Hello, Satoshi clubbers Another AMA took place in\nSatoshi Club and we would like to introduce to you the AMA session with our\nfriends from Eclipseum and our guest was Taylor. The AMA took place on 14 December.<\/p>\n\n\n\n
The AMA session was divided into 3 parts with a total\ncrypto reward pool of 500$ <\/p>\n\n\n\n
In this AMA Recap we will try to summarise the most\ninteresting points for you.<\/p>\n\n\n\n
Mary Satoshi Club: <\/strong>Hello,\nSatoshi Club! We are happy to announce our AMA session with Eclipseum! welcome\nto Satoshi Club<\/p>\n\n\n\n D. | Satoshi Club: <\/strong>hello\neveryone!<\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Hey\neveryone! Excited to be here <\/p>\n\n\n\n D. | Satoshi Club: <\/strong>@Eclipseum\ngood to have you here!<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>Hello,\nhappy to see you here<\/p>\n\n\n\n How was your day?)<\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Good,\nno complaints so far <\/p>\n\n\n\n Mary | Satoshi Club; <\/strong>Great)\nlet’s start then <\/p>\n\n\n\n Could you please introduce yourself and Eclipseum\nproject <\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Sure,\nmy name is Taylor. My background is in Mechanical Engineering, first got into\nblockchain in 2015 with Bitcoin.<\/p>\n\n\n\n I got interested in DeFi in early 2019 and decided to\nbuild my own project. I came up with the concept of Eclipseum to be a store of\nvalue asset that utilizes two Automated Market Maker (AMM) liquidity pools to\ngenerate transaction fees for the ECL holders over time.<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>Oh,\nlong time here<\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Yes!\n<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>Great\nidea btw, how many members do you have\nin the team?<\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>I\nworked as a solo developer building the website and smart contract. Now that\nthe project has launched, we have a group of around 10-12 that build content\nfor Eclipseum in various ways<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>Oh,\nthat’s nice, you’re growing <\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>We\nare!<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>Thanks\nfor the intro ready for the questions from our community?<\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Yes!<\/p>\n\n\n\n D. | Satoshi Club: <\/strong>great!\nlet’s go!<\/p>\n\n\n\n Q1 from Telegram username @jobel4<\/em><\/strong><\/p>\n\n\n\n As one of the quick facts of Eclipseum is\nstated that \u201cthere is No VC investors, no pre-launch token sale. Developed and\ndeployed by a solo developer.\u201d So can you explain to us how will your platform\nobtain funds especially for liquidity without having pre-sale of your token?\nWhy did your platform decide to not conduct a presale for $ECL token? Can you\nexplain more about the interesting fact that your network is being developed\nand deployed by only one developer? How does the solo developer do it? Can you\nshare some of the background of the developer in Eclipseum? Thank you!<\/strong><\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>So\nin Eclipseum, liquidity is provided by the ECL buyers. When they buy ECL, they\nsend ETH to the contract, and ECL is minted during the buy, so total liquidity\nincreases.<\/p>\n\n\n\n I personally don’t like the concept of a pre-sale,\nwhen Eclipseum can scale it’s liquidity organically relative to the price. IMO\nthis is much better for price discovery<\/p>\n\n\n\n I simply spent a lot of time work on developing the\nconcept, whitepaper, smart contract, and website. Now that it is all complete,\nmost efforts are purely on marketing, which the community is great at helping\nwith.<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>Not\nso many projects who decided to start without sales, investors etc<\/p>\n\n\n\n D. | Satoshi Club: <\/strong>yes,\nmarketing is a very important part<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>My\napplouds <\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Thank\nyou <\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>Do\nyou have any bounties for your community?<\/p>\n\n\n\n D. | Satoshi Club: <\/strong>and\ndo you plan any collaboration with other projects in the near future?<\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Not\ncurrently any bounties for the community, so far we haven’t had issues with\nvolunteers stepping up and working on content<\/p>\n\n\n\n Not at the moment, I think we need to grow and size in\nliquidity first. But I have long term visions of ECL being used as collateral\nin various DeFi protocols.