AMA RECAP : CRYPTO CHALLENGERS x PARASSET
Venue : @CryptoChallengersD
Date : 25th AUGUST 2021
Time : 1 PM UTC
Guest : CATHY
SEGMENT 1 : INTRODUCTION SEGMENT
Franklin Jax | CRYPTO CHALLENGERS
𝗤𝟭. 𝗖𝗼𝘂𝗹𝗱 𝘆𝗼𝘂 𝗽𝗹𝗲𝗮𝘀𝗲 𝗽𝗿𝗼𝘃𝗶𝗱𝗲 𝗮 𝗾𝘂𝗶𝗰𝗸 𝘀𝗲𝗹𝗳-𝗶𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗰𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝘆?
Cathy | PARASSET
My name is Cathy.I have been working in the roles of blockchain smart-contract development and project operations for 4years.We came across Parasset because we participated in the ecosystem of decentralized oracle-NEST at the early stage. We admire and agree with their belief in decentralization, and NEST is the only decentralized oracle globally.When they were discussing Parasset, we agreed with their ideas, so that’s why I joined the tech community later.
Franklin Jax | CRYPTO CHALLENGERS
𝙌2. 𝘾𝙖𝙣 𝙮𝙤𝙪 𝙗𝙧𝙞𝙚𝙛𝙡𝙮 𝙞𝙣𝙩𝙧𝙤𝙙𝙪𝙘𝙚 𝙩𝙝𝙚 𝙥𝙧𝙤𝙟𝙚𝙘𝙩 𝗣𝗮𝗿𝗮𝘀𝘀𝗲𝘁. 𝙬𝙝𝙖𝙩 𝙖𝙧𝙚 𝙨𝙤𝙢𝙚 𝙤𝙛 𝙪𝙩𝙡𝙞𝙩𝙞𝙚𝙨 𝙤𝙛 $ASET ? 𝙃𝙤𝙬 𝙙𝙤 𝙮𝙤𝙪 𝙩𝙝𝙞𝙣𝙠 𝙮𝙤𝙪 𝙨𝙩𝙖𝙣𝙙 𝙤𝙪𝙩 𝙖𝙢𝙤𝙣𝙜 𝙩𝙝𝙚 𝙘𝙤𝙢𝙥𝙚𝙩𝙞𝙩𝙤𝙧𝙨 𝙞𝙛 𝙩𝙝𝙚𝙧𝙚 𝙖𝙧𝙚 𝙖𝙣𝙮?
Cathy | PARASSET
Parasset is an innovative over-collateralized lending / synthetic protocol.It combines features from MakerDAO and Liquity. It can collect revenue through stability fees like in MakerDAO, while having an Insurance Pool which is similar to the Stability Pool in the Liquity.Users can mint parallel assets, which is a type of token that has a 1:1 ratio of intrinsic value to the underlying assets. For a concrete example, Bob can deposit 1 ETH to mint 2,000 pUSD. The value of pUSD is pegged to USDT, and the max amount of pUSD can be generated depends on the value of ETH and the collateral ratio.At the same time, Alice can deposit her USDT into the Insurance Pool where she can earn up to 4 types of rewards.
Franklin Jax| CRYPTO CHALLENGERS
𝗤𝟯. 𝗖𝗮𝗻 𝘆𝗼𝘂 𝘀𝗵𝗮𝗿𝗲 𝘁𝗵𝗲 𝗮𝗰𝗵𝗶𝗲𝘃𝗲𝗺𝗲𝗻𝘁𝘀 𝘁𝗵𝗲 𝘁𝗲𝗮𝗺 𝗵𝗮𝘀 𝗺𝗮𝗱𝗲 𝘀𝗼 𝗳𝗮𝗿 ? 𝘄𝗵𝗮𝘁 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗺𝗮𝗷𝗼𝗿 𝗮𝗰𝗵𝗶𝗲𝘃𝗲𝗺𝗲𝗻𝘁 𝘁𝗮𝗿𝗴𝗲𝘁 𝗣𝗮𝗿𝗮𝘀𝘀𝗲𝘁 𝗶𝘀 𝘆𝗲𝘁 𝘁𝗼 𝗮𝗰𝗵𝗶𝗲𝘃𝗲 . 𝗜𝗳 𝗽𝗼𝘀𝘀𝗶𝗯𝗹𝗲 𝗮𝗹𝘀𝗼 𝘀𝗵𝗮𝗿𝗲 𝘆𝗼𝘂𝗿 𝗿𝗼𝗮𝗱𝗺𝗮𝗽.
Cathy | PARASSET
We have updated to v2 recently.
