AMA Recap Crypto Library with Pontoon


On 09th July 2021, Pontoon conducted an AMA in the Crypto Library Community. Our guest is Vankatesh Karanalu. Lots of questions as usual from the Community about Pontoon progress. The Pontoon team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into Pontoon.

Let’s take a look at the most interesting points of our conversation.

Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

Venkatesh Karanalu (Pontoon) : I am from tech background with 14+ years of IT experience into DataCentre management, in my previos role serverd as a DataCentre architect. Entered crypto by the end of 2017 as a part time trader and moved ahead with investor for couple of projects.
Crypto Library Team : What is Pontoon? and how does it work?

Venkatesh Karanalu (Pontoon) : Pontoon is liquidity mirror protocol that solves fragmentation and composability in the ecosystem. We have incentivised model where user provides liquidity to the pools and transfer of token happens through our bridge with the help of liquidity provided by LP's. Here liquidity is single token based. Practial hands on would be available to users for using our incentivized testnet shortly.

Crypto Library Team : Could you give us some reason why we have to choose Pontoon than other projects out there?

Venkatesh Karanalu (Pontoon) : We at Pontoon aims to solves the fragmentation issue, Pontoon is a one click solution to this problem , where you work more of kind of exchange with added features.
  1. Gasless Transactions
  2. 100% trustless bridge - No need for CEX involvement
  3. Composability issue resolution
  4. 35% rewards omission from overall tokenomics.
  5. Incentivized relayer networks
Crypto Library Team : Please tell us about $TOON token ! What are the token use-case, distribution, and where we can buy it?

Venkatesh Karanalu (Pontoon) : We are yet to go live and once available, it will be on all leading exchanges. Token use cases: Goverance - Voting to move further on different chains and other aspects of project growth. LP incentives - LP's will be incentivised through our modelling and overall emission of 35% dedicated to the rewards. Proof of stake relayer network: Validators running relayer node are incentivsed.

Crypto Library Team : Could you give us some information about your roadmap, your milestones, and also your future plans?

Venkatesh Karanalu (Pontoon) : We are currently testnet ready on Eth, BSC and Polygon but little behind on our raodmap due to audit reports been delayed. Once we receive audits, we will go for laucnh and then fastrtack Q2 roadmap along with Q3 completion. By the end of this year we would complete all the details provided in our roadmap which is available through our website
Crypto Library Team : Can you explain the mechanism of Pontoon Cross Chain liquidity pool? Should LPs provide liquidity in the form of Pontoon native token? Or can LPs use any kind of Currency? How does users aquire benefits by providing liquidity to the pool?

Venkatesh Karanalu (Pontoon) : Liquidity providers provides single token based assets to the designated pools on multiple blockchains with respective standards. User who comes in for swap/bridge asset transfer gets the tokens from the LP pools with a lock and unclock mechanism on respective blockchains. Eg: User A provides liquidity USDT on USDT pool of Pontoon and Eth side and then User B provides USDT pool of Pontoon on BEP 20. Now user C comes in and performs a bridge transfer between Eth and BSC, so USDT is locked on Eth side and unlocks on BSC side. One more thing to understand here is user of both standards are using the same Pontoon DApp by switching the metamask networks standards. Yes LP's can use all the available tokens to provide liquidity, initially we are are stating with stable coins. Users gets inentivised through our modelling concept and also small amount of network fees as well.

Crypto Library Team : As a cross-chain liquidity mirror protocol one of the biggest achievements is the enablement of the bridge between multiple chains, can you tell us what this bridge is based on and what makes it safe? Which chains will be incorporated first?

Venkatesh Karanalu (Pontoon) : We are already testnet ready for Eth, BSC and Polygon and we plan to move ahead with XDAi, Ava, Elrond, Solana, Optimism with furure expansion. We are working with multiple audit firms through our initial code and continues to go furtehr for the reports to get generated and we are trying to achive 98-100% secured while using our Pontoon bridge.
Crypto Library Team : How Easy Your project to use for anyone? Including those who do not understand crypto will also use your platform?

Venkatesh Karanalu (Pontoon) : We have user friendly UI and also educational tutorials will be made available which will be announced through our Ann channel.

Crypto Library Team : Do you plan to burn tokens in the future or do buybacks, what is the Focus you have now?

Venkatesh Karanalu (Pontoon) : No burn mechanism. We are planned to fasttrack our roadmap.

Crypto Library Team : You mentioned about Voting for Governance. What aspects of the decision will the token holder have? And does the team still have the right to decide or does it all depend on the token holder?

Venkatesh Karanalu (Pontoon) : Its a combination of both team and token holders.