<\/p>\n\n\n\n We just need to get over the hump in terms of\nliquidity and stability <\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>Wow,\nyou have really strong and smart community. Thank you for your answers, ready\nto go to the next question?<\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Agreed!<\/p>\n\n\n\n Yes <\/p>\n\n\n\n Q2 from Telegram username @JesusFre1tes<\/em><\/strong><\/p>\n\n\n\n Eclipseum (ECL) is an ERC-20 token\ndesigned to be an anti-fragile active. What decentralized methods do you use to\nmake your token resistant to depreciation? In the DeFi world the markets are\nvery fluctuating, especially when it comes to currencies that are not stable,\nhow come ECL does not suffer any exchange rate in these situations?<\/strong><\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Yes,\nwell ECL is definitely susceptible to price fluctuations, as we have seen\nlately.<\/p>\n\n\n\n However, one of the mechanisms that minimizes how far\nthe price can decrease is the Soft Sell Function, which is coming into play\nnow. When sellers sell with this function, the ECL \/ ETH price does not\ndecrease, and creates somewhat of a “price floor” that the ECL \/ ETH\nprice is unlikely to decrease below.<\/p>\n\n\n\n This Soft Sell ECL \/ ETH price can also move up or\ndown depending on what the ETH \/ DAI price is doing.<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong>It’s\ninteresting, do your users have a choice to sell with this function or without?<\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>They\ncan, using the website. If the Soft Sell Price is lower than the ECL \/ ETH\nprice, a profitable arbitrage opportunity emerges where users can “Buy\nECL” => “Soft Sell ECL”, which increases the ECL \/ ETH price.<\/p>\n\n\n\n We recommend users to buy and sell ECL from the\nwebsite, as there is much more liquidity there than on Uniswap. The website app\ninterfaces directly with the Eclipseum smart contract AMMs.<\/p>\n\n\n\n https:\/\/www.eclipseum.org\/app\/<\/a><\/p>\n\n\n\n D. | Satoshi Club<\/strong>:\nare there analogous of this function in other projects on the market right now?<\/p>\n\n\n\n Taylor \u2013 Eclipseum:<\/strong>I\nthink some other projects do have a “price floor” mechanism, but I’m\nnot very familiar with those projects right now. Too many projects out there <\/p>\n\n\n\n Q3 from Telegram username @KevSalom<\/em><\/strong><\/p>\n\n\n\n Referring to your elastic delivery system\nyou comment that \u201cWhen ECL is sold to the ECL pool, ECL is burned from the ECL\npool. My question is: Is there a limit to this burning? In an unfavorable\nscenario where ETH is experiencing a sharp drop in price and for a long time\ncould not bring the supply to minimum values?<\/strong><\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Good\nquestion! The ECL supply can continue to decrease during strong selloffs, but\nthere is a lower limit that the ECL supply cannot decrease below due to the way\nthe math works out.<\/p>\n\n\n\n Plus the Soft Sell price floor would prevent it from\ndecreasing that low far before it gets to that point.<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>Can\nyou tell us this lowest limit?<\/p>\n\n\n\n Did you already have strong selloffs?<\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Right\nnow it is 0.000019 ECL \/ ETH, but this floor can increase or decrease as well.\nIt increases if the ETH \/ DAI price decreases, and vice versa<\/p>\n\n\n\n Yea, there has been some selling over the last few\ndays.<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>Oh,\ngot it<\/p>\n\n\n\n D. | Satoshi Club: <\/strong>understood.\nit’s very elastic system<\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Yes,\nfor sure.<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>I\nsee that you prepared for different scenarios <\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Yes!\nWe just reached the price floor recently, so it will be very interesting to see\nhow it plays out<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>And\nas you have the lowest limit do you have highest limit for $ECL supply?)<\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Ahh\ngood question. There is no upper limit for the supply<\/p>\n\n\n\n But the supply only increases when someone buys ECL.\nSo supply and price always increase together.<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>It’s\ngood for the way to the moon<\/p>\n\n\n\n Q4 from Telegram username @apocan99<\/em><\/strong><\/p>\n\n\n\n You have integrated elastic supply in\nEclipseum ecosystem, and thus minting and burning are taking important role for\nthe whole environment. This reminds rebasing system. Do burning and minting\naffect the users wallet balances like in rebasing? If yes, in what way; if no,\nwhere do the minted assets go and which assets are burnt? Can you also\nsummarize the main differences between Eclipseum and rebasing systems in\ngeneral?