AMA Recap: TheCryptoBlade x Pegasys
Host: 1. First of all please introduce yourself, and share some information about your team, How big is your team right now?
Please write “done” once you complete your answer!
Thom: I’m Thom, a full-time blockchain engineer for 3 years now, my background before crypto is in finance with experience in traditional markets and quantitative analysis.
Our core dev team from Pegasys is coming from Pollum.io, a blockchain software studio focused on DeFi. We have multiple talented Web3/SC Engineers behind the project as maintainers, but Pegasys is open-source so anyone can also help build the protocol.
Syscoin is probably Pollum’s big partner in the blockchain world and we stuck together ever since due to our tech alignment and because they’re all good folks as well haha
Nathan: My name is Nathan, I am a business development with Syscoin and have been with the project since 2017.
We have a core group that has been with the foundation since the start, roughly 10 people, and another 20 or so who do everything from legal to marketing.
Host: 2. Can you please provide some information about the “Pegasys” project and how do you plan to make a change in the DeFi ecosystem?
Thom: Pegasys is the basic infrastructure for DeFi inside Syscoin. You can think of Uniswap, QuickSwap, or Pangolin, but with our own twist and adaptations to fit the Syscoin vision a little better
On Pegasys you’ll be able to swap tokens, add liquidity and earn fees, farm LP tokens to earn our governance token PSYS and also stake PSYS to also earn and unlock utility such as whitelist in IDOs, fee rebates, and future much more!
Since we’re the earliest mover in the ecosystem, our change in the ecosystem is very structural and there are many plans in place to pave the way for other protocols to join/port over to Syscoin in a seamless and robust way. That includes bootstrap smart contracts, SDKs, key partnerships, and also DeFi/DAO lego blocks such as a multi-sig platform.
Host: 3. Please introduce the $PSYS token economic system, and what are the utilities of your token?
Thom: Similar to UNI, PNG, or QUICK, PSYS is Pegasys’ governance token, with the ultimate goal of being a “shareholder” of the protocol and deciding on how it’s going to be developed. This includes new features, tweaking incentives, deciding how the treasury is going to be used, and many other use cases. PSYS will also have embedded utility such as being part of the IDOs we’ll host, providing even more value for PSYS holders.
One thing to note is that SUSHI, PNG, and QUICK tokens are actually bugged and do not really work with on-chain governance, so they have to resort to off-chain governance services such as snapshot.org, while PSYS governance works great right off the bat.
Host: 4. Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
Thom: Currently, we’ve already developed, deployed, and tested the whole protocol on Testnet (dex, farms & governance) and we have a public demo up on https://testnet.pegasys.finance
We’re going to be gradually rolling out the features on Mainnet. We’re releasing the DEX this month still (stay tuned in to our Twitter to know when) and be sure to use Pegasys in this first Mainnet stage to be part of the Airdrop. Then we’re going to be putting out the Farm portions of Pegasys as well as new partner tokens incentives, very likely February or even the end of January. For the governance portion of it, we’ll wait a couple more months so the PSYS token is more fairly distributed and people can join in on proposals and votes.
Host: 5. So, How important is the community to your project? and How can we collaborate or help share the developments of the project?
Thom: The PSYS token is the first one on Syscoin with on-chain governance functionalities, so that’s basically paving the way for Pegasys to become the first DAO on Syscoin. With that in mind, the community is one of the most important aspects of the project, as it’s you guys that will drive the protocol forward by voting on where you believe Pegasys should be beheaded.
But for a decent governance process to take place it’s necessary to have good token distribution, so the best way a community can help out the protocol is by being an early adopter (and consequently earning a good chunk of PSYS) and then being active on proposals and votes that take place in the future. We also reward users for being mods in our social media, content creators, and overall opinion makers
TWITTER QUESTIONS :
6. Pegasys can be a gateway from other EVMs to Syscoin NEVM, so it is very important to be competitive outside of Syscoin as well. What are the competitive characteristics of Pegasys? How is it different from similar platforms?
