AMA Recap: Gem Chasers & Statera
Below is a full-recap of the AMA, for the gem chasers who couldn’t make it, or for anyone that’s interested. Feel free to have a read!
Telegram: https://t.me/GemChasers
Twitter: https://twitter.com/GemChaserz
Gem Radar ✪:
Alright Gem Chasers, It’s time for another AMA and today we have here with us the Statera team! Welcome @derelick & @bakreemah
G C:
Thanks for having us! Great to be here.
Abu-Bakr:
Hello Gem Chasers.
Thanks for the invitation, and thanks for hosting us.
Gem Radar ✪:
No problem 🙂 Warm welcomes to both of you. Ok so would it be possible if you both can introduce yourself and the roles you take part of Statera to begin with?
Abu-Bakr:
Am Abu-Bakr, and a team member for Statera Project.
Basically, I am one of the founding members of Statera Project.
G C:
Yeah I go by G C for the Statera project and have been in Crypto since 2011, I learned about Statera in June and really got into the concept, I supported the community with product design and the whitepaper. I too am a team member, everyone is really a team member there is no central office or CEO it is a fully released and decentralized project.
Gem Radar ✪:
Ok great, so we have a founding member with us today and a strong supporter who is part of the core team of Statera.
G C:
correct
Gem Radar ✪:
For the people who don’t know, would it be possible to explain what is Statera? What is the use case behind it? And is there any benefits of using/trading or holding Statera?
Abu-Bakr:
Yeah.
G C:
Statera is a immutable deflationary token, 1% of all transactions is burned. The contract is now unchangeable and it will continue on like this forever. It aims to be the most widely accepted deflationary digital currency. It’s simple deflation is one of it’s core benefits, the deflation doesn’t go back to users or adjust or have any special mechanisms, it is simply a deflationary currency with immutable monetary policy. We think this is a huge benefit and something that will make it be able to be used far and wide in DeFi and by crypto users everywhere.
The use case is that it can be a digital asset that incentivizes long term holding and better use of capital. If you look at the benefits of a deflationary currency you see that deflation causes many positive outcomes: https://www.investopedia.com/articles/markets/111715/can-deflation-be-good.asp
The benefit to trading and holding is that you get access to the benefits of deflation and we are still at a very low market cap. We also collateralize and work to give our currency value through placing it in liquidity pools and a balancer pool. This creates what can be considered a deflationary index fund, the first of its kind. What other new products are created is up to the world, Statera can be placed into any product and bring it immutable and deflationary monetary policy.
There are many deflationary tokens now (though we were one of the first and especially the first in DeFi) but Statera really has the widest reaching vision of becoming a stable and accepted deflationary asset (rather than deflation just being a gimmick or trading game).
Gem Radar ✪:
Ok I can see that Statera is really strong on the deflationary aspect. As you mentioned there are many deflationary tokens now. Let’s start with this then. What is the tokenomics for Statera? You mentioned the 1% transactions get burnt but where does it get sent to? Is there an incentive for the burn, for holders? Or is it a pure burn ?
Abu-Bakr:
The 1% is sent to 0x00 address, hence removing the 1% on the transacted amount from the supply forever.
100% of the total supply was listed on Uniswap with 0% for Dev or team token…
G C:
It is pure burn…or put another way, it is actually deflationary. If you send the deflation to users that doesn’t actually deflate the supply. No one holds more than 4% of Statera it is highly decentralized and distributed, the developer wallet doesn’t hold a massive amount of supply and doesn’t have any control over the project monetarily or technologically at all. The incentive for holders is that deflation is good for long term holding (supply and demand equals price if supply keeps going that trends towards appreciation). Also users can put Statera into our liquidity pools or balancer pool and hold a deflationary index fund that diversifies their holdings and earns them fees.
Abu-Bakr:
STATERA is designed to be a token for the community run by the community every team members today are investors who devoted time and resources to the development of $STA.
There are no limits to what the community can do to develop the project as no centralized authority.
