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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 Polylastic and our guest was @blockchain_sunil?—?lead the overall strategy for Polylastic. The AMA took place on 5th May.
The total reward pool was 500$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1?—?introduction and questions from the Website
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Polylastic! Welcome to Satoshi Club
Mihai Pisica:
Hello, people all around the world!
Mary | Satoshi Club:
@blockchain_sunil welcome here
Sunil Bhat:
Hello everyone. Thanks for the warm welcome @MihaiPisica
Mihai Pisica:
Our guest for today are our friends from Polylastic, in person of @blockchain_sunil
Mihai Pisica:
How are you doing mate?
Mary | Satoshi Club:
Hello, happy to see you in Satoshi Club
Sunil Bhat:
I’m doing great. Excited to be here. Satoshi Club is one of the biggest telegram channels in crypto and I am eager to introduce Polylastic to your group and answer any questions they may have
Sunil Bhat:
Thanks, Mary.
Mary | Satoshi Club:
So, let’s start our party
And usually, we start with intro
Mary | Satoshi Club:
Could you please introduce yourself and tell us more about Polylastic
Sunil Bhat:
Sure.
Sunil Bhat:
About me:
I am Sunil and I lead the overall strategy for Polylastic. Previously, I have worked in product marketing and sales at Google UK, was the marketing leader for Token Sales and Eosfinex at Bitfinex and have advised several successful projects in crypto.
I have been fortunate to work with and advise several projects in Elastic Finance and DeFi sectors too, many of whom have featured on Satoshi Club
About Polylastic:
Mary | Satoshi Club:
How did you learn about crypto?
Sunil Bhat:
The Polylastic (POLX) Index is designed to track token performance within the ever-evolving Elastic Finance industry (EFi). Our index will include elastic cryptocurrencies (rebase tokens), seigniorage tokens, algorithmic stablecoins, cash systems, projects that partner with / use EFi products and whatever comes next.
The index is weighted based on the value of community support measured by the number of stakers, as well as the market cap of the token. So, a project that has strong community backing is likely to triumph over projects that may have larger marketcaps, but may lack the same levels of community support as some of the popular projects in the space.
This novel mechanism allows us to capture both technical innovation and community strength. Like traditional indices, Polylastic will track projects with significant usage and demand as well as those that show a vibrant community and commitment to ongoing development.
Index trackers in the traditional stock markets have shown that they are more likely to outperform individual stocks over a longer period of time. As out indices will hold the underlying assets, we have built something that would help users to HODL for longer and increase the likelihood of long term passive income
Mihai Pisica:
Great background here! It seems you have the necessary abilities to handle a crypto project )
Sunil Bhat:
After working at google for over 4 years, I quit to start my own incubator that incubated companys in the traditional markets. Towards the second half of 2017, I got introduced to this exciting world of crypto and ever since, I have been deeply involved in this space
Mary | Satoshi Club:
Sounds great, can’t wait to see how it will work
Sunil Bhat:
Thanks. Crypto is ever evolving. So, the strongest attribute I have is my willingness to adapt and learn new things. Hopefully, this will help me steer Polylastic into a grand success
Mihai Pisica:
Our community have noticed some of these features and are eager to know more about them! Are you ready to open the gates of knowledge to your project?
Mary | Satoshi Club:
Yes, 2017 was a good year and after you have time in bear market to study everything well
And start with the questions from our community
Mihai Pisica:
Let’s start it )
Q1 from Telegram user @ysasoma
Can you explain the mechanism of Polylastic, what are its elements and how they work together, also could you tell us, how reliable do you consider it is and if you have made any internal or external test to corroborate its good performance?
Sunil Bhat:
Can’t agree more. I was at Bitfinex Token Sales during the peak of the bear market. The learnings I had during my time there has prepared me for lifetime. However, there is always a silver lining. Crypto is bullish right now and we beleive Elastic finance will be the backbone of the Defi space.
