Hello everyone, welcome to join today’s Roadmap update AMA session. Many of you have been with us throughout the journey.
So far, we have completed building the pl^g toolkit, which is the basis of enabling this groundbreaking technology.
You have been with us as we engaged with the digital asset industry and built the PL^Gnet Partner Alliance, which is something completely new in this industry.
And many of you are continuing your support by engaging with our Power Farming initiative which has the potential to the world.
We have an engaged community, this is another strength we are committed to building with PL^Gnet.
Without future ado, let me introduce today’s guest CEO Jerry and Tech Lead of PL^Gnet, Felix, and let’s get the AMA started…
Is PLUGnet resistant to flash loan attacks?
Also, is there any support for malicious or unsustainable gambling Defi?
All blockchains have some kind of vulnerability to FlashLoans, I wouldn’t call them an attack by default, flash loans can be a useful DeFi primitive. Where they are bad is when they are combined with poor protocol design, bad liquidity or unsafe contracts.
PL^Gnet is a proof of stake network and so the opportunity for flash loans is reduced compared with POW networks. In addition to this protocols will need to go through an approval process voted by the community before they are promoted to main net which should reduce the opportunity for poor design.
l don’t have it yet plug ( ico ) what should I do ?
If you have not yet withdrawn your tokens please go to the TGE withdrawal apps with the metamask account you used in the TGE.
There are three main options — plug only, plug eth, plug usdc. Please explain the risks of each of these options, especially including IL in an easy-to-understand manner for the beginner.
Risks and opportunities exist for each option and will vary on each individual’s strategy, IL (if any occurs) is only released once you exit a position.
What is the PL^Gnet team’s current focus? What can we expect in the future?
Our major focus right now is getting the Testnet integrated with our first group of PL^Gnet Alliance Partners.
In the current market environment, all major players are actively working closely with regulators. Besides making Defi easy for everyone, we will work with all our partners to make Defi more compliant as well.
The team have made really quick progress this month and now all the major components have been demoed internally including the DEX, Synthetics, Permissions, Identity Attestations etc.
I see you have lots of partners joined in a partner alliance, how are they going to help with the project?
PL^Gnet is about making DeFi safer, more compliant and easier for end users, each partner helps to make this happen.
Exchanges will integrate directly allowing their users to use PL^Gnet protocols through their own interface.
Fund managers will introduce new institutional clients who want a more compliant place to experience DeFi.
Technology partners help us build the network infrastructure, Staking pool operators provide new options to their customers to make their assets work harder, liquidity providers help bootstrap the network.
What’s the plan after power farming?
Release the Testnet and allow the community to start to use their PLUG tokens there.
How can we (community) help to make the project successful?
Please get behind the Power Farming , the PLUG/PLUG pool allows you to earn PLUG for each PLUG staked, there is no IL risk here. This shows the wider community that you believe in PLUG.
Help share the messages so we can grow the community.
Be positive about the project in community forums.
Nice to have you here today Felix. Could you tell us about yourself?
Hello everyone. I’m the tech lead of PL^Gnet. I worked for Power Fiance as the head of DevOps. Also I was the OG of the Centrality, served as Senior DevOps and Full stack developer.
Before I came to NZ, I worked for an assets investment operation management company for 8 years in China. Responsible for development and implementation of an online auction system, which was used to exchange properties, such as land, houses, bonds, private company’s stocks (OTC) and so on. The transaction volumes touched around 1 billion 57 million NZD every year.
Can you explain the project road map in detail to us?
We released the Power Farming event (liquidity mining) last month. Meanwhile, our testnet chain — Tabit is already online. Recently we released the DEX pallet, membership pallet and synthetic asset pallet to our testnet. So asset managers or our exchange partners are able to mint pToken, provision liquidity pools, and supply liquidity on our PL^Gnet. Now we are planning to implement our GOV system (DAO) next month. I believe our public testnet will be online soon.
How do we join PL^Gnet’s testnet?
After we officially release the testnet, we will announce how to obtain PLUG tokens (mainnet/testnet based). Meanwhile, we are developing our bridge pallet which will help investors, who are holding PL^G ERC20 token, to smoothly transfer their ECR20 PL^G token to our PL^G mainnet in the future.
