Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Polkabase.Finance and our guest was @PolkabaseAdmin . The AMA took place on 19 February.
The AMA session was divided into 3 parts with a total crypto reward pool of 750$
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1?—?introduction and questions from the Telegram&WebSite
Luis Merino
| Satoshi Club:
Hello everyone and welcome to another AMA session with Satoshi Club. Today our guests are from Polkabase.
@PolkabaseAdmin welcome to Satoshi Club
D. | Satoshi Club, [19.02.21 13:00]
Good day all! Today we having AMA with Polkabase.Finance!
@PolkabaseAdmin hi! Welcome to Satoshi Club!
Polkabase:
Hello and thank you for having us! Looking forward to the AMA!
D. | Satoshi Club:
Great! How are you doing today?
Polkabase:
Very well thank you! It has been a really hectic few days since we launched so a lot of sleepless nights!
Luis Merino
| Satoshi Club:
So please, as an intro, can you tell us something about yourself and what Polkabase is?
D. | Satoshi Club:
I feel you. and it’s impossible to sleep in this market. when so many things going on right now haha.
Polkabase:
I have been working on the crypto development side of things since 2017 and have worked on a number of projects in the Defi space. I developed a fascination around elastic supply tokens and how they would react to targeting a price of an index fund and then developed Polkabase. As the name suggests we are an elastic supply token (or rebase token as they are now commonly known) that targets a weighted market cap of 10 projects within the Polkadot ecosystem.
Luis Merino
| Satoshi Club:
Yep! Market is crazy
D. | Satoshi Club:
Nice! you definitely not a newbie in crypto
Polkabase:
Not quite an OG but definitely not a newbie!
D. | Satoshi Club:
Thank you for the good intro! Are you ready to dive into the questions section?
Polkabase:
Yes ready!
Luis Merino
| Satoshi Club:
Let’s go
D. | Satoshi Club:
Q1 from Telegram user @meml97
I read on your page that Polkabase is built on Ethereum but it allows investors to be able to obtain exposure to the Polkadot ecosystem. Could you explain how is this possible and how will this be more beneficial to investors? Why didn’t you just built Polkabase on the Polkadot Ecosystem?
Polkabase:
Ethereum and the ecosystem and community it has built is the most familiar to most crypto investors whilst Polkadot is an exciting platform it is still very much in its infancy. The feedback we received through our market research is that many crypto investors wanted to be able to stay on Ethereum until the Polkadot ecosystem was further developed with Polkabase you can obtain exposure to a wide range of Polkadot assets with one simple token and without having to set up new wallets or learn new processes.
D. | Satoshi Club:
So after the polka ecosystem will be fully launched?—?the project will be existing on two chains simultaneously?
Polkabase:
The main issue with Ethereum is obviously the gas fees. Because the way our project works, once you have purchased Polkabase there are no gas fees involved in token rebases to and from your wallet. Therefore we don’t face the same problems other Defi projects are encountering in terms of their users not using their platform because of high transaction costs.
D. | Satoshi Club:
True, gas fees an issue.
Luis Merino
| Satoshi Club:
You are right. Gas fees continue pumping.
D. | Satoshi Club:
So I have to ask, what are your plans regarding to BINANCE smart chain?
As we all see, more and more project prefer BSc to ethereum.
Polkabase:
That is a good question. I would say that most projects still maintain an Ethereum presence. As I mentioned previously as our protocol doesn’t involve the holder having to pay any gas fees beyond purchase and sale we are not as affected by the gas fees as other projects. We also feel from a decentralized perspective that Binance doesn’t offer as much.
D. | Satoshi Club:
Right, bsc is quite centralized.
Polkabase:
Yes, that goes against the whole ethos of what cryptocurrencies were intended to do.
Luis Merino
| Satoshi Club:
Gas fees against centralization
The end-less battle
D. | Satoshi Club:
@PolkabaseAdmin thank you for your answers! are you ready for the next question?
Polkabase:
Let’s go!
D. | Satoshi Club:
Q2 from Telegram user @sirdefi
I would like to know what are the advantages of owning an elastic supply token whose price is linked to a basket of cryptocurrencies in the Polkadot ecosystem? Let’s also be clear that there are already many, many elastic supply tokens in the DeFi ecosystem Does PBASE have anything different or special other than being linked to Polkadot?
Polkabase:
One of the things that we are currently building is a new and safer way of obtaining price feeds. We are building an oracle that will receive data from 3 different price sources and be able to ignore a particular price feed that may be outside the standard deviation. This ensures correct data is entering the contracts. The other thing about Polkabase is we want to create a whole Defi ecosystem the PBASE token is really just the start of our journey and over the coming weeks we will be offering staking rewards and sub tokens to further enhance value for the community and Polkabase token holders.
Luis Merino
| Satoshi Club:
Where will the oracle take the info from? Which sources?
Polkabase:
Coingecko, Coinmarketcap and Livecoinwatch!
