AMA Recap Crypto Library with Paribus


On 15th October 2021, Paribus conducted an AMA in the Crypto Library Community. Our guest is Wilson. Lots of questions as usual from the Community about Paribus progress. The Paribus 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 Paribus.

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?

Wilson (Paribus) : Of course! My name is Wilson, I am the COO and Co-founder of Paribus. I have a background in the traditional finance field, most recently at Barclays and Merrill Lynch. At my time there I gained expertise in a variety of BD and operational areas. I also have a passion for art and blockchain technology which I will use to assist Paribus on the NFT space.
Crypto Library Team : What is Paribus? and how does it work?

Wilson (Paribus) : Paribus is a first of its kind cross-chain lending & borrowing platform built on the Cardano blockchain. Paribus is poised to lead the industry in unlocking and fully realizing the intrinsic value of NFTs and other unconventional assets. Paribus utilizes a sophisticated dynamic interest rate algorithm. We aim to achieve liquidity across chains for a vast range of conventional and unconventional digital assets such as liquidity positions, synthetics, virtual land and NFTs. The ultimate vision of Paribus is to leverage stagnant on-chain value across the entire crypto market. 

Crypto Library Team : What are the special features and advantages does Paribus want to offer?

Wilson (Paribus) : Great question, Paribus is unique in what we plan to offer for collateral on our platform. We will provide the standard assets initially but then quickly add the functionality to allow pooled unconventional assets such as liquidity positions, NFTs, virtual land and synthetics to be used on our system. Because we are cross-chain, we will be able to use liquidity from various blockchains, which will give our users deeper liquidity to draw from.

Crypto Library Team : Please tell us about $PBX token! What are the token use case, distribution, and how to buy/get it?

Wilson (Paribus) : Sure thing. We designed the PBX token with HODLers in mind and we have created three primary use cases. First, there will be Incentivized Interest Rates for those who are PBX holders. Second, reward sharing, any PBX holders taking part in our liquidity programs will get a share of the rewards earned by the protocol. Third, governance, PBX holders will be able to create, vote and implement improvement proposals. Our community will be able to add new features and/or edit existing functionalities with the power of PBX Governance. Additionally we just announced that our token will now be deflationary! We will be taking one third of protocol fees and removing that quality from circulation permanently. This is a huge added benefit to holders. PBX is currently trading on KuCoin and Uniswap.

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

Wilson (Paribus) : Yes I’d be glad to! We have recently released our roadmap. The roadmap gives our community an overview of what's ahead for the next 14 months and sets expectations according to the sequence of events that are to come. We started work on our product early this year, expecting IOHK to have completed access to side chains in alignment with smart contract release. As we are dependent on Cardano and other third parties to develop side chain access (ie KEVM) we will continue our work. As thats not the case, and after discussion with partners, such as cFund, we are excited to announce our MVP will be released on Arbitrum in December 2021. We believe this will be a great initial fit and testing ground for Paribus and we look forward to when we will be able to integrate into Cardano when that functionality is ready. As we get closer to releasing our features, there will be many exciting announcements. But after MVP release, some of the main items on the agenda before EOY next year are: implementation of alternative interest rate models, integration of synthetics, implementation of NFT pools/ virtual land, migration to Cardano, integration with partners within the ecosystem, and release governance/voting capabilities.
Crypto Library Team : High Liquidity is essential for low slippage in asset trading and loan exchanges between lenders and borrowers. How does the Paribus platform maintain this? How does building on the Cardano Blockchain benefit this issue?

Wilson (Paribus) : This is definitely a big question we had to deal with. This is why we chose to work on Cardano because we believe their cross chain capabilities will allow for deep liquidity as there will be an ability to access various blockchains. Also, this is one of the many reasons why we chose to run our MVP on Arbitrum, as they have a vast amount of liquidity on their platform.. We believe a lot of liquidity will be locked into these alternative assets as this space grows. Given the amount of liquidity and demand there needs to be solutions that can unlock this value without having to force the asset owner to sell it outright. 

Crypto Library Team : Can you tell us a bit about the role of the $PBX token in the entire ecosystem? Will it act as a simple payment currency on all your products? And will the holder have some sort of advantage or voting rights in project decisions?

Wilson (Paribus) : PBX will actually play a very important role in the Paribus platform itself. There are a multiple use cases that really put PBX in a special class of tokens that has utility and governance within the protocol. For one, owners of PBX will get reduced interest costs when paying back in PBX. Also, there will be rewards sent to stakers of PBX as the protocol receives fees. Additionally, stakers will be able to vote on governance proposals which will gradually shape the entire direction of Paribus.
Crypto Library Team : From what I read, you mention that you are working hard to try as much as possible to make $PBX a deflationary token, but how often does the development team execute a token burn and what specific amount or percentage is burned?

Wilson (Paribus) : Great question, we will initially be taking algorithmically calculated percentage of the total trading volume within that month and allocating that for permanent removal of PBX. We will be releasing more news about the details at a later date.

Crypto Library Team : Do you have user manual or short videos that would guide potential users of project to safely navigate your platform?

Wilson (Paribus) : We are currently in the process of creating a video for our community. We want to make the Paribus platform as intuitive and easy to understand as possible. From creating a product that will allow users to easily navigate to instructional videos, we are always looking to break barriers to entry.

Crypto Library Team : Honestly you have done a lot of Ama in Telegram Group. Do you have any further plans to make your project more popular? Which feature do you like in your project?

Wilson (Paribus) : Thanks for keeping up with us. We believe these AMAs are helping us expand our reach. But of course thats not enough. We plan to partner with various projects within the ecosystem, these partnerships will add value to Paribus as a whole while also growing our community through cross marketing. Stay on the look out for these announcements! As for my favorite feature, I would personally say that NFT borrowing and lending is the most unique feature and the one I’m excited to work on the most!

Crypto Library Team : Do you have any plans to add Nft's to your ecosystem as this is the hottest topic in the crypto space?

Wilson (Paribus) : Yes definitely, NFTs will be a big part of what we do at Paribus. As we offer loans against NFTs, the value proposition will increase as well as the utility. We plan to partner with NFT companies themselves where we can create special incentives for their owners to borrow and lend on Paribus. This is one very important and interesting aspect of what we will be doing in the near future.

Crypto Library Team : Currently, most investors only focus on price of token in short-term instead of the real value of project. Could you tell us the benefits of holding your token for long-term?

Wilson (Paribus) : Yes this is very true. We were very fortunate to have a successful launch but we don’t focus on the price. We are busy building, expanding and making connections within the ecosystem. We have created a token that HODLers will appreciate because of the value it has when staked, rewards are given from protocol fees, and the ability to vote for governance. Paribus is still in the very initial stages in terms of where it will be in a few years. I believe that our early supports will be very pleased as we develop over the year and provide a product that meets the needs of millions of people globally.