Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from CryptoArena and our guests were @Lorenzo_CryptoArena, and @leonie_forsman – representatives of CryptoArena. The AMA took place on 24th of July.
The total reward pool was 500$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Website
Gold Rocket | Satoshi Club:
Hello, dear Satoshi Club community! We are pleased to announce AMA with
CryptoArena.
Paul Mont | Satoshi Club:
Today’s guests are @Blake4Liberty @leonie_forsman ! Welcome! Great to have you
here!
Paul Mont | Satoshi Club:
A big welcome for @Lorenzo_CryptoArena as well 😉
How are you doing guys today?:)
Leonie CryptoArena | CATS:
Excellent! Excited to be here, how about you?
@Lorenzo_CryptoArena needs permission to type btw 😉
Paul Mont | Satoshi Club:
I think it would be an euphemysm to say that We’re even more super excited to
learn anything about CryptoArena😁🔥🔥
@GoldRocket27 will take care of it in a moment 😉
Leonie CryptoArena | CATS: We can’t wait to share everything about CryptoArena 😉
Paul Mont | Satoshi Club:
In the meanwhile, would please start with a brief introductiona about yourself
and CryptoArena?
Leonie CryptoArena | CATS: Sure! I am Leonie, cofounder & COO of CryptoArena, and we are building what we call the first “”self-decentralizing” exchange.
That is, a crypto exchange + securities broker that distributes platform generated (net) revenue back to its users, through a game-like points scoring system.
Basically, the more points, the larger the share you receive from the platform’s revenue.
Paul Mont | Satoshi Club: That is very interesting… and I’d add definitely unique.
Leonie CryptoArena | CATS: But the really cool part about it is that the proportions that get distributed increase over time as a consequence of our unique “self-decentralization”processes, from 25%, all the way to 100%, which will transition the holding entity into a fully self-sustained non-profit.
Paul Mont | Satoshi Club:
What do you mean with Self-Decentralized Exchange? How is Crypto Arena goind to
be Self-Decentralized?
Lorenzo Ferrari: Hi everyone! Great to be here.
Thanks for having us.
Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club @leonie_forsman and @Lorenzo_CryptoArena
Paul Mont | Satoshi Club:
Hello @Lorenzo_CryptoArena! The pleasure I can assure you is definitely all
ours! 🔥🔥🔥
Gold Rocket | Satoshi Club:
Thanks for joining guys!
Let’s start! Introduce yourself please. How did you get to be involved in crypto & CryptoArena? Tell us please about your position in CryptoArena?
Lorenzo Ferrari: 🔥🔥 for benefit of audience, I am the founder/CEO of CryptoArena, and look forward to answering any and all questions.
Paul Mont | Satoshi Club:
I was just equiring @leonie_forsman to give us some tasty introduction about
all the awesomeness that you guys will be fleshing out regarding Crypto Arena
through the AMA 😁
Lorenzo Ferrari:
Indeed – I can pick up from the question above 🙂
Gold Rocket | Satoshi Club:
@leonie_forsman Has already told us a little about herself and the project, add
some interesting facts😁
Paul Mont | Satoshi Club:
Again please, introduce yourself and tell us about a bit of your background as
well @Lorenzo_CryptoArena 🙂
Lorenzo Ferrari:
I am Lorenzo Ferrari: Founder/CEO of
CryptoArena. I’m a former corporate suit turned decentralization evangelist.
Gold Rocket | Satoshi Club:
What is the essence of CryptoArena?What is your main idea and goal?
Lorenzo Ferrari: Our fundamental goal is to deliver what we believe “decentralized” finance should be, rather than what it presently is.
Gold Rocket | Satoshi Club: How symbolic it is! We love decentralization too! 😉
Lorenzo Ferrari: In essence, we believe decentralized should imply “owner-less” and “free of special interests” as a default.
Gold Rocket | Satoshi Club: It means you are a revolutionary😁🔥
Lorenzo Ferrari: Thus, an exchange should operate for the benefit of those that create value in its network: Users.
Leonie CryptoArena | CATS: Taking out the interests of the middlemen.
Lorenzo Ferrari: And well, we came up with a feasible way to deliver this.
So really we’re just building on the original mission of this whole revolution.
Gold Rocket | Satoshi Club:
How long does it take to develop a project? What plans do you have for the
future? And what can we expect from CryptoArena?
Lorenzo Ferrari: The main platform takes a fairly long time for the crypto space, this is due to regulation more than tech really. As Leonie mentioned in passing, we aim to offer securities as well.
which means we have to go through the toughest and longest audits on the planet
Gold Rocket | Satoshi Club:
Well, this is really a very important aspect.
Lorenzo Ferrari: Those with institutions, (AFM.nl for EU, and SEC.gov for US)
Paul Mont | Satoshi Club:
I can picture the situation, unfortunately. Regulations are a real jungle.
Lorenzo Ferrari: So basically we start with simpler projects.
still very cool tho.
that we deliver every quarter from the previous one all the way to launch
Leonie CryptoArena | CATS:
NFT Arena for example
Lorenzo Ferrari: So we can create utility and community, as well as distribute our tokens at a fairly lower valuation than what it will be when the “main” use cases for it go live
Gold Rocket | Satoshi Club:
In fact, it’s incredible! We are all at the origins of crypto history. And
people like you will write in textbooks on crypto 😁
Also we would like to know about your team. Who is on the project team core?
Leonie CryptoArena | CATS: Thank you, we’re definitely in it for the long run!
Lorenzo Ferrari: Thank you ❤️ we try to keep humble and just put one step in front of the other
Lorenzo Ferrari: We’re actually quite small still, we have a team of 8, of which half devs half not.
and work with some external parties here and there when we need help
Gold Rocket | Satoshi Club:
Is your team anonymous?
Lorenzo Ferrari: No we’re not anonymous, you can find our pictures and links on the homepage at cryptoarena.org
Paul Mont | Satoshi Club:
I have to praise you for being completely public and transparent.
It’s not a thing to take for granted in the crypto world and already helps building a lot of trust from the very beginning👏👏👏
Leonie CryptoArena | CATS: Most of our members are indeed on the team page 🙂
Lorenzo Ferrari: It’s the only responsible thing to do for a project like ours 😇
Gold Rocket | Satoshi Club:
Thanks for the introduction, we will have a question selected for the Part 1.
Ready to start?
Leonie CryptoArena | CATS: Absolutely.
Lorenzo Ferrari: Always ready 😎
Q1 from Telegram User @ambbobb CryptoArena Tokens $CATS is an utility token built on ETH network. We can involve in NFT ARENA battle to win $CATS. What is the benefit of holding $CATS token,how can we utilize premium perks with custom notifications while holding $CATS. You listed some features for your token like single-sided staking; Run a node NFT ARENA; Ticket to passive income. How does these features work, can you give more explanation about these?
Lorenzo Ferrari: Great question, but let me start with the ticker: it’s $CATS with the “S”, there’s another token without it that has nothing to do with us.
Leonie CryptoArena | CATS:
For NFT Arena you will be able to use the CATS in-game to get and make playing
cards
Gold Rocket | Satoshi Club:
Thanks for fixing😉
Lorenzo Ferrari: The main use case of CATS (CryptoArena Tokens) is as a “multiplier” to the “glory points” you earn from all activity
The “glory points” are the ones that get you shares of revenue distributions
works basically like a power up in a videogame, allowing you to score more points for a period of time
the other uses cases are:
staking
NFT Arena
Gas Tracker
and a couple more side
ones for when the main platform comes out:
it’s single sided (stake $CATS, get rewards in $CATS)
Paul Mont | Satoshi Club: Thank you very much for sharing! 😁
Gold Rocket | Satoshi Club: Great infographics! and a clear explanation! 👍
Lorenzo Ferrari: And gives you a 1:1 synthetic that you can use for a. governance (voting) relating to monetary policy decision (e.g. programmed inflation) b. to get a node for NFT Arena, which generates rewards from the revenue streams of the game
Paul Mont | Satoshi Club:
Crypto Arena also features another flagship token, which is $ARENA, is that
correct?
Lorenzo Ferrari: Yes.
those are our Security Tokens and are not available yet (except to big big Lead investors)
Gold Rocket | Satoshi Club:
You should have interesting tokenomics. Want to share with us? 😉
Lorenzo Ferrari: They have a key role in the whole thing, as they have 3 key functions:
investment instrument | a real security,
featuring full rights of shareholders and bonuses
“beacons” to our systems |
indicates where and how much % of revenue should go where
“guarantors” of the mission of
“self-decentralization” | because of the built-in features and
limits that ensure none of them goes missing when needed to complete the
process
their tokenomics are unique, but actually quite easy to explain: it’s like the children’s game “musical chairs”.
whenever you “take a chair out”, there are less, and become more valuable.
eventually there will be none.
Gold Rocket | Satoshi Club: I’m intrigued 😁
What genius came up with this😁
Lorenzo Ferrari: Longer and more serious explanations are on the docs btw 🙂
Leonie CryptoArena | CATS: And at this point we will have fully ‘self-decentralized’ with all net revenue flowing back to our community
Gold Rocket | Satoshi Club: He’s a really wise person 😁
Lorenzo Ferrari: Am flattered 🙈
Leonie CryptoArena | CATS: (loving the giraffe stickers you were using)
Gold Rocket | Satoshi Club: So by caring for your community you strengthen the project! the community is the engine of the project😉
Leonie CryptoArena | CATS: Indeed, just like the purpose of blockchain.
Lorenzo Ferrari: That’s exactly right, and how we get our competitive advantage.
Gold Rocket | Satoshi Club:
Can we proceed. Or you want to add something?
Lorenzo Ferrari: Yes, quickly: we distribute money as rewards and incentives to further activity.
Q2 from Telegram User @andrey_seleznov Hi CryptoArena! CryptoArena hasn’t released a product with gamified elements yet, but I see an exciting future ahead with your team developing an NFT Arena game! Do you have a beta we can take a look at? What is the genre of this game and will winning mostly depend on skill or a random chance? And lastly, as I understand, the CryptoArena exchange will also contain some gamified elements. Could you please share how some of these exciting gamification concepts will work? Thank you!
Gold Rocket | Satoshi Club: Oops😅
Lorenzo Ferrari: Yesss
nono it’s ok
it’s the gamified elements I was gonna add 😹
so pt2 of the question
Leonie CryptoArena | CATS: Hahah nice timing in that case
Lorenzo Ferrari:
NFT Arena is a trading cards game (TCG) that uses NFTs as game assets
Leonie CryptoArena | CATS: We do not have a beta yet, but i am currently working on putting together a video to showcase the gameplay
Lorenzo Ferrari: Basically it means you can use any NFT, and aren’t required to buy cards from us
by depositing the NFT on our smart contract, an in-app (on phone) card is generated, and this card is required to withdraw the NFT from the contract
players can win (or lose!) NFTs to one another in-game
add wagers with tokens, climb ranks, set up tournaments
Paul Mont | Satoshi Club: Ingeniuos… You really mean ANY NFT? 🔥
Lorenzo Ferrari:
721 confirmed, insourced super-dev tells me 1155 is no problem
Leonie CryptoArena | CATS:
well it does need to be on a chain that’s supported by the game
Lorenzo Ferrari:
first deployment will be on ETH
but it’s also fundamentally agnostic, and we can deploy multichain with ease
Leonie CryptoArena | CATS: So starting with ethereum and expanding to EVM compatible chains like Fantom and Polygon and the likes
you’ll be able to win NFTs on the other chains and claim them there
Paul Mont | Satoshi Club: Amazing design concept… really love it guys! 🔥🔥🔥
Gold Rocket | Satoshi Club: Wax?
Leonie CryptoArena | CATS: Wax is a good one too indeed
Lorenzo Ferrari: Mmm I don’t know much about them
for the moment top considerations are Matic and FTM
Gold Rocket | Satoshi Club: They have fired very well in the last six months.
Leonie CryptoArena | CATS:
also the game is pretty easy and straight forward to play in the basic setting,
however with custom rules it can become quite complex
Lorenzo Ferrari: Hh yes, just haven’t had the time to dig into it
Leonie CryptoArena | CATS: Yes indeed! lots of people minting and trading there
Gold Rocket | Satoshi Club: Quite right, these are real blockchain cruisers😁
Paul Mont | Satoshi Club:
So, as per @andrey_seleznov question, do you have a live beta we could have a
peek at yet?
Lorenzo Ferrari: Not yet, functioning MVP in 1.5 months.
Full thing in 3.
Leonie CryptoArena | CATS:
Moreover, NFT Arena is being build together with a game studio, Whimsy Games,
so it’s gonna look amazing as well 🙂
Paul Mont | Satoshi Club:
That’s just about about round the corner, can’t wait to try it! 🔥😉
Paul Mont | Satoshi Club: Yes, guys, please share anything about with us
Thank you! 🙏
Gold Rocket | Satoshi Club: Satoshi Club! note! a great opportunity👏👏👏
Thanks for your great answers! Ready to proceed to the next question?
Lorenzo Ferrari: Absolutely.
Leonie CryptoArena | CATS: We also have a giveaway running at the moment through which you can get NFT Arena playing cards 😉
Q3 from Telegram User @victorogb The CryptoArena ecosystem utilises the combination of various technologies and chains in it’s operations and security outlays. These includes; Polkadot, Kusama, Substrate by Parity Technologies, Zenroom, Dittofi, Web 3 foundation, and a host of others. How does CryptoArena effectively utilise the partnerships with these platforms, what are their specific roles in the CryptoArena ecosystem, and what layers of security does the CryptoArena adopt across it’s range of services and products. Additionally, can you explain why CryptoArena chose the Polkadot Relay Chain as it’s Layer 1 infrastructure?
Leonie CryptoArena | CATS: We do unfortunately have an issue with the third-party platforms email service, but as soon as it’s working smoothly again you’re welcome to participate.
Gold Rocket | Satoshi Club: Tell me how to participate
Lorenzo Ferrari: Well, Polka, Kusama and Substrate are part of their own ecosystem with defined roles:
Relay Chain (L1)
“Canary Network” of Polkadot, as
they call it
Best blockchain development environment
around today
Lorenzo Ferrari: Zenroom is a tiny and secure execution environment that runs in C – so at a very basic level, it’d run on your fridge if you wanted to
and basically what this does is support “cryptographic primitives” in its own environment, and it provides a DSL called Zencode
Zencode is a “natural language” programming language to deploy smart contracts writing in English instead of code
Paul Mont | Satoshi Club: Haha very explicative 😁
Gold Rocket | Satoshi Club: Indeed👍
Lorenzo Ferrari: Basically what that means is anyone can use smart contracts with it.
We want to integrate that as part of our advanced copy trading solution
Leonie CryptoArena | CATS: Making it very easy to set up an agreement with a Champion to trade on your behalf without losing custody of your funds
Lorenzo Ferrari:
^ pic is faster
Gold Rocket | Satoshi Club: Buddy, you have a talent for explaining complex things in simple language😁
Leonie CryptoArena | CATS: Plus Champion only gets rewarded when they manage to make you profit 😉
Lorenzo Ferrari: Ahah, thanks, it was a big part of my job as a suit once upon a time
Leonie CryptoArena | CATS: Indeed
Paul Mont | Satoshi Club: I feel like question number 3 was amply answered 😉
Lorenzo Ferrari: Oh i missed a piece.
Paul Mont | Satoshi Club:
Let’s hop the the next community question, shall we? 🙂
Paul Mont | Satoshi Club: Please, do so 😉
Lorenzo Ferrari: Sorry 😅😹
Paul Mont | Satoshi Club:
Haha, please take your time! 😁
Lorenzo Ferrari:
Why we picked Polkadot: we haven’t 100%, there is one contender and that is
Algorand.
Truth is they’re very
similar, and it boils down to a few differences
Both offer their optimized version of sidechains (parachains / cochains), issuance of assets, NFTs, Securities and much more
while the differences are quite fundamental, Polkadot uses randomized validators, Algorand instead is decentralized at a token level
the items of interest to us most of all are:
efficiency + interoperability
XCMP
Paul Mont | Satoshi Club:
So, to Algorand or to Polkadot, that is question, right? 🙂
Lorenzo Ferrari: XCMP (Cross Chain Messaging Protocol) is an experimental feature of Polka, and Algo is doing the equivalent as well.
basically this allows two parachains (or cochains) to exchange valid blocks between each other before ever going to the L1
it’s..alien speak, but it really is a huge deal 🙂
Leonie CryptoArena | CATS: Definitely,,
Gold Rocket | Satoshi Club:
😁
Thanks for your answers! Ready to proceed to the next question? 🚀
Lorenzo Ferrari: Yes.
Q4 from Telegram User @JoanaZ CryptoArena is a social crypto platform where users can share their trading strategies to obtain profits, but this is not something new. Can you explain to us what makes your copy-trading ecosystem unique in comparison with others? Also what happens if a signal goes wrong? There exists a risk of loss ?
Lorenzo Ferrari:
There’s always a risk of loss in trading, yes.
