Thank you to everyone who joined AMA Blockelite x Plutos Network on 19th June at 12:00 PM UTC I 07:00 PM (UTC+7). Here is the recap for those who missed this AMA.
Yuno – Blockelite Host: Hello fellow Eliters and welcome to another Blockelite AMA Series
So ladies and gents, Our special guest today is Juan Capilla – CEO of Plutos Network
Hello @juan_plutos , welcome to Blockelite today
Juan Capilla – CEO of Plutos Network: Hello, guys!
So happy to be here today!
Yuno – Blockelite Host: Thanks for joinning today
How are you ?
Juan Capilla – CEO of Plutos Network: Thank you for having me here
Super busy but so excited!
Yuno – Blockelite Host: Great!
On to the Segment 1 of our AMA, we hope you’re ready for the next few questions coming at you!
Juan Capilla – CEO of Plutos Network: Ready, sir
Yuno – Blockelite Host: Our guest is ready, we will enter Segment 1 right now !!!
Q1: Can you briefly introduce yourself as well as the Plutos Network?
Juan Capilla – CEO of Plutos Network: This is Juan Capilla, CEO of Plutos Network
I’m a graduate of Economic and Business Sciences from the Complutense University of Madrid. I’m a serial entrepreneur in both traditional financial industry and cryptocurrencies. I also run the largest crypto mining company in Northern Spain.
I run my own head office as a full-time swing trader dealing with cryptos, financial and derivative products including stocks, options etc. Besides trading financial products and cryptos, I’m also an Advisor to several companies listed on the Alternative Stock Market (MAB of Spain).
So about Plutos Network:
In general, Plutos Network is a multi-chain synthetic issuance & derivative trading platform which introduces mining incentives and Staking rewards to users. By integrating Blockchains such as Solana, BSC and Polkadot, enabling on-chain and cross-chain liquidity and trading, Plutos Network is to offer users synthetic issuance and trading services for a wide range of synthetic products. Pls visit our official website for more details: www.plutos.network
Yuno – Blockelite Host: Thank you, for your introduction, our pleasure to have you join us today
Q2: In the field of synthetic applying & derivative trading platforms, can you list some of the projects you consider to be competitors? What are the characteristics and advantages of Plutos Network compared with them?
Juan Capilla – CEO of Plutos Network: To answer this question, let me share a picture for better understanding.
So basically, comparing to the Ether-based synthetic platforms such as Synthetix, Mirror etc, there are some obvious features and advantages that Plutos Network has: 1, we do multi-chain structure which offers better scalability, faster transaction and more powerful functionalities; 2, we offer the lowest C-ratio for higher efficiency; 3, We offer some unique featurs such as more user incentives, higher accessibility, infinite liquidity etc.
Yuno – Blockelite Host: Look quite interesting
Thanks for sharing 🙂 Next question
Q3: What is the business model of Plutos Network that can help sustain your project in long term? How do your users, investors, and projects become a win-win situation?
Juan Capilla – CEO of Plutos Network: Very good question!
The business model of Plutos Network is simple yet firmly guaranteed for long-term and sustainable development of the project. The main revenue of the platform comes from the commission fee. When users mint and trade synthetic assets here at Plutos, they will need to pay the commission fees for the services here. When we have stronger user base and larger amount of TVL, we will see this business model running well in a sustainable way. The win-win situation is more like this: 1, Users will get incentive rewards when they stake and mint here at Plutos, and by doing so, they will help with the liquidity; 2, Investors will enjoy the steady and growing value-adding to the platform token; 3, for project, we will enjoy sound development when user acquisition and business development are firmly pushed forward.
Yuno – Blockelite Host: Sounds great
Q4: Who are the current notable partners for Plutos Network and what about the capital strength of your project?
Juan Capilla – CEO of Plutos Network: There are several categories of partners: 1, Technical partners: Chainlink – offering real-time on-chain and off-chain price feeds; Elrond – future integration will bring Elrond users our cutting-edge DeFi synthetic services; Cellframe – multi-chain structure helping with our integration between leading chains; 2, Investors: Master Ventures, X21, Moonwhale, MintedLab, DCI, OIG, CryptoDiffer etc; 3, Strategic partners: Ignition, TrustPad, CertiK etc.
