Parasset | AMA RECAP With Cryptowid

5 min readJul 29, 2021

Thank you to the Cryptowid for participating in Ask Me Anything (AMA) with Parasset July, 25th 2021 at 12pm UTC. This guest star,

Cathy — Technical director of Parasset

Live Telegram AMA

INTRODUCTION

Before we start the AMA main segments, we really want to know some informations about yourself. Could you do a little introduction for us to know better about you ?

My name is Cathy, and I am the technical director of the Parasset community. Today, I am thrilled to be the guest here to share the concepts and product details of Parasset.

SEGMENT 1

Q1. What is Parasset? and how does it work?

Parasset is a lending and synthetic asset protocol that integrates 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.

Q2. Could you give us some reason why we have to choose Parasset than other projects out there?

Parasset combines some features from both MakerDAO and Liquity. It can collect revenue through the stability fees like in MakerDAO, while has an Insurance Pool which plays a role similar to 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. Who are the investors of Parasset?

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, R8 Capital, etc.

Q4. What are the future goals of Parasset?

We believe that the current lending/synthetic asset protocols in the DeFi space have some degrees of centralization. We cannot use some assets in the lending/synthesis services. Which assets are allowed in the system is approved by the de facto controllers of these protocols.

The need for trading all kinds of assets makes Uniswap a top DEX. Parasset will be open to assets on-chain across the whole ecosystem, which fills the needs of the border communities. This makes us believe that Parasset will become the Uniswap in this lending/synthetic asset category.

SEGMENT 2

Q1. From : @Ray43551073

How does pUSD secure price stability?

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.

Q2. From : @luckyjem02

A strong community not only brings interesting ideas to the project but also attracts larger partners. So how #Parasset planning to build its community? And is there a plan to recruit people with Blockchain experience to the #Parasset team?

We already get connected to many partners in the field, and we are constantly looking for all kinds of talents to join the Parasset community. There will be an announcement related to this soon, you can follow our Twitter and join our group to get the latest information.

Q3. From: @B50216804

Please could you explain a little more about the PARASSET INSURANCE POOL? also, what would be the reward for participating in the INSURANCE POOL?

Parasset’s insurance pool is an important part of systematic risk control. The presence of an 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 4 Types of Returns: Transaction fee of 0.2%, Stabilization fee, Liquidation residual value and ASET token.

Q4. From: @luckydogya

Security is the main thing that is very concerned by everyone. What actions does the PARASSET take to maximize its security? How does PARASSET control system risks?

Parasset’s risk control system consists of 3 layers, which are the liquidator, the insurance pool, and the system. In addition to the common liquidator, the additional insurance pool plays a crucial role. The larger the insurance pool is to the size of the parallel assets, the lower the risk of “margin call liquidation”.

Q5. From: @bi8bo_cf

Which company is the auditor of Parasset?

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.

SEGMENT 3

Q1. A lot of scam projects out there. What guarantees that your project is different from them?

Parasset is backed by many top-tier investors, and it is audited by Certik. One of the visions of Parasset is to become the Uniswap in the lending category. So we work hard and aim for the long-term goal.

Q2. Does your project supports Local community and what are the plan for awareness of project where english is not spoken?

Parasset is a global project, we will try to make it accessible for the users from different regions. We already hosted an AMA in a Korean-based community, and we will continue to do more AMA and other events for non- English speakers in the future.

Q3. I just checked your site but can’t seem to understand anything because of the language, I only understand English, so is this not available in English language?

There is a language option at the bottom left corner, you can switch between different languages by simply click it.

Q4. I’m still new to crypto, how do you make Your project easy for anyone? Including those who don’t understand crypto will also use Your project?

Parasset has posted several articles introducing not only Parasset but also other well-known ones in the DeFi space. There will be more articles about how to use the protocol in detail. Moreover, everyone is welcome to ask questions in the Parasset chat.

Q5. What is Parasset strongest advantage that you think will make it leading the market?

The whole structure of Parasset
1.Insurance Fund Mechanism (Measures for burned accounts)
2.Fast Minting (Control the risk of price unstable when the p-asset is short in supply)
3.Dynamic Stability Fee mechanism based on C-ratio (The source of the revenue in Insurance Fund)
4.Dynamic liquidation line based on volatility (Measures for liquidations)
5.Unified debt positions management (For users convenience)

AMA FINISHED

Follow Parasset social media :

Telegram : https://t.me/parasset_chat
Twitter : https://twitter.com/Parasset2021
Github : https://github.com/Parasset
Medium : https://parasset2021-55646.medium.com/
WhitePaper : https://www.parasset.top/file/Parasset_WhitePaper.pdf
Website : https://www.parasset.top