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 Cashdog and our guest was @MrKawdy, @Chonkybob, @cryptogrogu69 – representatives of Cashdog. The AMA took place on 19th of June.
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
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Cashdog!
Welcome to Satoshi Club😀
Mr Kawdy (WILL NOT DM YOU FIRST): Thanks for the warm welcome!
Wes (WILL NEVER DM
YOU FOR MONEY):
Nice to be here 🙂
D. | Satoshi Club: Good to have you here guys.
Mary | Satoshi Club:
Hello, guys! How are you today?😀
Wes (WILL NEVER DM
YOU FOR MONEY):
Pretty good here! How about you guys?
D. | Satoshi Club: Fantastic.
Mary | Satoshi Club:
We are fine as well 😊
So, let’s start our AMA 🚀
And we will start it with intro as usually 😀 please introduce yourself and of course Cashdog project!
D. | Satoshi Club: This thing is aggressive 👀
Mary | Satoshi Club: Really?😂 I thought it’s fun😂
Mr Kawdy (WILL NOT DM YOU FIRST): Hey there, my name is Phil and I lead development activities at CashDog. I’ve helped start and also run a few successful projects as well – notably $CHONK, $LOOT, $EARN$, and $BDT
Wes (WILL NEVER DM
YOU FOR MONEY):
Hi everyone – well my name is Wes, I’m the CEO of CashDog. I’ve been involved
in Crypto for a few years now and stared my first project NFTLootBox.com last
year. More recently we’ve been looking at launching other tokens too. We felt
there was a market there for new tokens launched from a public and trusted
team. To be honest I was fed up with seeing all the rug pulls anfd scams out
there. So CashDog is one of the first ones. We wanted to have a token that also
gave something back, so CashDog has a Charity element, where 3% of each trade
is donated to Dog Charities. We made out first donation this week, ahead of
schedule, to Holly Hedge.
Mary | Satoshi Club: So, you have big experience in cryptospace, can you tell us how long are you here?😀
Mary | Satoshi Club: Have you been involved in charity before?
Wes (WILL NEVER DM
YOU FOR MONEY):
In crypto for years, but actually running projects for a year now. This is the
first one to have a charity element.
Mr Kawdy (WILL NOT DM YOU FIRST): I got involved with crypto casually as an investor around 2015 and started developing projects in 2020
Mary | Satoshi Club: You started early 👍 sure, your knowledges will help a lot
D. | Satoshi Club: You added charity element in your project because such activities are popular now in crypto?
Mary | Satoshi Club: Never late to try
Wes (WILL NEVER DM
YOU FOR MONEY):
We have some proof of our first donation by the way – The nice folks at Holly
Hedge added to their website. Please check them out if you have time. They do
great work
https://hollyhedge.org.uk/2021/06/cashdog-donates-an-incredible-5000/
The charity part was just a way of giving back. I’m a huge dog lover. My dog Roxy was a rescue dog. I thought it would be nice to be able to doing something like this.
D. | Satoshi Club: Nice 👍
Mary | Satoshi Club: You payed them half of monthly vet bills, incredible!
Thank you, guys for your intro!
Wes (WILL NEVER DM
YOU FOR MONEY):
They were super greatful. We’ll be doing more donations this month, and as we
grow, so will the amount we can donate. Hopefully we can make a real
difference. None of it is possible without our amazing community though!
Mary | Satoshi Club: Awesome 👍
Are you ready for the questions from our community?😀
Wes (WILL NEVER DM
YOU FOR MONEY):
Sure lets do it!
D. | Satoshi Club: Lets go!
Q1 from Telegram user @NataliyaKil The pre-sale started on June 6th, 2021 at 6:00 pm utc and ended in 25 seconds? Congratulations!!! What work has been done by the team and the community to achieve this result? Can you tell us about the details of the pre-sale preparation, how the event went and what are your next plans to promote CashDog?
D. | Satoshi Club: Did you use some particular platform for presale or your own site?
Wes (WILL NEVER DM YOU
FOR MONEY):
Of course – A lot of work went into in beforehand. We have an amazing marketing
team that work so hard. But one thing that helped a lot was that people know us
from other projects. They have seen our other projects and trust us. We are
fully public and do regular videos. So that helps a lot! We did the sale on
DXSale.
DXSale is great because you can automatically launch on pancakeswap and lock liquidity with them. CashDogs liquidity is locked until 2099 with DXSale
Mary | Satoshi Club:
How much did you collect? Why did you choose to do pre-sale?
D. | Satoshi Club: So other of your projects are still running? do you have plans to use tokens from other crypto projects, where you took part, in this one?
Wes (WILL NEVER DM
YOU FOR MONEY):
Plan for further promotions are being done by our amazing marketing team. We
have 4 dedicated people that are always looking for new ways to promote,
through twitter, youtube, insta, facebook.. etc
Mary | Satoshi Club:
And one more important thing – do you plan any more sales in the future?😀
Wes (WILL NEVER DM
YOU FOR MONEY):
NFTLootBox and EARN$ are going stong! NFTLootbox has some amazing new features
that are almost ready to depoly. We have been very luck to work with a dev team
in the US that are amazing. So watch this space. Yes there will be future
sales. But at the moment we are putting all our efforts into the exisiting
projects!
The hope is to create a set of Tokens, an ecosystem is you like, that can work together and help each other. People can see the success of the current projects and have faith that the new ones will be equally successful
D. | Satoshi Club: Gotcha.
Mary | Satoshi Club:
Super! Thank you for your answers! Ready to proceed?😀
Wes (WILL NEVER DM
YOU FOR MONEY):
I think that in Crypto, one of the most important things is trust. And each day
with our actions we hope to build on that trust.
Yes ready 🙂
Q2 from Telegram user @Highpee After your presale on DxSale, you released an update on June 7 and one of the points you highlighted was that the team dev will renounce the contract after pancakeswap listing and that a public proof will be shared on your Telegram to confirm this when it is done. I scan your contract on bscscan but didn’t see any indication that the contract has been renounced. Also, I haven’t seen any announcement in your Telegram group to confirm this. Is already 10 days after you listed on pancakeswap. Is there a new change in plan? Will the team no longer renounce the contract? Do the team still intend to retain a level of control on the project or do you plan to make it a fully community driven project as well as introduce models that will ensure the community have a say in project development?
Wes (WILL NEVER DM
YOU FOR MONEY):
Good spot! Yes we do plan to renounce the contract. It wasn’t deemed as urgent
as it probably is with other projects as there is that level of trust. But it’s
something that will be done soon.
Mary | Satoshi Club:
So, no one from the community still didn’t ask you about this?😀
It shows a big level of trust, isn’t it?
Wes (WILL NEVER DM
YOU FOR MONEY):
They do trust us. Which is nice! But I think with BSC projects there is always
some level of doubt! So that’s why we said we will renounce.
Mary | Satoshi Club: How it will happen? Can you describe this process for those who doesn’t know?
Wes (WILL NEVER DM
YOU FOR MONEY):
over to our lead Dev 🙂
Mr Kawdy (WILL NOT DM YOU FIRST): Yep!
So essentially, we interact with the contract via bscscan and can execute a renounce ownership write on the contract.
Only the owner of the contract can do this – the deployer of cashdog (us).
Mary | Satoshi Club:
This action will result to…😀
Mr Kawdy (WILL NOT DM YOU FIRST): Action results in renounced ownership or that we no longer own the contract and the burn address retains ownership.
