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 VirgoX and our guest was @adamtor CEO of VirgoX. The AMA took place on 10 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
Gold Rocket | Satoshi Club: Greetings, Satoshi Club! 🚀
D. | Satoshi Club: hello all! another AMA in Satoshi club! 🥳
Gold Rocket | Satoshi Club: We are pleased to announce AMA with VirgoX
D. | Satoshi Club: today our guest – @adamtor CEO of VirgoX !
how are you doing? 😊
adam: Hello everyone, sorry for a little bit wait here due to the technical issue
Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club, @adamtor!🙌
adam: Very excited to be here to chat with the passionate folks in Satoshi Club
D. | Satoshi Club: haha no problem! welcome! 🥳
Gold Rocket | Satoshi Club: We are very glad to conducting AMA with VirgoX!
D. | Satoshi Club: nice! 👍 so let’s begin with a small intro? please introduce yourself and your project! 😊
Gold Rocket | Satoshi Club: How did you get to be involved in crypto & VirgoX?
D. | Satoshi Club: another good question👀
adam: Sure. let me begin with my self , my name is Adam cai. Previous life have been pretty much focused on the traditional financial industry for about 8 years . I was involved in crypto starting from 2016. Have seen various cycles of bullish and bearish markets. One thing I would say is that blockchain &crypto world certainly is fascinating and revolutionary and this is what keeps me truly interested! Began my own venture since 2018 during the worst period of time when bitcoin was only around 3000 dollar. Built VirgoX from scratch and happy to be persistent all the way through
VirgoX is known for being the world Stablecoin trading center. Whether they are fiat-backed, crypto-backed, algorithm-backed or asset-backed, we have worked actively towards integrating them into our ecosystem.
We’ve introduced Stablecoin financial products using our platform token as collateral earlier this year with positive reception. This year we have developed the first in class synthetic Foreign Exchange markets. Increasing the use cases from just spot trading and hedging and more coming soon.
In addition to this, we have been helping our users take advantage of the Defi ecosystem through our VirgoX Vault(https://www.virgox.com/vault). When our users deposit funds into the Vault, we allow them to earn the best possible yields by aggregating yields from only the best performing protocols. Effectively, we have saved our users time, and helped them earn more than if they were to yield farm themselves with one of the most competitive APY in the industry.
VirgoX has taken a step into innovating how centralized exchanges services clients by providing them with a taste of the entire crypto-ecosystem in one location – and we will continue doing so.
Gold Rocket | Satoshi Club: beautiful background👍
adam: Thanks for the first question!
Gold Rocket | Satoshi Club: Thanks a lot for the great intro! Ready for community questions ??😉
adam: Yeah!
definitely
D. | Satoshi Club: let’s do this! 🚀
Q1 from Telegram user @KeymerS
“Stablecoin World Trade Center” is what you call yourselves, but is it really different from other exchanges in the sense that they have more amounts of stablecoin on their platform? Or is it simply because your platform has been supporting stablecoins since its inception?
adam: Very good questions. Allow me a few mins to type it out
D. | Satoshi Club: sure!
Gold Rocket | Satoshi Club: Take your time
adam: Stablecoins have been seeing a tremendous growth of market cap. The variation within this specific sector has also enlarged significantly. When we talk about stablecoin trading center, it is a pretty broad definition. Certainly not limited to spot trading itself.
What we want to build is an entire eco-system for stablecoins , it starts with spot trading where we would have as much high quality stablecoins as possible. We have successfully done that by having now more than 20 stablecoins available with us for trading. The second step is that what you can do with stablecoins . We have various yield farming opportunities for stablecoins including all major stablecoins such as USDT, USDC, BUSD, HUSD etc. we are adding more stablecoins as we go through VIROGX vault + financial products section
In addition , we also have a crypto lending & borrowing section where you can lend or borrow stablecoins leveraging our industry competitive rates! Last but not least, we also have synthetic FX markets built on various currency based stablecoins to allow hedging/ speculations
I would safely say that in terms of the over ecosystem of stablecoins. we probably are one of the leading ones in the industry
thanks
Gold Rocket | Satoshi Club: and that’s great!
