🏅RECAP AMA EPID COMMUNITY x PLUTOS
🕖AMA Timing : 13th May 2PM UTC | 9 PM (GMT +7)
🏚Venue For AMA: @EPID_Community_VN
💰Reward Pool : 200$
➡️Part 1: Project Introduction.
Q1. Could you briefly introduce yourself as well as your project?
This is Juan Capilla, CEO of Plutos Network.
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).
Let me make a brief introduction of Plutos Network so that you guys can have a better understanding of what we do and what we can offer
So, in one sentence, Plutos Network is a DeFi synthetic hub built on Solana, BSC and Polkadot.
By integrating Blockchains such as Polkadot, BSC and Solana, enabling on-chain and cross-chain liquidity and trading, Plutos Network is to offer users synthetic issuance and trading services for a wide range of synthetic products which are sustainable, profitable and disruptive to the traditional derivative market.
Q2. What makes the PLUTOS project stand out more than the projects in the same direction at the moment?
There are several key features that makes Plutos different, let me share a photo for better understanding.
We have several key features: 1, We do cross-chain, which can offer better scalability and cross-chain functionalities and a better solution to replace current ones based on Ether. Their limitations are clear: high gas fee, low transaction, etc; 2, Solana+BSC: Solana and BSC can be a perfect combination to offer upgraded ETH killers, they will be working on Defi even when ETH offers scaling solutions in production. 3, Infinite Liquidity: 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. And, we will be integrating liquidity from mainstream DEXs including Uniswap, 1inch, PancakeSwap etc for seamless trading and avoid slippage; 4, Higher Accessibility: Unlike other platforms such as Mirror or Synthetix, users can only place collaterals of the assets that the platforms support such as USDT, ETH etc. But here with Plutos, users can deposit and place collaterals of their assets of choice. When there is enough liquidity in the pools, basically all users can freely mint and issue their synthetics.
Q3. What are the memorable milestones of PLUTOS in the research and development process?
The most memorable one should be the time when CTO Leon and I decided to build such a platform. Our CTO and I led a team and took a long time to make the product design as well as the technical architecture. We found out that, by building a sub-parachain to do connections and communications with other chains through Parachains like Rococo is a better solution which is more efficient and cost effective. We also built chain-bridge modules in order to interact and communicate with other leading Blockchains. We will also be focusing on building our product on Solana and BSC, which has been more and more approving of itself as a perfect solution for scalability, high speed and low fee structure. As for new milestones, please saty tuned. We will be making exciting deliveries. Join our TG t.me/plutosnetwork for updates!
Q4. What does PLUTOS plan to do to attract more users in the upcoming time?
Good question! First, we will definitely focus on continuous improvements and upgrading of our product to offer the best trading experience for traders. Second, we will be putting lot of efforts in business development and marketing operation to work with local partners and communities in key markets like Vietnam, China, Korea etc. Third, we will be introducing a lot of events including "Faucet Airdrop", Ambassdor Program and Bug Bounty to attract more attention from the market.
➡️Part 2: Question From Twitter (5 best questions).
What are the key milestones on your roadmap - both things you have already achieved and things that we can look forward to? Any partnerships and short/long term technical milestones that you want to talk about or bring some attention to?
We are making great great progress in all rounds. 1, We completed the chain-bridge module to connect Polkadot parachains and integrate BSC and Solana in the future; 2, We will be launching our first product - the Staking product this month probably on 21st, when we will be holding a super exciting “Faucet Airdrop'' to offer 1 Million of PLUT test-net tokens which can be redeemed into real tokens by certain ratio. So please join us at t.me/plutosnetwork and follow our Twitter https://twitter.com/PlutosNetwork for updates! 3, In July, we will be launching our main-net product the start migration to Solana after product improvement and polishing.
We now mainly focus on partnerships which can help our technical development in the long-term, like what we did with Razor Network. More solid partnerships are coming!
You’ve also used the phrase “Multi-Asset Staking” a fair bit…
How does this differ to single asset staking and what’s the point of it contextual to the $PLUTOS Network?
First, multi-asset staking will help with liquidity. When users stake various assets here, the assets can do to different pools and provide liquidity. By doing so, users can get PLUT tokens as rewards.
Second, compared to single asset staking, users will have more freedom of choices of their assets that they want to place collaterals and mint.
Unlike other platforms such as Mirror or Synthetix, users can only place collaterals of the assets that the platforms support such as USDT, ETH etc. But here with Plutos, users can deposit and place collaterals of their assets of choice. When there is enough liquidity in the pools, basically all users can freely mint and issue their synthetics.
Plutos Launches Staking Product This Month,
Do you think it will be well received? and APY rate normal?
