On April 27th, March Zheng – Global Communications Director of Standard  Protocol with GTA Ventures and Kyros Ventures hosted an AMA live session at GTA Trading Community. A lot of questions about Standard Protocol core, missions, and plans were sent. 

This post includes a recap of the live AMA session and features the questions asked by community members, as well as the answers.

Warm-up questions

1. Can you tell us about yourself and Standard Protocol?

Hey everyone, my name is March, the Global Communications Director of Standard (the first algorithmically backed rebase stablecoin).  My job is to maintain dialogue with our wonderful KOLs across the world and maintain transparent and clear correspondence with both our investors and communities alike.  I have been investing in the space since 2016, and have always believed in the value that can accrue to layer 1 chains.  I have seen Alpha in the type of communities that are organically created onto these ecosystems.  I am an early investor in Ethereum, NEO, YFI, etc, and Standard is the only crypto project I have ever joined at ground level.  Quite simply, I have never seen a project that has strong local technical roots (Seoul, South Korea) as well as high community and investor engagement all around the world.  On the former end, I believe I am witnessing the next blockchain tech genius in Hyungsuk Kang, and I want to be of service to his vision and problems he wants to solve within crypto. I am so excited to be here.

Standard in one sentence is an algorithmically backed stablecoin.  It has the features of Dai, but with the elastic supply of Ampleforth.  What makes us unique is our three token module system, which leverages blockchain levers from multiple ends.  Users will primarily be participating in the standard governance token for staking and liquidity   

The key phrases are our “three token system”, algorithmically backed, and liquidity provider abilities.

2. What problem is Standard currently solving? How does Standard solve that problem?

Standard is trying to solve the rebase issue associated with Algo rebatable stablecoins.  It seems that the current algorithmic stablecoin focus only on automated price stability. Although they provide some interoperability between tokens with initial distribution via yield farming, there is still no sustainable way for them to interoperate in financial activities without the unsustainable level of token issuance distributed to staking pools.  So that is the exact problem with automated price stability.  How we plan to solve it is by rewarding oracle providers in a decentralized manner (● Current oracles are centralized, and there is no decentralized ecosystem to reward them).  Standard Protocol proposes a reward mechanism in each era and slashes equivocation with the IQR rule.  A more decentralized method to liquidate positions must be considered. Auction orders come in high volumes of collateral, which can lead to plutocracy.  Incentive and reward mechanism for automated price stability is our key here.

3. Standard has a really good team with good advisors and good partners, do you think the project will bring a big change for the crypto industry?

Absolutely, we are benefiting from all the great sentiments in this new bull market.. and we have a team both technically and fundamentally that been in the market for the last few years.  We eventually envision an entire “Standard” ecosystem, but we will first solve the issue of rebasing Algo stablecoin through collateral.  We will need all the communities and our partners to help us achieve this vision 🙂

Pre-selected questions

1. Which part of the project are you most focused on right now? What methods does Standard Protocol plan to control the distribution volume and supply-demand relationship and ensure the value of Standard Protocol?

Personally, I am most focused on engaging with our KOLs and communities worldwide, to ensure adequate communication and information traverse.  In terms of token economics, we have selected partners and investors who want to remain with us for the long term.  There is a fair distribution among our investors and partners, and the key here is the emphasis on the long term.  Eventually, the long term mindset will be rewarded by community growth and demand.

2. Polkadot ecosystem hosts many insurance-based initiatives. As a decentralized payment gateway, how could Standard Protocol work with them?

On that front, perhaps Standard can use its minted stablecoin (liter) to facilitate an insurance-based initiative.   Our meter token is our algo stablecoin backed by collateral and can be used in ways that ensure some form of on-chain insurance mechanism.  The current thinkings are still being built out.

3. Rebating mechanisms within the ETH network have really been a headache for many in the past, as have been ineffective. So, how do you exactly plan to make your Standard Protocol faithfully comply with the price of a dollar?

That’s why we have a 3 token module ecosystem.  Our minted stablecoin is by collateral from Liter (150% – similar to the MKR peg).. that will work in the way dai is insured 1 to 1 with USD

4. I read in your documentation that Standard Protocol will achieve its Cross-chain Integration through three phases: Implementations, Connect, and Unification. Can you please tell us a bit about what each one is about and the estimated time each one will take?

This is in line with our roadmap, where we emphasize the phases that we must achieve.  I will write the roadmap now, but technically at the moment the team is hard at work focused on oracle modules and internal integrations

By Q2 of 2021, we want to have the Kusama parachain integrated, crowdloan built-in, etc.  We have a chain bridge test run on Kusama and aim to run 1st council.  Yield farming starts then.  

By Q3, full integration of Polkadot parachain, and crowdloan.  

By Q4, end of this year, we want yield farming to fully start on Polkadot parachains and have them connected.  We want to apply Standard protocol to other ecosystems too, (Cosmos, Ethereum, etc).

5. Normally the long-term goal of most crypto projects is to make your token or currency increase in value considerably, but when you Standard develop a stablecoin, what will your long-term goal really be? Will it position itself as the most used stablecoin on all exchanges?

The stablecoin will be part of our three token module system.  The first token that will be released from this module is STND.. which is our governance token and available at IDO.

More liquidity and more users of our minted coin will naturally participate in the usage of STND..

Live questions

1. What problems is your project trying to solve to make it easier for Crypto users? Please let us know how evolving the roadmap is right now. What will happen this year and in the future?

We want an UX that users can participate seamlessly in our ecosystem.. this first few months is focus on exchange listing, IDO, and liquidity provisions

2. Standard Protocol is aiming to create a stablecoin mechanism, what’s the main differences and advantages compared with other stable coin?

Our stablecoin will benefit from collateral to mint it similar to Dai, and can be used to facilitate other initiatives within our ecosystem

3. How to persuade the public to trust in Standard Protocol’s technology? How will the Standard Protocol team resolve if there is an unfortunate security problem?

We will be issuing an audit soon after our IDO, and will always aim to maintain clear transparent dialogue with our communities

4. Do STND have any reward programme events ongoing or upcoming,please give us details  & do you have any ambassador programme also?  STND community organizes events to attract more people. It is also the main thing for attracts investors.

We are working out our ambassador programs.  These are all in the groundwork for sure!  Keep on the lookout for details on Twitter.

5. I could see that Standard had three different tokens in its ecosystem, MTR, LTR and STND, right? But could you please tell us about the operation that each of them will have? and each of them will be stablecoin?

– Meter is the stablecoin which is synthetically generated by the protocol’s standard system.  Holders can use MTR to use as a medium of exchange, buy bonds or farm tokens in the standard ecosystem.  

– Liter is a liquidity provider token that represents a share from the AMM module, similar to LP tokens in Uniswap.  It can be burned in AMM to receive deposited assets.  Liter token can be used for yield farming.  

– Standard is a network and governance token to use Standard protocol.  Standard holders can stake for getting a block reward, participate in on-chain governance.  Standard is used as a transaction fee.

Thanks to everyone in the community for their participation in the live AMA on GTA Community.

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