D. | Satoshi Club: thank you for the great answer! may i ask, what about KYC on your platform? do users need to pass any to be able to trade?
adam: We have various tiers of KYC system in place. To start trade with 20K USD worth of withdraw limit, you would only need to register an Email at the moment. However, as you increase the volume , the enhanced KYC is is going to be required.
D. | Satoshi Club: nice! got it, thank you! 😊 ready for the next question?
adam: Yeap
Gold Rocket | Satoshi Club: Thanks for your answer🚀
Q2 from Telegram user @lukacy
Some of your Products includes Earnwell, forex contract, Quick bids, and the newly launched Virgox vault. Can you explain these products briefly and what we can do with them?
adam: Sure. Earnwell is a structured fianancial product which enables you to earn minimun return with principle protected and also a potential higher earning power depending on the market condition. It is pretty interesting product for people who have a view on the future direction of the market and want to ensure they are principle is 100% safe.
FX market is the synthetix FX market built on stablecoins. Currently we have USD,CAD, EUR, AUD, GBP , NZD, CHF for you to speculate and hedge your FX risks up to 100 times leverage.
Quick bids is the place where you can potentially use a few cents or 1 dollar to win over 100 USD worth of price . It is very similar to the penny auction in the traditional sense.
VirgoX vault , I would like to stress more and this is so far the most popular product we have launched!
Gold Rocket | Satoshi Club: Speaking of safety, by the way. did you conduct an audit? if not, do you have this in your plans?
adam: The recently launched CeFi vault product has really brought a lot of attention from the DEFI users or simply users looking for high APY.
In fact, we have launched 8 pools now, where users can stake assets including BTC, ETH, USDT, USDC, HUSD, BUSD, BNB, DOT. 8 pools average more than 50% APY and have no lock-up terms and no impermanent losses.
Users can put their idle assets at work and earn high APYs by receiving VXT. All the funds that are staked are then routed internally to various Defi protocols. The all the yields that we receive on our end are then used to repurchase VXT.
This is probably why you see the VXT has gone up from 2 cents to 10 cents in less than 30 days after the VirgoX vault has been introduced.
Of course, we also give full transparency to our users. We published the mining contracts address + VXT burning addresses. In this way, you will have full confidence about where your asses are and whether VXT has been repurchased and burned. (You can check our our contracts on the Vault page – https://www.virgox.com/vault)
within 30 days of launch, we have already given out 500K USD to the “miners” of VirgoX vault
We are a CEX therefore it is a bit different than DEX but yes we are looking to conduct a spot audit in the very near future to confirm the reserve
Gold Rocket | Satoshi Club: Whoa! Not bad at all👍
adam: That’s for this question
D. | Satoshi Club: how your pools don’t have no ‘impermanent losses’? it’s quite interesting to me 🤔
adam:Good question!
When you go to DEFI yield farming, a lot of times people actually do LP token mining where they have to provide liquidity by giving 2 tokens in pair. This is where impermanent losses happen. For small market movements it is minor however with large movements it is very possible you will losses funds even with the high APY you got
but for our Vault, every pool is single LP , where you don’t need to worry about IL . your principle is 100% gauraented and just need to reap the VXT benefits everyday as your return and you can also put VXT in the VXT staking pool to earn more return. Thinking of this compounding factor with no IL?
Thanks
Gold Rocket | Satoshi Club: Thank you very much for your answers! Ready for the next question from community?
D. | Satoshi Club: thank you for the answer! would be interesting to try your pools 😇
adam: Yes, please
Q3 from Telegram user @dudeiebitch
Good day, I tried downloading your app on my IOS device and it lead me to a kind of guide which is not really explainable but most especially i was told to download a Testflight version of IOS. I know that your app is not on testnet again then why do i need to download the TestFlight and why can’t I find the app directly on Appstore.
D. | Satoshi Club: mobile users are worried 😄
adam: Currently we are on testflight. The reason is simple. we are in a rapid growth stage where we literally update our APP almost every week or every other week. We want to only promote app to app store when the APP development is slowing down. This certainly shows how many new features we are bringing to the market every week.
Please bear with us for the time being to use testflight and thanks for the cooperation
Gold Rocket | Satoshi Club: Share with us the main features that you plan to implement in the application
D. | Satoshi Club: will you be support both android and ios users?
adam: Yes, currently both supported.
