From time to time, we publish questions and answers from our ongoing community AMA in our Discord #AMA Channel. Submit questions here and vote on ones you'd like to see answered in the discord. We will periodically publish the answers. Some have been taken from Telegram as we’ve gotten a good mix of questions.
1. Did VCs only invest in the PTF token or was it an equity deal, or a mixture?
So far only the PTF token has been sold. No equity investments have been made.
2. Do you have a roadmap or a schedule of your product or chain release?
You can read up on our roadmap to learn more about what’s coming next.
3. What are you guys bringing to the table that your competition isn't? I love the idea but I feel like most of your competitors have executed on it poorly in an attempt to be first to market.
A couple of factors we are improving on:
- User experience
- Multi-leg strategies.
4. Do we have a recording of the previous PowerTrade call?
Yes it’s right here: https://www.youtube.com/channel/UC9MF_XUJL14hcHq4NMMed_w/
Be sure to subscribe to get future calls!
5. Will PowerTrade be available in the US?
PowerTrade is not available in the US or to US persons.
6. What is coming on Q4 as said on the website? Is that your main crypto options beta website or MVP?
The PowerTrade mobile app for trading options set for Q4 2020. Expect to see it in December!
7. Is this the Robinhood of crypto?
In a sense! The aim is to enable crypto options trading for the masses with the best UX on a mobile-first app for retail traders as well as professionals. Like how Robinhood popularized stock market trading / investing by eliminating / significantly reducing the entry barriers.
9. On the Article https://power.trade/blog/powertrades-no-bullshit-commitment/
"What we need from you (Options traders, Options content creators, Growth marketers)." What's the best channel and best person to contact for these matters?
You can reach out to Tom @cryptom2 on Telegram or [email protected]
10. What happened to my staking rewards on GYSR?
The GYSR system enabled rewards multipliers for staking duration or for spending GYSR to increase the multiplier. Since the total amount of rewards was fixed, this enabled people to game the multiplier system by spending GYSR to get more rewards, reducing the amount of rewards for other stakers.
This dynamic was not a good experience for most of our stakers, so we have moved off GYSR and back to the normal staking system. Read more about the December staking program: https://power.trade/blog/ptf-staking-round-3/
11. I’m still confused, can someone tell why we should using PTF / Buy PTF ? Or do we need PTF for using the app?
Fuel token is a DeFi alternative to exchange insurance funds for the PowerTrade ecosystem. Check out our token paper https://power.trade/fuel-token/
12. How do I check for the best staking rewards?
You can check the PowerTrade Fuel staking page https://fuel.power.trade/stake for the current APR to see which one has better rewards. I suspect it will be the Balancer pool as most people are currently in Uniswap already.
13. Can you share the pool links for Balancer and Uniswap?
Uniswap Pool: https://app.uniswap.org/#/add/ETH/0xc57d533c50bc22247d49a368880fb49a1caa39f7
Balancer Pool: https://pools.balancer.exchange/#/pool/0x05f661a1bd2da5e59c8e06b92acdcde2706110e5/
Details here https://power.trade/blog/ptf-staking-round-3/
15. Could you please provide a step-by-step guide to the new staking. I'm not sure what to do. I currently have my coins staked on GYSR.
1. Click on (1) to make sure you're in the "unstake" tab
2. Click on the amount of PTF-Eth LP tokens you have staked, clicking on the total amount (2) will auto-populate the field with the total exact number
3. (If you have any GYSR) click on the amount of GYSR tokens you want to use (3), or enter a smaller number if you want to use less.
4. Click on the big "unstake" button at the bottom (4).
5. Look for the pop up window to appear, select your gas and confirm.
6. Stake the tokens at https://fuel.power.trade/stake
16. I noticed on the site your backers are founders from SNX and coingecko etc? Quite impressive
This one is a good starting point https://power.trade/blog/the-powertrade-vision/
17. I'm going to assume this is a non custodial service?
We are starting out custodial so we can have a fast time to market and maintain an excellent user experience. Will be going non-custodial as some of the tech we are looking at matures.
We are using sMPC tech for custody, which is more advanced as the private keys never leave the encrypted hardware enclave.
18. How do you differentiate from some of the other players in the space?
Much simpler design, easier to use, mobile first, lower minimums, full cross-portfolio margining.
19. I'm going to assume you will not allow US traders? Especially since your starting off as a custodial player. How will you achieve this? KYC? Or IP blocking?
It’s a mobile app so it won’t be in the US App Store, also IP blocking.
20. The "backers" on your website like Kain from Synthetix ... Has he invested in your private sale?
Everyone on the site purchased tokens, no “advisors”.
21. Talk to me a little more about your "MPC custodial service". I'm familiar with secure multiparty compute from Renvm and renBTC. Not so super familiar but I think it's close. Right?
Yep it’s the same tech. Basically there’s secure encrypted hardware from Intel called the SGX. You can run code and store data inside these “encrypted enclaves” no one can access the data even if they are holding the hardware.
22. When you do move to a non custodial service will you have people bonding like Ren? Or will customers custody their own funds?
Still to be determined, our plans there are still in R&D.
23. Sounds interesting. Are you guys familiar with hegic? Is that a service you see Powerade being like or very different?
Yep we are. Because of the way they work, the options there will always be very expensive. Because their AMM model is flawed and in order to keep the LPs safe they must raise the prices. They cost about 2x more than PowerTrade options would be right now, which cuts into your profits. They try to algorithmically price their options for the whole system instead of letting the market set the price.
24. Any plans to build any of your services on top of SNX?
None right now, but it’s possible that we could create options markets for synths if there was demand for that!
25. On 1inch it says ‘Previous Exchange Rates have expired. The rates have now updated. Etc’ What do i do?
It's normal if you have a low slippage set and there is a price movement. You can try again with higher slippage to avoid the error. I would try to contact them, they just released a new interface and it seems like there’s some minor bugs right now.
26. Nice article team, I like it 🦄 when Gr’oth Release will be announced? https://twitter.com/PowerTradeHQ/status/1327245033611792385
Yes, that would be after the Genesis Release tests are complete and we move to the 2nd stage of the app.If you have experience with options trading, whether in crypto or traditional markets and are interested in providing feedback during the beta, please complete this form to get priority access to the beta.
27. How does PTF differentiate itself from its competitors?
The market currently lacks a clear winner for a retail focused options product, and the complexity of professional options trading tools makes it difficult for retail traders to get up to speed with options trading. This leaves a large market opening for a UX and retail focused options product to gain traction.
All exchanges that offer options trading could be considered as competition. Retail focused options are a low competition offering poised for growth.
And that about wraps our latest Q&A series. If you have any questions you can join us in our Discord and ask in our #ama channel, else you may also join our Telegram group for more information through our admins. Look out for our next Community Call with Matt Dib release if you missed out!
Catch you soon Power Traders ⚡️