In this Telegram AMA recap, you’ll find insights about the Plethori. In an event hosted by Iris from MEXC Global, you will meet Callum Mitchell-Clark, CEO of Plethori.
Introduction to MEXC AMA Member from Plethori:
Callum: Great to be here, thank you very much for the invitation to join today’s AMA. We had a very successful listing on your exchange at the beginning of this month, and are super excited to now be able to speak directly with your community and answer any questions they may have about Plethori’s groundbreaking protocol.
I’ll begin by introducing myself – I’m Callum, Plethori’s CEO. I’ve been heading up the project since the end of June during which time the team and I have achieved an enormous amount.
I reside in the South of England where I live with my partner and our 2 sons. My background is in business development and management and I concurrently run my own local business. Thankfully I have some great managers there, meaning I can dedicate almost all of my time now to developing Plethori. PLETHORI – THE PREMIER CRYPTO-ETF EXCHANGE, BUILT ON ETH AND AVAX.
Questions about the Plethori project:
Iris: What is Plethori? Can you share with us more in detail?
Callum: Sure – Plethori is crypto’s premier ETF creation and trading protocol, powered by the Avalanche network. We are still the only true-crypto ETF platform that exists, exclusively offering the crypto and TradFi communities a legitimate avenue for not only trading these powerful investment vehicles, but also for having the ability to in fact design their own funds that can then be listed on on our ETFX (ETF eXchange).
Once a user’s ETF has been approved and listed, they will be placed on our leaderboard where they will compete against all the other fund managers for top ranking positions. All fund managers will also earn a percentage of the exchange transaction fees – the more popular ETF becomes, the higher the trading volume and the larger the monthly passive income revenue stream. Fund managers will also be rewarded with valuable NFTs that represent their ETF. In a nutshell – we’re a gamified crypto-ETF creation and trading platform.
Iris: What triggers you to launch Plethori? What are some of the real-world problems/ pain points that Plethori aims to solve?
Callum: Great question – Over the past 2 years, ETFs have kicked up a global storm within the TradFi markets. Knocking their way past their mutual fund cousins to achieve first place in terms of popularity and global asset value, ETFs are now HOW the world prefers to invest.
However, ETFs in crypto are very scarce. We would in fact state that TRUE ETFs are nonexistent within the crypto space. There are numerous index funds emerging that merely track the growth of a given sector, or an underlying basket of tokens, but an index fund is not an ETF. Plethori have a huge advantage of being first-to-market, bringing a multi trillion dollar industry to the crypto arena.
Unlike index funds, where value is tied directly to the NAV (Net asset value), an ETFs market price is based on supply and demand. When demand exceeds supply the ETF will be trading at a premium, and when supply exceeds demand, the ETF will be trading at a discount. There are several distinct advantages to this model that give more power to the trader, and more opportunities to profit.
Iris: What is the role of $PLE in Plethori? Would you tell us more about its tokenomics?
Callum: PLE is Plethori’s native utility token. We have launched PLE on both the Ethereum and the Avalanche blockchains, and it holds significant importance within Plethori’s ecosystem.
Firstly, PLE is required to access the creation portal within Plethori’s platform. Only users who hold the PLE token in their wallet will be able to design and list their own ETFs.
Secondly, holding PLE gives traders and fund managers significant discounts on the fees they will have to pay for both trading ETFs AND for creating them.
Thirdly, PLE is required for all those who wish to join one of our new generation ETF whitelists. The whitelist is currently open for our Polkadot Ecosystem Fund ($PEF) and can be joined via our website. The current minimum PLE holding in order to access the whitelist is 20,000 PLE.
Finally and perhaps most significantly, every ETF that is ever created within Plethori’s protocol will comprise 5% PLE (i.e. 95% of the ETF will be made up of coins/tokens from other projects, and 5% will ALWAYS be made up of our PLE token).
