AMA with Propel
On the 30th of November, 2021 at 15:00 UTC, Decentralized Club had the honor of hosting Shivam Chopra, CEO of Propel, for an Ask-Me-Anything session on their Telegram page with a community of over 70,000 people. It was hosted by DC Admin, May.
The session was divided into four segments. Introductions were made in Segment 1, questions from the Twitter and website community were answered in Segment 2 and 3 respectively, and live questions from the community members in attendance were answered in Segment 4.
If you missed this event and would like to know what Propel is all about, you can find a recap of the interview here. Information here should be researched and should not be taken as investment or financial advice. Also note that slight edits have been made for clarity, and links in this recap lead to images, documents, or other media.
Segment 1 - Introduction
Hello, สวัสดี, 大家好, नमस्ते, Selamat!
My name is May and I'll be hosting the AMA with Propel.
Today, we have with us a guest from the Propel Team.
First of thanks a lot for the warm welcome @MsMayMay
Good evening everyone. It's my pleasure to do an AMA with an awesome community.
You're welcome to our community! It's great to have you.
How's your day going?
Day till now has been fantastic. We just did an Investor Dashboard claiming for OneRare and thousands of users on Propel 🙂
OneRare the Foodverse project? That's amazing!
How’s your day going on?
It's going great!
Before we get into the session, could you please tell us about yourself and your job at Propel?
I’ve been in the software industry for the last 9+ years. Engineers, as we all know, have a curious mind and are always looking for new methods to improve things.
In my job in 2016 I discovered Blockchain. That was kinda a game changer for me. That was a day and today my life revolves around Blockchain.
That's how I came up with the idea about Propel to improve the life of other co-founders and projects by developing DaaS (DeFi as a Service) & MaaS(Metaverse as a Service), last but not the least SaaS (Staking as a Service)
These are the terms derived by me only.
So my motive behind Propel is to help the development process of other projects by providing our while-labeled solutions like Staking, LP Staking, Investor Dashboard to name a few.
DeFi, NFT, Metaverse, Staking, Smart contracts, Launchpool, and many more Blockchain basics are covered in Propel. To recap, Propel seeks to make Blockchain development easier by providing a highly secure, easy-to-integrate, versatile, and no-code solution
Wow. So much experience under your belt!
SaaS, DaaS, and MaaS 👏🏻👏🏻👏🏻
Looking forward to learning all about it!
Let's get into the session!
Sure, let's do it.
Can you tell us about Propel and the events that inspired it?
So Propel started as a launchpad to challenge a few of the industry leaders in the space. But with time I realized that the launchpad market has stagnated. That was the time we realized that we needed to pivot the product. So that was the time I contacted a lot of crypto project founders and asked them about their pain points. And based on their response we pivoted Propel into what it is today. The best DeFi Infrastructure provider out there, with our whole focus on security(we are multi audited) and reliability of the platform.
Great work there with the multi auditing!
Can you explain how Metaverse, DeFi, and Staking as services work?
Sure. Will try to explain it in detail.
Let's start with the Metaverse.
MaaS is divided into 4 components.
The first is Smart Verse Contracts.
The second is NFT Utilities
Third is GameFi
Last but not the least, Metaverse Core Components
Can get into that more in detail if required.
Every day the definition of DeFi expands. It becomes more difficult for developers to start from scratch as the scope of the project expands. Propel is a one-stop solution for all DeFi requirements. From the investor dashboard to cross-chain bridges, wallet construction, anti-dumpster, vesting contracts, and token creation, there is a long road ahead. No coding is necessary for anyone to use these modules in their project, as previously stated. Propel takes care of everything for you.
SaaS, with Staking we have reached the end. Staking is a terrific way to earn money while you’re not working. But how do people feel about entrusting their assets to a platform? Propel has incorporated a secure staking platform. Not only do we offer single asset staking, LP staking, basket staking, and time-capped staking, but we also offer these services to a startup as part of their endeavor. Propel is driven by a desire to succeed via assisting others.
Wow. This is amazing.
Could you tell us more about MaaS? The Metaverse is going mainstream and we want to hear how Propel will contribute to the ecosystem.
Sure, like I explained the 4 main components of MaaS. I’ll get into the details.
1.) Smart Verse Contracts, which includes smart contracts that are critical to the Metaverse evolution. In a gaming metaverse context, for example, smart contracts define the period for which an asset will be locked.
