Today we are glad to tell you about the AMA session with our friends from DEXToken Protocol. The AMA took place on December 19 and our honorable guests were Alistor Zimon and Rim Slim.
The total reward pool was 2000$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with DEXToken Protocol! welcome to Satoshi Club. 😀
Alistor Zimon: Glad to be here! 😊
Rim Slim: Hi guys!
Mary | Satoshi Club: How was your day? 😃
Rim Slim: To be honest pretty crazy. I woke up this morning to a 40% price increase overnight, it seems like your community has been looking forward to this AMA. We have been working hard the last months so it’s good to be able to show our product finally.
Mary | Satoshi Club: Oh, it could be! You have a lot of news as i see recently 😃 but let’s start with your intro first and intro of your project!
Alistor Zimon: I’m Alistor, a long term crypto investor and blockchain enthusiast. I’ve joined the DEXToken Protocol to aid their business development team in August.
Rim Slim: @AlistorZimon introduced me to this project, the team behind it and asked me to join to help with the community and the communication. I’m happy to say the more I have been involved the more interesting it gets.
Me myself have a similar background as to crypto and I help with the translation of the “tech” and our community.
Alistor Zimon: The DEXToken Protocol is quite ambitious and serves several purposes. For the sake of simplicity, I’ll try to keep it brief. At the core is the decentralized DEXToken Swap exchange, featuring an advanced and unique AMM which outperforms existing AMM models in regards slippage prevention and performance. The $DEXG token serves as a governance token for the DEX and Protocol and will reward $DEXG holders with a share of the global transaction fees on the DEX. Digging deeper, we connected the DEXToken Protocol with the Flowchain ecosystem, utilizing its IoT off-chain capabilities.
Combining these cornerstones we are creating a powerful DeFi protocol benefiting private users and enterprises alike. Now I believe most of this will sound quite ambiguous to most people, but I’m sure this AMA will help to increase the understanding of what we are building.
Q1 from Telegram user @isd_orban
Your staking programs are inspired from Greek mythology: ‘IGNITION’, ‘LUNA’, ‘CALYPSO’, ‘PANDORA’, ‘PROMETHEUS’, HYPERION. Who are next? Hercules, Poseidon? who came with the idea to name them this way?
Rim Slim: Aah yes, I’m happy you picked up on that. Since our staking has 8 rounds, we wanted to only to make sure every round has its own identity, but also have a nod at crypto in general. Although the names come from Greek mythology, we are actually referencing 7 moons.
And the first round, which was ignition, was the stepping stone for our project. To the moon, but 7 times!
Mary | Satoshi Club: Do you have full guide how to join Hyperion?
Alistor Zimon: We have a guide on how to join the medium rounds posted on our medium account. The process for Hyperion is the same as for our previous rounds. For reference see: https://medium.com/@dextoken/dexg-luna-staking-round-161641489913
In a few simple words, people can buy DEXG, add them to our Balancer Pool and use the received Pool tokens to stake at https://stake.dextoken.io to receive more DEXG.
Rim Slim: https://dextoken.medium.com/presenting-hyperion-dexgs-6th-staking-round-28b5f0ced8fa
This is the article for our latest round, it contains all info, and of course we are always ready for questions in our communities.
Q2 from Telegram user @blockmen
It is very original to distribute all the remaining tokens through staking in 8 stages. At the end of the 8th stage there will be 48150 tokens. However, I see there is a final mint stage of 3500 tokens. To whom they will be distributed and what about the tokens left until the total 55000 supply?
Alistor Zimon:We expect a total supply of 55,000 DEXG after the final round concluded. This includes 10% of Team and 10% of Fundraising tokens (Marketing, Partnerships). 2,000 of these have each been minted in round 1 already, the 3,500 are the remaining to fill the 10% quota.
Mary | Satoshi Club: Are team tokens locked? If yes, for what period?
Alistor Zimon: This is our latest projection for the supply evolvement including the final staking round and mentioned final mint. There will be no additional tokens minted after that.
All tokens will be circulating supply, since we neither want partners, private investors or single team members, as well as contractors discouraged to engage with the platform or doing their best for the project.
