Pandora Protocol x Defi-Search
We had great pleasure of welcoming Ankit from Pandora, on our Telegram channel for the purpose of letting the community ask questions, which they have always wanted to be answered. Join our Telegram channel now and become part of the community.
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My name is Ankit, I am product lead at Pandora. In past I have worked with Ocean Protocol , Red hat and few other projects.
Great, can you fast explain what Pandora Protocol is and what motivated you to start it?
We at Pandora Finance are trying to solve the liquidity issue of the NFT ecosystem. We see
NFT as a much bigger market than the DeFi ecosystem, but the existing nature of NFT
makes it illiquid. The goal of the Pandora protocol is to bring liquidity to the NFT ecosystem.
We provide a liquid infrastructure protocol where any assets can be tokenised in liquid form
and can be further traded as swap, lend, borrow or can derivative trade.
For those NFT generated on other platforms, we are bringing innovative mechanism to bring
liquidity via PiNFT. PiNFT is a novel approach to get liquidity in any NFT and make it
tradable to a cross-chain platform.
On top of that, we are also giving double yield on the NFT created or traded at Pandora. This
converts depreciating assets into positive yield generating asset. This whole process is done
via bridiging Web2 assets on onchain ecosystem. Market size opportunity is more then 300
Your project still has been under the radar and you recently started with some impressive partnerships like Unmarshal. The idea is also great cause you are not looking to tokenise just pictures/Cryptopunks etc but also other items.
What assets are, according to your believes, the first to get tokenised?
And how do plan to incentivize people to tokenise their assets?
That’s right we are not specific to any asset. We are infra provider where other devs can build any kind of NFT dapp with just few lines of code by using our SDK
Incentive is given to all the participants on the volume they are trading/staking and participating in Pandora ecosystem
Ok very interesting, can you tell us more about your timeline and plans for the near future? How can the community get engaged and get their hands on some of the highly anticipated tokens?
We started our project last year. In Q1 we have developed our Beta version of product and closed early stage investment. In Q2 our plan is to release the product on BSC main-net. For Q3 we will expand product to Real World assets and bring reputation mechanism. For Q4 we will work on DAO and polkadot parachain..
these are the tech timeline for us at least for 1 year
Community can get engaged from the beginning when we are releasing our product. They can create/buy/sell/auction/validate the NFT and get rewarded for doing that.
Pandora have a very interesting concept under the name “ Dynamic NFT” , so I don’t understand it, so can you please explain us what make better a dynamic NFT over a regular one?
Price is dependent on the outcome which are happening outside of smart contract
Has any timely action been taken in 2021 to engage communities in your project?
We are coming up with bounty program and ambassador program. Please stay tuned to our social media handle
Do you have any plans to attract non-crypto investors to #your project Because it is the success of a project to get more investors who are still not in the crypto world. What are the plans to increase awareness around your in non-crypto space?
Yeah, we are bridging web2 asset to Web3 ecosystem.
Your foundation idea is very new, so it takes a lot of formula and takes a long time to develop. This must have a tricky point for you? Do you agree that the strength of the community will lead your project to grow globally?
Yes, we belive in community thats why our tokenomics is very much community oriented. We are having big pie only for community.
Have you any plan to keep creating NFT? If your ans is “yes”,then please tell us when and how much NFT you will be create?
There is platform Kylyx and Kalal getting built on Pandora. Please keep an eye on it.
What is the structure of this project , is it decentralised or a open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?
yes, completely decentralised, p2p, trustless
Many projects have problems with UI / UX and this one turns off new users. How do you plan to improve the interaction with new users and with users outside the crypto space?
We have tested these UI/UX with our Beta users and we got good feedback. We are very much focused to give best UI/UX
Pandora says it’s working on tokenising real-world assets with dynamic NFT functionality. I’m hearing about DYNAMIC NFT’s for the first time, could you tell us how they are different from normal NFT and what they could be used for?
There oracle is being used to feed the outside data in smart contract to determine the price. We have written the detailed blog post on it on our medium. Please check that out
Are you a community based project? How can I work for the success of your project? Do you have a Global Ambassador Program or a Referral Rewards System?
Yes, tokenomics is designed in such a way that biggest pie is only the community reward.
Also, yes we do have ambassador program.
Smart contracts are susceptible 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 tested it through any of the parties?
Our contract have been gone for audit. We make sure to push any code only after the audit. And we are getting audit done by industry leader firm.
How will you prevent “copies” of tokens from being included for the purpose of defrauding users? Do you have a system to remove these tokens from the pool?
We have validation and reputation mechanism around it. We are releasing this feature as part of our unique selling point. This is something very new in nft ecosystem
Many artist/creator still don’t clearly understand NFT especially because it still lack of editing platform. People still don’t know much how to make their own NFT. How pandora solve this problem?
We are giving very good UI/UX platform.
Along with that we are organising various workshop to help them if needed any help.
How do we invest in the project? Do we have locking period or a minimum requirement to be eligible??
We will do announcement around it in next week
How will you generate profits / income to sustain your project and what is the revenue model? How will it benefit your investors and your project?
Pandora token is used as gas fee, governance token and staking. Products getting built on Pandora will be using pandora token.