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 were @ruyiren and @floody1. The AMA took place on 1 April.
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 community
Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with MonoX! Welcome to Satoshi Club😀
D. | Satoshi Club: our today’s guests – @ruyiren and @floody1 ! hello! nice to have you in Satoshi Club! 👋
Hugh: Hello everyone pleasure to be here!
Mary | Satoshi Club: Hello, Hugh! How are you today?)
Ruyi Ren: Hey everyone. Thanks for having us.
Mary | Satoshi Club: Ruyi, welcome here👏
Hugh: Doing very well thanks, things are getting pretty busy and we are at an excting time for our project
D. | Satoshi Club: cool! 👍
Hugh: How are you guys doing?
D. | Satoshi Club: great! 🚀
Mary | Satoshi Club: Wow, we are also excited to hear more about MonoX project and let’s start from your intro😉 and of course MonoX intro🚀
Ruyi Ren:I got into the space around the end of 2016. Started trading and mining. That’s how I got into building crypto projects. I’ve been building anon small projects since then. Last year Hugh and I met, we did a couple more. That’s when we realized it’s really hard for small projects to launch on exchanges, even DEX’s.
Hugh: For our proejct:
MonoX is a new DeFi protocol using a single token design for liquidity pools (instead of using pool pairs). This is made possible by grouping deposited tokens into a virtual pair with the vUSD stablecoin.
Single token liquidity pools are more capital efficient, resulting in a more optimized experience for all participants.
– As a project or developer, you can launch your token with zero extra capital.
– As a liquidity provider you only have to deposit one token to the liquidity pool.
– As a trader, swapping tokens is made much cheaper.
– We use one pool so LPs will receive fees for both swaps and borrowing.
Our first use case for single token liquidity pools will be an Automated Market Maker – Monoswap, which is set to launch in Q2 2021.
In the future, we will be launching lending/borrowing and derivatives products.
Mary | Satoshi Club: Yes, that’s true😀
Hugh: I have also been in the space since 2016, worked at various start ups in the space including ConsenSys, and also worked more on the venture capital and advisory side too.
Mary | Satoshi Club: It’s near! Can’t wait to see Monoswap launch😀
Hugh: Yes! Its pretty near now. We have been building since October, security is one of our main focuses now as we head into the later stage of the product development life cycle.
Mary | Satoshi Club: Is your team big? How many developers MonoX has?
Ruyi Ren: Yeah, liquidity pairs kill small projects. Fair-launching a market cap $1m of token ABC would require $1m worth of ETH from the founder. With MonoX, all the founding team needed is their own token. No any other token needed to do a fair launch.
Mary | Satoshi Club: I am happy to hear that you care about security! 👏
Could not imagine before that it’s possible
So, what about your team😀
Hugh: We are currently hiring. But the core team all devs, including Ruyi (who is both CEO and tech lead) then myself the non dev. Team of 6
Mary | Satoshi Club: Hiring?😀 Who are you looking for?
Ruyi Ren:I found it pretty hard to find QAs who understand how blockchain/dapps work.
Hugh:On my side I need a bit of extra help now! So hiring a business / partnerships lead to help me with growth
Mary | Satoshi Club: May be we have some here, in Satoshi Club 😉
Hugh: 👀
Ruyi Ren: Yeah sounds interesting. Definitely reach out to us if anyone’s interested.
Mary | Satoshi Club: Hope, you will find some help from us😉 Satoshiclubbers, check your skills🚀
Mary | Satoshi Club: Guys, thank you for your intro! Do you want to add something or we can start with the questions from our community?😃
Ruyi Ren: I’m good. Hugh?
Hugh: Thank you for the intro, Lets get down to business with the community!
Q1 from Telegram user @Antoni_azx
The information about the private and public sales for your token $ MONO is a little limited, I couldn’t find your roadmap on your website either, what plans do you have for this year? When will all those dates be available?
Mary | Satoshi Club: We decided to start with sale😉
D. | Satoshi Club: well, question is not only about sale 👀😉
Ruyi Ren:
Here’s our roadmap today. We are looking into updating this though. Would love to have financial NFTs sooner but L2 is also attractive.
On public sale, we’ve decided to do IDO. We are still working on the details. Most likely it’ll be on more than one platform. Stay tuned.
Mary | Satoshi Club:Yes, it’s hard to get whitelisted now, if it will be more than one platform this will be awesome!
Hugh: We will update our documentation with our newly finished roadmap soon
Mary | Satoshi Club:Guys, do you plan to launch only on ETH?
