AMA Recap: Gem Chasers & Ethopt
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 @gemchasers, welcome to another AMA series for the day. Today we have with us @hdizzle83 @captoshi of which are from the Ethopt team. Welcome guys 🙂
Captain Toshi:
Thanks, Just a moment for @hdizzle83. having some connection issues :)
Look forward to answering all the questions here.
Gem Radar ✪:
No problems 🙂 Will wait
Gail Wynand:
hi
Gem Radar ✪:
Okay Toshi & Gail, before we dive in deeper about the actual project, it would be cool to get to know you both briefly, so please introduce yourselves to our community 🙂 What is your backgrounds, did you know each other from ethopt? Is the team public/anon, how is your past experience related to the crypto scene etc..
Captain Toshi:
For sure, we are anon team to the public but not to one another internally as a team.
The concept of ethopt initially started in 2017 with @hdizzle83 and cintix, who unfortunately disappeared between 2017/2018, for unknown reasons.
Defi was nowhere near as developed back then as it is now, so with the growing potential for options with releases like hegic, we got together and decided it was very much worth pushing ethopt out to the community.
The original smart contracts were already completed before 2018, but what awaited us was a whole new frontend modernisation and integration overhaul.
Gail Wynand (aka hdizzle83):
As Toshi said. I would only add that the defi scene is much larger now than in 2018
Which is why we’ve decided to push this project out
Captain Toshi:
We have dabbled in crypto between 2014–2018, 2020 is when we really got back into watching the scene since the release of uniswap.
Gem Radar ✪:
Definitely agree there. So I can see you guys have a history relating to crypto. Your not new to the sector. In fact maybe the disappearance of Gail and Cintix was a blessing in disguise? In 2018 DeFi had no traction, but currently it has a whole lot of traction, so I guess we could say timing was coincidently good.
Captain Toshi:
We do have a decent network, which is why we were able to launchpad ourselves initially through the unimex/yieldx team, in between all those ongoing anon scams at the time of our token sales and listing.
Gem Radar ✪:
So lets dive into what ethopt is all about, could you please shed some light onto it for the community? In a nutshell or in your own words, what makes ethopt different? What are some of the main benefits, and does it solve any current problems in DeFi?
Captain Toshi:
Absolutely, I’ll leave that one to @hdizzle83
Gail Wynand (aka hdizzle83):
Ethopt is really a market for the creation and execution of fixed rate trades. You offer to lock a certain token A in exchange for another token B at a particular exchange rate until a certain period in exchange for a premium. At any point until that period, you can execute the exchange, trading token B for the locked token A, or if the exchange rate is unfavourable letting the offer expires. So at its most Ethopt is a perfect hedging protocol. In fact, at its core it’s an insurance protocol. Given the abundance of rugs, pump and dump tokens, and poorly built defi projects with hacks, token prices have proven to suffer from high volatility to the extent of being able to completely collapse in value overnight. Our platform permits you to lock in a trade which says “I will pay a premium of x, in exchange for the right to exchange ETH for this highly volatile token, or not”. So at its core, ethopt is the perfect insurance protocol
Gem Radar ✪:
So can we say your competitor is HEGIC?
Gail Wynand (aka hdizzle83):
To a certain extent. But really there is no competition. We are the only pure options exchange.
We permit users to price their own options, resell options, and create an option product for any token
Which hegic doesn’t permit
Gem Radar ✪:
So you mentioned how at it’s core this is an insurance protocol. How does this mechanism work?
To further elaborate, how is the user insured by using your platform, how does this prevent rugs and also help with volatility..
Gail Wynand (aka hdizzle83):
Ok let me clarify
Let’s say you want to purchase a token, but you feel unsure about the team. You can lock in a trade to purchase the token for a certain amount of ETH until a certain date. Up to that date, you are free at any point in time to execute the trade and purchase the token for the ETH amount. To lock in a trade you pay a small fixed amount i.e. the premium e.g. 0.1 ETH. If the team rugs, and the token price collapses, you simply do not execute the trade, and only lose 0.1 ETH. If the team proves to be legit, and the token retains value, you can execute the trade and exchange ETH for the token.
