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 Stone. Our guests were @Alexlam2013 @cryptooosss @Stone_Golem @vk_1118. The AMA took place on 12th March.
The AMA session was divided into 3 parts with a total crypto reward pool of 500$
In this AMA Recap we will try to summarise the most interesting points for you.
Part 1?—?introduction and questions from the Telegram community
Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with Stone! Welcome to Satoshi Club
D. | Satoshi Club: @Alexlam2013 @cryptooosss @Stone_Golem @vk_1118 welcome guys! nice to see you here!
Serg | Satoshi Club: Welcome
Great to see you again
Shera | will never dm u first for funds: Hi guys thanks for having us!
Alex Stone: Hi everyone
PJ: Hahah nice to be back and share more abt Stone
Mary | Satoshi Club: Happy to see you here again, guys
D. | Satoshi Club: long time no see
how are you doing?
Shera | will never dm u first for funds: [
Sticker ]
Alex Stone: pretty good and busy~~
D. | Satoshi Club: cool!
Mary | Satoshi Club: Oh, guys! I missed your gifs
D. | Satoshi Club: so let’s not break our tradition and begin with intro
Mary | Satoshi Club: For those who could miss first AMA
D. | Satoshi Club: @Alexlam2013 @cryptooosss @Stone_Golem @vk_1118 please introduce yourselves and your project!
Shera | will never dm u first for funds: So glad to be here. I am shera, community manager at STONE
Mary | Satoshi Club: I feel you have a lot of work, Stone community is growing
PJ: yes hello guys, this is PJ, and am helping with Stone marketing and BD. Stone is the anchor rock solid platform which is primarily targeting at providing the four following services for our users?—?passive income vault, cross-chain strategies, liquid pos yield streams and risk optimised yield indices
Do also check out our website https://www.stonedefi.io Shera | will never dm u first for funds: Yup pretty busy these days. Welcome all to join our fortress @stonefortress
Alex Stone: Nice to meet everyone, this is Alex, I am the project lead of Stone. I have been in crypto for more than 7 years, after I compeleted my phd degree from university, I have been involded with crypto industry.
Mary | Satoshi Club: I like your marketing job! Very professional
Alex, i wanted to tell that you’re early bird, but looking at your avatar i can tell that you’re crypto Stone
Thanks! And who’s going to tell us what news we have for us since our last AMA?
Stone Golem: Hello guys. I’m golem. A global trotter and crypto addict. Have been in the space since 16 and loving it ever since.
Alex Stone: hahaha, it’s true, early and diligent bird
Mary | Satoshi Club: Golem, you really rock
Stone Golem: You are always too good to me. @madamlobster
Mary | Satoshi Club: Yes
i like Stones
So, who will tell?
Yeees
Alex Stone: let me do it firstly, internet is not so table my side
PJ: Let me share some as well
Basically we have launched our alpha test mining on stone, which will like to welcome users to start rock solid yield with us
Mary | Satoshi Club: I feel that may be tg has some problems, mine is not perfect today also
Wow! That’s great news!
D. | Satoshi Club: well, maybe it’s time to open the first part of AMA and guys will share even more news with us during the AMA?
PJ: We have opened initially the stable coin vaults and following our liquid pos strategies for eth2.0 tokens like rEth
Total tvl on stone has been around 50 mil usd !
Mary | Satoshi Club: It’s incredible
PJ: Both are good we will like to jst share more and interact more with all community members
Alex Stone: will share all our latest news by your questions~
PJ: pls go ahead
Mary | Satoshi Club: Ok, that’s great! Our first question is about Stone Defi Alpha Test Mining
D. | Satoshi Club: thank you for the intro!
Q1 from Telegram user @Highpee
During your last visit here on Jan 18, you promised to launch the alpha version of your project at end of Jan or early Feb. Just as promised, within that period and this your second coming, you have released the Stone Defi Alpha Test Mining for your protocol and it has amassed over $45 million as TVL in your UDST and USDC vaults combined. Tell me a little about this success story. How have you been able to drive adoption towards your product and gain investors’ confidence despite the fact that $STN is not yet available on any exchange? When is your TGE and when can we start to buy $STN?
PJ: honeslty, we have got the question like “when buy $STN” all the time haha but lets start with the firts part, to prepare the launch, we have done several rounds of internal checks for the system and debate on the UI designs, and in the meantime, actually we have engaged Peckshield in end Jan to start the premilinary work and also spend another month to work with them to go through the smart contract and help resolve any issues
the key principle we have is about “ROCK SOLID” as we keep emphaising to the community that we will like to make you sleep well at night by providing you the stable and secure yields
Alex Stone: really thx for all our fans, and I guess some of u make the contribution on our TVL as well. we didnt launch our product only after its audit finalized.