Mary | Satoshi Club: Thank you! I think this explanations are very important for those who are new to the crypto😀
D. | Satoshi Club: There will be no owner of the contract? after this.
Mr Kawdy (WILL NOT DM
YOU FIRST):
this doesn’t change anything on the user’s end but can increase trust as we
can’t perform ownership functions that could be potentially be malicious. we
would never do that though as we’re fully doxxed and public and are trustworthy
One of the reasons we have held off is due to excluding addresses as if we implement staking or are sending tokens to exchanges for CEX listings, it is ideal to have these excluded as our tokenomics work with a fee on each trade
as you can imagine, it’s better to have fees disabled for staking so the user gets back the full amount of tokens
Mary | Satoshi Club:
But if you will need to change something in the future in your contract will it
be possible? some crytical mistakes or another changes?
Mr Kawdy (WILL NOT DM YOU FIRST): Renouncing ownership wouldn’t cause any critical mistakes, but would prevent us from excluding addresses from the fee or changing the fee charged on each trade if deemed to be too high.
D. | Satoshi Club: Thanks for great answer!
Mary | Satoshi Club:
Ready to go to the next question?😉
Mr Kawdy (WILL NOT DM
YOU FIRST):
Of course, you’re welcome to dm me any further questions you have about it
Yes!
Mary | Satoshi Club: Noted😀
D. | Satoshi Club: Let’s talk about fees.
Q3 from Telegram user @lzamg For every trade made with the Cashdog token there is a fee of 11%, which is divided into: 2% redistributed for all holders, 3% for donations to dog charities, 3% added to locked liquidity and 3% for running costs and promotion. Don’t you consider that 11% is too high for every trade? Won’t this discourage users from trading with the token? Isn’t it more convenient to, for example, set a percentage of the total supply for running costs and promotion instead of charging 3% of each trade for that?
Mr Kawdy (WILL NOT DM YOU FIRST): Great question!
Wes (WILL NEVER DM
YOU FOR MONEY):
I think the tokenomics are sound. Those kind of percentages are very common in
BSC projects these days. Having funds to market the project is so important.
There are great projects out there, but if they don’t have the funds to market,
then no one ever hears about them. These fees, while they might seem high, help
with the long term success of the project.
We have been able to book 21 Twitter guys to post about us this weekend. Without the % fees that just would not be possible. Then there are costs like CEX listings. All these things help with the long term success of the project
D. | Satoshi Club: Any plans to change percentage of these fees if community vote for this? or you think you know better how set up the taxes?
Mary | Satoshi Club: Ok, that’s nice for the beginning, but let’s imagine if bank charge us 10% fee😀 Or for example your marketcap will grow? Won’t it be too high?
Wes (WILL NEVER DM
YOU FOR MONEY):
We are always listening to the community. If it’s something they feel strongly
about we might be able to look at it. But you have to find a balance. Would
people like a smaller % fee and less marketing? I’d say no. But we’re always
listening
Mr Kawdy (WILL NOT DM YOU FIRST): We’ve run projects without fees and have found that our budgets were much more limited in terms of marketing and development. These fees ensure that we are able to make the mass market aware of us and give us potential to surpass +$100M, +$1B market cap
Mary | Satoshi Club:
Sure, you will find that balance 😀
Mary | Satoshi Club: Thank you for your answers guys! Ready to jump to the next question?
Wes (WILL NEVER DM
YOU FOR MONEY):
Let’s do it!
Q4 from Telegram user @kimterbear The CashDog team introduced themselves as The LOOT Degen Club. The problem of numerous rugpulls have give birth to the said team. The team are mainly from NFTLootBox which is the reason why CashDog is partnered with NFTLootBox. Why did the team from another token migrated into CashDog? Or are they like sister company and operates under and managed by the same team? How will this partnership help the community built by CashDog? Being partnered with a Non Fungible Token (NFT) Coin, do this make NFT possible for CashDog?
Wes (WILL NEVER DM
YOU FOR MONEY):
Good question!
NFTLoot was my first project and is still going strong. The development team is completely seperate though, allowing us to work on both projects at the same time. So there was no migration as such, rather two seperate projects with the same leadership – if that makes sense. It helps CashDog in many ways. Firstly there are a lot of investors from Loot that have bought and are holding Cashdog. There is always room for the projects to work together. We can pull on the experience from the Loot Dev team to work on CashDog NFTs and staking if needed.
Being part of a overall larger combined community helps both projects in my opinion
Mary | Satoshi Club:
When you plan to launch Cashdog NFTs?
Wes (WILL NEVER DM
YOU FOR MONEY):
Haha that is something we’ve talked about. It’s important to have a use case
for them, not just NFTs for the sake of it. But we’re confident we can come up
with a solution. I can see in the furture having CashDog NFTs for the CashDog
community, but some of those NFTs being available to win in NFTLootBox. Just
one way we can help to boost both projects
Mary | Satoshi Club:
Yes, that is true 😀
Wes (WILL NEVER DM
YOU FOR MONEY):
One idea, but for the future.. would be a NFT to help individual dogs. So you
could virtually adopt a Dog by buying the NFT. The money raised for the NFT
would be donated to the charity that is caring for the dog. Just one idea we’ve
been talking about
D. | Satoshi Club: This is actually a very cool idea.
Wes (WILL NEVER DM
YOU FOR MONEY):
Thanks!
Mary | Satoshi Club: I like this! I like animals, but now i can’t adopt them! 🤩
Wes (WILL NEVER DM
YOU FOR MONEY):
🙂
Mary | Satoshi Club:
Thank you for your answers! Do you want to add something or we can go to the
next question?
Wes (WILL NEVER DM
YOU FOR MONEY):
All good from me. Let do the next 🙂
Q5 from Telegram user @Rakshitx5 You have written on your website that all donations are public but how we will know that donations are being used for dog charity? Are you gonna provide pictures of that?
Wes (WILL NEVER DM YOU FOR MONEY): We have been asking that the charity makes it public so we can prove to our users. The very first one kindly agreed and you can see it here https://hollyhedge.org.uk/2021/06/cashdog-donates-an-incredible-5000/
Other donation may be crypto, in which case we can provide transaction ID etc.
Mary | Satoshi Club:
Got it, i think it’s enough for the beginning 😀 in the future you can
hire accountant for this😉
And only one 6th question left from this part 😀
Ready, guys?
Mr Kawdy (WILL NOT DM
YOU FIRST):
Fire away!
Wes (WILL NEVER DM
YOU FOR MONEY):
Sure!
Mr Kawdy (WILL NOT DM
YOU FIRST):
👍👍👍
Q6 from Telegram user @yellowchamp I see in your August Roadmap ,you will have your First Celebrity Endorsement. So,as we know advertising is so costly especially when using a celebrity to endorse so do you really consider funding for this great advertisement as we know CashDog is still new in the market? Where will you get funds to sustain the needs of funding for this First Celebrity Endorsement in your platform? Can you tell us,who will be the celebrity you will consider for this First endorsement of your platform? Did you already negotiate with this celebrity since August is fast approaching? How will be the deal in between the celebrity endorser and your platform with regards to this first Celebrity Endorsement in your platform? What do you think will be the impact that it brings to your platform in using celebrity in your first endorsement? Thank you
D. | Satoshi Club: By the way, i see there is no straight donation in crypto on this site, i noted only donation in fiat through credit card. so how you donating in crypto to them?
Wes (WILL NEVER DM
YOU FOR MONEY):
I did the donation from my card 🙂 – we may have to do a
lot like that as most Dog Charities are not set up for direct Crypto payements
Mary | Satoshi Club: You should ask them to adopt crypto and crypto will adopt dogs instead of it😂
D. | Satoshi Club: Yeah, I’m actually a big charity fan too, for me would be cool if donation in crypto is available everywhere. it more convenient.
