PART 1, INTRODUCTION AND COMMUNITY QUESTIONS.
Gold Rocket | Satoshi Club: Hi everyone, welcome to another episode of our AMA series
Our AMA today is with Yolex.io
Luis Merino 🇪🇸 | Satoshi Club: Hello SatoshiClubbers! Welcome to another AMA session with Satoshi Club. Today our guests are from Yolex.io. @peter_yolex welcome! 😉
Gold Rocket | Satoshi Club: Welcome @peter_yolex and thanks for joining us.
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: Hello to everyone! Thank you, glad to be here.
Gold Rocket | Satoshi Club: Nice to meet you. Please tell us a little about yourself. How did you develop in crypto? And also about your project. What is Yolex.io?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: I and my cofounder have both worked as software engineers for over 7 years and as blockchain developers for over 5 years. I have personally worked with some major blockchain firms and hence the interest in cyrpto. Yolex was born from the idea of simplifying DEX and also extending its functionalities. We believe Dex is the future as most people are beginning to turn away from the traditional CEX platforms.
Luis Merino 🇪🇸 | Satoshi Club: Great story!
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: Thanks
Gold Rocket | Satoshi Club: what year did it happen?
Luis Merino 🇪🇸 | Satoshi Club: Blockchain devs for 5 years! Sounds really good. You are very experienced for sure 😀
Gold Rocket | Satoshi Club: This is impressive!
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS:
We started developing the Yolex project since in May 2020 and finally launched September 2020.
Gold Rocket | Satoshi Club: This is a new project with experienced developers!
Luis Merino 🇪🇸 | Satoshi Club: Anything else to add? Or can we move to part 1?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: Yes we can move to more questions.
Luis Merino 🇪🇸 | Satoshi Club: @GoldRocket27 let’s go with part 1 then 😀
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: Alright
Gold Rocket | Satoshi Club: Thanks for sharing! we go to part 1
The questions from the Telegram&Bitcointalk community
Q1 from bitcointalk user ballentines87 @PaoloMonte87 on Telegram
The initial amount of YEX tokens is only 100 and you’re stating that new YEX tokens will be minted to yield rewards and rebates to users. At the same time, you’re also stating that – as more YEXes are minted – an annual halving will take place and these rewards will reduce, but there doesn’t seem a total pre-established total supply number of YEX in circulation (or is it?). How can that sustain the token price over time?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: The YEX token is designed to maintain stability and manage inflation, the reason why halving is integrated. There are not cap to supply because the system token rewards on itself regulate the supply and from our own projection, it might take 10 years to have 100,000 YEX tokens minted. This brings value to its price and staking also reduces the number of YEX in circulation which inturns increase its price value.
Luis Merino 🇪🇸 | Satoshi Club: Got it. Is staking already available?
Gold Rocket | Satoshi Club: Thanks!
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: Yes staking is available. To mint more YEX token, a user must stake an amount of YEX token for a period of 3, 7, or 30 days.
Luis Merino 🇪🇸 | Satoshi Club: Are staked tokens? Or can I withdraw them when I need them? locked?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: Yes they are locked up for several days depending on the staking package.
Luis Merino 🇪🇸 | Satoshi Club: Understood! Thank you. Q2? 🙂
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: Okay😀
Gold Rocket | Satoshi Club: Do you want to add something or can we move on?
😀This is an interesting question. You should like it;)
Q2 from bitcointalk user @BinsonAbraham
What happens to most of the projects is that when people get the token instead of holding them they sell them right away.
Because they are scared that the price might go down…
How will $YEX keep the token price-stable…?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: One of the ways we encourage people to hold is by rewarding them when they stake/hold. There are two main ways to earn rewards on Yolex, which are: daily rebase and trade rewards. With these rewards provisions, a user is likely to hold and gain more tokens over time and then to sell. And we are also integrating other incentives to encourage holding.
Gold Rocket | Satoshi Club: Not a bad strategy.
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: Thank you. YEX token has a good supply system. The number of tokens in circulation will remain the same unless a user stakes and unstakes after a given period. So this controls the number of tokens in circulation.
Luis Merino 🇪🇸 | Satoshi Club: Great idea!!
Gold Rocket | Satoshi Club: What advice can you give your holders?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: There are 3 different staking package and I will advise a user that owns YEX tokens, to stake on a 30-day package because this package plan gives the best return on investment.
