Standard Protocol AMA Recap
Standard Protocol is the first Collateralized Rebasable Stablecoin (CRS) protocol for synthetic assets that will operate within the Polkadot ecosystem.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.
Today we have March Zheng as Global Communication Director of Standard Protocol joining us to answer our questions for the next hour.
I am March Zheng.
My job is to maintain dialogue with our wonderful KOLs across the world and maintain transparent and clear correspondence with both our investors and communities alike.
I have been investing in the space since 2016, and have always believed in the value that can accrue to layer 1 chains.
I have seen alpha in the type of communities that are organically created onto these ecosystems.
Question from the CryptoRank team
#1. Could you please tell us more about yourself and your experiences?
March: – I am an early investor in Ethereum, NEO, YFI, etc, and Standard is the only crypto project I have ever joined at ground level. Quite simply, I have never seen a project that has strong local technical roots (Seoul, South Korea) as well as high community and investor engagement all around the world. On the former end, I believe I am witnessing the next blockchain tech genius in Hyungsuk Kang (and his track record at Terra and Plasm provide it), and I want to be of service to his vision and problems he wants to solve within crypto. I am so excited to be here
#2. Can you tell us about Standard Protocol? What problems do you solve, both in the space and for the community?
March: – Standard in one sentence is an algorithmically backed stablecoin. It has the features of Dai, but with the elastic supply of Ampleforth. What makes us unique is our three token module system, which leverages blockchain levers from multiple ends. Users will primarily be participating in the standard governance token for staking and liquidity. To iterate on the problems that standard’s 3 token models can solve; I like to quote Kang from one of his previous interviews (i will note the source)
Current algorithmic stablecoins focus only on automated price stability. Although they provide some interoperability between tokens with initial distribution via yield farming, there is still no sustainable way for them to interoperate in financial activities without the unsustainable level of token issuance distributed to staking pools.
Current oracles are centralized, and there is no decentralized ecosystem to reward them.
There is no reward system for oracle providers currently, and the current solutions are either controlled by validators or by the companies themselves. One can be dependent on DEXes, but they are prone to flash swaps and generating unwanted arbitrage data when compared to centralized exchanges. In order to provide aggregated and balanced data, oracle providers must be rewarded in a decentralized manner. Standard Protocol proposes a reward mechanism in each era and slashes equivocation with the IQR rule. ● Auctions are hard to track and are centralized
Liquidation auctions are hard to track and participate in, and thus only experienced traders can benefit from them. A more decentralized method to liquidate positions must be considered. Auction orders come in high volumes of collateral, which can lead to plutocracy.
(Quote: Kang, Daku AMA, 3.18)
Personally, there is probably too much focus on stability, with no sustainable use cases for interoperability. But i think Kang personally wants to solve is the deception of stablecoins in the crypto ecosystem
#3. Could you shortly describe the milestones Standard Protocol have achieved, and about your upcoming plans?
March: – Most importantly, our IDO is 4/27 on Polkastarter, which we could not be more excited about!
Please, find the source link. Our technical developments will build from there. Which we will share accordingly on our sites.
Oracle module integration Council recruit
Kusama parachain crowdloan Chainbridge test run on
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.)
We will build and generalize around these key events
Questions from Telegram
#1. Are you a global or local project? Can someone use your service from anywhere?
March: – Global, anywhere! Korean tech focused, Chinese inner community-focused, worldwide web engagement!
#2. What’s your motivation in making Standard Protocol Token, and what we will see in the future? How can token holders benefit with Standard Protocol tokens?
March: – Kang’s motivation is simple, solve the problems of uncollateralized stablecoins and figure out a way to leverage the tech in different DeFi iterations
#3. To survive in tough crypto market conditions is difficult, and we see that many projects are far from the targets. What is your project strategy to survive in this long blockchain marathon?
March: – We have a defined roadmap, and know certain technical milestones we need to achieve for our web 3.0 grant.
#4. The name “STANDARD PROTOCOL” is very interesting. Where did you find this name? And what is your focus?
March: – We aim to be the standard, haha.
#5. Let us know if you have the abilities or skills of a team member that no project can compare. How will STANDARD PROTOCOL react to competing projects in the future?
March: – Worldwide team, the best substrate developer in Seoul, best Polkadot community in China