AMA with Pontoon
1. Pontoon has a composition capability with Plug and Play configuration which is a feature that distinguishes them from other platforms. What is this compositional ability all about and how can it be of benefit to users of the Pontoon ecosystem?
Composability in other words are money legos. Each lego has their own feature which can provide a good support for underlying objects.
At Pontoon we have combined these money legos to work as one to provide more sustainability for the Pontoon growth.
Ex: Alice transfers 10 UST from ETH to BSC and she receives 10 USDT on BSC side — this is interoperability
If Alice transfers 10 USDT on Eth and receives 10 TOON on BSC, this is composability. We have the ability to transfer across chains and been get the required tokens on other side of the ecosystem in a completely trustless way.
2. What have been some of the finest and worse experiences you’ve had since joining the PontoonFi project and making it your first step toward success?
Are you self-assured enough to stand out from the pack and become one of the successful projects you’re working on?
- Yes, any startup has to deal the same situation to understand on the marketing aspects and community user base to get always engaged. At Pontoon we had the best of experienced market team to understand the market conditions which helped us to take decisions wisely.
COVID hit us really hard personally and professionally and this is same across the globe.
Yes, with the features of Pontoon we always stand apart from our competitors and protocol that are in ecosystem.
Trustless cross chain bridge
Decentralised relayer network
Proof of Stake mechanism
3. I could read that one of the problems you are looking to solve is fragmented liquidity, but could you really explain why it is a problem that liquidity is fragmented in multiple platforms? This does not allow it to be decentralized since it would not depend on a single platform?
- Fragmented liquidity — Tokens are spread unevenly across multiple platforms which needs to have a common structure to be placed in and users are not able to utilise the complete potential of the defined structure across protocol.
With this, we need have a platform where users are provided more added advantages of the underlying assets for a common use. This is where Pontoon stand apart and we have 35% dedicated for rewards from overall tokenomics, we are driven by rewards to user base and the Liquidity shall be one platform with multiple options available for users.
We rule the name of dependency through our trustless bridge where Pontoon shall not MINT or create any synthetic assets in the process of cross chain transfers, we shall help users by liqquidity mirroring process to provide tokens on either side of the chains.
4. Could you tell us a little about the Relay Network and how it enhances inter-chain communication? How is it able to process transfers between chains without any type of fee or gas? How can this potential network be to avoid the high fluctuations of ETH gas? How fast is it?
- Relay is message pass on from one chain to another chain, in other terms this shall pass the needed info to another chains when a Tx is initiated along with validator nodes which supports the entire action.
Relay networks combines the Tx’s in batch and present it to the reuired network for Tx processing, therby ensuring the individual gas cost is eliminated.
Fastness depends on the network speed of the indidual Tx initiated.
5. There are a lot of developers & DeFi supporters who have already been working on the finer points of DeFi smart contracts & markets. What’s the new thing Your Project is bringing in that will help DeFi go more mainstream?
- The true meaning of Defi is when any protocol does not have any dependency. With Pontoon we have trustless bridge that has the mechanism of lock and unlock mechanism on either side of the chains when a Tx is initiated.
Without dependency and since there is no MINT and creation of synthetic assets, we are more of a true defi by nature. We have also validators planned to be as decentralised once we are on mainnet.
6. What makes the project different than most of the bridges functionalities from other projects? Any incentive plans made to bring more adoption and usage from the public? As most projects having such functionalities are not as user friendly, how Pontoon address this issue?
- In my earlier message confirmed on the reward section as 35% dedicated towards the same. Through high incentivisation program, liquidity mirror is achieved.
Our V2 testnet is live which can be utilised by the users to understans on the UI friendly across chains.
7. I’d like to learn more about these Pontoon features: your decentralised relayer network and your trusted cross-chain bridge for token transfers. In terms of liquidity mirroring and fragmentation, how effective are they?
Decentralised relayer network which is relayer been explained in my earlier message along with trustless cross chian bridge.
Liquidity mirroring is the concept of attracting liquiidty from liquidity poviders through our incentivisation program.
When Liquidity is settled at one protocol, that’s when we achieve de-fragmentation and this is again related to our incentivised liquidity providers program.
8. You announced on Twitter your new educational series under the slogan “Edutainment with Pontoon” but could you explain what value this educational campaign brings to the project and to the DeFi world in general?
Educational series are always for user community for the understanding of the platform and protocol.
We released this section to have more understanding on the project common terminoliges and its use cases. This is a continious process of engaging user community and also any new user who wish to become a Pontoneer has also the required information for using Pontoon.
9. We see many projects that claim to be fully decentralized but they have done their work in a centralized way. How can we be sure that Pontoon is fully decentralized? Can you please tell us about Pontoon’s work methods?
User initiates Tx of USDT on Eth side to BSC side
Tx is captured by validator node and shares the same input to lock the USDT on Eth Pool
Relayer network passess the Tx information though a signed signature.
BSC relayer network receives the Tx details.
BSC validator node decrypts the signed signature information and passes the information to BSC pool to unclock the required tokens.
BSC USDT pool unlocks the required USDT
USDT is passed on to user wallet.
10. High gas fees, fragmented liquidity pools, low throughput and poor user experience are current challenges in DeFi. What Pontoon Finance will do to tackle it?
- Liquidity mirror pool, decentalised relayer networks, Trustless cross chian bridge, decentralised validator nodes will enhance Pontoon to be a true defi.