Technology
Parasset 2.0 uses the industry’s leading safe and scalable architecture, which can update and iterate the system under a decentralized mechanism to protect the safety of users’ funds. In the future, Parasset will pass the right of modifying system parameters to the voting system to realize the vision of complete decentralization.
Product
Parasset 2.0 upgrades the Insurance Pool. In the previous version, the revenue of Insurance Pool liquidity providers mainly comes from
1. The stability fees generated from the debt positions;
2. The exchange fee;
3. The liquidation residuals will directly inflow to the insurance pool.
In contrast, Parasset 2.0 has a new feature Insurance Pool mining. When users deposit USDT/ETH into the insurance pool, they will get LP tokens. Then by collateralizing the LP tokens they will receive the platform token ASET.
UI
The new user interface can better help users to understand the liquidation risks quantitatively.The current collateral ratio is a value used to show the health condition of the user’s debt. The ratio is the sum of the user’s debt + stability fee to the value of their collaterals.The closer this value is to the liquidation collateral ratio, the higher the possibility of liquidation and the lower the security status of funds.Parasset 2.0 also optimizes the page information display, page loading speed, etc.
Franklin Jax | CRYPTO CHALLENGERS
𝗤𝟰.𝗖𝗼𝘂𝗹𝗱 𝘆𝗼𝘂 𝘀𝗵𝗮𝗿𝗲 𝗮 𝗯𝗶𝘁 𝗮𝗯𝗼𝘂𝘁 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗮𝗻𝗱 𝗮𝗹𝘀𝗼 𝘄𝗵𝗮𝘁 𝗯𝗲𝗻𝗲𝗳𝗶𝘁𝘀 𝘆𝗼𝘂 𝗽𝗿𝗼𝘃𝗶𝗱𝗲 𝘁𝗼 𝗶𝗻𝗰𝗲𝗻𝘁𝗶𝘃𝗲𝘀 𝘂𝘀𝗲𝗿’𝘀 𝗰𝗵𝗼𝗼𝘀𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗽𝗹𝗮𝘁𝗳𝗼𝗿𝗺?
Cathy | PARASSET
Parasset has well designed mechanisms
1 Insurance Fund Mechanism (Measures for burned accounts)
2 Fast Minting (Control the risk of price unstable when the p-asset is short in supply)
3 Dynamic Stability Fee mechanism based on C-ratio (The source of the revenue in Insurance Fund)
4Dynamic liquidation line based on volatility (Measures for liquidations)
5 Unified debt positions management (For users convenience)
Franklin Jax | CRYPTO CHALLENGERS
𝗤𝟱. 𝗪𝗵𝗮𝘁𝘀 𝘁𝗵𝗲 𝘁𝗼𝘁𝗮𝗹 𝘀𝘂𝗽𝗽𝗹𝘆 𝗼𝗳 𝘁𝗵𝗲 𝘁𝗼𝗸𝗲𝗻 ? 𝗖𝗼𝘂𝗹𝗱 𝘆𝗼𝘂 𝘀𝗵𝗮𝗿𝗲 𝗮 𝗱𝗲𝘁𝗮𝗶𝗹𝗲𝗱 𝘁𝗼𝗸𝗲𝗻𝗼𝗺𝗶𝗰𝘀 𝗼𝗳 𝗺𝗮𝗶𝗻𝗻𝗲𝘁 𝘁𝗼𝗸𝗲𝗻’𝘀 𝘀𝘂𝗽𝗽𝗹𝘆 𝗱𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻.
Cathy | PARASSET
Total supply 100million
15% Private Round
10% Team
5% Public Sale with IDO
70% Liquidity Providers
Franklin Jax | CRYPTO CHALLENGERS
Total supply 100million
15% Private Round
10% Team
5% Public Sale with IDO
70% Liquidity Providers
SEGMENT 2 : TWITTER SEGMENT
Franklin Jax | CRYPTO CHALLENGERS
Q1) What were the biggest challenges you faced in starting your decks, and how did you respond to or overcome them?
Cathy | PARASSET
There are always creative and solid protocols in the DeFi space.One of the key thing is to find out how to improve current protocols.As for Parasset, to determine the risk structure and design a better system was a big challenge.We spent a long time to figure out the best model and parameters for the system, also optimisized the UI for users’ convinence.
Franklin Jax | CRYPTO CHALLENGERS
Q2) 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 “PARASSET “ stand the test of times? What strategies do the project employ to mitigate possible losses?
