<\/p>\n\n\n\n
Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Port and our guest was @gabriel_wong. The AMA took place on 10 August.<\/p>\n\n\n\n
The\nAMA session was divided into 3 parts with a total crypto reward pool of 500$ <\/p>\n\n\n\n
In\nthis AMA Recap, we will try to summarise the most interesting points for you.<\/p>\n\n\n\n
Mary | Satoshi Club:<\/strong> Hello \nSatoshi Club! We are happy to announce our AMA session with Port! Welcome to Satoshi Club😀<\/p>\n\n\n\n Gold Rocket | Satoshi Club:<\/strong> Hello again, dear community!<\/p>\n\n\n\n Today our guest is\n@gabriel_wong<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nhello everyone! Nice to be here!<\/p>\n\n\n\n Hello and welcome to\nSatoshi Club, @gabriel_wong!<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> Hi, happy to see you here! How are you today?😀<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nI am pretty good today. Excited to share more about Port Finance!<\/p>\n\n\n\n Gold Rocket | Satoshi Club:<\/strong> Nice Ava btw😁<\/p>\n\n\n\n So let’s start 🚀<\/p>\n\n\n\n Introduce yourself\nplease. How did you get to be involved in crypto & Port?<\/p>\n\n\n\n Tell us please about\nyour position in Port?<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nHey there! I am Port Finance’s Captain. I have previously worked at global tech\ncompanies such as Google. I have also contributed to the Ethereum DeFi and\nSolana Defi ecosystems before.<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>Nice background! How did you get involved into\ncrypto?<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nI got into crypto since 2017 from trading. Later on started to contributed to\nopen source crypto projects. In the beginning of this year we feel that the\ntime is ready for us to actually build something in this space. 😎<\/p>\n\n\n\n Gold Rocket | Satoshi Club:<\/strong> What is the essence, main Idea of Port?<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> Gold year😀<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nWe hope that Port can be the safe harbour for all liquidity.😊<\/p>\n\n\n\n Gold Rocket | Satoshi Club:<\/strong> so you are an experienced sea captain😁<\/p>\n\n\n\n How long does it take\nto develop a project? What plans do you have for the future?<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> How big is your team? How many team members do you\nhave?<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nWe start writing our first line of code from April this year. And then we\nrelease our dev net version 2 months ago, mainnet version 1 month ago while\nalso completed our fund raising at the mean time.<\/p>\n\n\n\n Going forward we have\nsome exciting plans:<\/p>\n\n\n\n – Start liquidity\nmining in August 2021<\/p>\n\n\n\n – Implement Leveraged\nTrading using Serum orderbook in September 2021<\/p>\n\n\n\n – Start working on\nFixed interest rate borrowing and lending in October 2021<\/p>\n\n\n\n – Polish existing UI\nand UX while integrating with other projects<\/p>\n\n\n\n We have 4 people in the\ncore team all coming from technical background and previously worked at large\nglobal companies such as Google, Facebook, Microsoft and also top tier trading\nfirms. We met each other in London. whilst studying Computer Science at\nImperial College. We have followed the Ethereum DeFi scene quite closely. Now,\nwe feel it is an opportune time to build on Solana, where we can fill in some\nof the missing pieces in its early, burgeoning ecosystem.<\/p>\n\n\n\n Gold Rocket | Satoshi Club:<\/strong> You started at a great time. Great action plan! 👌<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> Is your team public or anonymous?<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nWorking hard to serve our user!<\/p>\n\n\n\n The team is anonymous\nat the moment. 🙂<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> Gotcha 😀<\/p>\n\n\n\n Gold Rocket | Satoshi Club:<\/strong> Thanks for great introduction, we will have several\nquestions selected for the Part 1. Ready to start?<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nSure!<\/p>\n\n\n\n Let’s go!<\/p>\n\n\n\n Q1 from Telegram User @Highpee<\/em><\/strong><\/p>\n\n\n\n Port Finance is a Money Market Protocol based on\nSolana and you intend to provide users with Variable Rate Lending, Fixed Rate\nSwap and Interest Rate Swap. Can you explain the ideas behind these three-steps\nconcept approach and how they are carried out? How do you provide a Variable\nRate and Fixed Rate lending at the same? How is your variable interest rate\ntied to deposited token utilisation rate thereby allowing you to incentive more\ndeposits? And how do these approach allow you to offer an attractive financial\nproducts that can better the ones provided by Aave, Compound or cream finance?