AMA (Ask Me Anything ) was conducted with Jarvis on 20 July 2020 at 3:00 PM UTC live on our telegram group .
Guest Introduction :
Pascal Tallarida :
My name is Pascal Tallarida. I am a 33 senior french trader and a community and product-driven CEO with a long expertise in trading and risk management. Prior to launch and manage Jarvis, he launched a successful company, DMTrading, which became one of the leading trading school and bigger trading community in France, and DMFunds, a prop trading firm.
I am Vsevolod. Initially I joined other company of Pascal – a trading firm (they teach students how to trade on legacy markets). And during my time there I saw Pascal working on the Jarvis project and I just could not pass by. Now I am a community manager at Jarvis Network and my main role is to deliver all the new and updates that we have, as well as help our community to understand the project and DeFi in general.
About Jarvis :
eJarvis network is a set of protocols to universalize and uberize finance and, more specifically, brokerage. We want anyone to be able to become a broker and provide access to any financial market, from Forex to Stocks to Crypto. And anyone to be able to trade on these markets.
More technically, Jarvis network’s protocols allow to gain exposure to the price of any asset against liquidity pools.
So the end-users can invest on the SP500 or EURUSD or BTC, either with opening leveraged position with stablecoin (USDC or DAI but in the future USDT too) or my minting synthetic assets 🙂
Well there is not really competition for the Margin protocol, what we are doing does not exist.
But for our Synthetic protocol, of course our competitor is Synthetix .
So from a risk management perspective: JRT is far superior to SNX, which is building a product around their token, while we are building a token around a product.
Twitter Questions :
Q 1. Sincerely, most newer DeFi platforms are just a copy paste of the existing ones. So, what things does Jarvis offer that no any other DeFi platform offers?
we are not that newer 🙂 we started before Defi was a thing, in 2017, but internal issues prevent us to work on 2018 so we really started in 2019 with a very tiny budget (less than 300k).
Jarvis is risk-oriented, for the end-users and for the liquidity providers.
The Jarvis protocols differentiate from its comparable (synthetic assets, derivatives exchange) by maximizing the user-experience for all its stakeholders: while off-chain components allow to remain scalable to satisfy the end-users without scarifying the trustlessness of the system, automatic and innovative hedging mechanisms allow liquidity providers to remain market neutral and allow for more capital-efficiency.
Q 2. Are there any repurchase plans to burn or block tokens to increase the $JRT value?
Yes, at the moment there is 225M tokens for 70M circulating; the circulating supply will increase as the tokens from the token sale will be released (there will be around 160M tokens circulating and the others will be locked in the DAO).
As for the token burn, yes: but it is not official yet 😊 so do not spread the info. How it will work: in Jarvis there are 3 fees: Protocol fee (go to DAO), LP fee (go to Liquidity providers) and Partner fee (go to dApp built on the top of the protocol like Jarvis market, Jarvis exchange etc.); 25% of the Partner fee are used to buy back and burn JRT.
So the more there are dApps built on the top of Jarvis the more JRT are burnt 😊 .
Q 3. The biggest barrier for newcomers in the crypto space today is buying and withdraw with FIAT, how secure and robust is jarvis FIAT GATEWAY?
Yes the biggest barrier is fiat, you are right. This is why we did something awesome: a 0-fee 0-slippage fiat on-ramp in order to buy USDC and ETH or any of our synthetic assets at 0 cost 😊
The solution uses banking APIs (we partner with Ramp.network for that) so it is quite secure. Just connect your account in our wallet et few minutes after you have your USDC or ETH without KYC or even without creating an account.
So the UX is as follow: you want to buy USDC to trade on Jarvis or to mint jSP500? Or you want to directly buy jEUR or jCHF? Just enter your phone number connected to your bank account, you receive an SMS, and your money is AUTOMATICALLY taken from your account.
Of course you can also buy with regular wire and card.
No fee 🙂
Q 4. Where is the Jarvis Network road map now? Are all targets in accordance with the current road map? and what are the next steps that will be taken in the future?
I know it is something you guys want to know a lot but we don’t have an accurate roadmap, because it’s hard to plan the future, and we have to remain super agile; also we prefer to have a vague roadmap rather than a very accurate and detailed one to do not create expectation but to create surprise.
Yet, you can see our roadmap on jarvis.network: our mainnet is scheduled for q4 this year.
But what can you expect in the next 3-6 months?
tier-2 CEX listing
deeper integration with Aave
launch of Jarvis exchange (synthetic assetS) on the testnet
launch of JArvis market and JArvis exchange on the mainnet
launch of the DAO
Q 5. Of all the use cases of $JRT, which do you consider the most important according to your own point of view and why?
Most important is to participate in the protocols governance to vote on how to redistribute the fees collected by the DAO.
It gives JRT holders a real control over the protocols, and they can literally manage a huge amount of cash (the fees collected are in USDC or DAI as example) and can decide what to do with it: funding an insurance pool, a prize pool for a trading competition, to buy $JRT on Uniswap or simply to withdraw them to pay $JRT holders.
So $JRT, apart from staking as example, is a ticket to manage the fees collected on the Margin trading and the Synthetic assets.
Live Questions :
Q. What is the plan to ensure sufficient liquidity on exchanges to fill market orders, especially as adoption increases and clients begin multiplying year-over-year ?
there is an infinite liquidity in Jarvis 🙂
orders are always filled because you use liquidity pools instead of order books.
Q. Is there a minimum investment to use the Margin or the Synthetic Protocol?
You can start trading with as much money as you want, and thanks to the matching LP funds for the Synthereum you do not need to overcollateralize your position to create synthetic asset.