May | Satoshi Club:
Sunil Bhat:
Great question.. or rather great set of questions.
- The detailed working of the platform will be released in the coming weeks, but I will try to provide a short summary here.
The polylastic indices will be index trackers in the real sense?—?they hold the underlying assets. Eg: when a user invests $1000 into the index, $1000 worth of projects will get bought from the market at the predetermined ratio and vice versa.
The selection and ordering of projects in the tracker will not just be based on the circulating marketcaps of projects that are eligible. We also use the wisdom of the crowds. The community would need to stake POLX tokens or the project’s own LP tokens on our platform. This will help us decide the selection and weightage for the projects that will form a part of the index. There will be new indices launched periodically too, which makes Polylastic a platform that supports rolling indices and the users can get exposure to the indices of the past too.
Sunil Bhat:
We are currently running regression tests and improving the accuracy of the trackers. It is expected to follow the performance of the tokens that form a part of the index because we hold the underlying assets
Mary | Satoshi Club:
So, currently, platform is under development? Do you have any MVP?
Sunil Bhat:
The platform is under development and it is on track to be released in 6–8 weeks.
Mary | Satoshi Club:
Will it be released in beta version or it will be full launch?
Sunil Bhat:
We will be releasing a fully functional product. As it is new, innovative technology, it may still be in beta stage, however, it will have all the necessary security and functionalities in place
Mihai Pisica:
We hope you will notify us when it will be ready to run, we want to try it )
Mary | Satoshi Club:
And, btw, how do you measure crowd wisdom?
Do you have your own system or use third part services?
Lol
Sunil Bhat:
Definitely, Serg’s a friend and I look forward to collaborating closely with Satoshi club around the launch
Mihai Pisica:
Sunil Bhat:
I may end up quite popular in the group by the time the AMA ends
Mihai Pisica:
Crypto GURU )))
Mary | Satoshi Club:
You will be complete winner
Mihai Pisica:
IS there something you want to add or we can move to the second question?
Sunil Bhat:
Let us move on to the second question
Q2 from Telegram user @Wormz28
Your upcoming IDO on KICKPAD Website will be on May 10th, 2021 where there will be only 100 winners from this whitelist campaign. So may I ask why you chose the Kickpad website to held your IDO and why there’s only a limit of 100 winners? And how’s the process of choosing the winners in a transparent and fairness way? Also can I still join the whitelist or I’m too late now? And what’s the reason behind why using the same wallet address cannot participate in both rounds?
Sunil Bhat:
Kickpad is an upcoming IDO platform who have delivered a lot of success to the projects that worked with them. Having spoken to most of the popular launchpads out there, we decided to do the IDO on Kickpad because they were able to provide us the ability to run custom campaigns to build our community.
As with every other project, the IDO/public sale is a marketing exercise to grow awareness about the project. Thanks to a great push by Kickpad, our own community and our community of elite influencers in the cryptospace, we have been able to generate a lot of traction.
You can complete the steps in https://gleam.io/PsELa/polylastic-whitelist-event and stand a chance to get selected.
Mary | Satoshi Club:
Great choice! KickPad is awesome platform! Why only 100 winners?
Sure, much more people want to buy
Sunil Bhat:
The selection for the whitelist is a random process handled entirely by Kickpad. KPAD stakers get allocation int he Gold rounds. They do not allow the same wallet that holds KPAD to participate in the whitelist rounds and hence, they require different addresses.
The average allocation sizes for the participants is very small. There was a lot of demand from our community to list on popular CEX along with PancakeSwap to ensure sufficient liquity for users who are interested to buy larger sizes and we are glad to have made all the necessary arrangements for the same
The 100 winners will share 10% of the public sale. KPAD stakers will share the remaining 90%. So, the token will be widely distributed right from the beginning
Mary | Satoshi Club:
Oh, in this case everything is ok
Mihai Pisica:
Very comprehensive answer, very clear )
Sunil Bhat:
Mary | Satoshi Club:
Thank you for your answers! Ready to proceed?