Wes (WILL NEVER DM
YOU FOR MONEY):
The funds for Endorsements will come from the marketing budget, if needed. But
we’ve been reaching out to multiple celebs via their social medias, we are
hoping we can get someone without having to pay them! If they are interested in
helping dogs they hopefully wont need paying! As a backup plan we’re taking to
the guys at https://biz.cameo.com/ but it’s a back up plan. We really want
someone who is actually interested in helping. As we grow and get more
exporsure, getting the endorsement should be easier
Mary | Satoshi Club: Yes, cameo is cool, hope this also will work😀
Wes (WILL NEVER DM
YOU FOR MONEY):
It’s actually something we hope will help us grow. As we make larger and larger
donations, we should get more publicity for CashDog, which will increase the MC
and volume. This in turn means we get more money for larger donations. We are
hoping for a snowball effect in this regard.
Part 2 — live questions from the Telegram community
Q1 from Telegram user @vedamatrix When I try to buy your tokens on pancake it gives slippage error event I set is to 10%. So how much slippage should I set for your project?
Mr Kawdy (WILL NOT DM YOU FIRST): You should set your slippage to at least 12-13% – that ensures a smooth transaction.
Q2 from Telegram user @slla1112 We are always ready to participate in charity projects for stray dogs. Just do as he says, let’s be sure. How will we know that a donation has actually been made? How can we help CASHDOG as a community?
Wes (WILL NEVER DM YOU FOR MONEY): All our donations will be public. You can see the first one in the answers above. You can help by buying some cashdog and joining our beautiful community! t.me/cashdogchat
Q3 from Telegram user @ask2lance Token burning is a strategy followed by cryptocurrency projects to influence the price of a token, or coin, in the market. This is done by permanently removing some tokens from circulation. Do you plan on any token burn on your project?
Wes (WILL NEVER DM YOU FOR MONEY): We actually do Buy Backs and burns from time to time. If you join our room you can see the transaction proof of the burns. Over 60% of the supply is aleady burned forever 🙂
Q4 from Telegram user @cryptoamee Bear market will not be easy for a new project to survive. We have seen so many projects failed to survive in the bear market, Have you thought about this? What are the plans on surviving on bear market?
Mr Kawdy (WILL NOT DM YOU FIRST): Of course. Anyone running a crypto project needs to be attuned to the macro market conditions. I personally believe a bear market hasn’t been confirmed yet, we’re in a crab market that typically ranges day to day. If there were a bear market, we would keep hard at work building and adding utility to the project. The more utility, the better. The fees would also help us continue to fund the project even through a multi-year bear market. Remember, the projects that survived a multi-year bear market kept building + adding utility and we plan to do the same.
Q5 from Telegram user @Jonahapagu On your roadmap there is a plan to launch Merchandise by July which is next month, so what are the details of this merchandise, what kinds of goods and services will your merchandise be and how will you go on to implement this idea of merchandising in CashDog…
Wes (WILL NEVER DM YOU FOR MONEY): We are using a 3rd Party to create TShirts, Mugs, Keyrings, etc. all with the CashDog Logo. All money from Merchandise will go directly to Charity. More info coming soon!
Q6 from Telegram user @Smartling Can you outline some of the actions the ream has taken so far to build trust among users in the ecosystem?
Wes (WILL NEVER DM YOU FOR MONEY): Trust comes from actions not words. People can see how we run our other projects. NFTLootbox is a great example. It’s been running for around 9 months now. Everything we said we would do we did. Liquidity locked, contracts audited, deadlines met. Talk is cheap, but it’s best to just people on their actions and past performance. I think when people do their research on us they will be more than happy 🙂
Q7 from Telegram user @Asela1112 Can anyone access to donation funds & liquidity pool? If yes how does it affect on security of those funds?
Mr Kawdy (WILL NOT DM YOU FIRST): Only the team (more specifically @Chonkybob and I) can access the donation funds. As for the liquidity pool, it is locked on pancakeswap until 2099. Anyone can add liquidity to the pool and earn a proportional percentage of fees that liquidity providers earn from each trade (.17%). Adding liquidity helps the project as it provides more BNB for the liquidity pool which in term allows for less volatile prices (sells have less impact). In terms of security, our tight restrictions ensure that the charity funds are safe from potential malicious actors.
Q8 from Telegram user @Ambbobb Can you provide us all the neccessary links in your project?
Wes (WILL NEVER DM YOU FOR MONEY): Please check out the website cashdog.io – all links are there. Telegram, Twitter, Youtube, Reddit, Insta, Facebook, etc. 🙂
Q9 from Telegram user @jackson5aaa What is your plan about globalization? Do you have local Communities for those users who don’t understand English well?
Wes (WILL NEVER DM YOU FOR MONEY): We have multiple international telegram rooms and we are adding new ones all the time. We have Spanish, German, Chinese, etc.. but we are always looking to expand further. Maybe someone here could help with future international rooms? :). Do get in touch!
Q10 from Telegram user @cheriemike How can we donate in support of your project?
Wes (WILL NEVER DM YOU FOR MONEY): The easiest way is to buy the coin! You are donating by just buying. Hopefully, you can make some money at the same time. So win-win!
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 Donutcat and our guests were @SilvioNK @OzzyEzzy and @i_staywoke. The AMA took place on 17 June.
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 community
Mary | Satoshi Club: Hello
Satoshi Club! We are happy to announce our AMA session with Donutcat!
Welcome to Satoshi Club😀
Mary | Satoshi Club: Welcome here, guys! How’s going?
Pay Jay:
Hey Satoshi Club, glad to be here as well!
Mary | Satoshi Club: And we are happy to see you here today 😊
F O:
We’re doing great, feeling positive despite the volatile market 🙂
Mary | Satoshi Club: Super! Soooo… Let’s start 🚀
Could you please
introduce yourself and tell us more about Donutcat 😉
Silvio:
Gladly!
My name is Silvio, im
the founder of DonutCat, a community driven token running on BSC 🐱🍩
Mary | Satoshi Club: Happy to e-meet you! How long are you in crypto?
Silvio:
The first time i heard about bitcoin was in 2013, but i really started to get
into crypto in 2017.
F O:
I’m Oz, CIO of DCAT. I’ve known Silvio for a while and he invited me to be part
of this great team
D. | Satoshi Club:
ahh 2017 that year…
Mary | Satoshi Club: Oooh, that was nice year😉 almost like 2021
Pay Jay:
Hey I’m Jay, the Chief Marketing Officer at DCAT. I basically help strategize
our promotion and merchandising efforts.
Mary | Satoshi Club: It’s great to have such friends 🍩
Yes, i see you’re doing
awesome job!
D. | Satoshi Club:
so tell us why did you put cat into donut? 😁 are you love donuts and
cats that how name of project was born?
Silvio:
Well i lived with cats most of my life and while thinking of the name, this
idea suddenly popped up in my mind. 😄
Mary | Satoshi Club: Do your cats like donuts?😊
Silvio:
Haha i never let them try donuts to be honest. 😄
F O:
but they can definitely try some $DCAT
and that’s what our
token is all about actually ! Or to be more precise, that’s where we want to
take it
Mary | Satoshi Club: Yes, you definitely should try😉 what about
you team, btw? How big is it? Is it public or not?
Pay Jay:
Yes, our goal was to basically have a fun and catchy token that people could
get behind in a community—then ultimately we’d be able to give back to cats in
need
Silvio:
Well i leaked some of my infos (like my profilepic) in the presale days to show
this is a real project in this scammy world.
My team is anonymous,
since its up to them to be public or not and we are about 8 people. 😄
Mary | Satoshi Club: Got it😉 actually we will have a question
about this topic later, so we will ask you more later!
Thank you for your
intro! Ready to start with the questions from our community?🥳
F O:
We are ready !
