Here’s our 88th AMA recap!
Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with PLASMA FINANCIAL June 18, 2021. This guest star,
- Rupa — Community Manager
INTRODUCTION
Rupa Kumar Vadgama(Will never DM you first) :
You can call me Rupa, I am the community manager of Plasma Financial
Could you please provide us with a simple description of Plasma?Rupa Kumar Vadgama(Will never DM you first) :
Alright!
First of all, I like to mention that Plasma is not the first project we launched, our last project name CURE have launched on Ethereum for more than 6 month.
And Plasma can consider as V2 version of Cure Farm. Both of them is yield farming project.
The project allows users to conduct more transactions with their cryptocurrencies.
The reason why Plasma is better version is that it is the combination of yield farming and vault.
Now the yield farming on Plasma is available. The Plasma Vault will soon launch right after the genesis farming, which is the core foundation of the project.
Who are Plasma competitors and how does Plasma set itself apart from them?Rupa Kumar Vadgama(Will never DM you first) :
Plasma borrowed many ideas from other renowned DeFi projects.
As has mentioned before, Plasma is a combination of liquidity farming and vault. Thus, its competitors are whose who operate in the mode of farming and vault.
However Plasma excels at certain fields. During liquidity farming Plasma adopted a mechanism of lockup, which means longer you choose to lock up your stake the more farming boost you’ll get.
In this way users will naturally choose a longer lockup and maintain the stability of token price and liquidity. Which is also what make Plasma unique.
What security Plasma have taken to keep the investors and users funds secure?Rupa Kumar Vadgama(Will never DM you first) :
First of all, as dev team, we have learned a lot from our last project. So I can say that the team is well experienced in code.
Second, we have run rounds of test before Plasma listing. which was supervised by experienced members.
The risk of being attacked or exploited through bugs is minimized.
The Vault contract code is almost finished, after we finish testing the vault source code, the code will be Audited by security company.
Before that, the project will remain open source code which means everyone are able to read the contract anytime.
To be honest, the project was under DDOS attack yesterday, it happened to our last project as well.
The first time we are under attack, it took us 2 days to fix the problem, but the team is well experienced now, the attack was sloved within 1 hour.
Which means we are able to handle all kinds of attacking, just like yesterday.
Can you tell us about Plasma tokenomics? what use-cases of $PLAS token?Rupa Kumar Vadgama(Will never DM you first) :
Plasma issued a total of 10 million PLAS tokens, of which 200,000 tokens were used for presale and 400,000 tokens were added into the pool as initial liquidity.
The rest can be minted through liquidity farming and vault profit.
After PLAS has been fairly distributed through farming, the vault will be launched and the holders of PLAS will get a share from the vault’s earning.
So there are 3 ways to obtain PLAS token, purchase it on SushiSwap, mint through liquidity farming, or profit from vault earning.
About the Roadmap, what are the major milestones Plasma achieved so far? what can we expect from Plasma in the near future?Rupa Kumar Vadgama(Will never DM you first) :
This road map is very clear, please read it and understand the each step of Plasma, we take the project very carefully.
I like to say that the team behind project is the most amazing thing ever happened.
They are well experienced, young and love cryptocurrency.
As you can see, the website is running smoothly after the listing and liquidity farming also functions well. In the near future Plasma Vault will soon launch, which will provide all PLAS holders a steady and decent earning.
After the launch of Plasma Vault, there will be continual optimization of vault to make sure it can always locate the most profitable and newest projects and bring all holder better earning.
Can you tell why you choose SusiSwap platform to trade PLAS for the first time list of exchanges and not other DEX platforms? and what are the next plans for you to attract liquidity from the investor community?Rupa Kumar Vadgama(Will never DM you first) :
Yes we consider SushiSwap as the best platform to launch Plasma. We believe the platform are able to offer the best invest environment for the project.
Our last project CURE was launched on Uniswap 6 month ago, and the result turn out great! The community members suggest SushiSwap is an great platform for trading as well, so we like to draw some attention from SushiSwap.
As you can see, Plasma liquidity farming is going smoothly. But we have ready for the next move — Vault.
We all know that the liquidity means everything to the project.
The Vault can automatic generate the profit for the Plasma community, which can enhance the community consensus and attract more liquidity to the project.
On farm and pool feature system we always see the highest APR/APY and all investor who come first will get profit and sell it at the same time. now what your plan if your farm and pool is not hype again ? what your next plan ?Rupa Kumar Vadgama(Will never DM you first) :
Plasma farm APR will only remain high during the genesis farming period, farm with high APR can reward the Plasma liquidity provider and Cure supporter.
The project need to keep profit in order to attract more investor, that’s why Vault is crucial to the project and that’s the main reason we bring the Vault into Plasma.
As long as Plasma is the protocol can auto generate profit and benefit the community and team, the project will always hype.
