Eclipseum SatoshiClub AMA from 14th of December

Eclipseum SatoshiClub AMA from 14th of December

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 Eclipseum and our guest was Taylor.  The AMA took place on 14 December.

The AMA session was divided into 3 parts with a total crypto reward pool of 500$

In this AMA Recap we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&Bitcointalk community

Mary Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with Eclipseum! welcome to Satoshi Club

D. | Satoshi Club: hello everyone!

Taylor – Eclipseum: Hey everyone! Excited to be here

D. | Satoshi Club: @Eclipseum good to have you here!

Mary | Satoshi Club: Hello, happy to see you here

How was your day?)

Taylor – Eclipseum: Good, no complaints so far

Mary | Satoshi Club; Great) let’s start then

Could you please introduce yourself and Eclipseum project

Taylor – Eclipseum: Sure, my name is Taylor. My background is in Mechanical Engineering, first got into blockchain in 2015 with Bitcoin.

I got interested in DeFi in early 2019 and decided to build my own project. I came up with the concept of Eclipseum to be a store of value asset that utilizes two Automated Market Maker (AMM) liquidity pools to generate transaction fees for the ECL holders over time.

Mary | Satoshi Club: Oh, long time here

Taylor – Eclipseum: Yes!

Mary | Satoshi Club: Great idea  btw, how many members do you have in the team?

Taylor – Eclipseum: I worked as a solo developer building the website and smart contract. Now that the project has launched, we have a group of around 10-12 that build content for Eclipseum in various ways

Mary | Satoshi Club: Oh, that’s nice, you’re growing

Taylor – Eclipseum: We are!

Mary | Satoshi Club: Thanks for the intro ready for the questions from our community?

Taylor – Eclipseum: Yes!

D. | Satoshi Club: great! let’s go!

Part 2 — live questions from the Telegram community

Q1 from Telegram username @jobel4

As one of the quick facts of Eclipseum is stated that “there is No VC investors, no pre-launch token sale. Developed and deployed by a solo developer.” So can you explain to us how will your platform obtain funds especially for liquidity without having pre-sale of your token? Why did your platform decide to not conduct a presale for $ECL token? Can you explain more about the interesting fact that your network is being developed and deployed by only one developer? How does the solo developer do it? Can you share some of the background of the developer in Eclipseum? Thank you!

Taylor – Eclipseum: So in Eclipseum, liquidity is provided by the ECL buyers. When they buy ECL, they send ETH to the contract, and ECL is minted during the buy, so total liquidity increases.

I personally don’t like the concept of a pre-sale, when Eclipseum can scale it’s liquidity organically relative to the price. IMO this is much better for price discovery

I simply spent a lot of time work on developing the concept, whitepaper, smart contract, and website. Now that it is all complete, most efforts are purely on marketing, which the community is great at helping with.

Mary | Satoshi Club: Not so many projects who decided to start without sales, investors etc

D. | Satoshi Club: yes, marketing is a very important part

Mary | Satoshi Club: My applouds

Taylor – Eclipseum: Thank you

Mary | Satoshi Club: Do you have any bounties for your community?

D. | Satoshi Club: and do you plan any collaboration with other projects in the near future?

Taylor – Eclipseum: Not currently any bounties for the community, so far we haven’t had issues with volunteers stepping up and working on content

Not at the moment, I think we need to grow and size in liquidity first. But I have long term visions of ECL being used as collateral in various DeFi protocols.

We just need to get over the hump in terms of liquidity and stability

Mary | Satoshi Club: Wow, you have really strong and smart community. Thank you for your answers, ready to go to the next question?

Taylor – Eclipseum: Agreed!

Yes

Q2 from Telegram username @JesusFre1tes

Eclipseum (ECL) is an ERC-20 token designed to be an anti-fragile active. What decentralized methods do you use to make your token resistant to depreciation? In the DeFi world the markets are very fluctuating, especially when it comes to currencies that are not stable, how come ECL does not suffer any exchange rate in these situations?

Taylor – Eclipseum: Yes, well ECL is definitely susceptible to price fluctuations, as we have seen lately.

However, one of the mechanisms that minimizes how far the price can decrease is the Soft Sell Function, which is coming into play now. When sellers sell with this function, the ECL / ETH price does not decrease, and creates somewhat of a “price floor” that the ECL / ETH price is unlikely to decrease below.

This Soft Sell ECL / ETH price can also move up or down depending on what the ETH / DAI price is doing.

Mary | Satoshi Club:It’s interesting, do your users have a choice to sell with this function or without?