<\/strong><\/p>\n\n\n\n Gabriel Wong:<\/strong>\n There are many question in Q1 here, I\nwill respond to it one by one for clarity.<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> Sure, take your time!<\/p>\n\n\n\n Gold Rocket | Satoshi Club:<\/strong> Feel free😊<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nCan you explain the ideas behind these\nthree-steps concept approach and how they are carried out? <\/em><\/p>\n\n\n\n We hope to provide the\nproduct to the user in ascending order of sophistication. <\/p>\n\n\n\n The variable rate\nproduct is the most widely use product where depositor just deposit fund and\nearn yield, we hope to roll out this product first to serve the widest\naudience. <\/p>\n\n\n\n And then for the fixed\nrate lending product, it is more complicated where user need to decide on a\ninterest rate that they are willing to pay and depends on the market rate they\nmight not be able to borrow at that particular rate.<\/p>\n\n\n\n Going forward, we hope\nto implement interest rate swap which will be the most complicated.<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nHow do you provide a Variable Rate and\nFixed Rate lending at the same?<\/em><\/p>\n\n\n\n We will allow the user\nto choose between fixed rate and variable rate in our protocol once fixed rate\nis live.<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> When do you plan fixed rate to go live?<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nHow is your variable interest rate tied to deposited token utilisation rate\nthereby allowing you to incentive <\/p>\n\n\n\n more deposits?<\/p>\n\n\n\n The interest rate curve\nis designed such that when the utilization is close to 100% the rate increased\ndrastically. Recently in our platform, we have seen several times that the USDC\ndeposit APY reaches over 30% +, sometimes as high as 50%+, this incentivize\ndepositor to come and earn yield rather quickly. Depending on the asset, more\nvolatile asset will also have a more aggressive parameters.<\/p>\n\n\n\n We plan to launch fixed\nrate lending via Serum orderbook by end of this year.<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> Awesome APY👍 for sure it will incentive<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nAnd how do these approach allow you to offer an attractive financial products\nthat can better the ones provided by Aave, Compound or cream finance?<\/p>\n\n\n\n Our first variable rate\nlending product is currently live on mainnet. Compared to Ethereum product such\nas Aave and Compound, we have many different innovations:<\/p>\n\n\n\n – more aggressive\nparameters for Loan to Value Ratio and also liquidation threshold<\/p>\n\n\n\n – for each user, we\nalso plan to introduced the concept of subaccount where each wallet is allowed\nto divide the risk into different sub-accounts so even if one subaccount is\nliquidated, not all assets are lost for given users.<\/p>\n\n\n\n – we plan to integrate\ndirectly with Serum to achieve leveraged trading<\/p>\n\n\n\n Gold Rocket | Satoshi Club:<\/strong> great answer😁<\/p>\n\n\n\n Q2 from Telegram User @Asela1112<\/em><\/strong><\/p>\n\n\n\n Currently Port Finance has been associated with lot\nof mega crypto platforms such as RAYDIUM, Solanium, MERCURIAL FINANCE etc..what\nare the future goals\/plans, that you hope to launch with these partners? How\ndid they help you in order to grow from ground level to current stage? Will you\ndo more airdrops & giveaways for them in future? Will there be more\npartnerships in Port Finance partner\u2019s list on your website soon?<\/strong><\/p>\n\n\n\n Gabriel Wong:<\/strong>\n– Solanium has been our IDO platform and has been a great partner for the\nlaunch. We leveraged the huge (close to 200k) community for bootstrapping our\nuser base. Their community also makes up the over 50k community that we have\nnow. <\/p>\n\n\n\n – With Raydium we\nlisted there yesterday where you can now trade. <\/p>\n\n\n\n – With Mercurial\nfinance, we have been discussing integration<\/p>\n\n\n\n – We will definitely\ndiscuss further exciting community activities with them and also other Solana\nprojects – stay tuned!<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> Btw, how trading is going?😀<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nWe’re mainly focusing on building out the product and grow the community at\nthis stage. 😁<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> I like this direction of your thoughts 😀<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nthanks!