Host : Please welcome Sir Tony Ling !!!
Tony Ling : Hello everyone. Nice to meet u all！
Host : Let’s start for the first segment 😀
Q1. Can you introduce yourself to our community and your story, join and build standards ?
Tony Ling : Sure ! My name is Tony Ling, Head of China in Standard team. I’m currently a lecturer at Zhejiang University teaching subjects related to Blockchain & Crypto and is the author of “Unlock the new cipher, from blockchain to crypto”. I also actively invests in the cryptocurrency industry since 2016 my first BTC bought.
I got involved in Standard simply because I saw what the first generation of algorithm stable rebase looked like with Ampleforth and Empty Set Dollar etc and thought that collateral solutions with high liquidity solved the issue. So basically, Standard to me represented the prime for what second generation algorithm should be, with ample liquidity. And I do think Standard is the answer to connect Cefi – Centralized tranditional finance world and Defi – Decentralized finance.
Most importantly，we core team members know each other since 2018 so have really good relationship with each other，so that’s why we have a very solid，globalized as well as a promising team
Host : okay let’s continue to the next question
Q2. Please describe about standard protocol
Tony Ling : To me, standard represents the second iteration of generation 2 stablecoins, with a focus on collaterization but a pure-innovative rebasable mechanism for adjusting the rate and lead to the price stablization . We want to be the stable mechanism that none of the original algo stable coins could achieve, and we aim to do this by leveraging technology within the polkadot ecosystem.
The more famous ones such as ampleforth and Empty Set Dollar could never get the collateral part right, and we aim to maximize our business development with Korean and Chinese exchanges for liquidity on that end. Rebase has become a nasty word as it feels like the protocol is manipulating price alto themselves. and collaterization with parachains of polka dot improvement potential community liquidity as well.
Host : Q3. Is there staking or farming on standard ?
Tony Ling : Definitely, we have 5 basic modules and 4 additional modules while yield faming is one of them. Yield farming, joining as protocol validators. These are passive income methods, and as other protocols, we have an interest rate for staking. We are not just a rebasable stablecoin indeed: we use synthetic assets for collateral and also algorithm to rebase. Our Founder Kang build up a innovative hybrid mechanism for that.
Host : Q4. Please explain about your 3 token meter , liter and standard
Tony Ling : We have the three token module system, which is MTR, LTR, and STND.
Meter is the stablecoin which synthetically generated by the protocol’s standard system. Holders can use MTR to use as a medium of exchange, buy bonds or farm tokens in the standard ecosystem. MTR is similar to DAI in MakerDAO.
Liter is a liquidity provider token that represents a shre from AMM module. It can be burned in AMM to receive deposited assets. Liter token can be used for yield farming. LTR is similar to LP tokens in Uniswap.
Standard is network and governance token to use Standard protocol. Standard holders can stake for getting a block reward, participate in on-chain governance. Standard is used as transaction fee. STND is similar to MAKER in MakerDAO.
Host : Q5. Where can we get standard token ?
Tony Ling :
our IDO is Apr.27th on Polkastarter, which we could not be more excited about! Our whitelist application will start from tomorrow and have 3 rounds to go, let’s move!
Pls join in our telegram channel：
https://t.me/standard_protocol
Host : Q6. What is your current development and achievement ?
Tony Ling :
First, Standard Protocol is the first and the only project that got Web3 Grant in Korea .
As for marketing part, currently we are working with, 60+ KOL and local PR agency all over the world, including Korea、China、Amercia、England、Germany、Spain、Dutch、Turkey、Russia、Vietnam、Thailand、India、Middle-East、Brazil、Portugal、Nigeria of course as well as Indonesia, to bring Standard Protocol to the surface. We are also looking into building local community so that we can engage with you guys with minimal language barrier.
As for partnership with Financial insitutions, We currently have a collaboration between a private bank called “Gingko Bank”, where it got licenses officially from Korea government to experiment with crypto. So far they have access to do business with banking cryptocurrency, trading it with fiat assets. What the team aims to achieve is to build a bridge between fiat assets (KRW) and the stablecoin they use or we use to accommodate them in our ecosystem. There are other collaborations that are still in discussion such as the aggregated DeFi interface solution.
Host : Q7. Please share standard target on this year
Tony Ling :
Technically, our team is hard at work focused on oracle modules, internal integrations and expanding the team on all fronts. With our investors, we are focused on strategics really looking to work with the Standard Vision long term.
By mid May, our first version of product will release with nearly all modules inside.
