{"id":7713,"date":"2021-04-03T16:04:38","date_gmt":"2021-04-03T13:04:38","guid":{"rendered":"https:\/\/esatoshi.club\/?p=7713"},"modified":"2021-04-03T16:36:42","modified_gmt":"2021-04-03T13:36:42","slug":"monox-x-satoshi-club-ama-recap-from-1st-of-april","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2021\/04\/03\/monox-x-satoshi-club-ama-recap-from-1st-of-april\/","title":{"rendered":"MonoX x Satoshi Club AMA Recap from 1st of April"},"content":{"rendered":"\n

<\/p>\n\n\n\n

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 MonoX and our guest \u00a0were @ruyiren and @floody1. \u00a0The AMA took place on 1 April.<\/p>\n\n\n\n

The\nAMA session was divided into 3 parts with a total crypto reward pool of 500$ <\/p>\n\n\n\n

In\nthis AMA Recap we will try to summarise the most interesting points for you.<\/p>\n\n\n\n

Part\n1 \u2014 introduction and questions from the Telegram community<\/strong><\/h2>\n\n\n\n

Mary | Satoshi Club:<\/strong> Hello\nSatoshi Club! We are happy to announce our AMA session with MonoX! Welcome to\nSatoshi Club😀<\/p>\n\n\n\n

D. | Satoshi Club:<\/strong> our\ntoday’s guests – @ruyiren and @floody1 ! hello! nice to have you in Satoshi\nClub!  👋<\/p>\n\n\n\n

Hugh:<\/strong> Hello everyone\npleasure to be here!<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> Hello,\nHugh! How are you today?)<\/p>\n\n\n\n

Ruyi Ren:<\/strong> Hey\neveryone. Thanks for having us.<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> Ruyi,\nwelcome here👏<\/p>\n\n\n\n

Hugh:<\/strong> Doing very well\nthanks, things are getting pretty busy and we are at an excting time for our\nproject<\/p>\n\n\n\n

D. | Satoshi Club:<\/strong> cool!\n👍<\/p>\n\n\n\n

Hugh:<\/strong> How are you guys\ndoing?<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>great!\n🚀<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> Wow,\nwe are also excited to hear more about MonoX project and let’s start from your\nintro😉 and of course\nMonoX intro🚀<\/p>\n\n\n\n

Ruyi Ren:<\/strong>I\ngot into the space around the end of 2016. Started trading and mining. That’s\nhow I got into building crypto projects. I’ve been building anon small projects\nsince then. Last year Hugh and I met, we did a couple more. That’s when we\nrealized it’s really hard for small projects to launch on exchanges, even\nDEX’s.<\/p>\n\n\n\n

Hugh:<\/strong> For our proejct:<\/p>\n\n\n\n

MonoX is a new DeFi protocol using a single token\ndesign for liquidity pools (instead of using pool pairs). This is made possible\nby grouping deposited tokens into a virtual pair with the vUSD stablecoin. <\/p>\n\n\n\n

Single token liquidity pools are more capital\nefficient, resulting in a more optimized experience for all participants. <\/p>\n\n\n\n

– As a project or developer, you can launch your token\nwith zero extra capital.<\/p>\n\n\n\n

– As a liquidity provider you only have to deposit one\ntoken to the liquidity pool. <\/p>\n\n\n\n

– As a trader, swapping tokens is made much cheaper.<\/p>\n\n\n\n

– We use one pool so LPs will receive fees for both\nswaps and borrowing.<\/p>\n\n\n\n

Our first use case for single token liquidity pools\nwill be an Automated Market Maker – Monoswap, which is set to launch in Q2\n2021. <\/p>\n\n\n\n

In the future, we will be launching lending\/borrowing\nand derivatives products.<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> Yes,\nthat’s true😀<\/p>\n\n\n\n

Hugh:<\/strong> I have also been\nin the space since 2016, worked at various start ups in the space including\nConsenSys, and also worked more on the venture capital and advisory side too.<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> It’s\nnear! Can’t wait to see Monoswap launch😀<\/p>\n\n\n\n

Hugh:<\/strong> Yes! Its pretty\nnear now. We have been building since October, security is one of our main\nfocuses now as we head into the later stage of the product development life\ncycle.<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> Is\nyour team big? How many developers MonoX has?<\/p>\n\n\n\n