<\/strong><\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Fantastic\nquestion. Eclipseum is not like AMPL, so the ECL balances in users wallets do\nnot change.<\/p>\n\n\n\n The minting and burning is only done to the ECL AMM\npool in the Eclipseum contract.<\/p>\n\n\n\n This helps to minimize price swings from buying and\nselling<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>Is\nthis AMM pool big now? Which was the latest event – burn or mint?)<\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>The\nECL pool has about 100 ETH, and the DAI pool has about 245 ETH.<\/p>\n\n\n\n I believe a burn happened last, but they are happening\ncontinuously as people buy or sell.<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>Not\nbad:smile: but sure, it will grow more!<\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Yep,\nI think so too!<\/p>\n\n\n\n Q5 from Telegram username @KelierTG<\/em><\/strong><\/p>\n\n\n\n According to the game theory that\nEclipseum applies one of the ways it has to minimize downward price volatility\nis by encouraging ECL buyers to purchase ECL immediately after ECL is sold by a\ndifferent user\u2026 My question is: How do you encourage them to buy, and how are\nyou sure they will?<\/strong><\/p>\n\n\n\n Taylor \u2013 Eclipseum:<\/strong>Well,\nwe cannot be sure that they will, but we can incentivize them too, here are the\nways they are incentivized:<\/p>\n\n\n\n 1) Transaction fees from the DAI pool are larger when\nthere is more ETH in that pool, so the ECL \/ ETH price is more likely to\nincrease from those fees<\/p>\n\n\n\n 2) The contract transfers less ETH to the DAI pool, so\nmore ETH remains in the ECL pool from an ECL buy<\/p>\n\n\n\n 3) After a selloff, the ECL \/ ETH price is closer to\nthe “price floor”, meaning less downside potential, and a better buy\nopportunity.<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>It\nreally can encourage by the way, as the\nmain event happening on your platform, what can you tell about its safety?)<\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>The\nsecurity of the contract?<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>Yes<\/p>\n\n\n\n I am always asking everyone about audit, so looking\nfor a new words<\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Gotcha.\nSo I had a security audit done by Trail of Bits. The article for this can be\nseen here:<\/p>\n\n\n\n https:\/\/eclipseum.medium.com\/eclipseum-trail-of-bits-security-audit-overview-bc91996fc0b9\/<\/a><\/p>\n\n\n\n Also, the War on Rugs guys looked it over and gave it\nthe ok <\/p>\n\n\n\n D. | Satoshi Club: <\/strong>you\ncurrently have two pools, right? so your system will be always based on two\npools or you can add more pools with other assets?<\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>This\nsystem has two pools and will always have two pools<\/p>\n\n\n\n The contract is immutable, and therefore cannot be\nchanged by anyone<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>Got\nit, thanks <\/p>\n\n\n\n Q6 from Telegram username @ahmadjohon<\/em><\/strong><\/p>\n\n\n\n Liquidity is a major issue for the DeFi\nproject, so does $ECL have a liquidity program to drive natural token demand\nand liquidity?<\/strong><\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>So\nECL is designed to have most of it’s liquidity on the Eclipseum smart contract AMMs.\nWhen a user buys ECL from the contract, they effectively increase the liquidity\non the contract.<\/p>\n\n\n\n As far as Uniswap liquidity, we have had some\ncommunity members step forward and add liquidity there, as the transaction fees\nhave been quite signficant there.<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>Which\nis the volume of Uniswap liquidity now, do you know?)<\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Right\nnow, about $11,000 USD per day<\/p>\n\n\n\n Which is significant relative to the liquidity in the\nUni pool<\/p>\n\n\n\n Mary | Satoshi Club:<\/strong>\nbtw, are you already listed on cointrackers? Coingescko?<\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Not\nyet, have applied but waiting to hear back<\/p>\n\n\n\n Mary | Satoshi Club: <\/strong>Oh,\nhope it will happen soon<\/p>\n\n\n\n Q1.\nfrom Telegram user @<\/em><\/strong>dumpspump<\/em><\/strong><\/p>\n\n\n\n When a user buys ECL, the elastic supply\nsystem mints new ECL tokens. But that means unlimited numbers of supply.\nWouldn’t it cause the coin price to go down?<\/strong><\/p>\n\n\n\n Taylor \u2013 Eclipseum:<\/strong>No,\nbecause enough ECL is minted that the price still increases from each ECL buy.\nSo ECL price and supply always increase together, or decrease together.