Monday , 30 august 2021, 5PM UTC
Hi everyone and welcome to the AMA on Forum Crypto Moonlight Official Group We’re honored to host an Ask-Me-Anything session with @pledgerfinance
I will explain a little about the AMA segment this time,
Segment 1: project introduction
Segment 2: Question Twitter
Segment 3: Live Question
SESSION PROJECT INTRODUCTION
Q1, Can you explain to our community what Pledger Finance is and how it works?
BTC Master : So Pledge is a Defi project by nature. Offering the lending and borrowing feature like many other defi protocols, and provide lenders with the options to stake their funds into our staking pool, higher APYs, and attract borrowers by providing them with token incentivization mechanisms.
The project concept came up with tony our CEO had a discussion with the co-founder of [DH.VC](http://dh.VC) Kevin back in Feb, and the idea has been sticking with him since. He believes that Pledge is one of the kind defi projects that is going to be able to make it out there to the world, and really bridge the gaps between the traditional finance sector as well as the decentralized finance sector. Allowing the trillion-dollar market from the traditional space to be able to join in this blockchain/crypto movement.
Q2, What was the biggest problem when you built the Pledger Finance project and how did you overcome it?
BTC Master : The biggest problem we facing when building this protocol is how to really bridge the traditional finance people into defi space
this has been a challenge for a lot of defi projects not just pledge
but we are able to over come it by constantly going out there, talking with a lot of traditional finance sector partners.
And one of our dearest advisor is Nicole, she use to be one of the senior management for one of the largest banks in the world
through our partnerships with all of these amazing traditional finance institutions, we believe we can make it big
Q3, Can you explain what is Lending, Borrowing, Providing Liquidity, Fixed Interest rate?
BTC Master : Yes, absolutely! Defi is no different than banks
Lenders just mean people that deposit money into the ecosystem, and borrowers mean people that want to borrow the money from the platform
Here comes the differentiation between defi Portocol and a centralized bank, where liquidity providers are typically not existent in conventional banking environment, this is because banks serve as liquidity providers themselves
Where as liquidity providers in defi basically means people or institutions that can help hedge their assets on the protocol to prevent liquidity failure
And that is how you can sustain a defi protocol
But that is also why most defi protocols can’t offer a consistent and a fixed rate of interest to its platform users
Because of the volatility in crypto market, and the shortage of the liquidity providers
But because pledges unique tokenomics design and protocol management, we are able to consistently peg our interest rate to a relatively stable rate
Q4, Can you explain a little to our community about Pledge Contract, User account, liquidation risk, Governance ?
BTC Master : Of course! I would love to
I will start by talking about the governance, the governance is of course decentralized, and opearted by our growing community base
We do have a duo governance token PLGR and master-PLGR to do that, and I believe our unique model is certainly one of the kind
The liqduity risk would be very similar to other defi projects, where you would have to be able to put and hedge 120%-150% of collertals in order for you to actually borrow money out. However, given the fixed rated feature of the platform, it is much less risky when it comes to the liqduitation risks
Q5, Security is very important for investors, so what kind of security do you use in the Pledger Finance project to secure investor data?
BTC Master : oh yea, we value our platforms user data very much. And we understand in defi space there are many projects get hacked on a day to day basis. That is why we are partnering with some of the top name audit companies around the global, to ensure that we get not only just 1 audit done with our code, but various audits through different companies.
SESSION QUESTION FROM TWITTER
Q1, From @Pieterszon On the Website, Tim says; Pledge utilizes the Binance Smart chain for fast, low-cost transactions while accessing a deep network of wrapped tokens and liquidity. Why didn’t Team make an ecosystem pledge on Blockchain Matic or Solana? The cost of both blockchains is low and fast
BTC Master : I think speed and transcations are apart of consideration when we are building out this protocol. But the other part of it is also we want to build a strong relationship with one of the biggest exchanges of the world, to utilize some of the tools they are able to access that otherwise might not be able to by decentralized layer 2 protocols. For example, you are able to create liqudity market on Binance that can reach millions of exisiting users, it is perhaps one of the fastest way to reach platform users as well.
without users, any defi protocol would just be a theory with no real use cases.
Q2, From @mylhe As you aim to be the crypto-asset lending platform for all,does this lending is applicable for collateralized or uncollateralized?If ever uncollateralized,how will Pledge Finance assure that lender will pay it’s loan?What guarantee that lender will not run away from their loan?
BTC Master : This one is easy, in a decentralized ecosystem, we only ensure collateralized borrowers to aviod risks. Thats why you see most defi protocols want you to put up 120-150% collertals, this is because the platform doesn’t have a say over when the liqudiation mark hits, rather it depends on the smart contract itself and also the crypto market
Q3, From @Ramachari110 It caught my attention that Pledge aims to be the crypto-asset lending platform for non-traders. Can you give us more details about this? How will you reach this goal of being a platform for non-traders? What will you offer to them that other lending platforms can’t?
BTC Master : Yes, what we mean by traders, I must further explain
its basically market speculators, they would trade everyday for a living. But reality is, if you are a crypto HODLer for long term, you would not be worried about what the prices for bitcoin tomrrow will be, correct? That is the portion of people we are aiming to serve, the longer term crypto warriors that will be in this space and want to aim for the long term gain
Q4, From @Jaki73364096 The risks related to lending platform is the smart contract risk . So has the smart contract been audited? Is there any safety mechanism to prevent overminting (to prevent any foul play/hacks)? How does Pledge Finance apply for a witness node or deploy/manage a smart contract ?
BTC Master : I answered this in the previous question with regards to tho auditing. There are couple things we are doing before mainnet launch, the first thing first was our engineers are triedlessly running backtest and audits codes to ensure the safety of the protocol.
The second thing we are doing is we are collabing w/ some of the biggest and most reputatble auditing firms there are to ensure the protocol is solid before launching
that is very important as well
Q5, From @JasonJo49696145 Revenue is an important aspect for all projects to survive and maintain the project. How have you been able to build a complete project and what is the way to generate profit? What is the income model of #Pledger_Finance?
BTC Master : Just like any other protocol, foundation will charge a very small portion of onchain transcation fee, and redistribute the rest back to the early adoptors
and That is why we highly encourge all of you to participate into the protocol early and get to know our project early
You maybe eligible for early liqduity mining as well 🙂
SESSION FREE ASKING
Q1. CAN you explain the background of your team? How will you and your team carry out this project during this current pandemic??
BTC Master : The team is really strong, and most of us are stanford background, please check out website for more info https://www.pledger.finance/
Q2. Now NFT is really a hot trending topic right now in the cryptocurrency market. Then how is your project planning to develop NFT then how is your project planning to combine it with DeFi?
BTC Master : Yea, we are actually a combined financial NFT project, using erc-1155 standard to generate a decentralized bond market, great questions
Q3. Which one of these aspects is important for you?
1-Increasing Token Price & Value
2-Empowering Platform Development
3-Building Community Trust
4-Expanding Partnership Globally
In what order?
BTC Master : haha good question: 2,4,3,1
And I think thats about it, thank you guys very muc a lot of great questions today I had a lot of fun.
Telegram : https://t.me/pledgerfinance