What you wouldn’t lose on
our solution is the fee paid to the Champion, in case of failure, he/she
wouldn’t get paid by you.
we call ours “advanced” very much on purpose to get this question
compared to existing ones:
it’s decentralized, we don’t approve who can
or cannot be a Champion
it’s based on “success fees”
it deploys a “trading smart
contract” as a result of the agreement between the two parties
ensuring nobody can weasel away in any way
further, it’s embedded within the greater system of revenue distributions
by which we mean that acting as either a “Patron” (copier) or a “Champion” (copied) gets you more “glory points” (leading to + distributions)
as a rule of thumb, our systems encourage “cooperative” and “competitive” activity
Leonie CryptoArena | CATS: And don’t forget it’s ‘hand-off’, not just sharing signals
Lorenzo Ferrari: So when you work with others, or compete and win, you earn more from the same volume of activity than you would acting as an individual trader
Leonie CryptoArena | CATS:
aside from hodling for the long-term I’ll definitely want to pick some
Champions to do some trading,, it’s very time consuming scouting for nice
entries
Paul Mont | Satoshi Club:
The differences you’ve outlined are starkly clear, especially if compaed to
what the crypto market actually offers in terms of these services👏👏
Lorenzo Ferrari: 🔥 I plan to use it extensively myself
Never have time to keep up with the markets
Paul Mont | Satoshi Club:
I definitely am willing to get on board too haha 😁
Leonie CryptoArena | CATS: Great! plus for the champions themselves it’s very attractive too.
keep doing what you’re doing and get paid for doing it well.
Gold Rocket | Satoshi Club:
Tell me Lorenzo what are you most proud of in the project 😁
Lorenzo Ferrari:
“symbiosis of interests”
Leonie CryptoArena | CATS: The symbiosis of all components I bet
Lorenzo Ferrari: Yeah.
Leonie CryptoArena | CATS: See XD
Lorenzo Ferrari: Nobody gets me when I say that.
Paul Mont | Satoshi Club:
Haha, almost mind-reading 😉
Lorenzo Ferrari: But 100% is the best
Leonie CryptoArena | CATS: Well took me quite a while to get it to be honest
at first I mainly liked the Champion copy trading
Lorenzo Ferrari: The way the pieces work together, it allows for aligning the interests of all stakeholders involved: company, investors, users
Leonie CryptoArena | CATS: But the more you get the project the more it become clear how nicely it all fits together
Lorenzo Ferrari: Everyone acts to maximize own profit, but by doing so, contributes to the greater whole seamlessly.
Gold Rocket | Satoshi Club:
@Lorenzo_CryptoArena @leonie_forsman You are responding in sync! That’s what a
dream team means! 😁
Lorenzo Ferrari: 😹😻
Gold Rocket | Satoshi Club:
Nice😁 thanks 👍 Ready for the next question😉
Leonie CryptoArena | CATS: Yes!
Lorenzo Ferrari: Yeah
Q5 from Telegram User @orlemys You’ve talked about three states of decentralization “Self-Decentralization”, “Self-Decentralization Process”, and “Self-Decentralizing Exchange”. Which state are you on? Your goal is to reach a Self-Decentralizing Exchange and you’ve said once you’ll reach it, you will have also reached your conclusion. However, this state can be considered to be a long-term one, will the project be completely self-sustainable by then? Will it need zero human interaction to function?
Lorenzo Ferrari:
“Self-Decentralization” is the MISSION
“Self-Decentralizing Exchange” is the main PLATFORM
“Self-Decentralization Process” is HOW we transparently deliver the
mission
The project doesn’t
actually “end” when the process does. What remains behind is
owner-less, global, public benefit infrastructure that just distributes 100% of
proceedings.
How does it remain
sustainable at that point? Keep in mind we distribute NET revenue, that is
after cost / tax / retained earnings
retained earnings is an
allocation in finance that is used to cover expenses you expect to have in the
short term – by managing this through the retainer wallet, we can ensure
continuity: the trick is it accrues value at a greater speed than the speed at
which it releases it, creating a “cushion” for unexpected expenses
and if no unexpected expense comes around, then that surplus value is auto-released back into distributions
Paul Mont | Satoshi Club:
Hmm, I already stated multiple times already how I love the short and long-term
design and architecture of the CryptoArena project haha 😁
Lorenzo Ferrari:
Will it need 0 human interaction?
No. But it will not need
a Board of Directors, or an Owner, and there is nobody that can change the
decision to distribute 100%.
Leonie CryptoArena | CATS: It also allows the project to keep developing regardless of how far along we are in the process of self-decentralization
Paul Mont | Satoshi Club:
You’ve mentioned briefly at the beginning that you will have to undergo audits
due to regulations. What about technical audits? When can we expect them to be
publicly released?
Lorenzo Ferrari: Tokens and crowdsale we’ve done were open zeppelin pre audited stuff, very basic.
next up is the staking,
we have finished building it, and are shopping for auditors currently
so very soon for that one
after that, next audit will be NFT Arena’s blockchain parts, this should be between 1-2 months from now
Gold Rocket | Satoshi Club: Don’t forget to share with us😁
Lorenzo Ferrari: Just in general, we audit before releasing to public
Paul Mont | Satoshi Club:
This is great news, together with the publicity of your team! It’s really great
and relieving to read that you’re aptly anticipating the issue and are already
taking care of that 🚀
Lorenzo Ferrari: Too much at stake to be sloppy!
Gold Rocket | Satoshi Club:
By the way, tell us a bit about your roadmap. I know it has pleasant surprises 😁
Lorenzo Ferrari: Yes, next big milestones for us are the IDO w/ TosDis on August 4th, and our first listings on August 6th.
then it’s full on for NFT Arena, (1.5m MVP / 3m Full).
but at the same time we’ll be progressing on other things, as those are separate devs.
we have the Gas Tracker App that is very almost done
Gold Rocket | Satoshi Club: Love you guys❤️ can’t stop smiling. one of the nicest AMA
Lorenzo Ferrari: This is an android app to set custom notifications for gas prices, so that you never miss low gas again (free w/ ads + pro version – pro free for CATS holders).
aaaand after those, next up are the copy trading system (“Zenchain” on the roadmap refers to stage 1 of this, for which we aim to get a grant).
and the MVP of CryptoArena itself, on which the serious, scaled-up building phase will start.
thank you 😻
Gold Rocket | Satoshi Club:
Wow! Lots of great surprises 🙌
Thanks for sharing
Lorenzo Ferrari: My pleasure.
Gold Rocket | Satoshi Club:
Ready to proceed to the next question?😉
Lorenzo Ferrari: Always
Paul Mont | Satoshi Club:
The last question for this very first part of the AMA! 😉
Q6 from Telegram User @Cheriemike NFT Impact is a unique mass sender tool developed by CryptoArena that is capable of delivering many millions of NFTs per day, at a negligible cost and it also aim in solving the problems many crypto projects face.
Apart from the 3 things you’ve mentioned in your article of what your tool can do for an NFT creator, how will using the CryptoArena NFT Impact tool help the creator to keep track of the data he or she already have and magnify segments?
It is relatively easy to measure outcomes such as sales, profits, market share and stock prices,how will NFT Impact help an NFT creator to know what drives his or her NFT growth?
Lorenzo Ferrari:
NFT Impact is a very cool little tool, and the way it can help artists is
twofold I would say
it can be used for either a target or a “carpet bombing” type of approach
as it can be programmed to target specific data attributes (any available on-chain, e.g. wallet addresses, which tokens are present, if they have NFTs, activity frequency, etc.)
but it also works wonders in complement with mass campaigns due to its great efficiency
Leonie CryptoArena | CATS: Indeed, still get people finding us on twitter asking about the NFTs theyve received
Lorenzo Ferrari: So, it’s good both for making a name, increasing your reputation, exposing large numbers to your content (whether its art or utility focused)
About the “great efficiency”: we dropped 1.33 Million NFTs in one afternoon to test it a couple weeks back at barely any cost
Paul Mont | Satoshi Club:
Crystal clear explanation. And I’d add, beautiful – I really can see how NFT
creators can reap value from such a neat tool 🙏
Leonie CryptoArena | CATS: Yeah, Meowximus the Great.
Leonie CryptoArena | CATS: He’ll also appear in NFT Arena 😉
Along with 4 others that are yet to be named.
Paul Mont | Satoshi Club: Haha great name 😁😁
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Guandog “The CATS DAO is a minimalistic governance protocol, meant to be used scarcely” do you think this is important to keep the project decentralized?
Lorenzo Ferrari: Yes, but it’s really a matter of what “decentralized” means to the ones saying it. Sadly it’s become a common buzzword.
The CATS DAO is basically the equivalent of the IMF as applied to the economy of the CATS. It does very little things, but they are of the highest importance.
Q2 from Telegram user @hansoyeon How does the nonprofit S-DEX work? What is the role of the $CATS token? Why should we invest?
This involves a lot of pieces:
a) our Security Tokens,
b) two legal entities involved, c) our Proof of Revenue Distribution protocol,
and d) the Glory System
a. ARENA Security Tokens are “smart securities” directly representing ownership
shares in the Company, and all associated rights of shareholders, and at the
same time performing key functions in the delivery of the underlying promise of
“self-decentralization”. Security Tokens act as “beacons” for distributions,
indicating where and how much distributions should go, and as “guarantors” of
the delivery of the mission, due to their pre-programmed mechanisms.
b. one is a BV (Netherlands equivalent of a Corporation), the other is a
Stichting (a non-profit Foundation). The BV represents all outstanding token
holders, including both investors and staff, the Stichting is the operating
entity, whom cannot retain profit both legally and practically, and must
instead redistribute it through the system. More info here
In very practical terms, “self-decentralization” is a permissionless process by
which security tokens move from the for-profit entity, to the non-profit one.
c. Proof
of Revenue Distribution is the custom protocol enabling it all, this is in
essence an automated accounting & distribution protocol featuring proven
finality, ensuring no assets that should be distributed ever go missing.
d. The Glory
system is the “game-like points system” of our platform. This is a weighted
measure of the value of the contributions of individual Users to the platform
that rewards both qualitative and quantitative factors (volume, performance,
etc.).
Users get points by trading (and more), at the end of each month scores are tallied and reset the next period. Points determine your individual % of each period’s revenue distribution, and depend on your points vs the amount of points of other Users. The CATS tokens are the Utility Token of the CryptoArena ecosystem – you can use them in a bunch of ways and the value they generate feeds distributions growth. The main use case of CATS is to purchase glory multipliers from the main platform, others include access, governance.
Q3 from Telegram user @atillayeni You mentioned about you will go to toughest and longest audits on the planet why do you say that? Could you please explain the audit report?
Lorenzo Ferrari:
We do security audits continuously on each
piece of tech that comes out, but what I was referring to there is securities
audits, it’s understandably confusing as it sounds the same but they’re
totally different: one is with developers checking your code for bugs or
malicious code, the other is with Institutions (AFM for
EMEA and SEC for US) going through comprehensive checks
and bureaucracy to ensure compliance with all applicable regulations.
We are building global, public benefit financial infrastructure, and thus we will be going through regulators rather than around them.
Q4 from Telegram user @soyestefanya CryptoArena designed for both beginners and professionals? How can the user earn more glory points and what would be the benefits of this?
Lorenzo Ferrari:
Glory points are earned through all
fee-bearing activity on the platform (mainly trading of course) as well as
through some non-fee activity, such as referrals.
Users can also earn more points in a number
of different ways, as our systems are designed to incentivize and reward both “cooperation”
and “competition”:
– Cooperating with others (e.g. using our copy trading: Patrons & Champions) earns more points than trading as an individual with the same relative actions/capital. – Become a Champion and compete with others for the investments of Patrons. Grow your audience = grow your earnings – Take part in various competitive events and win great prizes (crypto/points/multipliers etc) – Buy glory multipliers with CATS tokens. This works kind of like a power-up in a video game would: for a limited amount of time, you score X% more points from all actions, leading to a greater share of the next distribution. And more. Generally speaking, whenever you contribute value to the network you receive points.
Q5 from Telegram user @potentialsake What are the staking locks? How long should I need to stake my tokens in order to get highest rewards?
Lorenzo Ferrari: The staking locks are part of the farm solution.
lasts 6 month x period
they are “progressive”, meaning you can join late (e.g. 3 months late = half rewards left, but only 3 months of lock)
they are meant to demonstrate the “stake” of an individual “stakeholder” in the project
they provide price support keeping tokens out of circulation
are wholly voluntary (and very profitable, especially year 1)
gives u governance (1 to 1 on monetary policy)
if you stake 50k or more, you can get a node (of 500 max, can be increased by governance after year 1) of NFT Arena
Q6 from Telegram user @Cheriemike CryptoArena has a Gear shop,where shirts,hats,bags etc are being sold.But I couldn’t find any of such items on your article.Can you tell us more about your Gear Shop?Do you have a Marketplace were one can purchase them?Can we have a sneak peak of some of your items in the Gear Shop.
Lorenzo Ferrari: We have it set up and half way done, but have sort of left the gear shop unattended lately, being swamped with our many projects. Thanks for the reminder! Coming soon!!
Q7 from Telegram user @nitrogenpower Which of your tokens better for long term holding $ARENA token or $CATS tokens? Which one is better for long term for me?
Lorenzo Ferrari:
The Security tokens represent ownership of
the conglomerate, the Utility tokens are spent through the platforms of our ecosystem.
This implies that Security token is most certainly the most valuable one of the
two at all times. Further, our Security token is specifically designed to
reward long term holding the most.
However, Security Tokens are not presently
available (except to Lead investors), and the Utility tokens are pretty great too:
the tokenomics
design providing early abundance, escalating scarcity and programmable
decentralized inflation decisions wholly governed by the holder community
the roadmap of products using them
coming out along the way to the main platform,
and our staking
solution, which gives a) yield rewards, b) monetary policy governance, c)
and if you stake at least 50k CATS, you can get node rights for NFT Arena,
which generates additional rewards through the revenue streams of our Trading
Cards Game.
Most importantly
however, is that the two tokens contribute value and desirability to each other
in a symbiotic relation:
the prime beneficiary of the
Utility tokens is the Company,
growth of the company drives
value of the main use case of the Utility tokens (points multipliers),
value growth of Utility tokens drives growth of distributions
Q8 from Telegram user @highpee I read that as part of your gospel of self decentralisation, you will be redistributing 100% of platform revenue to users. That sounds nice😍😍👍👍! But why do you decide to give users all you should take? How will you benefit from the project or are you not interested in making money?
Lorenzo Ferrari: We do make money, the “trick” is the time component. Revenue Distributions start at 25% – which is more than anything in the market right now, and only increase from there. It takes a max of 10 yrs to achieve 100%, but the speed we cannot predict as it depends on decisions of individual holders
the way tokens move is through a custom “exit” mechanism that we call the BUYBACK BONUS (“BBB”)
PART 1. Introduction of Octaplex project and community questions.
Hello, Satoshi clubbers and guests of this site. Let’s talk today about the game-changer in DeFi yield creation.
Octaplex is implementing a brand-new idea to the popular frictionless yield concept. What we wanted to create is a reward system that will reduce dump pressure from holder’s rewards and give the holders a choice from a variety of tokens to choose from. Each holder shall get rewards through the Claiming Dapp but in tokens of their own choice!
Mario – @captaincapcap – responsible for HR and partnership acquisition.
Zander – @Z_a_n_d_e_r – technical guru of Octoplex.
Introduction of Octaplex project.
Gold rocket | satoshi club:
Hello again, dear community! We are pleased to announce ama with Octaplex.
Today our guests are from Octaplex: @captain:capcap and @z_a_n_d_e_r!😊
Captain:
Hey there everyone, happy to be here 😁
Gold rocket | satoshi club:
Hello and welcome to satoshi club, guys!😍🐙
Andrés m. | satoshi club:
We are glad to have you here.
Zander:
Hello guys! 😁
Captain:
I’m mario, accompanied by zander, our technical guru
Gold rocket | satoshi club:
Thanks for joining guys! 🥰
Andrés m. | satoshi club:
So, we would like to know more about you, please introduce yourself guys.
Gold rocket | satoshi club:
Yes! 😊let’s start!
Introduce yourself please. How did you get to be involved in crypto & Octaplex?
Tell us please also about your position in Octaplex.
Captain:
As mentioned, i’m mario – responsible for hr and partnership acquisition. I can look back on a 10 years history in crypto, first as an investor and starting to work on our project recently. I’m a specialist in data analysis, helping to plan and calculate our plans moving forward.
Zander:
My name is zander. I live in the netherlands and have a background in electrical engineering. My friend hiding, who is also a founding member of Octaplex brought me into the crypto space (binance smart chain specifically) 6 months ago. I am mainly responsible for technical aspects, such as the contract and making sure everything is smooth sailing as well as brainstorming ideas.
Gold rocket | satoshi club:
Great background👍
Captain:
Thank you ☺️
Andrés m. | satoshi club:
What is the essence of the project?
