Here’s our 106th AMA recap!
Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with PARASSET July 23, 2021. This guest star,
- Cathy — Technical Director
INTRODUCTION
Cathy :
Hello everyone!
I am Cathy, the technical director of the Parasset community. 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.
Today, I am thrilled to be the technical director here and share the concepts and product details of Parasset.
QUESTIONS MODERATOR
Could you give us a simple description of the PARASSET? What is the vision and mission?Cathy :
Parasset is a lending and synthetic asset protocol based on the fully decentralized NEST oracle. Users can mint p-assets, such as pETH, pUSD, etc. on Parasset by pledging NEST/ETH.
Parasset not only meets the demand for stablecoin lending, but also serves as a synthetic asset to meet the real demand of miners within the NEST ecosystem, so that the demand does not overflow, while increasing calls to oracle and keeping the value in the system. Parasset solves the problem of price quotation and asset inventory.
Miners could create parallel assets simply by holding the “collateral asset”. By quoting through parallel assets, mining and holding coins are mutually unaffected.
What are the advantages of PARASSET? What are the highlight of PARASSET?Cathy :
Well designed mechanism
Insurance Fund Mechanism (Measures for burned accounts)
Fast Minting (Control the risk of price unstable when the p-asset is short in supply)
Dynamic Stability Fee mechanism based on C-ratio (The source of the revenue in Insurance Fund)
Dynamic liquidation line based on volatility (Measures for liquidations)
Unified debt positions management (For users convenience)
About $ASET token, can you explain about the tokenomics? How much supply is available? where will the token be allocated?Cathy :
We chose Certik. 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.
Can you share some details about the airdrop event?Cathy :
We plan to release an airdrop plan worth $400,000 in early August. Please follow us on Twitter and stay tuned. To the moon~🥳
QUESTIONS TWEETER
How does pUSD secure price stability?https://twitter.com/B50216804/status/1418506198655987713
Cathy :
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.
Many projects right now prefer to work with the Binance Smart Chain instead of Ethereum due to its advantages, including low fees. So since Parasset works with Ethereum, is the project affected by the current issues with this chain?https://twitter.com/Lidiamga/status/1418382568601251841?s=19
Cathy :
We understand many users are using BSC, but we also have plans to do cross chain on BSC too. So the advantages of BSC will also be working for us.
Please could you explain a little more about the PARASSET INSURANCE POOL? also, what would be the reward for participating in the INSURANCE POOL?https://twitter.com/Albertjaison2/status/1418414276721528832?s=19
Cathy :
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.
The Insurance Fund LP Earns 3 Types of Returns: Transaction fee of 0.2%, Stabilization fee, Liquidation residual value.
Tell me how your project different from others?Is your project a local project and a global project ?https://twitter.com/luckydogya/status/1418511554392190979
Cathy :
We combined Liquity and MakerDAO’s features, and improve them. For example, the pegging mechanism is not only creates a price celling but also a price floor. The providers for insurance pool will receive more kinds of reward compare to Liquity.
Which company is the auditor of Parasset?https://twitter.com/Ray43551073/status/1418509082483322881
Cathy :
We chose Certik. 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.
QUESTIONS TELEGRAM
@SharaylugPlease could you explain what is the role of PUSD and PETH in your ecosystem?
Cathy :
PUSD is the stable coin of the project. It can be used within and outside the ecosystem. For example, PUSD can be deposited in the insurance pool, and aslo for price quotation of the oracle. For PETH it can be used in a similar way.
@pkbayyy999Hello sir, How do you plan on successfully marketing your project to attract investors and holders?
Cathy :
We will have lots of events in the future. Not only airdrops but aslo amny more. We will constantly looking at the market and try to find a best way to increase the value of our project.
@caihonguDo you have a token burning plan to increase the value of tokens and attract investors to invest?
Cathy :
We will make the Parasset very robust. So the system will embrace more tokens in the future which can bring more value to Parasset.
@Risky896Hello sir,
What’s the unique side of Your project that can not be found in other project that has been released so far???
Cathy :
Parasset improved the whole system based on Liquity, and the liquidation system is more safe. For example, it will not spread the risks to the users directly.
@caihonguMany new projects develop well at first but fail to achieve good results. How will you manage and develop your project to gain a market position and become a better project in the blockchain industry??
Cathy :
Parasset takes the development of the protocol seriously. We are looking at the long term. We want to be the one of the top protocols, so the roadmap and everything is planed ahead.
- Telegram Chat : https://t.me/parasset_chat
- Twitter : https://twitter.com/Parasset2021
- Website : https://www.parasset.top
- Medium : https://parasset2021-55646.medium.com/
- Github : https://github.com/Parasset
- Whitepaper : https://www.parasset.top/file/Parasset_WhitePaper.pdf
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about Parasset.
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