On Friday, April 30th, we had the pleasure to welcome to our Telegram chat:
Ryan Matovu, The founder and CEO of Plethori, and
Callum, The CCO at Plethori.
We asked them questions about the development of Plethori.
Q~ Thanks for joining us today. Please start off by introducing yourselves to our community, and your roles in the team?
Ryan Matovu : My name is Ryan Matovu and I am the founder and CEO of Plethori. I have been in the crypto space since 2016 in various roles from marketing to development to trading and have entrepreneurial experience in the traditional space running b2b, B2C, financial, software development businesses among others.
We are a large team made up of many talented individuals across the globe. In our core team we have Neil Tiongson our branding officer who has worked with many big brands in defining their public facing identity, Bullotaurus who is an influencer and serves as our marketing officer and our developer team made up of 3 core blockchain developers and 3 other contributers to the project. We also have many other team members who work in the background helping the project grow!
Callum : I’m Callum, CCO at Plethori. I’ve known Ryan and the rest of the team for a while now and we’ve been working together to build what has become Plethori since the beginning of the year. I write all of our Medium articles and general content.
Q~ What is Plethori all about in detail, what problems inspired you to create Plethori?
A~ Plethori is a decentralized platform for the trading and creation of exchange traded funds (ETFs) our platform will be powered by both the Polkadot and Optimism layer technologies to achieve almost limitless scalability creating a fast, cheap and simple trading environment centred around trading ETFs but also enabling users to create their own custom made ETFs.
Our inspiration for Plethori stemmed from a few factors — the biggest one was the fact that the crypto space is heavily influenced by trends. Providing investors with the ability to invest in an entire industry/ trend — (NFTs, Oracles, Layer 2s etc) had not been delivered on a large scale, we decided to fill that gap in the market.
The ability to purchase multiple assets in one transaction also helps solve the issue of the high network fees that we’ve been experiencing lately, and obviously provides instant diversification at the same time, reducing risk.
Xiaolin : Can you give us some examples of ETFs that can be traded on Plethori?
Ryan Matovu : For example, someone wanting to invest in the NFT industry can come onto our platform and buy and sell our NFT ETF. This fund token would be made up of a portfolio of the defining projects in the space and track the price of these underlying assets.
Q~ Can you share with us the $PLE token’s utility and discuss its tokenomics?
A~ Here are the tokenomics in an easily digestible format through our tokenomics deck
We have a max supply of 100 million with an initial market cap of just over $700k USD. Our tokenomics are strong allowing to power our entire ecosystem going forward long term while also allowing involvement and support by the community through staking and farming.
The $PLE provides utility both by serving as the governance token for our ecosystem giving those who engage with our platform voting power over the parameters and direction of the platform, and also as an access point to the platform and it’s advanced features such as margin, leveraged trading and many other things which will aid any trader or investor trading our ETFs!
Staking and farming will also be powered by the $PLE token
Cassiterite : Would you like to share your APY on these?
Ryan Matovu : Our farming and staking mechanisms are still in the works as we are refining this to make it both a powerful incentive for liquidity providers but also to support our token economy.
Q~ Did you raise funds so far? Can you share more details on your Public sale?
A~ We have now completed our fundraising rounds. Our seed and private sales were very successful, Plethori has generated a lot of interest.
Our public sale has also now closed and we are all ready for launch in 3 days time!
Q~ Could you share the recent progress, do you plan launching any products soon, what should we expect from Plethori in the coming months?
A~ We are now working hard on our V1 platform which will allow you all, the users, to trade a selection of ETFs which many other cool features integrated. The platform will launch on the Optimism layer solution for Ethereum and is planned for release later in May. Our V2 platform alongside cross chain integrations to Binance Smart Chain and a fiat gateway will also be coming in the months ahead as we grow our ecosystem.
Our progress thus far has also involved the forging of multiple strategic partnerships. To date we have partnered with Dextools, CardStarter, Cyberfi, Stater Finance, Polkafoundry, QuiverX and Kylin network. We have also integrated Blankwallet’s ERC-20 privacy wallet solution.
We consider each partnership carefully prior to engaging, and ensure that it will be of benefit to our ecosystem.
QUESTIONS FROM TELEGRAM
Q~ In a bid to ensure transparency and credibility to your users, have you done any audits and where can we see the reports from the audits?
A~ Hi San Chan, yes all of our platforms will undergo a full security audit prior to release. So far we have received the completed audit on our Token Contract. This was carried out by leading cybersecurity firm, Solidity Finance.
Full details and link to audit are in our Medium article here: https://medium.com/plethori/plethori-token-contract-passes-solidity-audit-with-flying-colours-c84b47e8bbd7
Q~ Is Plethori an English name, or where do you derive it from and what does it depicts?
A~ Hi Femi,
Plethori is derived from the greek word “Plethora” meaning: an abundance. We chose this name as we plan to provide an abundance of investment opportunities to all of our users.
Q~ Taking advantage of the changing trends in cryptocurrencies is very difficult to predict, and some tools are not very effective in this area, how does Plethori manage to offer the latest movements of the changing trends and at the same time enrich the community with this data?
A~ We have conducted strong research into this area in taking care with the selection of assets with our ETFs whilst also in our V2 platform giving you, the user, the ability to create your own.
Our recent partnership with Kylin Network will supercharge our ecosystem with valuable data feeds but also also for great insight to be gained from the data that is collected and analysed from our ETFS.
Q~ There are a couple of blockchains like Solana, BSC, Matic, etc. Why did Plethori specifically choose to Utilize Polkadot to deliver your decentralized cryptocurrency ETF platform, what are the benefits?
A~ We chose the Polkadot blockchain due to the almost limitless scalability it provides and the wide options with regards to their parachain structure. It also works well in working as an extension layer over the Ethereum blockchain working alongside it rather than as a competitor and the technology allows for some very interesting things to be done with regards to crosschain functionality which you will see soon on our platform!
Q~ I read that NFts can be earned on Plethori, can you tell me more in detail how these NFts are earned and what are the benefits they provide within the platform?
A~ Hi Bea,
Yes they certainly can. NFTs will play an important role within our ecosystem by providing perks and rewards to users.
They will come into play with our V2 platform where users will be able to create their own customized ETFs, effectively becoming fund managers themselves. NFTs will be awarded to managers when they achieve certain milestones within the platform, associated with the success of their ETFs.
We will also provide a leaderboard to enhance this gamification feature.
NFTs will also be tradeable on our exchange.
Our Dual-IDO launch will be happening this Monday the 3rd of May. We will be listing on Uniswap. Please join the Plethori TG group to stay updated on all developments, including the release of the correct token contract address to make sure you have the correct info!!
It’s really nice having the Plethori project in here!!!
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