Silvio:
Yes😄
D. | Satoshi Club:
let’s gooooooo
Q1 from Telegram user @Highpee
You describe $DCAT as a community token that will
evolve through integrated marketing and when I scan through some of the chats
in your Telegram, I saw that most of your efforts are geared towards raising
awareness and exposure for $DCAT without much attention given to developing
real use cases. Since in one of those conversations, you agreed that without
developing real use cases for $DCAT, people may be scared to enter, don’t you
think that dedicating a special marketing wallet and embarking on market
publicity without a focus on real utility is not enough to keep investors for
long? What exactly are the use cases and utility that you plan to create for
$DCAT? Which product will you create for $DCAT that will naturally drive its
growth as users interact daily with such products?
F O:
I’ll answer this question.
Silvio:
Alright.
Mary | Satoshi Club: Sure! Take your time 😀
F O:
Well when we first started, we did not have a clear utility. We started as a
meme-coin, with potential uses cases. As the project grew, and since we are a
community-driven token, we have discussed the alternatives that we had in mind
with our investors and have recently reached a consensus.
D. | Satoshi Club:
what was the initial distribution model of token? you had a presale?
F O:
As a start, we are going to introduce DonutCat merchanidse (facemasks,
tee-shirts, mugs, all with our logo). This will first of all give us more
exposure. But most importantly, it will allow us to our donation program. more
than 50% of the profits from our merch will go to animal shelters and rescues.
Second, we plan to
develop an NFT charity marketplace. People can purchase our NFTs and 80% of the purchases will be forwarded to
animal shelters and rescues
Silvio:
Yes we started of with a 200bnb hardcap presale, which was sold out within 2
days. Then we launched on Pancakeswap very soon after.
Mary | Satoshi Club: Was it long time ago?
D. | Satoshi Club:
so you think is fair to sell memecoin? 😁 memecoin means that project is
not serious, right?
F O:
It was about 12-13 days ago
Mary | Satoshi Club: You’re very young
F O:
Well not necessarily but clearly most memecoins start out of a
“joke”, and some of them become serious projects. We are definitely
serious about what we are doing 😜
Mary | Satoshi Club: Thank you for your answers! Ready to proceed?🍩
F O:
Absolutely! And that’s what investors need to always remember. We are only 11
days old, good projects take time
Pay Jay: To that point, we now have an active fundraising campaign with The Humane Society where we’re collecting donations to go directly to cats in rescue shelters in the name of DCAT! If you want to support, please follow the link here: https://tiltify.com/@dcatforcats/donutcats-for-disadvantaged-cats
Mary | Satoshi Club: Nice approach 😽
D. | Satoshi Club: awesome! im very like that you support charity 👍
appreciate for answers
guys! ready for the next question? 😉
Pay Jay:
Yes, that is one of the main goals of our token is to give back to cats in
need!
F O:
yes we are
Q2 from Telegram user @Jonahapagu
From your Tokenomics I noticed that 2% of every
transaction will be redistributed to all holders, 2% will be burned forever,
and 2% of each transaction will be used for marketing fee.. this in total means
that for every transaction you charge about 6% of the transacted amount… Why do
you have to charge this much for every transaction.. will this not discourage
users from transacting using $DCAT. Considering the fact that the less the
transactions the less the funds generated for marketing, how do you intend to
incentivize your users and ensure transactions are constantly carried out using
DCAT to ensure steady supply of market funds..
F O:
We don’t beleive our 6% transaction fee discourages investors, quite the
opposite actually. Compared to other bep20 coins, our transaction fee is one of
the lowest I have to say! Most coins charge between 9% and 13%. The 2% that
goes into marketing has been serving us well so far. We have been able to
continuously promote the token!
For those that buy, they
get to keep more of their tokens than most of other coins, all while knowing
that they are generating revenue for marketing
Silvio:
Yeah we are in a pretty usual area regarding the transactionfee on defi tokens.
🐱
D. | Satoshi Club:
we met a lot of projects recently in our club with the similar token
distribution model, the metric a bit different of course and depends on the
project’s vision. but what is the story behind your distribution model? was it
inspired of some other project?
Mary | Satoshi Club: This has
sense😀 but let’s imagine that a lot of coins with less transaction fee
appeared on the market😀 will you change yours? Will your fee always be
dependent on this factor?
Silvio:
I will answer this.
Well since its a
community Token aswell we rennounced the ownership so we cant just change the
fees. Anyway i think we did a great job regarding the tokenomics and would
stick to it either way!
F O:
It wasn’t necessarily insipred from a sepcific project. We have watched several
projects fail because of lack of funds for marketing. We wanted to first
differentiate ourselves by having a lower transaction fee, but most
importantly, we wanted to make sure that we always have enough funds to promote
$DCAT.
D. | Satoshi Club:
gotcha 👍
@madamlobster want to
add something or we can go to the next question? 👀
Mary | Satoshi Club: Everything is clear for me 😀
D. | Satoshi Club:
super
ready for the next
question guys?
Silvio:
Yes!
F O:
Yes !
Q3 from Telegram user
@belkysgonzalez
You explain on your website that we can’t be sure
that Donutcat isn’t scam, but that you are doing your best to prove that this
is a legit project. So what have you done until know to earn the trust of your
community? Have you performed an audit on your contract? Is the liquidity
locked? And I couldn’t find information about the Donutcat team, so are you an
anonymous team for now? Is this permanent or will you be sharing that
information at some point?
F O:
I can answer this
D. | Satoshi Club:
we already got answer about team 😉
F O:
What we meant when we said you can’t be sure it isn’t a scam, it’s because no
matter what you do, you can never convince people that the project is legit. We
have seen doxxed teams that rugpull, we have witnessed it all. Whatever you do,
the investors will ask for more, and we understand that, given the amounts they
invest. What we have done so far, we have locked the LP, we have also locked a
5% marketing wallet (since we have a small marketing wallet from the 2%
marketing fee). Our contract is audited by techrate, and you can find it on
github https://github.com/TechRate/Smart-Contract-Audits/blob/main/Donut%20Cat%20%20Full%20Smart%20Contract%20Security%20Audit.pdf
The team will remain
anonymous for now, but we have no objection to doxx ourselves as the project
grows
D. | Satoshi Club:
well said 👏👏
Silvio:
Agreed!
🐱🍩
Mary | Satoshi Club: How many holders do you currently have😀
D. | Satoshi Club:
btw do you planning to work only on BSC or looking into implementation other
chains as well?
F O:
we have slightly less than 2000 holders now, but we aim big and we’re certain
that the number of holders will grow at a fast pace
Mary | Satoshi Club: Super👍
Silvio:
Currently we have no intentions to work on other chains, but its surely an
option to discuss in the future!
Mary | Satoshi Club: Awesome 😀
D. | Satoshi Club:
got it, polygon would be nice too, very cheap if we talk about fees 👌
F O:
we are definitely open to expand ! As we said it’s a community token, so if
that’s what the community wants, we will consider it
Mary | Satoshi Club: Thank you for your answers! Ready to jump to the
next question?😀
F O:
sure !
Q4 from Telegram user @Asela1112
In your Roadmap Q4, I saw upcoming event about NFTs.
Adoption of NFTs in most platforms are touted to be the new frontier in the
high-growth crypto investment space. How will Donutcat NFTs looks like? Have
you any idea to mint these NFTs to user walets? Some NFTs can create unique
offspring from breeding such as CRYPTO KITTIES. Can Donutcat NFTs breed too?
Can we trade these NFTs on other platforms also in future? In other hand
average NFT has a carbon footprint of around 211 kg of CO2 equivalent. How do
you overcome these environmental challenges?
Silvio:
Our Intention is to create NFTs together with catshelters around the World. We
mint pictures & videos of the cats living in such shelter and sell it on
our platform. The earnings from those NFTs will go to the shelters who we gonna
work with. It is a like very personal way of donating.
