RECAP AMA EPID COMMUNITY X PLETHORI
🕖AMA Timing : 24th AUGUST 2 PM UTC | 9 PM (GMT +7)
🏚Venue For AMA: @EPID_Community_VN
💰Reward Pool : 200$
➡️Part 1: Project Introduction.
Q1. Could you briefly introduce about your project?
Sure, jumped the gun on that one with the intro above really!
We started Plethori in February of this year. We recognized that the crypto space was beginning to attract many more institutional investors and investors from the world of traditional finance, and wanted to provide these investors with an investment vehicle that they recognized. ETFs are poised to take over as the most popular form of investment, with a global cap of nearly 8 trillion USD and growing rapidly.
Plethori is crypto's premier ETF creation and trading platform, built on Ethereum - with plans for Polkadot and Cardano too.
We offer both staking and farming platforms prior to our main product release - The V1 and V2 ETF trading platforms.
The V2 being a gamified, user-built ETF platform. Integrating NFT rewards for achieving milestones within the platform. Users will also share transaction fees when their ETFs are traded.
Q2. What makes the PLETHORI project stand out more than the projects in the same direction at the moment?
Plethori occupies what is at present still a niche area of the cryptocurrency market. There are several projects who have built platforms that trade a range of funds, indexes and other derivatives, however few have built the kind of robust ETF platform that we are developing. Our V2 platform will be a gamified trading platform, integrating ERC721 tokens (NFTs) as rewards for passing set achievements within the platform - no other projects are doing this in the same way.
Q3. What are the memorable milestones of PLETHORI in the research and development process?
We've just launched our new PLE 2.0 token that is currently trading on Uniswap V3 and are currently undertaking the token swap from the old PLE to the new. This has kept us fairly busy over the course of the last few weeks, but I'm pleased to report that the majority of tokens have now been swapped.
Our next platform launch will be our brand new staking platform - offering a lucrative 40% APY for all stakers. We've also added a few new features to the platform, including an auto-claim function when unstaking, and a compound stake option, which will allow users to claim and restake their rewards in one smooth transaction.
Development of our yield farming platform is also now being finalized. We are about to send the contracts over to our appointed Cybersecurity auditing firm - Hacken. Security of both our and our users' funds is of paramount importance to us, so no cost is spared when it comes to audits/ platform security,
We've now partnered with over 10 very influential projects who each provide unique solutions in their respective areas of the crypto market - some of whom are assisting us with research and development into different blockchains or tools required within our platform. Full details of all partnerships can be found on our Medium profile. To quickly list our main partners - Kylin, PARSIQ, Polkadfoundry, Stater Finance, QAN network, Dextools, Shield Finance, Cyberfi and Card Starter. We'll also be integrating Blank Wallet's privacy wallet solution, and using ChainLink's oracle services.
➡️Part 2: Question From Twitter (5 best questions).
Your project is not only interesting but also important, but it needs a large user traffic to be sustainable over time. What marketing strategies do you have planned to increase the validity of your brand ? Are you planning a strategic partnership to level up your project ?
Effective marketing is critical to the success of any project, in or outside of crypto. We have recently hired a dedicated CMO to oversee our marketing operations and he has proved to be invaluable. We have also recently partnered with some excellent brand ambassadors who are working very hard to increase brand awareness.
We have also been featured now in multiple large news outlets and publications across the globe, and have dedicated communities in the middle East, Southern Asia, Japan, China, Turkey, Germany and Russia. And are looking to add more to that list before the end of this quarter.
Our aim is to reach as wide an audience as possible. Although ETFs are traditionally for some of the more elite investors, we are bringing them to the wider community (as well as the elite and institutional investors!)
Partnerships are also very important to create wider brand awareness. We are constantly staying up to date on latest developments and projects offering new tech to ensure we stay ahead of the game.
Launching projects in a bull run is much profitable than during the bear cycle. In a bear run where most of the projects fail and sometimes gone into oblivion, how will "PLETHORI" stand the test of times? What strategies do the project employ to mitigate possible losses?
It's true, and something that all projects must plan and be ready for.
We are in a perfect position to take advantage of both bull and bear cycles. Just as there is the ability to short sell crypto in normal exchanges, and profit from a decline in price, there is also a solution for bear cycles in the ETF industry.
Inverse ETFs enable users to continue making profit during periods when the underlying assets are declining. Although not yet finalized, we are looking at this as an option for maintaining high volumes and profitable trading for our users throughout all market cycles.
