Polylastic AMA Recap

01 Sep 202019:08

AMA

Polylastic AMA Recap

Cryptodiffer Team

Hello, everyone!😁

We are glad to meet here:

Sunil Bhat, Strategy Director
VJ lbones, Marketing Director

VJ Ibones

Hi everyone! Thanks for the opportunity to speak with you today.

Sunil Bhat

Hi everyone. Glad to e-meet you all.

Thanks for the intro

Cryptodiffer Team

Welcome Sunil and VJ, thank you for taking your time today!
Our team has prepared 3 questions for you to start with!
Let`s start with the introduction !

Q1: Can you introduce yourself to our community?

Sunil Bhat

I am Sunil and I lead 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 tens of successful projects in crypto.
I have been fortunate to work with and advise several projects in Elastic Finance and DeFi sectors too

VJ Ibones

I'm VJ Ibones, Co-Founder and Marketing Director at Polylatic. I originally started off my carrer in traditional finance, having worked with and consulted several companies in the industry. I ended up getting into crypto in 2017, and quickly transitioned to working full time in this space and leaving the traditional finance world to begin my marketing career in crypto.

Cryptodiffer Team

thank you for introductions!
Let's talk about Polylastic now

Q2: Can you introduce Polylastic to us?

Sunil Bhat

sure
The Polylastic (POLX) Index is designed to aggregate and track token performance within the ever-evolving Elastic Finance industry (EFi). Our index will include elastic cryptocurrencies, seigniorage tokens, algorithmic stablecoins, cash systems, Defi projects that partner with and make use of EFi 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.

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.

We will also be conducting an IDO on KickPad which will be a great opportunity for our community members to access POLX tokens

Cryptodiffer Team

Thank you for an answer 🙏
The last question from our team before we open the chat for community round!

Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Sunil Bhat

Though the token launch is one of the most important activities we look forward to, we have been working behind the scenes to build the product and the ecosystem required for the longer term success
- Our product development on track to release in Q2 itself
- Contracts are currently being audited by reputed auditing companies in crypto
- We have several strategic partnerships in the pipeline
- @Shadow_Recon and the marketing team have been working hard to grow our userbase and also lined up several B2B partners who want to use our novel technology

VJ Ibones

I could have said it better myself @blockchain_sunil
*Couldn't

Cryptodiffer Community

How to keep the motivation for holding $POLX tokens long term? How is $POLX token used?

Sunil Bhat

Token utility is deeply embedded in the design of our product. There is a deflationary mechanism that ensures that over time, the HODlers may realise more value from network activities.

POLX tokens would need to be staked by the community to participate in the selection of products that are represented in the indices. This will ensure that new users from new communities will need to buy and use the POLX tokens to ensure that their favorite project will get to be a part of the index

Cryptodiffer Community

Hi, is there somewhere where I can read about the team behind this project or is it anon?

Sunil Bhat

Our website, polylastic.io has our leading team members. We will also be publishing an ama_article in the coming week to introduce the team to our community.

We aren't anon and our team members have all worked in reputed companies and done great work so far.

Cryptodiffer Community

Q. Read in your whitepaper that security is your priority concern.Your code is open sourced but is your platform audited and secure?

Sunil Bhat

Yes, security is paramount. We are currently working with several reputed organisations to ensure that our products are secure. Also, one of our key advisors works at CertiK and his inputs have been invaluable

Cryptodiffer Community

Polylastic was formerly known as Polkalastic. What actually led to the name change? And does this name change have anything to do with the development of the platform so far in terms of the technical aspect and features of the platform?

VJ Ibones

We changed our name to Polylatic with "Poly" meaning many. This better signifies our willingness to expand our reach and remain cahin agnostic.

Cryptodiffer Community

Does polylastic have a enough fund to run the project and for its development? what are your business module to earn revenue?