Mihai Pisica:
Let’s shot the next one in this case
Sunil Bhat:
Yes.
Q3 from Telegram user @yellowchamp
I noticed that some of the teams behind Polylastic is from different established platforms like Google, Certik, Orion’s and Bitfinex. So how does those experiences from different established platforms helps your team be guided and be innovative in Polylastic? What advantages that your team have, since you are from different established platforms in the market? How does it brings impacts in getting partnership,in developing your platform and getting investors in Polylastic? Thank you
Sunil Bhat:
Our team and the board of advisors have one of the widest networks in the crypto space. This is one of our core strengths as it makes it easy to navigate through the crypto space and only partners with relevant projects that can provide strategic value to Polylastic.
The Cryptospace is very small and in its infancy. So, there is a strong collaborative vibe which makes it easy for all projects in the space to collaborate with each other, build stronger products and change the lives of billions of people.
Mihai Pisica:
Btw, how big is your team?
Mary | Satoshi Club:
Do you already have some partnerships? Or may be planning?
Sunil Bhat:
we have 7 dedicated team members and several contractors who are helping with the design, development and the marketing of Polylastic
We have several partnerships in the pipeline that will be released strategically. We have not even revealed the name of the Cex where we will be listing first
as we prefer the Cex to announce our listing
Mihai Pisica:
Do you have some proximate time of listing?
Mary | Satoshi Club:
Oh, give us a hint? Satoshi Club is known in keeping secrets
Sunil Bhat:
It is a global exchange and we may have to list late morning or early afternoon UTC to give everyone a good chance to access the tokens
It has been operating for 7 years and has over 5 million visits a month
Mihai Pisica:
Huge NUMBERS HERE!
Sunil Bhat:
We are excited too. Hence, we decided to delay the IDO despite having generated the hype and userbase already
Mary | Satoshi Club:
Fantastic
we will follow your updates and wait for news!
Thank you for your answers! Ready to jump to the next question?
Sunil Bhat:
Sure.
Q4 from Telegram user @Jonahapagu
Polylastic features a two-tier staking model to reward participants who participate in your index, they are POLX (Direct sync staking) and POLX LP Tokens, where Liquidity providers can stake their LP tokens and be rewarded appropriately for their contributions to index health.. so what are the key differences between this two tiers of staking models, how do participants participate in this two tier staking model how does your staking model contribute to the index health
Mihai Pisica:
A more technical question )
Sunil Bhat:
Good one.
The fundamental difference between the two tiers is that it caters to different types of users. HODLers and degens who are already participating in yield farming programs for the particular project can stake their LP tokens.
However, there may be many users who don’t HODL the particular token and they can stake POLX tokens in support of that project.
The detailed steps to participate in the staking programs will be revealed around the time of the platform launch.
Mary | Satoshi Club:
Staking will be available only on your platform?
Mihai Pisica:
Will you have a guide for this?
Mary | Satoshi Club:
Btw, which blockchain will be POLX token issued on? BSC?
Sunil Bhat:
The two-tiered staking model helps determine the projects that get selected to be a part of the index and also the weight of the index. So, stakers have a direct say in the projects that form part of the index. Hence, users have a direct say on the health of the index
Correct. Only tokens staked on our own platform (POLX or project LP tokens) will be considered for the community weigthed indices.
Definitely. We will make it easy for everyone to participate and publish guides for the same
Mary | Satoshi Club:
Gotcha
Sunil Bhat:
Yes, we will first be launching on BSC as it provided a cost efficient scalable option to launch the product. Very soon, we will also be on ETH and pther major platforms too as we aim to be chain agnostic
Mihai Pisica:
Btw, we have a question from Satoshiers about this one )
Mary | Satoshi Club:
Awesome, you follow the trends!
Ready for it?
Sunil Bhat:
Sure.
Mihai Pisica:
Me yes ) How about you Sunil?