D. | Satoshi Club: so now basically we can stake usdc and usdt and earn $STN? this is how it works?
Mary | Satoshi Club: 45$ mln, that’s really unbelievable
PJ: another part is about our partnership, as we mentioned, we have been dedicated in introducing pos yields to the platform, where we have initiall working with stafi to get rETH onboarded, and we even decide to delay adding some new etn2.0 token in order to make sure everything goes well
yes you can, and also you can complete the tasks set by Stone Golem to get a special gift
https://stonedefi.medium.com/get-ready-for-the-alpha-launch-of-stone-platform-d08dc6854458 Stone Golem: My tasks
PJ: find this guys!
actually you can also deposit rETH which is issued by Stafi as well
D. | Satoshi Club: cool! and how long this farming will last? how many of your tokens are you planning to distribute?
Mary | Satoshi Club: So, just simple social media tasks?
PJ: again rock solid is the key thing that helps us earn the trust from the community, will be bit differerent from the protocol offering high APY like bigdataprotocol, but you may encounter emergencies
the alpha phase will last for some weeks, during the period, we also collect feedback to improve, we now keep the # of STNs to be distributed as a secret, and please come and join us to find out more. thank you
D. | Satoshi Club: nice! thank you for the info
Mary | Satoshi Club: Oh, i love secrets
PJ: but maybe Alex can share more
Alex Stone: suprise
D. | Satoshi Club: you guys know what Mary loves
Mary | Satoshi Club: I see he is typing
D. | Satoshi Club:
Alex Stone: we will use the Yield Farming Reserve pool which released to community at the very beginning, but I wont share more about the number for alpha testing, because PJ mentioned secret.
D. | Satoshi Club:
Mary | Satoshi Club: We will waiting for updates
Thanks for your answers, guys! Ready to proceed?
Alex Stone: lests go ahead~
D. | Satoshi Club: let’s go!
Q2 from Telegram user @yellowchamp
Could you explain and describe to us what new AMM mechanism being implemented and applied in Stone network to mitigate impermanent loss to protect user’s funds? How does this mechanism works in your platform? How does this new AMM become reliable in mitigating impermanent loss? Thank you
On stone, there won’t be IL as we are not launching our own AMM at this moment, given we focus on crafting rock solid yield for our users, we may link with external AMMs for LP tokens but again we will only accept deposit of the LP tokens rather than hosting the swap liquidity pool
Stone Golem: One example I would like to share, Stone is the first yield aggregator to bring liquid staking assets to ethereum ecosystem
Mary | Satoshi Club: But is this mechanism is ready and just waiting when it will be time to launch it? Or you still improving it?
Stone Golem: So we are making staked eth as liquid as ETH. and we have successfully created a liquidity pool of rETH/ETH on uniswap. We have helped used to incur no IL for this pool
In the future, we might become the largest dex for liquid staking assets with no IL. no one had touched liquid staking assets but stone
PJ: Yes! But we will plan carefully for the Dex
D. | Satoshi Club:
Mary | Satoshi Club: Bright future with Stone
Guys, do you want to add something or we can go to the next question?
Stone Golem: Let’s move forward
D. | Satoshi Club: thank you for the informative answers!
Q3 from Telegram user @NSZR1
In your blog I read that STONE has finished the code security audit by Peckshield for the aplha test mining program, what security features will the implementation of this code provide to users who participate in the alpha testing mining program, and what were the results of this audit? considering the high escepticism users commonly have, will you have further regular audits to this code?
Stone Golem: Let me take that
Mary | Satoshi Club: Sure
Stone Golem: First of all, Stone has an architecture that constrains what users funds can go into. Meaning users funds can only go to the whitelisted venues
This is important as more funds grow, we don’t want any security bleach on users funds
Secondly, peckshield has run through all checks on what attacks have happened to other protocols. So we don’t repeat tragedy that happens to others. The benefit of late comers
Mary | Satoshi Club: As i know you also partnered with Tidal Finance? Will it also help your users to feel more secure?
Stone Golem: We understand that this space is proceeding too fast and a lot of unknown risks. Therefore, when we hit 40 mil tvl. We slowed down the alpha testing to go through another review of security.
Haha, you really followed our progress Mary.