Taylor – Eclipseum: They can, using the website. If the Soft Sell Price is lower than the ECL / ETH price, a profitable arbitrage opportunity emerges where users can “Buy ECL” => “Soft Sell ECL”, which increases the ECL / ETH price.

We recommend users to buy and sell ECL from the website, as there is much more liquidity there than on Uniswap. The website app interfaces directly with the Eclipseum smart contract AMMs.

https://www.eclipseum.org/app/

D. | Satoshi Club: are there analogous of this function in other projects on the market right now?

Taylor – Eclipseum:I think some other projects do have a “price floor” mechanism, but I’m not very familiar with those projects right now. Too many projects out there

Q3 from Telegram username @KevSalom

Referring to your elastic delivery system you comment that “When ECL is sold to the ECL pool, ECL is burned from the ECL pool. My question is: Is there a limit to this burning? In an unfavorable scenario where ETH is experiencing a sharp drop in price and for a long time could not bring the supply to minimum values?

Taylor – Eclipseum: Good question! The ECL supply can continue to decrease during strong selloffs, but there is a lower limit that the ECL supply cannot decrease below due to the way the math works out.

Plus the Soft Sell price floor would prevent it from decreasing that low far before it gets to that point.

Mary | Satoshi Club: Can you tell us this lowest limit?

Did you already have strong selloffs?

Taylor – Eclipseum: Right now it is 0.000019 ECL / ETH, but this floor can increase or decrease as well. It increases if the ETH / DAI price decreases, and vice versa

Yea, there has been some selling over the last few days.

Mary | Satoshi Club: Oh, got it

D. | Satoshi Club: understood. it’s very elastic system

Taylor – Eclipseum: Yes, for sure.

Mary | Satoshi Club: I see that you prepared for different scenarios

Taylor – Eclipseum: Yes! We just reached the price floor recently, so it will be very interesting to see how it plays out

Mary | Satoshi Club: And as you have the lowest limit do you have highest limit for $ECL supply?)

Taylor – Eclipseum: Ahh good question. There is no upper limit for the supply

But the supply only increases when someone buys ECL. So supply and price always increase together.

Mary | Satoshi Club: It’s good for the way to the moon

Q4 from Telegram username @apocan99

You have integrated elastic supply in Eclipseum ecosystem, and thus minting and burning are taking important role for the whole environment. This reminds rebasing system. Do burning and minting affect the users wallet balances like in rebasing? If yes, in what way; if no, where do the minted assets go and which assets are burnt? Can you also summarize the main differences between Eclipseum and rebasing systems in general?

Taylor – Eclipseum: Fantastic question. Eclipseum is not like AMPL, so the ECL balances in users wallets do not change.

The minting and burning is only done to the ECL AMM pool in the Eclipseum contract.

This helps to minimize price swings from buying and selling

Mary | Satoshi Club: Is this AMM pool big now? Which was the latest event – burn or mint?)

Taylor – Eclipseum: The ECL pool has about 100 ETH, and the DAI pool has about 245 ETH.

I believe a burn happened last, but they are happening continuously as people buy or sell.

Mary | Satoshi Club: Not bad:smile: but sure, it will grow more!

Taylor – Eclipseum: Yep, I think so too!

Q5 from Telegram username @KelierTG

According to the game theory that Eclipseum applies one of the ways it has to minimize downward price volatility is by encouraging ECL buyers to purchase ECL immediately after ECL is sold by a different user… My question is: How do you encourage them to buy, and how are you sure they will?

Taylor – Eclipseum:Well, we cannot be sure that they will, but we can incentivize them too, here are the ways they are incentivized:

1) Transaction fees from the DAI pool are larger when there is more ETH in that pool, so the ECL / ETH price is more likely to increase from those fees

2) The contract transfers less ETH to the DAI pool, so more ETH remains in the ECL pool from an ECL buy

3) After a selloff, the ECL / ETH price is closer to the “price floor”, meaning less downside potential, and a better buy opportunity.

Mary | Satoshi Club: It really can encourage  by the way, as the main event happening on your platform, what can you tell about its safety?)

Taylor – Eclipseum: The security of the contract?

Mary | Satoshi Club: Yes

I am always asking everyone about audit, so looking for a new words

Taylor – Eclipseum: Gotcha. So I had a security audit done by Trail of Bits. The article for this can be seen here:

https://eclipseum.medium.com/eclipseum-trail-of-bits-security-audit-overview-bc91996fc0b9/

Also, the War on Rugs guys looked it over and gave it the ok

D. | Satoshi Club: you currently have two pools, right? so your system will be always based on two pools or you can add more pools with other assets?

