KuCoin AMA With Pledge (PLGR) — The World’s Leading Marketplace for Financial NFTs
Dear KuCoin Users,
Time: January 11, 2022, 16:00-16:38 (UTC)
Pledge is a decentralized protocol which establishes money markets with algorithmically optimized fixed interest rates. When a user holds pTokens, Pledge’s LP tokens, they receive a fixed interest rate called annual percentage yield (APY) with earnings accumulated per block, while borrowers pay fixed and predictable interest. Unlike other DeFi lending protocols, Pledge creates various liquidity pools with different maturities for a given crypto asset featuring fixed lending terms. This allows users to frictionlessly exchange the time value of money derived from collateralized digital assets and stablecoins.
Official Website: https://www.pledger.finance
Dr. Ren — Pledge Lead of Engineering and Products
Dr. Ren worked for more than 15 years in Fintech and has a PhD in AI from a high-profile university in the US. Before creating Pledge, he was the Chief Scientist for a HK-based lending company with global assets of 100B. At Pledge, he leads the product and engineering to enable massive innovation in the ecosystem for financial NFT and open finance.
Q&A from KuCoin
Q: Could you describe to us your project Pledge? What is your project about and how can we see it in action?
Dr. Ren: Pledge is, unlike other DeFi such as MakerDAO/Compound/AAVE, etc., designed as an interest yield marketplace. It is a cross-chain, cross-border, cross-industry ecosystem that enables developers and traders to create a new Wall Street.
So we call Pledge Finance: the World’s Next-Gen Open Finance Building Blocks based on Financial NFT.
In real-time: We have a couple of categories we can offer Lenders: DAI, CTDS, 4-6% fixed rates. The rates can change day to day depending on the day. Loans are locked in. The market is controlled by the air map, the special feature is that as long as you have locked in, you don’t have to worry about market fluctuations. V1 allows you to pay off the rate and interest.
It enables savers to receive interest on their stash of Bitcoin, but it enables borrowers to unlock the value of their digital assets by using it as collateral for a loan.
Unlike personal loans or credit cards, collateralized loans are much more secure for the lender, which enables the borrower to take advantage of cheap interest rates.
Q: What's the motivation for starting this project? What problems are you trying to solve with your project Pledge?
Dr. Ren: We want to rebuild Wall Street on blockchain.
This idea is sparked by Tony Chan, the CEO, and our investors and advisors DHVC and Brian Brooks, as well as Professor Tse at Stanford and Professor Lablanc from UC Berkeley.
Q: What are the key features that distinguish Pledge from its competitors?
Dr. Ren: Innovation in DeFi is the key difference, IMHO.
Innovation 1: Built on Groundbreaking Financial NFT Technology
Pledge leverages the latest blockchain technology, especially with ERC 1155 to enable the creation of Financial NFTs to represent each loan, bond, insurance as well as other assets. Pledge's Financial NFT supports configurable asset token type, which can have its own terms, metadata, supply and other derivative attributes. A single deployed contract includes a combination of many fungible tokens, non-fungible tokens or other configurations.
Innovation 2: Pledge addresses a much bigger interest yield marketplace, which could reach trillion $ volume. Most DeFi lending protocols provide variable rate loans for traders. Pledge starts with a fixed rate and term, primarily focusing on serving whales and miners for their borrowing needs.
Q: What is the role of the PLGR token in your ecosystem? Could you tell us a bit about tokenomics?
Dr. Ren: Thank you KuCoin. We are targeting several tier 1 exchanges this year, but KuCoin has PLGR world premiere!
Pledge features an egalitarian token distribution plan. Around 45% of the PLGR tokens have been committed to the community via on-chain distribution to lenders, borrowers and liquidity providers. A purposefully small amount of tokens (around 6.5% of total supply) have been allocated to co-builders/contributors to align interest.
Around 21.5% of the PLGR combined tokens have been committed to the Foundation Reserves. Unlike team tokens that are usually being vested over 24-48 months, the foundation reserve is being used to support community building and ecosystem grants, etc. The current unlocking schedule will provide the foundation flexibility to act in the best interest of the Pledge community. It will be in the best interest of the foundation for long-term holding. The foundation is democratically run by a committee of trustees.
Most PLGR will be rewarded to lenders, borrowers and LP.
Q: Most investors just focus on the price of the token in the short term instead of the real value of the project. Can you tell us the motivation and benefits for investors to your token long term?
Also, how can someone be a borrower, a lender, or a liquidity provider at Pledge?
Dr. Ren: The token HODLer will join us to rebuild Wall Street and will have value capture during the process.
https://www.youtube.com/watch?v=aExojLGTQpA&t=2s is a very easy intro for KuCoin users to get to know Pledge.
Pledge Protocol (“Pledge”) is an algorithm-driven, financial NFT based, cross-chain ecosystem covering lending and derivatives across many major public chains. At the current stage, Pledge first builds on the Binance Smart Chain. In the future, Pledge aims to become the infrastructure for the next phase of global financial market evolution.
Pledge is a decentralized protocol which establishes money markets with algorithmically optimized fixed interest rates. When a user holds pTokens, Pledge’s LP tokens, they receive a
fixed interest rate called annual percentage yield (APY) with earnings accumulated per block, while borrowers pay fixed and predictable interest. Unlike other DeFi lending protocols, Pledge creates various liquidity pools with different maturities for a given crypto asset featuring fixed lending terms. This allows users to frictionlessly exchange the time value of money derived from collateralized digital assets and stablecoins.
Pledge provides a suite of decentralized financial contracts, defined as financial NFT, hoping to facilitate its use and adoption as an integral part of the fixed income money market. These derivative trade smart contracts, which typically swap fixed-rate interest payments for floating-rate, interest payments are an essential tool for DeFi investors who can use them in an effort to hedge, speculate, and manage risk on or cross chains.
So lenders earn PLGR by lending stablecoin. Borrowers and LP providers earn PLGR too.
Q: What are the current and future product roadmap of Pledge?
V2 is rolling out now and get audited by CertiK.
Q: What upcoming announcements should we be on the lookout for?
Dr. Ren: We have several big news to announce!
1. Brian Brooks is joining the Pledge advisor board. He is the top 1 crypto policy expert in the US government.
2. Pledge is signing a product contract with a bank in the US to innovate a cool product similar to Crypto-CD.
Free-Ask from KuCoin Community
Q: Currently, from where can I buy PLGR? Is it possible that I can get it only by holding it?
Dr. Ren: You can buy it from KuCoin!
Q: Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I'd like to know who your ideal consumer is for your product?
Dr. Ren: We have a committee governance plan. Please follow us here:
Q: When IDO and where?
Dr. Ren: Here:
Q: Does your project support a staking program? If yes, how does your stake system work? What are the requirements for users if they want to activate staking on the project?
Dr. Ren: We do. And please come to earn PLGR by staking.
Q: Smart contracts are prone to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you audited it through any of the parties?
Dr. Ren: CertiK is auditing our contracts. More to come.
Q: Is there anything else you would like to share or you want us to know?
Dr. Ren: Please register at KuCoin and start to trade PLGR.
KuCoin and Pledge have prepared a total of 2,000 USDT to give away to AMA participants.
1. Free-ask section: 75 USDT
2. AMA activity: 1,925 USDT
Activity 1 — Quiz: 1,500 USDT
Activity 2 — Price Guess: 300 USDT
Participation Rewards: 125 USDT
. . .
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