GGold Rocket | Satoshi Club
Greetings dear Satoshi club! 😊
MMary | Satoshi Club
Hey Satoshi Club community! Let's welcome our guest from Xave Project! It's great to have you here today. Let's get the AMA session started!🚀
JJordi l Xave
Hey Satoshi Club, it's great to be here!
JJordi l Xave
Excited to share more about Xave and answer your questions ✌️
GGold Rocket | Satoshi Club
Welcome to the Satoshi Club 🤗
MMary | Satoshi Club
Welcome to the Club Jordi😄
JJordi l Xave
Going great! Very busy as we get closer to the LBP on the 17th, onboarding new stablecoin issuers, a lot going on over here
GGold Rocket | Satoshi Club
To warm up, please tell us about yourself. How did you get into crypto, what got you interested?
GGold Rocket | Satoshi Club
So this is a big milestone in the history of the development of the project 🙏🚀
JJordi l Xave
I've been full-time in crypto since 2015. I used to work in traditional payments, and when you learn how old the technology is you want to burn it all down and start from scratch. I stumbled into crypto, and then worked on launching the first debit card you could link to a Coinbase account. That was 8 years ago, and it has been amazing to watch the space grow in that time
MMary | Satoshi Club
What's your position at Xave?😄
GGold Rocket | Satoshi Club
That is, you are a traditional crypto evangelist 😁
JJordi l Xave
I'm the COO and Co-Founder at Xave. We've been working on this quietly behind the scenes for over a year, so thrilled to finally be sharing more publicly 🙂
GGold Rocket | Satoshi Club
we are happy that the choice fell on Satoshi Club 🔥
MMary | Satoshi Club
Bear market gave your time to build 😄 i believe bull market will appreciate your efforts
MMary | Satoshi Club
Jordi, could you explain to our members what is Xave? 😄
GGold Rocket | Satoshi Club
What is the essence of your project? It has been behind the scenes for a long time, we want to know the details😊
JJordi l Xave
Xave is the FX market for DeFi. We build liquid FX markets by working with stablecoin issuers to bring FX on-chain. For context, FX (Foreign Exchange) is the largest market in the world at $7.5 *Trillion* per day, and it runs on old, outdated tech. We're bringing it into the 21st century !
MMary | Satoshi Club
Hm, sounds exciting! We definitely need FX in crypto space!
GGold Rocket | Satoshi Club
MMary | Satoshi Club
Tell us more about the team behind Xave? I am sure you have a lot to tell about them😄
JJordi l Xave
Definitely, it has been an amazing group to build with!
Xave is built by people with deep backgrounds in the space: the founders were early employees at ConsenSys, Kraken, Coins.ph, and other globally recognized products. We also have backgrounds from the traditional financial world that help us bridge the TradFi -> DeFi world. We also worked on very early stablecoin/CBDC projects with the Asian Development Bank, so know that world well 🙂
MMary | Satoshi Club
Wow, i feel something big is coming 🔥
GGold Rocket | Satoshi Club
By the way, what does the name of the project mean, what do you put in the meaning of Xave?
JJordi l Xave
There's actually no hidden meaning, we just thought it sounded nice lol
GGold Rocket | Satoshi Club
we have been waiting for something so professional in the crypto space for a long time🔥
JJordi l Xave
It is pronounced "Zay-ve"
GGold Rocket | Satoshi Club
MMary | Satoshi Club
Thank you for this introduction Jordi!Do you feel ready to move to the questions from our community?🔥
GGold Rocket | Satoshi Club
Q1 From Telegram User @Thisistoyin
Greetings Xave’s Team!
I’ve noticed on your Twitter handle that, after achieving over $51M+ in FX volume, your team has decided to unveil the launch of Xave’s governance token—an integral aspect of your ecosystem. I’m keen to learn more about the Tokenomics distribution of Xave’s token within your ecosystem. When is the scheduled launch date? Additionally, are there plans to list the token on multiple exchanges, and is there any opportunity for ICO/Presale participation for users within your ecosystem? I hope we are not too late?