But worst case scenario you’ve only lost 0.1 ETH, instead of losing everything if a token were to lose its value
So you’ve protected yourself from holding a token worth nothing
Let me know if this is unclear
Gem Radar ✪:
I’m just trying to simplify it for the community as some people are new to this technology haha 🙂 But yes I’m pretty sure you’ve disected perfectly in laymans term. So this is solving a real problem currently faced in DeFi really. What was the main purpose of creating a native token? What are the benfits of $OPT, I can see there is staking involved correct?
Gail Wynand (aka hdizzle83):
So ethopt charges a 1% fee on the cost of the premium (the price of the option contract). This fee is distributed in a staking contract to OPT stakers.
100% of the fee is distributed
staking OPT will permit you to generate passive income from the receipt of fees
Captain Toshi:
Staking
Our staking model will consist of two alternative contracts.
Regular OPT staking
-No staking fee, but a un-staking fee of 1%, which goes to burn address.
-No lock up periods, you can deposit and withdraw at anytime.
-Shares 50% of the dividends.
OPT LP staking(only applies for the OPT-ETH pair)
-No staking or un-staking fees, since liquidity providers already bear the risk of impermanent loss.
-No lock up periods, you can deposit and withdraw at anytime.
-Shares 50% of the dividends.
Dividends accrue dynamically, meaning you will be able to watch them go up on a real-time basis.
Gem Radar ✪:
Thanks for this information, so whats the current plan for Ethopt, what’s next!
Captain Toshi:
ethopt.io — public testing and final release update.
We are closing in on the final stages for the completion of the ethopt platform, so would like to provide an update now on the expected…
https://ethoptio.medium.com/ethopt-io-public-testing-and-final-release-update-5b225ccc8ddf
Is our latest article, but quoting it
‘We are closing in on the final stages for the completion of the ethopt platform, so would like to provide an update now on the expected features, and details of the staking model.
Before we go live on the mainnet, we would also like to go through one final round of public testing, on the ropsten network, so the whole of our community will be able to try the platform, and provide any final feedback.
From there we will be able to smoothly transition into the full mainnet release.#
Gem Radar ✪:
So in terms of security measures, what have you done to ensure security to users? Has your contracts been audited externally? Will your mainnet be audited?
Gail Wynand (aka hdizzle83):
The contracts have been heavily tested by one of the premier ETH devs at the time /u/cintix, very well knows in the space. The contracts are sound and secure.
Bear in mind we’ve been working on this since 2018
Gem Radar ✪:
Yes that’s definitely a great sign and exciting that the launch is coming up really soon. So how will you attract users to the plaform? What will be lucrative for them?
Captain Toshi:
To kick off our launch we will have a lot of educational resources for those new to options to educate themselves.
We will also be directly launching with trading/volume based competitions/events in order to provide incentives for trying out the platform.
We may very well do something like a deposit bonus for the first 1000 deposits + trades, etc
Gem Radar ✪:
I think this is a good idea, having educational resources or guides for people to try this out. You really have something major here and I’m definitely keen to see you guys grow
Is there any further developments we could see in the near future making use of your heavily resourced ecosystem?
Captain Toshi:
Definitely, with regards to options themselves, we look to implement strategies and many more things familiar to those with standard options.
Since we have built an entire exchange in it’s own right, we are actively considering building out more types of exchanges )
Which would only further feed OPT stakers.
Gem Radar ✪:
I agree, it would be at everyones benefit if you guys continously develop around your ecosystem.
Captain Toshi:
Yes, we do want to take it one step at a time though and perfect each product.
Gem Radar ✪:
so could you please share the tokenomics of $OPT
Captain Toshi:
Ethereum Transaction Hash (Txhash) Details | Etherscan
Ethereum (ETH) detailed transaction info for txhash 0xd1153f6aff8ecdd8722859965297eaba61d242d2afc2bde675d7c78f4a31718f. The transaction status, block confirmation, gas fee, Ether (ETH), and token transfer are shown.
Captain Toshi:
OPT started off with a max total supply of 2,500,000 OPT.
