AMA Recap: Gem Chasers & DEXG
Below is a full-recap of the AMA, for the gem chasers who couldn’t make it, or for anyone that’s interested. Feel free to have a read!
Telegram: https://t.me/GemChasers
Twitter: https://twitter.com/GemChaserz
Gem Radar ✪:
Ok guys welcome back for another AMA series, today we have here the DEXG Team which is also a sponsored project by DexTools. Welcome Alistor & Rim, firstly how are you guys doing today?
Rim Slim:
Hi, I’m excited and not only for christmas!
Alistor Zimon:
Pretty good, has been a eventful two weeks with lots of action behind and in front of the scenes.
Rim Slim:
It’s been a challenging year, but I think we are slowly turning things around, and being able to move things forward with DEXG has been a great way to finish on a high note.
Gem Radar ✪:
Lots of action is something not to complain about in the crypto world, so congratulations to you guys both! Lets first talk about you both. To put it quite frank, who are you guys? Where is your background from and is it related to crypto somehow? How long have you been in this space for?
Alistor Zimon:
@itsmichel feel free to introduce yourself. 😉
Rim Slim:
of course! Well I know Zim for quite a long time, as we had came across each other in various places, crypto wise.
And over the years, the interest moved from trading into the tech and ultimately with a desire to be part of what the future will be and add your grain to it.
Alistor Zimon:
I’ve been in the crypto-space since 2013, starting as a trader, investor and blockchain enthusiast. Over the years I got involved more and more with the scene, handled communities and helped projects and services (mostly trading related) with marketing and content creation. With the pre-launch of the DEXToken Protocol I joined the business development team to build a bridge for the English-speaking community to our team in Taiwan and Singapore.
Gem Radar ✪:
Do you guys have a LinkedIN?
Rim Slim:
I was introduced to DEXG first by @AlistorZimon who is helping with business development, whereas I focus mainly on communications, CM and of course helping people to understand the finer details of DEXG.
Rim Slim:
We do, but we share those with business affiliates, due to privacy reasons.
Gem Radar ✪:
That’s fine 🙂 So to what degree is your team public or anon?
Rim Slim:
The team is completely public, with our CEO Jollen Chen being as public as it can be, as he is not only extremely gifted, he does most of the presentations himself. Due to the language barrier we translate his vision to make sure our reach is across as many borders as we can.
Alistor Zimon:
Our CEO is a well known figure in the Asia Pacific Area developers community. LinkedIn The project is officially headed by the Flowchain Foundation, which is a legal company registered in Singapore.
Gem Radar ✪:
I love it. Seems like there is a big team on board that is completely transparent and public. And what makes this even more exciting is that both of you have a strong, stacked background. So what is your project all about? Can we get some information for the general community in a nutshell, of what will $DEXG provide to users? What are the main benefits of it and does it solve any problems?
Rim Slim:
Of course, Ill leave the general introduction to Alistor.
Btw for those who want to look for themselves meanwhile and might have some thoughts, please check www.dextoken.io. You can find most info there as well as reference.
Alistor Zimon:
It’s a quite complex project with lots of factors, so excuse the little monologue ahead! Pushed into a single sentence pitch we can say that the DEXToken Protocol creates a new DeFi infrastructure utilising a new and unique Automat Market Maker and the Flowchain IoT network. Now let me split this up, since it’s a lot to digest!
Gem Radar ✪:
Sure!
Alistor Zimon:
At the core of the Protocol is the ‘speculative AMM’ which is the heart of the project and our upcoming decentralised exchange. We spent months to research this new AMM with two partner universities in Taiwan and their departments of mathematics and quantitive finance. The sAMM prices assets on the exchange more efficient and executes trades smoother than existing AMMs do. This reduces the occuring slippage and costs for traders by a great margin.
At the same time the sAMM is able to handle Off-chain tokens, which locks in with what the Flowchain Foundation has built the past three years. Their powerful Flowchain IoT technology. This allows the the sAMM to mint and handle off-chain tokens which run on the IoT network.
This creates a lot of possibilities for enterprises to efficiently outsource and monetize IoT processes or tokenize assets. For us it creates a lot of possibilites of advanced trading features on our decentralised exchange.
Gem Radar ✪:
So from what I see it as a users POV & have digested thus far is that the DEXToken Protocol has it’s own token currently ($DEXG) And is building an ecosystem revolving around it’s platform. Kickstarting with an AMM, so we would also see a secondary token needed for this?
Alistor Zimon:
Yes, $DEXG will serve as governance token and holders will get a direct share of the occured exchange fees. The secondary token meanwhile will serve as utility token on the platform to unlock pro-features like coming inbuilt trading bots or advanced order types. At the same time our secondary token will serve in a similar manner as $CHI, which allows to use the token for trading fees and effectively decrease the ETH fee burden.