JJordi l Xave
Thanks for the question @Thisistoyin! Let's see here:
JJordi l Xave
Most projects in crypto launch their token to raise money before they build their project, but Xave is a bit different. We wanted to make sure that we had product market fit before issuing a token.
JJordi l Xave
Now that we’ve partnered with major stablecoin issuers (Circle, Stasis, etc.), protocols like Balancer and Avalanche + processed $50M+ of FX swaps, we’re ready to launch our governance token so that the community can grow with us.
GGold Rocket | Satoshi Club
GGold Rocket | Satoshi Club
GGold Rocket | Satoshi Club
GGold Rocket | Satoshi Club
Jordi l Xave:
We’re launching a small number of XAV tokens on December 17th to our early community. Because we’re such close partners with the Balancer ecosystem we’re selling XAV tokens via Balancer’s partner Fjord Foundry using their LBP (liquidity bootstrapping pool) platform. An LBP is a fair distribution mechanism to ensure that the supply isn’t bought by whales, and that everyone has fair access (please read the link below for more details of how LBPs work).
🚨Once the LBP concludes, XAV tokens will vest for 3 months, because we’ll be launching a series of IEO’s in March on several centralized exchanges. These IEOs will happen at a much higher valuation than the LBP price, which is our way of showing appreciation to our early community 🚨
XAV Tokens will list on centralized exchanges just as the IEOs end, which is when tokens purchased during the LBP will unlock for our early community 🙂
LBP Info: https://help.fjordfoundry.com/fjord-foundry-docs/welcome-info/what-is-a-liquidity-bootstrapping-pool-lbp-+-features
Tokenomics info:
https://docs.xave.co/tokenomics/xav-tokenomics
MMary | Satoshi Club
Sorry, our defence sometimes over defending
JJordi l Xave
No worries! Hopefully my answer helps
MMary | Satoshi Club
Jordi, what we need to participate?
MMary | Satoshi Club
Which chain, do we need to hold some tokens or... ?
JJordi l Xave
To participate in the LBP you just need to have USDC ready to purchase the token on Fjord. I'd definitely recommend reading more about Fjord in the docs linked above ^, and then be ready on December 17th-19th!
The Xave LBP page will go live the day before the sale starts, and we'll share the link in our Discord + Twitter
JJordi l Xave
The XAV token is launching on Avalanche
MMary | Satoshi Club
Lol, it's perfect time! Avalanche ecosystem is on fire now😄
JJordi l Xave
Yep! We're very close partners with Avalanche. Their ecosystem funds (Blizzard) actually invested in us quite recently 🙂
JJordi l Xave
https://twitter.com/XaveFinance/status/1731856894891880460
JJordi l Xave
Nope, no min/max because we want to make sure that anyone can participate
GGold Rocket | Satoshi Club
MMary | Satoshi Club
Jordi, thank you for your answers! While i will be away to get some USDC to participate, may be you will answer second question?🤣
JJordi l Xave
Absolutely, let's keep moving forward!
GGold Rocket | Satoshi Club
Thanks for the great answer to this important question. Are you ready for the next one?
GGold Rocket | Satoshi Club
Q2 from Telegram User @Apelord_Ds
Hello.
Observing that your data feeds are constrained by oracles, particularly noting the Chainlink support, I wonder if this limitation affects the range of assets you can support. Do you utilize Chainlink exclusively, or do you employ custom oracles with a Monetary Authority of Singapore (MAS) approach? My inquiry revolves around your collaboration with Chainlink and other stablecoin partners for initiating new oracle feeds. Could you shed light on the current number of stablecoin partnerships you’re engaged in? Considering your focus on the Asian market, is there any integration with StraitsX, known for issuing stablecoins tied to the Singapore dollar and Indonesian Rupiah?