Gold rocket | satoshi club:
Excellent experience for integrating to crypto😍
Gold rocket | satoshi club:
Yep.. Main idea of Octaplex
Captain:
We strive to create the biggest network in the cryptospace. We want to achieve that by accumulating partnerships with different projects, creators, freelancers, whatever you can think of. Connecting projects and helping them forming new partnerships within the network. In that way everyone in our network can benefit from one another.
Andrés m. | satoshi club:
So, a crypto bridge?
Captain:
Kind of. We act like an intermediate for projects. In the future we will be a bridge across the borgers of blockchains
Gold rocket | satoshi club:
Whoever owns the cross-chain bridges owns the world today😉
Also we would like to know about your team. Who is on the project team core?
Captain:
Ok, something went wrong so i avoid using handles – haha
Indeed. We want do give our partners a safe space they can act in without fear of getting scammed or betrayed
Andrés m. | satoshi club:
That’s a problem to solve, the trust of the people is needed to increase the adoption
Gold rocket | satoshi club:
Bad bot😁😅
Captain:
There’s our founder @hidingintheblockchain, the co-founders @playboisafemoon and @pinky_556 besides me and zander.
Captain:
Thank you
Gold rocket | satoshi club:
Is your team anonymous?
Captain:
Until this point, yes. Everyone on the team has their own, personal reasons to doxx or not to (at this stage). But we’re gonna show ourselves to the open world when the time has come. There are many projects out there, like feg for example, that are still anonymous, so we don’t see an issue there being anonymous at this stage. But we know each other and also doxxed ourselves to some of our partners aswell.
Gold rocket | satoshi club:
Great answer👍
Captain:
We’re trying to be as honest and transparent as possible 😊
Andrés m. | satoshi club:
So, why do you choose Octaplex as the name of the project?
Zander:
The Octaplex name is based on the complex geometrical shape with the same name. To us it symbolizes the interconnection that we want to achieve between projects on more than just one plane, or than 3 in this case😉 by strengthening the relationship between projects and blockchains, instead of working against eachother, we all benefit.
Another name for an Octaplex is a hyper diamond, which is the inspiration for our Octaplex logo.
Andrés m. | satoshi club:
Great concept 😁👏
Gold rocket | satoshi club:
Thanks for the introduction, we will have a question selected for the part 1. Ready to start?
Captain:
For sure
Gold rocket | satoshi club:
This is really the right approach👍
So let’s share this hyper diamond with our community.😍
Preselected questions about the Octaplex DeFi project.
Andrés m. | satoshi club:
Q1 from telegram user @meml97
While reading about Octaplex i saw that you are implementing a brand new idea to the popular frictionless yield concept. Can you tell us more about this new idea you came up with and why did you decide to create this new concept? What kind of innovations will your frictionless yield have? What will make it different and better from the frictionless yield concepts we already know? What benefits will people get from this?
Captain:
The novelty here 1. Multiple tokens as rewards. 2. Variable ratios choosable through the Dapp.
We decided to create it because we noticed in many projects that the price dumps because of rewards sell off, also we wanted to provide users a choice instead of just giving out rewards in a single token and we want to form partnerships with other projects and get to know them, so instead of just listing any token randomly we strive to “meet” different project’s developers and managers in order to cooperate with them
Gold rocket | satoshi club:
Reasonably 👍
Andrés m. | satoshi club:
Which partnerships do you have currently?
Captain:
The currently officially announced crypto projects are dogeback and poordoge. We have some more in the announcement pipeline but they’re still confidental until we announced them officially.
We also have a partnership with Slance, a content creator for web designs, educational videos, graphics, etc. And on that end, also more in the pipeline.
Andrés m. | satoshi club:
Congratulations, we will be waiting for the coming announcements 😁
Gold rocket | satoshi club:
Don’t forget to share with satoshi clubbers😉 Thanks for your answers
Ready to proceed to the next question?
Captain:
I can post the respective links afterwards 😉 Of course.
Andrés m. | satoshi club:
Q2 from telegram user @asela1112
Octaplex offers a reward system, consisted with variety of 7 different tokens $bnb $busd $btc $ada $eth $matic & $plx. Why is this 7 token reward system? Why don’t you use only $plx for rewards? And also you mentioned, users can select up to 6 tokens to get rewards. So will users be able to choose their own percentages to get their rewards? Meanwhile you hope to add a new token in every week to the list. When will you begin to add more tokens? Will $trx be available in reward list?
Gold rocket | satoshi club:
It will be great👍
Zander:
Excellent question! The reason for multiple reward payout options is so that holders can tailor their rewards to their needs. Of they want a single currency they can choose so, or up to six different tokens, with a 7th additional reward from one of our partners. And if you want PLX rewards, you can choose that as well. We are convinced that this approach makes holding PLX very attractive and reduces selling pressure on the native token because all rewards are stored in BNB and converted at payout.
We will begin adding more tokens right after launch from our partners, and every week we plan to add a new token to the reward system.
We will take your suggestion of adding $trx to our reward system into consideration. If there is enough interest then that is definately possible.
Captain:
Also this helps our investors to diversify their portfolio, just to mention that.
Zander:
And yes, you will be able to choose which tokens you want from a list and the percentages of each.
Gold rocket | satoshi club:
It really has a grain of salt
Andrés m. | satoshi club:
That’s great for each user, what about different fees, could it be a problem?
Captain:
Do you mean different fees on different tokens or our taxation system? Just want to be clear.
Andrés m. | satoshi club:
The taxation system. Btw, is it different for each token?
Gold rocket | satoshi club:
Thanks for your answer 😃 Tell us please about your tokenomics btw.
Captain:
Zander is on it, our tokenomics are a bit extensive, that’s why he takes so long to answer that 😂
Gold rocket | satoshi club:
Take your time please 😁
Zander:
Certainly! We implemented quite a few innovative features. Apart from automatic holder rewards in up to 6 different currencies simultaneously, we also have:
– lottery on each buy transaction
– airdrops to random addresses throughout the day
– time variable sell tax that starts high to avoid sell offs and reduces gradually over the weeks following launch.
Buy tax is fixed at 10%
And is distributed into different pots on the contract.
Also the admin and moderation team get a reward for their effort, instead of holding large wallets.
During sell events, 35% of the tax is injected back into the liquidity pair and 50% is distributed to holders.
And auto buyback functions to name a few.
For the exact details, please have a look at our website:
Thanks for sharing😊 this is really quite a non-standard model 😉
Zander:
Good question. Since rewards are stored on the contract in bnb, the fees for exchanging to other currencies do not matter that much. It would be like swapping the token yourself, only automated and at a reduced gas cost with work spread across transactions
Andrés m. | satoshi club:
Thanks for the clarification, let’s learn more about it with our next question that is about tax as well.
Gold rocket | satoshi club:
Clear answer 👌 can we proceed to the next question? Or you want to add something?
Captain:
Our taxes start at a high level at launch. This is a countermeasure for sniping and bots, so we essentially benefit from that. Then they decrease gradually over time (not hodl time)
Andrés m. | satoshi club:
Oh good point, deflationary system
Captain:
The high taxes only apply to selling. For buys, we have a fixed tax of 10%
For selling, the taxes decrease as follows:
After 1min-4h slippage 49%
After 4-24h slippage 40%
1-3d slippage 35%
4-7 days slippage 30%
8-13 days slippage 25%
14-28 days slippage 20%
29- 56 days slippage 17%
After 56days slippage 15%
Andrés m. | satoshi club:
Thanks for the answer, ready for the next question?
Captain:
We are 😎
Zander:
Go ahead andrés!
Andrés m. | satoshi club:
Q3 from telegram user @dk177
According to your tokenomics, there is a buy tax of 10%. Why did you apply this kind of high tax? Don’t you think users will reluctant to buy tokens due to this? In that tax, 1% has been allocated for marketing and another 1% for admins and moderators. Why did you allocate funds for marketing and the team from a tax? Shouldn’t you have deducted those expenses from the total allocation? Further, 4% of the buying tax has been allocated for auto buyback. Please explain how this feature works on Octaplex.
Zander:
The reason for applying a high tax is to keep the reward system sustainable. Typically if you buy at 10% and sell at 15% thats 25% in total, but the buyback function slowly burns the total supply until 50% has been burned. So if you hold long enough this alone will make up for the tax.
We allocate funds for marketing and the team from tax so that rewards stay in relation with the trading volume and as a safety measure. If we allocate a large percentage of the initial supply for the team and marketing, this causes a situation where team members could potentially sell off all their holdings and cause a big dump.
The buyback function will be triggered by the amount of nee holders that join. For example if there are 200 new holders, a buyback happens, and the tokens bought back are burned until 50% of the supply remains, causing a gradual increase in the token value. The buyback function has an allocation from the tax and only has access to the funds in its own pot.
Zander:
So by giving team members a proportional “salary” it also incentivizes them to stay involved or they will be removed from the payroll.
Andrés m. | satoshi club:
The clear and detailed answer, would you like to add something before the 4th question? 😃
Captain:
Done, thank you andrés
We like to call our buyback function “the Kraken”. It devours tokens like ships 😂
Andrés m. | satoshi club:
Haha yes, i think is similar
Q4 from telegram user @andrey_seleznov
Hi Octaplex!
Octaplex’s documentation mentions that your smart contract had to be made from scratch due to its high complexity. You could not reuse code from the existing defi projects so your developers had to create a completely new smart contract. This approach has its pluses and minuses from where i stand. Such new code is less likely to suffer from the common bugs copy-pasted from other sources but at the same time, the risk is high to introduce new vulnerabilities that are not widely known and may be not easy to proactively spot and fix. As we are all aware security is paramount in defi so i’d like to ask if you have done 3d party audits yet or opened bug hunting sessions? How can users be assured of the security of Otaplex’s smart contract?
Thank you!
Zander:
Excellent observation! Security is indeed our number one priority!
I will start by clarifying that the statement from our whitepaper that mentions the contract made from scratch refers to the fact that it is not a fork of another project with minor midifications.
The contract uses the open zeppelin framework and tried and tested interfaces with reentrancy guards and thourough testing with extensive research into the known vulnerabilities of smart contracts. The nature of our tokenomics makes this the most suitable option.
We are planning an external audit in the near future as we hope that it will build more confidence in our contract.
Andrés m. | satoshi club:
Safety first 💪
Gold rocket | satoshi club:
Thanks!
Zander:
Another safety feature we have built-in is separately allocated reserves for each functionality. For example, the airdrop function cannot spend tokens meant for the lottery, etc.
Andrés m. | satoshi club:
That’s a feature that our community was so interest.
Captain:
I have to add, that we are looking to find a reliable auditor, communicating with us through the process. With a contract that complex, there’s no point in getting a free audit done that doesn’t help anybody
As we seek for quality in everything, we do
Andrés m. | satoshi club:
Well, as we said, don’t forget to share the results with our community.
Time to proceed.
Captain:
Of course, we will 🙂
Andrés m. | satoshi club:
Q5 from telegram user @xperia3
While I was checking the tokenomics of Octaplex’s coin, i realized 2% of the total supply is reserved for airdrops. Can you please explain what should users do to receive these airdrops? Some projects are guiding the audience beforehand by giving some steps for getting these airdrops but some keep it in secret and reward the active users. Which one will Octaplex do?
Captain:
Good question! Actually, in multiple ways. There’s a dedicated pot. Any wallet that holds at least 10 plx will be eligible to join the lottery system. Every 5 hours the contract will be your lucky fairy, enrolling the lottery, choosing 3 wallets at random to split the pot between these.
Then we have a community rewarding system within our telegram group that rewards the most active and the most helpful users via a reputation system. So the 3 most active and the 2 with the highest reputation will get an airdrop at the end of each month (of course admins excluded).
Also, we will have some rewards via partnerships, but that’s enough info for now 😉
Gold rocket | satoshi club:
Your community is very lucky
Captain:
Giving people a good feeling while contributing is making us happy too
Gold rocket | satoshi club:
Thanks for clarifying! Ready to proceed to the next question? Or want to add something?😉
Captain:
We can go on, thank you 😉
Gold rocket | satoshi club:
Q6 from telegram user @ashia_24
On your roadmap, i saw that on q4 2021 you will start to develop your “Octawallet”. Can you give us a sneak peek at this wallet? Is this wallet compatible with android or ios devices? Will you adopt more tokens for your Octawallet? Is KYC needed for this wallet?
Captain:
We are in the planning phase of the wallet so we don’t want to make any promises as of now because we think this would draw a rather shady picture in raising expectations. But what I can say about it now is that there will be a version for IOS and android. Of course, we will add more tokens, just as we do in our reward’s system. The KYC depends on the regulations. For example, the EU is trying to forbid anonymous wallets we may have to implement a KYC for specific regions – but this is something only time can tell.
Captain:
Also, we will try to implement benefits for users, like in our tokenomics system.
Gold rocket | satoshi club:
Yes, time will tell
Andrés m. | satoshi club:
Amazing things are coming for the project, that’s something that’s exciting and motivates the communities 👏🥳
Captain:
We hope so and are working nonstop to deliver the best for our community
Andrés m. | satoshi club:
@z_a_n_d_e_r and @captaincapcap that makes 6/6 questions answered for this first part of the AMA, thank you so much for your time and clear answers, we enjoyed it much.
Gold rocket | satoshi club:
Betting on mobile apps is a very winning position. For a modern person, a gadget is a full-fledged working tool.
Andrés m. | satoshi club:
Completely agree💪
Now is the time to interact with the Satoshiclubbers 😁🥳🥳
Captain:
Thank you, we also had a great time. Let’s get some from your community 😍
Gold rocket | satoshi club:
Get ready for the storm of questions 😁
Zander:
Fantastic! 😁
PART 2.Questions about the Octaplex project from the live chat of the telegram community.
In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the Octaplex crypto project choose the top 10 questions. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 100$.
Q – 1 from a telegram user @rinnguyen
Can You give details about your team? How many total members are there in the Octaplex Team? Mainly, From which place they come from?
Captain:
I’ll start with an easy one. The core team consists of 5 members. We’re based in Germany, Croatia, the Netherlands and Austria. Also we have a team to moderate our groups and social media, scout for partnerships and many more tasks which is basically from all around the world, but at the moment most of them are based in Europe aswell. We are well organized and have a structure in our working plans. No free rides on that end
Q – 2 from a telegram user @slla1112
Will “OCTABRIDGE” cover all networks? Are there networks that you have negotiated or negotiated with?
Captain:
As we are yet in the planning phase of the Bridge we did not negotiate until that point. But we will cover the most commonly used chains at first, expanding to smaller chains in the future.
Q – 3 from a telegram user @captainprice111
How will you offer the project owners the opportunity to choose the reward token and set the rate? Do you host a video or advisor on your platform to help users?
Zander:
Thanks for the good question! We will have a DApp that you can use to keep track and personalize your rewards. Here you can choose up to 6 different tokens and set the percentage you want for each reward. There will also be a “Prove that you are not a robot” button that you need to press to activate automatic reward payouts. This is done to avoid bots from earning rewards. We will release a tutorial video and the app will be very intuitive and support will always be available by the team on our telegram group.
Q – 4 from a telegram user @sophiejohnson1
OCTAPLEX award holders can choose 6 different coins and choose the percentages from which they will receive their reward. But will the percentages be changed if the selected tokens gain value too quickly and fall too fast? Are these rates stable?
Zander:
Excellent question! Since rewards are stored on the contract in BNB and converted into the desired reward currencies during payout, the price of these tokens at the moment you claim will determine how many tokens you receive. The ratios that you set will remain fixed. For example, you can set 30% for token 1, 10% for token 2, 25% for token 3 etc. You can adjust these settings any time you wish and claim rewards manually as well if you do not want to wait until the next auto payout
Q – 5 from a telegram user @arboledae
How will your project provide service and care to your community when you need it? How much importance do you place on your own community and how much value do you place on this project?
Captain:
A community is the essence of any project. We are there for our community if they ned assistance, answering questions, or just have a bit of Smalltalk with them. Also we are getting the community involved via events, airdrops and much more. We also will have internal AMAs via voice chat and once a week an informal chit-chat to get to know our community.
Q – 6 from a telegram user @Akira236
I see Admin Team only owns about 0.5% of the tokens? Why have you guys kept so few tokens for the team?
Zander:
Hi Akira. Thanks for asking! This is done for security reasons. If the team holds a large portion of the initial supply, one of the team members can at any time decide to bail and sell all his tokens which will cause a massive dump and sell-off. In our case that can’t happen. Octaplex will reward its team with a small portion of the slippage tax instead. Keeping everyone motivated to make the project a success!
Q – 7 from a telegram user @xperia3
As I see in the roadmap of OctaPlex, you are aiming to start developments of OctaSwap, OctaWallet and OctaBridge. These all are very big steps. How long do you plan to release these features? Which one will have more priority in the development team of OctaPlex? Can OctaPlex be sure for creating a good level of security for all these features?
Captain:
For any of our development goals security is the top priority. So we will get together with specialists and work it out in the most secure way. We are starting the development phases simultaniously but our main focus to start with will be the “Octabridge”, as we want to connect our partners as soon as possible across the blockchains. We didn’t set an exact time frame for any of them but all 3 will be released over the course of 2022.
