AMA Recap: CryptoFamily x PolkaBridge
On May 24th 2021, our community had a chance to welcome Mr.Cyclese — Co-Founder of PolkaBridge to join in an AMA to give fruitful information about the key features and roadmap of PolkaBridge — is the First Decentralized Bridge between Polkadot platform and other chains. Powered by #Polkadot.
This AMA was held by CryptoFamily Group — the top crypto community in Vietnam, where investors and traders can obtain the lastest news and signals from bot/admins, as well as discuss and share investment experiences in the crypto space.
At this AMA, Mr.Cyclese directly greeted the community and provided detailed information on PolkaBridge as well as some key products and future plans.
Time: 09:00 PM (UTC + 7) on Monday, May 24th, 2021
Airdrop 200 USDT for the best questions in the AMA.
Question for Part 1- Project overview
Question 1: Firstly, can you give me a brief introduction about your team and PolkaBridge? What are the occasions that lead you to the blockchain industry and this project?
Cyclese: I’m Cyclese, from Singapore. I graduated from NUS with a fee bachelor’s degree in computer science.
I’m CEO & Co-Founder of PolkaBridge. Before I created PolkaBridge, I was a web and mobile developer with 5 years of experience in a blockchain company.I participated in investing cryptocurrency market in 2017, so I have so much experience in cryptocurrency investment.
Zeph and I are two co-founders of PolkaBridge. There are also other members of the team of developers, marketing and community managers. I have been in the market since 2017 and have a lot of experience in the investment field and have many relationships. I also have more than 5 years of experience in blockchain and smart contract programming. In 2020, I noticed the Defi trend was booming and I decided to start PolkaBridge, to enter this technology field.
I want to contribute a part of my efforts to the PolkaDot ecosystem in particular and the blockchain in general.
PolkaBridge is a decentralized all-in-one financial application platform. The PolkaBridge ecosystem is expected to include cross-chain AMM, Farming, Lending, Fundraising platform (Launchpad), Prediction, NFT, and more. All products will be developed with Polkadot in center.
With PolkaBridge, you can swap tokens on DOT platform to tokens on other chains and vice versa. Users will be able to earn by adding liquidity, lending, farming and more other ways simply.
Question 2: Please share a few major milestones of PolkaBridge during its development process.
Cyclese: In Q1, we completed 100% of our goal. Our major achievement: Listed on PolkaProject, Listed on tier-2 exchange (Gate, MXC), Launched Deflationary Farming ( https://farm.polkabridge.org /)…
You can read our report at https://polkabridge.medium.com/polkabridges-report-q1-2021-72226f0cb99
In Q2, we launched Launchpad Platform and help Beyond do IDO with sold out in 30 second.
You can see our Launchpad platform at https://launchpad.polkabridge.org/
The next step is we will launch staking PBR program on this month and run test net on MoonBeam. Of course, we will find many potential projects and conduct IDO on our Launchpad, bring value for investors and our community
The main focus in the remaining time is develop Multichain DEX and Cross-Chain DEX. It’s PolkaBrideg feature
Question 3: Could you share with us your plan to expand locally as well as globally.
Cyclese: PolkaBridge currently has great support from the global user community. Most of PolkaBridge’s users are from Europe, North America, China, India, Nigeria and other Asian countries. The key to the success of the project is still the product. In the near future, we will focus on launching PolkaBridge’s main product, the DEX on PolkaDot. In addition, the marketing plan is also very important. To expand the market and introduce project to more people , we will regularly attend AMAs, meetings, online and offline events…
In the near future we also carry out advertising campaigns through KOLs, airdrop, giveaways campaign.
Questions for Part 2 — Pre-collected questions from Twitter:
Question 1: I think PolkaBrigde is a potential project powered by Pokadot. Can you share more about the mechanism of A cutting-edge AMM? As we know, current AMMs have certain limitations, how does PolkaBrigde solve that problem? @Aberzika
Cyclese: The biggest problem with most DEXs today is slippage and transaction fees. We will try to find solutions to overcome these problems, one of the solutions is using Oracle, from ChainLink or Kylin. PolkaBridge’s mission is still a cross-chain DEX, allowing users to swap tokens from other blockchains with PolkaDot and vice versa.
PolkaBridge uses Moonbeam’s solution (parachains on Polkadot), allowing smart contract to run on Polkadot. That means that PolkaBridge will use 2 smart contracts at the same time to swap, one on Polkadot platform, the other one on other corresponding blockchain platform.
Example for swapping from ETH (on Ethereum) to DOT (on Polkadot):
- On UI, user will find one pool called ‘ETH-DOT pool’. This pool actually includes 2 pool: one contains ETH on ERC20, one contains DOT. User will swap token through liquidity of this pools. Liquidity providers will be able to claim rewards when users swap. Provide more liquidity, get more rewards. See how to calculate rewards in Farming section.