JJordi l Xave
Oooh this is a *great* question
JJordi l Xave
Right now we primarily work with Chainlink for two important reasons:
1. They are the gold standard for oracles (we only want to work with the best)
2. Because right now most FX (Foreign exchange) happens off-chain, that’s where prices are for these currencies. So we need to make sure the oracles used are linked to real-world FX prices, which is something that Chainlink is very good at.
JJordi l Xave
That being said, it’s always good to have multiple redundancies, so we’re working with a few other oracle solutions right now to build more on-chain FX products. It’s still very early for on-chain FX, and we’re actually the first project doing this, so working directly with the oracle providers is a nice bonus that we get to do.
JJordi l Xave
I would also add that we’re working on something ourselves for this, but that’s a few months away. More info coming soon 😉
JJordi l Xave
In terms of stablecoin partnerships, we have a number that are already live, and dozens going live during the next few months. Live now: Circle (!), StraitsX, Stasis, VNX, PoundToken, BRLA.
JJordi l Xave
We actually have a global focus, not just the Asia market. We already list several different EUR tokens, a GBP token, a Bazilian Rei token, with many more on the way. But yes, StraitsX is a very close partner of ours, and currently list their XSGD token with us (with their IDR token coming soon!).
JJordi l Xave
There’s actually a lot happening on this front behind the scenes, which we'll share over the coming weeks and months
GGold Rocket | Satoshi Club
yes, it's hard to be a pioneer, but when the best choose the best, the result will not be long in coming👏👏👏
MMary | Satoshi Club
I am a bit afraid of stablecoins after bears🤣 how your pools will work in extraordinary situations?
JJordi l Xave
It's important to note that we only work with regulated stablecoin issuers who issue collateralized stablecoins. We do not currently support any synthetic stablecoins, because we want to make sure that things always work as expected.
Additionally, we're built on top of Balancer's tried-and-tested V2 vault. We wanted to make sure that we only build with the best.
GGold Rocket | Satoshi Club
This is a smart strategy.
JJordi l Xave
We may offer support for synthetic stablecoins in the future, but that will be separate from the current stablecoin issuers we support
MMary | Satoshi Club
I will sleep tight, thank you 😄 ready for the next question?🔥
GGold Rocket | Satoshi Club
Q3 from Telegram User @Dalboto
I am curious to know about the legal background of Xave protocol. Although foreign exchange is becoming popular, Forex trading is banned in some countries. Is your platform accessible to the citizens of those countries too? If yes, is it legal? If I live in a country where Forex trading is illegal and Xave is available, can I still use Xave without any hesitation?
JJordi l Xave
Disclaimer:
Xave should only be used by people according to the laws of their respective jurisdiction.
Xave denies access to the platform for people from countries that appear on international sanctions lists, and/or where there are high levels of fraudulent activity. This is done using industry standard IP blocking techniques, and follows widely accepted best-practices used globally.
JJordi l Xave
A non-exhaustive list of countries that are prohibited from accessing Xave include: Iran, Iraq, Somalia, Eritrea, Yemen, Russia, Afghanistan, North Korea, The United States, Cuba.
JJordi l Xave
We're a serious project, and we take these things seriously.
MMary | Satoshi Club
No Ukraine i hope? Recently we found that our country banned from a lot of actions🥲
GGold Rocket | Satoshi Club
and it is absolutely justified.
GGold Rocket | Satoshi Club
If you are done with this question and do not want to add anything else, we can go to the next question 😉
GGold Rocket | Satoshi Club
Q4 from Telegram User @damzyleen
Hello
The “Xave’s Vote Escrow Model” was tagged coming soon. In this regard could you give a sneak peek of the “Xave Vote Escrow Model”; How does it work? What is the purpose the Vote Escrow Model? How is the Escrow vote planned, organized and executed to ensure a fair, flexible and legitimate voting model? Sight an example as regarding when the Vote Escrow Model can be used.
JJordi l Xave
One of the nice things about working so closely with the Balancer community as we built Xave was getting to see how their vote escrow model works for the BAL token. The Vote Escrow model does a great job of aligning the incentives of everyone using a protocol, and helps to ensure the long-term stability of the token ecosystem.
