The development team at Anon Powered announced the launch of Premia today, the new platform Decentralized Financing Options (DeFi) are now available on Ethereum.
In an interview with Cointelegraph, the group of semi-anonymous developers behind Anon Powered, who jointly requested to be named “Members of the Premia Republic”, the name of the future DAO of Premia, said Foreign users can issue, sell and exercise “covered call and put options based on the US model”. This can be exercised before the option’s expiration date.
The launch of Premia is adding to an increasingly crowded market for DeFi options and joining projects such as Auctus, Hegic and Opyn. However, the members of the Premia Republic believe that their project will be completed thanks to a mix of features including An architecture that leverages ERC-1155 tokens, a startup primary funding phase rather than a venture capital fundraiser, and a development philosophy that they believe reflects the wider DeFi ecosystem: a place open to all, regardless of their ID (or even a verifiable public face).
“I think something that has been central to our ethics is trying to have a group of honest and anonymous people who want to change the way we view anonymity in the landscape and let the code speak for itself,” they said Members …
Members of the Premia Republic, one of whom claims he currently works for a brokerage firm, which Cointelegraph has been unable to confirm, said they met primarily through crypto-focused chat rooms on Discord and Telegram. The first project they produced by Anon Powered under the name “Don’t Buy Rope” was one of the first NFT (Non-Fungible Token) experiments.
Because of their work at Don’t Buy Rope, the team can work well with ERC-1155 tokens. The ERC-1155 standard, widely used to mint NFTs, allows a single contract to mint multiple fungible or non-fungible tokens. This standard allows Premia more flexible run times, a feature that many of Premia’s competitors do not currently offer.
“Some of the solutions that are being seen are being carried out in the ERC-721 manner,” said a Republican. “And that’s an OTC (off-market deal) in the traditional financial sense. Each ERC-721 will be specific to the strike price. […] With an ERC-1155 token, we can keep that traded derivatives mentality that is fungible and create that secondary market where they can be bought and sold retrospectively. “
Similarly, the native token also has some unique features. At the start there will be a program of “Interaction Mining” similar to Liquidity Mining, where users who write options buy and sell receives uPremia tokens (“Uncut Premia”) “in proportion to the commissions paid to the protocol”. uPremia is non-transferable but can be used to earn a portion of the protocol commissions that are distributed to bettors as transferable and negotiable PREM tokens.
This architecture earned the team a glowing rating Solidity Finance, the accounting firm that reviewed Premia’s smart contracts.
“Premia was one of the best projects we checked in terms of security and the logical construction of the code. The project development team is extremely impressive,” said a representative from Solidity Finance.
Perhaps more interesting is that the technical details of the platform are the vision behind it. Members of the Republic of Premia said there was an internal debate over whether to push the start of the protocol with a venture capital fundraiser, especially given the potentially wasteful sums some projects have reached recently.
In the end, they chose a different path.
For us the spirit of Defi is “open to people”, said one of its members, and giving investors with a lot of money favorable conditions does not fit this vision.
Despite the idealism, there are still practical aspects: After launching their first product, the team has capital needs to hire developers. Hence there will be one “primary starter contribution” that will be open to everyone.
âœ … Provided contracts
âœ … Award tokens assigned
âœ… website published
Houston, we’re ready to go!
The site is live here -> https://t.co/ZNHvUsW8Cx
– Premia – options platform (@PremiaFinance) February 7, 2021
During the contribution phase, which lasts a week, users can send ETH to a contract and receive premia tokens on a profit curve. Due to the open and permissionless nature of DeFi, both venture capital whales and individual investors can participate.
In a way, because of these positions, the team is facing a steeper adoption curve. After a DeFi summer in 2020 marked by hacks, carpet pulling, and scams, the community is (perhaps rightly) wary of projects that don’t really have a reputation for backing them.
It’s an idea that Premia’s team rejects.
“There was this stain inflicted on anonymous teams by competing teams with faces … but many of those that were run by people with faces, like FEW, MANY, things like that, were very deceitfully naughty, and the community continues to accept all people with faces. “
Finally, Anon Powered hopes to give anonymous developers a positive impact on storage space.
“People are starting to realize that anonymity or pseudo-anonymity is an asset […] We want to take this organization to the next level and continue to build and provide services and opportunities for people who want to protect their privacy but still want to contribute to the ethereum ecosystem and community. “