2.) NFT Utilities, we all know that Metaverse & NFT are inextricably linked. As a result, Propel coined the following three NFT utilities for mMetaverse development: r-NFT - Offer a module that any project can use to incorporate renting NFT services in their product. r-NFT - These modules are for incorporating renting NFT services in their product. s-NFT - These modules are for projects to use NFT staking in their work. Last but not least f-NFT - A project can quickly fractionalize their existing ERC 721 NFT into smaller ERC 20 tokens using this integrable module.
3.) GameFi - The most popular metaverse application is gaming. It's a hybrid of augmented reality, VR & blockchain technology. Propel aims to supply nearly every blockchain component an enterprise will require to participate in GameFi.
4.) Metaverse Core Component - This module contains ERC standards that are both secure & adaptable.
Thank you for the details!
I love that NFT fractionalization is possible with your MaaS
What are the utilities of $PEL and when is your public sale?
$PEL is the native token of Propel platform. It contains utilities such as Governance, incentives, & Proof of Stake.
Staking: Users will stake $PEL to earn rewards & participate in Propel Pools.
Governance: Holder will signal their intention to make platform decisions via $PEL native token governance such as which other utility they would like to see on Propel next. The Propel pricing structure, etc.
Deflation via Platform Growth: As Propel itself grows, $PEL is retained & acquired for B2B deals.
But as Propel is growing at a fast pace so more & more utilities will be introduced over time.
The incentives look good
We are conducting our Public sale on 7th December on Hot Cross IHO. More details are in our announcement channel.
Awesome! Could you please share the necessary links?
Telegram Ann - https://t.me/propel_ann
Telegram Chat - https://t.me/propelchat
Twitter - https://twitter.com/propelxyz
Medium - https://propelxyz.medium.com/
Website - https://www.propel.xyz
What are the incentives available for Propel investors and users?
In this arena, motivating investors & users is critical. Propel seeks to achieve this using the Investor Dashboard which creates transparency among investors about the circulation of $PEL token supply and usage, as well as staking contracts, which allow users & investors to single side staking, LP staking to earn incentives.
The SaaS platform will be available on propel.xyz website soon, providing customers with a great option to generate passive income. Keep an eye out for more information.
What major news should we still look forward to from Propel by the end of the year?
Propel’s IHO is the most fascinating news to watch this EOY. $PEL will soon be accessible for trading on the DEX and CEX. As mentioned earlier the date is 7th December. I’m hoping Propel’s IHO is a resounding success.
Looking forward to trading $PEL!
Let's now take some questions from our Twitter community.
Segment 2 - Twitter Questions
Regulation is very important. Many projects were closed in many countries due to failure to use the correct regulations and permits. To go global how does your team deal with these issues?
Twitter Username: @hgiaphatt
That's a very good question. So basically our in-house legal team takes care of that. They make sure that we follow all the rules and regulations of any country we are dealing in. If any of the requirements/regulations are not fulfilled we don't do business in that country.
I believe Blockchain & Crypto is still new and it will take time for countries to accept them. But there is no stopping and there is soo much to do in the web3 ecosystem.
Most of the new investors only focus on the price of the token, and the short-term benefits of the project rather than understanding the true value of the project. Can you tell us about the motivations and benefits for investors to hold your tokens long-term?
Twitter username: @anwarho18233812
Okay, so I would like to share my personal experience here. I used to be in the same boat.
Having an experience of around 6yrs in crypto and a few years in the traditional market all I can say is 90% of the people lose money in trading and the rest 10% just make a living or in rare cases become rich by trading. But the real wealth is made by Investing and HODLing. You take any example of a wealthy person and that wealth has rarely come by trading. P.S: exceptions are always there.
Now coming back to the question of why a user should hold $PEL token long term. As I stated a few of the utilities above, apart from that as we are growing every day and as we enter the Metaverse ecosystem we will keep on adding more token utilities which will give more reasons to hold the tokens for a user.
Great choice of words! 👏🏻
I'm convinced 😊
How can Propel solutions be easily deployed to create complete DeFi and Metaverse ecosystems in a short time? How effective are they for projects?
Twitter username: @RangelMauricio9
That's another good question. So I've already done my homework and what I’ve realized is that we cannot survive this fast-moving industry by doing all the stuff manually. So that's why to test the product-market fit we started to deliver services to our partners manually in the start but to scale we are now focussing on automated plug and play solutions. We have a talented team of developers who are working hard to bring out one of the most secure and battle-tested products out there. Stay tuned.
So let us say if today we are delivering a solution in 1-2 days in the coming months it will reduce to a few minutes maximum without any manual intervention from Propel’s team.
Dear community, please follow Propel here 👏🏻
Website Questions coming up.
Segment 3 - Website Questions
Can you share with us your smart contract auditors and how are they going to secure your smart contracts to ensure no risk for your users?