Q – 8 from a telegram user @a1kb1k
I’d like to know more about what is your project’s competitive advantage that other competitors don’t have in terms of scalability, security, features and adaptability?
Zander:
Hi there! Firstly, the extensive amount of features we incorporated into our tokenomics sets us apart from our competition. But most importantly we plan to build up a network between partners and across blockchains. The contract is designed to be scalable with the possibility to add new features after launch by linking rewards to secondary contracts. For example bridges to other blockchains. The reward system is designed to be scalable with work spread across transactions, so that the gas fees remain reasonable. Each contract functionality only has access to its own portion of funds that are accumulated through slippage tax. Certain features like the buyback function can also be adapted to suit the current market conditions.
Q – 9 from a telegram user @Amila19932
Presale on Dxsale will be on 27 thin this month. This is the best time to talk about your presale. How can we join your presale? In which platform will be your presale happens? Please share more details on that?
Captain:
That’s absolutely right, amila. Thanks for noting that. We are having our presale via DxSale on the 27th, as you mentioned – and we will share the exact link in our Telegram, Twitter, Discord and of course on our homepage. The presale will last for 24 hours. We will announce the exact time in the coming days. Everyone with a Wallet and at least 0.1 BNB can participate.
Q -10 from a telegram user @Nhairym
All the alternatives and benefits offered by OctaPlex are amazing, a very well structured and well-founded project, but there are 3 DeFi aspects that have not yet been fully resolved: interoperability, scalability and security, as they have been able to adapt to those conditions. that OctaPlex achieves will be only for internal use of your project exclusively or in the future, other projects may implement them, to tell you how DeFi, CeFi have done it; what are your long term plans?
Captain:
Those 3 aspects you mentioned we are covering with our project as a whole, as we are not only about our token, but also create a network – bringing projects together. The interoperability aspect we will not only be covered by our development goal „octabridge“, also implementing tokens to our rewards system. In principle we act like an intermediary for projects, creators, freelancers, etc, connecting to each other. In that sense we expand our network across blockchain borders, also meeting the scalability aspect. Security in DeFi is sheldomly unmet criteria in all of DeFi up to this date. The only way to get some kind of security is via an audit, which we are planning to do as soon as we deploy the contract aswell as a bughunt. For our partners we offer security in our network as we pick our partners carefully so they can communicate in a safe environment, not have to be in fear of being scammed themselves. We also warn partners if they’re up to cooperate with known scammers (we did that recently).
Part 3 – Quiz about project
In the final part, we tested the knowledge in terms of the Octaplex project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 300$ was distributed between the winners.
We were delighted to welcome our guest from King Arthur. The AMA took place on July 23rd, 2021 and our guests were @mafeomatt @MajorJFK @BogdanOnBking !
The total reward pool was 500$ and
was divided into three parts. In this AMA Recap we will try to summarize some
of the most interesting points for you.
Part 1 —
introduction and questions from the
Telegram&Bitcointalk community
Mary Satoshi Club: Hello
Satoshi Club! We are happy to announce our AMA session with King Arthur!
Welcome to Satoshi Club😀
D. Папа Роуч: hello everyone! today our guests – @mafeomatt
@MajorJFK @BogdanOnBking !
Mafeo: Good Afternoon Everyone
D. Папа Роуч: hello guys! 👋
Bogdanon (Will never DM you First): Hey Everyone 👋
D. Папа Роуч: how are you all doing? 😊
Mary Satoshi Club: Hello, guys! Welcome here 👍
Mafeo: We Are working hard in the background, but
right now we are very excited to be here with you
D. ПапаРоуч: that’s amazing 👍
Mafeo: How are you guys from Satoshi? I hope you happy
to have us here. I’m thrilled to be here with this great group
Mary Satoshi Club: So, let’s start with intro 😀 guys, please, introduce yourself if you still
didn’t and tell us more about King Arthur 🚀
BKING: Hi beautiful people !
i`ll shoot
first
Hey
Everyone, it`s Dan here! What an enormous pleasure having the opportunity to
meet you guys, I`ve always found your AMA`s one of the best ways (if not the
best actually) to find out more about the projects I`ve been tracking them from
time to time (until the birth of #Bking ofc:)
First thing
first, let me tell you guys something about me, I’m 34, like many of you I grew
up with Sega-Megadrive`s until the first PC, A Pentium 2-400 Mhz came into our
home ( back in 97 or 98 ), and changed my childhood and made me learn from a
5Lbs heavy book how to install Win 98+ drivers multiple times in a week because
by the time I was getting back from the bathroom my friends already were
ruining my OS :)). Then of course I discovered more curiosities, took the
screwdriver, and started to open it up and doing Physical Upgrades like Ram,
the 400MB HDD, etc. And here I am at my first IT high school in Padua – Italy,
where I studied, lived and explored this
world inside out for 10 years and managed
to open my first PC-components Shop by the time I was 22. Am I talking too much
?! let`s cut to the point now.
I`m in the
crypto space since the 2017 Bullrun when I remember I bought myself the first
BTC for 1000 $ at a kiosk in Manhattan ( did I had the balls to HOLD up until
20k $ ? NO :)) it was then when I learned my first lesson (out of many tbh, but
who didn`t ???) about how important is to have faith in a project and to not
lose patience, the MOST valuable virtue in this business if you ask me ofc. So
hearing about the tragedy of Arthur being killed unlawfully in the mountains of
Romania I`ve called some of my old colleagues Math and Bogdan and started to
talk about this topic for days/weeks. One thing led to another and we started
this amazing crypto project. ( i can easily chat to you about this for a whole
week but let us not being annoying to our audience )
This
project isn’t about the fictional character King Arthur of Avalon, it’s based
on a real-life story, that affected many people, and ultimately encouraged us
to take a step and bring people together that know about the story of King
Arthur the Bear. Arthur was the King of all Bears in Romania and throughout the
Carpathian Mountains, it was one of the largest bears in Europe. For Romania,
it was a symbol, and although protected, a few months ago it was unlawfully
killed, hunted as a trophy, by a member of the Austrian Royal Family. This is
our way of “PayBack” and we wanted to bring back Arthur to life. Our mission
and what we want to create, will go beyond Romania and Europe, this is just
where our story starts. This is a tribute, a project in his memory. Doge and
Inu`s replica are polluting the crypto space right now, if you ask me, so
Arthur brings much needed fresh air backing it up always by real life
environmental engagements. Remember we`re having fun on TG, we use Meme gifs,
fooling around, but when it comes to serious work and commitment we are there
100 % day and night.
Our goal is
to establish ourselves as a Top DeFi project with real-life ( RL) engagement
and to distinguish ourselves from the inu`s wagon or the 99999xxx replicas of
Shiba and Doge that are using big words to convince people but they never
deliver what they promise.
Bogdanon (Will never DM you First): I’m Bogdan, and I’m glad to be
*virtually* here and chat with every single one from this community.
For me,
when I invest in crypto, the team behind the project is the most important
thing, so here I am.
D. ПапаРоуч: we are great! yes, we are! you read
my mind 😄😉
Mafeo: Hi Everyone
My Name is
Matt and I am one of the development team members.
When I say
development, I wish I could say the tech and blockchain side, fortunately we
have very talented people in that department. I am one of the people that are
running the project and is on the structural development, such as strategy and
business development.
Born in the
late 80’s, growing up in the 90s and early 00’s, the technological boom was an
absolute dream, although I did not have access to as much technology as I
wished for,
I grew up
understanding the power of tech community, powered by games, social platform
interaction, kids and people passionate about hardware and sharing ideas. I
believe it was the best time to grow up, as now for that generation, Blockchain
and Crypto was the one thing we missed and we needed so bad. Finally everything
makes sense.
Mary Satoshi Club: Great background! It’s a pleasure to e-meet you
👍
Bogdanon (Will never DM you First): I just turned 30, and I spend most
of my time in front of my PC. A geek by nature, I love to learn anything and
everything! I studied cybernetics, and since then I cannot separate tech from
nature.
I had my
first home ethernet connection at 14, and you couldn’t take me away from my PC
afterward. Two years later I taught myself PHP & MySql and launched my
first website: a text-based car racing browser game. When it got viral, I
understood how powerful the internet is.
You could
say I am a crypto veteran, being involved with crypto since 2011, developing
websites, mining, trading, you name it.
People know
me as the guy who’ll fix your tech-related problem in few minutes. And I guess
that’s why Dan called me a few months ago to ask me if I have some spare time
to talk about a new, exciting project.
And I
couldn’t be happier when I heard the details, as we share the same humanitarian
and environmental vision.
In my spare
time, I love hiking. So far I have managed to visit a lot of important peaks in
the Carpathian mountains and Alps.
Mafeo: I first got into Crypto in 2014, although I was
contemplating if to buy Bitcoin in 2011, imagine that. I didn’t get into the
Crypto space as early as my colleagues did, but I have been familiar with the
space for a long time, back in the day when it was so difficult to purchase and
we did not have all the easy protocols, exchanges, communities, wallets and so
on. My first contact with crypto was Ripple (XRP).
My
background is music, I have studied music all my life, although life has taken
me on different roads. Living in London, I have started a business development
business and later on through networking, I managed to start my own Property
Development Business, which has been successful in the past 4 years. I love and
understand the process of building a business, running a project, bringing to
life starting from an idea and turning into a successful reality. With my own
businesses, before King Arthur Defi/BKING, I have learned a lot and I have
learned that the process is a marathon and not a sprint. Never backing out and
always finding the best solution, will eventually help you succeed.
The reason
why I liked the idea of King Arthur DeFi was seeing the injustice done to
Romania and also to Arthur, the King Of Bears, which was killed unlawfully.
Dan
together with Bogdan, had this amazing idea of creating this DeFi space, in the
memory of Arthur, where the community can get together and bring value to this
project and the BKING coin, through its humanitarian activities. Helping the
nature, eventually helps us and it’s such a beautiful cause. I will not get
into details in my introduction, but why I liked the idea is because it’s
something I believe in.
The tragedy
of this pandemic that we have been living in, has made me realise that we are
actually a Big Tribe and we have the need to be together as a community, as
one, to help each other. I realised that life needs to be something more
meaningful, rather than the constant chase of something which isn’t rear. Maybe
it sounds like a clichee, but this defi space it’s something I highly believe
in, because of the technological usecase we want to bring to this project. The
people that will be part of King Arthur Defi will be able to be actively
involved and to have access to greater organisations that deal with aiding the
planet. I want to be part of something great that my children and myself, can
be proud of and to benefit immensely.
I will be
here as long as I am needed. I am treating BKING like a baby, a BABY bear, I
want to make sure I will give my everything until this baby is mature and
strong, can walk, run and fly to the moon, to speak in modern crypto terms.
I want to
make sure that this DeFi space is here to stay, to build a strong community,
that will run forever despite market climate, a DeFi space that will make a
positive difference in the world.
Mary Satoshi Club: Incredibly noble goals and mission 👏
Mary Satoshi Club: Sure😉
Mafeo: I like to make a proper intro so people know
exacty my background
D. ПапаРоуч: thank you for intro! that’s almost a
little novel about your life 😊👍
Mafeo: I know I know, but its real and I want the
people in the community to know that there are real people with great
intentions in this project
Mafeo: Beautiful Intro Dan, it’s like we think the
same.
Mary Satoshi Club: Interesting sense to stand behind your project😀 have you been to Romania?
D. Папа Роуч: that’s an interesting story 👍 never heard it. i agree with you about ‘doge
forks’ 🤣
Mary Satoshi Club: Ohhh, now everything is 100% clear👌
Ahaha, hope
you will! We need more real working projects 😃
D. Папа Роуч: yep, in the most of the cases they are copy of
each other
Mary Satoshi Club: Thank you for your awesome intro, guys!
Mafeo: So, Satoshi Club, please feel free to ask us
any questions about our project, how we have started and what our plans are for
the near and long term future?
Mary Satoshi Club: We choose 6 questions from our community for
the first part of our AMA 😀
Mary Satoshi Club: Are you ready?
Mafeo: Yes We’re Ready. Bear Army Here, on Duty
Mary Satoshi Club: Let’s go 🚀
Mafeo: Let’s Launch this Baby Bear in Space
Q1
from Telegram User @Highpee
King
Arthur Defi was launched on June 6. However, the team launched another project
called CoinCatapult. CoinCatapult will operate differently from King Arthur
because its focus will be for voting and listing favourite crypto projects. Why
do you launch another project when the current project is not fully developed
and still seeking for mass recognition? How do you plan to manage the
peculiarities of each project and ensure that none will obstruct the
development of the other? Is CoinCatapult going to be community driven? How
will you finance the two projects efficiently because in your Telegram, you had
to seek for donation to raise fund for AMAs and listing?
D. Папа Роуч: managing a few projects is a popular thing in
modern crypto 😁
Mary Satoshi Club: You’re right 😀
Bogdanon (Will never DM you First): CoinCatapult it’s my personal
project.
It is an
instrument meant to help BKING reach new users and holders.
20% of the
CoinCatapult’s revenues will be donated to the BKING wallet.
BKING: so i was saying , lol The hashtag
BKING: in this Defi space with the right amount of
ambition and faith you can move mountains.
Mafeo: King Arthur is not dependent on CoinCatapult or
viceversa, Bogdan, being the genius he is, has build this platfor that he
thought can aid us and many other new projects.
CoinCatapult
it’s my personal project.
It is an
instrument meant to help BKING reach new users and holders.
20% of the
CoinCatapult’s revenues will be donated to the BKING wallet.
BKING: We have many projects in the sleeves all about
KingArthur 🙂
Bogdanon (Will never DM you First): More projects will rise from the
community
BKING: can i share the link of coincatapult ?
D. Папа Роуч: sure
BKING: maybe many of the people attending have no clue
whats all about
Mafeo: We actually have a few projects planned and
under development but also we are looking forward to hear from community
members and come forward with new ideas
Bogdanon (Will never DM you First): Regarding developing projects.
BKING
should be available to everyone in the world, and we can achieve this only by
expanding our ecosystem to other blockchains as well.
The
expansion is also an opportunity to improve the current smart contract, as
there is always room for improvement.
There will
be bridges to cross from one blockchain to another, facilitating an easy way to
move funds across any blockchain.
We are open
to suggestions from our community and we have the resources and the know-how
needed for implementation. The only limited resource is time, so we prioritized
the development plan carefully.
Mary Satoshi Club: Do you plan voting or how do you usually
communicate with your community members?
Mafeo: Well first of all We will be discussing with
our Community and a Vote will be an option, but we have a couple of project
under development which is actual the FUEL to this Great Defi Project
Mary Satoshi Club: It will be something like a big corporation?😀
Mafeo: Our DeFi project with the Native token BKING
A project
with a real usecase for preserving the Nature
We are
community that can communicate easily through our platform
What will
fuel the value of the project and the coin is our usecase, which will be backed
by technological use as well
King Arthur
DeFi will develop an App where member of the community and not only, will be
able to organise and track active events, around the world based in their
areas.
They can
Organise Tree Planting, Forest And Park Clean Ups, Sea or Ocean Clean Up,
Donate to
charities and help with Access to Clean Water,
Helping
with WildFire issues around the globe, aiding Wildlife and shelters for
Wildlife,
The app
will be developed around a tracking device that can record these activites and
users to be rewarded with BKING.
D. ПапаРоуч: those projects will be also funded
by yourselves? or you palnning any token sales?
Mafeo: Corporations is out of discussion, we are a
DeFi project. As I said in the intro, we are here to grow this project, like
you raise a child, until it has the strength to walk by itself. Metphorically speaking
Mary Satoshi Club: 1:0😂
BKING: found out my intro been deleted
Mafeo: These projects will be funded by the community
mainly and hopefully by future partnerships
Mary Satoshi Club: It will be recovered in recap😀
BKING: thanks ! 😀
Mafeo: We have been out just under 6 weeks and there
has been tremendous work in growing the community and finding a stability in
our project, but also in the value of the Coin. We have been focused on getting
exposure and having our first listing, so that people can see us as trustworthy
project and will have the faith to join this great DeFi space and cause
Mafeo: We are working a lot in the background on our
Usecase. What happened with King Arthur The Bear has awaken in us the thirst
and hunger to do more for nature, at the end of the day we are part of it and
it seems that we forget how to take care of it
BKING: One of them many goals also is to make it worldwide, to leave
something behind, to do trees planting, donating to wildlife charities, ( i
take this opportunity to salute all those #BearArmy members, that are making
this phenomenon known the whole world and to make a call at arms for others to
join us! ( using the term army here not in a bad way but in a constructive way:
a united group of people that fight for the same cause and stick together no
matter what ). I love you all remember Arthur loves you all, keep a close watch
on this project, this is just the beginning.
Mary Satoshi Club: You’re developing fast, if your speed will stay
the same i am sure you will reach your goals
D. Папа Роуч: definitely! thank you guys for the very
informative answers! 😊
Mary Satoshi Club: Thank you for your answers, guys! Do you want
to add something or we can proceed?😀
Bogdanon (Will never DM you First): We have only organic growth, step by
step, action by action. Our efforts will be recognized, and more people will
join us from all over the world. Like the whole crypto movement, we’re
unstoppable.
