Introduction with Parasset
Celeb | Decentralized Club:
Introduction questions
Q1. Can you tell us for solving what kind of problems was Parasset formed?
Cathy:
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 thede 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
Celeb | Decentralized Club:
Q2. Can you shed some light on the concept behind parallel assets and how does Parasset help its users to create it?
Cathy:
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.
Celeb | Decentralized Club:
Can you talk a bit about price quotation miners
Cathy:
Price quotation mining is one unique feature of our ecosystem partner NEST
In short, it can provide valid on chain price through price quotation
At the same time, the one who provides accurate price will be rewarded
Celeb | Decentralized Club:
Noted
Q3. 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, R8 Capital, etc.
Celeb | Decentralized Club:
Great partnership
Q4. What are the major plans on track for completion this year for Parasset?
Cathy:
We are about to release a new UI and features of Parasset.
By the end of this year, we are looking forward to working with many other protocols in the DeFi space.
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.
Celeb | Decentralized Club:
Are there plans to explore other ecosystems?
Cathy:
Yes, we will do cross-chain in the feature.
Community ask questions from Twitter
Celeb | Decentralized Club:
Twitter question no 1.
1.Your website seems to be written in a language different from English, is it that your project is a local one only for your locality/region? If yes, do you plan on widening? If no, can anyone from anywhere access your project without any restrictions?
From: @joesphayoola19
Cathy:
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 Korea-based community, and we will continue to do more AMA and other events for non- English speakers in the future.
Celeb | Decentralized Club:
Twitter question no 2.
Can you tell us something about you and the team’s level of expertise, How experienced are you guys, What projects have you been involved in before now, can you mention a few? and what are your takeaways from these projects
From: @Martins385
Cathy:
Our team has been working in the field of blockchain smart-contract development and project operations for 4years. We are involved in many projects not only on Etherum but also on HECO and BSC.
The degree of involvement varies from project to project.
We think our team keeps improving through these projects and we are seeing tremendous potential of DeFi.
Celeb | Decentralized Club:
Twitter question no 3.
Many great projects have flourished well by motivating people to hold by “rewarding consumers”, do you plan to implement this? If so, how long would this go on for??
From: @Kingwealth
Cathy:
The system itself is sustainable.
One of the key features of Parasset is Insurance Pool
And 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.
We think by making users have a deep understanding of the whole system will make them see the true value of the project.
Then they will be rewarded not only in short term but also long term.
Celeb | Decentralized Club:
Twitter question no 4.
It is a known factor that Without network participants, there is no network, so How do you intend to get participants and how do you grant the community an equal opportunity to contribute to the success/development of your project no matter its status???
From: @sherazz
Cathy:
We will have series of events, which are designed to attract and reward early participants. Within different stages, the events we will be holding change.
The events information will be posted on Twitter, Medium, etc. So you can follow us to get the latest information.
Celeb | Decentralized Club:
Twitter question no 5.
I’d like to ask regarding the security of funds, how can we trust you on this as security is paramount in all old and new projects, attacks are frequent and even with the best-known blockchains.
What can you tell us about the security of funds and the mechanisms put in place to assure its security?
From: @Sunnyaremu
Cathy:
We chose Certik as Parasset’s auditor. 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.
Celeb | Decentralized Club:
Thank you for your apt answers
Live Questions answered by Parasset
1)🇦🇷🇦🇷leo king:
🌻🌻🌻🌻
Many new projects made a good impression at first but were suddenly abandoned. How will you manage Your project to gain a place in the market and become the best token in the blockchain world?
Cathy:
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.
2)Jose Gamboa:
The pUSD mechanism combines hard anchor + soft anchor. Quick minting allows the price of asset p to return to the anchor and the stabilization fee functions as a soft anchor. Can you explain how the price stability mechanism of pUSD works?
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.
3)Muktar Uncle:
q. How can I know more about your project, do you have any website or YouTube channel you can share with me???q. How can I know more about your project, do you have any website or YouTube channel you can share with me???
Cathy:
Yes, there are many resources you can get to know more about Parasset:
Twitter：https://twitter.com/Parasset2021
Telegram：https://t.me/parasset_chat
Medium：https://parasset2021-55646.medium.com
Website：https://parasset.top/#/home
GitHub：https://github.com/Parasset
4)Sumala:
NFT is not just a trend! It is going to rule this decade and innovation has just started. So, with NFT what is octopass future plan?
Cathy:
We will really consider NFT as part of our system, I can not tell you a lot more. But, we will have events involve NFT very soon~
5)Sana:
Hello sir,
Can you list some of the features with which you are most confident about your platform? How can you advertise your project worldwide and make it popular?
Cathy:
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)