Luis Merino 🇪🇸 | Satoshi Club: The more days you stake, the more returns you get 👍🏻
Gold Rocket | Satoshi Club: By the way, Rebase happens every 24 hours, right? Which formula do you use for it? This is an interesting question. You should like it;)
Anderson – WILL NOT PM YOU FIRST WAssTCH OUT FOR SCAMMERS: The trading reward is calculated by the amount of token swapped and converted to YEX’s current market value and multiplied by the package trading reward percent. An example would be if a user staked 10 YEX token on a 30DAYS package and swapped 5 ETH for any other ERC20 tokens. If the amount of YEX to ETH is 1:1, then the user should get 5 YEX * (2.0/100) YEX tokens as a reward, and these rewards are computed daily on-chain and can be tracked on the Yolex.io staking interface.
On the other hand, rebase is computed just once a day. The amount is fixed and can only be increased whenever the user increases his or her staked amount. An example would be if a user staked 10 YEX token on a 30DAYS package. The user will get a daily rebase of 10 * (1/100) YEX. This rebase amount will add up daily and can be tracked on the Yolex.io staking interface.
Gold Rocket | Satoshi Club: Yeah, thanks for sharing.z
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: The rebase happens every 24 hours at 10:10 pm UTC.
Gold Rocket | Satoshi Club: Q3 from Telegram user @bitcoinistic
The price of your token was 2700$ 10 days ago. Now it’s 176 and the liquidity dropped significantly. What happened during these days that influenced the price in such a way?
Luis Merino 🇪🇸 | Satoshi Club: I like this question 😀
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: This is related to presale investors token distribution. The presale was designed in a way that presale tokens were locked for 30days (staked). It is understandable that some of the initial presale investors are likely to exchange some of their tokens after waiting for a long period. There are other factors too that influence this drop but we are very much working to facilitate its recovery.
Luis Merino 🇪🇸 | Satoshi Club: How much did you raise with presale?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: A total of 145 ETH was raised from initial investors.
Gold Rocket | Satoshi Club:
Tell me please did you already audit your smart contracts?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: The smart contract has not been audited yet, but an audit arrangement has been made and hopefully we will have the audited report soonest.
Gold Rocket | Satoshi Club:
this is a great result!
Luis Merino 🇪🇸 | Satoshi Club: Great amount!!
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: Thank you.
Luis Merino 🇪🇸 | Satoshi Club: Ready for Q4?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: We can proceed.
Q4 from Telegram Username @apocan99
If I don’t unstake my assets after the due date, I will continue to earn rewards which is great. But does the system renew the staking contract based on the current staking choice or does it continue daily? For example, if the staking period is 7 days and it wasn’t unstaked at the end of the period, will I need to wait for another 7 days or can I unstake whenever I want? (Considering the reward percent change based on staking period also)
Gold Rocket | Satoshi Club: Good question!👍
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: So taking the 7 days example from the question. If a user takes an amount of YEX token on a 7 days package if at the due date the user chooses not to unstake (mint tokens) the rewards continue and reward computation remains the same. The user can unstake anytime after the due date is passed.
Luis Merino 🇪🇸 | Satoshi Club: Very clear answer! Thank you. No questions for this one 😀@GoldRocket27 do you have any questions?
Gold Rocket | Satoshi Club: I like this answer😀
Q5 from Telegram Username @KathDM
I read that you are currently working to integrate time base limit orders on the Yolex platform. How will this feature work and when will it be integrated?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: Yes, at the moment we are anonymous, but this will change as soon as certain structures are put in place.
Gold Rocket | Satoshi Club: This is a very important point! Are you want to add somethings or can we move on to the last question?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: We can proceed.
Gold Rocket | Satoshi Club: Q6 from Telegram Username @Brainchest
Will the use of the YEX token be other than receiving rewards for staking and trading operations? I am afraid that if I buy now at the current price, I will lose, as people receiving the reward will sell, thereby the price will drop sharply. Do you have a price protection mechanism?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: There are also plans to integrate rewards for providing Liquidity on Uniswap, as we believe this will boost the price value and even if people unstakes, there will be a balance as other people are also buying to stake and adding liquidity for rewards. This we believe will help regulate and keep the price stable.
Gold Rocket | Satoshi Club:
So you have thought of everything. Anything else you want to say before we open the chat for live questions?
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
In this part, we open a chat for the crypto community for 80 seconds. Then the guests from the crypto project choose the top 10 questions. These 10 crypto enthusiasts will earn cryptocurrencies.