D. | Satoshi Club: about L2, what kinda of solution are you looking for? will it be optimism or zkrollups?
Ruyi Ren: Yes. We are looking into launching on other chains a little bit after ETH mainnet launch.
Mary | Satoshi Club: Good news😉👍
Ruyi Ren: Good question. ZK-Rollup would be ideal but we are willing to settle for sidechain for better timeline. We are a huge fan of polygon’s work.
D. | Satoshi Club: yep, those guys did a good job 👍
Mary | Satoshi Club: We as well😃
Thank you for your answers, guys! Ready to proceed?
Hugh:Lets do it, cheers
Q2 from Telegram user @MaxiVV
I read that instead of using regular liquidity pool pairs, you utilize Single Token Liquidity pools, what is the main difference between the traditional and your single token liquidity pool? What are the pros and cons of your model? Do you think will be easy users get involved fast and trust? Give us an overview how it works.
Ruyi Ren: The biggest advantage we have is trustless listing. Listing $1m of ABC no longer requires $1m worth of ETH (or DAI). All the founders need is their own token. I believe this will encourage even more innovation in this space and we’ll see tons of awesome projects soon. I also encourage you to read more on our medium post to learn more about how our AMM works.
Hugh: You can also do more a deep dive into how our single token pool works in our medium article we posted just yesterday:
https://medium.com/monoswap/single-token-liquidity-eff05dfebd75
Mary | Satoshi Club: As a future Monoswap user what i will be able to do on your platform?
Hugh: Do you mean overall? Or just for our first product?
Mary | Satoshi Club: Let’s start with first😃
Hugh: Sure
1. Launch your token with zero capital
2. Traders can swap. Every trade is a flat 0.3%
3. Provide liquidity, user only need to deposit one token
MONO token holders will also be able to participate in protocol governance
Mary | Satoshi Club: To be honest i like everything, but 3 i like most of all😂
That’s great! Do you already have some articles about you governance system?
Hugh: We are super excited for our users to experience 3 too, it should lower the barrier to be an LP
D. | Satoshi Club: can’t wait to try this 😏
Hugh: We don’t have an article on that yet, but we have release more info in the coming weeks. We touch on it in our two tierd pool system in our documentation
Mary | Satoshi Club: We will stay tuned 👍
Hugh:
How it will work. But yeah stay tuned for a more in depth explination
Mary | Satoshi Club: 👍
Thank you for your answers! Ready to jump to the next question?😃
Hugh: sounds good
Q3 from Telegram user @Highpee
One of the features of MonoX protocol is Trustless Listing Pools which will give any user the capacity to create and list token as well create liquidity pool. We are already aware of several fake versions of real tokens created on Uniswap and other DEXes by malicious actors. How does MonoX Trustless listing safeguard users as well as prevent the propensity to rug or list scam tokens at ease? What in built functionalities will be used by your protocol to protect users interest and allow them to be able to identify scam from genuine products?
Ruyi Ren: Good question. It’s been a big problem in the space. We are fully aware of this. We’ll do our best to warn users of suspicious tokens. It’s also important for users to doublecheck the token address before investing.
D. | Satoshi Club: that’s true lots of people forgetting about this
Ruyi Ren: I like uniswap’s warning when you enter a token by address. We might do something similar.
Mary | Satoshi Club: You will list tokens or all tokens will be available for trading just with contract address?
I am not sure that some users even read it😂 but it’s good idea
Ruyi Ren: How do you mean?
Mary | Satoshi Club: For example, on some DEXs i can trade only those tokens which are listed there
Ruyi Ren: We keep a list of popular tokens. For trustless listings, user can trade if they know the address. Alternatively, we’ll have an “explore” feature so users can view, for example, top 10 new projects.
Mary | Satoshi Club: Got it👍 thank you
Nice features 😃
Ready to go to the next question or you want to add something?
Hugh: Ready
Ruyi Ren: Ready
Q4 from Telegram user @johana0012
I understand that you are not listed on any exchange portal yet and that you will offer retroactive token distribution via airdrop to reward early beta users. Am I still in time to participate among these first users?
Ruyi Ren: Sorry for any confusion. You probably saw this from one of our older version docs. We’ve decided to do a liquidity mining program instead.
D. | Satoshi Club: yeah. i have read your docs today and saw this info as well
Ruyi Ren: This way we can expand the program to more people, instead of only benefiting a few exclusive beta users.
Hugh: This was we can expand the program to more people and they can start earning those LP rewards
LOL took the words out of my mouth
Will make sure its updated, thank you 🙏
D. | Satoshi Club: and what will we need to participate in liquid mining?
Mary | Satoshi Club: It happens when you work together 😂 right, @Cool_as_Ice ?
