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 DEXILON and our guest was . The AMA took place on the 6th of May.<\/p>\n\n\n\n
The AMA session was divided into 3 parts with a total crypto reward pool of $500<\/p>\n\n\n\n
In this AMA Recap, we will try to summarise the most interesting points for you.<\/p>\n\n\n\n
Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Hello Dear Satoshi Clubbers welcome to our AMA session with\nDexilon <\/p>\n\n\n\n Our guest from Dexilon is @alexgolovindd<\/p>\n\n\n\n Hello welcome to Satoshi club <\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Welcome to Satoshi Club! <\/p>\n\n\n\n How is it going, Alex?<\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n Hi everyone!! Nice to be a part of this community<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n We are Glad to have you here Alex<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Glad to see you here today! And looking forward to a great\nconversation<\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n Likewise<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n So let’s start our AMA <\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n bring some fire!<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n We will start with an introduction, so can you introduce\nyourself to us, how you got into crypto and how DEXILON started?<\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n Well, I’m in crypto since 2016. I bought my first Bitcoin\nfor about 300$)) But I was stupid enough to get into algo trading, so rather\nthan simply investing, I started building trading algos with my business\npartners. By the way, who are way smarter than I am)) So it has evolved into a\narbitrage hedge fund by this time<\/p>\n\n\n\n Since last spring, while investigating DeFi world, we\ncouldnt find a hedging solution. So we came up to this weird idea of building a\nproper DEX for derivatives)))<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Awesome to know how the decision to build Dexilon came about<\/p>\n\n\n\n At the moment how many people do you have on your core team?<\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n There are 14 people. Most of them hard core engineers. We’ve\ngot 2 Phds and doctorate of science in applied math, we’ve been working with\nthem since our hedge fund business.<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n That is impressive! <\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Impressive , are they all anonymous?<\/p>\n\n\n\n And are they all from the same region?<\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n Nope, we will introduce them on our page in a next few\nweeks.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Awesome<\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n Most of us are from Ukraine. We also have people from the US\nand Finland<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n That’s Great <\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Nice mix! <\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n So can you tell us what Dexilon is all about?<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Do not go too deep as we still have some questions from our\ncommunity regarding Dexilon. But just to know it in a nutshell <\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n In a few words. It is all about cost of trading. I’m not\njust talking about fees, I’m talking about the cost of liquidity. We want our\nusers to enjoy all the perks of centralized exchanges with no additional cost.\nBut using DEX you are in control of your assets. And what is even more\nimportant, we are not going to solve this problems with subsidies when projects\nprovide huge rewards in order to cover trading costs and when a price of a\ntoken goes down or rewards dissapear, the project is down<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n I see, so the goal is to remove the issue not to fight with\nthe consequences <\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n Thats the idea<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n It’s an Excellent one<\/p>\n\n\n\n Thank you for the introduction <\/p>\n\n\n\n We will now like to proceed to selected community questions\nto find out more are you ready for them?<\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n Shoot<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Q1 From Telegram User @Neilselin<\/em><\/p>\n\n\n\n I learnt that Dexilon is the first DEX that is run on a limit order book powered by the native blockchain.A limit order is a type of order to buy or sell a security at a specific price or better. Can you explain how the limit order book is executed on the native Blockchain of Dexilon? What are the information that can be found in the limit order book? What advantage does it offer traders on Dexilon decentralized exchange? Lastly, What is the model of limit order book that will be adopted on the Dexilon DEX?<\/em><\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n Thaths the most complicated part of a project. The basis of\nan orderbook is a first in, first out principle. Which not goes along with\nclassic mem pool. So we are forced to build a lot almost from scratch. Another\nproblem is latency, we can build a book with 1 second plus update speed, but in\nthis case Dexilon users will pay a lot for liquidity in terms of spread.\nThreafore we are using an asynchronious blockchain technology based on\nHoneybadger BFT.<\/p>\n\n\n\n This means that there are gonna be tight spread, no sandwich\nattacks (frontrunning)<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n What are the specific advantages from your side with regards\nto why you use the HoneyBadger BFT?<\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n This is all new technologies with not many use cases.\nHoneybadger is a rare one where there is a lot of documentation, and tests.