Q3 from Telegram user @filippsubzero
I’ve read your disclaimer and I’ve seen something interesting. I’ve never seen a project mentioning that: 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.
We know there is a lot of speculation around this subject but no proof yet. Don’t you think that if there will be a solution to easily decrypt, then we will have a solution to encrypt as well? These things come at the same time. So, I don’t think we have to worry about this. Tell us your opinion about this and why you decided to add this in the disclaimer.
Alistor Zimon: Interesting mention! The crypto sphere in general avoids mentioning the risks associated with investments or the technology. However, Quantum Computing poses as a high risk factor as it is able to make the existing algorithms redundant and we think that it’s only fair to mention it towards potential investors.
Yes, I’m sure that cryptography can advance to a more complex state leveling the advantage of quantum computing again. In its current state the Ethereum network, or all cryptocurrencies, would be prey to such a technological advancement though.
Rim Slim: Also please keep in mind, this isn’t really a question regarding DEXG specifically but one that affects all of crypto, internet, banks, airlines and even things like using your phone and how its connected to networks.
Alistor Zimon: Since our dev team takes high interest in the quant theorum it got our attention and for transparency reasons it found its way into our disclaimer.
Mary | Satoshi Club: Doesn’t he want to create his own quantum computer?
Rim Slim: Our CEO is a quantum mind! No need 😉
Alistor Zimon: Well, certainly our lead dev Jollen Chen has a high interest in quantum technology. We’ll let you know when we made that technological breakthrough! 😉
Q4 from Telegram user @dani_minkovicz
You implemented the brand-new Speculative AMM. I’ve tried to understand it’s functioning principle but I am not tech. I didn’t quite get the point. How does it determine the price of the token based on the volatility?
Rim Slim: Oh boy, this is so fascinating but also hard. We have published a technical paper, and a whitepaper after as well where we explained it a bit more plainly, but it’s still complex. Beautiful but complex.
Mary | Satoshi Club: Yes, I was reading twice😂 but still don’t fully understand Speculative AMM.
Rim Slim: We will try to bring it back to basics as much as we can, here goes:
Put in another way, every user will have a private version of the algo running while connected to our dex, and since the algo is based on volatility, supply and many more parameters it can make this decision independently. This is really groundbreaking.
Why is this groundbreaking you may ask? Well safety in DeFi is a big concern. People getting rug burns from rugs being pulled, lots of attack vectors. So any info you take in from an outside source has the potential for manipulation. Another big one and the basis of why our DEX is setting out to become the next technological baseline in DEXES is the fact it’s so efficient at pricing, slippage will become less and less of an issue. Everyone who bought something on Uniswap knows this. You press the button and hope it will go well, we are fixing this!
The biggerr the overal DeFi space, the more effective our algo will be. This means a positive feedback loop, in favor of our own dex and our users of course.
Alistor Zimon: Actually there is no basic way to explain the AMM, since it’s all based on complex math and quantitive finance. We created the Tokenomics Research Center in Taiwan in cooperation with the Mathematics dept. of the National Taiwan University and the Quantitive Finance dept. of the National Tsing-Hua University in Taiwan.
The result of this cooperation can be seen here: https://dl.acm.org/doi/pdf/10.1145/3341105.3373891
Looking through this document, the complexity of the AMM will become obvious. The Speculative AMM utilises this set of fomulas automatically calculate and adjust the pricing.
It’s a mathematic algorithm if you will, that runs on the solidity code of Ethereum to fulfil its function.
Since Rim mentioned slippage, let me share this comparison of our AMM with the Constant Product function AMM, which is used by Uniswap for example. Our AMM manages to smooth out the trade execution a lot more efficient, which allows for a decreased impact of the slippage.
Rim Slim: But into simple words though, you will be left with more tokens, less fees and more security. And this in a beautiful package that we will implement in many markets!
Alistor Zimon: Losses due to slippage are a huge factor, especially when we start to speak about the order magnitude of institutional investors.
(Thanks to Peanut Trade and ICO Analytics to provide this graph and data at this point).