JJordi l Xave
This model has worked effectively at scale, and so we’re using a similar token model for XAV. This allows token holders to either remain passive (simply holding XAV) or participate in the ecosystem by locking their XAV to mint veXAV, which can be used for governance and a few other things. veXAV accrues a percentage of the fees for every swap that takes place on the Xave protocol. These fees are paid as a market making bonus to XAV:ETH LPs, and not paid to XAV holders.
JJordi l Xave
We’ll be releasing more information about this prior to the IEOs in March, but in the meantime I’d definitely encourage you to read more about Balancer’s vote excrow model here:
https://medium.com/balancer-protocol/unlocking-the-vemodel-f363d2d7bd91
JJordi l Xave
We've designed XAV with the Vote Escrow model to let anyone own a piece of the on-chain FX market
GGold Rocket | Satoshi Club
Don't miss Satoshi Clubber's important information 😊
JJordi l Xave
You heard it here first ^
GGold Rocket | Satoshi Club
You talk about your project with such love that I want to join it 😁❤️
MMary | Satoshi Club
Ohhh, we love to be the first 🥇
GGold Rocket | Satoshi Club
MMary | Satoshi Club
Thank you for the answers! Ready for the next question?🚀
GGold Rocket | Satoshi Club
Thank you very much for your answers. 😍
GGold Rocket | Satoshi Club
Q5 From Telegram User @DK177
Hello Xave Team! While most of the projects are now moving towards community centered approaches and allocating more funds to community members, Xave has reserved 25.5% from the total $XAV supply to the own team members. Is there a special reason for that? How do you ensure that the community members are not neglected and they will be treated property when distributing $XAV? Meanwhile, I noticed that there is an allocation of 14.5% for ecosystem rewards. What are the utilities of this portion and who are eligible to receive these rewards? Thanks.
JJordi l Xave
The reason for the token allocation for the team as well as the ecosystem rewards is actually the same, and has to do with the way that Xave is different from most blockchain projects:
JJordi l Xave
Most crypto projects are heavily focused on regular people, what the industry calls “retail users” (I hate that term, but that’s what it is). Think things like NFTs, or Web3 games, or even platforms like Curve that are for trading between tokens. These are things that are used by everyday people within the crypto world, and so the way they build their tokenomics is centered around a community of people using the product every day.
JJordi l Xave
What Xave is going after something *much* bigger: we’re building for the largest liquid market in the world, the $7.5 Trillion daily FX market. This means that we’re building in a way that will allow not just stablecoin issuers to use Xave, but the sort of financial institutions that trade in FX. And so we’ve built our token model accordingly.
JJordi l Xave
The reason we’re offering the XAV token to the general market is because it’s an opportunity for anyone to own a piece of this $7.5 Trillion/day market as that volume moves on-chain. And the team allocation reflects our desire to own a piece of that ourselves, because we believe that this will be incredibly valuable. How often do regular people (and we are definitely regular people here at Xave) get to be in on the ground floor of such an enormous opportunity?
JJordi l Xave
In terms of who gets the ecosystem rewards, we’ll be using that to incentivize more and more stablecoin issuers to join the platform, as well as non-crypto projects, and this is an important point to think about:
JJordi l Xave
We’ll be releasing an API next year that lets TradFi institutions and any organization plug into Xave to take advantage of our instant, ultra-low cost FX. This means that any company will be able to suddenly offer FX exchange in their product, and so we’ve set aside ecosystem rewards to help incentivize them to come on board.
A key driver behind Xave is this link to bring the volume from the real FX market on-chain. We never lose sight of this goal.
MMary | Satoshi Club
Do you have any lockup period for the team?