Gem Radar ✪:
Well I think the best part about this is that it is distributed meaning there is no one holding more then 4%. It’s a token made by the community which is getting run by the community, I like it. But what gives it that extra spark? What makes $STA lucrative then the rest?
G C:
The basics are the sparks, it can be comparable to a deflationary defi Bitcoin:
First Mover
Network Advantage
Immutable (the contract is fully released and audited)
Consistent true deflation (1% everywhere)
Integrated into DeFi, creating collateralization (essential for a currency)
Decentralized (over 4,000 holders and no one controlling a large part of tokens)
All tokens fully released, the tokenomics are what they will always be (of course with changes in holders and deflation taken into account)
It is literally better than bitcoin: cheaper to move, upgradable (through ETH chain upgrades), and quicker. Also some would argue the deflation is better. We don’t look to supplant Bitcoin we look to be next to it Bitcoin is the Inflationary digital asset we are the deflationary one.
A lot of the “spark” of other projects are just pumpanomics and pyramid schemes. The spark of our is its simplicity, dependability, and connection to the ethos of digital currencies (immutable and decentralized). If you look at the above or read the white paper you’ll find the spark in the larger vision and first principles of the model. It is not a “here’s a fun mechanic” “coin or here is a way to punish whales” or “Here is a cool trading consequence to punish big sells” or “here if you hold it we’ll send you tons of tokens (inflating supply)”. Put most simply: it is deflationary DeFi Bitcoin. For some that is a HUGE spark, for others it may not be.
Not speaking directly to you 😂 just to everyone in general that idea of what’s the next big thing or what makes it so incredible is sometimes misguided in the space and isn’t useful for long term prospects, but can be fun for chasing gains and swinging, and there’s nothing wrong with that either, we just have a different focus
Abu-Bakr:
@derelick sums it all perfectly!
Gem Radar ✪:
Wow some great info here, and no offence taken here @derelick! I totally get where you are coming from. I like how you summarize it as a deflationary DeFi Bitcoin. It makes it appealing and that is the spark I was talking about. @bakreemah Would you like to add anything to this?
Abu-Bakr:
Nope, He has said it all.
Gem Radar ✪:
I agree. So can we talk about security? What type of Security does Statera provide? Has the contract been audited?
Abu-Bakr:
Yes, our smart contract was audited by Hacken. Our contract has been finalized, it can’t be changed, the dev doesn’t have any control to mint any more token and is immutable.
As far as security is concerned, we are good.
G C:
The contract has been audited and is immutable, that is a big key, a lot of other contracts are audited but the creator still holds control of the smart contract, we have seen so many projects try to tweak something and then blow up because a change was done wrong. Statera is how it will be forever, it can never be changed.
The audit for those interested: https://hacken.io/wp-content/uploads/2020/06/Statera_SC_Audit_Report.pdf
Gem Radar ✪:
I see. So just to be clear who holds the control?
G C:
No one, the control was burned. It’s even more immutable than bitcoin, bitcoin can be changed by a majority of miners (basically impossible but not completely) we cannot be changed, period.
Gem Radar ✪:
Wow, seems like this has been thought deeply in order for it to be fully decentralized. Ok let’s talk about some updates for Statera, do we have any exciting updates coming up ?
G C:
Yes, definitely. The biggest update coming is a dashboard and interface for users to quickly and easily buy the different parts of the ecosystem in a more streamlined way. Then they can monitor and see all their holdings in one place (uniswap pools and balancer pools for example). Beyond that we are constantly in talks with other projects about partnerships, collaborations, and integrations. Statera can bring deflation to any product it is added to.
Also, and this is part of the genius of Statera, it can be “updated” and “upgraded” by anyone. If Aave wanted to create deflationary loans they could pick up Statera and start creating them, nothing is stopping anyone from building something for Statera and using it to benefit their product. With it’s full decentralized and released nature it is perfectly primed for this purpose.
Gem Radar ✪:
So if we compare Statera to Aave, what are some of the strength points of Statera over Aave? This Dashboard and Interface seems like huge news. Is there a timeframe when we can see this happening or is it still in developments?
