CryptoBooster X Standard AMA Recap on September 15th


Part 1 — Introduction and questions from the Twitter retweet

Car Marz | CryptoBooster:

Good day everyone, another massive AMA here.

today we have the amazing Standard Protocol with us represented by @Dixon

Can you please give us an introduction about yourself and the project, to start with?

and of course we are honoured to have you here with us today 🔥🔥🔥🔥🔥🔥

Dixon | Standard Protocol:

The honour is mine indeed. :)

So, name's Dixon. I am the product owner of Standard Protocol.

Basically i assist the team on product direction, development, and some operational stuff. Standard Protocol is indeed a stablecoin project, we have designed an ecosystem of solution to enable an over-collateralized rebaseable stablecoin. In this ecosystem, we have our own oracle and DEX in order to promote the price accuracy as well as maximizing capital efficiency.

Oh, and we are multichain indeed, target to be the next money in defi as a chain-agnostic stablecoin. :)

Car Marz | CryptoBooster:

🙏🙏🙏🙏 so much for this introduction.. Indeed a great start..

Let move on to our Twitter questions.. Are you ready

Dixon | Standard Protocol:

Shoot me

Car Marz | CryptoBooster:

Number 1

@Wormz29

I've heard that #StandardProtocol operates on a 3-token ecosystem: the Meter (MTR), Liter (LTR), and Standard (STND). So what are the characteristics of these 3 tokens and how are they different from each other? Also, why operates on 3 tokens in the first place?

Dixon | Standard Protocol:

it think this is indeed the beauty of how our stablecoin works and provide stability cross-chain

so, MTR is our stablecoin. we have adapted the rebase mechanism to ensure the supply is robust, while at the same time we ensure every mint-able MTR is over-collateralized, such that its intrinsic value is always backed by at least 1 USD, so as to be used as 1 USD, a stablecoin.

LTR, on the other hand, represents the liquidity token of our multi-chain DEX. similar to UNI-V2-LP, we create this token to represent liquidity in our DEX.

what makes this liquidity token special is that it's some what ties to the stability mechanics of the entire ecosystem - on one hand, user can stake LTR to farm for STND (which i will talk about soon). on the other hand, when our MTR collateral needs to be liquidated, we simply move them to our DEX LP directly. Unlikely most over-

collateralized protocol usually handle this through auctions, we believe this ensure the efficiency of the collateral capital. User of our DEX will hence enjoy an occasional discounted assets during a short term bearish market

as for STND, it's our DAO. holders of STND not only earn the right to participate in our protocol development, but also potential yield a passive income from the stability fee generated from MTR repayment

Currently STND is on Ethereum, and recently bridged to Polygon.

in the coming month, we will be launching our MTR portal o Polygon soon so that anyone will be able to start using the stablecoin service and see how all of the pieces come to a harmony together

Car Marz | CryptoBooster:

wow very rich ecosystem.. fascinating 💪🏽💪🏽🙌

thanks a lot for that 🙏🙏

Let's move to number 2...

@luckyjem02

A strong community not only brings interesting ideas to the project but also attracts larger partners. So how #Standard planning to build its community? And is there a plan to recruit people with Blockchain experience to the #Standard team?

Dixon | Standard Protocol:

let's start from the team first.

indeed, while you may find some popular names among our core team members such as our BD Charlies, who has been well-known for his early achievement in bring polkadot into china, Kang, our CTO, on the other hand is also the tech lead in Astar, formerly Plasm;

we actually have quite a few talent hired outside the blockchain experience in order to promote diversity, not just culture-wise, but also mindset.

as we believe every project is always driven by the people, but not only their history

aside from our core team. we also have a strong believe in our community

we have recently resumed our ambassador program, which, instead of just hiring ambassador, we promote them

one notable mention is our Vietnam community, with one of the member high achievement, he was indeed nominated by the VN community to represent their local community

to Standard, this is exactly the spirit we embrace and we want to drive

so far we already have a Vietnam, Korea, China, Turkey and South Africa community

all of them are leading by local talents

and we believe that our approach on communities will surely thrill our success very soon

oh, and we also have onboarded a new community lead, who is also coming from a validator background

that being said, even the tech. side has been well covered.

and hopefully we will have a robust growth in our communities to sustain the protocol in long run

Car Marz | CryptoBooster:

Great stuff, nice that you are so attentive.. Community is also critical to project success 🔥🔥🔥🔥

Let's go to number 3....

@themiracleboy0

I saw on your website the Standard Protocol will use prophecy to bride stocks, index funds and commodities. May I know, are you going to use a third party oracle for a price charge or are you going to use an oracle you developed yourself?