<\/p>\n\n\n\n Gold Rocket | Satoshi Club:<\/strong> by the way, share your roadmap with us.. you\nalready said a bit in the intro …<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nHere is a brief road map:<\/p>\n\n\n\n – Liquidity mining in\nAugust 2021<\/p>\n\n\n\n – Leveraged Trading\nusing Serum orderbook in September 2021<\/p>\n\n\n\n – Start working on\nFixed interest rate borrowing and lending in October 2021<\/p>\n\n\n\n – Polish existing UI\nand UX while integrating with other projects<\/p>\n\n\n\n Gold Rocket | Satoshi Club:<\/strong> Thanks for your answers and sharing ☺️<\/p>\n\n\n\n Ready to proceed to the\nnext question?😊<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nyep<\/p>\n\n\n\n Q3 from Telegram User @KhaleesiTheCryptoLady<\/em><\/strong><\/p>\n\n\n\n I read in your medium that major step in the Q3 PORT\nRoadmap has been the migration of mainnet application to prepare supporting\nmore assets, which is already completed. So, what are the major changes you\nmade compared from the old version? What will happen if users remain to use the\nold version? Is it necessary to withdraw funds from the initial launch\napplication and redeposit them into the new application?<\/strong><\/p>\n\n\n\n Gabriel Wong:<\/strong>\nTo support more assets going forward, we deploy a new version of the on-chain\nprogram. So we asked our user to migrate from our previous version to our\ncurrent version. It will be great if all user can migrate from the old version\nto the new version since there won’t be much borrowing happen there and we\nintend to deprecate it once all user fund has been removed.<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nDone!<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> How many new assets did you add to new version? Was\nit the only one thing that changed?<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nCurrently we have added: USDC, USDT, PAI, SOL, SRM. We plan to keep adding new\nasset going forward! Deploying a new version allow us to improve the internals\nto allow for the change. 😎<\/p>\n\n\n\n Q4 from Telegram User @Deaddynot<\/em><\/strong><\/p>\n\n\n\n Hello, Port team! Talking about your governance\nmodule which will be implemented in September 2021 i couldn\u2019t find more details\nabout this. Could you tell us how this module will work? What proposals will be\nsubjects of governance and what requirements you have to members to become\ninvolved in this system?<\/strong><\/p>\n\n\n\n Gabriel Wong:<\/strong>\nWe will be disclosing the details of this shortly. The proposals that will be\nsubject to governance include things like what assets to list, the risk\nparameters for various assets. Members will need to be holding a specified\nnumber of tokens to take part in governance.<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> Gotcha! We will wait for the updates on governance\nmodule 😀<\/p>\n\n\n\n I also want to ask you\nabout security of your platform<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nsure<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> What about it? Did you pass any audits?<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nYes we do. We have successfully passed the audit done by Bramah System. And we\nare also going through a second audit.<\/p>\n\n\n\n Thanks for your answers<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> Oh, that’s nice😀 security should be\npriority in the light of recent Poly hack<\/p>\n\n\n\n Thank you for your\nanswers, Gabriel!<\/p>\n\n\n\n Ready to go to the next\nquestion?<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nYep. We take this extremely seriously. We are also working with LIQ protocol to\nensure speedy liquidation as well. There is also extremely extensive testing\nbefore we deploy.<\/p>\n\n\n\n yep<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> Awesome 👍<\/p>\n\n\n\n Q5 from Telegram User @yellowchamp<\/em><\/strong><\/p>\n\n\n\n I read in your document that Port Finance has a Bug\nBounty Program,in which participants can earn rewards up to $100,000 USD.\nSo,can you explain more about the mechanics and structure of your Bug Bounty\nProgram? Can anyone even without skills in finding bug can participate in this\nprogram? Why does the rewards is so high? Does it not cost much for your\nplatform for this reward? Is this Bug Bounty Program still ongoing event in\nyour platform? Thank you<\/strong><\/p>\n\n\n\n Gabriel Wong:<\/strong>\nYes. Bug bounty is a long-running event to encourage white hat hacker to find\nand also report security vulnerabilities directly to us to increase the overall\nsafety of the protocol. Anybody can report issue and we will take every report\nvery seriously.