Saito AMA Recap

04 Sep 202015:08

AMA

Saito AMA Recap

Myko (CryptoDiffer)

Hello, everyone!😁

We are glad to meet here:

Captain, Co-Founder

Gabriel Wong

Hello everyone! Nice to be here!

Myko (CryptoDiffer)

Welcome Captain, thank you for taking your time today!

Gabriel Wong

Would love to share more about Port Finance

Myko (CryptoDiffer)

Well then let's start with three introductory questions!

Gabriel Wong

Cool!

Myko (CryptoDiffer)

We'll begin with the introduction
Q1: Can you introduce yourself to our community?

Gabriel Wong

Sure!
I am Gabriel, one of the 3 co-founders at the Port Finance Team.
All 3 founders from the team previously worked as engineers at larger tech companies such as Google, Facebook and Microsoft and also trading firms. We met each other whilst studying Computer Science at Imperial College London, and previously contributed to Solana and Serum's open-source code.

Myko (CryptoDiffer)

Great! Thank you for the answer
Let's then transfer to next question
Q2: Can you introduce Port Finance to us?

Gabriel Wong

Of course!
Port Finance is a money market that exists within the Solana ecosystem; we leverage the speed of the Solana blockchain and aim to provide competitive lending and interest rate derivative products.
We aim to create seamless, user-friendly lending products, including variable rate lending, fixed rate lending and interest rate swap. We believe that in order for Defi to reach billions of users, it is vital to provide a great user experience.

Myko (CryptoDiffer)

Awesome
Next question will be the last one, and then we'll start the community part
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Gabriel Wong

We've accomplished quite a bit since we started on this path. We closed our Seed Investment Round at around US$1,200,000 in investor funding.
The seed round was led by Jump Capital and joined by Rarestone Capital, GSR Markets, Valhalla Capital and founders of Mercurial Finance, Solanium and DeFi Alliance.
We also launched on Solana's Mainnet successfully last month, and have seen a significant increase in user participation.
We've also successfully fully integrated with Pyth Network. For those unfamiliar with Pyth, Pyth delivers real-time on-chain market data for platforms within the Solana ecosystem.
The upcoming plans are:
- IDO in August 2021 (Taking place tomorrow Saturday 7 August on Solanium!)
- Liquidity mining in August 2021
- Leveraged Trading using Serum orderbook in September 2021
- Start working on Fixed interest rate borrowing and lending in October 2021
- Polishing existing UI and UX while integrating with other projects

Myko (CryptoDiffer)

Superb!
Thank you for your answers

Cryptodiffer Community

I took a quick look at your tokenomics. Saw that almost 70% of tokens will be publicly available during the IDO and these tokens WONT be awarded. Is there a reason why PORT allocates so much for public IDO? Dont you think it might be risky if some early, profit-seeking investors decided to dump most of the presale tokens back into circulation as soon as you launched them?

Gabriel Wong

The tokeneconomoic is as followed:
Total Supply: 100 million.
• Ecosystem: 33%.
• Liquidity Incentives: 31%.
• Team: 20% .
• Fund raising: 10%
• Initial Liquidity: 4%.
• Advisors: 2%.

10% of the private sale is:
- 6% seed investor with 1.5 year locking
- 3.6% private investor with 1 year locking
- 0.4% public sale

Cryptodiffer Community

How do you plan to spread Port Finance to different countries where English is not good? Do you have a local community for them to use to better understand Port Finance ?

Gabriel Wong

We have engaged with various regional communities e.g. doing AMAs like this via our local partners in Vietnam, Thailand, Korea, China, India etc and also via different groups in the western community. We have already done 6 other AMAs scheduled for the past few days! And we will do some more! We are also working with global communities such as Infinity Gainz to tell potential users about Port!

Cryptodiffer Community

1. Talking about Liquidation on Port Finance, I read that you guys utilize third party liquidations in order to maintain overall health of the protocol. Can you tell us what this means?

2. What are some of the innovations you would be bringing in to make you compete successfully with products such as Aave and Compound which already have larger audience?

Gabriel Wong

1. We're working with partner such as LIQ to ensure that the liquidation is done on time. Furthermore we plan to open source our liquidator for community to particpate in liquidation and earn some profit.

2. By utilizing the high speed and low latency of the Solana blockchain, Port Finance will allow the user to borrow more with the same amount of collateral compared to Ethereum products such as Compound and Aave.

Going forward we plan to launch fixed-rate borrowing utilizing the Serum order book. This allows the user to decide on a market borrowing rate using a market instead of a bonding curve while also providing a product that offers a fixed interest rate.

Cryptodiffer Community

Q. Has Port's smart contract been audited? How safe are the parts? Were there any critical vulnerabilities discovered during the assessment?

Gabriel Wong

The core lending program and also the liquidity mining program have been audited by Bramah Systems. We're also going through a second audit.

Cryptodiffer Community

What is your thought about upcoming market? Downtrend confirmed or Uptrend still ongoing? I mean for about 1 year

Gabriel Wong

We take a product-oriented approache. We believe that in the long run the token price will converges to how useful the product is.

Cryptodiffer Community

In cryptocurrency trading, be it CeFi or DeFi, liquidity is still the key to a project's success. So how does Port Finance address the platform's liquidity problem?

Gabriel Wong

We plan to run liquidity mining scheme to attract more TVL. And also by working with other protocols for integration. We already have some other protocols that are in the pipeline, we will provide more details soon.

