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We are a team of 4, we have me, Haz, Max and Camillo. Haz and I are devs, Max is on marketing and partnerships, Camillo is Ops and BD. We’re all have plenty of experience in defi, I myself have been in crypto since 2017.

MaticNews x Tigris Trade AMA Recap and Transcript

GP {BETO}: Another new ama on a Polygon project after the big success of past ones! Let’s kick start with an introduction of you and your team, what are your past experiences and roles?

GainsGoblin: We are a team of 4, we have me, Haz, Max and Camillo. Haz and I are devs, Max is on marketing and partnerships, Camillo is Ops and BD. We’re all have plenty of experience in defi, I myself have been in crypto since 2017.

GP {BETO}: Very good team size to start a project! Especially very good to hear about the previous experience. These are probably the reasons why of this good early success of the protocol! Rare to find in polygon, especially with the current market moment. Out of curiosity, why did you choose this name? Is there any backup history?

GainsGoblin: Tigris is an old Persian word used to describe something going fast like an arrow. We think that is a perfect representation of what our platform is.

GP {BETO}: I confirm that as I tested it multiple times before the ama (since the beginning actually) never had any kind of issue. Please give us a brief introduction of what is Tigris Trade!

GainsGoblin: Tigris is a decentralized synthetic leverage trading platform on Polygon with the most capital efficient architecture and a powerful oracle system built on ICP that creates the best on-chain trading experience.

GP {BETO}: Precise introduction, simple and clear. This is exactly why we invited you today with us. Explain us the functioning of your protocol.

GainsGoblin: So since Tigris is a synthic leverage trading platform we have the power to list any asset we want. This is done using oracles, but what makes our oracle system completely unique is that it all works off-chain. Our main competitors utilize a system where traders place an order and then they have to wait for an oracle to execute it on-chain and settle the trade. How our system works is that the oracles instead sign price data and upload it to a canister on the Internet Computer. When a trader places an order, the order contains the price data and the oracles’ signatures which get verified by the smart contract. This means every trade is settled instantly with no compromises to platform security.

GP {BETO}: Okay this is very interesting, do you want add further infos on what is the Oracle that you are currently using? I see it as very unique.

GainsGoblin: It’s a custom oracle solution completely built by us, most people call it an ICP oracle. We also utilize Chainlink public price feeds as a backup to verify the prices that our oracles provide.

GP {BETO}: Brilliant dual integration. What is the Tigris Stablecoin and stable vault? I see as one of most important points of your ecosystem!

GainsGoblin: tigUSD is our native stablecoin, which is backed 1:1 by the assets in the Stablevault. The Stablevault is a vault that contains many assets of a kind, such as USD stablecoins. This system allows us to support many different stablecoins without fragmenting platform liquidity. Trades can be opened/closed with either tigUSD or any asset listed in the tigUSD stablevault. We can even support other assets such as ETH and MATIC in the future.

GP {BETO}: Very cool concept. Will you add them in same vault or in separate vaults?

GainsGoblin: Separate vaults, because assets in a stablevault can be swapped 1:1.

GP {BETO}: Thanks for the further explanation. Good too see this concept for the stablecoin, especially on this market conditions risky concepts don’t work
How many pairs do you currently have? Do you have any plan to have new ones?

GainsGoblin: We currently have 5 pairs, which are BTC, ETH, LINK, MATIC and PAXG. We have plans to list a lot more assets and we actually have Forex pairs coming up this month.

GP {BETO}: Awesome! I would not be surprised to see a massive increase of volume specially with new pairs. Please keep us posted with all news about them! One of the key and unique feature of your protocol is the nfts use cases, can you please explain us how they works?

GainsGoblin: Tigris has two different NFTs. One is the Open Position NFT and the other is the Governance NFT. Since every position opened on Tigris is unique we thought that we might as well tokenize them as NFTs. This is great because it allows traders to transfer their positions between wallets and as a token standard it makes it easy for other projects, which may be interested in integrating us, to utilize them. We decided to make our governance token an NFT because they are usually traded peer-to-peer. This means we don’t have to spend protocol revenue on incentivizing the existence of a token liquidity pool and instead use that revenue to increase platform liquidity + share more revenue with token holders. The Governance NFT provides users with platform revenue and voting power. Currently voting is done on snapshot but we have plans to eventually move to on-chain governance. Since we also want to go cross-chain we have integrated LayerZero into our Governance NFTs for easy bridging.

GP {BETO}: Brilliant concept, also unique on polygon as noone else uses this combo for nfts. Let’s talk about the NFT economics and why did you choose this model!

GainsGoblin: We have a max supply of 10k Governance NFTs, where 18% are for the team, 16% are for the treasury and 66% are for the community. Currently 50% of the platform’s trading fees are shared with NFT holders and this value can be increased in the future. The other 50% go directly towards platform liquidity. We do periodic NFT sales to bootstrap liquidity, which is necessary because none of our liquidity in incentivized by rewards. We did our first NFT sale 3 days ago which sold out in just 2 minutes.

GP {BETO}: I love this REAL VALUE👀 nft sale was crazy, I just managed to connect wallet to buy one and was sold out. Regarding fees, what are Tigris fees?