What is Plasma Financial revenue model? In which ways do you generate revenue/profit?Rupa Kumar Vadgama(Will never DM you first) :
First of all, the team don’t hold any tokens. And team don’t take any money from liquidity farming. After Vault opened, team will take 2% entry fee as team fund.
After all the team need financial support to operate the project, otherwise the project won’t last.
We are also consider using team fund to recuit more promoter to help promote the project, it’s also important for more people to know about Plasma.
Most team fund will be used to pay the dev team of course, they do need money to support their family.
About the Vault model, I made this chart so you can understand how it worked very clearly.
Vault mainly based on ETH chain, but we are willing to give polygon a try.
You will never know what is the best for the project unless you try it.
For a small supply projects like Plasma Financial could be a milestone for crypto holders but also a price manipulation risk is higher. How will you solve this issue and when will you have your smart contract audited?Rupa Kumar Vadgama(Will never DM you first) :
The primary method to prevent price manipulation is to have a diversified distribution of token, which we already have.
Then, it is imperative to have a foolproof buyback-and-burn mechanism just like what BNB did to keep the redundant supply cleared.
The Vault contract is almost finished and ready to be audited, we are contact with auditing organization as we speak. So no need to worry about security at all.
Before that please feel free to check the source code, it will always remain open source.
Considering Plasma uses the Ethereum network. How can Plasma users avoid part of the fees for each transaction / farm or how do investors get better deals when they decide to exchange their tokens?Rupa Kumar Vadgama(Will never DM you first) :
Ethereum having exorbitant gas fees is a problem that has haunted and prevented many investors from continuing to participate in this eco.
I believe most of us are expecting a great change, for example, the Layer 2 solution of Ethereum to come out next year, so that more scaling could bring down the transaction fee.
However, right now Plasma could just achieve that by utlilizing a bit of existing technology, Plasma Sidechain.
Blockchain scaling might be the most important problem being solved in the field today.
It will open up opportunities to build commercial scale decentralized applications that compete with their centralized counterparts. Unfortunately, few people understand how to scale blockchains, and this is due to the fact that scaling often isn’t explained with enough detail.
Blockchain scalability problem can be broken down into two smaller scaling problems:
Bandwidth and Latency.
The Plasma Sidechain aims to solve the above problem by increasing the block size and using bridge for transferring assets.
Plasma focuses on providing increased scalability. This is done by moving transactions onto faster, less crowded, sidechains.
These sidechains are secured by the underlying root chain, and Plasma users can always exit the sidechain if they detect malicious Validator behavior.
QUESTIONS TELEGRAM
@farukvaiyaDoes your project support staking program?if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform????
Rupa Kumar Vadgama(Will never DM you first) :
Yes Plasma liquidity farm is available, there are 15 different farming pools at https://www.plasma.zone/farms Please visit Plasma website and select farming pool that you wish to farm.
@rihanadibIs this platform suitable for Crypto beginners?Or does it only appeal to professional users?
Rupa Kumar Vadgama(Will never DM you first) :
Everyone is welcome in Plasma, no matter you are beginner or pro. You can join our community https://t.me/PlasmaFinancial feel free to ask any questions and I’m more than happy to help you out with all the questions
@uniqboysSecurity is always the most important thing for a user. Can You Tell Us About Your Platform Security? Have you done another audit via another audit platform ???
Rupa Kumar Vadgama(Will never DM you first) :
Agreed! Security is our top priority since the day we launched! So Plasma source code will be audited by auditing company after the Vault code completed. Before that please feel free to check our source code and do your own auditing. The source code is written by experienced team, which is bugless.
@Edwards24One of the future plan of Plasma is Polygon migration. So why you did you choose to migrate with Polygon? What advantages you see from them that will bring a good impacts to your network? Aside from Polygon,which other network are you eyeing to integrate with your platform?
Rupa Kumar Vadgama(Will never DM you first) :
We decide to migrate to Polygon because we believe Polygon is a better eco for yield aggregators, better scalability, and lower fees. We believe that more and more projects will migrate to there as well
@farukvaiyaDuring the build of your project. do you take into account any of the community, feedbacks, or demands to further, expand the new ideas, for the project???????
Rupa Kumar Vadgama(Will never DM you first) :
Yes Plasma is the better version of Cure. Cure listing on Uniswap 6 month ago, and we have learned so much from the last project. We have heard so many suggestions from community, we created many new ideas to improve the project and Plasma is the final result.
- Telegram : https://t.me/PlasmaFinancial
- Telegram Channel : https://t.me/PlasmaFinancialChannel
- Twitter : https://twitter.com/plasmafinancial
- Website : http://plasma.zone
- Github : https://github.com/plasmafinancial
- Litepaper : https://plasmafinancial.medium.com/the-litepaper-of-plasma-2568a8e6062e
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about Plasma Financial.
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