Sunil Bhat

Yes, we have tried our best to be as practical as possible to raise only a small amount that would be sufficient to help us successfully deliver the product and the partnerships.

Our token has strong utility and use cases which will ensure that the network adoption will help to fund the project over the longer time period

VJ Ibones

Here is our medium ama_article with further details. https://polylastic.medium.com/polylastic-upgrade-new-name-and-a-launch-on-binance-smart-chain-d5c654145b23

Cryptodiffer Community

What is the difference of the POLX token's approach to users compared to the S&P 500's a "set and forget" approach to average investors, and what are the long-term advantages for POLX holders?

How does Polylastic track projects that show commitment to development? How does the deflationary system that weighs the POLX token enable to earn wages?

Sunil Bhat

The major difference between S&P and the POLX indices is that POLX indices will be community weighted. Users will be able to stake the POLX token and the LP tokens of thir desired projects to increase the chances of that project getting into the index.

There will also be a rolling component for these indices. Follow our channel: https://t.me/polylastic and watch the space for the detailed information about how users can power the indices themselves

Cryptodiffer Community

Scarcity helps increase value for token holders, could you tell us how polylastic $POLX value appreciate?

What mechanism have you put in place to help ensure that the token becomes more scarce?

VJ Ibones

It is a deflationary and fee-earning token. 100% of fee revenue goes toward purchasing the token on the open market, and removing it from the total supply forever. Thus the token becomes more scarce. Scarcity increases value for token holders.

Cryptodiffer Community

From your website :As the index performs and earns fees from growth, 100% of revenue goes toward purchasing the token on the open market, and removing it from the total supply forever.

If 100% of revenue goes toward purchasing the token on the open market, how does Polylastic finance the project in terms of marketing, project development and other miscellaneous expenses?

Sunil Bhat

We have set aside a percentage of tokens to power marketing, advisory, ecosystem building, tech development and miscellaneous activities. So, we will continue to use those funds and tokens so that the revenues from growth of the network can create a strong deflationary impact on the token economics

Cryptodiffer Community

Q.I saw in the whitepaper there are low transaction fees but lets say we are in a scenario of best price is in uniswap and gas at that time is super high, how will your platform decide the best move comparing to other exchanges?

Sunil Bhat

This is a very good question. We are in talks with interesting projects that can help solve the cost and operational inefficiencies that have arisen due to the non scalable nature of some of the popular blockchains in use today.

We are also launching first on BSC to ensure that the costs and transaction fees remain lower than on ETH. Soon, we will be on ethereum and other upcoming platforms including Polkadot. We are building Polylastic to be truly chain agnostic. We believe that the chain agnostic nature will help us keep costs low

Cryptodiffer Community

1. Are there any plans to integrate with Polkadot at any point in time in the future?

2. What were the reasons why Polylastic decided to launch on BSC and not other known platforms like the Ethereum or Polkadot?

VJ Ibones

Polkadot remains an important part of our plans. But given our current state of development and need to implement our robust feature set upon launch, BSC also represents an upgrade and great jump off point especially with its lower fees. We feel like this is great for our community

Cryptodiffer Community

What are the main differences between the Polylastic and other finance aggregators? Why is Polylastic index better?

Sunil Bhat

There are several differences between existing aggregators and Polylastic.

- Firstly, Polylastic is the only aggregator that focuses on elastic finance (EFi) and build an ecosystem around it. No other aggregator / index tracker focuses on Efi at the moment.

- Polylastic has an innovative community weightage component that will help capture the 'pulse' of the market.

- Polylastic tracks smart, algorithmic money that could power and fund the next waves of innovation in Defi and crypto. So, the exposure that can be gained with Polylastic can be unparalleled

Cryptodiffer Community

As Polylastic is only just beginning, why do you think that Kickpad is the right fit for your IDO? And can you please share details about the IDO as regards the date and requirements?

