Phantom: Opening New Possibilities With “DeFi+NFT”

499Block:Now our ama will officially start. Before that, we ask @PhantomMr , Co-founder of Phantom project to make a short self-introduction!

Mr Phantom:Thank you! it’s great to be here today! I am Mr. Phantom, a co-founder of the Phantom team. Of course we have our own names, but within the team we like to use Phantoms to call each other. I am a veteran of the crypto market, with experience in various projects. Phantom is our latest project where we focus on creating synthetic assets and DeFied NFT products.

499Block:That was impressive! Let’s start today’s question! What is Phantom? What problem does it solve?

Mr Phantom:Great question, let me elaborate on this :D

Phantom is a cross-chain DeFi protocol that supports synthetic asset generation and NFT issuance. Utilizing smart contracts, Phantom allows individuals to build synthetic assets (pAssets) in a decentralized manner with mainstream cryptocurrencies or NFT as collateral. Phantom enables more people to join in a diverse range of investments by lowering the obstacles to entry.

Synthetic assets are a tool primarily designed for large investors in the traditional financial industry. The benefit of synthetic assets is that they can imitate real-world asset price movements, allowing investors to participate in other investment categories from the comfort of a unified platform without the cost and risk of asset transfers.

Phantom uses DeFi technology to enable traders to create or invest in pAssets to participate in markets such as NFT, crypto assets, forecasts, stocks, and others with a low barrier. one quick example, if a USDT holder wants to buy and trade Gold, he/she would need to convert his USDT to fiat currency, open an account, and undergo KYC. He may now buy pAU (p-assets that resemble the price of gold) directly with USDT utilizing Phantom to get the same return.

499Block:What kinds of synthetic assets can Phantom users create?

Mr Phantom:The synthetic assets that users can generate with Phantom are cryptocurrencies, commodities (including gold and silver, etc.), fragmented NFT tokens, stocks, and various other assets with open market prices.

Phantom will support pBTC, pETH, pAU, and pAg on the conflux mainnet, which is set to be launched later this month. You can find more info by following our twitter: https://twitter.com/PhantomDefi

Other pAsset classes are being developed and evaluated for reliability, and more will be available on Conflux, Ethereum, and BSC. In fact, any asset with a certain level of trading liquidity and an open price could work as a pAsset and be generated via Phantom.

499Block:What distinguishes Phantom from other synthetic asset protocols?

Mr Phantom:First of all, it’s collateral diversity. Phantom users can use stablecoins, crypto assets, and even NFT as collateral to create pAssets, while most other projects require their native utility token as collateral, which is a user burden.

Second, Phantom is a cross-chain synthetic asset protocol that will provide users with more options, faster transactions, and lower costs than most protocols that only run on Ethereum. We have just gone live with the Conflux version, and the Ethereum and BSC versions, as well as cross-chain capability, will be available shortly.

The 3rd unique characteristic is the support for NFT assets. Most synthetic asset packages currently handle crypto-assets, stocks, and prominent commodities, but Phantom will give a more comprehensive and in-depth solution for NFT, particularly in the gaming industry.

499Block:Great! to be honest, I can’t wait to learn more about Phantom.

Could you tell us a little bit about Phantom’s investors and core team?

Mr Phantom:Most definitely! Conflux is Phantom’s early investor and partner, and the first version of Phantom Protocol’s mainnet will also run on the Conflux blockchain. LD Capital, NGC, gate.io, Kyro Ventures, 499, MXC, OpenDeFi, and China’s DOTA2 game KOL 09 are also among Phantom’s early funders and investors.

Phantom’s core team consist of members from the United States, Singapore & Hong Kong with backgrounds in fintech and finance. They are all technical and market experts with more than five years of experience in the blockchain industry.

Also, we want to point out the support from the community: 5,000+ community members from 85 countries have also contributed to Phantom’s product testing and operation development. To join, you can always come here: https://t.me/PhantomProtocol

499Block:Awesome! Such a promising team of Phantom! Truly International and seasonal!

How is the development of Phantom going? Are there any IDO plans?

Mr Phantom:ah very good question, and i think a lot people care about this the most :P Phantom’s testnet launched in May of 2021, accompanied by a very successful beta campaign: 5,000 people participated in the beta experience, which was five times more than we anticipated.

Then, on August 2nd, Phantom’s Conflux mainnet version will go live. Users of the Conflux Portal wallet can easily create synthetic assets, provide liquidity, and pledge LP Token to participate in PHM reward LP mining with a single click. In the future, we will also support Ether, BSC, and other blockchains.