Ok, let’s shot it
Q5 from Telegram user @lzamg
One of the elements of Polylastic is the Tiered Network Taxation. Can you explain what is this network based on? Specifically, what does it enable within the Polylastic network? Also, I read that it uses a certain formula that stimulates growth and rewards the ecosystem, so can you give us more details about how this formula works to ensure all of that?
Sunil Bhat:
Currently, projects that have a ‘network tax’ element do not differentiate on the transaction amounts. Eg: If they have a network tax of 3% of each transaction, then a user sending $100 will end up paying just $3 as network tax. However, a user sending $100,000 worth of tokens will end up paying $3,000 worth of network tax. This disincentivises larger transactions and may hamper the platform’s progress.
Hence, we decided to build a tiered transaction where the network tax is determined by several factors. This will also ensure that it keeps the costs relatively low for larger transactions and ensuring that HODLers and stakers benefit at the same time as this tax gets distributed entirely to LP providers and stakers in addition to a 20% burn
Mary | Satoshi Club:
Logical! Can you tell us more about numbers?
Which network tax each tier will have?
Sunil Bhat:
I found it easier to share the image
We have had to make a few small changes to it(change the threshold as the 100 token limit is currently too low) and we will publish it before the token launches
Mary | Satoshi Club:
That’s right, it’s easier for understanding!
We will stay tuned
Mihai Pisica:
More clear like this )
Mary | Satoshi Club:
Thank you for your answers! Are you ready for the 6th and last question from this part?
Sunil Bhat:
Yes.
Q6 from Telegram user @andrey_seleznov
Hi Polylastic!
Polylastic’s index is based on a weighted basket of EFi assets where indexes are weighted solely by market cap, therefore, the largest projects will comprise the majority of the index. Won’t this mean that index will mostly follow BTC and ETH and ignore fluctuations of the smaller tokens? What advantage will the index bring vs simply holding BTC and ETH in the wallet? Thank you!
Mihai Pisica:
This is the one I mentioned it at Q4, in the last part of it )
Sunil Bhat:
BTC and ETH will never make it to the index. No offence, but they are both grandpa technologies and neither have Elastic finance elements in them nor do they work with elastic finance projects/ecosystem
BTC or ETH aren’t designed to power the next stage of Defi and we believe futuristic smart algorithmic money will be driving the future of Defi in the coming decade.
Our index will include elastic cryptocurrencies (rebase tokens), seigniorage tokens, algorithmic stablecoins, cash systems, projects that partner with / use EFi products and whatever comes next.
Mary | Satoshi Club:
Everything has own purpose
Mihai Pisica:
Btw, have you finished some Audits? What about this part for you project? )
Sunil Bhat:
In order to mitigate the risks of 1 or more tokens becoming overrepresented in the index, we have developed the community weightage. Projects and their weightage will be chosen depening on the support they get from the community in the form of staking.
Mary | Satoshi Club:
That’s cool! I like this idea!
Sunil Bhat:
Our smart contracts have been successfully audited by Certik. We also have Andrew, Associate Director at Certik as an advisor who advises us on keeping the platform secure
Mary | Satoshi Club:
Awesome! Can you give us a link to audit report?
Mihai Pisica:
We all know Certik, it inspires confidence!
Sunil Bhat:
Need to check and pull it up. But rest assured, popular exchanges do not agree to list tokens unless the report passes the project
Mary | Satoshi Club:
Understand
thanks!
Part 2?—?live questions from the Telegram community
Q1 from Telegram user @Karoceh
Can you explain Polylastic’s plan in listing POLX tokens on CEX? Are there any plans for listing on the Tier 2 Exchange in the near future? What kind of exchange model are you looking for in the plan?
Sunil Bhat:
Instead of going into the details of what’s tier 1 vs tier 2, we have considered the real reach and monthly visits to the exchanges. our users wanted us to list on a centralized exchange in addition to PancakeSwap and were able to secure the deals.
Q2 from Telegram user @topind7
What is your opinion about making strategic partnership with great projects and in what way do you think this will help your project grow and also benefits your users?
