Standard Protocol AMA Summary Recap with Shin Chan Community
We held a live AMA with Global Communications Director, March Zheng from Standard Protocol on 14th September 09:00 PM (UTC+8). Here’s the recap for those who missed it.
JH | ShinChan: Before the ama start, can you please introduce yourself to our community? we have a lot of new joiners in these few months😊
March Zheng: Haha great to be here a second time guys! We are so glad for shin Chan community’s support, and have plenty of awesome updates for you guys tonite.
My name is March Zheng, and I am the global communications director for standard. As previous, it has been my job to communicate standards goals and vision with the community at large and keep everyone up to speed our developments
Super happy to have seen the shin Chan community expand!
JH | ShinChan: Can you tell us about Standard Protocol in short? and appreciate if you can share our community the latest update and news of Standard Protocol
March Zheng: Standard protocol has remained true to its original vision of creating a three token module system. Perhaps the biggest development in recent months post IDO Phase is our deeper approach for multi chain integrations. We are now working quite closely on the polygon ecosystem besides just Polkadot (as we were the first Korean project to receive the Web 3.0 grant). So our technology and product has been moving forward. We are excited about our q4 BD developments which we can share additional info in this AMA!
Q1: I see on your roadmap in this upcoming Q4, you will continue the product but also rebuild the AMA? How can you achieve maximum results, while your focus is split in two? Do you have a team with experience in marketing?
March Zheng: In regards to rebuilding the AMA, I believe our strategy of previous has been correct and efficient. Now that new developments on both tech and BD are within sight, it is time to amp up this production similar to our pre IDO phase. Just to clarify, our team is in no way split to two.. and we are very much working within the decentralized spectrum and efficiently. As to regards in marketing, I hope the community has taken notice of more of our development pushes in the recent few months, and can appreciate that it’s a coordinated and focused effort on our end
Q2: As the first Stablecoin Rebase Project operating on Polkadot. What advantages does Polkadot give StandardProtocol when compared to similar platforms?
March Zheng: One of our original power narratives was the fact that we were the first Korean project to receive the Web 3.0 grant. We are lucky in having a talented programmer (now CEO) such as hyungsuk Kang who was on the original team of terra, etc, and we believe this earned a lot of our original tech validation. I believe with layer 1s right now, there’s no huge comparative advantage besides the decentralized notions and spread of the Ethereum network. We want to position ourselves from a sovereign standpoint, and realize that if it’s a 100t usd market in the future, there will absolutely be other competitive layer 1s besides Ethereum. So far, Polkadot is clearly among the front runners of this race.
Q3: A few days ago you announced that Standard Protocol has been awarded the Builder program grant from ShidenNetwork and AstarNetwork. What will be, in practical terms, the benefits that your users will gain thanks to this grant that you as a platform have obtained?
March Zheng: The parachain function is clearly a comparative technical advantage that the Polkadot ecosystem offers, and it’s clear from its developments the last few days we are getting close to implementation. From on our end, we are validating our position within the network, and upholding the benefits from our grant. Expect more integrations with the Polkadot and kusama ecosystems in the near future, especially from our stablecoin meter and standard token standpoint
As for user UX, these integrations give a clearer gateway to interacting with both our ecosystem and Polkadots. It’s the entry key, if you will, and we are excited for the expanding functions that this collaboration will entail. At the very least, it should benefit our network and liquidity effects.
Q4: The Standard Protocol uses a system of three tokens: Meter ($MTR), Liter ($LTR) and Standard ($STND). Why did Standard Protocol create 3 tokens to use for their ecosystem? Is it difficult for a token to carry the use of all three types mentioned above? Is its supply different?
March Zheng: This is a good question. Just a quick reminder again that Standard Protocol is not only a stablecoin, but an entire Defi ecosystem. We have $STND as our governance token, which is listed on exchanges, $MTR as stablecoin, which is the fuel of our ecosystem, in our DEX, vault and oracle, and finally $LTR as the LP token inside our own DEX which assembles Uniswap LP token.