Just want to point out: users who participate in the mainnet launch reward campaign can share limited edition NFTs with 10% mining bonus and 20 million PHM rewards.

In terms of Listing, we have communicated with several centralized and decentralized platforms (you probably all know the names), the listing plan is definitely in motion and in our schedule. For more details we will always share them first hand on our twitter: https://twitter.com/PhantomDefi

499Block:Many users are concerned about the security of DeFi smart contracts. What kind of security guidelines does Phantom’s development follow ?

Mr Phantom:This is definitely an area we care about A LOT! Our technical team is extremely concerned about security.

All financial products, centralized or decentralized, are vulnerable to various types of attacks, theft, and accidents. However, according to DeFi, approximately $300 million in assets were looted in 2021. Our security team investigated the causes of these incidents and discovered three major categories.

1. Flash-loan attacks, in which hackers take advantage of flash lending protocols to manipulate asset prices.

2. Rug-pull, a project leaving a back door to withdraw all funds.

3. Vulnerability in smart contracts

The over-collateralization mechanism used by Phantom does not have the problem of flash-loan attack. We can prove that there is no backdoor to manipulate assets and rule out smart contract vulnerabilities with a third-party auditor.

Many DeFi platforms skip this step, but we take it very seriously. Before they are deployed, all Phantom smart contracts will be evaluated by a third-party code auditor to ensure that they are free of vulnerabilities and risks. CertiK has already audited our mining protocol, and the rest of our protocols are going through the auditing process.

499Block:Great explanation, you said very clearly!

Can you share some details of the Mainnet Liquidity Mining Rewards?

Mr Phantom:Yes, most definitely! There are a total of 3 activities during the campaign:[Win Mining Bonus NFT with cUSDT Snapshot]: From July 26 to August 1, The first 500 users who register for the event and have over 5,000 cUSDT in their wallet at the time of the snapshot will receive an accelerated NFT card. The wallet address containing this NFT will receive a +10% mining acceleration.

Registration is now open here:

2ndly, [20 million PHM mining rewards]: From August 2 to 31, users who participate in Phantom synthetic asset liquidity mining can share 20 million PHM tokens rewards.

3rdly, [600 Limited Edition NFT for Phantom Genesis Users] on August 15 and 31, Users who reach 30,000 in PHM mining revenue can get a PHM-point to redeem 600 limited edition mystery boxes. Inside each box there are:

a. an NFT artwork from global artists specially made for Phantom’s mainnet launch, with Genesis member badge and serial number

b. Mining +15% BUFF bonus (each wallet address can only benefit from one Mining Bonus NFT.)

c. This NFT will also become a unique identifier for Genesis users for future airdrops and privileges on Phantom.

With 20 million PHMs released in 30 days, this is the largest Phantom reward program by far, so we encourage everyone to come join and make some $PHM :)

499Block:Do you have a quick start guide for those who want to participate in the Mining Reward Program?

Mr Phantom:Yep!users with USDT can follow our step-by-step guide to get PHM mining rewards and limited edition NFTs. We are currently preparing a “Phantom mainnet mining rewards guide,” You can first join the Phantom tele community to obtain it: https://t.me/PhantomProtocol

Furthermore, you must use cUSDT (USDT on the Conflux chain) to participate in this event. You can obtain cUSDT by via USDT cross-chain, or exchange on Moonswap /borrow from Flux . Please see “How to Get cUSDT to Participate in Phantom Prize Mining?” for more information:

If any of you have previously participated in our testnet rewards, this will be a very simple process. If not, don’t worry; our community members will gladly assist you if you go to the official Twitter and Telegram groups.

499Block:That’s Fantastic! let’s move to the last question of today’s AMA!

Mr Phantom:How can we stay up to date on the latest Phantom Protocol features and developments?

499Block:Good question!Phantom’s official website is https://phm.finance/, where all features and activity portals can be found. Please pay attention to the official channel information, as we have seen impostor accounts posting token sale information. If you want to stay up to date on the latest news, Join our Telegram group at https://t.me/PhantomProtocol

Phantom’s most recent news will also be posted on Twitter and Medium, so make sure to follow along:

Twitter: https://twitter.com/PhantomDefi.

Medium: https://phantomdefi.medium.com/

Mr Phantom:Look forward to more updates of Phantom project in the future! Thanks to @PhantomMr for sharing

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