LBank AMA Recap with PLUGNET

PL^Gnet — Multi-chain Synthetic Asset Network, Liquidity Mining Opens a New Journey

1、 首先请Jerry Yuan先简单介绍一下自己以及PL^Gnet这个项目。

Firstly, Could you please briefly introduce yourself and the PL^Gnet to the community users?

Hi there my name is Jerry I am a co-founder of PLGet and I have been in crypto for 5 years now since I co-founded Centrality. I am originally from China but I have lived in NZ for more than 10 years now.

PL^Gnet allows you to use DeFi from your existing exchange account. Your crypto stays safe in their vault but you get a copy of that token to use in the PL^Gnet DeFi network.

PL^Gnet links up lots of exchanges and custody providers so there is more liquidity and so any asset they list can all be on the PL^Gnet network.

With little technical terms, PL^Gnet Multi-Chain Synthetic Assets Network: A network to enable asset custodians to leverage any asset from any network in its synthetic form in DeFi.

PL^Gnet enables creation of synthetic assets from multiple chains, which can leverage DeFi in one network, using a simple UX from your existing trusted provider.

2、 社区很多人都对PL^Gnet强大的背景感兴趣,请为我们介绍下PL^Gnet的团队以及团队创立PL^Gnet的初衷是什么?

Our community users are really interested in PL^Gnet’s background, could please introduce more about the PL^Gnet team and what was the initial reason for creating PL^Gnet? (If asked, can ignore)

PL^Gnet was first conceived in 2018 with the idea that as blockchains developed we would need to have a way to connect them all. We were very aware that the time that both regulation and user experience would become important parts of enabling adoption of blockchain assets and protocols.

We soon discovered that providing both a good and safe user experience as well as enabling better compliance would require some different thinking about the architecture of cross chain interactions. Many of the projects were focused on enabling “atomic” network transactions which have a place but are very difficult to scale, to provide safety for users and to remain a good user experience.

So PLUGnet focused on developing a new model for enabling assets from any network to exist in the same network and be leveraged by defi protocols on the network. At the same time providing an easy onboarding experience for users and a safer space for traditional companies to enter DeFi by providing new compliance tools for them in the network.

This vision focused on harnessing the key attributes of blockchain technology in a practical way: to improve the user experience and introduce new efficiencies. It was an honest look beyond the hype and rhetoric to the features that could make a difference to everyday users.

Our team has been involved in blockchain now for more than 5 years and has allot of experience in both developing blockchain technology as well as growing an ecosystem of applications. Our Founders and Advisors are all very deep in the DeFi community.

3、 近期有关注到PL^Gnet和多家不同机构达成合作,目前PL^Gnet已于哪些机构达成了合作?未来的合作拓展计划是怎样的?

Recently, we have noticed that PL^Gnet has cooperated with many different organizations, which organizations has PL^Gnet cooperated so far? Can you share some plans for future expansion?

Well over 10 partners have joined the PL^Gnet Partner , including exchanges, wallets, liquidity providers, fund managers and good Defi projects etc.

The PLGet Partner Alliance is a group of providers who can work together to help bring users, liquidity, capital and protocols to the PLUGnet network. We are focused on enabling the next tranche of DeFi adoption with our “Blended Defi” approach which helps connect new players and new users.

So far, we have announced LBank, MEXC, BKEX, Moonstake, GSR, Pinknode, Bridge Mutual and 4RC. They are come from different sections of the industry and together cover all the bases needed to provide an excellent end to end user experience on PL^Gnet.

We are announcing new partners every week and we are signing up new partners all the time so please stay tuned to our channels to find out who is next!

4、 PL^Gnet是建立在Substrate上的,那是否意味着未来PL^Gnet可能会参与到波卡的平行链插槽竞拍?

We found that PL^Gnet was built on Substrate, does that mean that PL^Gnet will participate in the slot auctions of Polkadot in the future?

Yes PL^GNet uses the Substrate Framework with some special additional features developed by us to allow safer more compliant access to DeFi. It’s possible our community might choose to participate in a parachain auction in the future however it’s important to keep in mind that PLUGnet won’t need to be a parachain in order to allow any asset from any network to exist as a synthetic on PLUGnet. We can achieve this through our partnerships with exchanges like LBank using Synthetic assets providing most of the benefits of cross chain interactions with much less complexity.