Good suggestion about
the carbon footprint, we can work against that by using part of the donations
for environment charitys like planting trees depending on the amount of minted
NFTs. What you think @OzzyEzzy ? 🐱😄
D. | Satoshi Club:
will you release any of your NFTs by launch of Binance NFT marketplace? can we
see them there?
F O:
It’s definitely on the table! With the growth of binance charity, we can study
how we can make the combination of binance nft marketplace and binance charity
work to achieve our aims!
Mary | Satoshi Club: Thank you for your answers! Ready to go to the next
question?
F O:
Absolutely !
Q5 from Telegram user @kimterbear
DonutCat will be having an online store soon which
intrigued me. E commerce is very trendy nowadays and many people are into this
due to its convenient way to purchase goods. What specific goods will be for
sale here? Will these be DonutCat merchandise? What will be the primary
currency payments that will be accepted here? Is it the native token only or
can it be fiats and other crypto currencies as well? In terms of operating, how
will the online store operate? What delivery or shipping options will the
buyers have?
Silvio:
@OzzyEzzy i think you can give a good answer on that or should i?🐱
Pay Jay:
I’ll take the first part and @OzzyEzzy will take the latter
So you’re absolutely
right that e-commerce is a great way to push ideas and also make a great
profit, if the online store is set up right. Our DCAT good will start out with
very popular items like t-shirts, mugs, and facemasks and then we’ll offer more
goods like cat toys and tags, also things like tote bags and mouse pads. All of
these things will be branded with original DCAT designs that our in-house
graphic artist will continuously create in response to what our community wants
to buy and show off to their friends. By the way, have you seen our memes and
GIFs? They’re super cute!
F O:
In the beginning we will accept fiat currency. Shortly after, we will start accepting
$DCAT as well as most cryptos. We will first start by integrating a
shopify-based online store in our website. We will be able to deliver our
products to most countries, including the USA and European nations, but not
just that. We have a number of suppliers all over the world that we are
currently studying. The goal is to make sure that our merchandise can reach
every possible location! If our buyers are on the Moon, we will bring that
merch to the moon !!
Mary | Satoshi Club: Yes, but you can show them to our users😀
You should partner with
Elon and deliver to the Mars😉
Pay Jay:
sure! just a few
F O:
Well we sure did not
partner with Elon, but we have just announced a great partnership with HotDoge.
Speaking of which, I’d like to share this with everyone
D. | Satoshi Club:
nice!
Mary | Satoshi Club: Cool giveaway 👏
F O:
We do have that on the table too, but to be honest, it’s for the long term. We
have many things on table now, and we can only process some ideas. We can’t go
after every good idea at the moment, we absolutely thought about building our
own DEX. We will update our investors and potential ones once the time is right
Better start holding $DCAT
then for a chance to win the jackpot !! 😁😁😁😁
Mary | Satoshi Club: Thank you, guys! Ready for the 6th and last
question from this part?
F O:
yes!
Q6 from Telegram user @victorogb
In keeping up with the integrated marketing plans of
the project, DonutCat recently partnered with LORETTA BRANDON, a celebrity
crypto influencer, trader and enthusaist. DonutCat hopes that such partnerships
would help to promote the fun and pleasurable features of the DonutCat project
to a new and wider crypto community. With emphasis on the peculiarity of this
recent partnership, can you provide details about it, why did DonutCat decide
to partner with an influencer, should we expect more of such “influencer like”
partnerships in the future, and asides the partnership fee, how can the
community be directly involved with promotions and awareness?
F O:
btw, all of our sticker were based on ideas from our community !
I’ll answer this too
since I brought Loretta on board
most small projects
like ours focus on promoting their tokens on tg “crypto groups” and
alike. We decided to take a slightly different approach. there are 2 types of
potential investors, those who have been investing in crypto, and those who
heard about it, but still not sure about joining the crypto world (because they
lack the knowledge)
While we focus on both
types, we believe that the second one can bring great value to our project. If
we can convince someone who never bought a token, to buy $DCAT as his/her first
token, we will grow exponentially
Mary | Satoshi Club: Do you already have such stories?
F O:
this is why, the first step in our marketing roadmap, is to create exposure,
get people to know what DCAT is. We are currently working on very simple
documents explaining what a meme token is, how to buy on Pancakeswap, how to
sell, what is slippage, all related to DonutCat. These influencers will bring
that exposure that we need, and we will keep on working on such collaborations
.
With regards to DCAT?
Absolutely, the whole team has brought in family members and friends into the
project. We convinced them that DCAT should be their first token. They did not
invest big amounts, but they will once they gain more confidence in the
project. I don’t even want to talk about the hours I spent on the phone
explaining to a friend how to buy DCAT on PancakeSwap 😂
Mary | Satoshi Club: This will be great 👍
Ahaha, got it! You
bring new users to crypto 👏
D. | Satoshi Club:
by the way, what about slippage? do people need to know something about this if
they want to buy your token?
F O:
Slippage is basically the difference between the expected price of a trade and
the price at which the trade is executed. Meaning, if price moves more or less
than a specific percentage, the transaction fails. Usually, buying DCAT works
with around 7% slippage, if not, just increase the slippage gradually (you
should be able to buy/sell at around 11% for sure)
D. | Satoshi Club:
got it! good to know this 👌 thanks for clarification
Mary | Satoshi Club: And live part is almost here 😃
Part
2 — live questions from the Telegram community
Q1 from telegram username @atillayeni
You are saying DonutCat is a community driven token
but you allocated tokens for the team so how is it community driven?
Silvio: Well this is the difference between community
driven and community owned.
Since we are a
community driven token, the team is working on the project but trys to involve
the community in most decisions!
Q2 from telegram username captainprince111
Hello
@OzzyEzzy @i_staywoke
Do you think the donutcat platform has any weaknesses?
Do you believe that your community,donutcat your team, that believes in you are
strong and can overcome any problem?
F O:
Hi Captain Price, Each project has some weaknesses I will not lie. There are a
few marketing promos that we did in the beginning that did not meet our
expectations. We are now better able at managing our marketing wallet for sure
! The community definitely still believes in us, that is why we still have most
of our long term holders (despite the few hits we had lately). We have a great
team that is working 24/7 (we alternate). We have already been in contact with
CoinTiger and Hotbit to list our token. These plans are hapenning in the next
few days, and we’re sure they’ll give our price a massive push 1
Q3 from telegram username @Kushal85127939
From where can i purchase the merchandise of
DonutCat for me? Is there any plan to sell Cat merchandise also for my Cat?
F O:
Our merch will be soon available on our website donutcat.org ! We are
definitely going to have merch for cats too, we already have an idea of a nice
donut shaped pillow !! 😁😁
Q4 from telegram username @potentialsake
Why did you choose to audit your smart contract with
techrate and audited by techrate do you plan to make audit with another
company?
Silvio:
Techrate is very well used audit platform. They got a pretty good reputation
which is what needed at the start. Longterm another audit from a second
platform is planned as well yes!
Q5 from telegram username @Asela1112
Hello🙋♂️
@SilvioNK @OzzyEzzy @i_staywoke
your smart Contract has been already audit. Can you
tell us more details about the audit? Can anyone access to the locked liquidity
pool on pancakeswap? When will ownership be renounced ?
We have no control over
the locked liquidity pool, and ownership has been renounced right after launch
Q6 from telegram username @theshow46
Many CryptoCurrency are not solving any Real
Problem, they just exist to sell their tokes. What Problems exactly is your solving and solutions are u provide??
Pay Jay: Great
question! Because DCAT was inspired by the actual pet cats in our lives and the
joy they bring us all, we want to address the problem of feline
euthanization. We are fundraising so
that we can donate to cat shelters in the U.S., U.K., and Europe so that cats
who can’t find a home can still be kept alive throughout their natural lives.