Rim Slim:
Sidenote: the cooperation is an active one, which means as we are in production, new challenges and opportunities keep presenting themselves, on one side as development challenges but also new theories that we might benefit from down the line. DEXG is produced 100% inhouse, which means we have the knowhow to afront challenges as well as to translate complex math into code.
Gem Radar ✪:
Right, is there a timeline of when this will all be available to use? I 100% agree with you but so far you guys are rocking!
Rim Slim:
We will release our first public beta on the 23rd of December, which means tomorrow and this will serve as a testing vehicle for the public but also to attract white hat hackers to help us out. We will have a bug bounty for those that want to contribute and are looking forward to everyone’s feedback.
Gem Radar ✪:
Just before Christmas!
Rim Slim:
Security is very important to us, the DeFi scene is so an exciting one just for thise reason alone. Not a week goes by without rug pulls on one side and complex operations that exploit “features” in a unique way, that theyre not supposed to.
Alistor Zimon:
Now the public beta is the exchange framework with the basic functions. After we worked through the feedback and issues reported the full code will be submitted to external security auditors. We plan with the mainnet deployment in early to mid Q1 2021, with more advanced features introduced with every update throughout the year.
Rim Slim:
Maturing the scene begins with security, as @AlistorZimon allways says you can’t have trustless finanance if you can’t trust the tools.
Alistor Zimon:
Since our platform is 100% self coded, we have a high control over what’s in there. Nonetheless we spend a lot of ressources and manhours to ensure this.
Rim Slim:
The assumption that you are smarter than everyone else has proven an expensive one for many in crypto.
Gem Radar ✪:
What other security measures do you take? You mentioned that you will be getting full external audits, by which comapny?
Rim Slim:
For now, all commits and code is being run by https://mythx.io/
Alistor Zimon:
We have not chosen our partners for the final audit yet. However, the plan is to give the code to at least two security auditors to ensure there are no oversights.
Gem Radar ✪:
Why should people use your AMM. What will add that spark that other known AMM’s are lacking atm?
Rim Slim:
Using only one company has its own risks, which is why we run the code by several independant ones.
Alistor Zimon:
Let’s work alongside the example of Uniswap. Uniswap causes losses in the high double-digt to triple-digit dollar area due to inefficient trade execution and slippage. It’s something especially something traders with larger order magnitudes experience. Our sAMM is comperatively a lot more efficient and manages to buffer slippage, reducing these losses.
The off-chain token capability meanwhile offers us to take trades off the Ethereum network and proccess them in the faster and almost priceless IoT private chains. It’s a really exciting thing for me as a trader and investor myself.
Gem Radar ✪:
Yes I wanted to reference to Uniswap actually, but didn’t know how you’d feel about it 😄
Rim Slim:
To be able to deploy DeFi to the masses we have to reduce cost of entry massively as well as create ways to make sure on chain settlement can be left out of the cost/benefit equation.
Gem Radar ✪:
Definitely is exciting for me as a Trader and an Investor, seems like you guys hit the nail right there.
Rim Slim:
Its fine, they are the one to beat in the sense of volume and I think competition will move us only forward. No innovation without competition!
Gem Radar ✪:
What about attracting users? How will you guys attract liquidity and users to use your platform. I mean we can have some great tech, but we also need users to actually utilize your tech.
Alistor Zimon:
The private chains allow us for a lot of utilities that can’t be efficiently created on the Ethereum network due to the network limitations and fees. Let alone simple things like limit orders needs an interaction with at least three smart contracts, which all cost fees to interact with. Taking this process off-chain and only pushing the results on-chain again will make such tools finally cost-effective.
Alistor Zimon:
Liquidity providers will be incentivised with a liquidity mining program over the course of a set time period. Depending on their share of the overall liquidity on the exchange they will be able to claim the secondary tokens as rewards.
Gem Radar ✪:
A true ecosystem you guys are building, and are providing clear value here. I think this will be major once adoption starts. Especially if you can tackle the problem of high slippage fees which seems like you guys are promising to do so.
Rim Slim:
There are many solutions out there, but we think we have found a way that will create a value “loop” which means we can bring value at the same as we limit inflation.
The fact that DEXG holders will be receiving a share of the fees is in itself already a great opportunity.
Alistor Zimon:
That being said, the way the sAMM works is different from the, let’s again say, Uniswap AMM works. All trade fees will be incurring in WETH, which will be distributed to a dividend pool and handed over to $DEXG holders.
So unlike having a thousand of tokens in fees that would need to be distributed to holders, it will be all in WETH.
Gem Radar ✪:
So let’s talk about the benefits of your token then, $DEXG. The tokenomics seem good, can we get a quick rundown of it and what’s the benefit of holding $DEXG, governance etc..
