Parasset AMA RECAP :Talk about Parasset 2.0
Grace:
Hello, I’m Grace, the host of this AMA activity, I’m glad to chat with you about Parasset 2.0
Now let’s welcome Cathy, the speaker of this AMA. Friends who know Parasset must be familiar with Cathy. Let’s ask Cathy to introduce herself to her new friend.
Cathy:
Hello everyone, my name is Cathy. I am the technical director of the Parasset community. I am glad to be here today.
We will share the concepts and product details of Parasset.
Grace：
Thanks Cathy！
We officially start this AMA now.
Q1 What is Parasset?
Cathy:
Parasset is an innovative over-collateralized lending / synthetic protocol. It is open to all on-chain protocols consisting of native assets. The goal of Parasset is to build a brand new on-chain platform providing all kinds of asset-related services to users.
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.
Q2 What’s Parasset’s main competitors? How is Parasset different from them?
Cathy:
There are some leading protocols in the overcollateralized lending section already. MakerDAO and Liquity are two of the many successful protocols.
Parasset combines some features from both MakerDAO and Liquity. It can collect revenue through the stability fees like in MakerDAO, while it has an Insurance Pool which plays a role similar to the 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.
Q3 What’s new in Parasset 2.0?
Cathy:
Parasset 2.0 has updates in 3 different aspects
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 flow directly into 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.
Q4 What is the structure of Parasset?
Cathy:
The structure of Parasset
1.Insurance Fund Mechanism (Measures for burned accounts, mitigate risks in the system)
2.Fast Minting (Control the risk of price instability when the p-asset is short in supply)
3.Dynamic Stability Fee mechanism based on the collateral ratio (one source of the revenue in the Insurance Fund Pool)
4.Dynamic liquidation line based on volatility (Measures for liquidations)
5.Unified debt positions management (For users convenience)
Q5 What is the tokenomics of Prasset?
Cathy:
Parasset has its own platform token ASET, and the distributions are as follows:
Total supply 100 million
15% Private Round
10% Team
5% Public Sale with IDO
70% Liquidity Providers
Grace:
Thanks to Cathy for her wonderful sharing.
Next is free question and answer time.
Zvxs: Who are the investors behind Parasset?
Cathy:
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.
Bulls Crypto: Where can I buy your tokens, what is your current contract, and how can I buy them. -What are the advantages, for me buying these tokens?
Cathy:
Soon, you can check the contract on our GitHub: https://github.com/Parasset. Holders of ASET will have voting rights in the future.
Zvxs: Which company is the auditor of Parasset?
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.
Thory: Can you explain the Tokenomics of your project?
Cathy:
You can check my answer of the 5th question, also ASET holders will have voting rights in the future😄
Leo: Please define Parasset in one sentence and explain it easily.
Cathy:
Parasset is an innovative over-collateralized lending / synthetic protocol. It is open to all on-chain protocols consisting of native assets.
David bargmen: How important is the community PARASSET Project ? and How can we collaborate or help share tokens for the development of the project?
Cathy:
Community is very important to us, you are welcome to share your thoughts and ideas about Parasset. If you are interested in helping us you can dm our Admin 😃
Sathy: What are the application scenarios for Parasset?
Cathy:
Parasset not only meets the demand for stable coin lending but also serves as a synthetic asset to meet the real demand of miners from 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 quotes and asset inventory; miners only need to hold the “collateral asset “ to generate parallel assets. By quoting through parallel assets, mining and holding coins are mutually unaffected.
Grace:
That’s the end of today’s activity. Thank you for your participation. We will hold more activities in the community in the future. Please look forward to it.
Congratulations on the official launch of Parasset 2.0!
Follow us to find out more information.
