The final AMA before our much-anticipated beta platform launch. It has been very pleasant to talk with the Gem Chaser staff and we think a lot of interesting stuff was discussed. Check out the Gem Chasers Telegram, Twitter and Medium accounts, they just recently partnered with DexTools so we are sure a lot of interesting AMAs will be upcoming in their community!
Segment 1: Questions by Gem Chasers
Q1: Ok guys welcome back for another AMA series, today we have here the DEXG Team which is also a sponsored project by DexTools. Welcome Alistor & Rim, firstly how are you guys doing today?
Rim: Hi, I'm excited and not only for Christmas!
Alistor: Pretty good, has been an eventful two weeks with lots of action behind and in front of the scenes.
Rim: It's been a challenging year, but I think we are slowly turning things around, and being able to move things forward with DEXG has been a great way to finish on a high note.
Gem Radar ?: Lots of action is something not to complain about in the crypto world, so congratulations to you guys both! Lets first talk about you both.
Q2: To put it quite frankly, who are you guys? Where is your background from and is it related to crypto somehow? How long have you been in this space for?
Rim: I was introduced to DEXG first by @AlistorZimon who is helping with business development, whereas I focus mainly on communications, CM and of course helping people to understand the finer details of DEXG.
Well, I know Zim for quite a long time, as we had come across each other in various places, crypto wise. Over the years, the interest moved from trading into the tech and ultimately with a desire to be part of what the future will be and add your grain to it.
Alistor: I've been in the crypto-space since 2013, starting as a trader, investor and blockchain enthusiast. Over the years I got involved more and more with the scene, handled communities and helped projects and services (mostly trading related) with marketing and content creation. With the pre-launch of the DEXToken Protocol, I joined the business development team to build a bridge for the English-speaking community to our team in Taiwan and Singapore.
Gem Radar ?: Do you guys have a LinkedIN?
Rim: We do, but we share those only with business affiliates, due to privacy reasons.
Gem Radar ?: That's fine ??
Q3: So to what degree is your team public or anon?
Rim: The team is completely public, with our CEO Jollen Chen being as public as it can be, as he is not only extremely gifted, he does most of the presentations himself. Due to the language barrier, we translate his vision to make sure our reach is across as many borders as we can.
Alistor: Our CEO is a well-known figure in the Asia Pacific Area developers community. The project is officially headed by the Flowchain Foundation, which is a legal company registered in Singapore.
Gem Radar ?: I love it. Seems like there is a big team on board that is completely transparent and public. And what makes this even more exciting is that both of you have a strong, stacked background.
Q4: So what is your project all about? Can we get some information for the general community in a nutshell, of what will $DEXG provide to users? What are the main benefits of it and does it solve any problems?
Rim: Of course, I'll leave the general introduction to Alistor. For those who want to look for themselves meanwhile and might have some thoughts, please check www.dextoken.io. You can find most info there as well as reference.
Alistor: It's a quite complex project with lots of factors, so excuse the little monologue ahead! Pushed into a single sentence pitch we can say that the DEXToken Protocol creates a new DeFi infrastructure utilising a new and unique Automat Market Maker and the Flowchain IoT network. Now let me split this up since it's a lot to digest!
Gem Radar ?: Sure!
Alistor: At the core of the Protocol is the 'speculative AMM' which is the heart of the project and our upcoming decentralised exchange. We spent months to research this new AMM with two partner universities in Taiwan and their departments of mathematics and quantitive finance. The sAMM prices assets on the exchange more efficient and executes trades smoother than existing AMMs do. This reduces the occurring slippage and costs for traders by a great margin.
At the same time, the sAMM is able to handle Off-chain tokens, which locks in with what the Flowchain Foundation has built the past three years. Their powerful Flowchain IoT technology. This allows the sAMM to mint and handles off-chain tokens which run on the IoT network.
This creates a lot of possibilities for enterprises to efficiently outsource and monetize IoT processes or tokenize assets. For us, it creates a lot of possibilities of advanced trading features on our decentralised exchange.
Q5: So from what I see it as a user's POV & have digested thus far is that the DEXToken Protocol has it's own token currently ($DEXG) And is building an ecosystem revolving around its platform. Kickstarting with an AMM, so we would also see a secondary token needed for this?
Alistor: Yes, $DEXG will serve as governance token and holders will get a direct share of the occurred exchange fees. The secondary token meanwhile will serve as a utility token on the platform to unlock pro-features like coming inbuilt trading bots or advanced order types. At the same time, our secondary token will serve in a similar manner as $CHI, which allows to use the token for trading fees and effectively decrease the ETH fee burden.
Rim: Sidenote: the cooperation is an active one, which means as we are in production, new challenges and opportunities keep presenting themselves, on one side as development challenges but also new theories that we might benefit from down the line. DEXG is produced 100% inhouse, which means we have the know-how to afront challenges as well as to translate complex math into code.
Gem Radar ?: I 100% agree with you but so far you guys are rocking!
Q6: Is there a timeline of when this will all be available to use?