BKING: There`s still a lot to talk about. would you like to know more
about our tokenomics
Mafeo: I would like to ask everyone that is watching
this space now to visit the website checkout the whitepaper and the roadmap.
BKING: and stuff?
D. Папа Роуч: this is the next question 😉
Bogdanon (Will never DM you First): We simulated lots of scenarios
before the launch and went with the best option for our long-term plan.
The initial
circulating supply was 500T, and we burned another 500T to initiate the
smart-burn, having a total of 1Q tokens.
Why such a
large number? Because the burn rate is accelerating.
We take 2%
of each transaction and redistribute it to all addresses accordingly. This
means the Burn address, which has 50% of all tokens, will get 50% of the
redistribution.
A higher
percentage will discourage the hodlers to transact BKING, and a lower
percentage would result in a slow burn.
We locked
the initial LP of 10 ETH & 500T BKING for one year. We didn’t burn the LP
tokens, because we might need to migrate to Uniswap V3 in the future. You can
see how much of a burden it is for old projects with the LP stuck in Uniswap
V1.
BKING: That`s right on spot
Q2
from Telegram User @KhaleesiTheCryptoLady
I am
interested in your product Built-in ARF (Automated Rewards Farming), which
automatically distributes 2% of each transaction to all $BKING holders. So, how
exactly does this work? Can you explain what are the types of transactions it
enables? Which wallet do you support and should be used for holding $BKING
token?
Mary Satoshi Club: Btw, i wanted to ask if you distribute in
$BKING or in another currency?😀
BKING: Ofc there s everything at the sight, but
@BogdanOnBking will do it better then
that 🙂
BKING: *on etherscan
D. Папа Роуч: so you have a very huge total token supply,
exactly like ‘inu’ type of coins that’s mean you were inspired by them in this
case? and distribution token model also looks similar
Bogdanon (Will never DM you First): There is a 2% fee for each
transaction using BKING.
The fee is
distributed among all wallets proportionally to the holding of BKING.
The current
burn address is at 53% right now, and as it grow up, it will receive higher
redistribution.
You can use
any ERC-20 compatible wallets, like MetaMask, Coinbase Wallet, and others.
D. Папа Роуч: but you can’t use exchange wallet?
BKING:
😄 Ofc we did not invented the Wheel
here, at the end of the day all find inspiration one from another but the thing
is when all is said and done : what did we do ? what have we left behind
D. Папа Роуч: because that’s a very important to clarify 😊
Mary Satoshi Club: How often this rewards distributed? Daily,
weekly?😀
Bogdanon (Will never DM you First): It’s instantly, when a transaction
occurs. You will see your balance growing
BKING: 🐼🐻🐼🐻🐼 i see many bear lovers
Mafeo: the redistribution percentage is directly
proportionate to the holding amount of BKING in their wallet
Mary Satoshi Club: Do you have stats how many rewards are already
distributed? And btw, does it have any impact on current token price?
D. Папа Роуч: when people trading your token on dex, to they
have to set up any particular slippage?
BKING: Good point , so 2,5 % would be the minimum
because of the ARF built in mechanism and
yeah max 5 %
Mafeo: the redistribution percentage is directly
proportionate to the holding amount of BKING in their wallet
Mary Satoshi Club: Thank you for your answers! Ready to go to the
next question?😉
Bogdanon (Will never DM you First): 60.16T BKING were redistributed in
total, of which:
31.03T BKING were burned.
29.13T BKING were distributed to holders
Mary Satoshi Club: Wow, nice numbers 👍
D. Папа Роуч: yuuge numbers 👀
Mafeo: Ready for next question, we would like to see
as much interaction as possible, we’re really excited about our project.
BKING: indeed , Bking tokens are becoming very fast
Rare and Valuable
picture
this 60 T burned in ..less then 2 months
D. Папа Роуч: thank you for the great answers! let’s proceed
to the next question!
Bogdanon (Will never DM you First): That’s almost 13% of the Circulating
Supply
BKING: if this keep it on this path in 20 months 600 T
will burn , impossible 🙂 but our main
Core tokenomics i guess will start from there , when we will
get down to 1 T total supply , sounds awesome
Q3
from Telegram user @Jmagsss
I saw in
your website that based from the project’s Vision, you will donate a portion of
the funds to charity and participate in community cleanups for the environment.
Can you disclose information about the organization or group that the project
intends to support and donate? Who are your projected non-profit organizations
and where it is based?
BKING: Let me invite you to our Twitter account bkingdefi and see how our beautiful community
started to get together in Romania, Italy, UK, USA since not even a month from
the launching and involved in the first BKING signed cleanup out of millions to
follow all over the world, also see the BKING vans parade at the Buckingham
Palace
BKING: We already initiating the procedure for the NGO
applied
Mary Satoshi Club: I see you, guys, already started 😉
Mafeo: First we will be donating to the bear shelters
in Romania, which is the Biggest Bear Shelter in Romania, and at the moment
there is a big issue with the hunting of bears. But that is where we start. We
have been waiting to grow our community and to work together towards this. To
be honest, we have been sad about the wildifres that happened in the past years
in USA and Australia, so hopefully we will be able to create a large community
in those areas and work in that direction too
First we
will be donating to the bear shelters in Romania, which is the Biggest Bear
Shelter in Europe, and at the moment there is a big issue with the hunting of
bears. But that is where we start. We have been waiting to grow our community
and to work together towards this. To be honest, we have been sad about the
wildifres that happened in the past years in USA and Australia, so hopefully we
will be able to create a large community in those areas and work in that
direction too
Mary Satoshi Club: So, in the future you plan to donate worldwide 👍 You’re really planning very good things for our
planet, don’t stop😀
Mafeo: To continue answering the question above, our
Usecase will be fuelled by a piece of technology which we are working on, but
that is also dependent on the growth of the comunity. We will have an app where
people can easily connect and organise these activites together with future
partners and charities
BKING: Yes!
communities will have the opportunities to find the need
where #BearArmy can do the part
Mary Satoshi Club: Is this app in your roadmap?😀
D. ПапаРоуч: awesome! so you not focused to help
only animals?
Mary Satoshi Club: Satoshiclubbers, join #BearArmy😀
BKING: tbh our next stop is tree planting
Mafeo: For example let’s say you are interested in
creating a Tree Planting Programme and we are a few in the same areas
interested in the same thing, so we are able to easily connect thorugh the
BKING app. The community will be encouraged to use this actively, tree
planting, clean ups and the users will be rewarded. We cannot say more, but we
have been keeping this as a surpirse for everyone.
Mafeo: It will be on the roadmap and white paper
BKING: 1000 trees already in the talkings, we need to
wait for the fall as the municipalities wouldn`t allow tree plantings due to
extreme hot
and the
effort would be in vain
Mary Satoshi Club: But you are already in talks with them?
D. Папа Роуч: do you planning to help people? 😊
BKING: Yes we did 😊 all is in the making, we just have to wait for perfect climate
conditions
Mafeo: Not only, to be honest in the future we will
want to partner up with a programme from Africa which is working on making
clean water accesible, I cannot name it, but these will be all things that will
be available. So be part of the community and stay up to date with our progress
Mary Satoshi Club: And you will start from Romania, right?
D. ПапаРоуч: gotcha 👍
Mafeo: Romania is where the story started, but it can
start from everywhere, we wanted to create a beautiful safe DeFi space where
people in thte community are free to be active and come with business and
activity ideas, from which the community benefits, they benefit, the value of
BKING benefits and also the nature
BKING: Yes. . . you know , there`s always the tree .
org foundation, we could have that done …but its not about that, we want to
see the community involved , socialize, plant those trees …come back after
years walking and seeing them grown
Bogdanon (Will never DM you First): Starting local, going global 🌍
We just set
an example that can be followed by anyone from anywhere.
BKING: idk. maybe i fantezize too much, but hey never
stop dreaming y’all
Mafeo: Exactly, we are here to build a Legacy and not
just speak loud and press fast forward. We want to do it right.
BKING: everybody everywhere can do something and some
Real life engagement
Mary Satoshi Club: I wish you success, guys! And really hope that
your community will grow and help you in your mission 👍
Mary Satoshi Club: Thank you for your answers! Ready to jump to
the next question?🚀
Mafeo: People can be part of something great and
exciting and also change their future financially while doing something
meaningful, this is what it is about
Mary Satoshi Club: Everything in one project 👍
Bogdanon (Will never DM you First): Yes, BKING is a bridge between the
virtual and real environments.
Mafeo: So it’s a great opportunity for people to join
this now, we have just started and we will build together, we get to make
history and be part of it. If everyone of us will do a small action, the impact
will be HUGE, we’re never too small for change
we can and
we will make a change.
BKING: Bking, i use to say, is backing it up so whever
relate to us is invited to the movement
Btw, i`m a
3 foreign languages speaker, so if there`s any italians, americans, you name it that want to start colonizing
with Bears their regions by Moding a TG group Dm me so we can facilitate that.
Actually i can get along with asians , indonesians chinese by using universal
Bear language ! So if any BEARlivers in
the project wanting to join us, we are looking to establish different
communities and we invite you to participate actively and volutarely to our
cause.
Mary Satoshi Club: I think you can find useful contacts in our
group 🙂
BKING: definitely 🐻😊
Mafeo: Yessss, we encourage everyone from all corners
of the planet to join and grow the community around them
BKING: knock knock it`s the Bearmada:)
D. Папа Роуч: and the first step for all of those who wants
participate is to join social media
@KingArthurDeFi 😉
D. Папа Роуч: appreciate for answers! 😊
Q4
from Telegram User @rakshitx5
You have
mentioned on your website that King Arthur is 100% safe and unruggable but how
it is unruggable do you have any bot which stops the big sell? Or what steps
you have taken to make it unruggable and safe?
BKING: I like this Ama session, feels we are
connecting
Mafeo: Great question and I believe this is a very
important factor when choosing to join a project and invest in it
Bogdanon (Will never DM you First): By definition, a rugpull is when the
dev team sell everything and “pull the rug” from its members, and
usually they last less than one week.
We started
the LP with 100% of the circulating supply and 10ETH, locked it for just one
year, just for the occasion of moving it to uniswap V3 after that year.
The smart
contract is solid, and the team is working everyday to expand the project.
D. Папа Роуч: your code which you used in contract is your
original code or fork (copy) of some other project?
BKING: speaking about the smart contract, Certik Audit
is in the talkings. keep your eyes on this project do not miss opportunities
D. ПапаРоуч: currently you don’t have any audit?
Bogdanon (Will never DM you First): The code is similar to others, but
was optimized to reduce gas fees for some situations.
The
similarity comes from the blockchain being open-source.
All smart
contracts should use the Zeppelin standardized libraries.
BKING: No sir, our contract is beign scaned and
verified by endless 3rd parties without an Oficial Audit by this time ( we all
know how much are the Fees for this kind of operation) so yeah this is next
Mary Satoshi Club: Also, what about insurance? Don’t you plan to
use CertikShield, for example?
Mafeo: 100% yes we will be using the CertikShield
Mary Satoshi Club: Wow, congratulations! It’s a great step to
secure Bears funds👍 we will follow the news from you! Thank
you for your answers! Ready for the next question?
Mafeo: yes we’re ready for the next question
D. Папа Роуч: let’s do this!
Q5
from Telegram user @orlemys
King
Arthur is a community-driven DeFi project built on Ethereum Platform. Your
project mission is to make positive changes for the environment, and the
wildlife that habitats it. This is a noble cause, but since you’re built on the
Ethereum network, known for its extreme gas fees, it may not be accessible to
many people. Please tell us if you have any future plans for cross-chain
integration to blockchains like BSC that is way more affordable, and would most
likely increase the number of investors you get. Also, why did you decide to
launch on Ethereum despise the obvious drawbacks?
Bogdanon (Will never DM you First): We started on Ethereum blockchain
because it has the most authority at this moment.
We want
BKING to be available to everyone in the world, and we can achieve this only by
expanding our ecosystem to other blockchains as well.
The
expansion is also an opportunity to reach new markets, and to be accessible for
lower fees.
And of
course, there will be bridges to cross from one blockchain to another,
facilitating an easy way to move funds across any blockchain.
Mary Satoshi Club: Which blockchain do you want to integrate next?
Bogdanon (Will never DM you First): Most probably it will be on BSC.
Mafeo: Launching the project on ERc20 offers better
security and there are no weaknesses in the Contract. It is true that ETHEREUM
has higher gas fees, but our plan is to create a 2way bridge on the BSC Network.
WE Said it ::), the news is out there for everyone to see
Mary Satoshi Club: Yes, BSC is really on fire now🔥
D. Папа Роуч: so you will be use your token on different
blockchains, will it be a wrapped version of your token or completely new token
issued on a new chain?
Bogdanon (Will never DM you First): It’s a great question, we could
actually expand faster on BSC, because we can implement complex functions that
require a lot more gas. We tried to slim down the smart contract for ETH in
order to maintain a low gas fee.
Mafeo: we know it is highly important to make
accesible for people tat have maybe just 10 20 dollars to invest and the they
cannot afford to lose half or almost all of it on gas fees
Mary Satoshi Club: That’s the main point 🙂
Mafeo: Same Token, but separate liquidity in BSC
We will not
make a new coin now, this wouldn’t work and it would not be fair to anyone. it
will be a 2Way Bridge that will benefit everyone and is completel fair
Mary Satoshi Club: Good decision 👏
D. ПапаРоуч: ok, i think im understand 👌
Bogdanon (Will never DM you First): Creating a complete separate coin
feels like a rugpull for the current holders. It basically doubles the
circulating supply
D. Папа Роуч: maybe, but some projects not afraid to do this
Mary Satoshi Club: Thank you for your answers! Are you ready for
the 6th and last question from this part?🙂
Mafeo: Yes of course, let’s hear the next question
BKING: Yeah, oh waw
the time passes so fast when you are in good company
Bogdanon (Will never DM you First): Well, some projects prefer to launch
token after token and abandon their old project’ holders. I don’t think that’s
cool
Q6 from
Telegram user @Jonahapagu
On your
roadmap during the second phase of your project, you intend to start building
Bking official game which is said to be the most exciting defi game.. what kind
of game will this be, what will be the features of the Bking official game, and
how will users be able to access and play the Bking official game when it is
launched.
Mafeo: I love this space Here, hopefully Satoshi will
invite us here again, soon
Mary Satoshi Club: Sure, we always happy to see you here 👍
Bogdanon (Will never DM you First): The community came with a great idea
to create a game which will have the main character King Arthur the Bear.
It’s about
a 2D Platform adventure game where King Arthur must avoid Evil Hunters and get
home to safety.
Mary Satoshi Club: Did you already start it’s development?🙂
Bogdanon (Will never DM you First): It is developed by the members of the community.
Mafeo: it will actually be an exciting game
Mary Satoshi Club: I don’t have any doubts in your community
skills! Sure it will be a great game!
I like it👏
Mafeo: with a chain of levels on different maps
(worlds) it will be exciting. For the 80’s 90’s kids out there, I think this
will be quite awesome
D. Папа Роуч: minecraft vibes
Mafeo: but not only, new generation will get the
chance to get into that world a bit
Mary Satoshi Club: My son would like it!
Mafeo: As a gaming geek myself and I think I can speak
for the other guys, crypto and
blockchain was the missing puzzle piece in the gaming world.
D. ПапаРоуч: completely agree
Bogdanon (Will never DM you First): I always wanted to create games, but
I ended up coding smart contracts 😂
I can’t
wait to play it, we’re as curious as everyone else.
D. Папа Роуч: btw to build a good game you often need a good
game developers or people who work in game industry, can we expect from you
collaborations with any game projects? 😊
D. Папа Роуч: crypto or not
Mafeo: THIS IS A PUBLIC INVITATION FOR GREAT GAME
DEVELOPERS
I can
already see King arthur The Bear in the style of Crash Bandicoot and Sonic, a
love child from these two
BKING: The future is all out there.
Part 2 — live questions from
the Telegram community
In the same way that you will be “planting trees and volunteering for cleanups to preserve the planet”, many other projects have promised the same, but in reality they have not finished planting a single tree since their launch, it will be that King Arthur if he could at least plant the first tree? If so, what date are you planning to do it and how will we know who you really are?
Mafeo: Time Will tell of course, we are here to do what we have promised and we are confident about it, because we know the plans that we have and also we are organising them already. So please join and we would like to show you that we are different from all the others before
Q2 from Telegram User @JoanaZ
I am very interested about your way of do the things, can you explain us why did you decide don’t have a Presale or a private sale? What make you took that decision without be affected?
BKING: That would hurt our project ! fairness above all . We all bought this token, every single one of us even DevTeam. No confidence in the behind doors token allocations, Also you get to have serious issues with the Audit Regulatory
Q3 from Telegram User @highpee
It is fantastic that you have LOCK some $BKING and 10 ETH to provide guarantee LIQUIDITY for the next 1 year. But am of the opinion that you should have lock it for longer duration. Will you RELOCK liquidity after the one year countdown is gone?