We ultimately want to change the way people donate to animal charities by
facilitating cryptocurrency as a legitimate means of donation.
Q7 from telegram username @Kabirkapoor9
Hello @SilvioNK @OzzyEzzy @i_staywoke
What are your plans to list DonutCat on various
popular exch in 2021? Please share is there any ongoing talks with any CEX
executive?
F O: $DCAT
will be listed on CoinTiger and Hotbit. We have been approached by them and we
have agreed on the terms. We will start with CoinTiger (end of this month), and
then move to hotbit (in early-mid July)
Q8 from telegram username @sweetdoge
I see there is a giveaway partnership right now with
Dotdoge how can I join that giveaway can you share the details?
Silvio:
We partnered with
hotdoge and created a type of giveaway rewarding new holders. Everything is
explained on this Flyer! 🐱🍩
Q9 from telegram username @highpee
Hello $DCAT 🐭
You announced a new partnership with #H0tDoge,
another BSC project. H0tDoge has their own native swap and a tracker to monitor
holding reward. Do you plan to introduce similar features on DonutCat? Also, I
can also see that this partnership will come with a giveaway in $DCAT, $H0TDOGE
and $BUSD. How can we participate in it and for how long will this last?
F O: Hi
Johnny, We forgot to mention that part of our team worked on big projects
including HOTDOGE in the past (You can join our tg group to learn more
https://t.me/DonutCatBSC). We do plan to introduce our own swap as well. This
will help with the donations especially, as we plan to accept donations in DCAT
in the future. the partnership will extend to marketing efforts as well. In
order to participate, join our tg and hotdoge’s, hold enough $DCAT and
$HOTDOGE. Check our tg group for more details !!
Q10 from telegram username @AsifuddoulaNoyon
Is there any reward giving system ❓❓❓
Silvio:
The 2% redistribution rewards holders with each transaction!
You actually only have
to buy DCAT and hold. 🍩🐱
Part 3 – Quiz Results
As usual, for the third
part, Satoshi Club Team asked the chat 4 questions about the crypto project. A
link to a Quiz form was sent into the chat.
For
more information and future AMAs, join our Social Media channels:
Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Dopex.io and our guest was @tztokchad and @witherblock – representatives of Dopex.io. The AMA took place on 16th of June.
The total reward pool was 500$ 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 Dopex.
Paul Mont | Satoshi
Club:
Today’s guests are @tztokchad @witherblock! Welcome! 😁
tz: Hey, glad to be here.
witherblock:
Hello!
Gold Rocket | Satoshi
Club:
Hello and welcome to Satoshi Club, @tztokchad @witherblock!😊
Paul Mont | Satoshi
Club:
It’s a great pleasure to have you here at Satoshi Club 😁
How’s your day going? 🙂
tz: Thank you, likewise
It’s going good, been looking forward to the AMA today.
Gold Rocket | Satoshi
Club:
We are also very excited about the upcoming AMA.😊
Paul Mont | Satoshi
Club:
I feel I can speak for the whole Satoshi Community when I write that we’re all
eager to know more about Dopex 🔥
Gold Rocket | Satoshi
Club:
Yes! Let’s start!
Introduce yourself please. How did you get to be involved in crypto &
Dopex? Tell us please about your position in Dopex?
tz: That’s awesome, we’re here to help you learn more about the project
Dopex*
Gold Rocket | Satoshi
Club:
Dopex. By the way, what does that mean?
tz: I’m the founder of dopex and have been building it over a few iterations internally for a couple of years originally. I’ve been in the crypto space since late 2016 as a dev and investor. I did get exposure to bitcoin initially in 2012 though
Gold Rocket | Satoshi
Club:
😉Tell us about the history of Dopex
tz: Dopex is an acronym for Decentralized Options Exchange
witherblock: I’m witherblock: the lead dev at Dopex. Got involved in crypto a couple of years back thanks to @tztokchad and then Dopex again thanks to @tztokchad.
Gold Rocket | Satoshi Club: This is a very original concept.👍
What is the essence of Dopex?
Paul Mont | Satoshi Club: So you guys knew each other well before joining forces for the Dopex project. Did you know each other in real life as well?
tz: I started building it a couple of years ago and it’s gone through 3 iterations until now. The current one internally is technically a v3. V1 would have been more comparable to opyn, while v2 to hegic. V3 was a product of learning the drawbacks of the previous models and building a solution that attempts to nullify those issues and most importantly create a fair pricing model which’s technically a complex problem that doesnt have a one size fits all solution even in the tradfi world
Gold Rocket | Satoshi Club: This is a hard-won and beloved child 😉
tz:
@witherblock came on board for v3 and has been doing the bulk of the
development and we have been figuring out the architecture together to deliver
a platform that accounts for fair pricing, fast transactions, minimized losses
for liquidity providers via our rebate token mechanism, composability and a few
other features that you could read up in our docs @ https://docs.dopex.io
Gold Rocket | Satoshi
Club:
What plans do you have for the future? And what can we expect from Dopex?
witherblock: Yeah, sort of.
tz: Yes, there’s been a lot of thought that’s gone into it – not just with the team, but with our early investors and delegates as well, such as tetranode, defigod, orthogonal trading etc
You could see the full list on our page @ https://dopex.io
Paul Mont | Satoshi Club: It’s quite apparent you’ve tried to holistically build a unique platform, also drawing on some of the most renowned protocols in the crypto space.
At the same time, trying to build something that’s one-of-a-kind in its concept/vision.
Gold Rocket | Satoshi
Club:
Also we would like to know about your team. Who is on the project team core?
tz: It aims to solve all the drawbacks with options protocols and get a significant chunk of the flow deribit and tradeparadigm have at the moment. They do over 80% of all crypto options volume and have found product market fit. Our goal is to build a platform that allows option liquidity providers to minimize their losses in weeks of high volatility and purchasers to get the best deal possible. All in a game theoretical manner powered by our token incentives
Yes, that’s true. We wouldn’t spend such a large amount of time iterating on it if that werent the case.
Paul Mont | Satoshi
Club:
Brilliant, thank you very much for the thorough introduction 🔥
tz: In the core dev team, we have 5 developers,
witherblock
psytama
gg
cryptoguru and
me
We are all full stack devs with considerable experience in
solidity
We are always looking for good developers however and if you’re interested, please dm me on twitter @tztokchad. We pay well.
Paul Mont | Satoshi Club: This is a great opportunity Satoshi Club 🔥
Gold Rocket | Satoshi Club: Satoshi Clubbers! do not miss the opportunity to be realized in a good project🚀
Is your team anonymous? If so, do you ever plan to go public?
tz: Alongside the devs we also are partners with DCV, DefiChadVentures who are a group with experienced and respected members within the defi community for help and technical advice
We are anonymous and dont have plans to go public considering derivatives are a tricky topic with regulations
Gold Rocket | Satoshi Club: Thanks for the answer. Another small question from me personally 😁
What event influenced the project the most?
Yes, I also wanted to notice the designer’s work was done at the highest level 👍
Paul Mont | Satoshi Club: I concur, I also truly enjoyed the website concept 👏👏
tz:
Actually trading on deribit and being frustrated with liquidity, margin
requirements, kyc and the platform being down at times of high volatility. And
after that it would be the current option dex ecosystem not being liquid enough
yet. I think there’s space for more than one platform right now, but that might
change quickly in the future if one does find product market fit
👆 Thats a reply to this question
Gold Rocket | Satoshi
Club:
@tztokchad @witherblock Thanks for the introduction, we will have a question
selected for the Part 1. ready to start?
Gotcha 😀
tz: Sure.
witherblock: Fire away.