Sure. This is the question for the future. Let me give you a little foresight without spelling out the secret yet:)
D. | Satoshi Club: [ 😉 Sticker ]
adam: we will have two exciting new features happening this month!
VIRGOX mining – with a few hundred dollars now you can enjoy the convenience of participating the quick growth of crypto mining industry and have steady cash flows. No worries about the operations of the mining and just relax and earn.
Gold Rocket | Satoshi Club: We are ready to wait. and you will not forget to share with Satoshi Clubbers😉
adam: VIRGOX NFT Auction – what we are building is going to revolutionize how currently NFT is traded and obtained and also it is also adding a nice touch of gamification to the whole design. You won’t be disappointed by this.
Some fans here that are interested about crypto punks / hash masks / super rares / crypto kitties?
D. | Satoshi Club: you bet! 😃
adam: Now it will be the time for you to look at our NFT aunction which will give you surprise and potentially with little funds earning a large value of NFT piece
Thanks
D. | Satoshi Club: awesome news! both of these are very interesting! espesically NFT 😉 but mining is also sounds very cool
Gold Rocket | Satoshi Club: Surprise us more! 🚀🚀🚀
D. | Satoshi Club: thank you for the answer! ready for the next question?
😎
adam: Yes please
Q4 from Telegram user @Andrey_Seleznov
I read that VirgoX will be constantly evaluating new coins/tokens to be supported. Could you please share what criteria should the token meet to be listed on VirgoX? How do you make sure scam projects are not getting listed and not tarnish your reputation?
adam: In terms of listing, we have very strict rules on what can be listed and what can’t . This is why you probably don’t see that we have too many listing announcement.
Regarding listing, please refer to the below link :
https://docs.google.com/forms/d/e/1FAIpQLScCKH2OC1NcxdRbvGc1Whlbpxuh2PYpAfJtEDaMZ1QQ1I0I4g/viewform
our dedicated listing manager will certainly go over with you for all details regarding the project and it then has to be proposed to the listing board for the final approval.
thanks
D. | Satoshi Club: how many blockchains do you support currently?
adam: about 70-80
D. | Satoshi Club: wow
Gold Rocket | Satoshi Club: Great number👏👏👏
D. | Satoshi Club: so you can list project from any blockchain?
adam: Yes, as long as it is promising. developing the underlying protcole will not be an issue!
D. | Satoshi Club: perfect! 👍
thanks for answer!
Gold Rocket | Satoshi Club: it’s incredible to be honest👍
D. | Satoshi Club: ready for the next question?
adam: yeap
Q5 from Telegram user @cryptofollower
About the multi signature cold wallet technology, are you storing the costumer tokens on the cold wallet? If so, how do you liquidify them for trading? As 98% of the assets will be stored on the cold wallet are you going to use off-chain trade system? If there is an exploit happens with trading system, can you use ledger’s insurance?
adam: Cold wallet storage is different than order matching. These are two seperate processes. The answer to the insurance is 100% exact. If there are any risk occuring to our ledger vault system. we are reimbursed up to 150 million dollar
D. | Satoshi Club: this is sounds safety 👌
Gold Rocket | Satoshi Club: thanks for the answer. want to add something or can we proceed to the last question of this part?
adam: Yes please
Q6 from Telegram user @victorogb
It is interesting to know that, instead of selling the VXT token, VirgoX has decided to give out VXT to community members as rewards, specifically to those who have contributed to the ecosystem and performed activities beneficial to the ecosystem. As an exchange considering that this is your native token, how sustainable is this approach and does it necessary mean that I can’t trade VTX pairs until my activities are deemed to be beneficial or I have made substantial contributions to the ecosystem to get rewarded with it?
adam: You can always trade VXT as a way to get involved in the ecosystem. What we want to promote is that we would reward behaviors that contribute to our ecosystem growth. Instead of pumping and dumping tokens , we want to diversify the use cases of VXT and enrich the true value of VXT holders
thanks
D. | Satoshi Club: do you planning to organise some contests for community? maybe bug bounty programs or something like this for white hat hackers 😄
adam: yes , we do!
please contact us [email protected] for such suggestions
Gold Rocket | Satoshi Club: Thank you for your answers! @adamtor share useful links and information with our community before the second part of our AMA please🙏
D. | Satoshi Club: [ 👍 Sticker ]
adam: Telegram: https://t.me/VirgoX_official
Twitter: https://twitter.com/VirgoX_Exchange
Discord: https://discord.com/invite/qEJPywu
Medium: https://medium.com/virgox-exchange
D. | Satoshi Club: @adamtor big thank you for the answers in part 1! we will open chat for 2 minutes, after chat will be closed – you can start select questions from Satoshi Сlub members! 😇
Gold Rocket | Satoshi Club: get ready for storm of the questions😁
adam: sounds good!