Mafeo: It’s a great questions and is something that I will write down and talk about it, something that I like the idea of and we will most likely do this
Q4 from Telegram User @Pratze
King Arthur DeFi have create a token name with $BKING, but i want to ask about $BKING token function. What are the use of King Arthur token? Why people should have your token?
BKING: We plan to integrate a Wristband similar to all those sport devices where you can get BKING tokens for doing Sport activities, challenges, loose weight, I know that`s possible ,so yeah hell of a usecase. I`m not saying this will be developed next month or next year, but the future is limitless. Talking about milion dollars project right here, lets see what the future holds ! keep close Bear fans
Q5 from Telegram User @Rosane1a88
🔔The passive income program of King Arthur is an Automated Rewards Farming – 2% of each transaction is automatically distributed to all holders. According to this, the sustainability of the trading volume of KING will be determinant in the average of earnings users will receive. What will be the distribution of that 2%, how is the proportion depending on the amount held by the user? What strategies are used to ensure that the 2% is a significant amount?
Bogdanon (Will never DM you First): We run a lot of simulations before decided to keep it at 2%.
On one side, it should be rewarding enough to hodl BKING in your wallet and earn passive earning.
On the other side, it shouldn’t be expensive to make a two way trade: buy & sell, which is now at 4%.
With the long term plan in mind, 2% was optimal.
Q6 from Telegram User @ashwini_Crypto
Why did you decided to not have pre-sale? Not even for the developers? How much does team have?
Mafeo: I have seen the question pop out many times. No because a pre-sale it’s not DEFI, it would be actually very centralised. it would mean that a limited group of people had the chance to buy before the majority and from the point of view of DEFI that is not fair launch. I myself would buy as much as I want and when we launch you will not have a good opportunity. when we launched the address became public and everyone had to buy the same way, via UNISWAP. SO many great questions I am reading thorugh them and in all honesty I would love to answer all them. Some of the questions like WHY THE BEAR, and The significance, guys as our time is limited visit our website please www.kindarthurdefi.com where you will see all the info. But to say it in quick words, King Arthur The Bear was the King of All Bears in Europe and he was based in ROmania, unlawfully killed a few months ago and this was our way to bring him back to life. Yes you can play that too, this will be the one BEAR that will thrive in the BearMarket, but the bearmarket is not around the corner yet.
Q7 from Telegram User @xperia3
Why did you choose Bear for your project? Many projects prefer to use Bull since it represent the market increase. How do you think Bear will effect King Arthur project? How will your audience experience this?
BKING: i saw this question repetead like 10 times.
Well, for the entire audiance i invite you to google it Arthur the bear, since we cannot share links here or join our telegram to group for more answers, and you will find out the whole story behind Arthur project. Bear market do you mean ? No bear can match the bear Arthur
Q8 from Telegram User @Jodasf
What moves King Arthur, what are their most desired objectives, their value contribution not only to the crypto world, but also in the real world, what solutions do they hope to solve for those users who give them the opportunity, how do they demonstrate that they are a real project and that they are not a scam project, that is only looking to attract a few investors and then disappear, what characteristics guarantee us that they will not pull the rug out from under us?
Mafeo: FIrst, a rug pull would not be around for so long and this questions I will answer for everyone that has asked this. We have a rugpull proof certificate. The percentage of tokens is distributed fairly if you have a look and it has been quite an effort until now to get here. Our motive is higher than us and only time will tell of course. What I can say is that if you do not want to buy now at least stick around and see us working. But we already had groups of clean ups, we are still at the beginning at the community is small, that’s why we are here. To share this beautiful project with the world and I’m sure out of this big planet there will be people interested in the activites and ideas that the BKING DEFI project and platform shares. Also as we said, these activites is what fuels the value of our project which will all be backed by a technological piece of useace, this is how we will put in use everything mentioned during the AMA
Q9 from Telegram User @Ashia_24
How will you reach those in need? Do you intend to eradicate the existing poverty in the world? In what way will you do it? Do you believe that King Arthur’s reign will be the hope of hopeless country?
BKING: Good question. The main purpose of this token and this project, is for people aiding people as someone mentioned : will you be helping only wildlife? NO, will you donate to humanitarian causes ? YES . We want to be the DeFi Band aid . Yes we will donate to African countries we will help them build fountains dwell. We already have people doing that, not funded by us for now but we have the meaning to reach those people in need. I guess we will have like a routine in finding different problems across the globe ofc with the help of our community , matching people in need with the donations
Q10 from Telegram User @ysasoma
King Arthur, according to its website, has as its mission not only to bring cryptocurrency concepts to the mainstream, but also to unite people from all over the world for the most noble of causes: helping to preserve the planet! something that I think is great, but, it is very well known by users, that many times, projects use these donations to divert funds, so, as King Arthur, shows that this is not your case, that you are really transparent with the donations you make. Could you tell us about the process you take to give these donations, what role do your users play and of course, where we can see the donations made?
Mafeo: THe Donnations wallet is public and the users of course play a crucial role, because they make an investment and with the common effort we are able to achieve our missions. One of the things which are key, together with the rise in value of the project and coin, is to make BKING more accesible, this meaning listings on CEX, mainstream ones, which have different costs, some higher than the other so we will rely on the community and the power of BKING to achieve the heights this projects deserves to reach
Part 3 – Quiz
Results
In the final part we tested your knowledge in terms of King Arthur. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Tranchess and our guest was @Tranchess_King. The AMA took place on the 22nd of July.
The AMA session was divided into 3 parts with a total crypto reward pool of 500$.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&WebSite
Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with Tranchess! Welcome to Satoshi Club😀
Paul Mont | Satoshi Club: Today’s guest is @Tranchess_King! Welcome! Great to have you here!
Mary | Satoshi Club: Welcome here @Tranchess_King👋
Tranchess King (Will not DM you first): Thanks very much ! Very happy to be here today with everyone from Satoshi Club !!
Paul Mont | Satoshi Club: The pleasure is ours! We’re super excited to get to know more about Tranchess! 🔥🔥🔥
Mary | Satoshi Club: We are also excited about today’s AMA! And it would be cool if you will introduce yourself to our community 😉
Tranchess King (Will not DM you first): It’s exciting indeed for us to be here as well @PaoloMonte87 @madamlobster
Paul Mont | Satoshi Club: Yes, please tell us more your past experiences/background and also how Tranchess came to life! 🚀🚀
Tranchess King (Will not DM you first): Alright so here I go: This is Danny Chong, Co-Founder, representing the team @Tranchess. The team and I are excited to be with everyone here today.
We will be trying our best to cover as wide a range of topics as we possibly can, including how Tranchess works and how holding on to Tranchess tokens can benefit each and every user out there.
Maybe just to mention a bit more on my team first before I touch on more about myself.
Paul Mont | Satoshi Club: Sure!💪
Mary | Satoshi Club: When did you start to build Tranchess? How long did it take you to create it?
Tranchess King (Will not DM you first): Huge part of our c suite comes from the financial sector – we have across investment bankers, asset managers, hedge fund PM and execution.
We also have team members hailing from tech giants such as Microsoft / Facebook, Google.
In fact our tech team is particularly strong with cyber security as well as smart contract coding, really one of the reasons I can sleep soundly at night.
About myself: I’ve worked across investment banks over the last 16 over years in the likes of UOB, BNP Paribas, SocGen, primarily in roles such as sales, trading and management of teams across Asia Pacific.
Mary | Satoshi Club: Is your team public?😀
Tranchess King (Will not DM you first): Not at the moment 🙂 We are more focused on working round the clock in getting the best protocol for all our users out there. Hence we prefer to only have me answering questions like now as speak 🙂
Mary | Satoshi Club: How can this prevent? There are many teams whose publicity has not prevented them from building a great product😀
Tranchess King (Will not DM you first): Haha, it’s a team decision. Our protocol as we go along, you can see, carries many interesting features and functionality, maybe some even first of its kind types.
Mary | Satoshi Club: Gotcha 👍
Paul Mont | Satoshi Club: Thank you for the introduction @Tranchess_King 🙂 Please tell us more about the project itself. What is Tranchess in a nutshell? 😁 Then we will get to a deeper level next with our comunnity’s questions 😉
Tranchess King (Will not DM you first): The concept of Tranchess was first incepted in around mid 2020 and was developed quickly into its current state. It took the team about a year + to get to where we are today, you can have a further look at www.tranchess.com
So in a nutshell: Tranchess is a tokenized asset management and derivatives trading protocol. Inspired by different tranches in a traditional fund set up that caters to investors with different risk appetite, Tranchess aims to provide a different risk/return matrix out of a single main fund.
And to explain on the tokens in Tranchess a bit further – The main fund Queen currently tracks BTC and can be split into 0.5 token Bishop and 0.5 token Rook. Token Bishop purely earns more yield and does not track BTC at all, while Token Rook earns smaller yield but is essentially a leverage token for BTC.
Paul Mont | Satoshi Club: A tranche could be considered a subdivision of the main fund? Or a fund in itself? Or both? 🙃
Tranchess King (Will not DM you first): It is actually subset of the main fund itself. I hope the diagram gives a better explaination of the flow.
Paul Mont | Satoshi Club: It is very clear, thank you for sharing it with us! 💪 And thank you for your introduction! I don’t want to get ahead of myself with questions, so I’d say we get on with our community questions! 😉 @Tranchess_King, are you ready to proceed to the questions from our community? 🚀
Tranchess King (Will not DM you first): Sure thing, excited to see the questions from such a giganomous community that you have!
Paul Mont | Satoshi Club: Haha great! Here we go!
Q1 from Telegram User @NataliyaKil:
I noticed that TRANCHESS has a very interesting project topic, especially the names of the tokens: Queen, Bishop, Rook, Chess. Could you tell us how you came to this idea, what is the meaning of your chosen project concept? Why were your tokens named that way, do their functions and purpose depend directly on their name, and what is their main difference from each other?
Tranchess King (Will not DM you first): Concept of Tranchess was first incepted in the early-mid 2020 and was then developed quickly into its current state. As many can probably tell from the logo and token names, the origin of Tranchess was inspired by the game of chess and tranches funds, which are securities that can be divided.
Tranche derives from the French for ‘slice’ or ‘portion’. We named our main fund, or main tranche, as QUEEN, because Queen is the most powerful and decisive piece on the chessboard. Just like Queen in the Chess game, our main Tranche QUEEN, is a dynamic and essential piece in the DeFi space.
And one who plays chess would well be aware: Bishop moves diagonally while Rooks moves across straight lines. Queen is naturally the summation of the moves that both of them can make. It only makes sense then Queen is the main fund, with Bishop and Rook being the tranche fund under.
Paul Mont | Satoshi Club: Logical and creative 😉
Tranchess King (Will not DM you first): Tranchess came into being because as DeFi users we faced issues such as :
Limited single asset farming products
Low yield returns
Impermanent loss – (bishop and queen is the solution!!)
Forced liquidation
There were no ready products to solve the above mentioned. Tranchess was the brain child to tackle them.
Mary | Satoshi Club: And what are the main functions of your tokens?
Tranchess King (Will not DM you first): And so to explain their functions simply :
Queen Token Holders: Tracks BTC
Bishop Token Holders: Get higher interest rate on idling USDCs
Rook Token Holders: Leveraged position on BTC with no forced liquidation
Also to add, staking all these tokens will get extra yield in the form of Chess tokens. 🙂
And also last but not least: Tranchess’s vision is to empower users of DeFi with asset management capabilities. We hope to be a long term solution for long term holders of crypto assets.
Our mission is to continuously expand our protocols to encompass more offerings for users; At the same time improve our accessibility to users by exploring new chains and crypto assets as underlying.
Paul Mont | Satoshi Club: Worthy goal and vision to pursue 👏👏👏
Tranchess King (Will not DM you first): Thank you! We really would like to deliver the protocol that solves DeFi users’ issues currently and beyond.
Paul Mont | Satoshi Club: So while we now know a bit about $QUEEN, $BISHOP and $ROOK, I think it’s worth to spend some words about the $CHESS token’s functionality? What are its main features?
Tranchess King (Will not DM you first): Of course, Chess token is basically the governance token of Tranchess. One will be able to get veChess from locking Chess tokens, which then gives voting power for borrow/lending rate between Bishop/Rook and also enjoy protocol income distribution.
Mary | Satoshi Club: That’s clear! Thank you for your answers! Ready to go to the next question?😀
Tranchess King (Will not DM you first): Sure thing please!
Q2 from Telegram User @Arisabela:
Tranchess is the first of its kind product and it comes with a lot of questions such as: what is the security of the project based on? I saw that they have a bug bounty system, can you tell us what rewards they are offering for those who contribute to the security of Tranchess? Also, what relationship do you have with large security companies such as PeckShield, Certik and Imnunefi?
Tranchess King (Will not DM you first): Security is a determining factor in the success of any DeFi protocol. We take security very seriously and have undertaken the highest standard in ensuring the security of our protocol.
Our tech team is led by a cyber security expert who is particularly experienced with cyber security in centralized crypto exchanges and DeFi protocols. The entire protocol is governed by smart contracts which once set in motion would be unlikely to deviate in its functionality and processes.
The protocol is now governed by 1-day timelock and multi-signature. We will also be launching our DAO in the next few months, which effectively hands over the management of the protocol to the Tranchess community.
Bug bounty is also one of our ways to show commitment to the security of the protocol. Rewards for Smart Contract vulnerabilities are distributed according to the impact of the vulnerability based on the Immunefi Vulnerability Severity Classification System.
And depending on how severe the reported vulnerability is, our reward payout ranges from 1k USD to 50k USD. So our relationship with Immunefi is continuous down the road.
Mary | Satoshi Club: Have you considered auditing your smart contracts?
Tranchess King (Will not DM you first): Yes we have, our Protocol has also been audited by both PeckShield and Certik. For those that are interested in the audit report details, the links are on the front page of our website: https://tranchess.com/
Paul Mont | Satoshi Club: A great opportunity among the code-savvies of our Satoshi Club to join up and contribute! 😉🔥
Tranchess King (Will not DM you first): That will be awesome indeed!
Paul Mont | Satoshi Club: Thanks a lot for the answers @Tranchess_King ! Question 3 is ready for you to answer 😉
Tranchess King (Will not DM you first): Drums rolling!
Q3 from Telegram User @h1drX:
The Create / Redeem feature is designed for long-term crypto asset holders, can you tell us more about this? How can the Create / Redeem function ensure long-term performance? Is it enough to just hold the tokens? With regard to holders who want to generate profits quickly, what option do they have?
Tranchess King (Will not DM you first): Sure, create is the process of converting BTCB into Queen tokens, and Redeem is the process of converting Queen tokens back to BTCB.
Queen tracks the price performance of BTC, which is why we say that holding Queen gives you similar market exposure as holding BTCs.
Queen is eligible for single-asset farming, so besides the same market exposure, staking Queen into the Tranchess protocol gives you an instant start to Chess token farming.
We are actually doubling our weekly Chess Token distribution starting tonight, from 1,200,000 to 2,400,000 Chess token, which will be distributed over the course of the following 1wk
Besides the instant yield from Chess, we are also opening our Chess locking function on July 26th. We’ve prepared some interesting utilities for Chess, which includes a fee rebate that can enhance your yield a bit more.
Launch special! We’re giving out 75% (usual rate is 50%) of the protocol income to users who locks Chess during this limited period!! Lock your CHESS from 26th July! To generate a bigger income pool, we’re raising Queen's redemption fee higher to 0.20% from 22nd July onwards!! pic.twitter.com/0Q4cmqrePU
Mary | Satoshi Club: Does create mean that i need to deposit BTCB tokens to get Queen instead?
Tranchess King (Will not DM you first): Yes – you would need to deposit BTCB to create Token Queen.
Mary | Satoshi Club: As i understand this function is already working, am i right?
Tranchess King (Will not DM you first): Yes indeed – since a month ago. And we have also entered into Full Launch status as of yesterday!
Paul Mont | Satoshi Club: Congratulations! This is a really important milestone! 🚀
Mary | Satoshi Club: Congratulations! How many BTCB already were deposited? Do you have such kind of stats?
Tranchess King (Will not DM you first): Oh yes, in fact, if you open www.tranchess.com, you will see it on the first page. Let me get a live one for the sake of everyone here. 1031 BTC at this juncture deposited.
Mary | Satoshi Club: Great achievements 👍
Paul Mont | Satoshi Club: Nice, I guess in the future we should be expecting more funds, as well as an ETH fund 😉
Tranchess King (Will not DM you first): Happy also to share that we broke the 1000 mark just today as well 🙂
Paul Mont | Satoshi Club: Only that you’ll probably have to name it KING in that case? 😁
Tranchess King (Will not DM you first): With everyone’s support here…I am sure we can do great things.
Paul Mont | Satoshi Club: Wonderful, thank you very much for your answers!
