DEXT x Satoshi Club AMA Recap from August 1st

DEXT x Satoshi Club AMA Recap from August 1st

The cryptoworld has become a financial support for millions of people, it grows every day more in number of projects, in the same way our telegram community grows and has exceeded 20k members. Today we would like to tell you about the AMA session with our friends from DEXT. The AMA took place on July 30 and our guest was @FredericDEXT.

The total reward pool was $800 and it was splitted into three parts.

In this AMA Recap we will try to summarize some of the most interesting points for you.

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PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Serg | Satoshi Club: Hi! Today our AMA guests will be from @DEXToolsCommunity. @FredericDEXT, welcome!

Frederic | DEXT: Hi, nice to be here with you, Congratulations for your 20k members.

Irina K.| @Satoshi_Club: How are you? Thanks for the kind words. 🥰

Serg | Satoshi Club: We are glad to have you here 🙂 Please tell us a bit about yourself and how did you start DEXtools 🙂 What was the idea behind it.

Frederic | DEXT: Well, I am Frederic Fernández, i’m the CMO and CoFounder of DEXTools. DEXTools borns of the need of a group of cryptotraders that want to be better, so with our coding skills we tried to build the best trading assistant for ourselves, so the result is DEXTools.

DEXTools is a trading application created by Crypto-enthusiasts that aims to be the best trading assistant for crypto-currency trading. From the beginning, our goal has been to convert all the information provided by the APIs and the blockchain into an intuitive and fast graphical environment, so that users do not have to search for all the information step by step and thus save time and earn more money due to the increased reaction time. As you know…In Crypto-Trading, a few seconds can turn a good operation into a failed on.

Irina K.| @Satoshi_Club: So you are the first users of DEXTools? Where you involved in finance before that? Before DexTools I mean.

Frederic | DEXT: We started as Cryptotraders at the end of 2017, most part of the team worked as developers, and crypto was just a hobby for us, after a promising months in the 2017 bull our gains were drained due the hard bear market. so We had to adapt, because we fall in love with Crypto, when most of our friends leave the trading, we adapted, and from that strategies we develop and primitive tools, DEXTools was born.

Serg | Satoshi Club: you’ve entered the market at its worst point. 🙂

Frederic | DEXT: Yes, i joined crypto in November 2017 and you always spend some months learning, at first you don’t nothing about crypto and all is new. I think most people has the same feelings at the start.

Serg | Satoshi Club: Yes, my first interaction was to build an ETH rig in 2016. 🙂

Frederic | DEXT: Nice investment.

Irina K.| @Satoshi_Club: Is the team located in a country or you work remote?

Frederic | DEXT: We work remote by now, but we are all from Spain.

Serg | Satoshi Club: It’s a nice country 🙂 I hope to revisit it soon.

Q1 from Telegram user @romanstrode

Who is your target customers, professional traders or the ones that are just getting started? Who can benefit the most from the tools that you are offering?

Frederic | DEXT: Very good question. We ourselves thought about that many times, when you have years of experience it’s hard to think again like a newcomer. But I think our target are simply traders that want to go one step further and take advantage of the tools we gave, a better trader will benefit more of our tools, but a newcomer can also find it easier to understand market movements and learn trading with our tools.

We try to keep the app the most user friendly we can.

Q2 from Bitcointalk user pedronino

May I know where will the subscription funds go? Directly to the team? What are you planning to do with them? Are you planning to burn?

Frederic | DEXT: Yes, of course, the subscription fees return to the team, but we do have also a burn feature, we will burn 50% of the collected fees until 20 million are burned, and after that 10% of the collected fees forever, that makes us a deflationary coin.

The rest of the fees go into the team’s budget, but we may consider doing more burns in the future or increasing the current ones. We want to keep it sustainable and think long term.

Serg | Satoshi Club: And how will you use the rest of the budget? Is there a plan for that?

Frederic | DEXT: We will adapt to the economic conditions depending on the token price too. But we have not so many expenses right now. Most of the budget will go to marketing and New exchanges, by now we develop all tools by ourselves, so until we need to hire more team (which is likely to do in 2021), we don’t have many expenses like other teams.

Serg | Satoshi Club: That’s a healthy plan, well organized. In this way you will not run out of funds.

Frederic | DEXT: Thank you, as I said we try to think long term.

Q3 from Bitcointalk user albert3990

You can talk a little about the bot project that will be launched in the third semester in the premium plan. How will it work?

Frederic | DEXT: Yes, the bot in which we were working and that we have more advanced is the IDEX trading bot, that is likely to be included in V1. It is an automated buy and sell bot, the first version will be integrated into IDEX exchange, you can choose a currency and set some parameters like a buy range (between 50-60 for example) and a sell range (between 70-80 for example), so the bot will always try to buy in the buy range and sell in the sell range maximizing the profit.