Rim: We will release our first public beta on the 23rd of December, which means tomorrow and this will serve as a testing vehicle for the public but also attract white hat hackers to help us out. We will have a bug bounty for those that want to contribute and are looking forward to everyone's feedback.
Gem Radar ?: Just before Christmas!
Rim: Security is very important to us, the DeFi scene is so an exciting one just for this reason alone. Not a week goes by without rug pulls on one side and complex operations that exploit "features" in a unique way, that they're not supposed to.
Alistor: Now the public beta is the exchange framework with the basic functions. After we worked through the feedback and issues reported the full code will be submitted to external security auditors. We plan with the mainnet deployment in early to mid-Q1 2021, with more advanced features introduced with every update throughout the year.
Rim: Maturing the scene begins with security, as @AlistorZimon always says you can't have trustless finance if you can't trust the tools.
Alistor: Since our platform is 100% self-coded, we have high control over what's in there. Nonetheless, we spend a lot of resources and manhours to ensure this.
Rim: The assumption that you are smarter than everyone else has proven an expensive one for many in crypto.
Q7: What other security measures do you take? You mentioned that you will be getting full external audits, by which company?
Rim: For now, all commits and code is being run by https://mythx.io/
Alistor: We have not chosen our partners for the final audit yet. However, the plan is to give the code to at least two security auditors to ensure there are no oversights.
Rim: Using only one company has its own risks, which is why we run the code by several independent ones.
Q8: Why should people use your AMM. What will add that spark that other known AMM's are lacking atm?
Alistor: Let's work alongside the example of Uniswap. Uniswap causes losses in the high double-digit to triple-digit dollar area due to inefficient trade execution and slippage. It's something especially something traders with larger order magnitudes experience. Our sAMM is comparatively a lot more efficient and manages to buffer slippage, reducing these losses.
The off-chain token capability meanwhile offers us to take trades off the Ethereum network and process them in the faster and almost priceless IoT private chains. It's a really exciting thing for me as a trader and investor myself.
Gem Radar ?: Yes I wanted to reference to Uniswap actually, but didn't know how you'd feel about it ??
Rim: It's fine, they are the one to beat in the sense of volume and I think competition will move us only forward. No innovation without competition!
To be able to deploy DeFi to the masses we have to reduce the cost of entry massively as well as create ways to make sure on-chain settlement can be left out of the cost/benefit equation.
Gem Radar ?: Definitely is exciting for me as a Trader and an Investor, seems like you guys hit the nail right there.
Q9: What about attracting users? How will you guys attract liquidity and users to use your platform? I mean we can have some great tech, but we also need users to actually utilize your tech.
Alistor: The private chains allow us for a lot of utilities that can't be efficiently created on the Ethereum network due to the network limitations and fees. Let alone simple things like limit orders needs interaction with at least three smart contracts, which all cost fees to interact with. Taking this process off-chain and only pushing the results on-chain again will make such tools finally cost-effective.
Liquidity providers will be incentivised with a liquidity mining program over the course of a set time period. Depending on their share of the overall liquidity on the exchange they will be able to claim the secondary tokens as rewards.
Gem Radar ?: A true ecosystem you guys are building, and are providing clear value here. I think this will be major once adoption starts. Especially if you can tackle the problem of high slippage fees which seems like you guys are promising to do so.
Rim: There are many solutions out there, but we think we have found a way that will create a value "loop" which means we can bring value at the same as we limit inflation.
The fact that DEXG holders will be receiving a share of the fees is in itself already a great opportunity.
Alistor: That being said, the way the sAMM works is different from the, let's again say, Uniswap AMM works. All trade fees will be incurring in WETH, which will be distributed to a dividend pool and handed over to $DEXG holders.
So unlike having a thousand of tokens in fees that would need to be distributed to holders, it will be all in WETH.
Q10: So let's talk about the benefits of your token then, $DEXG. The tokenomics seem good, can we get a quick rundown of it and what's the benefit of holding $DEXG, governance etc.?
Rim: As of now, we are still in the liquidity distribution phase, which we are doing over 8 staking rounds. We are currently close to the end of the 6th staking round with the final one concluding at the end of January. After all staking rewards have been issued the total supply is estimated to be 55,000 $DEXG.
Alistor: At that point, I'd like to mention that there was no pre-sale for $DEXG. We locked the initial liquidity pool on Uniswap with 20,000 $DEXG and 10,000 $USDT and started to distribute the remaining tokens via the staking rounds.
Gem Radar ?: Yes that is something really impressive, and as a traders perspective $DEXG has been a really good investment and I'm sure this is just the beginning of it all.
Alistor: The core benefits of the $DEXG are the governance over the protocol and the previously mentioned fee-shares, which includes all trades the exchange generates.
For stakers, there will be the additional incentive to receive a part of the initially mentioned secondary token after the final staking round concluded depending on their participation throughout all staking rounds. The final tokenomics and details for this will be released in the coming weeks.