Ruyi Ren:<\/strong> Yeah,\nliquidity pairs kill small projects. Fair-launching a market cap $1m of token\nABC would require $1m worth of ETH from the founder. With MonoX, all the\nfounding team needed is their own token. No any other token needed to do a fair\nlaunch.<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> I\nam happy to hear that you care about security! 👏<\/p>\n\n\n\n

Could not imagine before that it’s possible<\/p>\n\n\n\n

So, what about your team😀<\/p>\n\n\n\n

Hugh:<\/strong> We are currently\nhiring. But the core team all devs, including Ruyi (who is both CEO and tech\nlead) then myself the non dev.  Team of 6<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> Hiring?😀\nWho are you looking for?<\/p>\n\n\n\n

Ruyi Ren:<\/strong>I\nfound it pretty hard to find QAs who understand how blockchain\/dapps work.<\/p>\n\n\n\n

Hugh:<\/strong>On my side I need\na bit of extra help now! So hiring a business \/ partnerships lead to help me\nwith growth<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> May\nbe we have some here, in Satoshi Club 😉<\/p>\n\n\n\n

Hugh:<\/strong> 👀<\/p>\n\n\n\n

Ruyi Ren:<\/strong> Yeah\nsounds interesting. Definitely reach out to us if anyone’s interested.<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> Hope,\nyou will find some help from us😉\nSatoshiclubbers, check your skills🚀<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> Guys,\nthank you for your intro! Do you want to add something or we can start with the\nquestions from our community?😃<\/p>\n\n\n\n

Ruyi Ren:<\/strong> I’m\ngood. Hugh?<\/p>\n\n\n\n

Hugh:<\/strong> Thank you for the\nintro, Lets get down to business with the community!<\/p>\n\n\n\n

Q1 from Telegram user @Antoni_azx <\/em><\/strong><\/p>\n\n\n\n

The information about the private and\npublic sales for your token $ MONO is a little limited, I couldn\u2019t find your\nroadmap on your website either, what plans do you have for this year? When will\nall those dates be available?<\/strong><\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> We\ndecided to start with sale😉<\/p>\n\n\n\n

D. | Satoshi Club:<\/strong> well,\nquestion is not only about sale 👀😉<\/p>\n\n\n\n

Ruyi Ren:<\/strong><\/p>\n\n\n\n

 \"\"<\/p>\n\n\n\n

Here’s our roadmap today. We are looking into updating\nthis though. Would love to have financial NFTs sooner but L2 is also\nattractive.<\/p>\n\n\n\n

On public sale, we’ve decided to do IDO. We are still\nworking on the details. Most likely it’ll be on more than one platform. Stay\ntuned.<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong>Yes,\nit’s hard to get whitelisted now, if it will be more than one platform this\nwill be awesome!<\/p>\n\n\n\n

Hugh:<\/strong> We will update\nour documentation with our newly finished roadmap soon<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong>Guys,\ndo you plan to launch only on ETH?<\/p>\n\n\n\n

D. | Satoshi Club:<\/strong> about\nL2, what kinda of solution are you looking for? will it be optimism or\nzkrollups?<\/p>\n\n\n\n

Ruyi Ren:<\/strong> Yes.\nWe are looking into launching on other chains a little bit after ETH mainnet\nlaunch.<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> Good\nnews😉👍<\/p>\n\n\n\n

Ruyi Ren:<\/strong> Good\nquestion. ZK-Rollup would be ideal but we are willing to settle for sidechain\nfor better timeline. We are a huge fan of polygon’s work.<\/p>\n\n\n\n

D. | Satoshi Club:<\/strong> yep,\nthose guys did a good job 👍<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> We\nas well😃<\/p>\n\n\n\n

Thank you for your answers, guys! Ready to proceed?<\/p>\n\n\n\n

Hugh:<\/strong>Lets do it, cheers<\/p>\n\n\n\n

Q2 from Telegram user @MaxiVV<\/em><\/strong><\/p>\n\n\n\n

I read that instead of using regular\nliquidity pool pairs, you utilize Single Token Liquidity pools, what is the\nmain difference between the traditional and your single token liquidity pool?\nWhat are the pros and cons of your model? Do you think will be easy users get\ninvolved fast and trust? Give us an overview how it works.<\/strong><\/p>\n\n\n\n