Taylor – Eclipseum: This system has two pools and will always have two pools

The contract is immutable, and therefore cannot be changed by anyone

Mary | Satoshi Club: Got it, thanks

Q6 from Telegram username @ahmadjohon

Liquidity is a major issue for the DeFi project, so does $ECL have a liquidity program to drive natural token demand and liquidity?

Taylor – Eclipseum: So ECL is designed to have most of it’s liquidity on the Eclipseum smart contract AMMs. When a user buys ECL from the contract, they effectively increase the liquidity on the contract.

As far as Uniswap liquidity, we have had some community members step forward and add liquidity there, as the transaction fees have been quite signficant there.

Mary | Satoshi Club: Which is the volume of Uniswap liquidity now, do you know?)

Taylor – Eclipseum: Right now, about $11,000 USD per day

Which is significant relative to the liquidity in the Uni pool

Mary | Satoshi Club: btw, are you already listed on cointrackers? Coingescko?

Taylor – Eclipseum: Not yet, have applied but waiting to hear back

Mary | Satoshi Club: Oh, hope it will happen soon

Part 2 — live questions from the Telegram community

Q1. from Telegram user @dumpspump

When a user buys ECL, the elastic supply system mints new ECL tokens. But that means unlimited numbers of supply. Wouldn’t it cause the coin price to go down?

Taylor – Eclipseum:No, because enough ECL is minted that the price still increases from each ECL buy. So ECL price and supply always increase together, or decrease together.

Q2. from Telegram user @PerishepaTrade

Eclipseum is difficult for a beginner to understand. How do you plan to explain the vision and technical features of Eclipseum to a wider audience?

Taylor – Eclipseum: Continue to write articles explaining the concept in the simplest terms possible. There will be an article coming out today explaining the Soft Sell function

Q3. from Telegram user @Deamy_genius

Eclipseum is not modifiable and has no governance. But the DEFI space is changing rapidly, won’t your concept become obsolete without changing it?

Taylor – Eclipseum: I don’t believe so, the concept as it stands is solid and does not need to be changed. As it grows, the liquidity creates network effects attracting more liquidity.

Q4. from Telegram user @Temptation_Provider

Why is the price directly through the Eclipseum smart contract better than through Uniswap?

Taylor – Eclipseum: The price is not always better, but the liquidity will almost always better, meaning less slippage. So you will probably get a better price through the contract / website.

Q5. from Telegram user @PyaraLarka

For using Eclipseum liquidity pools is there any minimum or maximum requirements swaps?

Taylor – Eclipseum: There is no maximum. The only minimum is that the quantity must be greater than zero.

Q6. from Telegram user @Nickkiii

How many percent of the Circulating Supply is locked up on TeamFinance and for how long, Where can I view the Team.finance ECL lockup overview? @Eclipseum

Taylor – Eclipseum: My coins (~13.5 M ECL) are locked up for 1 year, another user has locked theirs up as well. It can be seen here:

https://team.finance/view-coin/0x08e411220e47e3Fc43BFb832186ABA95108F2861?name=Eclipseum&symbol=ECL/

Q7. from Telegram user @eeaq15

Today (December 14th) is expected to be one of the biggest eclipses of the year, it is a coincidence that the Eclipseum AMA is held on exactly the same day?

Taylor – Eclipseum:It is a coincidence. Great observation!

Q8 from Telegram user @cengizhantekin

Eclipseum has 2 pools: ECL Pool and DAI pool. I understand that these are not independent from each other. There are some interactions between them and I guess it is bidirectional. You created some functions which perform these interactions and some equations which are used by these functions. Looks complicated so can you elaborate about the relation between the 2 pools? What are the interactions and what missions are they needed to perform?

Taylor – Eclipseum: Good question. The ECL pool  transfers some ETH to the DAI pool when users buy ECL, to fill this AMM with liquidity. The DAI pool then transfers half of the transaction fees back to the ECL pool on every transaction, increasing the ECL price as a result.

Q9. from Telegram user @OlegDubinskiy

Some projects with elasistic offering had problems listing on CEX. What do you think about this and do you plan to list on centralized exchanges?

Taylor – Eclipseum: ECL does not have this problem, since it is a different kind of elastic supply system. It only mints and burns ECL tokens from the Eclipseum contract AMMs, and not from user’s accounts.

Q10 from Telegram user @warny

Is Eclipseum entirely decentralized, will all users have equal rights when interacting with the Eclipseum smart contract?

Taylor – Eclipseum:Yes, Eclipseum is entirely decentralized. All users have equal rights. I don’t have any special abilities over any other user in the contract.

Part 3 – Quiz Results

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.

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