By Q2 of 2021, we want to have the Kusama parachain integrated, crowdloan built in, etc. We have a chainbridge test run on Kusama and aiming to run 1st council. Yield farming starts then.
By Q3, full integration of Polkadot parachain, and crowdloan.
By Q4, end of this year, we want yield farming to fully start on Polkadot parachains and have them connected. We want to apply Standard protocol to other ecosystems too, (Cosmos, Ethereum, etc).
Host : Q8. What standard protocol competitor and what advantage of your platform ?
Tony Ling : Ok well competitors will be Acala，mirror, synthetix, in other ecosystem, but I haven’t confirmed one in polkadot right now. Article is being prepared to put in depth comparison for SWOT analysis.
Our advantage: We are not only a single application but an ecosystem with several modules with a lot of innovation, like pure original innovate in “rebasable mechanism”, and combine AMM DEX into the auction part. Nevertheless, our Worldwide team, the best substrate developer in Seoul, best Polkadot community in China.
Host : okay mate, we already done with the first segment and let’s continue to the second segment. from twitter question we already choose it
Member 1 : As we know, every successful project has a few stories behind the scenes, what’s the story behind Standard success? What was that vision when it first emerged as an idea? Are there any special prototypes or upcoming Standard updates that you want to show/share with us?
Tony Ling : Quote by our CEO Kang ‘ I used to work in Terra, which was a stablecoin in the cosmos space, but I found out they premined their pegged asset which could mirror the whole economy. I saw the article saying premining of Terra, and I thought this was not the right way to make stablecoin. Therefore, I did some research and wanted to make a standard for that. And as for other algorithmic stablecoins, their price went far below 1$. After some research, I found out that there are problems in the stablecoin ecosystem. To solve existing problems of algorithmic stablecoin, I made new one called standard protocol.
Member 2 : Standard protocol uses three token systems; the MTR, LTR and STND. Why did you have to use three different token systems?
Tony Ling : we have three token, stablecoin MTR, Liquidity token LTR, and governance token STND. while you see us mostly promoting MTR (a lot i know). it’s indeed the ecosystem build around it, including LTR and STND, that create and enhance the stability of MTR. MTR, by itself, is collateralized. To keep its price stability, we use a rebase mechanics, which different from its ancestors. We rebase a collateralization ratio when user minting new MTR. Which hence not only create flexibility to peg to USD, but also the collateral safegaurding our MTR with a base value. but that’s not the whole story yet. if you have been studying about other stablecoins. like MakerDAO. to, again, stablizing the price to the peg would sometime requires auctioning collateral out to the public.
Now that’s the second problem we want to address: these auction could sometime be only available to certain group of traders. in Standard, we hence built our own AMM. whenever we need to auction the collateral, we flow them to the AMM directly to ensure that all people are free to purchase. which therefore, LTR is created, as a liquidity token, for this AMM.
The last puzzle we would like to resolve, is community empowerment. STND is hence born, as a governance token, so that holders will have the voting power. not just the development direction like other protocol. but indeed will be helping to adjust the collateralization ratio that we mentioned in previous post. holders will gain fees reward based on the MTR redemption. this is roughly the whole picture of why we are a new stablecoin. but having three tokens.
Member 3 : They mention that the standard protocol offers collateralized and interoperable digital assets on the substrate. But could you give me some examples of them?
Tony Ling :
Our code is open-source and everyone can have a look at it:
https://github.com/digitalnativeinc
Member 4 : I can see that $STND is trying to give power of shaping coin to smaller investors like me and I really hope this will continue to be the case. My question is how can smaller investors like me help in making the $STND community stronger? I really want to be a part of your project.
Tony Ling : Haha that’s the most excellenent question in our community! We welcome everyone to come and help us as a member of the community, if u have any interest to participate this long and great journey with us, just come into our telegram channel:
https://t.me/standard_protocol
And just pin our https://news.cryptoizresearch.com/wp-content/uploads/2019/11/blog4.jpg our pm them to tell them ur interest!
Member 5 : Some problems are common with algorithmic stablecoins nowadays. Too much focus on price stability, no sustainable use cases for interoperability. How will Standarddefi handle and solve this problem?
Tony Ling :
Let me repeat the answer when i introduced our 3 token modules before.
We have three token, stablecoin MTR, Liquidity token LTR, and governance token STND. while you see us mostly promoting MTR (a lot i know). it’s indeed the ecosystem build around it, including LTR and STND, that create and enhance the stability of MTR. MTR, by itself, is collateralized. To keep its price stability, we use a rebase mechanics, which different from its ancestors. We rebase a collateralization ratio when user minting new MTR. Which hence not only create flexibility to peg to USD, but also the collateral safegaurding our MTR with a base value. but that’s not the whole story yet. if you have been studying about other stablecoins. like MakerDAO. to, again, stablizing the price to the peg would sometime requires auctioning collateral out to the public.
