AMA Recap: Gem Chasers & Dexmex

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!

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Alberto:

Welcome to another AMA series at @gemchasers. Today we have with us Dexmex ($DEXM). @Utopian444 , welcome to our community. How are you doing today?

Utopian:

Hello, Im good thank you and thanks for having me !

Alberto:

You are welcome! Could we please start with an introduction about yourself, and your past experience with crypto?

Utopian:

I am Swiss and I started to get interested in cryptos in 2016, at that time I was only an investor. Later I learned about a new platform (uniswap) which had launched and I found it very interesting. This is where I started to get involved in DeFi. The team and I are anon but we have many influential admins and advisers, such as thiago who has participated and launched many projects such as PWC or the first part of Decash (now IMO) which has progressed enormously in a few months.

Alberto:

Nice, so you’ve been around for a long time already, and have built a nice team

So what is Dexmex, how would you describe it?

Utopian:

DexMex is the first decentralized exchange based on Uniswap to offer peer to peer leverage trading. It works like a Decentralized CFDs with Progressive Leverage, which is a concept brand new in crypto. This allows any person to short or long with leverage any erc20 token in a decentralized manner. DexMex brings a whole new concept to the world of decentralized exchanges by mixing peer to peer trading with leverage

Alberto:

So you’re bringing this concept which has been on CEX until now, to a DEX. I haven’t seen many dexes that allow leverage. Could you please explain how is it going to be done?

Utopian:

yes of course !

Users are rewarded directly with the value of losing positions. It is therefore the losing positions that reward the winning positions on DexMex, and that in a continuous and direct way.

To achieve that, a ratio is set between the short interest of a token and the long interest of the same token, leverage is then updated every time a user withdraws his holdings or gains. Everything is done directly with Ethereum, there is also no need to borrow the token to short or long it.

The DexMex trading system consists of a pool for each erc20 token. This same pool is divided

into two sub pools: One which shows the long interest for the token, represented by assets

(in ether) that are deposited by users who believe the erc20 token will go up. The other pool

shows interest in shorting this same erc20 token; assets are deposited by users who believe

their erc20 token will go down.

The leverage is then determined by the ratio between these two pools and is calculated

continuously when a user withdraws his assets from the pool.

Alberto:

That’s indeed a complex system. What about the gas fees?

Utopian:

yes so rigth now we dont have plans to migrate into another chain such as bsc but if the community asks it and if we think that gas fees are taking a considerable place in our system we can migrate or do a second layer protocol for dexmex

Alberto:

So it’s a community driven project, nice

We see that the UI has been updated, quite better than the old one, could you please explain how the user would open a trade?

Utopian:

yes

Utopian:

yes of course

so first of all, the user needs to connect its wallet in dexmex through metamask, then he needs do deposit (click the button deposit) eth on dexmex, it is a smart contract and decentralized so no entities will have control over his holdings and he can freely withdraw his eth back. After this the user needs to choose the pool he wants to trade (it can be btc-weth / uni -weth etc). Finally he needs to click on” add” to add the eth and choose wheter he wants to go short or long

Also if he wants to trade in a pool already active, he needs to check if the pool is “active” otherwise he can wait for other traders to come

Alberto:

Which pools are currently available?

Utopian:

Rigth now all the pools in dexmex are available (10 tokens/pools)

but the pools that have started or are active are the link-weth and wbtc-weth

Alberto:

Nice, so what is the use of the DEXM token?

Utopian:

It has many use cases

so the first one is

That people staking dexm can earn fees of the platform in ethereum. 0,4% of all trades done in the platform go to people staking dexm in eth

Then 0,2% of all the trades are used to buyback and burnt dexm, dexm is therefore deflationnary

0,1% is used to fund one token pool that the comunity choses

Utopian:

and the last 0,1% goes to the treasury. The comunity then decides what to do with the treasury

Alberto:

What I like the most is that the users who stake DEXM tokens get a fee of all the trades paid in eth. That should encourage users to hold them. Very nice

So could you speak to us about the tokenomics?

Utopian:

yes thats rigth

Utopian:

yes ! currently there is 35 million dexm circulating, which gives dexm a market cap of approximately 8 million. 2.5m dexm are going to marketing, we are currently starting it and doing strategic marketing. Finally we have 10 million dexm allocated for partnerships and rewards. Everything is vested for at least one year

Utopian:

2.5 million dexm were also burnt

Alberto:

So the current circulation supply was 37 and now is 35, correct?

Utopian:

yes

Alberto:

Thanks for the clarification

So, what about security, are you audited, or are you planning to get audited by a security firm?

Utopian:

The token DEXM is already audited. Since we only launched the platform one day ago we are not audited yet but we expect an audit to come in a few days ! For the security side, we are kyc by pinpoint capital which is partnered with dextools and unicrypt

Alberto:

So you got a nice group of partners behind

Utopian:

yes and we are looking forward to add more and strategic ones

Alberto:

Great, nowadays you need more than a good platform to be successful in crypto

Ok so we have 2 questions preselected from our community that we want to ask you now

Utopian:

okay :)

Alberto:

@Vannesa__a asks: What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?

Utopian:

Our priorites are to attract a userbase first, we will now deploy or strategic marketing for this. Then we want to target other fields such as the NFT world while staying in our domain, which is trading. We want also to give users an attractive range of options that can greatly influence your trading environment such as stop losses or take profits (being the basic options)

Alberto:

nice set of plans for this year

@UnusXImmortalis asks: can you please share if there are any plans to extend dexmex to sushiswap as well? besides uniswap? and then maybe other *swap dexes?

Utopian:

Rigth now, uniswap its just the oracle we use to get the price from tokens. But we are looking forward to add new erc20 tokens that are not on uniswap and maybe bcs tokens (it is not planned yet though). The most important thing now is to attract a userbase and to start offering low cap coins, which is the main theme of dexmex

democratizing leverage trading everywhere in a decentralized manner

Alberto:

Thank you for answering our community’s questions :)

To wrap up, would you please share your socials for Dexmex here?

Utopian:

yes

https://twitter.com/OfficialDexMex

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