Why is this important? Whenever a new ETF is created, the underlying assets are bought on the open market. So supposing each ETF has a NAV of $500,000 USD, $25,000 of that will be market bought PLE. This inclusion in every ETF will put constant deflationary pressure on the PLE token, as well as sharp upwards pressure on the price each time a new ETF is launched.
I should also mention our native and external staking platforms – we currently have two native staking platforms running (1 on ethereum network and 1 on avalanche). Both are providing an impressive yet sustainable 40% APY to stakers. At current capacity, we expect these two platforms to last around 12 months – still plenty available for early investors 💪
Additionally, we have just joined a cohort staking program on Unifarm, where PLE holders can stake their PLE in return for 4 different project tokens (including PLE). This platform is also offering a very impressive APY and can be accessed via Unifarm’s website.
Iris: Are there any exciting news or updates with regards to Plethori that you would like to share with the users?
Callum: Absolutely! Starting with the big one – our main product – the ETFX is scheduled for launch before the end of Q1 2022. Development is now well underway and we expect to deliver on this goal and launch the platform within the next 9 weeks.
It’s been a long journey to get to where we are now, and thanks go to our amazing team for working around the clock, and also to our community for their continued support.
We have also just announced plans for a Metaverse ETF and are in the process of composing this fund – $METF. We can’t give too many details away just yet but it’s going to be 🔥🔥🔥
Iris: Looking forward to the exciting stuff to come!
Callum: Although the ETFX is our main product, we have a strong ethos at Plethori of educating our investors, as well as the wider community at large. Which brings me to discuss one of our main sideline projects, and the basis of our NFT range – Plethori’s Zoo of Crypto Creatures.
Situated on the Plethori Space Station, our Zoo hosts a myriad of different crypto creatures (all holographic in the interests of animal rights!). Each cryptocurrency is represented by a different creature. Users can visit the different enclosures and learn more about the various sectors of the crypto markets, as well as create their own hypothetical ETFs and then track their progress over time.
We give regular updates on all news and progress via our social media channels – t.me/plethori and twitter.com/plethori
Iris: If you were to summarize your project in ONE word, what would it be? Why?
Why do I use that word? A new era has dawned. Cryptocurrency and decentralized finance have made their mark on the world, and are here to stay.
What Plethori has achieved through its ETFX is no insignificant feat – we have successfully brought the world’s MOST popular financial product to the cryptocurrency industry, and we are the first to do it.
By doing so we are directly facilitating mass adoption, and providing users with a low-risk, low tax and instantly diversified investment option that will change the shape of the crypto space forever.
Q1. Can you tell us about some of your partners and who you plan to collaborate with in the near future?
Callum: To date we have partnered with some of the strongest projects in the industry. Each partnership is strategic and has real use within our protocol. Our partners include:
- Stater Finance
- Shield Finance
Q2. Have you being audited ? Have not heard you talk about that security of funds is what every investor craves for and plans to escape incase of insecurity if funds,scams and rug pulls ? How strongly built are your security put in place?
Callum: We take security incredibly seriously at Plethori. All of our smart contracts go through rigorous internal testing and bug bounties before being sent to our appointed Cybersecurity auditing firm – Hacken.
Nothing is released into our ecosystem until a well-secured audit report is received. Our lead developer Mark is also a smart contract security researcher and programmer – meaning that our contracts always pass perfectly first time!
Q3. Currently a lot of people are looking at NFTs, metaverse, and games. Can you tell me what advantages will you have in this field future?
Callum: Plethori has a strong future in the Metaverse – we are already speaking with a number of leading Metaverse projects to discuss plans for a Plethori Space Station, where gamers and investors will be able to visit our Crypto Zoo and ETFX directly!
Our NFT integration brings an exciting and artistic dimension to our trading platform, and the gamification via our leaderboard will entice the biggest influencers and professional traders to compete against one another for first place. That being said, noone is excluded. If you’re a better fund manager than some of the biggest names in crypto, then you will have an opportunity to gain fame and a following of your own.
Plethori will bring in a whole new generation of influencers. And it will be done fairly based on merit and success 💪
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