Dixon | Standard Protocol:

so, fun fact: Standard Protocol earned our Web3 Foundation Grant, and the prototype that our CTO presented was indeed an early design of a decentralized oracle.

we have improved that version and now we will use our own decentralized oracle to provide price feeds for our protocol

still, we think collaboration will make everyone move further, so we will likely be connecting Chainlink and also partnered with DIA as two additional source of data stream to maintain the integrity and data coverage on stock thingy

well, no, we do not do any stock or fund, it's a security area

but we will enable synthetics assets as our collateral for stablecoin minting which will be further powered by our oracles network

this combination will surely provide a much more diversified collateral mix with risk mitigation and hence a more stable stablecoin for cross-chain purpose (for everyone)

Car Marz | CryptoBooster:

Thank you thank you.. lots of valuable info 💥

Let's move to the next one.. Number 4

@luckluckan1

Based on the content of the website, you wrote StandardProtocol is a Rebase Stablecoin project. Talking about the Rebase Stablecoin project, what makes StandardProtocol more profitable than other similarly developing Projects?

Dixon | Standard Protocol:

indeed the most common use case in defi on stablecoin is its leverage for "parking assets"

so if, says, someone is HODL DOT but also want to take other opportunities, he can always use their DOT to borrow MTR, then use the MTR to buy the other assets for speculation

that's how thing works during a bullish market

when bear comes people can also stock up MTR and use MTR to purchase the declining assets and hence gaining arbitrary

what makes Standard protocol more likely to enable unlocking such financial opportunity is that

1. our design provide not only robust (through rebase mechanics) but also stable structure (over collateralized) in terms of staying to its peg (1 USD)

2. we aim to be cross-chain by default. i.e. you can always use the minted MTR to tap into opportunities from one chain to another

despite i do not know if this mean more profitable to our users, as this will likely depend on users' trading skills etc., but surely this will ENABLE them to be profitable, in a chain agnostic way. :)

Car Marz | CryptoBooster:

Thanks you really interesting stuff, what a project 🔥🔥🔥🔥

Last twitter question....

@Ipman15547444

Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relationships?

it is all about partnerships in this space 😃😃💪🏽💪🏽

Dixon | Standard Protocol:

a short answer would be, take a visit to blog.standard.tech, and visit the "Partnership" section. :P

i think we have a strong line up of partnership. Indeed, across quite a diversity of domains, the notable mention in the recent ones would be Shiden, the canary network of Astar on Kusama. we have been granted fund to be their native stablecoin (of their chain) when we migrate ourselves onto Kusama in coming months

so does Metis, another Layer 2 that we will test our MTR on (outside Ethereum and Polygon)

basically we start prepare partnerships that could potential to expand the usage of MTR as a stablecoin, but we do not end here

given the hype in recent gamefi, we are also expanding our go-to-market strategy to gamefi protocol. Yeah, just a sudden connection problem

But yeah, we are expanding to help gamefi as well, and i am calling here if you know any interesting gamefi that might want to help their players to use stablecoins as payment, you know where to find us. :P

Part 2 — Live questions from the Telegram community

Q1 from Telegram username @Nizomchyk

Are you a global project or local project? Are you planning to promote your project in different countries, where English is not good? Do you have a local community for them to better understand your project?

Dixon | Standard Protocol:

we do have Turkey, Korea, Vietnam, China, South Africa and Russia communities.

basically if anyone see any community is missing but could be essential to expanding Standard Protocol reach, be our guest to setup one yourself, gather the people and run it on your own. Our latest ambassador program does promote self-initiative community members to be our inner circle.... which, we think it's the best way to reward our community members who pay their effort.

so if you see opportunity, capture it. and let us know when you are success. we will happily to promote you afterwards :)

Q2 from Telegram username @rakib9999956

Hello sir,....... What are the key milestones on your roadmap - both things you have already achieved and things that we can look forward to? Any partnerships and short/long term technical milestones that you want to talk about or bring some attention to?

Dixon | Standard Protocol:

1. we aim to launch our stablecoin portal in few weeks along with our DEX on Polygon.

2. after that we move Metis and maybe some additional Layer 2 partners to expand our MTR usage

3. in months, we target to migrate to Shiden on Kusama and further expand our narratives as being multichain stablecoin. some twist coming, stay tuned.

4. Polkadot presence as a short term goal

oh, we should be running Kusama parachain auction this week if i remember correctly :)

Q3 from Telegram username @Mheline33

What plans do you have to grow rapidly in terms of users, global market and partners?

Dixon | Standard Protocol:

the two Ps: Products & People !

i believe Defi is a fast pacing industry and the commitment and deliverables are the main things that determine a project success and failure. Products and People will be the key to achieve this and we keep our words never lightly. :)

Q4 from Telegram username @duongphong98

In "Access without permission to liquidated assets "They say that the #standardprotocol places liquidated assets in an AMM instead of an auction. But why did they decide this? The auction is not more practical and with prices chosen by the community?

Dixon | Standard Protocol: