House of the world’s first decentralized trading competition. 🏆 DeFi 2.0 is here to bridge the gap between CEX and DEX: Trader incentives.
Andrew:
Hello all and welcome to the Pera Finance AMA! Today we are joined by Eren from Pera
Thanks for coming out Eren !
Eren:
Thanks Andrew, it’s a pleasure to be in here!
Andrew:
Great so let’s get started
1. What is Pera and its main goal in the BSC ecosystem?
Eren:
Pera Finance is a project that we have been working on for more than a year to solve the problem of not generating sufficient on-chain trading volume in the long run which is a common problem in the DeFi space.
As Pera Finance, we are bringing a decentralized and fully on-chain trading competitions infrastructure for every project or DEX to have their customized trading competitions for their needs.
We think that DeFi can only compete with CeFi if there are no infrastructural gaps for the users. That’s why we aim to bridge one of the most important gaps between the CeFi and DeFi: Trader incentives.
As you know, CEXes have many different tools to boost trading volume and the trading competitions are the most used and proven method to achieve a long-term user base and sufficient trading volume. It is a much-needed service for the DeFi space and Pera Finance will be the first project to offer this.
We will only be on the BSC for the launch. I think this shows how much we appreciate BSC ecosystem and its offerings to the DeFi space. That’s why we hope to a be key contributor to the BSC ecosystem with our unique approach. Pera Finance will establish new yield farming structures around trading volume creation incentives, what we call trade farming and BSC users will be the first to experience this.
Andrew:
Great well thank you for that introduction and I am excited to hearing more about it right now
Eren:
Thanks!
Andrew:
2. Can you tell me more about you and your team and how you came to develop Pera Finance?
Eren:
Sure!
We are a team of six based in Turkey, Spain and the US. All of us are coming from different engineering & academic backgrounds. Me and my co-founder partner Utku are former academics specializing in structural engineering and neuroscience, respectively.
Onur, our COO, is coming from the aviation sector as an aeronautical engineer and Selim, who introduced us to Bitcoin and mining in 2013, is a former mechanical engineer. Ozan, our full-stack developer, is also an engineer & academic located in the US right now.
We are all long-term friends and blockchain enthusiasts that always wanted to develop our own project. With the advent of DeFi in 2020, we finally understood what cryptocurrencies could actually be used for and started to work with Yasin, our head developer, who has been contributing to the blockchain space for a long time both as an educator and developer to create Pera Finance.
We hope that Pera Finance will put Turkey into the development map as well!
Andrew:
Wow and how do you find time to balance between a massive project and your actual jobs?
Eren:
We quit our jobs to focus on Pera as a full time work because it’s really hard to focus on anything else if you are developing a DeFi project
Andrew:
Okay so all in, that is awesome to hear
Eren:
Appreciated!
Andrew:
3. On your page it states that users can join in on a decentralized trading competition, can you tell us more about what that is?
As I explained above, Pera Finance is a trading competitions infrastructure and our native token, PERA will be the first example of this service with its daily and decentralized competition for the traders.
PERA token is designed as a new type of DeFi token. PERA smart contract has an in-built trading competition module, and it rewards Top-10 PERA traders (volume creators) every day with high rewards. We built a new type of sustainable yield farming ecosystem around this daily competition which is also a first in the DeFi space.
Our trading competition is fully decentralized, and users don’t need to do anything extra to join it because PERA smart contract automatically includes every single user (if the tx is more than 100 PERA) to the competition. So, everyone is part of the competition!
Andrew:
I see, and while touching on your $PERA token…
4. What is $PERA? How is it utilized on your platform?
Eren:
PERA is our native platform token which is designed as a utility token at its heart. PERA token offers multiple different ways for our users to generate income. Just trading PERA tokens makes you eligible to join our daily trading competition. If you’d like to be a liquidity provider, you can stake your PERA tokens and enjoy LP yields. Or you can simply hold your tokens and enjoy gasless yields! As you can see, we tried to include every DeFi user type that interacts with a DeFi protocol/token.
In general, here’s how it works:
PERA Token generates yield farming rewards in 2 ways: 1) A 2% fee is charged for each on-chain PERA transaction 2) 70,000 PERA is minted daily. All rewards are distributed to PERA traders, liquidity providers and holders.
PERA smart contract features LP token staking, which rewards liquidity providers for supplying liquidity to PancakeSwap PERA-BNB pool. Apart from that, we will open multiple farming pools with the partner projects as well for different farming alternatives.
In addition, PERA Token has gasless yields for holders. PERA Token holders earn yield from every PERA transaction just by holding PERA.
Since Pera Finance offers a new infrastructure for the DeFi space, we will also become a service provider for the other projects with decentralized trading competition solutions which will enable partnership rewards for the PERA users.
As you see, PERA is designed much different than the non-utility governance tokens. Its main utility is to become a multi-yield generator for the PERA users via multiple and different options around PERA token.
Andrew:
How were you able to establish gasless yields? What are the mechanics behind that?
Eren:
Its a common feature in the space. It’s similar to rebasing mechanisms DeFi users are quite familiar with. We wrote an article on how other projects apply it with buggy features, like safemoon. People can read it from our official medium account as well to both understand how it works and what others are doing wrong with that piece of code
Andrew:
Ah I see, understood 👍😅
5. Is $PERA deflationary? If not how will you be mitigating rising inflation?
PERA is not deflationary, but I think our unique token mechanics and financial architecture of the PERA mitigates this risk.
We have incorporated transaction fee and emission-based reward farming methods for the PERA to complement each other in a logical way which we call hybrid farming.
PERA emissions are the incentives for the trading volume and every trading volume increases the farming rewards via transaction fees. We think that it will create a positive feedback loop for a long term and sustainable farming mechanism for the traders and the LPs for the first time.
In addition, partnership rewards will be distributed to the PERA vaults, and this will also become a huge factor to decrease the actively circulating PERA supply.
Even so, if the community asks for a deflationary mechanism and it seems reasonable to add value to PERA, we can think of it for sure down the road!
Andrew:
What are partnership rewards?
Eren:
We will implement trading competitions for the other projects and it will require a service fee in the form of that project’s tokens, we will distribute that rewards to the PERA vaults for our users
Andrew:
Oh I see and will users be rewarded with that project’s token or in PERA?
Eren:
Both, PERA vaults will still be getting PERA holder rewards and the partner tokens
Andrew:
And does the community get a say in which projects are implemented into the trading competitions?
Eren:
Sure, we will constantly get feedbacks from the community on this matter!
Andrew:
Awesome!
Eren:
Thanks!
Andrew:
6. Can you tell me more about the Scalable and Modular structure of the PERA sorting algorithm?
Rewarding traders and volume creation requires two main solutions that DeFi smart contracts has lacked so far: Tracking users’ daily volumes and sorting them accordingly.
So, from a technical standpoint, you need a volume oracle to get the tx volume data from the blockchain and feed them to a sorting algorithm to process the ranks.
The current state of the smart contracts was not available to solve these problems. The current oracle solutions had either latency problems or were not able to process and feed volume data externally as an input. In addition, it’s a well-known fact that using sorting algorithms in Solidity is quite hard due to high gas consumption and block size limits.
That’s why we came up with our unique solutions to tackle these problems. We have developed an in-built (inside the token smart contract) volume oracle that tracks every on-chain PERA tx and came up with a new sorting algorithm called “filter-and-sort”.
This underlying technology is used for the PERA token as a proof of concept but it’s code architecture can easily be customized for many purposes, including DEXes, derivative platforms or yield farming models that wants to incentivize volume creation for their purposes. That’s why we call it modular and scalable. Our trading competition services for other projects will use the same approach as well.
Eren:
Rewarding traders and volume creation requires two main solutions that DeFi smart contracts has lacked so far: Tracking users’ daily volumes and sorting them accordingly.
So, from a technical standpoint, you need a volume oracle to get the tx volume data from the blockchain and feed them to a sorting algorithm to process the ranks.
The current state of the smart contracts was not available to solve these problems. The current oracle solutions had either latency problems or were not able to process and feed volume data externally as an input. In addition, it’s a well-known fact that using sorting algorithms in Solidity is quite hard due to high gas consumption and block size limits.
That’s why we came up with our unique smart contract solutions to tackle these problems. We have developed an in-built (inside the token smart contract) volume oracle that tracks every on-chain PERA tx and came up with a new sorting algorithm called “filter-and-sort”.
This underlying technology is used for the PERA token as a proof of concept but it’s code architecture can easily be customized for many purposes, including DEXes, derivative platforms or yield farming models that wants to incentivize volume creation for their purposes. That’s why we call it modular and scalable. Our trading competition services for other projects will use the same approach as well.
Andrew:
I may not be the smartest when it comes to smart contracts but hey, if former engineers and academia says it works it works haha
Eren:
Hahaha thanks!
Andrew:
7. I noticed a mention of DeFi 2.0, can you elaborate more on that?
Eren:
Sure!
As you know, liquidity providers need traders to earn fees and farm tokens. Although the best way to attract liquidity to a DeFi platform is to attract trading volume, traders have not been included in the farming space yet. DeFi platforms only reward liquidity providers by minting more and more tokens, so-called degen farming and it results with a fragmented and under-utilized DeFi liquidity.
So, incentivizing trading volume of the DeFi tokens are as important as distributing them to liquidity providers. DeFi space has lots of different mechanisms for the liquidity utilization but there is not an infrastructure to create volume-based applications.
As Pera Finance, we are here to include on-chain trading volume as a new building block to the DeFi ecosystem and our decentralized trading competition solutions is the first example of this approach.
We think that just as liquidity incentives were the beginning of DeFi, the inclusion of volume incentives to support DeFi liquidity will be the beginning of DeFi 2.0.
Andrew:
Yeah I see that problem where in yield farming today, you can accumulate all you want but because of such high emissions it is getting more difficult to actually make money
Eren:
Yes, that’s a common problem for most of the projects
Andrew:
8. How do you feel as though your project is contributing to the BSC ecosystem?
Eren:
We are not a fork of any other existing project on other major blockchains. That’s why, we will prove that BSC ecosystem has matured enough to become a development and innovation hub for the DeFi space since this is one of the main criticisms for the BSC space.
We think that our volume generation & farming features will prove that it is possible to develop more innovative farming methods and DeFi platforms on BSC’s gas-efficient environment rather than Ethereum.
As I explained above, Pera Finance is a decentralized trading competitions infrastructure. Thanks to our underlying technology, we will bring more volume, liquidity, and users to the BSC ecosystem.PERA is bringing Binance’s popular trading competition concept to the BSC. DEXes on the BSC will be the first to have an on-chain trading competition.
Andrew:
Yes I mean that is very exciting to hear, always love hearing about projects looking to innovate and bring new things to BSC
Eren:
Thanks, we hope to become a key element in the BSC ecosystem!
Andrew:
9. Can you tell me about your partners and how they have helped develop PERA?
Eren:
Pera Finance is incubated by Existential Capital and DaoMaker, one of the most established and respected launchpads in the crypto space. They have been helping us on all aspects for a long time. So, they are our main partners. We got connected through the crypto space thanks to them and got investments from respected and well-known names which you can see from our web site.
Since we are a trading protocol, forming partnerships with other projects to implement our solutions is quite important. That’s why we have been talking with lots of DeFi projects for ecosystem partnerships, especially launchpads to offer trading competitions for their new coming projects. We are also in talks with multiple farming protocols to offer different incentives for our liquidity providers.
We will announce all our ecosystem and farming partners after the Pancakeswap launch with a campaign called adoption week. Our underlying technology already attracts lots of attention from multiple projects and we are quite excited to announce all of them soon!
Andrew:
That is great, solid partnerships for a solid team
Eren:
Thanks!
Andrew:
Have you partnered with any projects on BSC yet?
Eren:
We have but we cannot disclose it yet!
Andrew:
Hahaha can’t reveal too much!
Eren::
Yeap!
Andrew:
10. Any exciting news you want to announce here today?
Eren:
Yes, we do! As you know, we want to integrate our trading solutions like decentralized trading competitions to DEXs & other DeFi projects and the Pera Trading Protocol is one of the major goals in our roadmap for 2021. As of today, we have completed the initial phase and alpha testing phase has begun.
Thanks to Pera Trading Protocol, every DEX or DeFi project will have their customized trading competition in a few months. In the meantime, people can experience PERA token to see how a fully decentralized and on-chain trading competition works because it is fully developed with its daily trading competition!
We will constantly keep our community updated as we progress. In order to survive in crypto space, you have to keep building and that’s what we do!
Andrew:
Very exciting news! Looking forward to seeing the alpha launch as well!
Eren:
Thanks!
Andrew:
So thank you for your answers and that concludes the first round of the AMA
Eren:
No problem, it was a pleasure
Andrew:
Oh Eren before I forget, please drop links to all of your social media so
everyone here can give them a follow 🙂
Eren:
Sure!
Website :
Discord :
Twitter :
Announcement Group:This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.
BSC NEWS is a private news network. All posts posted by this user belong 100% to bsc.news All rights are reserved to BSC NEWS for more information about BSC NEWS contact BSC NEWS HERE.