Since early on a lot of OPT was burned, including un-sold sale tokens, and some buybacks and burns conducted by team.
OPT token burns
297150 https://etherscan.io/tx/0xd1153f6aff8ecdd8722859965297eaba61d242d2afc2bde675d7c78f4a31718f
673155.80 https://etherscan.io/tx/0x481cda0245c5f84e88934728f485cf3ec52e1e5aec86273581a375a0c1f70a75
Satoshi’s Return Address 62500 https://etherscan.io/token/0x7d25d9f10cd224ecce0bc824a2ec800db81c01d7?a=0x000fb8369677b3065de5821a86bc9551d5e5eab9
(This can be considered burn unless u/cintix is to return one day)
After the completion of all these token burns, the total supply of OPT is now 1,467,194.2 OPT!
Captain Toshi:
The total supply is now closer to 1.4 million OPT.
And between 900k-1M of that is circulating, rest include time-locked team tokens and a staking/reward reserve.
Gem Radar ✪:
Ok, great 🙂 So I think we will move onto the community questions now, we have preselected three for you to answer. Let me know when you guys are ready!
Captain Toshi:
Sounds great, always ready :)
Gem Radar ✪:
@santacloud0 asks, How do you plan to increase the liquidity of your token in uniswap and what benefits can users who provide liquidity obtain?
Captain Toshi:
Linking back to our staking model, it consists of two options
1. Staking OPT alone
or
2. Staking OPT lp tokens
So that provides further incentive to provide liquidity
Especially since it’s a 50/50 split between the two staking options, if one has a lot more staked than the other, then you can expect better payouts on the one with less staked.
OPT lp stakers dont have to pay the 1% unstake fee either as opposed to normal opt stakers
Gem Radar ✪:
@CryptoFreed0mm asks How do you deal with pump and dump investors who just buy and sell regardless of the technology behind it? In other words: how do you plan to gain the trust of all kinds of investors?
Captain Toshi:
In crypto I think it is impossible to truly deal with those :)
We do our best to remain transparent through things like a 9 year liquidity lock, majority team tokens vested.
Try to actively show and share development progress.
Gail Wynand (aka hdizzle83):
To be honest pump and dumping to some extent provides fees for liquidity providers, and since the trajectory of this platform given its potential is upwards, long terms holders will naturally benefit
Gem Radar ✪:
Lol I agree..
Captain Toshi:
Some people no matter what we do, will prefer a quicker pump and dump, just the way the space is.
We want to build a long lasting community of investors who are especially in search of passive income.
Gail Wynand (aka hdizzle83):
We are really producing a high class exchange, made as simple as possible and non intimidating
Gem Radar ✪:
@foundernet asks, What can we expect to see in the long term for Ethopt?
Gail Wynand (aka hdizzle83):
We want options to be as familiar for average joes as trading
For a normal user to be comfortable enough to naturally hedge a position with an ethopt
Gem Radar ✪:
Yeah and I can see you guys doing that by doing AMA’s and willingly wanting to provide educational resources for beginners.
Gail Wynand (aka hdizzle83):
agreed
Gem Radar ✪:
Toshi want to elaborate on this brother?
Captain Toshi:
As mentioned earlier, we are actively considering building more,
being in it for the ‘tech’ can be considered a meme for most but it is proven that those building the tech and providing the value are always better off longer term.
You build something people want, something people will use, and it’s only natural for such a thing to then market itself.
Gem Radar ✪:
Perfect, well at this stage the only thing we can do is wait for the launch, and tell people to grab a fat bag of $OPT now before this takes off to the moon lol. It’s obvious you guys know what you are doing, it’s just a matter of time before this takes off. 🚀
Thank you for dedicating your time here today with us and also educating the community and I about your project.
We are excited for your launch and will be following it closely.
Ethopt “ The Premier Options Exchange On Ethereum. “ You guys have a classy slogan too btw 😉
Captain Toshi:
No problem, appreciate the opportunity here.
Gem Radar ✪:
Always welcome!
Till next time, see you Toshi & Gail.
AMA has ended.