Q1 from Telegram user @Johana0012 The Dopex token sale is June 21st. Interested participants will deposit ETH into the token sale contract at any time during a 3-day period and will receive DPX in return. How can I minimize my risks using the Dopex protocol? How can I earn Dopex? How many tokens do you currently have available in your protocol? What is the double model that Dopex presents? What is the function of each of the tokens?
Paul Mont | Satoshi
Club:
A question that actually tackles many fronts 🙂
tz: Dopex has a unique 2 token model. We have a governance token, DPX and a rebate token, rDPX. The rebate token is issued after weekly/monthly “epochs” in option pools, only if pool liquidity providers end the epoch with a net loss. They are issued at a % of the loss, this rebate % is determined by governance – which means that you would need dpx to vote on changes on this. DPX would have a total supply of 500k while rDPX doesnt have supply cap, however initially rDPX would most likely be more scarce than DPX until the platform is live
Is that clear or do we need to elaborate further?
Gold Rocket | Satoshi
Club:
By the way, can you please share with us the Dopex tokenomics?
It seems to me that this is enough, because the next question continues this topic.
witherblock: It’s a bit difficult to explain here in one reply so I’ll leave the detailed page explaining everything about the tokenomics – https://docs.dopex.io/tokenomics
Paul Mont | Satoshi
Club:
So rDPX is distributed after users have incurred a loss. What are the starting
issuing percentages?
tz: Initially, its 30%. But that would be updated based on how it performs in prod, using governance votes if necessary
Gold Rocket | Satoshi Club: Thanks for sharing ☺️
Paul Mont | Satoshi Club: Also at which time intervals/epochs do these distributions occur?
Are the epochs also a governance topic on which DPX holders can cast their vote on?
witherblock: We have weekly and monthly pools at the moment so the distributions occur at the end of every week for the weekly pools and at the end of every month in the monthly pools.
tz: Initially no, they will be weekly and monthly. Over time, we will introduce quarterly pools and possibly yearly. That would require governance votes to allocate dpx incentives to liquidity providers.
Paul Mont | Satoshi
Club:
Thank you very much for the clear answers guys, I’m pretty sure @Johana0012
will be satisfied by your replies 😉
Paul Mont | Satoshi
Club:
Let’s hop onto the next question, shall we?
tz: Sure.
Q2 from Telegram User @andrey_seleznov Hi Dopex! As partially explained in the previous question I would like to enquire more about Dopex’s dual token model. I read that Dopex plans to use DPX as the limited supply governance token that accrues fees and revenue from pools, vaults and wrappers. And rDPX as the rebate token for options writers that can be used to mint synthetic assets such as indices, stocks etc. Why did you decide to go with a more complex dual token model? What benefits does it bring compared to a single token model used by some exchanges? Thank you!
tz: We always wanted to have rebates for liquidity providers considering the tail risk with writing options. One week in a year could technically wipe a large % of gains for writers, a 30% rebate could result in over a 50% increase in pnl based on the last backtests that we had done.
So initially dpx was going to be the rebate token as well,
however we decided to change it based on advice from defigod and tetranode
considering nobody would want to hold an asset without a supply cap and use it
for governance at the same time considering it would lead to long term
scalability issues and unpredictability at a protocol level
With the 2 token model we were able to separate both the functions and simplify our governance and fee collection into one token, while having the other for purely rebates, synth and margin collateral, liquidity mining and more features in the future
Paul Mont | Satoshi Club: The pros of a strategic decision like this one is palpable. It just feels right, your explanation is a logical and brilliant one. Thank you very much 👍
Gold Rocket | Satoshi
Club:
it really makes sense
tz: Thank you.
Gold Rocket | Satoshi
Club:
Can we proceed. Or you want to add something?
tz: We can proceed.
Q3 from Telegram user @JonahApagu Dopex is said to be implementing an innovative and state-of-the-art option pricing model that replicates volatility smiles. And of the benefits of this model is that users get to minimize their losses and maximize gains.. so how does this option pricing model work, what features does it have. How is this model of yours a fair pricing model… and how is this different or unique from the pricing models used in traditional Options platforms.
tz:
We have a plug and play pricing model that can change per pool. Initially we
had decided to go with a closed form formula that would utillize only rv.
Eventually, based on advice from orthogonal trading, we switched to a delegate
model – where dopex has 5 delegates quoting on multipliers for each option
pricing model to come up with a fair price. The delegates are initially 5
trading firms that do billions of dollars in options volume every quarter. They
are incentivized to quote fair pricing every second since it would increase TVL
in dopex which consequently results in a better dpx price and larger liquidity
allowing them to use dopex option pools in the long run as their main source of
liquidity.
Initially we would use the SVI model to replicate volatility
surfaces for btc and eth using deribit’s option chain as a baseline. However
for defi blue chips and other highly liquid alts with no option chain at the
moment we would use other formulas that would result in fair pricing – it will
be trial and error initially, however liquidity providers would be incentivized
with dpx to ensure they make a good return
Gold Rocket | Satoshi
Club:
Sufficiently comprehensive answer! Thank you so much!
tz:
Our goal is always to enable retail to add safe liquidity while offering pros
that liquidity to arb, create positions etc.
No problem
Paul Mont | Satoshi Club: Yes, it seems a win-win solution, that works in the direction of fair pricing, with positive spill-overs for all stakeholders involved.
Thanks again, questions number 4 incoming 🙂 Ready?
tz: Yes.
Q4 from Telegram user @pixma00 Underwriters of Dopex group options are regularly exposed to the risk of accumulated losses during periods of extreme volatility. To subvert this risk, what protection strategy is Dopex applying so that its investors are not so affected by market volatility? What is the refund mechanism? How are option writers compensated? What is the strategy applied to generate passive income to generate options issues?
Paul Mont | Satoshi
Club:
This has been partially answered earlier when we touched upon the dual token
model, but maybe you can add more details to address with even more depth
@pixma00’s question 🙂
tz:
We have covered this in the previous answers, but it would be the rebate token
being issued at a % of losses after every epoch. The rebate % would vary based
on risk factors for each pool. This % would also be updatable via governance,
leaving a need for larger stake holders to always keep their dpx for this
purpose.
The strategy for passive income is simply locking your
base/quote assets in a dopex option pool initially. It auto rolls over your
assets at the end of an epoch to the next one allowing liquidity providers to
never need to manually adjust positions unless required
witherblock: Also to add to this option writers receive DPX emissions every epoch.
This is part of the 30% (of the total supply of DPX) allocated to platform rewards
Paul Mont | Satoshi Club: So there are rebates (rDPX) and rewards. What about Call and Action rewards? Could you please spend a word to describe the difference between the two?
tz: Yes, all liquidity providers receive this as an incentive at the end of every epoch. I didn’t mention this in the original post
Call rewards are static rewards distributed to users (bots) who call certain functions on our contracts.
Action rewards are distributed as liquidity incentives for
liquidity providers/option writers
Paul Mont | Satoshi
Club:
Thank you very much, I felt it was significant to make the distinction. Great
answers!
Gold Rocket | Satoshi
Club:
great answers! Thank you😊
tz: No problem.
Paul Mont | Satoshi
Club:
Next question’s topic is about Dopex’s architecture.
Q5 from Telegram User @victorogb The Dopex protocol makes use of a combination of several existing protocols within it’s architecture. The notable ones are those of the Uniswap, Chainlink and UMA protocols. These protocols are deployed to serve specific purposes within the Dopex architecture. Consequently, why would Dopex choose to combine these different protocols, what are the specific functions of the listed protocol types within the Dopex architecture, and how does a combination of the different protocol models affect the general operations and function of it’s options pool?
witherblock: We use uniswap to roll over premiums collected from option purchases and re-add liquidity into the option pools.