Part 2 — live questions from the Telegram community
Q1 from Telegram user @KhaleesiTheCryptoLady
How much minimum and maximum of idle assets we can store in VirgoX Vault? How much guaranteed VXT or APY we can earn in a certain period while staking it?
adam: On our virgox vault page , you can easily see the minimum and maximum amount available for participating . And vxt bonus is dynamic to be adjusted to reflect proper APY . in the past 30 days , it has been averagely over 50 %
Q2 from Telegram user @topind7
What is the meaning behind the name VirgoX, does it have any origin?
adam: It origins from virgo. It represents pursing perfectionism and taking resposibility
Q3 from Telegram user @centoscu
KYC is required for 20k and more trading limit. Can I use lend or borrow within your system without KYC if I don’t go higher than 20k?
adam: Yes you can 20 k is only limited to the 24 hour withdraw and it applies to all product lines we have
Q4 from Telegram user @Derazy
As for marketing strategy, most of startups rewarding user who can invite new user to join, or called referral. Does VirgoX has this referral program? What is the scheme or requirement to meet the reward? How much will I get by inviting new user?
adam: We provide referral bonus for referral in many ways . It includes trading commission shares , vxt vault bonus shares , financial product bonus shares , quick bids commission shares etc essentially you get a part of shares from your referees for all activities he conducted
Q5 from Telegram user @vedamatrix
What is the highest APY you give on VirgoX Vault?
adam: The highest APY usually happens when new asset is being introduced . like we introduced dot last night to vault , the APY was once 15000% as time goes the APY goes down with increased amount of asset being staked
Q6 from Telegram user @ KhaleesiTheCryptoLady
How much is the total supply of VXT? Any plans to buyback or token burning? Also, beside from VirgoX, where can we buy $VXT?
adam: The total supply is 500 million and you can see vxt circulating supply on virgox vault page and you can also see the buy back amount on vxt vault page too . We buy back and burn vxt every single day and the burning address is published to ensure full transparency
Q7 from Telegram user @ronaldo_super
What is the maximum leverage do you offer as bids on FX market?
adam: For all FX products as well as other contract trading products we offer 100 times leverage and for fx / usdt based , no funding rates this is quite a big difference than other platform
Q8 from Telegram user @neverencryp
On your website there is the new platform you just launched called the VirgoX Vault, which enables users to be able to farm some assets and harvest only the VXT token. I will like to know how long we can lock a asset and are there no backlash when we harvest early. I will like to know the highest APY among all these assets we can stake.
adam: On virgox vault , this is no lock up and you can reap vxt bonus every 30 seconds ! Peace mind assured !
Q9 from Telegram user @cob_ba_ba
What is the greatest potential of ViegoX? What are your priorities in 2021?
adam: In short words , we will become the bridge to Defi , stablecoins and NFT in 2021 ! These are the most popular spaces in the crypto industry now and we need to act well in terms of optimizing strategy for users and save them time while still able to reap the most benefits as they could
Q10 from Telegram user @KeymerS
Many exchange platforms are beginning to integrate NFT tokens on their platforms, benefiting the most loyal users and other contests, does Virgox plan to implement NFTs on its platform? or is stablecoins enough?
adam: We plan to integrate erc-721 to start with and then potentially flow protocol . you will be able to store your nft token with us as well in the very near future
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.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club/
Russian Telegram group: https://t.me/satoshi_club_ru/
Spanish Telegram group: https://t.me/satoshi_club_spanish/
Telegram Channel: https://t.me/satoshi_club_channel/
Twitter: https://twitter.com/realsatoshiclub/
Website: https://esatoshi.club/
Our partners:
Telegram: https://t.me/VirgoX_official/
Twitter: https://twitter.com/VirgoX_Exchange/
Discord: https://discord.com/invite/qEJPywu/