DeFi platform Premia goes live

Development team Anon Powered today announced the launch of Premia, the newest decentralized financing options (DeFi) platform directly on Ethereum.

In an interview with Cointelegraph, the semi-anonymous developer group behind Anon Powered – who collectively requested to be referred to as “Members of the Premia Republic,” the forthcoming Premia name for the DAO – said that users exiting the portal would be able to write, sell, and practice “buying and selling.” Covered American way, which can be exercised before the option expiration date.

The Premia launch adds to the increasingly crowded DeFi options market, as it joins projects like Auctus, Hegic, and Opyn. However, Premia Republic members believe their project will be able to stand out due to a combination of features, including architecture that takes advantage of ERC-1155s, Bootstrap’s initial contribution stage rather than increasing investment capital, and a development philosophy that they believe reflects the DeFi ecosystem. The widest – a system open to everyone, regardless of credentials (or even a verifiable public face).

“I think something that was fundamental to our ethics while doing all of this was trying to build a group of honest and anonymous people who wanted to change the anonymity view of the scene and let the code speak for itself,” members said.

Flexible standards

Members of the Premia Republic – one of whom claims to be currently working at a commercial brokerage, which Cointelegraph could not confirm – said they largely met through crypto-focused chat rooms on Discord and Telegram. The first project produced under the Anon Powered umbrella, Don’t Buy Rope, was one of NFT’s oldest crop farming experiments.

As a result of their work on Don’t Buy Rope, the team has mastered ERC-1155s. The ERC-1155 standard is often used for coining NFTs, and it allows a single contract to instrument several replaceable or non-exchangeable tokens. This standard is what enables Premia’s more flexible strike times, a feature that many Premia competitors do not currently offer.

A member of the Republic said: “Some of the solutions that you see are done using the ERC-721 method.” “This, in the traditional financial sense, is OTC trade – OTC trade. Every ERC-721 will be on strike price. […] With ERC-1155, we can keep this mentality of the listed derivative, which can be substituted, and create this secondary market where you can buy and sell after the fact. ”

Likewise, their original symbol also comes with some unique twists. At launch, there will be a “interactive mining” program similar to liquidity mining, in which users who write, buy, and sell options will receive uPremia (“uncut”) codes “in proportion to the fees paid” of the protocol. uPremia is not transferable, but can be wagered to earn protocol fees, which will be distributed to dealers as transferable and tradable PREM token.

This architecture won the team an impressive review from Solidity Finance, the audit firm that reviewed Premia contracts.

“Premia was one of the best projects we reviewed in terms of security and logic of code building – the development team on the project is very impressive,” said a Solidity Finance representative.

Powered unknown

The vision behind it is perhaps more interesting than the technical details of the platform. Members of the Primia Republic said there was an internal debate over whether or not to launch the protocol with increased investment capital, especially given the huge sums some projects may have been reaping lately.

In the end, they decide to go a different path.

One member said, “The spirit behind Divi in ​​our eyes is“ open to people ”- giving favorable terms to wealthy investors does not fit this vision.

But despite all the idealism, there are still practical aspects: After launching their initial product, the team has capital needs to hire developers. As a result, there will be an “initial introductory contribution” that will be open to all.

During the week of PBC, users will be able to send ETH to a contract and receive Premia tokens on the interconnection curve. Due to DeFi’s open and unlicensed nature, both venture capital whales and individual investors will be able to participate.

In some ways, the team faces a steeper adoption curve because of these situations. After a summer of DeFi in 2020 full of hacking and hoaxes, society has become – perhaps rightly so – suspicious of ventures that have no real-world reputation behind them.

It is an idea that the Primia team rejects.

“There was this spot that was placed on unidentified teams by competing teams that had faces … but a lot of those being run by people with faces, like FEW, many, things like that, were pretty blatant scams, Society still accepts all people who have faces. “

Ultimately, Anon Powered hopes to enable anonymous developers to make a positive impact in space.

“People are beginning to see anonymity or false anonymity as a benefit […] We want to take this organization to the next level, and continue to build and provide services and an opportunity for people who want to protect their privacy but still want to contribute to the Ethereum ecosystem and the Ethereum community. ”