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Oh Okay got it<\/p>\n\n\n\n Thank you for your Answers<\/p>\n\n\n\n Ready for the next question now?<\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n Sure<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Q2 From Telegram User @MudaraSilva<\/em><\/p>\n\n\n\n One of your key features is \u201cTransparent and Auditable Risk Management\u201d. Please elaborate more on this feature. Although some platforms ensure about risk management techniques, they are not able to make them practical. Therefore, please clearly explain about your policies on risk management. How do you make it \u201cTransparent\u201d? What are the steps you have taken to make it \u201cAuditable\u201d? Finally, what type of benefits do users get from this risk management procedure in addition to minimizing financial losses?<\/em><\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n By the way, awesome questions, I really like this group!<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Thank you for your compliment We’ve got awesome members <\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n The hardest part about derivatives, is a liquidation logic.\nSo trading rules are quiet complex. If we do automatic liquidation using market\norder, there is a risk that there gonna be a caskade of liquidations like flash\ncrash. And this is bad as people who had positions with low leverage could be\nwiped out. So rather than making this really complicated, we are chosing a\ndifferent way. When a position has a margin call, it is placed in a pool. In\nthis pool anybody can buy out this position with a discount using dutch\nauction. This is a transparent logic, which eliminates potential points of\nvulnaribility. We are trying to solve problems using free market opportunities\nrather than taking too much on complicated rules<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong> <\/p>\n\n\n\n Will the discount be fixed?<\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n In terms of audiability. All this logic is gonna be on our\nsidechain built on cosmos. So it will be possible to track almost any\ntransaction<\/p>\n\n\n\n No, it is an auction. Lets say there are 10 BTC long which\nare placed in the pool. Current price is 35000. So with a stepl lets say 100$\nprice gonna be decreased, every 6 seconds until anybody buys it<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n This is clear now, Thank you for your Answers<\/p>\n\n\n\n Do you want to add anything?<\/p>\n\n\n\n Or should we proceed?<\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n I hope I covered the question<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Let’s move to the next one!<\/p>\n\n\n\n Q3 From Telegram User @Cheriemike<\/em><\/p>\n\n\n\n Looking at your roadmap,I noticed that from Q4 2021 you did a minimum viable products (MVP)of what Dexilon offers in other to gauge users\u2019 interest in the product and to attract feedback,not only that you also did some pre-seed rounds and no other development was made not until May 2022.So can you tell us your experience on the product you offer to users and how they react to them?What kind of feedbacks did you receive and how has it helped you to build a solid structure that will be used to times indefinite?And can you talk about the pre seed rounds and how will you rate the support you have received so far and from Q4 2021 to May 2022 are still engaging in some pre-seed rounds? Please explain Thanks<\/em><\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Yes.. <\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n Yeah. Even though I’ve been trading for some time. I’m\npretty new to crypto community. So we did everything oppose to this industry\nstandards. We have built MVP, and only then went for fund raising)) MVP was\ngood, so we managed to get many wonderful partnets who invested in us (Fenbushi\nCapital, GSR, Ledger Prime, Lightshift Capital and many others). But MVP wasnt\ndesigned to be spread among big public. We have testnet version for it, which\nwill be available early next week. So I will share the access with this\nwonderful club as soon as it will be ready. For building this version, we\nmainly used a feedback from our investors, and we are going to fine tune it for\nmainnet using the feedback we expecting to receive from guys lilke you.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Great.. can you share your roadmap with us?<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n So, SatoshiClubbers are invited to share their opinion <\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n Yep, testnet is going to be live since next week. User will\nbe able to enjoy our platform with minted by us fake USDC) In order to\nincentivise users we will run a few trading tournaments, were traders can\ncompeted for prizes in Dexilon tokens and some NFTs. Little bit later we will\nrun bug hunting contest, so if anyone finds a bug on a platform, he will\nreceive 1000$. By the end of this summer there gonna be a mainnet version 1,\nsemi-decentralized and by the end this year fully decentralized<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Thank you for your Answers <\/p>\n\n\n\n Let’s proceed to the next question now<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Q4 From Telegram User @JesusFre1tes<\/em><\/p>\n\n\n\n DEXILON offers high-performance decentralized derivatives by merging the experience of light-speed limit order book trading with decentralization. This is really fantastic and innovative. But in terms of the \u201ctraditional\u201d trading protocols on DEX platforms like DEXILON, what changes have you made to these more basic aspects to improve the experience for high-profile traders and novice traders? Compared to other DEXs, what benefits does DEXILON provide?