Gold rocket | satoshi club:

Thanks for your answer 😃 Tell us please about your tokenomics btw.

Captain:

Zander is on it, our tokenomics are a bit extensive, that’s why he takes so long to answer that 😂

Gold rocket | satoshi club:

Take your time please 😁

Zander:

Certainly! We implemented quite a few innovative features. Apart from automatic holder rewards in up to 6 different currencies simultaneously, we also have:

• – lottery on each buy transaction
• – airdrops to random addresses throughout the day
• – time variable sell tax that starts high to avoid sell offs and reduces gradually over the weeks following launch.

Buy tax is fixed at 10%

And is distributed into different pots on the contract.

Also the admin and moderation team get a reward for their effort, instead of holding large wallets.

During sell events, 35% of the tax is injected back into the liquidity pair and 50% is distributed to holders.

And auto buyback functions to name a few.

For the exact details, please have a look at our website:

www.octaplex.io 😉

Gold rocket | satoshi club:

Thanks for sharing😊 this is really quite a non-standard model 😉

Zander:

Good question. Since rewards are stored on the contract in bnb, the fees for exchanging to other currencies do not matter that much. It would be like swapping the token yourself, only automated and at a reduced gas cost with work spread across transactions

Andrés m. | satoshi club:

Thanks for the clarification, let’s learn more about it with our next question that is about tax as well.

Gold rocket | satoshi club:

Clear answer 👌 can we proceed to the next question? Or you want to add something?

Captain:

Our taxes start at a high level at launch. This is a countermeasure for sniping and bots, so we essentially benefit from that. Then they decrease gradually over time (not hodl time)

Andrés m. | satoshi club:

Oh good point, deflationary system

Captain:

The high taxes only apply to selling. For buys, we have a fixed tax of 10%

For selling, the taxes decrease as follows:

• After 1min-4h slippage 49%
• After 4-24h slippage 40%
• 1-3d slippage 35%
• 4-7 days slippage 30%
• 8-13 days slippage 25%
• 14-28 days slippage 20%
• 29- 56 days slippage 17%
• After 56days slippage 15%

Andrés m. | satoshi club:

Thanks for the answer, ready for the next question?

Captain:

We are 😎

Zander:

Go ahead andrés!

Andrés m. | satoshi club:

Q3 from telegram user @dk177

According to your tokenomics, there is a buy tax of 10%. Why did you apply this kind of high tax? Don’t you think users will reluctant to buy tokens due to this? In that tax, 1% has been allocated for marketing and another 1% for admins and moderators. Why did you allocate funds for marketing and the team from a tax? Shouldn’t you have deducted those expenses from the total allocation? Further, 4% of the buying tax has been allocated for auto buyback. Please explain how this feature works on Octaplex.

Zander:

The reason for applying a high tax is to keep the reward system sustainable. Typically if you buy at 10% and sell at 15% thats 25% in total, but the buyback function slowly burns the total supply until 50% has been burned. So if you hold long enough this alone will make up for the tax.

We allocate funds for marketing and the team from tax so that rewards stay in relation with the trading volume and as a safety measure. If we allocate a large percentage of the initial supply for the team and marketing, this causes a situation where team members could potentially sell off all their holdings and cause a big dump.

The buyback function will be triggered by the amount of nee holders that join. For example if there are 200 new holders, a buyback happens, and the tokens bought back are burned until 50% of the supply remains, causing a gradual increase in the token value. The buyback function has an allocation from the tax and only has access to the funds in its own pot.

Zander:

So by giving team members a proportional “salary” it also incentivizes them to stay involved or they will be removed from the payroll.

Andrés m. | satoshi club:

The clear and detailed answer, would you like to add something before the 4th question? 😃

Captain:

Done, thank you andrés

We like to call our buyback function “the Kraken”. It devours tokens like ships 😂

Andrés m. | satoshi club:

Haha yes, i think is similar

Q4 from telegram user @andrey_seleznov

Hi Octaplex!

Octaplex’s documentation mentions that your smart contract had to be made from scratch due to its high complexity. You could not reuse code from the existing defi projects so your developers had to create a completely new smart contract. This approach has its pluses and minuses from where i stand. Such new code is less likely to suffer from the common bugs copy-pasted from other sources but at the same time, the risk is high to introduce new vulnerabilities that are not widely known and may be not easy to proactively spot and fix. As we are all aware security is paramount in defi so i’d like to ask if you have done 3d party audits yet or opened bug hunting sessions? How can users be assured of the security of Otaplex’s smart contract?

