AMA Recap — PERI Finance
The session of AMA ( Ask Me Anything ) with PERI Finance was conducted on 10th Nov 2021 at 5:30 PM IST (12 PM UTC) and lasted for 1:30 hours.
ADMIN ROUND
I welcome you on behalf of Crypto players India team, hope you will enjoy today’s AMA session.
Very excited to have you with us.😊
Jonty|Host
Please tell us about yourself and the team working on PERI Finance?
Gareth Bowles
I’m Gareth Bowles, Co-founder of PERI Finance. I was a FX sales manager and currency dealer with 17 years of experience in a broad range of financial sectors including Citibank and LMAX Exchange. I’ve been a blockchain enthusiast since 2016 and keep looking for an innovative solution in the DeFi sector. And PERI Finance team members have lots of experience in the tech, crypto and financial sectors. Our CEO Richard has more than 15 years of developer experience on representative projects including Forex exchange and fin-tech application. Also, I had experienced most of my career in the financial sector, which is director of finance, currency dealer and so on. Users can check our team members list and career on our Linkedin page. As you see those career examples, PERI Finance members have ample experience in various sectors related to DeFi and tech projects.
Jonty|Host
What is PERI and Pynths? Please provide a detailed introduction.
Gareth Bowles
PERI Finance is a Polkadot-based innovative synthetic assets trading platform that utilizes blockchain technology to supercharge trades through its protocol.
PERI Finance allows accessing a wide range of both traditional financial and crypto assets in the form of synthetic and leveraged products, NFT assets, perpetual future swap, etc. PERI Finance empowers users with the lower GAS fee, speedy transactions, and ample security from front-running or flash loans. And Pynths is the meaning for PERI synthetic assets. Synthetic assets include a wide range of assets like stocks, indices, commodities, and other kinds of crypto assets. So users can simply trading diverse pynths instead of original asset.
Jonty|Host
PERI Finance has launched its dApp in Ethereum, BSC and Polygon mainnets. You are really providing a multi chain solution. Tell us more on this?
Gareth Bowles
Yes, we are providing a multi-chain service through our staking dApp. Through the multi-chain, PERI staking users can use our dApp by lower gas fee and high speed transaction. Also we can easily expand our ecosystem based on various mainnets like Ethereum, BSC, and Polygon.
So if users have PERI tokens, they can mint pUSD by stake tokens and get additional rewards. Also they can trade various kinds of pynths with minted pUSD by low transaction fees.
Jonty|Host
PERI Finance is coming up with a DEX exchange. When is the launch and what makes you unique from others?
Gareth Bowles
We’re now developing an upcoming DEX exchange to trade various kinds of synthetic assets. Since our Dev teams are working on it, we anticipate to launch PERI DEX this November. PERI finance will also give users network interoperability by the Polkadot’s ecosystem. Through Polkadot’s Parachain, users will be able to mint Pynths without converting their cryptoassets to another. PERI Finance dApp includes trading diverse kinds of Pynths(PERI synthetic assets). This means that with the PERI Exchange(PERI Decentralized exchange) dApp, users can access and trade various financial synthetic products without having any kind of original assets. Also, users can use our dApp by linking their owned blockchain wallet, without any additional complex verification.
This is preview image of our upcoming DEX dApp.
TWITTER ROUND
Almost 3/4 of investors are focused purely on the price of token in short term instead of understanding the real value and health of the project. Could you tell us on motivations and benefits for investors to hold your token in the long term?
Gareth Bowles
PERI Finance is currently developing our synthetic assets DEX platform on the Polkadot network. As we’ve accomplished a multi-chain based platform on this 3Q, we will keep achieving our upcoming milestones: open Metaverse NFT platform, launch perpetual futures swap, and so on. Please keep stay tuned for our upcoming updates!
Many people here are quite interested in the $PERI , so how does $PERI work as a utility token for the network? How does it benefit for both the platform & the owner? Is there any reward mechanism for holding $PERI and what the benefits of token holders for the long-term?
$PERI is a utility token used to create a liquidity pool in the process of staking, generating the basic Pynths called pUSD. The staking dApp of PERI Finance is running on Ethereum, Polygon, and BSC mainnets, so users can stake their PERI/stablecoin/LP tokens and claim rewards.
This pUSD can exchange with other Pynths on our upcoming dApp, PERI.Exchange. Users can get an arbitrage profit through trading various Pynths on the dApp.
By the profit of pUSD through the Pynth trade, users can swap the pUSD token to PERI and re-stake it.
And this virtuous circle allows users to earn an additional profit and makes the growth of PERI Finance platform ecosystem.