Q5 from Telegram user @mag_crypto
In your latest Dev update (Security, Security, Security), you mention the Oracle Exploit of 89 million$ on compound. It is related to the manipulation of the price on one exchange, which set in motion other events. Tell us how are you going to prevent such event in your ecosystem and was your plan tested in reality or for the moment it is just a theory?
Alistor Zimon: First of all, we don’t rely on external oracles, so it’s impossible to utilise an exploit like this against our platform. The AMM derives the pricing data directly from the underlying blockchain, in this case Ethereum.
Rim Slim: Yeah, this loops back into what I just mentioned. We can’t be manipulated through outside info like in this case. In this case there was manipulation on one exchange, and this price value was given too much weight, which pushed many loans into liquidation.
Mary | Satoshi Club: As i remember that was Compound, right?
Rim Slim: Yes, although the exploit was to abuse the weighted average of what fed the oracles price.
Mary | Satoshi Club: So, manipulations are impossible with DEXToken Protocol?
Rim Slim: This might always be possible in a way, but you can do your best to avoid it and this is what we do.
Mary | Satoshi Club: Alright, one more question from me, what about your platform security?
Rim Slim: This is why we have bug bounties, use various external security firms, use onchain analysis and are enough to understand here is always someone who is smarter than you.
Alistor Zimon: For our DEX we will open the code and command line to the public with the upcoming public beta and hold a bug hunt. At the same time the code will be revisited by at least two security audit companies for final clearance. Our platform has been designed with maximum security in mind, which is also part of the reasoning why we coded it from scratch ourselves.
Q6 from Telegram user @Antonerem
Flowchain Foundation, your company, was established in 2018. What have you achieved in the previous years since the foundation and what were you mainly focused. With what successes and problems on the road.
Rim Slim: Now this questions harks back to our Ceo Jollen Chen. You have to understand that DEXG isnt just a standalone dex which is being developed. It is part of an ecosystem that Flowchain has been building for years now, and which we have a roadmap for that stretches until 2025. We are just lucky enough to jump on board at this stage, due to crypto developments, DeFI and of course all the experience Jollen and TEAM have been expanding on nonstop.
Mary | Satoshi Club: What is your plans for the nearest future?
Alistor Zimon: We are stepping out a lot of the DEXToken Protocol territory here. The Flowchain Foundation created the Flowchain network, which is an IoT technology that could use an AMA on its own to fully explain it. However, as a company Flowchain managed to attract several partners for IoT projects and has been mentioned among the top 10 IoT solution providers in the Asia Pacific region in several rankings and articles. DEXG has been the next step in the Flowchain ecosystem, allowing for the interconnectivity of IoT applications and decentralized finance.
Rim Slim: This is something we really want to share today. We are about to launch the public beta of our dex, and would like to share a little sneak peak of what’s to come.
Keep in mind this is the public beta from couple of days ago, as we are pushing commits every day and it will keep morphing untill V1.0.
Alistor Zimon: The public beta will officially accessible on the Ropsten network from the 23rd December for everyone to test, bug hunt or just take a look. The Mainnet platform should go live in early 2021, but we surely will update you again once we have the date set it stone! 😊
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.
Q1 from Telegram User @regard94
Could DEXG technically mint for example NFTs for Liquidity Providers? Some rare one’s for example. 🙂
Rim Slim: Most definitely and we are already working on frameworks that will not only make it possible but we have some ideas of our own. It’s a very fascinating topic and we will have more on this in the future, no doubt!
Q2 from Telegram User @DrCassiterite
Can I use AMM to arbitrage transactions DEXToken Exchange and other exchanges?
Rim Slim: Definitely! Actually you can see our sAMM as a tool that can be used in many ways, its all up to the users, and keep in mind that fees will be distributed amongst DEXG holders so this is a very interesting aspect. More volume, happier DEXG holders.
Q3 from Telegram User @krispykreme
Can you give us more information about the secondary token?
Rim Slim: Hi thanks for your question. I can, we haven’t touched on it yet today, but to attract liquidity we will issue a secondary token that will be used to pay out rewards to DEXG holders, Liquidity Providers and there is even a surprise coming for our stakers so keep staking!