<\/p>\n\n\n\n Q2. from Telegram user @PerishepaTrade<\/em><\/strong><\/strong><\/p>\n\n\n\n Eclipseum is difficult for a beginner to\nunderstand. How do you plan to explain the vision and technical features of\nEclipseum to a wider audience?<\/strong><\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Continue\nto write articles explaining the concept in the simplest terms possible. There\nwill be an article coming out today explaining the Soft Sell function Q3. from Telegram user @Deamy_genius<\/em><\/strong><\/strong><\/p>\n\n\n\n Eclipseum is not modifiable and has no\ngovernance. But the DEFI space is changing rapidly, won’t your concept become\nobsolete without changing it?<\/strong><\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>I\ndon’t believe so, the concept as it stands is solid and does not need to be\nchanged. As it grows, the liquidity creates network effects attracting more\nliquidity.<\/p>\n\n\n\n Q4. from Telegram user @Temptation_Provider<\/em><\/strong><\/strong><\/p>\n\n\n\n Why is the price directly through the\nEclipseum smart contract better than through Uniswap?<\/strong><\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>The\nprice is not always better, but the liquidity will almost always better,\nmeaning less slippage. So you will probably get a better price through the\ncontract \/ website.<\/p>\n\n\n\n Q5. from Telegram user @PyaraLarka<\/em><\/strong><\/strong><\/p>\n\n\n\n For using Eclipseum liquidity pools is\nthere any minimum or maximum requirements swaps?<\/strong><\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>There\nis no maximum. The only minimum is that the quantity must be greater than zero.<\/p>\n\n\n\n Q6. from Telegram user @Nickkiii<\/em><\/strong><\/strong><\/p>\n\n\n\n How many percent of the Circulating Supply\nis locked up on TeamFinance and for how long, Where can I view the Team.finance\nECL lockup overview? @Eclipseum<\/strong><\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>My\ncoins (~13.5 M ECL) are locked up for 1 year, another user has locked theirs up\nas well. It can be seen here:<\/p>\n\n\n\n https:\/\/team.finance\/view-coin\/0x08e411220e47e3Fc43BFb832186ABA95108F2861?name=Eclipseum&symbol=ECL\/<\/a><\/p>\n\n\n\n Q7. from Telegram user @eeaq15<\/em><\/strong><\/strong><\/p>\n\n\n\n Today (December 14th) is expected to be\none of the biggest eclipses of the year, it is a coincidence that the Eclipseum\nAMA is held on exactly the same day?<\/strong><\/p>\n\n\n\n Taylor \u2013 Eclipseum:<\/strong>It\nis a coincidence. Great observation! <\/p>\n\n\n\n Q8 from Telegram user @cengizhantekin<\/em><\/strong><\/strong><\/p>\n\n\n\n Eclipseum has 2 pools: ECL Pool and DAI\npool. I understand that these are not independent from each other. There are\nsome interactions between them and I guess it is bidirectional. You created\nsome functions which perform these interactions and some equations which are\nused by these functions. Looks complicated so can you elaborate about the\nrelation between the 2 pools? What are the interactions and what missions are\nthey needed to perform?<\/strong><\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>Good\nquestion. The ECL pool transfers some\nETH to the DAI pool when users buy ECL, to fill this AMM with liquidity. The\nDAI pool then transfers half of the transaction fees back to the ECL pool on\nevery transaction, increasing the ECL price as a result.<\/p>\n\n\n\n Q9. from Telegram user @OlegDubinskiy<\/em><\/strong><\/strong><\/p>\n\n\n\n Some projects with elasistic offering had\nproblems listing on CEX. What do you think about this and do you plan to list\non centralized exchanges?<\/strong><\/p>\n\n\n\n Taylor \u2013 Eclipseum: <\/strong>ECL\ndoes not have this problem, since it is a different kind of elastic supply\nsystem. It only mints and burns ECL tokens from the Eclipseum contract AMMs,\nand not from user’s accounts.<\/p>\n\n\n\n Q10 from Telegram user @warny<\/em><\/strong><\/strong><\/p>\n\n\n\n Is Eclipseum entirely decentralized, will\nall users have equal rights when interacting with the Eclipseum smart contract?<\/strong><\/p>\n\n\n\n Taylor \u2013 Eclipseum:<\/strong>Yes,\nEclipseum is entirely decentralized. All users have equal rights. I don’t have\nany special abilities over any other user in the contract.<\/p>\n\n\n\n As usual, for the third part, Satoshi\nClub Team asked the chat 4 questions about the crypto project. A link to a Quiz\nform was sent into the chat.<\/p>\n\n\n\n For\nmore information and future AMAs, join our Social Media channels:<\/strong><\/p>\n\n\n\n English Telegram group: https:\/\/t.me\/Satoshi_club\/<\/a> <\/p>\n\n\n\n Russian Telegram group: Part 2 \u2014 live\nquestions from the Telegram community<\/strong><\/h2>\n\n\n\n
Part 2 \u2014 live questions from the Telegram community<\/strong><\/h2>\n\n\n\n
<\/p>\n\n\n\nPart 3 \u2013 Quiz Results<\/strong><\/h2>\n\n\n\n