Mary | Satoshi Club: Of course
PJ: Yes, more than that we have also been discussion with other insurance protocol and we want provide more security to user funds.
Stone Golem: With tidal, we are working on insurance to provide more assurance to users. And in addition, if Stone is secure enough, insurance protocol would be willing to provide funds into stone. That will be huge!
D. | Satoshi Club: someone good prepared for the AMA
Stone Golem: Done
Mary | Satoshi Club: Guys, what can i say
you are really working on your security! Not only words
D. | Satoshi Club: and you know a lot about security and audits
Mary | Satoshi Club:
Thanks for your answers, Stones
Ready to jump to the next question?
PJ: U jump we jump
Let’s move forward
Q4 from Telegram user @Gutike95
You mention that the STONE Protocol has “additional home strategies”, but could you really describe a bit of it? And really what makes it “homemade” as opposed to other strategies?
PJ: This will more relating to our pos yield income streams
When we start Stone, we are the first one to be the bridge and introduce liquid pos yield tokens
https://esatoshi.club/wp-content/uploads/photo_2021-03-12_19-10-25-679x1024.jpg Mary | Satoshi Club: Opportunities are really great!
PJ: This is our direction toward market positioning as we have observed that current defi erc20 yield has come from underlying lending protocol, transaction fees, and other governance token farming. We willl like to intro new strategies to complement the current defi landscape
Mary | Satoshi Club: On which part of the pie do you expect?
PJ: We are actually creating a new pie for the community! It depends how we can work together to make the pie bigger
And we do see the larger market cap for pos market cap compared with tvl for defi
Over.
Mary | Satoshi Club: Nice plans! You know how to work with strategies
Q5 from Telegram user @Pratze
Stone Golem want to distribute STN tokens into the strong hands of STONE supporters and also have Special Gift for for their holder, do all your holder possible to receive this gift? What is the requirement? And also can you explain about when is STN reward vesting will be distributed?
Mary | Satoshi Club: I think this question was partially covered
Stone Golem: Let me take it. Since golem is making some of the gifts.
Mary | Satoshi Club: Ahaha
Alex Stone: hahaha, lets Golem answer Golem’s fans~~
Stone Golem: We are taking an approach similar to uniswap. That is
Mary | Satoshi Club: Wow
Stone Golem: To get early users to try out our protocol and test out our security.
In return, we will distribute STN tokens to early backers in a retrospective manner
So if you believe in stone, and want to be part of it. Please try out stone protocol and provide us feedback
And retweet on social media so that more people know about us
The tvl is only 50mil now
Mary | Satoshi Club: I think a lot of users will try it! Wait for feedback from Mary
D. | Satoshi Club: wow…let’s all use Stone guys!
Stone Golem: Liquid staking asset market cap is more than 100 bil
PJ: https://stonedefi.medium.com/get-ready-for-the-alpha-launch-of-stone-platform-d08dc6854458 again pls find this for reference
Alex Stone: we do repect our users, that is the reason we upgrading the UX now. so all your feedback will be helpful to make Stone better.
Mary | Satoshi Club: Sure! Satoshiclubbers
don’t miss your opportunity
Thank you guys! We also respect everything you’re doing!
Also, we still have 6th and last question from this part left
Ready for it?
Alex Stone: yes~
Q6 from Telegram User @stevefix56
Qualities of a Stone is said to be structured, hard, tough with workability; What concept of a stone does Stone Team platform represent, is there a structure for collaborators. Stone recently indicated interest in working on upgrade with UI improvement and contract optimization. I will like to know what this means to the community.
Stone Golem: We are pleased that the community trusted us with over 40mil tvl within three days. We take it as a compliment and also a responsibility to make stone even better. As you all know, gas fee on etherum has been high
And we noticed some tricks to make gas fee more stable and reasonable for users.
In addition, stone is young we have received quite some feedback about UI. our goal is to make it as simple as possible for users
D. | Satoshi Club: im very curious to know about those tricks..
Stone Golem: Therefore, a UI improvement is needed and we will do more security checks
Haha, just to share one example, reducing decimal numbers for your deposited funds make gas fee much less
Mary | Satoshi Club: To be honest i almost stopped to use ETH because of high fees
but Stones inspire me to try again
Stone Golem: Well, we are all facing a common problem. Just like we all complain about high rental fee in Manhattan.
D. | Satoshi Club:
nice work guys
Stone Golem: But this might change once we do more optimization and migrate to polkadot!
Mary | Satoshi Club: Remind me, please, when do you plan migration?
