Thanks a lot for actively participating in the Standard AMA held on 24th April 2021 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with Standard
We have with us March
My name is March, the global communications director for standard. It is my job to engage our wonderful KOLs and communities worldwide!
And spread the Standard word
Q1. You have three ecosystem tokens, Meter(MTR), Liter(LTR) and Standard (STND). WHICH is the one that has the most vital role in Standard Protocol? Can you explain the roles of each and what is the reason you really chose to make three tokens?
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.
Liter is a liquidity provider token that represents a shre from AMM module, similar to LP tokens in Uniswap. It can be burned in AMM to receive deposited assets. Liter token can be used for yield farming.
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.
Q2. The Standard Protocol provides algorithmic Stablecoin and digital asset indexes in its vault. What are the advantage of this approach over traditional stable coins pegged directly to the USD? Doesn't indexing the underlying asset list and manipulating floats pose an extra hassle?
We are offering a chance to build out our own ecosystem, and actually create an unchain asset backed by value instead of peg to traditional world. and in our mind, unchain banks backed by real unchain value is the key to a blockchain and decentralized ecosystem. We are willing to do whatever it takes to construct this vision, and believe standard is a first portal that offers it.
Q3. There are some stable coins which are not so stable at some moments. What is the concept/mechanism of the stable coin behind Standard Protocol to keep the price at 1 USD?
150%, Liter collateral, similar to what you see in Maker Dao and Dai relation. similar to that, we aim to collaterize our stable coin (meter) through that function. We envision the collateral as facilitating the entire Standard ecosystem.
Q4. You mentioned that Standard Protocol is the first and the only project that got Web3 Grant in Korea. What positive benefits will be obtained through achieving this Web3 Grant? Does this have any significant impact on project development?
Legitimacy for sure, as it means that the Polkadot ecosystem sees the strength of our technicals and locality advantage in South Korea. But of course, this is just the start. the world can now know of our strengths at large, and we still aim to be an entire global defi ecosystem. At least through this grant, we benefit from development community mindshare, and localized community support and legitimacy. We aim to keep building on this platform and foundation going forward.
Q5. Security is always most important for a users. Can you tell us about your platform security? Have you done any audit via any audit platform?
In our opinion, security is the number one priority once the protocol is fully launched and ready. to be honest, we are still mapping out the entire ecosystem development phase, and will move aggressively once our IDO on 4/29 happens. At that point, the most important thing is to protect our community, investors, and ensure the most seamless UX transition.
Q6. Have your protocol undergone any audits?
We will be doing our audits once our IDO and exchange listing fully finalize! Be on the lookout
Q7. Every projects that seeks to solve a particular problem must have been birthed by a motivation. What motivated you to create this project?
We really want to create a project that has a fair launch and aiming to protect users in the right way!
Q8. Are you a global project or local project? Can anybody anywhere use Your project without any restrictions?
International project! We are trying to fit in the entire decentralized blockchain narrative!
Q9. Is your project easy to understand for new users? and does your project have a manual for users?
We want users to be safe first and foremost... we will be updating on all our channel portals on updates and for demo
Q10. You point out that Standard offers "collateralized and interoperable digital assets on the substrate", but really, what characteristics do these "collateralized" assets have? Are all digital assets collateralized?
In our three token module system, we will be over collaterizing LITER to mint our stablecoin METER
Q11. Some investors run in the sell session and after listing on the first exchange. How did your project prevent early investors from selling their tokens and what benefits would you provide to investors?
Our founders and investors are in for long term! We have a roadmap to change the game :)