Ruyi Ren:<\/strong> The\nbiggest advantage we have is trustless listing. Listing $1m of ABC no longer\nrequires $1m worth of ETH (or DAI). All the founders need is their own token. I\nbelieve this will encourage even more innovation in this space and we’ll see\ntons of awesome projects soon. I also encourage you to read more on our medium\npost to learn more about how our AMM works.<\/p>\n\n\n\n

Hugh:<\/strong> You can also do\nmore a deep dive into how our single token pool works in our medium article we\nposted just yesterday:  <\/p>\n\n\n\n

https:\/\/medium.com\/monoswap\/single-token-liquidity-eff05dfebd75<\/a><\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> As\na future Monoswap user what i will be able to do on your platform?<\/p>\n\n\n\n

Hugh:<\/strong> Do you mean\noverall? Or just for our first product?<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> Let’s\nstart with first😃<\/p>\n\n\n\n

Hugh:<\/strong> Sure<\/p>\n\n\n\n

1. Launch your token with zero capital <\/p>\n\n\n\n

2. Traders can swap. Every trade is a flat 0.3% <\/p>\n\n\n\n

3. Provide liquidity, user only need to deposit one\ntoken<\/p>\n\n\n\n

MONO token holders will also be able to participate in\nprotocol governance<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> To\nbe honest i like everything, but 3 i like most of all😂<\/p>\n\n\n\n

That’s great! Do you already have some articles about\nyou governance system?<\/p>\n\n\n\n

Hugh:<\/strong> We are super\nexcited for our users to experience 3 too, it should lower the barrier to be an\nLP<\/p>\n\n\n\n

D. | Satoshi Club:<\/strong> can’t\nwait to try this 😏<\/p>\n\n\n\n

Hugh:<\/strong> We don’t have an\narticle on that yet, but we have release more info in the coming weeks. We\ntouch on it in our two tierd pool system in our documentation<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> We\nwill stay tuned 👍<\/p>\n\n\n\n

Hugh:<\/strong> <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

How it will work. But yeah stay tuned for a more in\ndepth explination<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> 👍<\/p>\n\n\n\n

Thank you for your answers! Ready to jump to the next\nquestion?😃<\/p>\n\n\n\n

Hugh:<\/strong> sounds good<\/p>\n\n\n\n

Q3 from Telegram user @Highpee<\/em><\/strong><\/p>\n\n\n\n

One of the features of MonoX protocol is\nTrustless Listing Pools which will give any user the capacity to create and\nlist token as well create liquidity pool. We are already aware of several fake\nversions of real tokens created on Uniswap and other DEXes by malicious actors.\nHow does MonoX Trustless listing safeguard users as well as prevent the\npropensity to rug or list scam tokens at ease? What in built functionalities\nwill be used by your protocol to protect users interest and allow them to be\nable to identify scam from genuine products?<\/strong><\/p>\n\n\n\n

Ruyi Ren:<\/strong> Good\nquestion. It’s been a big problem in the space. We are fully aware of this.\nWe’ll do our best to warn users of suspicious tokens. It’s also important for\nusers to doublecheck the token address before investing.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>that’s\ntrue lots of people forgetting about this<\/p>\n\n\n\n

Ruyi Ren:<\/strong> I\nlike uniswap’s warning when you enter a token by address. We might do something\nsimilar.<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> You\nwill list tokens or all tokens will be available for trading just with contract\naddress?<\/p>\n\n\n\n

I am not sure that some users even read it😂 but it’s good\nidea<\/p>\n\n\n\n

Ruyi Ren:<\/strong> How\ndo you mean?<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> For\nexample, on some DEXs i can trade only those tokens which are listed there<\/p>\n\n\n\n

Ruyi Ren:<\/strong> We\nkeep a list of popular tokens. For trustless listings, user can trade if they\nknow the address. Alternatively, we’ll have an “explore” feature so\nusers can view, for example, top 10 new projects.<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> Got\nit👍 thank you<\/p>\n\n\n\n