Alex Stone: haha, we all suffered high gas fee, and Stone has the layer2 partner already,we will announce later, after that, using ETH will be not pain any more.
Mary | Satoshi Club: Thanks god! How soon can we expect this announcement?
Alex Stone: we will announce it once finished the product.
D. | Satoshi Club: will you be use optimism or zkrollups?
we will be waiting for your announcements then
and now time for the second part!
Alex Stone: yes, then u and Mary will keep following Stone~~
Mary | Satoshi Club: Ok, guys! I feel the same as @Cool_as_Ice
I will, you can be sure!
Alex Stone: hahaha,cool
D. | Satoshi Club: big thank you for answers in part 1! @Alexlam2013 @cryptooosss @Stone_Golem @vk_1118 we will open chat for 2 minutes, after chat will be closed?—?you can start select questions from Satoshi Сlub members!
Alex Stone: lets party
Mary | Satoshi Club: Let’s make this chat noisy
Let’s go
Part 2?—?live questions from the Telegram community
Q1 from Telegram user @KASG95
As I said in your audit “the characteristics of your smart contracts are still in an early stage but exciting development”, could you really tell us how long it will take for Stone to be available to all users? Also could you provide us with the Road Map?
Stone Golem: Stone has already been available to all users with both stablecoin and staked ETH vaults. And we will launch more vaults step by step once we deem everything is alright
Q2 from Telegram user @atillayeni
Do you only want to be on ethereum blockhain ecosystem or are there any plans for Stone Defi to create cross-chain integration between other blockchains and maybe BINANCE smart chain?
Stone Golem: Stone has been built on etherum as a first step to serve the majority of defi users. And we have won a grant from web3 foundation to build the first crypto index on polkadot. We want to combine the merits of both etherum and polkadot in the future
Q3 from Telegram user @moe_808
Can you share with us stone roadmap at which part will be the launching of aeth and steth? @Alexlam2013 @cryptooosss @Stone_Golem @vk_1118
Alex Stone: will be days delay only, after we upgraded UI and check the potential secutiry risks. and we will announce new partnerships and latest roadmap in the meanwhile.
Q4 from Telegram user @Aruncryptonationt
hello guys!
Iam confused Whats the token contract address and vault contract address?@Alexlam2013 @cryptooosss @Stone_Golem @vk_1118
Stone Golem: You can go to stone website the portfolio page. All contract address and token address are shown there
Q5 from Telegram user @centoscu
Could you explain the benefits the partnerships you have done recently?
Stone Golem: In short, partnership are mainly focusing on bring in more innovative assets, cross chain communication and more security. Stones philosophy of being rock solid had won a trust from our partners
Q6 from Telegram user @highpee
Your plan was to launch two new vaults (aETH and stETH) but you have delayed it in order to work on UI update and contract optimisation. What aspects of your contract are you going to optimised and how will this affects the performance of your existing vaults without causing a disruption?
Alex Stone: it will not affect current vaults at all, they are indepent. and deposit rETH can get special reward from Stafi Token(FIS) as well, so you can try rETH strategy now.
Q7 from Telegram user @Garrinepotter
What actions are taken by the Stone protocol to minimize the risks of investors? How is the reliability and stability of the pools and, accordingly, the profitability on your platform achieved?
Stone Golem: Take one example, we allow users to set max allowance of transfer from their wallets. This prevent fund to be stolen from wallet. In addition, we are internally testing our erudite all the time.
Q8 from Telegram user @azrayeni
Are you working with social media influencers because it is important for a project to reach new users?
Stone Golem: You will soon hear from more KOLs about stone and how it makes their life easier and fun! And you are already ahead of them.
they are studying secretly.
Q9 from Telegram user @dumpspump
What do you plan to do with the gas prices Ethereum has right now? As project is moving a little bit slow, are you waiting for Ethereum 2.0?
Alex Stone: as we mentioned, we are cooperating with layer2 protocols to fix the high gas fee. for current cosmter we will compensate in someway, and we no need wait for ETH phase1.5, its too long.
Q10 from Telegram user @cryptofollower
Are you the first project to launch such properties when it comes to yield management framework comparing with other defi projects?
Stone Golem: Yes. As far as we know, we are creating a trading and lending market for staked ETH and other assets in the space. The current defi are all like stock plays. While what we bring are interest bearing assets like bonds. Bonds are much larger than stock market
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.
For more information and future AMAs, join our Social Media channels:
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Telegram: https://t.me/stonefortress/ Twitter: https://twitter.com/DefiStone/ Website: https://www.stonedefi.io/
