Recap of the Pontoon Finance AMA with Blockchain Space
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On Monday, July 12th, we had the pleasure to welcome to our Telegram chat:
Venkatesh Karanalu, The CEO and Co-Founder at Pontoon.
We asked him questions about the development of Pontoon Finance.
INTRODUCTION
Q~ Thanks for joining us. Introduce yourself and your function in Pontoon to the Blockchain Space community?
A~ I am from tech background having 14+ years of experience into IT serving as a DataCentre manager, in my previous role served as a DataCentre architect.
Entered Crypto at the last of 2017 as a part time trader and then moved ahead to investors few new protocols.
At Pontoon I am serving as CEO and Co-Founder.
Q~ Tell us about Pontoon project, how does Pontoon plan to add value to the blockchain industry?
A~ In the Crypto world we have issues with Fragmentation and Composability. Pontoon solves these two major concerns which is a great value add to the ecosystem.
Pontoon is a cross chain liquidity mirror protocol where in users provide the liquidity across chains, with this the exisitng tokens are accumulated at one place which is Pontoon. Now users come in for swap action of tokens and through Pontoon bridge swap action will get completed by the liquidity provided by users.
Pontoon code can be utilized to different chains without the need of new development - Plug and play which solves composability issues.
Q~ Explain about $TOON token usecases and tokenomics distribution?
A~ Since Pontoon solves fragmentation issue, we have modelling concept for the liquidity providers and overall 35% been dedicated to Rewards.
TOON token use cases:
1) Governance - Token holders can vote on the direction of the protocol and fund allocation from the treasury.
2) LP Incentives for LPs and Relayers - Liquidity providers will be incentivised for providing liquidity on each network.
3) Proof of Stake Relayer Network - A network secured by a series of validators running relayer node and getting incentivized on the fee collected.
Q~ How does Pontoon plan to create awareness and adopt communities globally to partake in the Pontoon project?
A~ We have a strong marketing team who is experienced close to 10 years. This creates an added advantage along with list of influencers and advisors. Have performed close to 10 AMA’s for now with global teams. Since we are already testnet ready on Eth, BSC and Polygon for now and awaiting audit reports, this is more attractive to have incentivized testnet for users at a very early stage.
Also there are programmes planned for awareness which includes educational tutorials, youtube interviews, bug bounty, themes contest and many more.
Q~ Where is Pontoon current roadmap and your achievement so far?
A~ We are little behind the roadmap for now as we are expecting audit reports. Once the audit reports are out, will fast track the Q2 deliverables along with Q3 for completion and stay as per roadmap defined in our website pontoon.fi.
We are testnet ready on Eth, BSC and Polygon with awaiting audit reports.
Xiaolin : Noted, when should we expect the audit report, in a week or more ?
Venkatesh Karanalu : Assuming to be a week.
QUESTIONS FROM TELEGRAM
Q~ How can I be benefitted as a LIQUIDITY PROVIDER to CrossChain Liquidity pool in Pontoon ?
A~ We have modelling mechanism for liquidity providers to earn rewards and a portion of transaction fees is also added to liquidity providers. 35% is dedicated for rewards.
Q~ 4 components are very important for any projects. Team, community, token, and concept. How do you address these components in your project. Which component is more important for you?
How will you describe your project in one sentence?
A~ All the components are equally important. We have a come up with our concept and then ensured to make it to demo ready which is testnet. Simulteneously we worked on community mangement, AMA’s in place with team involvement and Token is important once we hit the market. So it is a line up of actions achieve over time.
Q~ Where did you coin the name Pontoon from, and how is the related to the project ?
A~ Pontoon means bridge which is flambuoyant in nature. Since our protocol has the functionality of transferring tokens across multiple chain, we kept the name to be Pontoon.
Q~ How Pontoon is different from other Blockchain project and where would you see Pontoon after 5 yrs??
A~ Pontoon solves fragmentation and composability concerns through one click solution. Other features includes, gasless transactions, cross chain composability engine, trustless bridge, decentralized relayer network.
Over next 5 years, Pontoon DApp will be at the upper most in terms of defragmentation solution in DEFI.
Q~ AUDITS is really important any AUDITS YET, making my research about PONTOON, I can see that you didn’t allocate TOKENS for BURNING AND BUY BACK of yes then how do you plan to drive demand for your token and also increase token value?
A~ We are working with multiple firms for audits. Yes there is no burn in Pontoon. Once the DApp is on mainnet, users start to pitch in for providing liquidity to earn rewards and this will increase the token value along with defragmentation with composability been an added value.
CONCLUSION
Thank you Xiaolin and DrCassiterite and the entire community for hosting me here. Working together for Pontoon Growth.
Please stay tuned to our announcement channel for progress and updates.
It’s really nice having the Pontoon Finance project in here!!!
You can check out their Website for more details. You can also follow them on Telegram and Twitter to keep up to date with all things relating to Pontoon Finance.
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