Nice features 😃<\/p>\n\n\n\n

Ready to go to the next question or you want to add\nsomething?<\/p>\n\n\n\n

Hugh:<\/strong> Ready<\/p>\n\n\n\n

Ruyi Ren: <\/strong>Ready<\/p>\n\n\n\n

Q4 from Telegram user @johana0012<\/em><\/strong><\/p>\n\n\n\n

I understand that you are not listed on\nany exchange portal yet and that you will offer retroactive token distribution\nvia airdrop to reward early beta users. Am I still in time to participate among\nthese first users?<\/strong><\/p>\n\n\n\n

Ruyi Ren:<\/strong> Sorry\nfor any confusion. You probably saw this from one of our older version docs.\nWe’ve decided to do a liquidity mining program instead.<\/p>\n\n\n\n

D. | Satoshi Club:<\/strong> yeah.\ni have read your docs today and saw this info as well<\/p>\n\n\n\n

Ruyi Ren:<\/strong> This\nway we can expand the program to more people, instead of only benefiting a few\nexclusive beta users.<\/p>\n\n\n\n

Hugh:<\/strong> This was we can\nexpand the program to more people and they can start earning those LP rewards<\/p>\n\n\n\n

LOL took the words out of my mouth<\/p>\n\n\n\n

Will make sure its updated, thank you 🙏<\/p>\n\n\n\n

D. | Satoshi Club:<\/strong> and\nwhat will we need to participate in liquid mining?<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> It\nhappens when you work together 😂\nright, @Cool_as_Ice ?<\/p>\n\n\n\n

D. | Satoshi Club:<\/strong> yeeesss<\/p>\n\n\n\n

Ruyi Ren:<\/strong> It’s\neasy. 1) provide liquidity for, say, MONO or ETH and 2) stake the LP token to\nearn MONO.<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> Will\nthis program start in Q2?😃<\/p>\n\n\n\n

Ruyi Ren:<\/strong> Yes.\nThis starts as soon as we launch.<\/p>\n\n\n\n

D. | Satoshi Club:<\/strong> so\nonly one asset need for mining? MONO or ETH<\/p>\n\n\n\n

Ruyi Ren:<\/strong> Yes.\nIt’s all single token pools.<\/p>\n\n\n\n

D. | Satoshi Club:<\/strong> btw\nwhat if some project wanted to organise liquid mining on MonoX platform, like\nthey do on Uniswap, as we know user need to create a pair of tokens for this,\nlike ETH\/UNI for example. on your platform user will have to deposit only one\ntoken in the mining pool as well?<\/p>\n\n\n\n

Ruyi Ren:<\/strong> We\nhave LP tokens just like the other AMMs. The only difference is that our LP\ntokens are actually ERC1155, which is kinda like NFT.<\/p>\n\n\n\n

D. | Satoshi Club:<\/strong> wow\ncool<\/p>\n\n\n\n

Ruyi Ren:<\/strong> And\nyes, user only needs to deposit one token to get the LP token.<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> sounds\ntempting😃<\/p>\n\n\n\n

D. | Satoshi Club:<\/strong>gotcha,\nthank you for answers!<\/p>\n\n\n\n

ready for the next question?<\/p>\n\n\n\n

Hugh:<\/strong> sure<\/p>\n\n\n\n

Ruyi Ren:<\/strong> sure.\nabsolutely<\/p>\n\n\n\n

Q5 from Telegram user @AmirJosh<\/em><\/strong><\/p>\n\n\n\n

MonoX Platforms single token liquidity\npools can also be used to build optimized lending\/borrowing products, as well\nas derivatives like futures and options trading. This is like all in one system\nthat if will built and run efficiently can help other projects minimized their\nspending. Do you have plans to use your platform\u2019s technology to offer services\nfor other start up defi projects?<\/strong><\/p>\n\n\n\n

Hugh:<\/strong> We will scale up\nto a fair lanch service so promising start ups can launch their token without\nthe need for extra capital. Kinda like a fair launch – launchpad<\/p>\n\n\n\n

But any project and developer can do this with a\ntrustless pool from the begining. However as we scale we will build services\naround this feature so it can operate more like the fair launch launchpad.<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> But\nyou will have fees, right?<\/p>\n\n\n\n

Hugh:<\/strong> For the services?<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> Yes,\nexactly<\/p>\n\n\n\n