JJordi l Xave
Yes, of course! I believe that we've already published this in our docs, but there is a 6 month lockup period followed by a vesting period of 1.5 years for the team. Important to note that the lockup period + vesting begins after the token is listed on exchanges, *not* after the LBP
GGold Rocket | Satoshi Club
GGold Rocket | Satoshi Club
Thanks for the clear answer 😊
MMary | Satoshi Club
And now only one 6th question left for this part of our AMA 🚀 Jordi, are you ready?
GGold Rocket | Satoshi Club
Q6 From Telegram User @MudaraSilva
Greetings Xave Team!
I am eager to learn more about your partnerships and collaborations. I have observed the allocation of 10% from the total $XAV supply for partnerships. Could you share details on your current partners and their role in shaping the future of the Xave platform? Additionally, I am interested in your future partnership plans and the criteria you consider when teaming up with others. Could you outline the partnership application process? Given the significant allocation of 10%, who holds authority over these funds and manages partnership-related expenses? How do you ensure transparent handling of these funds? Lastly, a brief overview of the benefits users derive from Xave protocol’s partnerships and collaborations would be appreciated.
Thank you.
MMary | Satoshi Club
Dear community, we will open the chat soon. Please prepare your questions. Xave Team will select 10 of them. Please remember the rules ❗️❗️❗️
- Only genuine questions will be rewarded. Copied questions will be disqualified
- Read the rules here (https://t.me/Satoshi_club/1292777)
- For Part 2 of the AMA, every user will be allowed to post maximum 3 questions. One message should contain maximum 1 question. If you post more than 3 questions, you will not receive the reward if selected. Thank you for understanding and good luck!😉
- Also, don't forget to join Xave Discord - https://discord.com/invite/cZAEQpt4uG to be eligible for rewards
JJordi l Xave
Absolutely, let’s see if I can shed some light here!
JJordi l Xave
The partnership application process is geared towards onboarding the sort of organisations that are able to help us link the traditional financial world (where $7.5 Trillion of FX volume happens every day) and the on-chain world.
JJordi l Xave
We have a number of different partners across the spectrum, everyone from oracle providers like Chainlink to bigger ecosystems like Balancer and Avalanche, as well as a few emerging stablecoin + RWA industry groups. We’re also speaking with a few foreign exchange market participants from the traditional financial world that are interested in helping move real-world FX markets on-chain.
JJordi l Xave
It’s also worth noting that right now we’re focused on working with regulated stablecoin issuers. This is important, because we want to make sure that we have deep relationships w/ the projects that are (already!) bringing the TradFi FX market into DeFi, and are going to bring all of that volume to Xave.
JJordi l Xave
It’s important to have a supply of XAV to help kickstart early incentives to grow the ecosystem, and one of the reasons we’re employing the Vote Escrow model for XAV is that this ensures the longer-term growth of the ecosystem.
JJordi l Xave
The team controls the distribution of ecosystem rewards/incentives. We’ll publish the address controlling these funds so that the community can have full transparency into what’s going on there 🙂
JJordi l Xave
Whew, that was a lot of typing lol
MMary | Satoshi Club
Btw, we can't find what is total supply of XAV?🤦
JJordi l Xave
Ah, there will be a total supply of 100M XAV
JJordi l Xave
2M will be sold during the LBP
MMary | Satoshi Club
Jordi, it was excellent first part🔥
MMary | Satoshi Club
Do you want to add something or we can start with the second, live part of our AMA?🚀
GGold Rocket | Satoshi Club
Yes. I agree, it was incredible ☺️
GGold Rocket | Satoshi Club
For example, links to your social networks
JJordi l Xave
Ah yes, here are some helpful links:
Twitter: https://twitter.com/XaveFinance
Discord: http://dsc.gg/xavefinance
TG: https://t.me/xave_finance
GGold Rocket | Satoshi Club
MMary | Satoshi Club
https://twitter.com/XaveFinance/status/1730387390299029775?t=fRCS5ViUFi6wJDNSzc1xGQ&s=19
MMary | Satoshi Club
Satoshi Club, don't miss this important event 😀 or cry later 😉
MMary | Satoshi Club
@JordiBlock ready for the storm of live questions?😀