G C:
Aave would integrate Statera to create new products. Statera is a digital currency, Aave is a digital platform. The two would work in tandem. As for timelines as with all technical work there is never a firm deadline and it depends on the developer (it is still in the development phase), we are hoping by the end of December.
Gem Radar ✪:
Ok thanks for that.
You mentioned deflationary index funds can you say more about that?
G C:
Yeah so this is one of the first big use cases and where we really started. Balancer pools create a kind of index fund that constantly rebalances. We created a balancer with Statera in it which created a deflationary index fund. Statera can increase the volume of these pools because it is balanced across multiple pools and the deflation can also cause more need for rebalances (as the supply changes the market can be affected). This higher volume can increases fees paid to holders. Also the overall supply of the fund becomes deflationary, it’s like if you paired Statera with Apple Stock, that basket of assets is now deflationary it can be looked at as deflationary Apple stock. Again the lowering supply can trend the asset towards appreciating in value. You can do this with any product in DeFi, add in Statera to access the benefits of deflation
Gem Radar ✪:
This is some great info, we really appreciate you going into depth for every question. Ok so we have some questions from the community that we have preselected 5 for you to answer. Are you ready?
G C:
Yup, let’s do it!
Gem Radar ✪:
@Luna9999 asks, Statera has partnered with reflect. What are the benefits with this Collaboration, and what it’s benefits for $STA Holders?
G C:
We have created a pool together with RFI and STA. Both tokens are deflationary so the liquidity pool is a place for fans of both projects to store their tokens and earn fees while keeping their portfolio balanced. Also the double deflation can create more “vibrations” in the system as the two tokens supplies constantly change this can change market outcomes like price and demand, which can cause more volume, this added volume means more fees for users. Lastly STA aims to be in as many liquidity pools as possible the more digital assets STA is pegged to (all the pools stay balanced 50/50 , so as the other asset goes up it pulls up STA and visa versa).
Gem Radar ✪:
@AldiH7 asks, What are the great achievements that Statera has achieved so far? What difficulties and risks did you encounter during project implementation and what factors helped motivate you to overcome difficulties?
G C:
We made it through one of the exchanges we were on being hacked, that is definitely a huge achievement. Over 6 figures were stolen from our users and we worked with the exchange to refund nearly 7 figures to our users (as the assets had appreciated over time). We then upgraded the security of the system ourselves to ensure the hack couldn’t happen again. The main difficulties are people understanding deflation and coding for it, the main issue is coding in a sync function with each action a smart contract makes (ensuring that deflation is accounted for), a mass majority of projects do this though
Gem Radar ✪:
@Kucing999 asks, Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
G C:
The project can’t actually be changed so there is no governance currently, it’s analogous to asking what the governance of Bitcoin is now, it is up to the community and users where Bitcoin goes and what it becomes next. There has been talk of a governance structure to steer marketing and integration decisions and that could happen, although any user could market or integrate Statera as is, as there is no control mechanism for the token.
Gem Radar ✪:
@Sanggapatih asks, Does Statera have any educational resources to easily make its technology known to non-crypto people to gain more adoption and acceptance?
G C:
Our medium page and searching YouTube for Statera is best, also reading the whitepaper. https://www.youtube.com/results?search_query=statera https://stateraproject.medium.com/
Gem Radar ✪:
@jeckkawis asks, What are your other plans to create more awareness and make people know about the project?
G C:
We will continue to push marketing and continue building, also Statera is fully released so it is unlike something like Chainlink or Synthetix where you have to depend on the team to do something to move the project forward, at this point the entire community are our marketers and in control. You could literally start a Statera DeFi group and have as much control over Statera as the Statera Core team has. We have been featured by the biggest YouTubers and all of them speak highly about our community centered focused and decentralized nature.
Gem Radar ✪:
Okay great, thanks for your time @derelick @bakreemah I hope you enjoyed your time here, and that our community got some valuable information from the core team. On behalf of @gemchasers I’d like to thank you again ❤️