<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> Btw, did anyone already find some bugs?😀<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nNot any critical ones. Mostly just UI improvements. We have a Github repo open\nfor all the issue that has been reported:\nhttps:\/\/github.com\/port-finance\/bug-bounty<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> Perfect 👏<\/p>\n\n\n\n Gold Rocket | Satoshi Club:<\/strong> Tell us please about your tokenomics btw<\/p>\n\n\n\n Sure!<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nHere is a break down of tokenomics<\/p>\n\n\n\n Total Supply: 100\nmillion.<\/p>\n\n\n\n \u2022 Ecosystem: 33%.<\/p>\n\n\n\n \u2022 Liquidity Incentives:\n31%.<\/p>\n\n\n\n \u2022 Team: 20% .<\/p>\n\n\n\n \u2022 Fund raising: 10%<\/p>\n\n\n\n \u2022 Initial Liquidity:\n4%.<\/p>\n\n\n\n \u2022 Advisors: 2%.<\/p>\n\n\n\n Gold Rocket | Satoshi Club:<\/strong> Great thanks 👌<\/p>\n\n\n\n Ready to proceed to the\nlast question of this part?😊<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nSure!<\/p>\n\n\n\n Q6 from Telegram User @JaviSuBs™<\/em><\/strong><\/p>\n\n\n\n Greetings, tell us a bit about Port Finance, how a\nproject without liquidity protocol works, how Port can combine fixed income\nproducts that include variable rate loans, fixed rate loans and interest rate\nswaps. ?<\/strong><\/p>\n\n\n\n Explain to us about the strategies that Port Finance\nintends to use to meet these objectives.<\/strong><\/p>\n\n\n\n Gabriel Wong:<\/strong>\nWe plan to doing different phases. The current focus is on the variable rate\nlending, then fixed rate lending and finally interest rate swap! We are working\nvery hard and take a product-oriented approach.<\/p>\n\n\n\n We are taking a very\nproduct-oriented approach where we launched the product first and kept\niterating based on user feedback. The current user interface is already our\nthird iteration of the UI. We’re working tirelessly on a new version to support\nliquidity mining in August.<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> What about cross chain solutions? Do you plan them?<\/p>\n\n\n\n Gabriel Wong:<\/strong>\nYeah, we plan to support asset coming from Wormhole bridge.<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong> Gotcha 👍<\/p>\n\n\n\n So… Now we’re close\nto the most exciting part of our AMA 😀<\/p>\n\n\n\n Live part🚀<\/p>\n\n\n\n Q1 from telegram username @highpee<\/em><\/strong><\/p>\n\n\n\n Hello Port Finance 🙋♂️🙋♂️<\/strong><\/p>\n\n\n\n You said you will introduce the concept of\nSUB-ACCOUNT which users can use to limit complete liquidation risk. How will a\nsingle wallet be used as multiple sub-accounts? How can this help to prevent\ncomplete liquidation of collateral? <\/strong><\/p>\n\n\n\n @gabriel_wong<\/strong><\/p>\n\n\n\n Gabriel Wong:<\/strong>\nEach wallet could have numerous sub account, they collateral and loan are\nseparate for each. So even one sub account gets liquidated, it will not affect\nyour other account.<\/p>\n\n\n\n Q2 from telegram username @Asela1112<\/em><\/strong><\/p>\n\n\n\n Tell me 3 reasons, why to prefer Your over other\ncompetitors. What are those features, which makes you unique, from your\ncompetition?<\/strong><\/p>\n\n\n\n thank you.<\/strong><\/p>\n\n\n\n Hello 🙋♂️<\/strong><\/p>\n\n\n\n @gabriel_wong <\/strong><\/p>\n\n\n\n Port Finance have integrated flash loan feature.\nusers can use it for Trading arbitrages, Collateral swaps & self\nliquidation & can be gained a huge profit. What is the maximum amount, you\nare capable to offer in the form of flash loan? Can you tell us the interest,\nthat you incure back?<\/strong><\/p>\n\n\n\n Gabriel Wong:<\/strong>\nFor flash loan you can borrow up to 100% of the available liquidity that is\nstill in the pool. And there will be a fee charged for flash loan as a\npercentage of the total borrow amount.<\/p>\n\n\n\n Q3 from telegram username @kkkkmmlo <\/em><\/strong><\/p>\n\n\n\n Do the token holders have right to the participate\nin the governance of the project? On what kind of decisions can they vote on\nabout the project?<\/strong><\/p>\n\n\n\n Gabriel Wong:<\/strong>\nYeah. Governance is able to decide what assets to list, the risk parameters\nrequired for for each assets for example. Members will need to be holding a\nspecified number of tokens to take part in this<\/p>\n\n\n\n Q4 from telegram username @BJosefina61<\/em><\/strong><\/p>\n\n\n\n Can you talk about your settlement ranges and\ninterest rate determination? is it similar to Aave and Compound or something\nalso some new features?<\/strong><\/p>\n\n\n\nPart\n2 \u2014 live questions from the Telegram community<\/strong><\/h2>\n\n\n\n