Pumpkin AMA with SWFT community Recap
- Date: 16:00 (GTM +8), September 18, 2020
- Topic: 0 handling fee, farm pumpkin, if you want to DeFi come to IOST!
- Guest: Kerr, CEO of Pumpkin
- Profile pic
Kerr is the CEO of Pumpkin (PPT). Hello Kerr, welcome to the SWFT community! Could you briefly introduce yourself to us?
1. We are seeing many liquidity mining projects and PPT is one of them. Could you introduce Pumpkin to us?
Hello everyone, I am Pumpkin CEO Kerr, and I am very happy to be here today in the SWFT community and share about Pumpkin with you all.
Pumpkin is the first Yield Farming project on the IOST chain and we are also joining IOST as partner node. It is fully operated by the community, with zero-risk investment, zero private investment, no pre-mine, and high yield
Compared to the DeFi projects on Ethereum, there are many advantages when joining DeFi on IOST and that is why we choose to develop on IOST. For details, please refer to this picture.
2. We have seen some contract security issues in other DeFi projects, and everyone is increasingly concerned about this. I would like to ask how does Pumpkin ensure safety? Is the contract audited?
The IOST technical team has completed a preliminary audit of Pumpkin’s contract and we are working with a well-known third-party professional team for the second round of audit.
The Pumpkin contract uses a timelock mechanism and will open when pumpkin goes live. After the contract owner enables the timelock, if he wants to update the contract, he must first call “stopTimelock”. After that, the contract can be updated after 24h. Under normal circumstances, there is no need to update the contract, hence, nor call the “stopTimelock” function. If a user is not satisfied with the newest update of the contract, there are 24 hours to withdraw.
3. Right, I believe that everyone is now interested in what is PPT and how the Pumpkin liquidity mining works. Can you tell us about it?
Pumpkin Token (PPT) is an IRC20 token issued on the IOST chain. The total supply of PPT is 2,927,232, and 95% of the total supply will be released to users through yield farming. We hope to use PPT to promote the development of the IOST Autonomous DeFi community.
In addition, the Pumpkin team will reserve 5% of the total PPT supply for technology development and market operations costs. For every 100 PPT farmed by the users (farmers), our team can unlock 5 PPT.
In order to incentivize the early supporters of PPT, the Pumpkin team proposed a halving model in which PPT output will be halved every 7 days.
4. How is PPT produced and obtained?
The issuance of PPT is based on decentralized smart contracts and no-one can issue additional tokens.
There are two ways to get PPT:
- Get PPT through staking IOST and PPT
- Purchase through a decentralized exchange: IOST DEX (https://www.iostdex.io/#/), otbTrade (https://otbtrade.com/).
5. Can you introduce the rules of PPT mining in detail?
There are four major Pools in PPT
- Silver farming pool: stake any amount of IOST to get PPT
- Gold farming pool: According to the ratio of 1 PPT : 10000 IOST, stake PPT and IOST at the same time to get PPT
- Platinum farming pool: According to the ratio of 1 PPT : 10000 IOST, stake PPT and IOST at the same time to get PPT (Minimum staking requirement: 20 million IOST and 2000 PPT)
- Diamond farming pool: According to the ratio of 1 PPT : 10000 IOST, stake PPT and IOST at the same time to get PPT (Minimum staking requirement: 50 million IOST and 5000 PPT)
6. Well, the numbers look good, and seems like it is easy to take part in farming. When does PPT mining start?
Well, we have already launched Pumpkin farming for a couple of days!
The first official Farming Week, with the addition of the 13M IOST airdrop event officially starts at 16:00 (GMT+8) on September 13, 2020, and ends at 16:00 (GMT+8) on September 20, 2020, for a total of 7 days. In addition to the huge farming rewards, you can also participate in the airdrop via the Platinum farming pool.
The next farming week will start at 16:00 (GMT+8) on September 21, 2020. The total amount of PPT that can be farmed will be halved every 7 days. The earlier you participate, the greater the returns of PPT.
The subsequent farming weeks will follow a similar timeline & rules.
7. For the four major mining pools you mentioned, how are the token rewards of each pool distributed during the official mining period?
The distribution is a follows:
- Silver farming pool: 17,118.315789474 PPT
- Gold farming pool: 342,366.315789474 PPT
- Platinum farming pool: 855,915.7894737 PPT
- Diamond farming pool: 1711,831.5789474 PPT
Total for silver mining pool: Total for gold mining pool: Total for platinum mining pool: Total for diamond mining pool = 1:20:50:100
8. Alright, as Pumpkin was recently launched… Are there any early bird bonuses or events?
Users who join the Platinum Pool before 16:00:00 on September 20, 2020 (GMT+8) can participate in the airdrop event and share 13 million IOST.
Questions from community:
1. What is the role of the Pumpkin team?
As a partner node of IOST, wedeveloped Pumpkin- the first Yield Farming project on the IOST chain. We hope to bring more DeFi apps to IOST and here we are. Just to make it clear. the team does not guarantee the price movements that happen in the market, and market movements are not something my team can control.
2. Price of PPT has dumped recently, why?
Well, the initial price for PPT was 200, as we expected. Later on, the price just went up too much in our opinion, which wasn’t what we expected nor wanted to see. New functions will be eventually launched, so stay tuned!
If you have any comments and suggestions, you can also contact us via Twitter , email, WeChat, or Telegram.
3. What are your plans for the future?
We are in touch with centralized exchanges CEX to discuss listings. Besides that, the Pumking team is also in touch with other DeFi projects on the IOST chain to explore more possibilities. Whenever there are updates, we will announce to everyone asap.