Thank you!

Zander:

Excellent observation! Security is indeed our number one priority!

I will start by clarifying that the statement from our whitepaper that mentions the contract made from scratch refers to the fact that it is not a fork of another project with minor midifications.

The contract uses the open zeppelin framework and tried and tested interfaces with reentrancy guards and thourough testing with extensive research into the known vulnerabilities of smart contracts. The nature of our tokenomics makes this the most suitable option.

We are planning an external audit in the near future as we hope that it will build more confidence in our contract.

Andrés m. | satoshi club:

Safety first 💪

Gold rocket | satoshi club:

Thanks!

Zander:

Another safety feature we have built-in is separately allocated reserves for each functionality. For example, the airdrop function cannot spend tokens meant for the lottery, etc.

Andrés m. | satoshi club:

That’s a feature that our community was so interest.

Captain:

I have to add, that we are looking to find a reliable auditor, communicating with us through the process. With a contract that complex, there’s no point in getting a free audit done that doesn’t help anybody

As we seek for quality in everything, we do

Andrés m. | satoshi club:

Well, as we said, don’t forget to share the results with our community.

Time to proceed.

Captain:

Of course, we will 🙂

Andrés m. | satoshi club:

Q5 from telegram user @xperia3

While I was checking the tokenomics of Octaplex’s coin, i realized 2% of the total supply is reserved for airdrops. Can you please explain what should users do to receive these airdrops? Some projects are guiding the audience beforehand by giving some steps for getting these airdrops but some keep it in secret and reward the active users. Which one will Octaplex do?

Captain:

Good question! Actually, in multiple ways. There’s a dedicated pot. Any wallet that holds at least 10 plx will be eligible to join the lottery system. Every 5 hours the contract will be your lucky fairy, enrolling the lottery, choosing 3 wallets at random to split the pot between these.

Then we have a community rewarding system within our telegram group that rewards the most active and the most helpful users via a reputation system. So the 3 most active and the 2 with the highest reputation will get an airdrop at the end of each month (of course admins excluded).

Also, we will have some rewards via partnerships, but that’s enough info for now 😉

Gold rocket | satoshi club:

Your community is very lucky

Captain:

Giving people a good feeling while contributing is making us happy too

Gold rocket | satoshi club:

Thanks for clarifying! Ready to proceed to the next question? Or want to add something?😉

Captain:

We can go on, thank you 😉

Gold rocket | satoshi club:

Q6 from telegram user @ashia_24

On your roadmap, i saw that on q4 2021 you will start to develop your “Octawallet”. Can you give us a sneak peek at this wallet? Is this wallet compatible with android or ios devices? Will you adopt more tokens for your Octawallet? Is KYC needed for this wallet?

Captain:

We are in the planning phase of the wallet so we don’t want to make any promises as of now because we think this would draw a rather shady picture in raising expectations. But what I can say about it now is that there will be a version for IOS and android. Of course, we will add more tokens, just as we do in our reward’s system. The KYC depends on the regulations. For example, the EU is trying to forbid anonymous wallets we may have to implement a KYC for specific regions – but this is something only time can tell.

Captain:

Also, we will try to implement benefits for users, like in our tokenomics system.

Gold rocket | satoshi club:

Yes, time will tell

Andrés m. | satoshi club:

Amazing things are coming for the project, that’s something that’s exciting and motivates the communities 👏🥳

Captain:

We hope so and are working nonstop to deliver the best for our community

Andrés m. | satoshi club:

@z_a_n_d_e_r and @captaincapcap that makes 6/6 questions answered for this first part of the AMA, thank you so much for your time and clear answers, we enjoyed it much.

Gold rocket | satoshi club:

Betting on mobile apps is a very winning position. For a modern person, a gadget is a full-fledged working tool.

Andrés m. | satoshi club:

Completely agree💪

Now is the time to interact with the Satoshiclubbers 😁🥳🥳

Captain:

Thank you, we also had a great time. Let’s get some from your community 😍

Gold rocket | satoshi club:

Get ready for the storm of questions 😁

Zander:

Fantastic! 😁