Whats more, Standard will now pursue more the gamefi narrative, which will leverage gamefi traffic to make MTR come into mass adoption, and become the “Steam Dollar” in the crypto focus are. which means, ultimately if you are a gamefi player, you can use MTR to trade all gamefi token in our own DEX via our multichain one-stop shop.
Q5: One of the characteristics that strikes me about the Standard Protocol is that it proposes a reward mechanism in each era and eliminates mistakes with the IQR rule.
Can you tell us how this works to bring liquidity to users? How do you guarantee to have totally secure
March Zheng: Current oracles are centralized, and there is no decentralized ecosystem to reward them. Standard Protocol proposes a reward mechanism in each era and slashes equivocation with the IQR rule. This is how we differ from other decentralized oracles. The reward mechanism should generate incentive to provide liquidity into our ecosystem, and we have a self rebasing system that will slash bad actors when appropriate. To gurantee security, we can say is that we will do everything within controllables and have a team that is dedicated to servicing UX experience and smart contract service. The space is continuously growing, and it is naive to think every project is fully secure. If a project promises controllables and advanced protocols to benefit the user first, then that’s already quite powerful.
Telegram Live AMA Begin:
Q6: Standard is the first Polkadot-based Rebasable StableCoin system. Could you tell us why you chose Polkadot over ETH or BSC to construct Standard? When compared to similar initiatives on other networks, what advantages will Polkadot provide to Standard?
March Zheng: Ethereum by far has the strongest network effects of any layer 1 in crypto, but we are betting on the aggregate market size of this industry in the long term. We want to position ourselves with any potential layer 1s out there who respect and support our vision
Q7: What is the main goals of Standard protocol? How is your project designed build real benefits and investment return to global community of crypto investors? How will your project create positive impact through blockchain technology?
March Zheng: Great question, as technology is everything. We want to position ourselves not only from a scaling standpoint (which receives Flack in crypto for lack of decentralization), but in terms of our long term approach and potential to integrate with sovereign powers. The cefi defi bridge is key .
Q8: The market absolutely grew from nothing to over $120b and is still continuing to grow fast. So there is the need for stable high interest rates on stablecoins. How will Standard Protocol take advantage of this unique opportunity?
March Zheng: We believe crypto will become a 100T USD market. We will implement with the best layer 1 narratives, and benefit from their security and liquidity effects. If those constants remain, yields will be stable
Q9: Sir, I’m very interested about standard protocol and your vision…
How can I buy your governance token $STND?
March Zheng: Haha thank you. We are currently available on coin one and Kucoin, as well as potentially more exchanges in the pipeline. Be on the lookout accordingly, and thank you for supporting our ecosystem!
Q10: Standard (STND) automatically reorganizes collateralized stablecoin, in the manner of an algorithmic reserve bank with decentralized governance for STN holders. How does the Oracle module work in standard? Are all Oracle vendors chosen at times with the amount bet by the users?
March Zheng: We recognize through the IQR rule, and slash accordingly. And the oracle vendors will be live feeding, yes
Q11: I see that Standard Protocol will have three tokens namely $MTR, $LTR, and $STND. I know that $LTR is for collateral purposes in being minted from $MTR. But what are the utilities of the $LTR and $STND?
March Zheng: Liter is the stablecoin for yield, stnd for governance and price accrual from fundamentals
Q12: In what ways do you think Standard Protocol contributes so that financial institutions can benefit from the advantages that DeFi offers?
March Zheng: Asia. Pure and simple. The growth and infrastructural development potential there is boundless
Q13: How does “STANDARD” The name of the project fits perfectally for the project?
What does it signifies?
March Zheng: Simple. We want to help the narrative of what standard is in defi 10 years from now once the market is 100T. Isn’t that the greatest opportunity?
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