GainsGoblin: Our fees are very simple, 0.1% opening, 0.1% closing + a variable funding rate. Variable funding rate means higher open interest side pays money, while the lower open interest side earns money.

GP {BETO}: Simple and clear, thanks for the further infos. Very good to hear this fees scheme. Not surprised that nfts went sold out that fast. Besides this, how is revenue being generated for the project itself that could be used on future development?

GainsGoblin: Since the treasury multisig has an NFT allocation it can claim its share of the trading fees. That’s the 16% I mentioned earlier.

GP {BETO}: Thanks for the further confirmation! And now is time for the clichè question! How safe is your project, I guess before doing any investment this is one of the area of concern that one will check upon. Are there any audits done?

GainsGoblin: We’ve done an audit with InterFi, but we want to do another audit later on with C4 too.

GP {BETO}: Good confirmation to hear! I suggest everyone to read the audit report and feel free to share us here the report of C4 for when it will be available. Speaking about the future, do you have a road map or long term plans that you can share with us?

GainsGoblin: We have a short and medium term roadmap published in our Discord server. The main things are Arbitrum deployment, Forex, Stocks, Chat/Twitter box, and UI development. We’re also thinking of adding a feature which lets users create custom indexes of assets listed on our platform, as a long-term plan.

GP {BETO}: Wise idea, especially the Arbitrum deployment, I see massive numbers there from one of your competitors Oh nice! We could run a MaticNews index too.

GainsGoblin: For sure 😄

GP {BETO}: What is the final goal of your project?

GainsGoblin: Our goal is to become the major spot for on-chain trading, to capture off-chain volume and users in order to help create a more decentralized and fair financial world.

GP {BETO}: We have multiples users using leverage platforms, do you have some suggestions to whom never tried this side of DeFi? I consider you one of the innovators of this new Polygon Season.

GainsGoblin: Use Rabby wallet, it’s very simple to use for new users.

GP {BETO}: 100% agree, way better than metamask! And last question, what do you think about the current market moment?

GainsGoblin: Up only.

GP {BETO}: You think we are bottoming fren?

GainsGoblin: Only up now.

GP {BETO}: Would you like to add something more before I open the group chat to users questions?

GainsGoblin: I think we’re ready to start answering user questions.

GP {BETO}: Be ready frens!

Salim Ismaila: With the current trend of stable coins depegging, how can we be sure tigUSD will be stable and avoid any depegging drama?

GainsGoblin: tigUSD is redeemable 1:1 for another stablecoin like DAI.

Newton Young: Does Tigris use a third party marketplace for its NFT marketplace or did it have it’s own marketplace?

GainsGoblin: It uses third party marketplaces

Vincent Gascoigne: If I have an nft on polygon, after you launch onArbitrum, will Iearn also from that?

GainsGoblin: To earn on Arbitrum you need to have your NFT bridged to Arbitrum. That’s because bridging and distributing fees manually would be centralized.

Sch: Hi, who runs the bot for limit orders?

GainsGoblin: Anyone can run a bot and earn rewards for executing limit orders. Only MATIC is needed to pay for gas fees.

LordSeed: Do I have to stake the Nft to have revenues share or can I hold it?

GainsGoblin: You can just hold it, there is no staking.

Harnisch: With Gainstrade (GNS) beeing the biggest Leverage-Trading-Protocol in volume on Matic/Polygon and biggest Token Trading Volume on the whole Blockchain, so a well known Token in the ecosystem, how will you try to compete and get a share of leveragetrading-volume?

GainsGoblin: We have overall much lower fees and we have instant settlement.

Jack Polygon: Can you link the opensea page of your NFTs if I want to buy the floor?

GainsGoblin: https://opensea.io/collection/tigris-governance-nft-v2

0xSaviour: Sorry, where I can get whitelist for next nft drop?

GainsGoblin: There is no whitelist, just join the discord to get info. There will be many more sales done.

DERR: As decentralized leverage trading platform, how can non trader participate at Tigris, is it suitable too for novice users?

GainsGoblin: It’s very very easy to trade on it, so I’d say it suitable.

Sch: Any plans for a future trading competition?

GainsGoblin: Certainly

LordSeed: How many millions of volumes you reached? Total and daily average

GainsGoblin: We just launched on Friday so we’re not in the millions yet.

DuffyCroSurvivor: Do you have an honest comparsion chart of you VS GNS and CAP?

GainsGoblin: We haven’t made a comparison chart.

0xSaviour:Thanks, which was the old mint price?

GainsGoblin: 600 DAI

Sch: Are Tigris contracts relatively easy to intergrate or does the frontend use a lot of proprietary stuff?

GainsGoblin: If you mean the trading contract, it’s pretty easy if you know how to use ICP.

0xSaviour: Thanks. Next sales will increase price?

GainsGoblin: The next sale will still be at 600 DAI, future sales may be higher but never lower than 600.

0xSaviour: Did you had already official partnership with polygon?

GainsGoblin: We don’t have an official parntership with them.

Sch: Some people say tigris forked some gns contracts? Is this true?

GainsGoblin: Definitely not lol

GP {BETO}: Thanks GainsGoblin for your huge patient to reply to all questions. Please keep us posted on next updates!

GainsGoblin: Thanks for having me, loved the AMA. Will keep you updated for sure

Written By

Petrache Ionut

Sep 6, 2022