Q4 from Telegram User @amos757
Are there any beneficial potentials your projects have that is yet known to the members?
Rim Slim: Yes we are working on a set of pro trading tools that will be accessible to our users, but more on this soon!
Q5 from Telegram User @bulbul03
How does DEXG has been the next step in the Flowchain ecosystem?
Alistor Zimon: The DEXToken Protocol has already been part of the original Flowchain Whitepaper. Companies and enterprises can use the Flowchain IoT Networks for their processes or to tokenize assets. To mint these off-chain IoT tokens DEXG is needed as collateral, at the same time the tokenized assets can be traded and monetized over the DEXToken Exchange. This gives both, the Flowchain IoT Network, and the DEXToken Protocol additional use-cases and value.
Q6 from Telegram User @Calebkure
What makes you so sure that you would be dominate in the blockchain space? Can you expand our knowledge about Your Roadmap this year and the future and any Updates on your Research and development progress?
Rim Slim: Domination is not good as it stops innovation, we want to get better and move the space forward as good as we can and as transparent as we can!
Q7 from Telegram User @CryptoZaratustra
Are DEXToken, FLC and AIMining projects developed by the same team? Why didn’t you combine DEXToken, FLC and AIMining products in one project?
Alistor Zimon: Interesting to point this out. All of these are part of the Ecosystem and some staff surely overlaps in the projects. However, the bigger the ecosystem gets, the more important it is to divide the projects into their own branches to not lose focus in the process of developing and building.
Q8 from Telegram User @AmirJosh
After the last “TITAN” staking round, what will be next events to look forward to on DEXToken Protocol?
Rim Slim: The launch of our V1.0 exchange which will have all the basic functionality and will be expanded on with new additions over the year. We are building the foundation as we speak of our future.
Q9 from Telegram User @Nickkiii
I’m a white hat hacker, do you have any Bug Bounty available, I would love to look at your code to ensure that DEXG has the best security possible?
Rim Slim: We will launch it this week! Please visit our community and drop me a line and ill personally invite you to it.
Q10 from Telegram User @tsafik
How can I provide liquidity with USDC & DEXG? Do you have some guide for this? If I decide to withdraw the tokens from LP at some point, will I receive just DEXG back or also USDC?
Rim Slim: Yes of course. You can find all info here. We have chosen a 90/10 shared pool to limit IL to the max. https://dextoken.medium.com/dexg-usdc-balancer-shared-pool-announcement-f85208ca5c3
Q11 from Telegram User @Mora110
What are the features that make me confident in your project?
Rim Slim: The fact we own the code; this means the knowledge level to tackle any challenge is really high.
Q12 from Telegram User @Maksyrn
Why did they complicate the mechanism for obtaining tokens, except for their direct purchase? Why is STAKING ROUNDS already 8 (like an inverted infinity sign)?
Rim Slim: Fair distributions means that you let the market decide its value. Staking is another of showing dedication to your project. Together you can see that after 5 rounds already we have been able to create a healthy and amazing community!
Q13 from Telegram User @AmirJosh
Your roadmap is stretch until 2025. Are there any plans or considering to create your own blockchain within this developmental period?
Alistor Zimon: The hill to adoption for new Blockchains is increasingly harder with the dominance of Bitcoin and Ethereum. Flowchain merged to Ethereum after the ERC-20 functionalities have been expanded. There are no plans as of now to create an own blockchain. However, it will be interesting to see how Ethereum will continue in terms of scalability and how other blockchains perform compared.
Q14 from Telegram User @BERTA2020
When claiming the rewards generated in your staking system, do I need to pay some type of fee with the current gas congestion that exists or is it totally free?
Rim Slim: Well Berta, since we are on the ETH network sadly we are beholden to the gas prices. But keep in mind, they are not going anywhere so just take them out whenever fees are lowest.
Q15 from Telegram User @csgonub
How do you provide the fund safety for your project? Can you explain please?
Rim Slim: The fund safety is backed by the safety and the immense scale of the ETH network.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about DEXToken Protocol. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 1500$ were distributed between the winners.
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