5、 合成资产协议通常要求很高的抵押率,这会导致资产利用率较低,PL^Gnet有没有针对这个问题提出解决方法?

Synthetic asset agreements often require high collateral ratios, which will lead to low asset utilization. Does PL^Gnet have some solutions for this problem?

Yes, we definitely do, because PL^Gnet synths are based on actual underlying assets stored in your exchange our collateral ratio is always 1:1. Making using synthetics much easier for more people.

6、PL^Gnet是如何确保pTOKEN合成资产与实际保管的资产一致,在这方面做了哪些努力?

How does PL^Gnet ensure that pTOKEN synthetic assets are consistent with the assets actually in its custody, and what efforts are being made in this aspect?

That is a great question. Our approach is to provide a range of tools which the different partners can use to provide proofs to the market starting with Exchange Self Attestations through to ChainLink proof of reserve oracles and then direct network to network vault contracts. Each partner and each user can decide the level of trust they place in each asset and developers and traders can choose which ones they want their apps to use.

On top of this we will have a network safety module which helps provide a backstop for funds where something goes wrong.

7. 目前市场对合成资产的热情正在升温,市面上多链合成资产产品不在少数,那么PL^Gnet相比有何突出优势能够抢占市场呢?

The market is currently heating up for synthetic assets, and there are few multi-chain synthetic asset products on the market, so What is the unique or the core competitive feature of PL^Gnet that can capture the market?

We think one of the best things about PLUGnet is our approach to leveraging our Partners like LBank who already have significant infrastructure connecting to many networks already. This enables us to quickly onboard any asset that is already listed on the exchange as a synthetic as well as allow the exchanges users to onboard without creating new wallets. PLUGnet will have more assets faster than any other network and more users access to DeFi in a simpler way.

8、PLUG作为PL^Gnet的原生资产,在生态系统中有哪些作用?

What is the role of PLUG in the ecosystem as a native asset of PL^Gnet?

PL^G is currently an ERC-20 token. It will be migrated to the PL^Gnet as a native PL^G Token in line with the roadmap.

PL^Gnet is powered by the PL^G Token. The PL^G Token fills multiple uses in the network economy.

Proof of Stake

• PL^G is the native asset used to stake and secure PL^Gnet consensus.

Governance

• PL^G is used to make decisions on network Governance such as admitting new partners, admitting new DeFi protocols, changes to network Fees etc.

Collateral

• PL^G is used as a safety deposit for pTOKENS (synthetic assets).

Gas Fees and Block Reward

• Fees are paid in the exchanges native token (multiple tokens are able to be supported) This way the user already has GAS once they have onboarded.

• Block rewards are a basket of the GAS paid.

• PL^G will be the default token for those who do not have an exchange token.

9、总结来看PLUG的功能还是非常强大的,您前面介绍到将会有10%的PLUG代币被用于流动性挖矿,那么流动性挖矿何时开启,用户如何参与,有没有相关教程?

In summary, PLUG is still very powerful. You mentioned earlier that 10% of PLUG tokens will be used for liquidity mining, when does liquidity mining start, how do users participate and is there any instruction?

We received the results of our Smart Contract Audit on the Liquidity Mining contracts from world leading audit firm “Hacken” the full results will be released shortly but we received a “very secured” grade from them.

This means we will launch liquidity mining for PL^G very soon.

We have Medium post (Getting Rewarded for PL^G Tokens — Part 1: Adding Liquidity) to guide you through the process.

10、最后可以透漏下,现阶段PL^Gnet的工作重心是怎样的?以及PL^Gnet的长期愿景是什么?

Finally, can you tell us what are you currently focus on? And what is the long-term vision of PL^Gnet?

Our focus right now is to launch liquidity mining, grow our community and get the PL^Gnet TestNet running. After that we will continue to grow the PL^Gnet Partner Alliance and Launch the PL^Gnet Mainnet.

Our long-term goal is to be the easiest safest place to do DeFi with the highest number of assets and most liquidity.

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