Yuno – Blockelite Host: Nice partners =))
Juan Capilla – CEO of Plutos Network: About our capital strength, we did use our self-funded funds for the early starting-up of the project. During the last twon rounds, we managed to raise $ 3M, which will be sufficient for our project operation and technical development for a time window of 16-18 months at least.
Also, we are doing Dual IDO on Ignition and TrustPad for the public sale.
Yuno – Blockelite Host: Don’t forget join: @plutosnetwork to update information of project and IDO 🙂
Juan Capilla – CEO of Plutos Network: Yes, welcome all to join us
We have a “Faucet Airdrop” ongoing!
The airdrop event is big! Don’t miss it!
Yuno – Blockelite Host: Last question in segment 1
Q5: Users or investors outside the crypto space are also important to each project. What is the market strategy of Plutos Network to get mass adoption from them?
Juan Capilla – CEO of Plutos Network: Well, for sure user base is the most important factor for the great success of a project like us. We have plans and will do the followings: 1, we will work with local backers and investors for local community building and marketing operations. We have very top-tier backers in key markets like Vietnam, China, Korea and English speaking markets. 2, We will put lot of efforts in business development to involve more partners in our ecosystem; 3, we will be doing series of events to give back to the community and maintain sound communications with communities.
Yuno – Blockelite Host: We wrapped up nicely the first part.
Are you ready for Segment 2 (5 best questions from twitter)?
Juan Capilla – CEO of Plutos Network: Ready!
Yuno – Blockelite Host: Our guest is ready, we will start Segment 2 right now !!!
Q1: what kind of partnerships with different projects/platforms/protocols can we expect from PlutosNetwork in the future? Could you give us some examples of how other projects can leverage PlutosNetwork?
Juan Capilla – CEO of Plutos Network: To further build our project, we will mainly focus on partnerships in terms of technical integration and business development. Chainlink and Elrond partnerships are good examples. By integrating Chainlink’s industry-leading decentralized oracle network, Plutos Network will have real-time, tamper-proof, and highly precise price feeds for a wide selection of cryptocurrency and traditional finance assets. We will use these Chainlink-powered oracles to price synthetic assets on-chain during the minting, swapping, redeeming, and liquidation processes. And, Our collaboration with Elrond will focus on integrating the Elrond mainnet into our multi-chain architecture and enable assets issued on Elrond blockchain to be compatible with the platform and pairable with synthetics for commodities, stocks, bonds, and so on.
Yuno – Blockelite Host: Thanks , next question
Q2: As You know, Many people judge a Project By the Token price, What do you have to Say to investors? What’s the plan to increase the Token Demand?
Juan Capilla – CEO of Plutos Network: Let me first share something about our tokenomics
PLUT is the native utility token in Plutos Network, which is used to pay for the transaction fees and synthetic issuance services and also for the deposits of any on-chain applications. Besides, the PLUT holders will be able to vote on proposals from the community and even decide how the ecosystem fund will be used in Plutos Network.
Our plans for the continuous value-adding to $PLUT include:
- We will be introducing a deflationary mechanism that we will buy back and burn PLUT tokens using the revenue of the platform;
- We will keep making efforts in business development and user acquisition by working with partners and local communities. With more users joining us, we will be witnessing continuous business growth.
- We will be doing continuous upgrading and improvement of the product for better usage.
Yuno – Blockelite Host:
Q3: What are some of the main achievements Plutos Network achieved and the milestones that are pre-planned for the next 6 months, 1 year and 5 years?
Juan Capilla – CEO of Plutos Network: Let me share some milestones that we have achieved so far: 1, we have completed the chain-bridge and sub-parachain modules to communicate with Polkadot parachains and integrate Solana and BSC; 2, we launched our Staking product which is running well on BSC test-net; 3, We are holding a “Faucet Airdrop” to give back to the community. Do join us and participate!! 4, we will be doing a Dual IDO on Ignition and TrustPad on 22nd, followed by token listing on PancakeSwap. Well in the near future, we will be : launching main-net product in July; initiate migration to Solana after main-net launch; continuous business development and user acquisition.