Telegram Username: @taiwoplm
Sure. So before the auditors come into the picture. We have a talented team of in-house developers who make sure the code is well written & have 100% test coverage (the most important thing in the blockchain), after that, we have a team of testers who try their best to break the well-written code and make sure the code is working as expected. Once these 2 steps are done only then do the auditors jump into the picture. We have our products tested by multiple auditors like Zokyo, BlockSec & TechRate and we have always received audit reports with flying colors 🙂
This is from one of our audit reports by Zokyo.
As we are most committed to our users more than anyone else. So our main focus is always on platform security and reliability. We never compromise on that. Propel’s motto is to make the community our team.
You mention that within Propel you have two new services: MaaS (Metaverse as a Service) and DaaS (DeFi as a Service). Could you tell us about the main features of both services? How do they help or add value within Blockchain? What benefits do these services bring to users and how can they access them?
Telegram Username: @KevSalom
I think I’ve already answered this above. But to add to that. Users can access various features at propel.xyz & app.propel.xyz . A lot more things to come soon.
Revenue is an important aspect for all projects to survive and maintain the project/company. What is the way to generate profit/revenue from a token? What is the income model?
Telegram Username: @hgiaphatt
I totally agree. No business can survive without revenue & profitability. That's why Propel has an in-house team that focuses on bringing in more quality partners for Propel.
Being a B2B project, we charge our partners for the solution we provide. Apart from that, through the various utilities of $PEL, Propel aims to earn revenues.
We have already onboarded a few industry leaders as our partners and are delivering DeFi and Metaverse services to them. We are already on our way to Profitability.
We have about 15 minutes left to take live questions from our community.
Will try to answer as many as possible.
In this 3rd segment, I will open the group for some seconds for the live community to shoot you some pressing questions.
Please pick four original questions to answer.
Try to ignore generic, vague, and copy-paste questions 😊
The chat will be unmuted shortly.
---Chat was then opened for the live community to send in their questions---
Segment 4 - Live Questions
Dear guest, please pick four questions to answer now.
I’m totally overwhelmed by the number of questions and the kind of love shown by people towards the project 🙏
I’m going through the questions and will be back in a few mins with the top 4 questions.
How important is the community to you?
How can we collaborate or help you with the development of the project?
I would pick this as my first question.
To answer your questions. Community is the core of Propel. I don’t believe any project can grow without a strong community behind them. So our main focus is on expanding our community with quality people. As we consider community as a part of our team itself.
How can a community contribute? We started with a Propel Pirates program where we selected a few of the best community members to work directly with the team.
In the future, we will be coming up with more events like that.
Another way you can help us is to test our testnet products and get rewarded for the same.
Is your platform suitable for crypto beginners? Or is it only limited to professional users?
We make sure that along with the security we focus a lot on the design, UI/UX of the product to make it simple & understandable for a normal user. We treat UX like a joke, if you need to explain it then it's not funny. So our designers work hard to make sure that our designs are simple yet elegant.
You can check out our website propel.xyz to see our design skills & you can check out app.propel.xyz to see how elegantly we design our UI.
Do you have any special events for the community to partake in? And how can we acquire your token, is it listed anywhere yet? Lastly, are you decentralized?
We have events now and then. Please join our announcements and chat channel, links pinned here in this chat.
We will be doing our IDO on 7th December so you can acquire our tokens on that day from DEX & CEX.
Our main focus is on decentralization as that's the core of blockchain and we are trying our best to promote it.
How does the Propel Whale Protection system work? What are the main limitations to avoiding falling or suffering the consequences of whales? How will you ensure fair participation?
That's one of the most important products of Propel. Anti dumpster. So the basic idea is instead of releasing tokens in 1 go we stream the tokens as per the project's requirement linearly to avoid any dumps.
Aaaaaaand it's a wrap! 🎉🎉
Thank you so much for your time with us today!
Any final remarks for our community?
Propel is receiving overwhelming support from the community. We are already proud and delighted. Through the support of the community, we have been able to grow in such a short time. We hope that the upcoming IHO is a success so that we can incentivize our community.
Come and join us today to be a part of one of the first decentralized, most secure Blockchain infrastructure providers.
If you guys have more questions then please hop onto Propel chat: www.t.me/propelchat
We got a lot of exciting updates coming up this week. Stay tuned 🙂
We look forward to Propel being a household name!
Our regards to the rest of the team at the HQ!
Thanks to the Decentralized Club team for the opportunity. Thanks to the community for great support 🙏
Thank you too! It was a pleasure having you over.
Until next time, have a splendid day.
The AMA with Propel is now over.