D. | Satoshi Club: yeeesss
Ruyi Ren: It’s easy. 1) provide liquidity for, say, MONO or ETH and 2) stake the LP token to earn MONO.
Mary | Satoshi Club: Will this program start in Q2?😃
Ruyi Ren: Yes. This starts as soon as we launch.
D. | Satoshi Club: so only one asset need for mining? MONO or ETH
Ruyi Ren: Yes. It’s all single token pools.
D. | Satoshi Club: btw what if some project wanted to organise liquid mining on MonoX platform, like they do on Uniswap, as we know user need to create a pair of tokens for this, like ETH/UNI for example. on your platform user will have to deposit only one token in the mining pool as well?
Ruyi Ren: We have LP tokens just like the other AMMs. The only difference is that our LP tokens are actually ERC1155, which is kinda like NFT.
D. | Satoshi Club: wow cool
Ruyi Ren: And yes, user only needs to deposit one token to get the LP token.
Mary | Satoshi Club: sounds tempting😃
D. | Satoshi Club:gotcha, thank you for answers!
ready for the next question?
Hugh: sure
Ruyi Ren: sure. absolutely
Q5 from Telegram user @AmirJosh
MonoX Platforms single token liquidity pools can also be used to build optimized lending/borrowing products, as well as derivatives like futures and options trading. This is like all in one system that if will built and run efficiently can help other projects minimized their spending. Do you have plans to use your platform’s technology to offer services for other start up defi projects?
Hugh: We will scale up to a fair lanch service so promising start ups can launch their token without the need for extra capital. Kinda like a fair launch – launchpad
But any project and developer can do this with a trustless pool from the begining. However as we scale we will build services around this feature so it can operate more like the fair launch launchpad.
Mary | Satoshi Club: But you will have fees, right?
Hugh: For the services?
Mary | Satoshi Club: Yes, exactly
Hugh: We’d like to work with the project and form a partnership not necessarily charge a fee
D. | Satoshi Club: got it, but will projects need to have some requirements to use your launchpad? for example like team should be fully public etc
Mary | Satoshi Club: wise approach😃
Hugh: Yeah we are coming up with a framework internally so we can perform the necessary due diligence to assure that projects listed will be of high quality
D. | Satoshi Club: nice! 🙌
Mary | Satoshi Club: Awesome!
D. | Satoshi Club: thank you for answers! ready for the last question from part 1?
Ruyi Ren: sure
Hugh: sounds good
Q6 from Telegram user @zennixjoen
Uniswap recently announced the launch of V3 which they claim will allow LPs to provide liquidity with up to 4000x capital efficiency relative to Uniswap v2, earning higher returns on their capital”. In light of this announcement, can MonoX still compete with Uniswap in terms of capital efficiency and do you have the evidence/test results to prove it?
Hugh: Great question. And Uniswap v3 certianly looks pretty cool, however it’s more trying to fix the impermanent loss problem and looks like they did a great job at it.
We, on the other hand, focus on solving the capital inefficiency problem, especially for new project launches. As uniswap still uses a two-token pair system, to do a trustless listing, one still needs that extra capital to build a pair. On monoswap, only the token being listed is required. That’s 100% capital saving and it’s still true.
Plus making one trade on monoswap is always one trade. On uniswap, if your trade involves 2-3 pairs, you’d be paying 2-3x gas fees and trade fees.
Mary | Satoshi Club: I see your advantages😃 especially when i think about gas fees
Ruyi Ren: Plus the lending and swap share the same pool. Uniswap or any other duo-token pools won’t be able to do that.
Mary | Satoshi Club: 👍
Thank you, Monoswap advantages obvious😃
And we came close to the live part, guys😃
Ruyi Ren: awesome
D. | Satoshi Club: @ruyiren @floody1 we will open chat for 2 minutes, after chat will be closed – you can start select questions from Satoshi Сlub members!
Hugh: awesome thanks
Part 2 — live questions from the Telegram community
Q1 from Telegram user @cindy_caypto
Do you support NFT’s and what can I do with the NFT’s I get while I get using Monoswap platform and where can I sell them?
Ruyi Ren: We’ll support ERC1155 trading on our platform but not ERC721. We are making our platform extremely NFT friendly: 1) our LP tokens are NFTs 2) we’ll support and work with fractionable NFTs so in the future lending/borrowing NFTs is possible 3) derivatives will be financial NFTs as well
Q2 from Telegram user @Beterror203
You say that the vUSD is backed by assets of its group, what kind of assets are these that can support the vUSD, how can we verify these assets?
Hugh: Great question, I am choosing this one becuase we haven’t really touched on vUSD yet.