Question by Lopyou54804819
Thom: First of all, we’re enforcing the ERC2612 standard across the DEX for more agility on actions, as well as providing good Farm incentives (something Uniswap didn’t do that much in the past). We also have plans to integrate ZK-rollups for near-instant transactions at negligible fees
Then, we’re taking a product development mentality to the rest of the protocol. We’re going to have a launchpad integrated into the DEX, a multisig dashboard so DAOs can flourish on Syscoin, and maybe even a lending protocol sometime in the future
7. Pegasys has a big difference and that is that it was developed on the Syscoin, can you tell us how it compares pros and cons with other AMM’s on the Ethereum or BSC Network and why you chose Syscoin and not any other chain in the first place? How did Syscoin help develop Pegasys?
Question by Lighthouse2806
Thom: The great differentials of developing an AMM on Syscoin instead of other blockchains are given by the technology’s potential to solve the limitations of other blockchains. First of all Syscoin NEVM is a 100% compatible EVM that can support any Ethereum smart contract. What sets it apart is its design is ideal for Rollups. It achieves finality much faster than Ethereum 2.0 will be able to, and it remains PoW. Not just any PoW, but the most secure, based on Bitcoin merged-mining (which is green), and using Nakamoto consensus. Syscoin has solved problems that Ethereum 2.0 tries to solve by compromising and switching to PoS, yet does it while keeping the most proven security available, Bitcoin-style PoW
our biggest and most important Pegasys’ partnership is Syscoin Foundation and we’ve worked very closely with them to make Pegasys possible, but the Pegasys team is distinct and separate from Syscoin. Pegasys and Syscoin are kind of like Uniswap and Ethereum
8. What unique challenges does #Syscoin have? How do you overcome those challenges? What are the main advantages of #Syscoin?
Question by _FutureClub_
Nathan: Great questions. The first point I think unique to Syscoin is that we are an old ecosystem, pre-Ethereum, that has made a few pivots over the years and that has left us with a somewhat confusing brand image. Many people remember us a decentralized marketplace when todays Syscoin essentially is a bleeding edge chain that has cleverly solved the trillemma through BTC PoW merge mining and adoption of zero-knowledge rollup focused modular architecture.
2nd point. Syscoin’s NEVM smart contract layer went live about 40 days ago and key pieces of our infrastructure are going live. We have a brilliantly designed AMM/Dex in the form of Pegasys, flash loans, other apps that are strictly DEX, oracles, DAOs, ohm forks with world class innovations, nft marketplaces, bridges, and more partnerships forming than we can reveal at this time. Essentially, Sys will provide a superior user experience with ultra low gas fees, these protocols and users essentially flow from chain to chain over time looking for the best experience at the lowest cost and once you use Syscoin you won’t leave.
3rd point. The main advantage of syscoin lies in the thesis that with zero knowledge rollups coming out for the first time blockchain has economy of scale. Meaning that you can bundle many transactions into a single hash, and the more tx you bundle the cheaper the proof becomes. In this world all proof of stake chains become a rollup to ethereum. This also means that most of these chains are proof of stake them selves. And because Sys is evm compatible while receiving the proof of work from bitcoin, it provides a level of security and decentralization you can’t get with any other chain. We currently have 20% of the overall BTC hash rate on our UTXO layer, and our EVM layer was designed from the ground up for zero knowledge rollups, so once the different iterations start hitting the market we’ll plug in and be the fastest most scalable and gas efficient option you can choose while sacrificing zero security or decentralization.
LIVE AMA QUESTIONS :
Q1. Token burn is important to increase value and price a token? do u have buy back or maybe burn system and how does it work?
Question by s_m_s_kore_na
Nathan: Syscoin has a form of EIP-1559 so that fees are burned, with enough use Sys can become deflationary
Q2. What was your motive behind making your project?
Question by Mehide_Hasan
Nathan: A deep love and passion of cryptocurrency and blockchain
Q3. Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
Question by sal01122
Nathan: With 100k Sys you can form a master node which then allows you to form proposals on the on chain governance layer
Q4. Security is the most important thing to consider when wanting to start a project, how safe is project for users and Investors?
Question by TrnTrun19211761
Nathan: We have undergone 3 audits by some of the most respected companies in the scene, in addition our lead dev Jagdeep Sidhu had 20 years previous programming experience in tech before finding his love of blockchain
Host: Thank you so much for the very detailed answers!
AMA is concluded