If you sell your tokens, they can automatically put the buy order again until you give another order or stop it.

Serg | Satoshi Club: It’s a good thing. I always set some notifications for this but with a bot I think it might be easier.

Frederic | DEXT: We are working also in the token catcher bot, if a big amount of tokens are deposited in the exchange, they will put the order and try to catch the dip.

Irina K.| @Satoshi_Club: Does it use machine learning or AI technologies? Or just plain buy/ sell functionalities?

Frederic | DEXT: It’s a feature that we already have in idex, but you need to do it manually. I think trader should act and at least give some parameters, but we are not against experimenting with some Trader IA in the future. But the best results always come from traders’ experience and good knowledge about the market.

Serg | Satoshi Club: So, basically, it is not giving me advices or smth but is helping me organize my trades better.

Frederic | DEXT: Yes, the advice comes from the other tools that show all the info you need to make better trades.

Serg | Satoshi Club: Let’s suppose that 100% from the IDEX traders are using your services. What then? How will the trade go? I mean wouldn’t it be influenced? can someone see what orders were made in the bot and influence the trades?

Frederic | DEXT: The bots always try to put itself in the first place, the rest comes from idex limitations. We will try that premium users have preference obviously.

Serg | Satoshi Club: and btw, what revenue do you expect? or how many subscriptions?

Frederic | DEXT: We have by now, in the lastest check 24000 users yesterday. We were growing in users 100% everyday last week.

Irina K.| @Satoshi_Club: Users with subscription? Or in general?

Frederic | DEXT: I cannot give an estimation because we never expected those huge numbers. So next week when we close the beta we will see. In general, beta by now is open and free for all.

So you can try it : https://www.dextools.io/app

Serg | Satoshi Club: Do you plan to add more use cases for the token? beside buying the subscription? I hope you don’t mind my questions 😁 I am very curious.

Frederic | DEXT: Yes, of course, we have benefits for the big holders, like a premium membership with free access to the app and some of the top tier features will be only accessible by holders. The best trading bots for uniswap for example, that I hope it will be released on Q4 2020 or max Q 2021.

We will keep developing and improving the app everyday since then. So it will be a soft transition. One of the things that is important for us since the beginning is to have a fully usable app so community could use it without long development times.

Now we apply the same philosophy to our development and we want people from community can see the improvements of the app every week or month max.

Serg | Satoshi Club: that is really important to get ahead of projects which are starting just with an idea.

Q4 from Telegram user @JP_Morgan_Chase

Will DEXTools have tutorials for novice traders? How to use DEXTools tools correctly and analyze the market with their help?

Frederic | DEXT: Yes, we are working currently on a user guide to explain all the features we were including these last updates.

For explaining idex ones we have a very good article write by our friends from cryptoguerrillas: https://cryptoguerrillas.com/dextools-crypto-traders-crystal-ball/

We have some videos in our YouTube, but they are a bit outdated. We hope to release a new one soon.

Q5 from Telegram user @Brainchest

In the roadmap, I saw no intention of listing DEXT token on exchanges like Binance, Huobi and e.t.c.. Is this not included in the immediate plans or not at all?

Frederic | DEXT: We are a small team, we had no ICO and we released in Uniswap at first, so our budget by now is limited, and we prioritize development, so TOP exchanges like that are a little far ahead from our current situation in the market. But of course, we are open to list in any of them. If they make a good offer and they show interest in our project.

But we are focused on DEX mainly so it’s good our main exchange is a DEX like uniswap.

Serg | Satoshi Club: Do you plan to attract investments in a form of private sale or a public one? in the future.

Frederic | DEXT: Yes, we are in touch with some Blockchain Venture Funds and even some Spanish companies that are very interested in our idea. But I cannot disclose our negotiations by now. As you will understand.

Serg | Satoshi Club: I am glad to hear about that. wish you good luck with that!

Q6 from Telegram user @occupyingmars

Please explain how your UNISWAP Pool Explorer does function? How does it know when there are manipulations or when a project is a scam?

Frederic | DEXT: Pool explorer works in the same way as uniswap info with some additional tools, price chart and dext score are the most popular by now. Chart works in real-time with the last 800 trades by now, we will improve the history in v1 so you can change the time frame like the charts from tradingview for example.

Irina K.| @Satoshi_Club: How is the dext score created?

Frederic | DEXT: About DEXT score, it’s based in 15 different parameters that are given to an algorithm we designed, usually most info= most dext score, the info is taken from many sources. Time since contract creation, number of holders, number of transactions, pool size and verified contract on etherscan are some of the most important points.

We will keep improving it with more parameters to give even a most accurate score in the future.

Serg | Satoshi Club: That’s really nice, I don’t think there is an equivalent.