Currently, projects are continuously attacked by hackers. That is the nightmare of many projects. So, what is your strategy to anticipate hacking possibilities on your platform? What plan do you have in order not to let #PERIfinance get hacked and cost investors?
To protect our dApp, smart contract, and user’s assets, we have got a code audit from the renowned platform CertiK. You can refer to the previous audit report details on the link below: https://www.certik.org/projects/perifinance
PERI Finance is also opening a bug bounty program on the Immunefi. Users can submit the bug report by reviewing codes on PERI Finance. https://immunefi.com/bounty/perifinance/ Our team members are steadily conducting several in.
COMMUNITY ROUND
ছোট নদী
What is your most ambitious goal of Project? We would appreciate it if you could share with us any Upcoming Updates?
Gareth Bowles
PERI Finance will going to make users access financial asset easier. With our dApps(Staking dApp, synthetic assets DEX dApp), users can trade various financial assets without holding original assets. Through staking their owned PERI tokens, users get their minted pUSD token. This works same with US dollar on our dApp, and users can trade various synthetic assets with pUSD.
So users can expect staking rewards, synthetic assets trade profit, and PERI token’s inflational profit for revenue on PERI ecosystem.
Daniil
What are the advantages of cross-chain support in synthetic issuance and derivatives trading? What is the difference between leveraged trading and unlevered trading in synthetic product trading?
Gareth Bowles
In cross-chain network, we assume that users can migrate their asset without using bridge. So users don’t need to pay for high transaction fee while they transfer assets through parachains. This will make the network interoperability between various networks(parachain), and PERI Finance will provide Defi service on this environment. And for the leveraged trading, we will provide the Perpetual futures swap service on next milestone. Users can anticipate more profit by leveraged trade.
Nguyễn Thanh Bắc
Where and when can I buy this token?
Gareth Bowles
We have listed on the following exchanges:
Gate.io: https://www.gate.io/trade/PERI_USDT
Liquid: https://app.liquid.com/exchange/PERIUSDT
MEXC: https://www.mexc.com/exchange/PERI_USDT
XT: https://www.xt.com/tradePro/peri_usdt
Hotbit: https://www.hotbit.pro/exchange?symbol=PERI_USDT
You can also trade PERI tokens by paste the following address on DEX:
Uniswap: 0x5d30ad9c6374bf925d0a75454fa327aacf778492
Pancakeswap: 0xb49B7e0742EcB4240ffE91661d2A580677460b6A
Quickswap: 0xDC0E17eAE3B9651875030244b971fa0223a1764f.
pradeep
Why PERI Finance provides liquidity on the Polkadot network? What are the advantages of working on the Polkadot network in providing liquidity solutions?
Gareth Bowles
Polkadot network mainnet is the beginning phase. Many projects are participating Polkadot through parachain open, dApp launch and so on. We think that Polkadot has a huge potential to realize cross-chain solution through diverse chains on parachain. And we will provide innovative DeFi protocol on the growing network.
J Mags | Blockchain Infinity
PERI allows users to create synthetic assets for forex, cryptocurrencies, and commodity, but not for stocks. Why have you not included stocks on your platform’s synthetic asset support? Do you plan on including stocks in the future?
Gareth Bowles
We will provide to trade stocks with other financial assets. So these kinds of Pynths(PERI synthetic asset) will be included such as a synthesized blockchain asset (pBTC, pETH, pBNB, etc), stocks(pTSLA, pGOOGL, pAMZN, etc), commodities (pXAU, pXAG, pWTI, etc.), inverse products(iBTC, iETH, iTSLA, iXAU, etc).
Rizky
How is the PERI liquidity pool different from the classic revenue pool? How do users calculate how much PUSD will be minted through Staking PERI? How will participation in the liquidity pool affect the amount of pUSD?
Gareth Bowles
Users mint pUSD token by minting PERI token on the staking dApp. And this ratio is PERI 4: pUSD 1. For example, if the PERI price is exactly $1, user can mint 1pUSD by staking 4PERI. We’re giving a staking reward on the weekly basis. If users claim their staking reward every week on our staking dApp, we will give the reward for it.
Akbar
PERI Finance stated that instead of directly trading NFT products, it plans to launch a service for trading NFT fragmented assets. Can you tell us what NFT fragmented assets are and how they are different from regular NFT products that we all know?
Gareth Bowles
Actually this plan has changed a little bit. We will provide NFT product trading service instead of fragmented asset. We will give further updates when this project plan has confirmed.
Telegram channel
https://t.me/peri_global
Twitter: https://twitter.com/PERIfinance
Medium:
https://medium.com/perifinance
The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guest Gareth Bowles from PERI Finance. AMA Concluded at 7 pm IST.