<\/em><\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n First of all, we are building a protocol. We are not\nultimate benificiary owner. Trading fees are exchanged between makers and takers.\nSo any limit order has a rebate. If user pays in USDC he is gonna pay 9 bps\nwhich usual for CEXs. With DXLN token\nthe fee will be 6 bps. A portion of the fee is a gas cost, insurance fund\ncontribution etc. And the rest 2-3 bps is a rebate. With such structure there\nis no payment for every request to the platform, so market makers are not\ncharged for keeping liquidity in books. With a rebate, there is a good\nincentive for tight spread and deep liquidity. Because any blockchain has a\nlimited TPS, we are optimizing API in such way, where within 1 request users\nare able to update price and qty for a batch of orders. All this is designed to\nmake life of a market maker as good as possible. As a result, retail users will\naccess cheap and deep liquidity<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n One request for updating a batch of order is indeed great <\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n It is easier to make more complex limit order book logic\nrather than ensuring very high TPS in a blockchain with low latency<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Thank you for your detailed answer to this question <\/p>\n\n\n\n Ready for the 5th question now?<\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n yep<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Q5 From Telegram User @Asela1112<\/em><\/p>\n\n\n\n The public Token Sale will take place in fourth quarter of 2022 according to the DEXILON Roadmap. Can you give us a sneak peek about this upcoming event in a nutshell? Many projects make KYC necessary to participate the token sales for their users. What about you in this case? Will you impose the KYC as a necessary step for the DEXILON Public Sale? However, How many tokens will there be, And what is the maximum tokens per user? Can you tell me the selling price of a token in Public token sale? Lastly, Please guide us how to participate the DEXILON public token sale?<\/em><\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n Unfortunately there is not much progress on TGE. We’ve been\nto focused on a platform itself. But I will tell than a little bit about use\ncase of our token. It is going to be used for staking for running a node. We\nrely heavily on oracles, and we are building one by ourselves. So anyone can\nstake some tokens, supply data and earn good money, as 16,6% of a trading fee\nis going to be for oracle providers. Because a portion of fees is deposited to\ninsurance fund, thre is gonna be deflationary model<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Btw is your tokenomics ready?<\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n Regarding the KYC and the public sale process, we will\nprovide more information closer to the TGE<\/p>\n\n\n\n YES. its ready and will be available in the WP next week on\nour public channels!<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Awesome, Satoshi Clubbers please be on the lookout for the\nwhite paper<\/p>\n\n\n\n Do you want to add anything to this?<\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n regarding the the token listing we will focus on Largest\nexchanges for prime listings. the exact place and date you will be the first to\nknow:))<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Thank you for your Answers so far<\/p>\n\n\n\n Ready for the last question of this part of our AMA?<\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n sure anytime<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Q6 From Telegram User @MendietaCrypto<\/em><\/p>\n\n\n\n Dexilon states to be DAO with all traditional attributes of decentralized governance, however I have not found any additional details on how it works with your project. What the requirements to get voting rights within Dexilon? Are there any particular limits of acquiring\/holding Dexilon token? Will DAO be launched in parallel with the platform launch and work simultaneously? Thanks!<\/em><\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n So the platform launch will be FIRST. We want our user\nfirstly try and hopefully get in love with our product. The DAO will be launch\nafter the TGE. Hodlers of DXLN token will be allowed to vote for changes to the\nprotocol. But only large holders of the Token can run Proposals. There will be\nno requirement for the amount of DXLN token to hold and Vote.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Will allowing only large holders to make proposals not give\nroom for whales to be in control of all decisions?<\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n Honestly, we havent yet determined particular rules yet.\nAgain, were to focused on the trading logic side. But we want to provide our\nusers abilities to determine rules with least barriers possible. We will have\nto make a thresold in order to avoid spamming, but we aim, to aliminate a risk\nof letting whales to control the platform. If Satoshi Club has some proposals\non the DAO rules, we would be very greatful<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Dear community, do not miss a chance<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Awesome it’s quite clear that not every information will be\nreadily available from the start<\/p>\n\n\n\n Do you currently have any openings?<\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n We are constantly looking for good engineers. In order to\navoid new languages like Solidity, we have chosen cosmos to be able to use\ngolang. So if you are good at Go, please get in touch<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Awesome<\/p>\n\n\n\n Thank you for your Answers<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Could you share your official links before we move to the\nsecond part of our AMA?<\/p>\n\n\n\n Alex Golovin<\/strong><\/p>\n\n\n\n