Hugh:<\/strong> We’d like to work\nwith the project and form a partnership not necessarily charge a fee<\/p>\n\n\n\n

D. | Satoshi Club:<\/strong> got\nit, but will projects need to have some requirements to use your launchpad? for\nexample like team should be fully public etc<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> wise\napproach😃<\/p>\n\n\n\n

Hugh:<\/strong> Yeah we are\ncoming up with a framework internally so we can perform the necessary due\ndiligence to assure that projects listed will be of high quality<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>nice!\n🙌<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> Awesome!<\/p>\n\n\n\n

D. | Satoshi Club:<\/strong> thank\nyou for answers! ready for the last question from part 1?<\/p>\n\n\n\n

Ruyi Ren:<\/strong> sure<\/p>\n\n\n\n

Hugh:<\/strong> sounds good<\/p>\n\n\n\n

Q6 from Telegram user @zennixjoen<\/em><\/strong><\/p>\n\n\n\n

Uniswap recently announced the launch of\nV3 which they claim will allow LPs to provide liquidity with up to 4000x\ncapital efficiency relative to Uniswap v2, earning higher returns on their\ncapital\u201d. In light of this announcement, can MonoX still compete with Uniswap\nin terms of capital efficiency and do you have the evidence\/test results to\nprove it?<\/strong><\/p>\n\n\n\n

Hugh:<\/strong> Great question.\nAnd Uniswap v3 certianly looks pretty cool, however it’s more trying to fix the\nimpermanent loss problem and looks like they did a great job at it. <\/p>\n\n\n\n

We, on the other hand, focus on solving the capital\ninefficiency problem, especially for new project launches. As uniswap still\nuses a two-token pair system, to do a trustless listing, one still needs that\nextra capital to build a pair. On monoswap, only the token being listed is\nrequired. That’s 100% capital saving and it’s still true.<\/p>\n\n\n\n

Plus making one trade on monoswap is always one trade.\nOn uniswap, if your trade involves 2-3 pairs, you’d be paying 2-3x gas fees and\ntrade fees.<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> I\nsee your advantages😃\nespecially when i think about gas fees<\/p>\n\n\n\n

Ruyi Ren: <\/strong>Plus\nthe lending and swap share the same pool. Uniswap or any other duo-token pools\nwon’t be able to do that.<\/p>\n\n\n\n

Mary | Satoshi Club:<\/strong> 👍<\/p>\n\n\n\n

Thank you, Monoswap advantages obvious😃<\/p>\n\n\n\n

And we came close to the live part, guys😃<\/p>\n\n\n\n

Ruyi Ren:<\/strong> awesome<\/p>\n\n\n\n

D. | Satoshi Club:<\/strong> @ruyiren  @floody1 we will open chat for 2 minutes,\nafter chat will be closed – you can start select questions from Satoshi \u0421lub\nmembers!<\/p>\n\n\n\n

Hugh:<\/strong> awesome thanks<\/p>\n\n\n\n

Part 2 \u2014 live questions from the Telegram community<\/strong><\/h2>\n\n\n\n

Q1 from Telegram user @cindy_caypto<\/em><\/strong><\/a><\/strong><\/p>\n\n\n\n

Do you support NFT’s and what can I do\nwith the NFT’s I get while I get using Monoswap platform and where can I sell\nthem?<\/strong><\/p>\n\n\n\n

Ruyi Ren<\/strong>: We’ll support\nERC1155 trading on our platform but not ERC721. We are making our platform\nextremely NFT friendly: 1) our LP tokens are NFTs 2) we’ll support and work\nwith fractionable NFTs so in the future lending\/borrowing NFTs is possible 3)\nderivatives will be financial NFTs as well<\/p>\n\n\n\n

Q2 from Telegram user @Beterror203<\/em><\/strong><\/strong><\/p>\n\n\n\n

You say that the vUSD is backed by assets\nof its group, what kind of assets are these that can support the vUSD, how can\nwe verify these assets?<\/strong><\/p>\n\n\n\n

Hugh:<\/strong> Great question, I\nam choosing this one becuase we haven’t really touched on vUSD yet. <\/p>\n\n\n\n