Cryptodiffer Community

Hi @gabriel_wong

Port Finance is fully committed to the Solana project or do you plan to deploy in other blockchains once Port Finance consolidates in Solana and push crosschain initiatives that benefit Solana indirectly? How do you see the future in it?

Gabriel Wong

We see that a multichain future is inevitable. We hope to deploy to other chain once we consolidate on Solana. And we hope to provide a seamless experience where users doesn't need to care about which chain we're actually in.

Cryptodiffer Community

Tokens from all projects have main utility & practical goals! So can you tell us What the main role of Port Finance is in your ecosystem? Explain the utility & use cases in the real world?

Gabriel Wong

The token has three main purpose:
1. act as a governance token for user to decide the future of the protocols, for example which asset we should support, which protocols we should work with, what should be the priority of the team
2. we will burn and burn the port token using the fee that is generated by the protocol
3. incentivize user for contributing TVL into the protocol

Cryptodiffer Community

Q. How do Port get wide adoption, how many target users in practice?

Gabriel Wong

We want to start the adoption process by targetting existing Solana users first. We then do more for the general crypto users.

Cryptodiffer Community

What makes you feel confident about the survival & sustainable success of Your project in the near future?

Gabriel Wong

I am optimistic about our progress for the following reasons:
1. backed by strong and helpful investor such as Jump Capital, Defi Alliance, Rarestone, Valhalla Capital and GSR.

2. we are an experienced team: we have previous experience working at some companies with very high engineering standard

3. we already have a working product that is live on mainnet. So unlike many other team we have already demonstrated that we can execute and move fast.

Cryptodiffer Community

I am interested in your project - Would like to apply for a job at your community. What is the correct way I should approach this matter. Thank you

Gabriel Wong

Thank you for your interest. Please join our social groups:
Discord: http://discord.gg/nAMXAYhTb2
Telegram: http://t.me/port_finance

You can start by answering some question in the community and also creating text-based tutorial or video based tutorial. Or you can contribute by creating meme or video.

Also feel free to DM me directly.

Cryptodiffer Community

I want to support your project, Tell us more about the Ambassador Program and in What ways can we participate ??

Gabriel Wong

You can participate by join our community and help community answer some questions.

Discord: http://discord.gg/nAMXAYhTb2
Telegram: http://t.me/port_finance

Feel free to DM me and we can talk a bit more.

Cryptodiffer Community

Most of users are still not aware with Blockchain & its related projects So,How platform create awareness about their project with NON-CRYPTO users too?

Gabriel Wong

I think there are a lot of things that we need to do:
1. improve the user friendliness of the existing products, a lot of the defi product is still quite unintuitive for average user. If we can create an experience similar to using Venmo in US or Monzo in the UK, then it could help greatly in bringing the masses

2. there is a lot of education that needs to be done for many non-crypto users to understand for example private key, public key, encrypto algorithm or how to keep their wallet safe.

Cryptodiffer Community

Q. Projects that are not traded on major exchanges remain unnoticed. What does you think about listing Port Finance on the leading exchanges?

Gabriel Wong

We're looking to list on CEX. Will provide an update once we have more details.

Cryptodiffer Community

Port finance had already been audited by Bramah System and its currently going through a second audit, this shows that you take security very seriously, however, we've seen projects that have gone through auditing yet they get hacked, so in in the event of hack, is Port finance insured to cover up for the losses? Will you consider setting up a bug bounty program to help discover vulnerabilities and bug that might not be discovered during auditing?

Gabriel Wong

Yes, we already have a bug bounty program in place. You can read more here: https://docs.port.finance/security/bug-bounty

Our we take security very seriously. We will use 50% of the fee for insurance fund to cover loss of the user in extreme cases. We will also do anything within our capacity to compensate our users if there is any loss caused by getting hacked.

Cryptodiffer Community

🟢 Has Port Finance been designed with only experienced DeFi users in mind? Or have you designed the platform with potential non-crypto investors in mind who will be adding to DeFi in the coming months? Many projects are overlooking this.

Gabriel Wong

We took a very product-oriented approach where we launched the product first and kept iterating based on user feedback. The current user interface is already our third iteration of the UI. We're working tirelessly on a new version to support liquidity mining in August. Our goal is to make our UI and UX easy enough so it can reaches millions of users.

Cryptodiffer Community

Port Finance currently supports USDT, USDC, SRM, PAI and SOL. Will these be all or are there going to be more assets that will be added in the nearest future?

What strategies is the team working on to create an everlasting value for the $PORT token and continue to increase the interest of the users of your community on the $PORT tokens?

Gabriel Wong

1. Yes we plan to support new tokens continuously. If there is any tokens that you want us to support please let us know by joining our social channels:

Discord: http://discord.gg/nAMXAYhTb2
Telegram: http://t.me/port_finance

You can also DM me. However there are many things that we need to consider besides user demand, such as liquidity which determines if we can liquidate the user effectively if there is large price movement.

2. We hope to make our product useful and iterate based on the user feedback. The token accure value when the protocols is growing.

Cryptodiffer Community

As PORT Finance, what did you aim for by enabling Token holders to decide the future direction of the protocols? Could there be other privileges that will excite Token holders in the coming days?

Gabriel Wong

We hope that our token holder could participate in goverance. We will be working on a governance module going forward. Also we are looking to reward holding PORT token with our partners.
Thank you so much for the great questions.

Myko (CryptoDiffer)

Thank you for the AMA! We were pleased to host it!

Gabriel Wong

Thank you for having me @mykocryptodiffer
If there is anything that you still want to know, please join our social channels.