Recap of Centaur Webinar With Co-Founder Sean Kor
2020 has also been a good year for Cryptocurrencies and a great year for Centaur. We rebranded from ProDefi to Centaur, and successfully closed both our private & public rounds. We also launched our very own native staking programme and Liquidity Pool on Uniswap.
We thank you all for being part of Centaur’s journey and for joining our first-ever official live stream with Centaur’s Co-founder Sean Kor. For all those who couldn’t be part of the live stream, we are attaching the transcript of Sean’s speech.
We wish you Happy Holidays, Merry Christmas and a very Happy 2021.
Transcript Of Sean’s Speech
Hey everyone, I am Sean, Co-founder of Centaur. As you know, Centaur is working towards being the bridge between decentralized and traditional finance by tapping on the strengths of both aspects. We are hoping to create unique solutions that expand the current use cases of DeFi, while remaining transparent and accountable in our approach and protecting the interests of our community and our investors.
A few months ago, we successfully closed off our private and public fundraising rounds and our primary exchange listing. Since then, we’ve been scaling up our team and operations and focusing on product development. We are still on track based on our initial roadmap while also increasing the scope of our solutions by partnering with key strategic partners in the blockchain and DeFi space. One of the main shifts from our initial plan was the upgrading of the liquidity pool, which I’ll be sharing more about later on.
So far, we’ve got about 10 people in the Singapore office that work directly on the DeFi and crypto-related aspects of Centaur. We are supported by a separate dev team in India that works together with the developers in Singapore to cross-audit the work, followed by a business development team in London that helps with onboarding of partners in Europe, mostly established fintech players or licensed entities. We’ve also established a large network of partners across Southeast Asia, who are holding on to financial licenses and will be supporting the launch of our platform and solutions in the coming months.
In the past three months, we’ve done a number of AMAs to expand our outreach to the various crypto-communities and also planned a few community events to reward participants. The first was the CNTR pre-staking event done in conjunction with BitMax. This was followed closely by the v1 native staking program for CNTR built by our team and audited by Red4Sec, which was overwhelmingly well received by our community and had over 60 million CNTR staked in the first 24 hours (30% of the circulating supply at the time). That was concluded in late November and a good portion of the stake was rolled-over into our v2 staking program, which is planned to run until the main launch of our liquidity pool in Q1 2021. Apart from these campaigns, our team has also been working hard on providing weekly progress updates every Friday and weekly educational articles relating to blockchain and DeFi every Tuesday.
As I mentioned earlier, our current focus is on product development with three main rollouts in the pipeline. Firstly, we have the Centaur wallet that is in the late stages of testing. This wallet is built natively for iOS and Android and will be available on the app store upon launch. It is non-custodial in nature and users will have full control over their tokens. At launch, it will support Bitcoin, Ethereum and all ERC20 tokens, with a goal to continuously include other blockchain protocols and their respective tokens. The wallet is also planned to be integrated with staking and yield farming solutions, including our Centaur products, as well as other third-party platforms. This wallet will serve as the gateway to DeFi and has been designed with user-friendliness in mind. In the long run, we will be using it to increase onboarding of cryptocurrencies and blockchain solutions for potential users who are currently still unfamiliar with it.
Liquidity Pool and Main net
The other focus for our development team is the Centaur Liquidity Pool and Centaur Chain. We’ve completely revamped the way current liquidity pools function to enable new and exciting features.
One of the key adjustments made was to support single-sided staking as opposed to the commonly utilized pair-based staking popularized by Uniswap. In most AMMs currently deployed, liquidity provision has to be done by providing equal value of liquidity on both sides, which leads to increased exposure for the liquidity provider. Based on this structure, cross-pair swaps can then be enabled by matching any two pools in real-time, and retrieving their relative pricings from external oracle price feeds. A discount or premium is then applied based on the current staked balance of the assets against their initial staked balance and weighted against a customized curve that is designed to reduce slippage.
An added advantage of this curve and price calculation algorithm is that trades are systemically designed to be in the direction of rebalancing the pool, which would reduce the impact of impermanent loss. If there is excessive deviation from the initial staked balance, the discount or premium would then rapidly increase, which creates greater incentives for arbitrageurs to step in and rebalance the pools.
Lastly, the unutilized potion of the locked assets, in reference to the edges of the curve which would often be untouched, will be repurposed for other DeFi solutions such as lending platforms. This would increase the rewards for liquidity providers while expanding the use cases for the liquidity pool.
The LP is targeted for deployment on Ethereum first and integrated with other chains in future, such as our Centaur Chain, Elrond, Cosmos, Substrate and many others.
We have a whitepaper drafted for the liquidity pools that we will be publishing next week so do stay tuned for that.