So for MonoX protocol its the pair is virtual. vUSD is\na real stablecoin. vUSD is technically backed by all the assets in the pool.\nHowever, it’s more accurate to say that it is backed by the sell function\nbecause when a user sells into vUSD it mints the physical stablecoin. In\nessence, vUSD is backed by the liquidity itself, not the assets. vUSD is only\nbacked when there is a positive vUSD balance in the pool. Trustless listing\npools cannot go below 0 for vUSD balance. If a pool has a positive vUSD balance\nit means someone has bought the asset at this price and therefore it is backed.<\/p>\n\n\n\n

Q3 from Telegram user @JuanSB07<\/em><\/strong><\/strong><\/p>\n\n\n\n

I noticed that the name that represents\nyour project is MonoX, but “mono” means monkey in Spanish. So this\nmakes me wonder, do you have any relationship with Latin American communities\nor people? Does MonoX have any focus or plans in Latin America?<\/strong><\/p>\n\n\n\n

Ruyi Ren:<\/strong> Absolutely.\nAs you can see, all of our brandings are about monkeys. As we are a global\nteam, two of our engineers are located (in two different countries) in Latin\nAmerica.<\/p>\n\n\n\n

Q4 from Telegram user @surendra040<\/em><\/strong><\/strong><\/p>\n\n\n\n

Hello! Are there any private or public\nsale I can join? will you have whitelisting process?<\/strong><\/p>\n\n\n\n

Hugh:<\/strong> We announced for\nthe first time to the Satoshi Club comminity that we will be doing an IDO. We\nplan to do IDO on multiple platforms so more of our comunity can participate.\nStay tuned for more updates!<\/p>\n\n\n\n

Q5 from Telegram user @mobilejii<\/em><\/strong><\/strong><\/p>\n\n\n\n

Are your smart contracts audited? What security\nmeasures has Monox adopted  to prevent\nfrom vulnerable hacks and attacks<\/p>\n\n\n\n

Ruyi Ren:<\/strong> Yes.\nAll of our contracts will be audited. We actually have a higher standard than\njust audits. On top of audits, we’ll do actual pen tests. We’ll ask a few white\nhat hackers to try to exploit our contract and make sure it’s secure enough\nbefore we launch.<\/p>\n\n\n\n

Q6 from Telegram user @nadee5<\/em><\/strong><\/strong><\/p>\n\n\n\n

Monoswap \nuses  single  token design \nfor  liquidity pools instead  of \nusing  pool pairs..<\/strong><\/p>\n\n\n\n

What \nare  the  competitive advantages  Monoswap \nhas  with  single \nliquidity  pool instead of\npool  pairs ? How can  user \nbe  benefitted  from \nsingle token  design   rather \nthan  the  pool pairs?<\/strong><\/p>\n\n\n\n

Hugh:<\/strong> Another great\nquestion.<\/p>\n\n\n\n

Users only need to supply one token (Token A) to be an\nLP<\/p>\n\n\n\n

Projects can launch their token with zero capital (no\nETH needed to create the pair)<\/p>\n\n\n\n

More capital efficient:<\/p>\n\n\n\n

i. As a Liquidity Provider there is no need to deposit\nmultiple tokens. This increases decentralization because being an LP is much\nless capital intensive<\/p>\n\n\n\n

Lower trading fees \u2014 Cheaper than Uniswap on average:<\/p>\n\n\n\n

i. All the pools\/pairs are in the same ERC1155\ncontract. It is much cheaper to interact with the same contract internally,\nthan involving multiple other contracts<\/p>\n\n\n\n

ii. Lengthy transaction paths are avoided because\nthanks to our vUSD stablecoin, Token A will not go through a \u2018path\u2019 of pairs to\nswap into Token B<\/p>\n\n\n\n

iii. Every trade is one swap and a flat 0.3% fee<\/p>\n\n\n\n

Less capital siloed in multiple pool pairs:<\/p>\n\n\n\n

i. As there is no need for multiple pool pairs, more\ncapital is unlocked and free to use<\/p>\n\n\n\n

Allows for borrowing and lending from same pool<\/p>\n\n\n\n

i. The borrowing and lending process is more optimized\nas users do not have to withdraw\/reserve two tokens to keep the ratio (price)\nthe same<\/p>\n\n\n\n