In what ways do you think #Plethori contributes so that financial institutions can benefit from the advantages that DeFi offers?
The ETF industry represents nearly $8 trillion USD worldwide. The crypto industry has just hit over 2 trillion total market cap and traditional investors and financial institutions are all now paying serious attention. We know that with the overall popularity of ETFs, they will now begin to play a huge role in the cryptocurrency industry.
Our V2 platform will provide both investors and larger institutions with the tools required to set up their own decentralized ETFs, with instant access to a huge audience of traders and investors.
NFT is not just a trend! It is going to rule this decade and innovation1 has just started. So, with NFT what is your future plan?
NFTs will play a key role within our V2 platform. After a user creates an ETF, they will be listed on the V2 exchange for trading. Aside from earning a good passive income through the fee sharing structure, users will also be rewarded with NFTs for achieving certain milestones within the platform. Examples include reaching certain ranks on the leaderboard, creating the most profitable ETF, or creating the ETF with the highest trading volume etc.
Our partnership with Stater Finance will also come into play at this stage - Stater Finance have built an NFT-lending platform, where users can stake their NFTs in return for capital. We're still discussing the precise details of integration but are very excited to be working with these guys 🚀
Could #plethori tell us about the background and experience of your DEVELOPMENT TEAM? How will they carry out your project during this current pandemic?
We currently have 3 very experienced in house developers working for the project. Our lead developer, Ding Tian, is an experienced full-stack engineer with extensive experience in DeFi. He is currently finalizing development of our farming and V1 exchange platforms. He's been with Plethori since its inception.
His assistant dev, Li Fang, has been working for us for the past 2 months and has proven to be a very valuable asset. Both Ding and Li are by far 2 of the most diligent and hard-working developers I've ever had the pleasure of working with.
Our third developer is a UI/UX expert, and has just come on board to assist in developing front ends of all future platforms. We have not officially introduced him to the community just yet so will have to wait for the official announcement for more info!
A project is only as good as its team and developers - Plethori excels in this area.
➡️Part 3: Free asking (5 best questions)
What are your security measures adopted from hacking and bugs in smart contract ? Have you conducted any audit to make your smart contract safe?
Great question - all of our smart contracts undergo rigorous security and functionality testing by Hacken. Hacken are the biggest name in the business when it comes to cybersecurity. All platforms also go through comprehensive testing to ensure that all platforms are perfect before release into our ecosystem 🚀
CAN you explain the background of your team? How will you and your team carry out this project during this current pandemic????
Our team is comprised of very experienced individuals, all of whom are experts in their given industry. All team info can be found on our website - https://plethori.com
We also have a very experienced professional advisory board - each member bringing with them a wealth of knowledge. The most recent addition to this board our ETF advisor Deon.
Deon actually built the very first ETF in South Africa over 20 years ago. He is currently the managing director for a large investment firm in London. Deon has been exceptionally helpful in helping us plan and structure our ETFs.
Trust and security is very important in any business , what makes investors , customer and users safe secure when working with your project?
We try to be as transparent as possible. The whole team and our advisors are all public and can be found on our website https://plethori.com. You can also find links to each of our LinkedIn profiles there.
We have also recently taken on an interim CFO who will be managing our budget, providing oversight on all project financials, and ensuring we have the runway required to complete all planned development.
Security wise - we're using Hacken for all smart contract audits and we publish all audit reports prior to platform release to demonstrate the safety of the platforms to our community before use. Our platforms are all as secure as can be 🔐
Token burning is advantageous to any project because it allows it to regulate the quantity of tokens in circulation and provide better incentives to investors. Is there a plan for token burning in your fantastic project?????
Great question. We will not be burning any tokens. We will however be including PLE in every single ETF that is created, at a weighting of 5%. Not only will this cause a price increase when the tokens are market bought by Plethori to include in the fund, but it will also effectively lock up more and more PLE within the ETFs, causing scarcity of supply.
Where can I buy your tokens now. What are your current contracts, and how can I buy them and what are the benefits?
Our PLE token is currently available for purchase on Uniswap V3 exchange - https://app.uniswap.org/#/swap?outputCurrency=0x3873965e73d9a21f88e645ce40b7db187fde4931
There are many benefits to holding the PLE token. In addition to the lucrative rewards that can be earned through our Staking and Farming platforms, PLE itself will also make up 5% of all future ETFs. This will act as a deflationary mechanism, as total circulating supply will decrease each time a new ETF is created. This 5% PLE will be market bought which will cause price increases with the creation of each new fund! 🔥🔥