Crypto pool of reward: 125 $
Q1 from Telegram User @apocan99
⚡️ I can not change the staking package after I stake but I can increase my staking amount. How are the rewards calculated on an increment? Based on the last amount reached or is it done part by part depending on the change times of amount?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: Yes you can only increase the amount staked. When you add tokens to your stake, the reward cap is recalculated, but the reward percent itself does not change. So say you staked 5 YEX on a 3 0 days package, that would be that your reward cap will be 10 YEX (the maximum amount of yex rewards you can get on that stake) If you now increased your stake amount to 7 (adding 2 more yex tokens) Your reward cap will increase also to 14.
Q2 from Telegram User @Maksyrn
Do you plan to list YEX tokens on centralized exchanges, and where can you buy them now?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: Yes, we are currently talking to some major CEX for possibilities of listing on their platform. Currently, you can buy YEX on Yolex.io and Uniswap.
Q3 from Telegram User @AugusS7
Rewards of 2.5% of the exchange and 100% of the stake is really A LOT, is this a measure that will remain lasting in Yolex? or is it simply to attract its users and to lock large capital in the stakes?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: Good question. The reward percentage will reduce with time. We have a halving system in place to regulate this as supply increases. Circulating supply now is very low and as stakes increase and more tokens are minted, the reward percent will reduce.
Q4 from Telegram User @Winterkom
– Can I swap with Yolex all the tokens that are available at Uniswap? Do you have a separate liquidity pool or do you use Uniswap liquidity pool?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: Yes you can swap almost all tokens that are available on Uniswap on Yolex.io. We recently integrated an additional feature that allows you to swap any ERC20 token by just copying and pasting the token address.
Q5 from Telegram User @kun4321
How can I change the staking package after I stake?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: You can not change a staking package on an active stake, but you can increase your staking amount.
Q6 from Telegram User @notulu
Since most smart-contracts are becoming a scam. How will you prove your project?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: Our contract is verified and open on etherscan and also tokens assigned for development and airdrops are locked on a third-party smart contract (Trustswap). The Uniswap liquidity is also locked with Uniscrypt. We make sure we stay transparent and open in all our dealings.
Q7 from Telegram User @wonderkit
What is Yolex developing right now that will attract crypto investors and users?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS:
First, our platform makes the process of swapping tokens simple, easy, and straight to the point, and additionally; the Limit/stop-loss feature is much needed in the DEX space. Token prices are very unstable and on a DEX platform having a feature that allows you to set sell orders without having to go through the regulated stressful centralized processes is a needed feature. We also believe our upcoming cross-chain token swap integration would attract users and keep them on the platform.
Q8 from Telegram User @jpsarmah
If I buy and hold YEX for the long term, in what ways the benefits will come to me?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: Yes, we encourage a long time hold/stake so as to keep the price stable and also benefit the stackers. The longer the stake, the more reward tokens you will get.
Q9 from Telegram User @CRYPTOCOMMUNITYKINGOFDEFI
Can we swap tokens of different blockchains, can we swap BTC to eth in near future?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: Yes, we are currently working on this feature and should be live on our platform soon.
Q10 from Telegram User @DiegoRME
What requirements do I need to make in order to participate in your staking system? How much are the minimum and the maximum to Staking on your platform?
Anderson – WILL NOT PM YOU FIRST WATCH OUT FOR SCAMMERS: There are not the minimum or maximum amount of YEX token to stake. You can stake any amount. Everyone is welcome to become a part of our growing community.
Part 3 – Quiz Section
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the DeFi crypto project. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 350$ in crypto-currency was distributed between the winners.
Yolex Quiz Answers.
What was the initial total supply of YEX token?
- A. 100,000,000
- B. 500,000,000
- C. 100
- D. 100,000
- The correct answer is C
On what date will the Limit Order Feature be launched on Yolex?
- A. 21st October 2020
- B. 17th October 2020
- C. 18th October 2020
- D. 30th October 2020
- The correct answer is B
What is the daily rebase percent for 30 days stagers?
- A. 0.1%
- B. 2%
- C. 5%
- D. 1%
- The correct answer is D
What is the symbol of Yolex Token?
- A.YOLEX
- B. LEX
- C. YEX
- D. YOL
- The correct answer is C
For more details:
Yolex.io – @yolex_io
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Website: https://esatoshi.club/
Twitter: https://twitter.com/esatoshiclub
Our Crypto Partner by this AMA:
Website: Yolex.io
Telegram Yolex: @yolex_io