Q7 from Telegram user @Robotliker1<\/em><\/strong><\/strong><\/p>\n\n\n\n

I am little confused , why have you change\nyour project name?is there any reason to name MonoX<\/strong><\/p>\n\n\n\n

Hugh:<\/strong> We decided to\nchange the name. <\/p>\n\n\n\n

This is because there are too many “swaps”\nin the market. Moreover, our protocol can do much more than just AMM\/swaps,\nunlike Balancer or Uniswap which are not optimized for additional DeFi\nproducts. <\/p>\n\n\n\n

We will instead name our products accordingly –\nMonoswap, Monolend, Monotrade (derivatives). <\/p>\n\n\n\n

Monoswap will be our first product on MonoX.<\/p>\n\n\n\n

Q8 from Telegram user @KhaleesiTheCryptoLady<\/em><\/strong><\/strong><\/p>\n\n\n\n

What kind of derivatives products you can\noffer in MonoSwap? How much is the cost for every completed transaction? <\/strong><\/p>\n\n\n\n

Ruyi Ren:<\/strong> Good\nquestion. We’ll offer futures and options (call and put) as a start. <\/p>\n\n\n\n

The transaction cost and gas fees are estimated  to be about the same as a direct pair\ntransaction on uniswap.<\/p>\n\n\n\n

Q9 from Telegram user @alptradaer<\/em><\/strong><\/strong><\/p>\n\n\n\n

If for the listing of the token the\nproject just need its own token, how can they set the inicial value of the coin\non Monoswap platform?<\/strong><\/p>\n\n\n\n

Hugh:<\/strong> They set the\ninitial price however someone needs to buy at that price in order for vUSD to\nback the asset. The vUSD balance starts at 0, if someone purchses 500 of Token\nA and the price it was set, then the pool is backed by the equivalent vUSD once\nbought. However in trustless listing pools the vUSD balance cant go below 0.<\/p>\n\n\n\n

Q10 from Telegram user @didikpluss<\/em><\/strong><\/strong><\/p>\n\n\n\n

Yield Farming and Liqiudity Mining, what\ndo you think?  What about your Liquidity\nMining Program sir? <\/strong><\/p>\n\n\n\n

What can we expect from this project in\nthe short term at some point in 2021, and in the long term of course?<\/strong><\/p>\n\n\n\n

Ruyi Ren:<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ours is different from most liquidity mining programs.\nWe are in for the long game. MONO rewards are issued every 6,000 blocks and\nfirst issuance is 420,000 with a decay of .999. This means that the reward is\nconsistent and it’ll last a long time. In fact, After 1,500 days (about 4+\nyears), only about 80% of the MONO rewards will be released (see chart)<\/p>\n\n\n\n

Part 3 \u2013 Quiz Results<\/strong><\/h2>\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: https:\/\/t.me\/satoshi_club_ru\/<\/a> <\/p>\n\n\n\n

Spanish Telegram group: https:\/\/t.me\/satoshi_club_spanish\/<\/a> <\/p>\n\n\n\n

Telegram Channel: https:\/\/t.me\/satoshi_club_channel\/<\/a> <\/p>\n\n\n\n

Twitter: https:\/\/twitter.com\/realsatoshiclub\/<\/a> <\/p>\n\n\n\n

Website: https:\/\/esatoshi.club\/<\/a><\/p>\n\n\n\n

Our\npartners:<\/strong><\/p>\n\n\n\n

Telegram: https:\/\/t.me\/MonoXAnnouncement<\/p>\n\n\n\n

Twitter:https:\/\/twitter.com\/MonoXFinance<\/p>\n\n\n\n

Websites: https:\/\/monox.finance<\/p>\n","protected":false},"excerpt":{"rendered":"

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 MonoX and our guest \u00a0were @ruyiren and @floody1. \u00a0The AMA took place on 1 April. The AMA session was divided into 3 parts with a total crypto reward pool of […]<\/p>\n","protected":false},"author":66,"featured_media":7721,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"_links":{"self":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/7713"}],"collection":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/comments?post=7713"}],"version-history":[{"count":4,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/7713\/revisions"}],"predecessor-version":[{"id":7723,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/7713\/revisions\/7723"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media\/7721"}],"wp:attachment":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media?parent=7713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/categories?post=7713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/tags?post=7713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}