Mary | Satoshi Club: Thank you for your answers! Ready to proceed?😀
Tranchess King (Will not DM you first): Yes pls👌
Q4 from Telegram User @Jonahapagu:
Tranchess is adopting an order book-based system but with a twist: Rather than trading the live prices of tokens, the exchange allows users to trade premiums or discounts of a forward benchmark price, based on the next 30-minute TWAP (Time Weighted Average Price) fixing and This transaction’s reference price will then be the NAV for the next 30-min window.. so what functions does the NAV price play during trade and how does this twist improve your order book and make it different from the normal order book system used in exchanges, it is also said that this revolutionary mechanism minimizes the potential of oracle attacks.. so how does this mechanism minimise oracle attacks on the exchange…
Tranchess King (Will not DM you first): Tranchess’s Swap adopts a Premium-Discount Orderbook system, which means that the premiums or discounts of the forward-starting 30-minute TWAP (Time Weighted Average Price) NAVs are traded.
Tranchess defines each 30-minute trading window as one epoch, and users can place orders within each epoch at the premium or discount of the NAV calculated from the TWAP of the next epoch’s price.
TWAP serves many functions – As an oracle attack deterrent & ease of marketing marking, thereby generating good liquidity for users of Tranchess Swap.
On the oracle attacks specifically, many Defi Protocols have a reliance on trusted price feeds, and most protocols take a discrete tick price from the oracle’s price feed which is updated frequently.
This is easily exploitable for oracle attacks, especially under extreme market fluctuation. The 30 mins TWAP window prevents any discrete outlier price from taking place and thereby eliminating such oracle attacks.
For those of you guys interested in even deeper details ~ Please look under whitepaper at https://docs.tranchess.com/ for more detailed information.
Mary | Satoshi Club: Is Tranchess swap already available?
Tranchess King (Will not DM you first): Yes it is live 😀
Mary | Satoshi Club: Which currencies I can trade there?
Tranchess King (Will not DM you first): You can look at Queen, Bishop and Rook on our Swap. For those who prefer more visual understanding of Tranchess Swap : https://www.youtube.com/watch?v=lyTjsNZTuGs vs USDC that is!
Mary | Satoshi Club: So, only your native tokens against USDC?
Tranchess King (Will not DM you first): Yes indeed, on Tranchess Protocol. We are definitely mapping those possibilities out, but it’s for decision making down the line and in crypto time, that might not be very long.
Mary | Satoshi Club: Do you plan to add more in the future? And why did you choose USDC, not USDt, for example?
Tranchess King (Will not DM you first): It’s because of our price oracle is based off USDC. So settling on USDT may incur another layer of risk for users.
Paul Mont | Satoshi Club: Thanks for taking care of this. Great answers! Ready for the next question? 😉🚀
Tranchess King (Will not DM you first): Sure thing!
Q5 from Telegram User @andrey_seleznov:
While Bitcoin is one of the least volatile cryptocurrencies, it is still much more volatile than stablecoins. How do you manage to guarantee Queen swap slippage, as I understand the conversion period of $BTC to Queen takes substantial time? Will the transaction revert given enough $BTC spot volatility which will result in a loss of fees and opportunity? Could you tell us the average transaction finalization time for redeeming Queen from $BTC?
Tranchess King (Will not DM you first): This is a very interesting question, and also why we believe that AMAs like this are extremely valuable. I can tell that there’s a bit of a concept mixed up here:
Some of the features mentioned belong to our primary market, and some others are from Tranchess Swap, which is our secondary market.
So let’s break this down one by one: In the primary market, it takes up to 24 hours to settle the creation requests, as our primary market settles once everyday at 14:00 UTC. This is why we keep mentioning that, creation is for those that are long-term holders of BTCs.
For example, I’m sure there are plenty of people out there who’ve been holding their BTC for a long time. These people are relatively insensitive to the temporary price fluctuations of BTCs, and are not in a hurry of any kind to sell. Create/Redeem is designed for them. We would like to provide some extra yield for our BTC long term holders.
Tranchess Swap is another story. It’s not an AMM like Uniswap but a unique Premium-Discount order book system, trading on the averaged NAV of the next 30 minutes. Since we have just explained the mechanism in the previous question, I won’t go into the details here.
I would recommend going through our documentations and also trying some small trades on Tranchess Swap to start with. Get yourself comfortable with the mechanism and I’m sure you will see the benefits it brings to you.
Mary | Satoshi Club: Average time is also 24 hours? Are your services only for premium users?😀 If no, which benefits can ordinary users vet from Tranchess?
Tranchess King (Will not DM you first): For the creation it settles at UTC 215pm, Any time creation is done before UTC 200pm, it will settle same time. So if you create Queen at 159pm, you would be getting your token pretty fast 🙂
The services are for everyone. That’s our goal – to be able to bring the protocol benefits to everyone.
Mary | Satoshi Club: That’s super!
Paul Mont | Satoshi Club: Wonderful! 🔥Thank you very much! Time to proceed with the last question for this first part of the AMA, are you ready to go? 😉
Tranchess King (Will not DM you first): Very ready to be honest 🙂
Q6 from Telegram User @gayanlw:
Are you planning to launch NFT for Native Protocol? Recently, many projects like Tranchess Protocol have launched NFT to attract investors, what is your opinion about the NFT industry?
Tranchess King (Will not DM you first): Tranchess takes a neutral stance towards NFT currently.
Mary | Satoshi Club: Chess NFTs😍
Tranchess King (Will not DM you first): I personally think it’s an innovative way to mobilize our community interest. We do not have any immediate plan about releasing our own NFT. It’s something we might consider in the future, but at this moment we want to focus all our resources on our current product and the planned development based on our roadmap for the next 3-6 months.
Our priority now is definitely to make sure Tranchess is running smoothly and meeting the expectations of our users + supporters. It’s not a no no … but rather not a now now …
Paul Mont | Satoshi Club: I believe that’s a grounded and focused approach 😉
Mary | Satoshi Club: Ahaha, I got it!
Paul Mont | Satoshi Club: The time has come for the second and most impressive part of the AMA. A flurry of question is about to be unleashed! I hope you are you ready @Tranchess_King 😁 Ready to go?
Tranchess King (Will not DM you first): Yes I am, go!
Mary | Satoshi Club: Let’s go 🚀
Part 2 — live questions from the Telegram community
Q1 from Telegram user @sandyliang:
Not really sure what are the benefits in general still. It looks complicated!! Can you explain token holders’ benefits – in a “as simple as possible” way please?
Tranchess King (Will not DM you first): Sure! If you look at the tokens individually: Queen Token Holders: Tracks BTC + Extra yield earning in the form of Chess tokens + Protocol income sharing
Bishop Token Holders: Get higher interest rate on your idling USDCs + Extra yield earning in the form of Chess tokens + Protocol income sharing
Rook Token Holders: Leveraged position on BTC with no forced liquidation + Extra yield earning in the form of Chess tokens + Protocol income sharing
Seemingly there are many security breaches and also protocol attacks in DeFi space. What is Tranchess doing or has done in terms of addressing a higher level of security for the protocol?
Tranchess King (Will not DM you first): Tranchess Protocol places utmost importance on security. Top-notch global audit firms were engaged to conduct audits on all of Tranchess’s smart contracts. These firms include Certik, Peckshield, etc.
To add another layer of protection to the protocol, we had also worked with Immunefi, DeFi’s leading bug bounty platform, to uncover possible vulnerabilities during our guarded launch.
A defense mechanism unique to Tranchess lies in its 30min TWAP (Time Weighted Average Price) method of trading the live prices of tokens.
To explain further on this ～ A lot of Defi Protocols have strong reliance on trusted price feeds, and most protocols take a discrete snapshot from the oracle’s price which is updated frequently. This becomes exploitable for oracle attacks, especially under extreme market fluctuation.
The future 30 mins TWAP window prevents any discrete outlier price and thereby eliminating such oracle attacks.
Q3 from Telegram user Frank Zhang:
Most users in DeFi are speculators now, do you think there is appetite for complex instruments? What gives you the conviction that there will be more people using these instruments in the future, and what will drive these people to use products like Tranchess?
Tranchess King (Will not DM you first): Contrary to what you’ve just said, we do think that there are many who are ready to act. We won’t really look at Tranchess as a complex instrument because although it is different, the functionality is really simple to look at when you focus on each individual tokens, one at a time.
We are also DeFi users ourselves, so we’ve encountered the pain points as mentioned before:
Limited single asset farming products
Low yield returns
Impermanent loss
Forced liquidation
Our conviction comes from the fact that Tranchess is solving actual problems faced by DeFi users! As a DeFi user, if these issues are solved, maybe it’s harder to find a reason not to make use of Tranchess. 🙂
Traditional Finance will also be willing to look at this because it’s not unfamiliar to those who are already well versed in finance products. It’s not exactly the same but similar fundamental concepts does exist in the financial market. Tranchess can expand to other underlyings and go multichain, which will definitely extend it’s appeal even more.
Q4 from Telegram user Tuan Lee:
Now that the guarded launch is completed, How do u see tranchess protocol moving forward from here. What would u consider a probable road map 6 months out for the protocol?
Tranchess King (Will not DM you first): We definitely think that this BTC tracking index fund is just the start of Tranchess’s Asset Management ambitions. The more recent event will be the launching of DAO, which should happen towards the fourth quarter of this year.
We are also looking into the possibility of tracking another mainstream crypto asset or basket of crypto assets, this could be on BSC, or another public chain, depending on the voice of our community.
Q5 from Telegram user @kknutkk:
Tranchess protocol has quite a unique concept in defi space, are there comparable established protocols in your opinion? And what additional features does tranchess hope to provide in time?
Tranchess King (Will not DM you first): There are protocols in the market that share certain similarities with one or some of Tranchess tokens, but I think the way to look at it – Is to view Tranchess in totality. Tranches is a unique ecosystem in itself that houses different tokens for users of different risk capacities, there would be some replication of functionality in small bits here and there, but never in totality, not even close.🙂
Q6 from Telegram user @catdog1232:
Do u have some recommendation to Queen, Rook and Bishop exposure for different market environment?
Tranchess King (Will not DM you first): Frankly speaking, this is more of a personal decision since each individual has their own view on the market and their own tolerance level when it comes to the risk they’re willing to bear versus the return they are looking for.
Let me give some examples but please note that this does not constitute any investment advice :). So perhaps one might increase the proportion of Bishop in their portfolio over a volatile market, especially when one is hesitant to convert stable coins into any crypto assets. Or it could be that for long term BTC holders, creating Queen to get chess token as yield while tracking BTC. And of course for a more bullish market sentiment, one could then consider decreasing the holding of Bishop and increasing Rook holdings to benefit from the leveraged exposure.
Q7 from Telegram user @gblock99:
The swap or secondary market seems really complicated. What’s the point of making it so complicated versus other order exchanges for that matter?
Tranchess King (Will not DM you first): As DeFi users ourselves, we have encountered personally some of the good, bad and the ugly of DeFi, including the likes of oracle attacks/flash loan attacks, eg. what have been happening to many protocols recently over the past few weeks.
By adopting the order book system, though more complex, users would be able to buy and sell based on discounted or premium NAV value of a future 30 min TWAP window, Tranchess hopes to eliminate any such oracle attacks.
The design is also market maker friendly, which is helpful to encourage “liquidity providers” to come, such that whenever people want to adjust their portfolio, whether it’s to buy or to sell, there’s always availability on both sides.
We know the setting might remind some people of TradFi. Tranchess is born of DeFi and we hope to adopt some of the possible methods and products from TradFi that would aid the security and confidence of DeFi into mainstream acceptance – pushing for the philosophies of DeFi in the same vein.
Q8 from Telegram user @berniestw:
Do you really see people wanting to get back Queen after splitting? It’s extra cost I imagine to do merging, what’s the benefit compared to just selling everything back into USDC via swap market?
Tranchess King (Will not DM you first): This is a very good question. It’s especially hard to see the value in split/merge under current market conditions, when prices fluctuate within a small range and have no clear directional indication.
However Split/Merge could be very helpful under extreme market situations when you might find Bishop and Rook trading on the secondary market at steep premiums or discounts, and the loss one might suffer from directly trading through the swap market could well exceed the fee they need to pay for Split/Merge.
Q9 from Telegram user @james_hamilton:
How do I get veCHESS? And what benefits do I get? Is it stacking on top of my yield or is it either or?
Tranchess King (Will not DM you first): You get veCHESS when you lock CHESS with the protocol. The minimum lock-up period is a week. veCHESS is your voting power in the Bishop interest rate top-up Ballot as well as the entry ticket for protocol income sharing. We are opening up our CHESS lock function on the 26th of July, and the first fee rebate would start from July 29th.
Launch special! We’re giving out 75% (usual rate is 50%) of the protocol income to users who locks Chess during this limited period!! Lock your CHESS from 26th July! To generate a bigger income pool, we’re raising Queen's redemption fee higher to 0.20% from 22nd July onwards!! pic.twitter.com/0Q4cmqrePU
What happens to Tranchess protocol if BTC falls to say 22k? What will happen to the tokens and also Rook for that nature given it’s the leveraged token?
Tranchess King (Will not DM you first): Extreme price fluctuation, whether it’s upward or downward, is likely to trigger Rebalance.
Two things happen after Rebalance: 1). NAVs of Token Queen, Bishop and Rook will be reset to 1; 2). The amount of tokens under users’ accounts might change to reflect the Rebalance. For the specific calculations, please refer to our whitepaper at https://docs.tranchess.com/whitepaper
In the given example, Rebalance will be triggered even before price hits 22k — A rough calculation says a Rebalance is likely to happen when price falls to around 24k.
This mechanism helps prevent Rook from forced liquidation, and also it secures Bishop’s earned interests.
All in All, the rebalance mechanism keeps the Tranchess protocol in sync and protecting every token holders’ interest as how it should be. 🙂
Part 3 – Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
For more information and future AMAs, join our Social Media channels:
We were delighted to welcome our guest from OpenSwap. The AMA took place on July 21st, 2021 and our guest was @bruce_oswap .
The total reward pool was 500$ and
was divided into three parts. In this AMA Recap we will try to summarize some
of the most interesting points for you.
Part 1 —
introduction and questions from the
Telegram&Bitcointalk community
Mary
Satoshi Club: Hello Satoshi
Club! We are happy to announce our AMA session with OpenSwap! Welcome to
Satoshi Club😀
D. ПапаРоуч: today our
guest – @bruce_oswap ! 👋
D. ПапаРоуч: good to
have you here!
Bruce @
OSWAP (will not DM for funds): Hi Everyone! Pleasure to be here, thank you
for having me!
Mary
Satoshi Club: Hello, Bruce! Welcome to Satoshi Club 🎉
Mary
Satoshi Club: How was your day?
Bruce @
OSWAP (will not DM for funds): Tired from a full day of BUIDLing, but excited
to be here and engage with the Satoshi Club!
Mary
Satoshi Club: Hope you will relax when you will answer questions
from our community 😀 but for the beginning we will start from the intro!
Mary
Satoshi Club: Could you please introduce yourself and tell us more
about OpenSwap 🔥
Bruce @
OSWAP (will not DM for funds): I’m Bruce, key member and founder of the
OpenSwap project, a recovering enterprise dev, enlightened by blockchain in
2018 and never looked back!
Mary
Satoshi Club: Ahaha, i see that crypto is your passion
Bruce @
OSWAP (will not DM for funds): The aim of OpenSwap is to revolutionize
on-chain liquidity with a set of solutions that act as cogs towards the
ultimate goal of supporting Inter-Chain swaps.
Bruce @
OSWAP (will not DM for funds): It all starts with a DEX aggregator to provide
users with choice, the choice of executing a swap with any liquidity source.
Bruce @
OSWAP (will not DM for funds): From there, we introduce a concept of
Liquidity Queues to provide users with zero slippage swaps where Spot Queues
will always execute swaps at spot-market prices.
Bruce @
OSWAP (will not DM for funds): The OpenSwap Hybrid Smart Router will take a
swap and execute it againsta blend of
AMM pools and Liq Queues to provide the user with the most return for their
swap.
Mary
Satoshi Club: Nice concept! We will have some questions about this
in the first part😀
Mary
Satoshi Club: When did you get an idea to build OpenSwap? Who
helped you to develop your project?
Bruce @
OSWAP (will not DM for funds): The original concept of Liquidity Queues began
during the summer of DeFi 2020 when UniSwap was became the go to DEX. We were
super excited about the AMM concept and
wanted to address the primary issues of slippage and impermanent loss.
Bruce @
OSWAP (will not DM for funds): OpenSwap is introduced by a team of seasoned
technology experts. The OpenSwap received a technology contribution from IJS
Technologies, an award winning technology firm who received grant support from
one of the older DeFi teams, OAX Foundation in 2020. OpenSwap’s contracts are
reviewed by CertiK, and we are also part of the first cohort of Impossible
Finance.
Mary
Satoshi Club: Congratulations! 👏
Mary
Satoshi Club: How many team members do you currently have?
Bruce @
OSWAP (will not DM for funds): At the core, our 11-man team’s strength is
technology, however, what we have been aiming to do is build up a community of
talent that crosses boundaries of technology, finance, marketing and more
through the many partnerships we have developed and continue to build. We hope
to attract more developers and contributors to our team through participation
events such as hackathons that ultimately build up the DeFi community.