So for MonoX protocol its the pair is virtual. vUSD is a real stablecoin. vUSD is technically backed by all the assets in the pool. However, it’s more accurate to say that it is backed by the sell function because when a user sells into vUSD it mints the physical stablecoin. In essence, vUSD is backed by the liquidity itself, not the assets. vUSD is only backed when there is a positive vUSD balance in the pool. Trustless listing pools cannot go below 0 for vUSD balance. If a pool has a positive vUSD balance it means someone has bought the asset at this price and therefore it is backed.
Q3 from Telegram user @JuanSB07
I noticed that the name that represents your project is MonoX, but “mono” means monkey in Spanish. So this makes me wonder, do you have any relationship with Latin American communities or people? Does MonoX have any focus or plans in Latin America?
Ruyi Ren: Absolutely. As you can see, all of our brandings are about monkeys. As we are a global team, two of our engineers are located (in two different countries) in Latin America.
Q4 from Telegram user @surendra040
Hello! Are there any private or public sale I can join? will you have whitelisting process?
Hugh: We announced for the first time to the Satoshi Club comminity that we will be doing an IDO. We plan to do IDO on multiple platforms so more of our comunity can participate. Stay tuned for more updates!
Q5 from Telegram user @mobilejii
Are your smart contracts audited? What security measures has Monox adopted to prevent from vulnerable hacks and attacks
Ruyi Ren: Yes. All of our contracts will be audited. We actually have a higher standard than just audits. On top of audits, we’ll do actual pen tests. We’ll ask a few white hat hackers to try to exploit our contract and make sure it’s secure enough before we launch.
Q6 from Telegram user @nadee5
Monoswap uses single token design for liquidity pools instead of using pool pairs..
What are the competitive advantages Monoswap has with single liquidity pool instead of pool pairs ? How can user be benefitted from single token design rather than the pool pairs?
Hugh: Another great question.
Users only need to supply one token (Token A) to be an LP
Projects can launch their token with zero capital (no ETH needed to create the pair)
More capital efficient:
i. As a Liquidity Provider there is no need to deposit multiple tokens. This increases decentralization because being an LP is much less capital intensive
Lower trading fees — Cheaper than Uniswap on average:
i. All the pools/pairs are in the same ERC1155 contract. It is much cheaper to interact with the same contract internally, than involving multiple other contracts
ii. Lengthy transaction paths are avoided because thanks to our vUSD stablecoin, Token A will not go through a ‘path’ of pairs to swap into Token B
iii. Every trade is one swap and a flat 0.3% fee
Less capital siloed in multiple pool pairs:
i. As there is no need for multiple pool pairs, more capital is unlocked and free to use
Allows for borrowing and lending from same pool
i. The borrowing and lending process is more optimized as users do not have to withdraw/reserve two tokens to keep the ratio (price) the same
Q7 from Telegram user @Robotliker1
I am little confused , why have you change your project name?is there any reason to name MonoX
Hugh: We decided to change the name.
This is because there are too many “swaps” in the market. Moreover, our protocol can do much more than just AMM/swaps, unlike Balancer or Uniswap which are not optimized for additional DeFi products.
We will instead name our products accordingly – Monoswap, Monolend, Monotrade (derivatives).
Monoswap will be our first product on MonoX.
Q8 from Telegram user @KhaleesiTheCryptoLady
What kind of derivatives products you can offer in MonoSwap? How much is the cost for every completed transaction?
Ruyi Ren: Good question. We’ll offer futures and options (call and put) as a start.
The transaction cost and gas fees are estimated to be about the same as a direct pair transaction on uniswap.
Q9 from Telegram user @alptradaer
If for the listing of the token the project just need its own token, how can they set the inicial value of the coin on Monoswap platform?
Hugh: They set the initial price however someone needs to buy at that price in order for vUSD to back the asset. The vUSD balance starts at 0, if someone purchses 500 of Token A and the price it was set, then the pool is backed by the equivalent vUSD once bought. However in trustless listing pools the vUSD balance cant go below 0.
Q10 from Telegram user @didikpluss
Yield Farming and Liqiudity Mining, what do you think? What about your Liquidity Mining Program sir?
What can we expect from this project in the short term at some point in 2021, and in the long term of course?
Ruyi Ren:
Ours is different from most liquidity mining programs. We are in for the long game. MONO rewards are issued every 6,000 blocks and first issuance is 420,000 with a decay of .999. This means that the reward is consistent and it’ll last a long time. In fact, After 1,500 days (about 4+ years), only about 80% of the MONO rewards will be released (see chart)
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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