- The user’s ETH will be transferred to the ETH pool of ETH-DOT pool. Here, based on the data of existing tokens in the pool to calculate the conversion rate to DOT. After calculating the amount of DOT, the smart contract (Moonbeam) will return to the user’s wallet. The swap process is completed.
- Users will be allowed to choose a slippage rate from the UI dApp to swap out. Note the higher the slippage, the higher the risk.
Question 2: IDO is currently the trend in the blockchain world. But we know, to buy IDO there is huge competition. Does PolkaBridge have a solution to help more users participate in IDOs of good and fundamental strong projects? @Adam_Johnson_5
Cyclese: PolkaBridge Launchpad is an incubator for the development of potential projects. We select projects very carefully, based on their legal, team and financial factors.
To join Launchpad, you need to hold as many PBRs as possible, to have a chance of being whitelisted.
Currently the strategy is still FCFS for participants. This will bring attraction to the game as well as attract many participants. I don’t think this is a disadvantage.
Soon, when our staking program launches, we will allocate the number of slots based on the amount of PBR users have staked. The more stakes, the bigger the allocation
Question 3: PolkaBridge Lending and Lauchpad platforms are still in construction, what innovations will we see as this is a project based on Polkadot’s system? What advantages will this give to the platform? @Lidiamga
Cyclese: PolkaBridge Launchpad is currently running and has helped many projects raised fund such as Beyond, and soon DragonBite, CryptoPunt, reBaked, PolkaWar…
PolkaBridge Lending is still in the future development plan of PolkaBridge. We are not currently focusing on this product. The most important product we should focus on right now is PolkaBridge CrossChain DEX
Question 4: Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party? @MOhameD211a
Cyclese: Our farming smart contract has been audited by Certik. You can check the information here https://certik.org/projects/polkabridge
Question 5: In the next quarter of 2021, you are planning to migrate $PBR to Polkadot Parachains Testnet, how will that benefit your users? Especially regarding wages? @deminfur
Cyclese: Currently, transaction fees on Ethereum are too high. PolkaDot is a blockchain with a lot of potential, low transaction fees and high scalability. So PolkaBridge decided to migrate to PolkaDot Ecosytem
Migrate to PolkaDot is the first step for PolkaBridge DEX to run on PolkaDot. That is also the vision that PolkaBridge set out.
PART 3: BEST LIVE QUESTIONS CRYPTOFAMILY GROUP
Question 1: Does your project support staking program?if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform? Is your project a local project or a global project ? Can anyone use your services from anywhere in the world? Is there any restrictions of using your service ?
Cyclese: Our staking program will launch this month. Now you can join our farming program https://farm.polkabridge.org/ with unlimited rewards from deflation mechanism.
Anyone in the world can participate, no restrictions on anyone
Question 2: Currently from where i can buy $PBR? Is it possible that I can get $PBR only by holding it?
Cyclese: You can buy $PBR at
❇️ MXC Exchange: https://www.mxc.com/trade/easy#PBR_USDT
❇️ Gate Exchange: https://www.gate.io/en/trade/PBR_USDT
❇️ Bilaxy Exchange: https://bilaxy.com/trade/PBR_ETH
You can join farming program to earn more PBR
Question 3: What are the Major Utilities of #PBR Tokens Which would be beneficial to #PBR Investors/Holders too ?
Cyclese: Some use case of PBR token
1. Launchpad: To participate in future projects on PolkaBridge Launchpad, a user must hold a certain amount of PBR to get whitelist and join private pool
2. Rewards for farming & staking
3. Governance: PBR holders have the right to vote to change parameters, features and development roadmap of the PolkaBridge ecosystem in the future.
4. Lending fee: Using PBR as fee to borrow on PolkaBridge Lending, the user will receive a 50% discount, and the remaining 50% will be burned to optimize deflation mechanism
Question 4: Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Can you tell us about your current partners, plans for partnerships and what everybody stands to gain from these partnerships?
Cyclese: We have many partners, like ChinaPolka, Casper, KILT, Labs, Unilend, Unifarm … They helped us too much in community development and others activities .
We have just partnered with Unifarm and Unilend on a staking and flashloan solution. See announcement here
ChinaPolka is our special partner and also our advisor . They helped us about funding, connect potential partners, finding high quality projects for IDO Launchpad…
Question 5: The total supply of $ PBR is 100,000,000, which I think is very high. Do you think this won’t have a bad impact on the token price? please describe your scenario regarding this.
Cyclese: As i said, PBR token implements deflation mechanism
so that, the amount of tokens will decrease over time
as you see, the current max supply has been decreased from 100M to 88M
This will have a positive impact on future prices
CF: Okay we’re happy to talk to you in this AMA, but it’s time to get the group active again, nice to meet you and see you soon
For all of the questions that have not been answered yet, guys feel free to search for more information or ask directly to them on the links provided below:
Telegram Group: https://t.me/polkabridgegroup
Telegram Channel: https://t.me/PolkaBridge