D. | Satoshi Club:
Lots of interesting things ahead! and how often rebase happening? it always a particular time or you can change the time of rebasing?
Polkabase:
Because crypto is affected by bad actors and also pricing sites can suffer outages it is important to have a mechanism in place to keep your protocol running.
Our rebase occurs every 24 hours at 4 pm UTC.
Luis Merino
| Satoshi Club:
Best ones!
Today’s one is near
Polkabase:
Yes, we have 4.5 hours to go!
Yesterday, we had a very large rebase expansion and it’s looking promising for another expansion today!
D. | Satoshi Club:
Thank you for the answers! Ready for the next question?
Polkabase:
Yes!
D. | Satoshi Club:
Q3 from Telegram user @Karoceh
Are there any plans to add the use case of PBASE? We understand that the rebase token value depends on the elastic supply, but don’t you think it would be better if this token has another real use case?
Like buying pizza for PBASE, maybe
Polkabase:
Absolutely! We are currently modeling liquidity and staking incentives for PBASE holders as well as being advanced in several partnership negotiations.
Luis Merino
| Satoshi Club:
Sounds really good
Polkabase:
Thank you!
D. | Satoshi Club:
Can you give us a hint, about your future partnerships?
Polkabase:
Watch this space because we will announce as soon we can but the goal of increasing the value of PBASE is at the forefront of our thinking.
D. | Satoshi Club:
gotcha
Luis Merino
| Satoshi Club:
Shall we jump to Q4?
Polkabase:
Absolutely!
D. | Satoshi Club:
Q4 from Telegram user @asalas95
Solidity Finance was the company in charge of the recent audit that Polkabase Finance underwent; and from what I could read in the comments, the experience for both companies was very rewarding. Could you tell us in more detail about the results of the audit and the feedback you received from the Solidity Finance team? Why did you decide to have Solidity Finance audit your project in the first place? Thank you!
And maybe you have plans to make a couple of more audits?
Polkabase:
We felt it was important to have a fully audited project before raising any funds. Many protocols recently have launched with contract flaws which have resulted in significant funds lost. We chose Solidity because they have a growing reputation and provide feedback on how to improve your contracts. We found the process very useful, not just from being able to offer secure investment for our token holders but from the fact they offered improvements in our contracts particularly around gas efficiency.
We will have to because of further contracts we are currently building for the growth of Polkabase.
D. | Satoshi Club:
Yeah, this is very nice that you did a contract audit before the launch
Luis Merino
| Satoshi Club:
I totally agree with you. Many scams these days.
D. | Satoshi Club:
btw can you share the results of the audit here?
Polkabase:
Audit report completed
https://solidity.finance/audits/Polkabase/
D. | Satoshi Club:
I know Satoshi clubbers very like to read audits
Thank you!
Polkabase:
No worries!
D. | Satoshi Club:
Ready for the 5th question?
Polkabase:
Absolutely!
D. | Satoshi Club:
Q5 from Telegram user @garrinepotter
In the roadmap, you talk about listing on CEX but subject to their ability to process the Rebase coin in their wallet infrastructure. Is this really possible? Do you have a list of exchanges that can handle this? Where is it easier to list the token technically? On CEX or DEX?
Polkabase:
It is much more technically possible to launch on a DEX due to the concept of liquidity pools. Liquidity pools effectively automatically rebase the price to the target price because of the increased or decreased PBASE in the pool. I believe the only CEX that can currently handle a rebase coin is KUCOIN as they list AMPL.
Luis Merino
| Satoshi Club:
I have no questions at all about this one
D. | Satoshi Club:
So Kucoin is special
why other exchanges don’t follow Kucoin’s strategy? is it really that hard to make deal with rebase projects?
Polkabase:
I don’t think it hard to make deals with rebase projects it is much more about the technical difficulty in listing. CEX’s don’t operate from liquidity pools but rather order books. This makes it much more difficult for them to incorporate rebase tokens within their exchanges.
D. | Satoshi Club:
Yeah, it makes sense. thank you for the clarification! Ready for the final question from part 1?
Polkabase:
Of course!
D. | Satoshi Club:
Q6 from Telegram user @Wormz28
Most of the people’s questions during AMA are asking about the Projects strengths and what they have achieved so far. So at this moment, can we talk about weaknesses and challenges? If there’s any, what is your project’s weakness and what challenges or difficulties have you faced in developing POLKABASE and how have you overcome them?
Polkabase:
A lot of people don’t understand the complexity that goes into the various smart contracts required for a rebase project. To give you an idea the audit costs nearly 3 times as much as a normal audit because of the number of token contracts and their complexity. One of the weaknesses we have which i think a lot of projects have is being able to keep up with the demands in Defi the constant developments and innovation. We don’t have hundreds of developers and office staff to work as fast as the ideas we are generating.
Luis Merino
| Satoshi Club:
How big your team is? Also, do you work remotely or have an office?