11. How do you see the future of DeFi and blockchain ecosystem? Buterin criticizes DeFi as new and untested. Do you agree that the DeFi infrastructure is not suitable for most real-life issues?
Well, this is based on own understanding on the details. I am a true beliver of Defi and thats the reason on Pontoon to be under the hood of Defi.
We have seen many hacks in the recent past and that does not really stop to one chain, its common to all chains and always developers and audit teams role is very pivotal in providing stability and enhancement to ecosystem.
12. What innovations has Pontoon brought to the DEFI space? How is Pontoon changing the new DeFi ecosystem and what are the plans for the next few years?
To be a true Defi protocol with added features such as cross chain composability and cross chain lending which will be live post out mainnet.
Added features also includes Pontoon explorer and indexer apart from normal features.
13. I honestly think everyone just want to ride the rave of the moment DeFi, not that they truly have any value to add. How can we trust Pontoon as regards this, that you’re truly adding value?
We have many protocols in the ecosystem that has individual features but when all the features get combined, users have a better platform to utilise and been able to rule the Defi in a true manner.
Our composability structure and a cross chain bridge is one such in Pontoon to stay apart and a true value add.
Also we are a true protocol through our incentivisation programme for liquidity providers.
14. Once the product is developed, one of the main challenges seems to be adoption. What are some of the plans to stimulate adoption and build out the ecosystem around Pontoon?
We had our incentivised testnet launched with two different versions due to our users overwhelming response. And this ensures our adoption to the need to be provided to user community and to ecosystem. We have also named the program as incentivised testnet where users shall be provided with multi chain tokens as rewards.
We have also partnered with many and to add few names are Polygon and Propel for now and many will be announced through our official channels.
15. What technology did Pontoon break through? What is its core? Did you encounter any difficulties during the breakthrough?
Cross chain composability technology where users are allowed to be participated for assistance on financial services usage across chains which is major break Pontoon achieved. This will allow users to have cross chain lending platform availability along with cross chain mining.
16. Smart contracts are susceptible to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you tested it through any of the parties?
We have been audited by multiple great firms and the reports are all 100%.
Audit firms — Zokyo, Peckshield, Slowmist, BlockSec and CoinInspect
Rest assured that we shall enhance ourselves as we proceed further.
17. Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
Yes we do have the governance in place and highest holders always stands chance to work for betterment of project.
18. Can you tell us about your team members? are they qualified and professional in their fields? what are the recruiting qualifications for team members for your extraordinary project?
We have a total of 13 members as a team. Yes we need more to be a part of Pontoon and yes we are hiring too.
Please do drop email on email@example.com and we are looking for experienced candidates.
19. Do you have any Bug Bounty to check for weakness? In what way do you plan to make Your project more complete??
Yes, it is live now on testnet now and bug bounty is allowed as part of rewards program on incentivised testnet.
Do drop all the bug details to @Tharadevibm
20. Can you list 1–3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
- Cross chian trustless bridge
- Proof of Stake program
- Relayer networks
- Fragmented liquidity solution
- Cross chian lending and mining program
21. Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
No burn at Pontoon
22. Truly, you’ve done AMA in many telegram groups, so what next, what other way will you make your project more popular?
We have many programmes that are queued, curently we have incentivised testnet live and then we shall move to Ambassador program and TG’s groups in multiple languages.
23. Which one of these aspects is Important for you?
1-Increasing Token Price & Value
2-Empowering Platform Development
3-Building Community Trust
4-Expanding Partnership Globally
In what Order?
24. Where can I buy your tokens right now what is your current contract and how can I buy them??
We are live on many exchanges — Uniswap, Ascendex, MEXC, Apeswap and Pancakeswap
0xaee433adebe0fbb88daa47ef0c1a513caa52ef02 — Address remains same on both eth and BSC side.
We shall be shortly on Kucoin as well.
25. Are you a global project or local project? At present, which market are you focus on, or is it focused on building and growing to gain customers, users and partners?
We are global project and there shall be many regional communites to come in shortly.
26. Can you share to us your tokenomics? How much is the total and circulation supply of your tokens? Will there be buy back system or token burning in the future?
100 M — Total Supply
13.5 M — Current circulating supply
Schedule — https://pontoon.fi/pdf/TokenMetrics.pdf
7M — In various stake programs
27. Can you give an overview of your Tokenomics, and the UTILITY of Token?
1) Governance — Token holders can vote on the direction of the protocol and fund allocation from the treasury.
2) LP Incentives for LPs and Relayers — Liquidity providers will be incentivised for providing liquidity on each network.
3) Proof of Stake Relayer Network — A network
28. What is the most ambitious goal of your project? What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? I would appreciate it if you could share with us any Upcoming Updates?
Pontoon would be named as True Defi protocol and this is the ultimate goal in achivening but technology never stops and we need to enhance ourselves on the emerging technologies.
29. STAKING is one of the STRATEGIES to ATTRACT USERS and HOLD Them and long term. Does your GREAT PROJECT have plan about to Staking?
We have few staking options available which is live.
30. Can you share your social media links so we can keep ourselves updated? @Karanalu14
Ann channel — https://t.me/pontoon_announcements
Medium — https://pontoonfi.medium.com/
Twitter — https://twitter.com/PontoonFi
Github — https://github.com/pontoonfi