Rim Slim:
As of now we are still in the liquidity distribution phase, which we are doing over 8 staking rounds. We are currently close to the end of the 6th staking round with the final one concluding at the end of January. After all staking rewards have been issued the total supply is estimated to be 55,000 $DEXG.
Alistor Zimon:
At that point I’d like to mention that there was no pre-sale for $DEXG. We locked the initial liquidity pool on uniswap with 20,000 $DEXG and 10,000 $USDT and started to distribute the remaining tokens via the staking rounds.
Gem Radar ✪:
Yes that is somoething really impressive, and as a traders perspective $DEXG has been a really good investment and I’m sure this is just the beginning of it all.
Alistor Zimon:
The core benefits of the $DEXG are the governance over the protocol and the previously mentioned fee-shares, which includes all trades the exchange generates.
For stakers there will be the additional incentive to receive a part of the initially mentioned secondary token after the final staking round concluded depending on their participation throughout all staking rounds. The final tokenmonics and details for this will be released in the coming weeks.
Alistor Zimon:
Yes, there’s a lot to come. Our internal roadmap for the next two years is quite filled. Though I can’t spoil it all at this point.
Rim Slim:
Also we want to come back here to talk about it then!
Gem Radar ✪:
Perfect! I think we’ve covered alot of things here and highlighted whats in store for your project, shall we move on to the community questions?
Alistor Zimon:
Sure!
Rim Slim:
Yes of course!
Gem Radar ✪:
@JenabJe asks, Will $DEXG ever venture out to other projects and connect it with it’s current ecosystem?
Rim Slim:
For sure, actually the sAMM will create opportunites across all markets. Since we try to offer a more efficient way of trading, you can see arbitrage opportunities everywhere.
I like to see it that as the DeFi space grows, so do the opportunities for DEXG and our Ecosystem as they both feed of each other and will create a value and volume loop.
Alistor Zimon:
Also with the exchange proving the efficiency of IoT sidechains, projects may gather an interest to make use of those networks, which in effect is connected by $DEXG, building on top of the created infrastructure.
Gem Radar ✪:
@vaibhav_05122 asks, DEXG is obviously very beneficial to we crypto users. However- how do you plan for DEXG to be useful and beneficial to the majority non-crypto people?
Alistor Zimon:
For the end-user it’s clearly crypto-focused. However enterprise users in order to tokenize assets or hook up their processes with the IoT network of Flowchain will need to provide DEXG as collateral. We already gained first interests and partners for pilot projects in this regard.
So I’d answer this question with a semi-yes, since the real-economy processes that enterprises may make more efficient, may directly benefit non-crypto-people.
Rim Slim:
That’s an interesting question because we won’t have non-crypto people anymore in the foreseeable future, but I know what he means. iot solutions can be found from the herding and milking of cows as well as more easy to imagine things like automated transport, or entry verification. All these transactions have a network cost and the bigger the network, the bigger the security and the value presented to DEXG holders for instance.
Gem Radar ✪:
@Loversss10 asks, DEXG’s 6th staking round is Hyperion and this sixth staking round also adopts the liquidity locked staking model and utilising DEXG/USDC shared Balancer Pool. Can you give us detailed explanation about the Pool? How is DEXG reward tokens being distributed?
Alistor Zimon:
So, to participate in the staking users have to deposit their $DEXG to the 90/10 Balancer pool. This pool has a weighting of 90% towards $DEXG which reduces the risk of impermant losses. Once the $DEXG are pooled, users receive Balancer Pool Tokens $BPT, which they can use at https://stake.dextoken.io for deposit and ,depending on their share of all deposited BPT, get additional $DEXG as rewards.
Gem Radar ✪:
Excellent questions today and some excellent answers provided by you guys. Honestly I’m in. I’m convinced lol, and I actually learnt alot in this AMA. Your vision is huge and I support that. It’s still early days right now so as an investor I’m going to grab some $DEXG after I finish up with this AMA. I’ve been following you guys, your marketing is great, you are currently raising awareness and getting the exposure needed once the AMM goes live. You have created solutions to problems we traders face everyday, and you have a real use case here. I’d love to do a follow up AMA with you guys, even if it’s short after everything is live to see how you have progressed.
Thank you for spending the time today here with us at @gemchasers and we appreciate the patience and dedication. It was an absolute pleasure speaking with you both today and I’m actually amazed of how much information was provided by you both today. Definitely alot to digest, and thank you for simplifying it as much as possible.
It was a true pleasure.
🤝
Alistor Zimon:
Thanks! It has been a pleasure for us as well! 😊
Rim Slim:
Thanks @radargem
It’s refreshing to work with a professional team like you guys.
Alistor Zimon:
I can only agree with this.