First, the Staking product will be a test-net one, built on BEP20. Users can choose between different pools and different periods for their Staking. Like I said, we will be holding a “Faucet Airdrop” that users can claim the test-net tokens and Stake. They can redeem the testnet tokens into real ones after TGE. The APY that we have for the testnet product is between 150% to 550%, which will be consistent to the official product.
I think that the incoming airdrop event will be an exploding one. Don't Miss it!
We all know that PLUT token plays a key role in the Plutos ecosystem. Please give some more details of its utility as well as the operational mechanism of token minting and staking. What are you planning to raise the value of token in the long run?
PLUT is the native utility token in Plutos Network, which is used to pay for the transaction fees and synthetic issuance services and also for the deposits of any on-chain applications. Besides, the PLUT holders will be able to vote on proposals from the community and even decide how the ecosystem fund will be used in Plutos Network. The main utilities of native token PLUT are classified as follows:
● DAO Governance
Our plans for the continuous value-adding to $PLUT include:
1. We will be introducing a deflationary mechanism that we will buy back and burn PLUT tokens using the revenue of the platform;
2. We will keep making efforts in business development and user acquisition by working with partners and local communities. With more users joining us, we will be witnessing continuous business growth.
3. We will be doing continuous upgrading and improvement of the product for better usage.
With increasing use cases and expanding user base, more values will be added to the ecosystem for sustainable and long-lasting growth.
Revenue is an important aspect for all projects to survive and maintain the project / company. What is the way to generate profit / revenue of token? What is the income model?
Revenue will be the key for continuous and long-term development of the project. We will be focusing on the following aspects:
1. User base is always the solid foundation empowering the whole economic system for a platform such as Plutos. We will keep expanding our user base through business development, marketing etc to ensure that the trading volume and TVL maintain a healthy level so that revenues are produced in a sustainable way.
2. The income model of Plutos is definitely through trading commission. That’s why we will be focusing on business development after the product is polished with the best user experience.
3. We will be using part of the revenue to buy back and burn PLUT tokens to ensure that the company can generate more demands for tokens in the market, and reduce supply at the same time.
➡️Part 3: Free asking (5 best questions)
Q1: Currently, NFT is very hot, do you think you will apply NFT technology to your products in the future?
I will start with this one. Actually team and I did our research and studies on how can we apply NFT into synthetics. We found out that the mechanism of NFT by applying ERC721 standard to make each token unique and special through tokenization has similar ideology as synthetics. With the growing of DeFi and NFT, more real-world assets can be tokenized and minted to issue synthetic assets. When it comes to Plutos, yes, we will be first exploring a way of combining NFT into synthetics, probably starting with our protocol similar to ERC721 in the future. But definitely we will be doing a lot in NFT as we stronger share the same idea that NFT will bring more new values and innovations to real-world and vice versa.
Q2: Good day @juan_plutos So many projects just like to speak about the "long term vision and mission" but what are your short terms objectives? What are you focusing right now?
Good question! We at Plutos rather focus on the recent deliveries that we can make. You can check our roadmap that we only have Roadmap for 2021. We do have long term vision and mission which is that we want to be become the No.1 Platform for synthetics. In the short term, let's say 2021, we will be delivering our main-net product and start migration to Solana while integrating BSC and applying Polkadot technology for the cross-chain functionalities. That's the main focus in year 2021.
Q3: A partnership is essential for Adoption, so can you tell us what partners you have now and in the future?
We now mainly focus on partnerships which can actually bring values to our technical progress. 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. We willl be announcing a new partnership on Monday. Stay tuned😎
Q4: COVID 19 has slowed many economies around the world but as a crypto business has it affected you negatively or positively? Secondly, are you still on track to achieve your targets as the road map says?
A: Covid 19 indeed brough us disaster here in Spain and all over the world. But we did make it as positively as we can to start and build Plutos Network. You know that, we can't travel a lot now. So CTO Leon and I constantly talk about building a synthetic platform that can be very professional and handy for veteran traders like us. So we started the product design and technical architecture. Now we have one team in Spain, one developer team in Malaysia and another big team in Shanghai doing the dev work for 24/7. By doing so, yes, we are on track to make the deliveries happen.
I’m a developer, and I’m interested in contributing to your project alongsides earning, Do you have any Bug Bounty to check for vulnerabilities ??
Yes, we will be introducing Bug Bounty for developers to help with improvement of our system. Plutos team encourages the community to audit our contracts and security; we also encourage the responsible disclosure of any issues. The Bug Bounty program is intended to recognize the value of working with the community of independent security researchers, and sets out our definition of good faith in the context of finding and reporting vulnerabilities, as well as what you can expect from us in return.