Frederic | DEXT: Sometimes we cannot found info about a token, so we included a warning symbol with and advice that every people should know. Do Your Own Research Always. DEXT score is not infallible even if it can filter 99% of uniswap scam.

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PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 80 seconds; around 500 questions were posted by the Satoshi Club community. Our guest chose ten of them.

Q1 from Telegram User @Gladushka

The Polkadot ecosystem is actively developing. Are you planning an integration with Polkaswap?

Frederic | DEXT: We are closely following the development of new exchanges such as polkaswap and hope to be able to integrate it when it comes out if it is successful.

Q2 from Telegram User @SIRJEETU

I read the intresting story behind the idea of creating #DETX tools. My question is what was motivation for a small team of traders who decided to create this massive. And are you guys adding more clients like Uniswap in future?

Frederic | DEXT: We like crypto, we spend years trading and developing for ourselves while we saw nice communities growing, we thought that it will be nice sharing our tools to people and participate in the ecosystem creating our own community in crypto.

Q3 from Telegram User @putu45

What is the structure of the company, is it a decentralized, open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?

Frederic | DEXT: We are a small team, so we are organized by skills, all people in the team has a unique skill or more experience in a particular thing. So we organize and work together very close even being in different places. The best part of this team is that we are friends, not only workers of the same project.

Q4 from Telegram User @Termuxnih

I believe in security, may I ask what program is behind DexTools, whether C ++ or Php. if one or the other why you use the program?

Frederic | DEXT: We use many technologies, the most used in our project is Javascript and its framework Angular. For the backend, we are developing in Node.

Q5 from Telegram User @Cuzz1

Can customers get support by DEXTools without delivering sensitive personal information? What information do you save on the system? Is it necessary to present the information? How does the system protect users from risks?

Frederic | DEXT: We don’t have any kind of KYC and we have not planned to have it, so no sensitive information is saved in our system. We do not have any risk for users by now, we only provide information.

Q6 from Telegram User @Royalzackie

What is the importance of DEXT erc20 token and why DEXT choose Ethereum based Blockchain? There are many Blockchain available. DEXT can choose trc20 also, but why erc20?

Frederic | DEXT: We choose ERC20 because it has a bigger ecosystem, it’s easier to work with it because there is a lot more info about everything you want to develop. It’s also easier to list on exchanges like Uniswap that only works with erc20.

Q7 from Telegram User @erven12

Is using DEXTools Platform Affordable?

Frederic | DEXT: Yes, we will try the platform will be affordable for most people, you can also use it for free if you are a top holder, so you can buy our token, use it for free and after that selling it (with profit if you are lucky or do it well).

Q8 from Telegram User @Lanre_Akorede

DEXT is the transaction data in the new DEFI era. What I worry about is how you can provide accurate market data considering the market manipulation of cryptocurrencies. Do you have Oracle to ensure accurate transaction data?

Frederic | DEXT: We take most of our data from Blockchain, so you can’t falsify it, also DEX in general have a more organic volume and don’t falsify orders, volume or other things like other shady exchange could do.

Q9 from Telegram User @T_ashish08

What do you think is the biggest advantage that enables the team to lead the market? On the contrary, what are your weaknesses? How do you plan to overcome it?

Frederic | DEXT: Our biggest advantage is that we are crypto enthusiasts, experienced traders and experienced developers, so we have a good mixture for doing a great job, our weakness is that is hard to compete with bigger projects that have more money or connections than us. But we will do our best.

Q10 from Telegram User @Alisonm1

What do you think are the issues that IDEX & UNISWAP users are facing today? And What are the unique key factors that DexTools has to offer?

Frederic | DEXT: The issues in IDEX and Uniswap are very different, in IDEX you have to pass an interview to list, so there are few scams in there, but the biggest issue is the lack of liquidity in most pairs, in uniswap is the exact opposite, you have plenty of liquidity but there are many scams because everyone can create a scam project and list.

So we have to adapt to every exchange with the tools that they need.

Serg | Satoshi Club: Thank you for your answers!

Irina K.| @Satoshi_Club: Thank you @FredericDEXT

Frederic | DEXT: Thank you too. Very good questions, it was hard to choose.

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PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about DEXT. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 500$ were distributed between the winners. You can check the list of quiz winners here: https://t.me/Satoshi_club/189902

 1.Out of the first tokens that the users will use to pay for the subscriptions, how many will be burned?

b) 50% of the first 40 Million.

2.How many dext tokens do I need to hold at least to use the complete pair explorer during the beta phase?

a) 5000 DEXT Tokens.

3.Which features include the IDEX DEXTools?

c) Token Catch, Wallet info, Spread Hunter, Ob search and Exchange Data.

4. What is the planned date for the launch of the 1.0 version of the DEXTools platform?

b) Q3 of 2020.

For more information and future AMAs, join our Social Media channels:

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