VJ Ibones

They are a great team to work with and are open to collorabtion. We feel that they have a strong community sentiment. They are also aware of the huge potential the EFi space will bring to crypto. We will be releasing an announcement soon for the IDO launch date. Stay tuned and follow us on Twitter and our Telegram group .

Cryptodiffer Community

What can Polylastic Elastic Finance Aggregator offer to solve the scaling problem? And how does Polylastic Index of Elastic Finance deal with the threat of centralization?

Sunil Bhat

Great question.

Polylastic will be chain agnostic. This will help scale our product across multiple blockchains and make it interoperable.

We will rely on the interoperable nature of the blockchain to help mitigate the threat of centralisation. Additionally, the indices will all be community weighted. This will ensure that the selection of projects that will be part of the rolling index will be done in a decentralised manner too.

Cryptodiffer Community

With the rate of crypto adoption, many more institutions will be making their way into the crypto space soon. Is Polylastic well positioned to help diversify their portfolios?

Can you discuss further how Polylastic will be helping investors get full utility from DeFi and Eefi?

Sunil Bhat

Definitely. Porfolio diversification and exposure to a dynamic and diverse set of projects are some of the most important benefits of an index tracker. So, Polylastic index trackers can help users and institutions achieve this too.

The projects that will be considered for the Polylastic indices would not just be traditional 'rebase' tokens, but also elastic cryptocurrencies, seigniorage tokens, algorithmic stablecoins, cash systems and whatever comes next. If a project/platform stands to benefit from EFi ecosystem, then such a project may make its way into the indices too.

Cryptodiffer Community

Do you have any plans to attract non-crypto investors to join Polystic? Because the success of a project attracts more investors who haven't yet entered the crypto world. What are the plans to raise awareness about Polystic in the non-crypto space.

Sunil Bhat

Certainly. We think that the non crypto userbase would be one of the biggest beneficiaries of the Polylastic indices as it takes away the guessing game, time for research and the basic expertise needed to invest into or use many of the projects that will be included in the indices.

Our marketing team is currently in talks with projects that are focusing on onboarding new users into crypto and we are confident that we will be able to secure partnerships with such projects to ensure a seamless entry into crypto through the ownership of a stake in Polylastic Indices.

Cryptodiffer Community

Could you share what is currently the main focus of the Polysticteam? What are your plans for the nearest year in terms of marketing and business development? How do you plan to expand the network, community, partnerships, etc?

VJ Ibones

One of our main focues with Polylastic is to expand to a broader base, we want to include those who are new to crypto, experienced crypto investors and those not currently investing. The marketing strategy will target these bases by showing the value of our project and more

Cryptodiffer Community

Any early interest form we can fill ?

Sunil Bhat

We will soon be announcing the steps to be followed to get whitelisted to participate in the Polylastic IDO on KickPad.

Please follow our Twitter: https://twitter.com/polylastic

And Telegram: https://t.me/polylastic

for further announcements

VJ Ibones

Thank you all for participating and we look forward to providing more information in the future. Please stay tuned, we have a lot of exciting announcements to come!

Cryptodiffer Community

Can you explain more about Polylastic index staking and how does your taxation structure works?

Sunil Bhat

It is really an innovative approach to index building.

The product features a two-tier staking model to reward participation in our index. Stakers can delegate their stake to any project in the index, signaling their support and increasing its weight. Through this design, POLX captures community sentiment and the pulse of the elastic finance space.

There are 2 ways to stake:

POLX - Direct sync staking through our proxy and manager contract architecture.

POLX LP Tokens - Liquidity providers can stake their LP tokens and will be rewarded appropriately for their contributions to index health.

I'm afraid I may not be able to do justice to the tech if I try to explain it over a TG comment. Instead I would request you to follow us on Twiitter / TG. We will soon be publishing a detailed ama_article on this topic and I am sure your questions will be answered then.

Cryptodiffer Team

Thanks for your time
Great answers!
Thank you to everyone who took part!