Host : okay sir we have done with the second segment of AMA
Host : Hello Sir, please reply only 5 questions from so many questions up there before we finish this 3rd segment of AMA ! 😀
Member 1 : Do you have a strategy to reach big offline commerce industries? Considering that even with the exponential growth of e-commerce most of the transactions worldwide involve those industries. Are you already partnering with one?
Tony Ling :E-commerce platform has quite some blockchain innovation adoption potentials. We have seen some nft plus defi solutions that aim to solve e-commerce issues. Hopefully, standard’s CRS product and defi solutions can be one of the important defi infrastructure in the financial flow of future tokenized e-commerce platforms. Standard Protocol has already made a partnership with a bank called Gingko Bank. this is super good news for not only us but the whole DeFi industry. This bank is located in Korea and we are thrilled to have deep partnership even for some fiat-crypto gateway using Standard application afterward. For other info, sorry we have to keep it as a secret, but stay tuned please!
Member 2 : What do you think about the boom of the NFT + DeFi association that is causing so much interest in the world? How does Your project take advantage of and exploit this reality?
Tony Ling :To quote kang: I am inspired by this project nftfi I saw some other nft parachains like bitcountry, and we are looking forward to use their nfts as collateral to make cdp position. or who knows, I have recently talked with artwork dealers and I found out there is no platform to nurture new artists and get fundraising. So inspired by the current IDO platform, I am thinking of having a dapp regarding funding new artists. However, this idea is just in the research phase.
From my personal standpoint, I think NFTs are still in their first phase of iteration and need to benefit from evolvement. We are lucky that algo stablecoins have already gone through gen 1 and mistakes have already been made. It’s our job in second iteration to expand upon the good and fix the bad
Member 3 : what are the ways that generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
Tony Ling :stability fee for vault, you have to pay back your loan with interest. or some fees in dex or liquidation can be included
Member 4 : How do you plan to spread awareness about your project in countries/regions where English is not spoken well like Indonesia, Vietnam, India, Bangladesh and Iran, do you have local communities for them to make them better understand about your project?How do you plan to spread awareness about your project in countries/regions where English is not spoken well like Indonesia, Vietnam, India, Bangladesh and Iran, do you have local communities for them to make them better understand about your project?
Tony Ling :
currently we are working with, i think close to, 60+ KOL and local PR agency to bring Standard Protocol to the surface. We are also looking into building local community so that we can engage with you guys with minimal language barrier.
Asian market is still quite fragmented, in our opinion. We understand each countries’ ecosystem and crypto community might have a different culture. Korean, Chinese and maybe Singaporean are the first three markets Standard will plan to engage. Indonesian community has been quite active in the space with multiple major crypto projects. We are looking forward to working with the Indonesian community.
Member 5 : Apparently, many blockchain projects are not solving any real problem, they just exist to sell their tokens. What problems exactly is Standard Protocol solving, and solutions are you provide?
Tony Ling :
Three problems with current algo stablecoin systems
1.Algorithmic stable currencies have no collateral, and thus the price is unstable and highly volatile
- Oracles are too centralized, and there is no incentivized ecosystem to reward oracle providers
- Auctions from existing cdp model liquidation are hard to track and suffer from barriers to entry, leading to plutocracy
our solution : firstly Standard provides new digital asset standard collateralized by other digital assets in interchain ecosystem.
Secondly, Decentralized Oracle Ecosystem
Standard achieves decentralized oracle system where oracle providers are treated as network validators in upcoming decentralized finance ecosystem.
Last but not least, Market Efficient Liquidation. Liquidations are easily accessible through automated market maker, providing opportunity for everyone to buy assets at a cheaper price with MTR stablecoin.
Also pls join our Indonesia channel：https://t.me/Standard_Indonesia
Host : What a great explanations! Thank you for your time Sir ! Congrats for the winners 🏆🎉🏆 we will ann. It tomorrow on our twitter, stay tune! 😉
You can get more information about Standards Projects:
Learn About Standard Protocol : https://docs.standard.tech/
Website: https://standard.tech/
Github: https://github.com/digitalnativeinc/standard-protocol
Discord: https://discord.com/invite/p4w9KUZvxe
Twitter: https://twitter.com/standarddefi
TG ANN: https://t.me/standardprotocol