Polkabase:
We have a team of 5 including our core admin team.
D. | Satoshi Club:
For me rebase projects are the most complex in crypto, so i think it’s not easy to make a good one
Polkabase:
I think in 2021 most crypto projects work on a remote basis whilst we do all live in near proximity for team meetings we generally work in our own spaces.
Luis Merino
| Satoshi Club:
You are right.
Great! Thank you for your answer.
Polkabase:
No worries!
D. | Satoshi Club:
Thank you for the answers in part 1! @PolkabaseAdmin we will open chat for 2 minutes after chat wil be closed?—?you can start select questions from Satoshi Сlub members!
Polkabase:
Got it!
Luis Merino
| Satoshi Club:
So, are you ready for a huge bunch of questions?
Polkabase:
Let’s do it!
Part 2?—?live questions from the Telegram community
Q1 from Telegram user @ Saif Mahamud
@PolkabaseAdmin What are the major milestones Rebased achieved so far & what are in future pipeline?
Polkabase:
Thanks Saif. Major achievements so far have included the audit, the fully working protocol, a pre sale sold out in 20 seconds and a growing community and holder list! We have also updated our website and dashboard. Coming soon rebase calculator and the launch of further incentives to invest and to hold PBASE.
Q2 from Telegram user @ Karoceh
To get a positive rebase, i think it is very important to encourage PBASE holders to keep holding their tokens. What is the strategy to encourage them for keeping PBASE tokens?
Polkabase:
That is a very good question. Most people including those who actually buy rebase tokens don’t understand their mechanics. A rebase causes no loss or gain in value at the point of rebase. The value is obtained by having an increasing token supply. We will be launching staking rewards as soon as possible to encourage PBASE holders to stake their tokens and gain more financially.
Q3 from Telegram user @ Topind
Who are the specific people this Polkabse project is for, who are your audience, is it for newbies in crypto space, individual investors, and institutions who are lookin to invest?
Polkabase:
I think one of the advantages of PBASE is that it is of interest across the whole spectrum of investors. Newbies find an easy way to gain exposure to Polkadot and it’s ecosystem on the Ethereum chain, it is technically advanced for the more experienced investor and it can attract institutions by not requiring active investment management.
Q4 from Telegram user @ Tuvalunia
How will integrating Chainlink oracles help to Polkabase system?
Polkabase:
Someone had a look at our roadmap
Right now the price information we require is not available as a Chainlink source. This is something that we are working on in the near future.
Q5 from Telegram user @ o0s$a4l
According to your roadmap in Q2 you will integrate the Chainlink oracle, what benefits will that have for the project?
@PolkabaseAdmin
Polkabase:
The benefit is an even more secure price source!
Q6 from Telegram user @ Boylut
Earlier above you said you target the weighted market cap of 10 projects within the Polkadot ecosystem, why target 10? And, could you list this projects for us? @PolkabaseAdmin
Polkabase:
We chose 10 because we felt it gave an accurate representation of a variety of projects at different levels of marketcap! The 10 projects are, DOT (at 5% MC weight), XOR, ANKR, EDG, POLS, XRT, OCEAN, FIS, AKRO, RFUEL.
Q7 from Telegram user @ Rajashree
I want to know more about team motivation towards project and commitment cause many project gets abandoned.
@PolkabaseAdmin
Polkabase:
Polkabase is the teams sole focus and we are all working full time on the project. We really feel this has the potential to have a large Marketcap and we also enjoy building value for token holders and of course ourselves over the coming years.
Q8 from Telegram user @ Leo
Hello!@PolkabaseAdmin
Before I buy your tokens I would like to ask why are you anonymous and how do you gurantee us it will not rugged pull?
Polkabase:
Well first of all we have fully audited smart contracts, secondly we carried out our pre sale on Unilock so that the locking of liquidity was guaranteed before any funds were raised. We currently have locked 1.5 million dollars of liquidity and this can not be removed. Therefore it is isn’t possible for us to rug pull. We are anonymous because we want to create a decentralised ecosystem, and the whole purpose of decentralisation is that there is no single source of power.
Q9 from Telegram user @ Capt_Star1
What are your thoughts on NFTs and it’s marketplace?
(Got something for NFT lovers?)
@PolkabaseAdmin
Polkabase:
NFTs have really become a by word for digital art but in fact there real use cases will be in many other fields.
Q10 from Telegram user @ CRYPTONECO
For Polkabase, what will be the most important development you plan to make in the near future? What is the most attractive stage of your roadmap?
Polkabase:
I would say i think it is important in Defi to constantly evolve with new developments. If we look back to 2018 master nodes were very exciting, now they are of no importance. We have a lot of developments coming up over the next 60 days such as staking and earning of a sub token but it is quite likely in 6 months time that there are new developments in the defi space that will be important additions to the Polkabase ecosystem!
Part 3?—?Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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