Chainlink is used for pricing oracles as we need futures
pricing for an asset to accurately calculate the option price for it.
UMA is used to generate synths from rDPX.
Our platform is designed to be interoperable with other protocols
in order for future extensibility and an innovative roadmap we have ahead of
us.
Paul Mont | Satoshi Club: After the June 21st sale event, what is coming next in your roadmap? What would you deem the most important event to come for Dopex in this 2021?
tz: The roadmap post public sale is
liquidity
mining/farming
private
L2 testnet
public
L2 testnet
mainnet
l2 launch
Thats our immediate roadmap post sale. Apart from that we
have quite a few app layer additions in mind on top of the base protocol which
would be built in-house and by community members incentivized by bounties. So
if you’re a freelance dev looking to contribute and get paid, join us on
discord @ https://discord.gg/dopex to keep up to date with them.
Some of the future roadmap includes:
Liquidity
pools, allowing users to sell option tokens at any time into pooled
liquidity
Protected
stablecoins with curve metapools
Quarterly
options
Leveraged
options trading with usd and cross collateral
Synthetic
Futures positions with leverage
Synthetic
assets
Volatility
arbitrage vaults
I’m personally excited about perpetually protected stablecoins using dopex put options with curve metapools for liquidity considering it could add 9+ figures in tvl to dopex while offering a product thats definitely needed in the space. Of course, LPs would be incentivised with rewards as usual
Paul Mont | Satoshi Club: Great, great! Thank you very much!
Now, this is the last question for this very first part of the AMA, then we’re heading into the LIVE part of the session 🔥
Gold Rocket | Satoshi Club: We understand your delight 😉
Gold Rocket | Satoshi Club: Thanks for your great answers.
tz: No problem.
Q6 from Telegram User @Einsteinyl I understand that Dopex Essentials Series will guide people through everything we need to know to begin trading options on Dopex. But my question is there are 2 option “Call Option” And second is “Put Option”, could you introduce to us what are these option and how do they work inside your platform?
tz: @witherblock is answering that question, meanwhile, make sure you follow us on Twitter for updates:
@tztokchad
@witherblock
Paul Mont | Satoshi Club: Satoshi Clubbers, please follow to stay in the know about anything Dopex 😉
witherblock: To put it in simple words, a call option is when you are betting for the asset where in you will make money if the asset goes higher in price as compared to the strike price you bought at. A put option is the opposite where in you bet against the asset and make money if the assets price drops under the strike price you bought at.
On Dopex you can write either options by depositing into the
respective pools. For eg; Writing ETH call options you would deposit the ETH
into the pool as collateral and writing ETH put options you would deposit USDT
into the pool as collateral.
Gold Rocket | Satoshi Club: ✅ Done
Paul Mont | Satoshi Club: These are terms that come from traditional finance, again some lingo that’s been passed onto crypto and DeFi as well 🙂
Thank you very much guys!
You’ve been outstanding so far! 😉
It has been a great time and now we must proceed to interact with our dear users into the live segment.
witherblock: To add to this, this article should help a ton https://blog.dopex.io/dopex-essentials-calls-and-puts-cc0abc58dd36
tz: Thank you!!!
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Ratash97 What kind of Discount options DOPEX offer ?
witherblock: We offer all options at a discount of 5% (this can be changed in the future by governance) if the options are bought using the volume pool. The volume pool is a simple pool where users can deposit USDT which then can be used to purchase options at a discounted rate. This pool is used to incentivise purchasing.
Q2 from Telegram user @bestQ420 Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
tz: Our long term goal is to build TVL and our share of options volume over the coming years with the combination of phased rollouts and having our delegates slowly route their flow from centralized exchanges and otc to dopex.
If you feel confident in us, you could always aim to keep a % portion of dpx tokens. If we’re launching at a $50m circulating market cap and you believe based on our delivery that we would capture a larger share of the options market and cross a $1b cap, you could aim for 0.1% of the dpx total supply for example always and LP that portion while diversifying the yield away if you cross your 0.1% target.
This would give you a 20x return on your initial investment if we do cross a 1b cap while you also collect yield.
Q3 from Telegram user @Sumione Why you have choosen for an ETH blockchain which has very high fees? is there any plan to launch on BSC so that I can join I prefer low fees.
witherblock: Our core options protocol will launch on L2 Arbitrum and hence fees will remain extremely low!
Q4 from Telegram user @Eminet001 STAKING is a really great STRATEGY for getting more investors and users. CAN USERS STAKE your token.??
tz: Yes we will have staking and liquidity mining rewards starting from the 24th of June – 6pm gmt, 72 hours after the public sale has begun. Users will receive DPX and rDPX with boosted rewards in the first 4 weeks.
Q5 from Telegram user @Ishan1_7 You stated that your project was private; could you please explain briefly to the community why you do not intend to make it public?
tz: The project isn’t private, it’s public. Our github repositories are however not public yet and will be open sourced prior to mainnet launch.
Q6 from Telegram user @nadee5 Most interesting feature I found in DOPEX is “OPTION SWAPPING” ,..
Can you please simply explain, How does DOPEX OPTION SWAPPING work ? are there specific requirements to use this feature ?
tz: Option swapping is a unique feature to dopex and allows users with in the money (profitable) options to swap their options to a different set of strikes/expiries in a single transaction.
This benefits users since in deribit or other protocol it requires multiple steps and you would lose money in each step because of the bid/ask spread
Q7 from Telegram user @highpee Will it be right to say that liquidity providers/option writers on Dopex are entitled to both Rebate reward and call reward? And for the call reward given to bot, I don’t seem to understand what you refer to as bots. What are bots and why do they deserve reward?
tz: Smart contracts in essence cannot pull data to itself and requires an account to push data to it by calling functions. This ideally would require a bot/script to do it and we incentivize them with a reward for their effort.
Q8 from Telegram user @mctrho Dopex has numerous protocols that are carried out through smart contracts, therefore I would like to know about the security that these contracts have. Have you carried out security audits of smart contracts and reveal serious vulnerabilities in accordance with the best practices of the smart contract industry?
witherblock: We worked through several iterations of security checks and refactoring to ensure our code remains vulnerability free and as efficient as possible.
We have gone through 2 official security audits performed by 2 established audit firms. These audit reports will be made public soon. The firms are: https://solidity.finance/ https://solidified.io/
Q9 from Telegram user @NataliyaKil The Dopex Token Public Sale will start on the 21st of June! Total of 75,000 DPX (15% of total supply) will be available in exchange for ETH via the deposit contract. The sale will end on June 24, 2021. So, what time does the Dopex Public Sale start and how can we take part in it, where can we find the deposit agreement you mentioned? Why did you choose ETH to buy DPX, and not some other currency? What are the restrictions for participation in the Public Sale: minimum and maximum for a purchase? And there are conditions under which the public sale of the model will end ahead of schedule?
tz: The sale will start on 6pm gmt, the deposit agreement can be found ont https://dopex.io/sale
We chose eth since its the base currency for all defi and allows us to be more flexible with treasury management, setting up liquidity mining etc.
Restrictions are: you cannot be from the US or the OFAC sanctioned countries list.
The public sale has no limits but a headstart for whitelisted OGs from the dopex discord with a $5k limit.
The sale will end after 72 hours regardless of hitting the sale cap
Q10 from Telegram user @potentialsake Why rDPX don’t have any supply cap and have infinite supply Won’t that cause inflation?
tz: Because technically it depends on variables that are impossible to predict beforehand, however we add deflationary mechanisms during fee collection as well as ways to use and lock rdpx to give it intrinsic value.
Also this gives dpx stakeholders a massive incentive in terms of adjusting the rebate % in each pool to ensure supply is always in check while giving distributed rdpx an immediate use case as collateral or to LP and receive incentive rewards