Mary
Satoshi Club: Sure, you will👏
Bruce @
OSWAP (will not DM for funds): hope to get some good devs from this community
😁
Mary
Satoshi Club: Satoshiclubbers 😉 let’s
join! Thank you for your intro! We choose 6 questions from our community for
the first part😀 are you ready for them?
Bruce @
OSWAP (will not DM for funds): Hell yeah!
Q1 from Telegram User @Highpee
OpenSwap aim to revolutionize on-chain liquidity and
DEX swap activities. In order to achieve this, you have introduce two technical
innovations which are Liquidity Queues and Hybrid Smart Routers. I will like to
know more on the mechanism of operation of these two functions. What
differentiate the Spot Priority Queues from Spot Range Queue? How does
Liquidity Queues Adaptor protocol guarantee secure and zero-slippage when
executing a swap? ? Also, how is your Hybrid Smart Router able to pair a swap
against multiple blend of DEX AMM across multiple chains? In what way will
these two concepts provide an inter-chain puzzle that will create a backbone
for OpenSwap Inter-Chain Protocol to provide an efficient swaps across multiple
chains?
Bruce @
OSWAP (will not DM for funds): Wow this is a really good question, someone
did their homework! Let me try to tackle this in pieces.
Bruce @
OSWAP (will not DM for funds): The first iteration of Liquidity Queues are
Spot Queues with two types:
– Spot Priority Queues operate in a FIFO manner where the first liquidity
placed in the queue gets swapped against first. There is an option for the
provider for stake $OSWAP to jump the queue and prioritize their liquidity to
get swapped first.
– Spot Ranged Queues allow providers to specify a price range where their
liquidity will be available for swaps
Bruce @
OSWAP (will not DM for funds): In both cases, Spot Queues will always provide
users with spot-market prices swaps based on an Oracle Price Feed.
Bruce @
OSWAP (will not DM for funds): In the near future, we will be introducing the
third queue type called Pegged Queues, which will allow tokens in a queue to be
swapped at a pre-pegged price. This queue type will be ideal for project owners
who would like offer their tokens to the public (ie. IDO, flash sales, etc)
Mary
Satoshi Club: I want to ask you about such famous problem as
‘sanwich attacks’ – do you have a decision for this?
D. ПапаРоуч: you read
my mind 👀 i wanted ask about front running too
Bruce @
OSWAP (will not DM for funds): Hybrid Smart Routers will take a swap and
route it through a blend of DEX AMM pools and our Liquidity Queues to provide
the best return for your swap.
Mary
Satoshi Club: I see you prepared good!
Bruce @
OSWAP (will not DM for funds): Regarding sandwich attacks, our way of
tackling this problem is to not allow it to happen in the first place. Let me
explain.
Spot Queues always execute swaps at a reference spot-market price. So the
only way you can sandwich is if you can predict the future price (which is a
superpower we all would like to have). Since Spot Queues have no slippage,
there is no way a front-run swap could affect the price of the next swap (it
will still execute at the reference spot price).
Bruce @
OSWAP (will not DM for funds): These Spot Queues are not for sandwich lovers 😉
Mary
Satoshi Club: Wow, that’s really cool! We can sleep (swap) tight 😉
Mary
Satoshi Club: We should try your platform!
Bruce @
OSWAP (will not DM for funds): sweet dreams my friend
Mary
Satoshi Club: Thank you for your answers! Ready to go to the next
question?😀
Bruce @
OSWAP (will not DM for funds): Definitely! Our Spot Priority Queues are currently
available on the BSC public testnet. We will be releasing a campaign before IDO
where we will allow DeFI community members to try out these queues for
themselves.
D. ПапаРоуч: fantastic!
👍
Bruce @
OSWAP (will not DM for funds): Yea sure
Q2 from Telegram User @xperia3
One of the benefits of holding the native token
OpenSwap, $OSWAP is governance. When I see it in your website, governance
enables users to suggest proposals. Can you please explain this in more detail?
What are the ways of creating a proposal and what are the pre requests?
Bruce @
OSWAP (will not DM for funds): $OSWAP holders may participate in our
decentralized governance through our Governance Portal. You may create polls to
get feedback and guidance from the community and create proposals to modify
risk parameters on the platform such as trade fees, protocol fees, add/modify
price adapter, attach pairs to price adapters, etc…
Bruce @
OSWAP (will not DM for funds): We are a 100% community driven project and we
hope to be fully autonomous in the future.
Mary
Satoshi Club: Can you share your tokenomics with us 😀
Mary
Satoshi Club: And also tell us please where we can get $OSWAP
tokens?😉
Bruce @
OSWAP (will not DM for funds): The OpenSwap protocol will issue a governance
token called $OSWAP as part of the protocol’s release.
The token will be established as an ERC20 token, and will be bridged to
Binance Smart Chain to enable the governance of the BSC version of OpenSwap
during the initial launch.
D. ПапаРоуч: by the
way, each user is allowed to create proposal, it doesn’t depend on amount
of tokens that this user holds?
Bruce @
OSWAP (will not DM for funds): The $OSWAP token will be able to be used for
the following purposes,
– For liquidity providers, they can stake OSWAP into Liquidity Queues to
increase the priority of their liquidity, prioritizing their earnings for trade
fees.
– Node operators for the Inter-Chain bridge can stake OSWAP to earn the
eligibility to be a bridge troll (node validators), and earn fees as assets
cross the bridge.
– Yield farming by providing liquidity for OSWAP pools as well as other
contests.
– For users to participate in governance by staking OSWAP to create
proposals or vote on risk parameters for the protocol.
D. ПапаРоуч: that’s a
nice list of functions 👍
Bruce @
OSWAP (will not DM for funds): Right now there are no tokens in circulation.
We currently have a staking campaign on OpenSwap for OAX holders. Users may
stake OAX tokens to earn these awesome $OSWAP tokens as rewards after the IDO.
Mary
Satoshi Club: When and where your IDO will take place?
Bruce @
OSWAP (will not DM for funds): Yes, there is a minimum number of tokens required to be staked in the
governance portal to create proposals. This minimum is also dictated by
decentralized governance.
Bruce @
OSWAP (will not DM for funds): We are aiming to do our IDO towards the end
summer on the Impossible Finance Launchpad. Follow us on social media as we
will release more IDO information closer to the date.
Mary
Satoshi Club: Don’t forget to share this news with us!
Mary
Satoshi Club: Thank you for your answers! Ready to proceed?
Bruce @
OSWAP (will not DM for funds): Absolutely!
Bruce @
OSWAP (will not DM for funds): Let’s gooooooo!
Q3 from Telegram user @DK177
You have indicated that your own smart contracts
have been audited by CertiK. However, we cannot see any audit report. You have
explained about CertiK and a link was provided, but it directs us to CertiK,
not to your report. Are you willing to share this audit report with the
community? You have asked us to DYOR before connecting our Metamask to
OpenSwap. Is this a red light? Can’t you assure your platform is risk free?
Please explain about the security measures you have adopted.
Bruce @
OSWAP (will not DM for funds): Rest assured, security is of utmost importance
to us. Not only are our contracts audit by CertiK, we are also getting them
peer reviewed by community members who are experts in the smart contract
security domain. Once all the contracts are reviewed, we will publicize it on
our website with the audit report.
D. ПапаРоуч: nice! when
approximately you planning to publish audit on the site?
Mary
Satoshi Club: We will definitely read this reports! Waiting for
the updates from you!
Bruce @
OSWAP (will not DM for funds): As with any DeFi project, DYOR is a good habit
for DeFi users and investors. Just because a project can be seemingly reliable,
it doesn’t necessarily mean you should let your guard down. OpenSwap team and
myself are 100% supporter of this practice DYOR.
D. ПапаРоуч: agreed
Bruce @
OSWAP (will not DM for funds): Our Liquidity Queues are powered by price
adapters that must adhere to our Secure Adapter Protocol, which provides a
framework for developers to create price adapter smart contracts with a series
of circuit breakers.
Bruce @
OSWAP (will not DM for funds): The foundational circuit breaker is that the
price adapter is scanned by CertiK Shield to receive a security score. Our
decentralized governance specifies the minimum score required for a swap to
occur.
Bruce @
OSWAP (will not DM for funds): Other circuit breakers may be added by the
developer which includes trade size limits to mitigate risk, Oracle price
deviation checks against AMM pools, etc.
Bruce @
OSWAP (will not DM for funds): Be sure to follow us on twitter to receive the
most updated announcements from our team.
Mary
Satoshi Club: Thank you for your answers! Ready to jump to the
next question!
Bruce @
OSWAP (will not DM for funds): Ready when you are!
Q4 from Telegram User @ask2lance
I noticed that OpenSwap was originally built on
Ethereum Chain.But you later swapped to BSC due to its low gas fee.Did this
changes actually had any effect on your Liquidity Queues and users funds?Now
that you have migrated to BSC,what benefits have your users derived and have
you gained more investors to your platform?Does OpenSwap plans on Launching on
other Blockchains like Heco,Polygon, Polkadot etc
Bruce @
OSWAP (will not DM for funds): You really did your research!
Yes, we originally developed OpenSwap for ETH and earlier this year, we
just couldn’t ignore the userbase flocking towards BSC due to lower gas fees.
Our team did a quick pivot to initially launch on BSC to introduce the concept
of Liquidity Queues as it provides the ideal test environment.
Bruce @
OSWAP (will not DM for funds): Our goal will always be to get back on the
Cadillac of chains: ETH. The plan is to launch the liquidity queues on other
EVM compatible chains, especially the L2 ones such as Arbitrum, Optimism. Our
team also completed a test deployment on
Moonbeam on DOT and it ran flawlessly.
Bruce @
OSWAP (will not DM for funds): Getting on various chains will help achieve
our ultimate goal of reducing friction of moving digital assets across
different chains.
D. ПапаРоуч: do you
have plans to do your own bridge, to help people swap assets between BSC and
ETH on your platform/site?
Mary
Satoshi Club: So, when we can expect to see you on Optimism, for
example?
Bruce @
OSWAP (will not DM for funds): Yes, our Liquidity Queues and Hybrid Smart
Routers are pieces of our Inter-Chain Swap Puzzle. The team is currently
focused on developing the Open Inter-Chain protocol with single asset Bridge
Vaults on the ETH and BSC chain. This will allow users to swap ERC20 tokens to
BEP20 tokens – you will always receive native tokens on the target chain!
D. ПапаРоуч: awesome 👏
Bruce @
OSWAP (will not DM for funds): We will be moving onto other chains Q4
onwards. Let us know in our community group on which chain you would like to
see us on!
Mary
Satoshi Club: Gotcha👍
Mary
Satoshi Club: Thank you for your answers! Ready for the next
question?🚀
Bruce @
OSWAP (will not DM for funds): ok
Q5 from Telegram User @Asela1112
Currently there is ongoing STAKING CAMPAIGN in
OpenSwap platform, called “Stake $OAX Earn $OSWAP” with a variety of vesting
period plans. Can you tell us these Staking plans? I wish if I could join to
this staking campaign. Do I still have a chance to join this staking Campaign?
At the end of vesting period, will I able to withdraw my $OAX tokens safely? Do
you hope to launch more staking campaigns in future with other platforms also?
D. ПапаРоуч: you
already mentioned this campaign today 🙃
Bruce @
OSWAP (will not DM for funds): OpenSwap aims to provide a broad variety of
earning programs for our users and supporters, to which people can earn $OSWAP.
Farming will be introduced soon after the IDO. And we do staking campaigns
periodically, sometimes as flash campaigns.
For people who are interested in earning OSWAP, we encourage you to visit
our Earn page (https://www.openswap.xyz/#/earn) to check out what exciting
rewards are available for you to earn.
Mary
Satoshi Club: Satoshiclubbers, check this opportunity 🎉
Bruce @
OSWAP (will not DM for funds): And yes, of course you will be able to
withdraw your $OAX tokens safely after the staking term is complete
Mary
Satoshi Club: Thank you for your answers! Ard you ready for the
6th and last question from this part?🔥
Q6 from Telegram user @Brainchest
You plan to introduce limit orders. Will this be
implemented through the creation of an order book, but then you would need to
involve market makers.
With what funds will be paid for the services of
market makers, if the Vesting period of the reserve fund is at least 6 months.
Bruce @
OSWAP (will not DM for funds): We don’t have limit order per se. However, if
you want to exit your position, you may use our Spot Range Queues and specify
the price range you want your liquidity to be sold. This would be a creative
way to create a limit order. We also treat you as a liquidity provider, so
instead of paying tx fees, you actually earn them when your liquidity gets
used!
Mary
Satoshi Club: An interesting solution!
Part 2 — live questions from
the Telegram community
Q1 from Telegram User @King_Raja
Can You talk a little bit about the backers of the Openswap project?
Can You talk about the vesting period of Backers & Openswap’s team itself so that investors get rest assured about the safety?
Bruce @ OSWAP (will not DM for funds): We are currently closing our strategic round, and we want to humbly declare that we are well covered across all domains from technology, security, liquidity provider, marketing, community reach, and more. We got big names.
All $OSWAP tokens are subject to a vesting schedule. Our backers are vested for 24 months and the team tokens are vested up to 48 months. We all all in it for the long game!
Q2 from Telegram User @smelekin
What is the connection between OpenSwap and Impossible Finance? Do you have any partnership?
Bruce @ OSWAP (will not DM for funds): Yes! We are one of the first cohorts for the Impossible Finance launchpad. They have been very supportive with our project throughout the partnership and we expect to be collaborating with them for the long term!
Q3 from Telegram User @Rakshitx5
OpenSwap will introduce Hybrid Routing in 3Q 2021 So can you explain What is Hybrid Routing? What problem does it solve?
Bruce @ OSWAP (will not DM for funds): Hybrid routing will enable more efficient swaps on our platform. We leverage existing liquidity on other AMM DEXes and route the swaps through the pools and our Liquidity Queues to provide the best return on swaps for users. Anytime a Spot Queue is involved in a portion of the swap, it provides zero slippage and lower transaction fees (0.1%).
Q4 from Telegram User @Kushal85127939
Can you please elaborate on $OSWAP tokenomics? How many seed funding OpenSwap have done during this year? Will you also raise some funds from private players for listing purpose?
Bruce @ OSWAP (will not DM for funds): We will only have one strategic round of funding before the IDO which is about to close. There are currently no plans for a second round.
Q5 from Telegram User @coinresearcher
One of your goals to prevent impermanent loss and slippage problems which is really a pain right now. How do you plan to prevent them?
Bruce @ OSWAP (will not DM for funds): Our Spot Queues will always execute swaps at spot market price, providing you with zero slippage. The Bridge Vaults are single asset only , which means you only need to deposit one type of token (as opposed to both sides of a pair for AMM pools). This means that you will always be able to withdraw your principal and portion of fees earned from Inter-Chain swaps.
Q6 from Telegram User @Amila19932Have you applied to list on COINMARKETCAP and COINGECKO? Because listing on these two platforms will give great potential to the project. Do you have any plans to list on those?
Bruce @ OSWAP (will not DM for funds): We are already on it! It will become track data after the IDO.
OpenSwap is a decentralized Defi hub built on the Binance Smart Chain network (BSC), why did OpenSwap decide to build on the BSC?
Bruce @ OSWAP (will not DM for funds): As indicated earlier, we deployed on BSC due to the large number of users flocking to the chain earlier this year and the lower gas fees!
Hope to be back on ETH soon!
Q8 from Telegram User @vedamatrix
Your zero slippage and zero impermanent loss words are really sweet but are there any working product that we can be sure that project like this can be really built?
Bruce @ OSWAP (will not DM for funds): We have a working product on the public BSC testnet with plans to launch on mainnet shortly after IDO. Stay tuned for campaign details on how to access our Spot Priority Queues. There will be attractive rewards for participants.
Q9 from Telegram User @Brainchest
You say that you dont have Limited order. Whar Road map is True? doc. openswap. xyz/vision-and-roadmap There is you have limited order
Bruce @ OSWAP (will not DM for funds): Oh yes, this is the previous name for our Spot Ranged Queues. We feel that the new name is a little cooler than the old name. Good catch! I’ll instruct my team to change up the info.
Q10 from Telegram User @Karoceh
You mentioned that OpenSwap is a community driven project. So is there still a role that the dev team will have in terms of making decisions? and can we know what percentage of OSWAP tokens are held by the team?
Bruce @ OSWAP (will not DM for funds): The team has an allocation of 13% with a vesting period of up to 48 months. This shows that we are not here for quick profits and in it for the long haul! We are allergic to rugs. During the initial year, we realize that certain bootstrapping is needed to ensure that the platform is ready to be handed over to the community. The project was developed with decentralized governance from the get-go. For this reason, we have staked 20M tokens into the governance contract to configure the initial risk parameters for the project. This responsibility will eventually be shifted back to the community.
Part 3 – Quiz
Results
In the final part we tested your knowledge in terms of OpenSwap . They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
