In 1621 Paris, Pierre de Fermat bought a copy of the latest French translation of Diophantus’ book, Arithmetic. In the margins of the book, he wrote in a few lines the succinct but astounding Fermat’s Conjecture: “The equation x^n + y^n = z^n has no solutions in positive integers for n greater than 2” At the end of his essay, he left the sentence “For this, I have found a truly wonderful proof, but the margin is too small to contain it.”
Over the next 350 years, countless famous mathematicians worldwide have directly or indirectly triggered several major theoretical upgrades in fundamental mathematical research to solve this problem. Finally, in 1995, Andrew Wiles proved this conjecture in several papers totaling hundreds of pages filled with modern mathematical theory.
Before Payaso, I led a team of dozens of people in a centralized financial project to develop a high-performance insurance product with hundreds of thousands of code lines over several years. But was this perfect? I think it is an industrial product full of modern engineering atmosphere, but a real Defi product creation is more like a work of art that solves problems as efficiently as hundreds of lines of code in Uniswap.
We hope to continue building a simple, efficient, and practical decentralized financial system on the current limited performance but promising Ethereum network. When future generations open a book called “Ethereum,” they can see our theory and proofs in the margins.
From now on, Ogier and I will sync with you the progress we’ve made and our thoughts on Payaso on a weekly basis. We will actively participate in discussions on issues that the community cares about.
Current major development on product
- Payaso R&D team, led by CTO Ogier, liquidity mining is in the final stages of debugging.
- The main structure of the insurance contract has been developed. Our current development focus is on several optimizations for liquidity providers, including but not limited to: bulk pending orders, bulk withdrawals, order modifications (to reduce meaningless GAS consumption of pending withdrawals), full subscriptions, and other features.
- Since Payaso is the settlement token of the platform, we want to avoid some accuracy worries for early adopters, so we decided to expand the total number of PAYA, splitting it from 10,000 to 100,000,000.
- Confirmed thatETH/wBTC/UNI/COMP as our Phase 1 insured targets with PAYA rewards.
- We welcome market makers with financial derivatives trading experience to join our platform and become underwriters. If you are interested, please send an email to email@example.com.