Recap-WeBlock AMA Session with Standard Protocol
At 12 PM (UTC+0) April. 17th, 2021, the WeBlock Community (A full-service blockchain accelerator) hosted the Global Communications Director from Standard Protocol, Mr March in a live Ask-Me-Anything (AMA).
A brief introduction & background to Standard Protocol：
Guest Answer ：I am the global communications director of Standard (the first algorithimically backed rebase stablecoin). My job is to maintain dialogue with our wonderful KOLs across the world and maintain transparent and clear correspondence with both our investors and communities alike.
I have been investing in the space since 2016, and have always believed in the value that can accrue to layer 1 chains. I have seen alpha in the type of communities that are organically created onto these ecosystems. I am an early investor in Ethereum, NEO, YFI, etc, and Standard is the only crypto project I have ever joined at ground level.
Quite simply, I have never seen a project that has a strong local technical roots (Seoul, South Korea) as well as high community and investor engagement all around the world. On the former end, I believe I am witnessing the next blockchain tech genius in Hyungsuk Kang, and I want to be of service to his vision and problems he wants to solve within crypto. I am so excited to be here.
Host Q&A Session
[Host] Could you explain to us one by one? what are the three keywords you would use to summarize the Standard protocol’s progress?
Guest Answer: Standard in one sentence is an algorithmically backed stablecoin. It has the features of Dai, but with the elastic supply of Ampleforth. What makes us unique is our three token module system, which leverages blockchain levers from multiple ends. Users will primarily be participating in the standard governance token for staking and liquidity
The key phrases are our “three token systems”, algorithmically backed, and liquidity provider abilities
Three token system- first of its kind leveraging its own ecosystem with different token incentives as part of the overall suite
Algo backed- but with collateral，And same defi LP token incentives.
[Host] How can you keep your stablecoin stable at a specific price especially when the market is facing selling pressure?
Guest Answer:MTR issuance ratio (inverse of collateralization ratio) is fully controlled by governance within an epsilon range; However, when the MTR price goes out of the epsilon range, emergency shutdown executes and no more MTR will be issued for the rest of the era. Starting from the next era, the system takes charge and adjusts MTR issuance ratio to stabilize MTR price to USD until MTR price recovers to 3 quarters of the epsilon range. If MTR price is above USD, more MTR will be minted from collateralization in the next era.
So our system trusts the community indefinitely as long as they do a good job on setting collateral ratio.
but when the price goes out of a certain range- the system takes charge
The rebase mechanism is there for emergency shutdown and for the system to make its best effort to stabilize the price
[Host]How in simple terms does the standard project seeks to solve the current algorithmic stablecoins focus which has been recognized to be based only on automated price stability?
Guest Answer: It seems that the current algorithmic stablecoins focus only on automated price stability. Although they provide some interoperability between tokens with initial distribution via yield farming, there is still no sustainable way for them to interoperate in financial activities without the unsustainable level of token issuance distributed to staking pools. So that is the exact problem with automated price stability. How we plan to solve it is by rewarding oracle providers in a decentralized manner (Current oracles are centralized, and there is no decentralized ecosystem to reward them). Standard Protocol proposes a reward mechanism in each era and slashes equivocation with the IQR rule. A more decentralized method to liquidate positions must be considered. Auction orders come in high volumes of collateral, which can lead to plutocracy. Incentive and reward mechanism for automated price stability is our key here.
[Host]How many token systems for Standard protocol？ Please explain to us for each system ？
Guest Answer: 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 share 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 a 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 a transaction fee.
[Host]What is the further plan for Standard and $STND in the next 6 months? Would you like to share with us some further more information?
Guest Answer: On a sale basis, our IDO on Polkastarter is scheduled for 4/27 which we could not be more excited about.
Please find the details here: https://blog.standard.tech/standards-journey-starts-with-a-polkastarter-ido-8007549afe18
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 Q2 of 2021, we want to have the Kusama para chain integrated, crowdloan built in, etc. We have a chain bridge test run on Kusama and aiming to run 1st council. Yield farming starts then.
By Q3, full integration of Polkadot parachain, and crowd loan.
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).
Community Live Questions
Best Selected Question from Community Members：
Q: Standard will list on which one exchange？
A: We currently have a specific BD team based in Korea to handle this work.. you can trust that we are doing all we can to get the best exchanges who support our vision etc and like our product! And of course, make money!
Q: How has Standard Protocol managed to be attractive to investors? How does it manage to stand out among so many Blockchain projects?
A: Investors really like our three token module system- and can see the ecosystem we are trying to build and utilization of all 3 tokens.
Q: What is the uniqueness of Standard Protocol that cannot be found in other projects that have been released so far? What influence do we have in the crypto industry?
A: So far.. no one has copied our three token module system or even shown a collaterized stablecoin that can be used more effectively for government and LPing (not even DAI).
Q:Yeild farming is a new trend so do you have any plan to yeild farming system development? #AskStandard
A: Absolutely, with our liter token which is used to mint our stablecoin meter
Q: Is there any other crypto company that seeks to do what you are doing? And what sets you apart?
A: Ampleforth and ESD- but our IQR rule is a more efficient way to manage rebase and we have collateral on the stablecoin aspect of our 3 token module.
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