Part 1: Introduction
Part 2: Q&A
Part 3: Free Q&A session
Meow Meow:
Hello everyone, I am Meow Meow, CMO of the Sunrise Dragon community.
Welcome to Cathy, the technical director of the Parasset community to join the Sunrise Dragon community!
Today we are going to have an AMA about Parasset.
Cathy:
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.
Q1: Why lending/synthetic protocol? What is your motivation to join Prasset？
A: It is a space that can create solutions in reality. It can solve the issues in CEX like security, transparency, etc… and it can take little time to capture its value once launched, not to mention the demand from the users is predictable.
Everything tradable in TradFi can be on-chain, and be exchanged easily, so it has a large potential. This kind of area is very promising, and synthetic assets can even peg stocks. Users always have demand for these products, so this direction is very attractive.
We participate in the NEST ecosystem at its early stage, and we agree with their faith in decentralization.
So when they told me about the Parasset, I agree with their general opinions. Later I joined the technical community.
Q2: Please define Parasset in one sentence and explain it easily.
A: Parasset is a lending/synthetic asset protocol using the fully decentralized oracle — NEST. Users can mint p-assets, such as pETH, pUSD, etc. on Parasset by collateralizing NEST/ETH, etc
Q3: How does Parasset control system risks?
A: 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”.
Q4: How does pUSD secure price stability?
A: 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.
Q5: What is Parasset’s insurance pool?
A: 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.
Q6: What is the reward for participating Insurance Pool?
A: The Insurance Fund LP Earns 3 Types of Returns: Transaction fee of 0.2%, Stabilization fee, Liquidation residual value.
Q7: What are the differences between Parasset, MakerDAO, and Liquity?
A: 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.
Q8: What are the features of Parasset?
A: 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)
Q9: What is the tokenomics of Prasset?
A: Token name ASET, Total supply 100million
- 15% Private Round
- 10% Team
- 5% Public Sale with IDO
- 70% Liquidity Providers
Q10: What are the application scenarios for Parasset?
A: Parasset not only meets the demand for stablecoin 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.
Q11: There is a saying that only the top1 of the industry is doing well, and the 2nd best may be struggling, and the 3rd best can be destroyed. In DeFi space, due to the network effect, one project can have hundreds of millions or even billions of TVL, which can lead to little money for the rest of the market participants. What is your opinion on this?
A: TVL can not represent the future of the project or industry, especially DeFi is fast pace and innovative. The upcoming projects and the character of capital always pursuing profit will surely attract more money inflows also causes the TVL shifting between different protocols. We don’t need to worry too much about the current status.
All we need to do is to create innovative projects, increase real demand and use cases for users. Even the newcomers can achieve top ranking in a short time. Liquity and Alchemix are good examples of that.
Q&A session complete
Next, the host will release the project information of the Parasset and airdrop event.
Airdrop event description:
The first 50 participates who fill in the questionnaire or proposes a suggestion will be given 299NEST (5 winners are selected from the 50 participants (based on the questions).
Each of them will be rewarded with 666NEST (this reward contains 299NEST mentioned before).
Rules: Users follow Twitter and share posters, join the official Telegram group, and need to fill in the Twitter/Telegram username in the form for verification and rewards. (Issued within five working days)
Twitter: https://twitter.com/Parasset2021
Telegram: https://t.me/parasset_chat
Questionnaire: https://twitter.com/nest_protocol
Meow-meow:
Finally, thank Cathy for coming to the Sunrise Dragon community, and hope that Parasset will achieve more outstanding achievements in the future!
The above is all the content of this AMA. If you have any other questions and suggestions, welcome to join our community.