Yuno – Blockelite Host:
Q4: I see on your website you are using an Oracle for feeds on chain and off chain so which company do you use for Oracle? Any Oracle partnership?
Juan Capilla – CEO of Plutos Network: Yeah, we already partnered with Chainlink and Razor Network. Both these top-tier oracles will be offering us the best oracle services in order to optimize the trading experience!
Yuno – Blockelite Host:
Q5: What are the measures taken by PLUTOS Network to prevent the Impermanent loss and misuse of Flash loans (by bad actors) and protect the LP providers?
Juan Capilla – CEO of Plutos Network: When there is trading, there is risk. And, definitely users’ asset security is No.1 priority for a platform like Plutos. Let me share some measures that we will be applying: 1, We will employ top third-party auditors to go through our smart contracts and codes, and make sure that we are tight in security; 2, We will be building a pool using the transaction fees and commission of the platform to act as a back-up vault, in case of such losses, compensations can be made by using the capital here; 3, We will be working with DeFi insurance protocols to offer easy-to-access insurance for users. So in case of such incidents, users can also be compensated from third party insurance providers.
Yuno – Blockelite Host: You are awesome, thanks for answer all 5 best questions from twitter of my community.
Last Segment for AMA today, The guests will select 5 best questions from the community.
Do You Have Whitepaper If Yes and Secondly Do You Have Plans For Pre-Sale? Where Can I Join it
Juan Capilla – CEO of Plutos Network: Our IDO whitelisting on Ignition has ended. You can still participate in our IDO on TrustPad:
⚡️ Plutos Network IDO Whitelist Competition is OPEN 🏆
Participate here 👉 https://sweepwidget.com/view/25721-8paxduoq
Who is the public whitelist for?
What do I get with it?
GUARANTEED ALLOCATION 🔐
🚀 Whitelist Start: June 18, 2021, 18:00 UTC
⏰ Whitelist Closes: June 22, 2021, 10:00 UTC
🚀 Plutos Network IDO Starts: June 22, 2021, 12:00 UTC
Read more about Plutos Network here:
Do you have a Token Burning plan to increase Token value and attract Investors to invest?
Juan Capilla – CEO of Plutos Network: Yes, we do. We have a Deflationary Mechanism to ensure that the company can generate more demands for tokens in the market, and reduce supply at the same time. Certain proportions of PLUT tokens will be bought back and burnt using the commission fees during the applications of derivative issuance and trading by our users. The buy-backs will be carried out on regular basis.
With increasing use cases and expanding user base, more values will be added to the ecosystem for sustainable and long-lasting growth.
Will you have any other DeFI feature like staking, yiekd farm or NFT in the future? Can share a little about your roadmap?
Juan Capilla – CEO of Plutos Network: NFT will be definitely the trend that we will be focusing on. Actually team and I did our research and studies on how can we apply NFT into synthetics. We found out that the mechanism of NFT by applying ERC721 standard to make each token unique and special through tokenization has similar ideology as synthetics. With the growing of DeFi and NFT, more real-world assets can be tokenized and minted to issue synthetic assets. When it comes to Plutos, yes, we will be first exploring a way of combining NFT into synthetics, probably starting with our protocol similar to ERC721 in the future. But definitely we will be doing a lot in NFT as we stronger share the same idea that NFT will bring more new values and innovations to real-world and vice versa.
About the Staking. Is there any lock period for the token? And what about non-stakers? Dot hey need to pay fees to use your services?
Juan Capilla – CEO of Plutos Network: Can check this for more details on Staking & Faucet: https://medium.com/plutosnetwork/product-launch-plutos-faucet-airdrop-and-staking-guide-847e15d866
Binance smart Chain blockchain is having high transaction speed and cheap gas fees, Are you planning to launch your mainet or switch to other blockchains in the future?
Juan Capilla – CEO of Plutos Network: Good question! Yes, we will be launching our main-net product on BSC first. After we do some improvements and polishing, we will start our migration to Solana. In the future, we will be open for integrating more leading chains such as Polygon, Cardano etc as long as the integration will further enhance our capabilities including scalability, interoperability ecc.