Cathy | PARASSET
Parasset is backed by many top-tier investors, and it is audited.One of the visions of Parasset is to become the Uniswap in the lending category. So we work hard and aim for the long-term goal.The system works well even without the platform token, this is one of the key things to remember.The protocol fullfill the needs for people to borrow while having the underlying assets.
Franklin Jax | CRYPTO CHALLENGERS
Q3) Could you please describe the PARASSET INSURANCE POOL in more detail? Also, what would be the incentive to join the INSURANCE POOL? How do you secure price stability of assets embedded in the insurance pool?
Cathy | PARASSET
Insurance fund keeps the parallel assets and the underlying assets in a 1:1 equivalence relationship. The increase in the size of the pool reinforces the anchoring of the value of the parallel assets to the underlying assets.Users can simply deposit USDT and or ETH into the Insurance Fund Pool toearn rewards, and the share of one user’s assets to the pool will decide the final rewards.The Insurance Fund LP Earns 4 Types of Returns: Transaction fee of 0.2%, Stabilization fee, Liquidation residual value and ASET.
Franklin Jax | CRYPTO CHALLENGERS
Q4) Defi is a very hot keyword at the moment, many projects have started cooperating with DeFi platforms. So is “PARASSET “ planning to cooperate with DeFi projects and develop “PARASSET “ towards DeFi in the future ?
Cathy | PARASSET
Yes we are doing that.We will support more and more collateral assets in the future.Expanding Parasset’s ecosystem is always one of the key missions for us.Parasset will do cross-chian in the near future
Franklin Jax | CRYPTO CHALLENGERS
Q5) 1-Increasing Token price 2- make Token Valuable 3-Building Community Trust From 3 aspects above,. I want to ask,. Which one the most important for you?If all above are important for you,. Which one that Will you do first ?
Cathy | PARASSET
They are all very important, if I have to choose.No matter how good a project is without community it will be very difficult to develop.So we will make sure the protocol is easy to use, safe, and we will value the community’s feedbacks upon that the token holders will have voting rights.then the price of token will increase naturally
SEGMENT 3 : LIVE Q & A
Q1) FROM @williamhamm1
Well, Do you have AUDIT certificates?
Or
Are you working to AUDIT your project, to make it more secure and reliable?What’s your plan to bring non-crypto-natives into your ecosystem? How do you keep a balance between developing the technology and also improving the value of your token?
Cathy | PARASSET
We chose Certik as Parasset’s auditor . So far, CertiK has provided quality services to more than 500 corporate users and has protected more than 3million USD of digital assets and software systems from loss.
Q2) FROM @husniyara2
What👉👉 is your strategy for listing your token and when do you plan to be listed on CEX?
Cathy | PARASSET
We will do IDOs and Parasset will be listed on the CEX.Stay tuned to get more.We will have official announcements once everything is settled information~
Q3) FROM @Ironman22h
Is the project a global or a local one? Which market are you currently focusing on, or are you building and expanding to gain customers, users, and partners?
Cathy | PARASSET
Parasset is a global project, we will try to make it accessible for the users from different regions. We already hosted an AMA in a Korean-based community, and we will continue to do more AMA and other events for non- English speakers in the future.
Q4) FROM @robert9612
PARTNERSHIP is always an important factor for every project. So who is your partner? What are the benefits you get from those relationships?????
Cathy | PARASSET
We have many investors such as Huobi Ventures, FBG Capital, OKEx Blockdream Ventures, 21DAO, AU21, Gravity Resource, LD Capital, Infinity Labs, HOT LABS, Kernel Ventures, LINKVC, Kyros Ventures, All For Ventures, 100X Capital, YBB. Foundation, 7 O’Clock Capital, etc.
Q5) FROM @Frt_ta
Hello sir, Can you List 1–3 Killer features of your PROJECT that makes it ahead of Competitors? What is the Competitive Advantanges your platform Has that you Feel most Confident about?
Cathy | PARASSET
Parasset combines some features from both MakerDAO and Liquity. It can collect revenue through the stability fees like in MakerDAO, while has an Insurance Pool which plays a role similar to Stability Pool in the Liquity, making the risk control even better. Parasset uses fully decentralized oracle NEST, making it contain unique applications for price quotation miners.The mechanism of pUSD combines hard anchoring + soft anchoring. Fast-minting allows returning of the p-asset price to the anchor and the stabilization fee works as a soft anchor.
When pUSD> $1, through fast minting (deposit USDT in the insurance pool to get pUSD), the supply of PUSD will rise and the price will fall.
When pUSD <$1, through fast minting (deposit pUSD in the insurance pool to get USDT), the supply of PUSD will decrease and the price will increase.
— AMA CONCLUDED —
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