Gem Radar ?: Perfect! I think we've covered a lot of things here and highlighted what's in store for your project, shall we move on to the community questions?
Q11: @JenabJe asks, Will $DEXG ever venture out to other projects and connect it with its current ecosystem?
Rim: For sure, actually, the sAMM will create opportunities across all markets. Since we try to offer a more efficient way of trading, you can see arbitrage opportunities everywhere.
I like to see it that as the DeFi space grows, so do the opportunities for DEXG and our Ecosystem as they both feed off each other and will create a value and volume loop.
Alistor: Also with the exchange proving the efficiency of IoT sidechains, projects may gather interest to make use of those networks, which in effect is connected by $DEXG, building on top of the created infrastructure.
Q12: @vaibhav_05122 asks, DEXG is obviously very beneficial to we crypto users. However- how do you plan for DEXG to be useful and beneficial to the majority of non-crypto people?
Alistor: For the end-user, it's clearly crypto-focused. However, enterprise users in order to tokenize assets or hook up their processes with the IoT network of Flowchain will need to provide DEXG as collateral. We already gained first interests and partners for pilot projects in this regard.
So I'd answer this question with a semi-yes, since the real-economy processes that enterprises may make more efficient, may directly benefit non-crypto-people.
Rim: That's an interesting question because we won't have non-crypto people anymore in the foreseeable future, but I know what he means. IoT solutions can be found from the herding and milking of cows as well as more easy to imagine things like automated transport, or entry verification. All these transactions have a network cost and the bigger the network, the bigger the security and the value presented to DEXG holders for instance.
Q13: @Loversss10 asks, DEXG’s 6th staking round is Hyperion and this sixth staking round also adopts the liquidity locked staking model and utilising DEXG/USDC shared Balancer Pool. Can you give us a detailed explanation about the Pool? How is DEXG reward tokens being distributed?
Alistor: So, to participate in the staking users have to deposit their $DEXG to the 90/10 Balancer pool. This pool has a weighting of 90% towards $DEXG which reduces the risk of impermanent losses. Once the $DEXG are pooled, users receive Balancer Pool Tokens $BPT, which they can use at https://stake.dextoken.io for deposit and, depending on their share of all deposited BPT, get additional $DEXG as rewards.
Gem Radar ?: Excellent questions today and some excellent answers provided by you guys. Honestly, I'm in. I'm convinced lol, and I actually learnt a lot in this AMA. Your vision is huge and I support that. It's still early days right now so as an investor I'm going to grab some $DEXG after I finish up with this AMA. I've been following you guys, your marketing is great, you are currently raising awareness and getting the exposure needed once the AMM goes live. You have created solutions to problems we traders face every day, and you have a real use case here. I'd love to do a follow-up AMA with you guys, even if it's short after everything is live to see how you have progressed.
Thank you for spending the time today here with us at @gemchasers and we appreciate the patience and dedication. It was an absolute pleasure speaking with you both today and I'm actually amazed at how much information was provided by you both today. Definitely, a lot to digest, and thank you for simplifying it as much as possible.
It was a true pleasure. ??
Alistor: Thanks! It has been a pleasure for us as well! ??
Rim: Thanks @radargem. It's refreshing to work with a professional team like you guys.
Alistor: I can only agree with this.
The End
Links & Ressources:
- Official DEXToken Website
- Official DEXToken Staking dApp
- Official DEXToken Telegram Group
- Official DEXToken Announcement Channel
- Official DEXToken Twitter
- Official DEXToken Medium
- DEXG on DexTools
- DEXG at Coingecko
- DEXG at Coinmarketcap
- DEXG at Etherscan
- Official DEXG Balancer Pool
- Trade DEXG on Balancer
- DEXG/USDT Uniswap Trading Pair
- DEXG Proof of Liquidity
Disclaimer:
DEXG tokens are not intended to constitute securities in any jurisdiction. The white paper does not constitute a prospectus or offer document of any sort and is not intended to constitute an offer of securities or a solicitation for investments in securities in any jurisdiction.
The Flowchain Foundation Limited disclaims any and all responsibility and liability to any person for any loss or damage whatsoever arising directly or indirectly from (1) reliance on any information contained in this white paper, (2) any error, omission or inaccuracy in any such information, or (3) any action resulting therefrom.
The value of DEXG tokens is currently very volatile. Flowchain Foundation (“Company”) does not have any means of stabilizing the token value, please buy at your own risk. Unlike bank accounts or accounts at some other financial institutions, DEXG are uninsured unless you specifically obtain private insurance to insure them. Thus, in the event of loss or loss of utility value, there is no public insurer or private insurance arranged by Company, to offer recourse to you. Because DEXG are based on the Ethereum protocol, any malfunction, breakdown or abandonment of the Ethereum protocol may have a material adverse effect on the platform or DEXG. Moreover, advances in cryptography, or technical advances such as the development of quantum computing, could present risks to the DEXG and the platform, including the utility of the DEXG for obtaining services, by rendering ineffective the cryptographic consensus mechanism that underpins the Ethereum protocol.