Q. Can you explain about Margineum and what is Synthereum?
Margineneum: you deposit USDC and then you open leveraged position, up to 100x but we will push it to 500x, on Forex, Stocks, Indexes and Cryptos.
Synthereum: you deposit USDC and you mint synthetic assets with no leverage, fiat, stocks, indexes or other cyrpto 🙂
Q. What actually are you bringing to DeFi, what solutions are you providing, what problems are you solving?
How can Jarvis be useful to non-blockchain people? How will you introduce Jarvis to them?
We try to solve few problems.
- for the people well-born in countries with a banking infrastructure and who can easily access to financial markets, we are enhancing their user experience: with a single wallet they can access any financial market, no need anymore to open multiple accounts, they can access their funds at anytime etc.
- for the people who were less lucky and live in country where there is a high inflation, or not an easy access to traditional financial market, Jarvis provides them this access as soon as they have an internet connection.
- Also, Jarvis solves the counterpart and impermanent loss issues with liquidity pools: liquidity pools gained a lot of traction but LP supports all the risks and may suffer from losses; in Jarvis, LP can remain market neutral and only earn fee without being exposed on the market. This will help Jarvis to scale fast since there is way less risk to supply liquidity in our protocol.
- Finally, we address a NEED: one of Jarvis capabilities is to self-issue synthetic assets; Jarvis will bring to DeFi more than 30 fiat currencies from all other the globe.
Q. Have Jarvis been checked for errors and vulnerabilities by audit firms? Where can I read in more detail?
Security is the key for us and we are talking with several reputable firms for them to auding Margin and Synthereum protocol, before we will go to official launch.
Q. Do I need KYC to enjoy all the awesome features of Jarvis
Short answer – for most of the people, you can enjoy Jarvis without KYC.
You need to differentiate the UI from the protocols > the UI is registered in St Vincent where the regulation allows to do not KYC user if they do not use fiat BUT if a European citizen using the platform for money laundry TracFin has the possibility to track us and this will be a penal violation; a way to go over it is to do a small KYC above 1k of deposit (phone number, name) and an ID card above 5k deposit and an AML declaration to be digitally signed. It can also be just the AML. The UI will geo-block some countries. This only concerns the Margin protocol since there is a deposit in a contract controlled by nodes.
But again, for now, we do not need to KYC. No KYC for the synthetics.
But in both cases (for synthetic and margin) > forbidden to do any marketing or to target a group of users in Europe (no issue with Latin America or Africa) > so the websites should stay in English (translation = you target a certain country) etc.
Q. Previous ama i wouldn’t have a cahnce to picked and yet you mention “Yes we do. We actually mainly target non-crypto users” my question is how will you convince them since you know they dont have a knowledge about crypto and it will lead to make them uninterested to joined?
This time you are picked 🙂
- to enter in Jarvis you use the Jarvis wallet: it is a gasless contract wallet so you can pay your fees in USDC or DAI, and it uses ENS so you do not need to use a cryptic address
- there is a 0-fee fiat on-ramp inside: you can buy UDSC or jEUR, jCAD, jCHF etc. at 0 fee 0 slippage from your card, bank account, or bank API (revolut, bunq etc.)
- we use WalletConnect to connect to our dApp Jarvis exchange or Jarvis market.
User won’t need they use blockchain.
Q. Why are so many fees in Jarvis? Is this profitable for the platform? I mean why do you need 3 types of fees? Thanks
fees are super low actually.
As ex for now there is 0.0015% of fee in the Margin protocol. It is quite small 🙂
0.0005% > for the Protocol
0.0005% > for LP
0.0005% > for the dApp
For Synthetic protocol there is a fee of 0.15% and NO SLIPPAGE
0.05% > protocol
0.05% > LP
0.05% > for the dApp
Remember that the DAO can change these fees 🙂
Q. Why does your website say “Against smart contracts”? Can you explain this?
Because when you open a position you trade against a smart contract. LPs provide liquidity to the smart contract and when you open a position you get exposed to the price of the asset but not the asset itself. So if you win you get money from the smart contract if you loose you send them to the smart contract.
Q. Jarvis said in previous events that not use ORACLES, but this is absolutely true? Or there exist parts of jarvis that is need it one?
Yes we use oracle, but almost NEVER 🙂
We only use Oracle when there is a dispute, a liquidation, or when a contract expires.
So it happens very rarely. The rest of the time there is no need for an oracle as soon as you are agree on the prices 🙂
Q. Jarvis brings DeFi to sectors like Forex, commodities, stocks… is it a scalable option for any asset? the access for the unbanked is as easy as with cryptocurrencies, so this can be a gateway for them in these markets too?
ANY ASSET 🙂
As soon as this asset has a price feed and is traded somewhere on the planet, it can be in Jarvis.
So we allow the unbanked to trade literally anything.
Q. The issue of low liquidity on exchanges is a headache. Simply, how will you solve it?
We have several reward programs to reward those who provide liquidity for JRT, so far we support 3 DEXes (Uniswap, Bancor and Balancer) and gathered 3.4M of liquidity across them (meaning you can buy $20k woth of JRT with just 3.7% slippage).
Q. Jarvis supports staking. What reward options are there for JRT coin holders? What will be the requirements for the node and node of the validator?
$JRT holders can make money in different ways:
- by voting in the DAO you can earn fees
- by staking the token for being a Validators or a Relayer you can earn fee as well
Q. Is it possible for Jarvis to use the Orion Protocol liquidity or are you competitors in this market?
Jarvis exchange can connect to Orion, so we are more able to do partnership with them rather than to compete 🙂
Q. What do you think about Asia? Does Jarvis have any plan approach VietNam which is a potential market in crypto?
Asia is great!:) On a serious, note yes we consider creating local trading/discussion communities for each country with ambassodors, that would spread the word and knowledge about Jarvis.
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