Sunil Bhat:
We strongly believe in the collaborative approach to success in crypto. We have lined up strong partnerships and look forward to releasing them strategically.
Q3 from Telegram user @Wormz28
So as $POLX is a Double Deflationary Token, can you share how does your Deflationary Mechanism works and what purposes it will serve and why it is necessary to keep the POLX token dedicated to this purpose?
Sunil Bhat:
The detailed working can be found here: https://polylastic.medium.com/polx-a-double-deflationary-efi-token-ff5be94f14a1
In short, whenever users exit their postion in the index, a percentage of the position is deducted as ‘performance fee’ and it gets burnt.
20% of the fee collected via the tiered taxation model gets burnt too.
Thus, POLX will have 2 different token burns which creates a double deflationary effect
Q4 from Telegram user @Jonahapagu
You started out with the name “Polkalastic”, before changing to the name “Polylastic” due to what you call a serendipitous turn of events..can you explain what events, actions, or issues led to this change.. and how does this involve polkadot, because in one of your article there is a disclaimer that Polkadot continues to be an integral part of your plans and when they are ready, you’ll be there…what does this mean?
Sunil Bhat:
Good question. We would not be able to release the first version product on Polkadot as the platform isn’t ready yet. The parachain auctions that are coming up will open it up for projects to actually function and scale on the DOT network.
So, we will wait until the network is ready and deploy our solution on it.
Q5 from Telegram user @andrey_seleznov
Hi Polylastic!
I know your project was formerly known as Polkalastic, can you tell us why you decided to change the name to Polylastic? Did this change help you to achieve the goals you set for rebranding? Were there any functional changes in the project backend as well? Thank you!
Sunil Bhat:
The rebranding was an essential activity as we decided to launch on BSC and expand to multiple chains sooner than we expected. More details can be found here: https://polylastic.medium.com/polylastic-upgrade-new-name-and-a-launch-on-binance-smart-chain-d5c654145b23
Q6 from Telegram user @ShaLiPon
Do you have token burning or buyback system? What will you do to make your token valuable?
Sunil Bhat:
I explained the double deflationary mechanism earlier and we believe that we are like SafeMoon, but with a clear utility and deflationary mechanism.
Q7 from Telegram user @Derazy
You mentioned that the platform is under development and it is on track to be released in 6–8 weeks. However, we are curious about your partners in developing this platform, especially security and audit issues? Can we know with whom Polylastic work with in partners?
Sunil Bhat:
Surely, we are as eager as you all are to announce our partners. However, we cannot rush this process. We are on track to announce several partnerships in the coming weeks. So, watch the space
Q8 from Telegram user @cryptoneco
Marketing strategy is one of the factors that determine the future of projects. No matter how good you are, it will be difficult for you to succeed if there are more people who don’t know you. Will you carry out a different and dynamic marketing with experienced team members?
Sunil Bhat:
Definitely. We have already executed several successful brand-building and performance marketing campaigns. The public sale / IDO itself is one of our most important marketing activities.
Additionally, we have several marketing activities planned on the centralized exchange where we will be listing next week.
For the medium?—?long term, we are collaborating with several partners and the result will be seen in the coming months.
Q9 from Telegram user @NataliyaKil
Why did you decide to pay out $ 74 to the winners on the whitelist, where does this figure come from?
Sunil Bhat:
This was a figure set by Kickpad. We trust their expertise in running IDOs and did not want to tinker with / interfere in the process.
Q10 from Telegram user @mobilejii
For joining IDO is it still available and what requirements are needed? Do I need to hold any tokens of KIck pad?
Sunil Bhat:
Staking KPAD guarantees allocations as far as I know. However, if you do not hold KPAD, then you can also participate in the whitelisting program: https://gleam.io/PsELa/polylastic-whitelist-event
Part 3?—?Quiz Results
In the final part, we tested your knowledge in terms of Polylastic. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
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