakes in liquidity systems through a rule called IQR. However, could you tell us more on this rule, what is it and how is its mechanism activated in the event that a reward system commits a mistake?
March Zheng : MTR issuance ratio (inverse of collateralization ratio) is fully controlled by governance within an epsilon range; However, when the MTR price goes out of the epsilon range, emergency shutdown executes and no more MTR will be issued for the rest of the era.
Starting from the next era, the system takes charge and adjusts MTR issuance ratio to stabilize MTR price to USD until MTR price recovers to 3 quarters of the epsilon range.
If MTR price is above USD, more MTR will be minted from collateralization in the next era.
Q22 : How do Standard Protocol differs from first generation algorithmic stablecoins? What are the usecases and functionality of STND in your platform?Does this token also use in your governance mechanism?
March Zheng : Your collateral factor is a huge part.. and LP staking for STND
Q23 : Are you a global project or local project? Can anybody anywhere use Your project without any restrictions?
March Zheng : GLOBAL!
Q24 : To what extent can I take advantage of “everything” through the Standard Protocol solution?
Dixon : If taking advantage means earning, we will have LP farming, STND staking and synthetic assets in our roadmap. otherwise you may also consider be part of our oracle and validator network to earn rewards.
Q25 : Could you give me 2 or 3 key points to convince me and other angel investors invest in Standard Protocol Finance in long-term?
Jay : 1. We have strong background of tech and dev. Standard Protocol is the first Web 3 Foundation Grant project in Korea, and Founder & CTO Mr. Kang has a sophisticated experience in crypto (Fellowship of Tendermint, Core developer in Plasm, lead dev team in Terra etc.)
2. We have solid infrastructure in polkadot eco system. We have Charlie HU, Co-founder of PolkaBase, the biggest and leading polkadot eco community in China; Jaewon SHIN, Co-founder of PolkaKR, official polkadot community in Korea etc. So we are not the team only know the coding but also familiar with the eco and marketing.
3. Our stablecoin has a real bank to back up. We have cooperated with Ginkgo Bank, first digital and crypto bank with all legal license in Korea, to support our eco system. We believe it might be one of the most important factors for angel investors to consider, as most algorithmic stablecoin cannot be applied in the real world.
Q26 : 1) I see there is a strong team for standard protocol, any strong advisor backup your team?
2) will you take gold as a standard for price of Standard token?
Dixon : 1) standard.tech :)
2) you sure gold is a good standard of price? :P still, i think collateralizing synthetic gold sound fine. let me note this down on my product backlog…
Q27 : Standard protocol uses three token systems; the MTR, LTR and STND. Why did you have to use three different token system? What are the use case of the different tokens? Which one would be used for farming, staking, liquidity, transaction e.t.c. Can you please specify? How can we get these tokens and when? Thank You !
Dixon : Short answer is MTR as DAI, LTR as UNI-PAIR, STND as MKR.
if i were you i will mark 27 April on my calendar.
Q28 : Could you please provide us with a copy of your roadmap. What would we expect from STANDARD in the future?
Jay : 2021 Q1.
- Oracle module integration;
- Council recruit
- Chainbridge test run on Kusama;
- Kusama parachain crowdloan
- Run 1st Council
- Yield farming starts
- Polkadot parachain crowdloan
- Yield farming starts if Polkadot parachain is connected;
- Apply this protocol to other ecosystems (Cosmos, Ethereum, etc.)
- Become a common good parachain which acts as an oracle to provide external data to the ecosystem.
- Full function test on Kusama/Rococo.
- Full function test on Polkadot.
Q29 : They mention that the standard protocol offers collateralized and interoperable digital assets on the substrate. But could you give me some examples of them? Which ones do you use frequently? And in the future, do you plan to integrate more assets to offer?
March Zheng : polkadot similar to eth for mkr.
Q30 : Ethereum gas costs are really high but what about binance smart chain gas prices are down why you implemented ethereum blockchain?
Jay : We are also going to develop based on Binance Smart Chain :) Ethereum is just one of the eco main-net we are going to build and we are going to support diverse eco systems.
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