-
Fief Guild x Avalaunch: IDO Announcement
The rise of the guild is something that few saw coming. As “play to earn” evolved with “gamefi” and attendant innovations, we have quickly arrived at both milestones and inflection points.
At the highest level, the metaverse has begun to rethink the concept of work. There is widespread news on players of popular games supporting themselves through the pandemic via gameplay and more recently, social media has seen boasts of select players quitting their “normal” jobs. Additionally, the space, though rife with competition, has yielded somewhat to cooperation as roles in a larger economy have defined themselves and paid dividends.
Guilds have captured much attention through their collective earning power by aggregating and inserting the skills and specialties of individuals into decentralized autonomous organizations, bound through the singular purpose of optimizing earning power. With this have come anticipated challenges — who determines strategy? Is it a passive land grab group that is intent to sit on given assets or trading an NFT market, a hybrid of both, a static strategy or one that evolves — and on it goes. These growing pains are the signals of success though and not surprisingly, managing the humans has become the weak link in the chain.
To address these pain points, comes an ever evolving guild; one with its finger on the pulse of GameFi and wholly aware that the metaverse will not be about chain dominance but connectivity and interoperability. It is mobile, market savvy, having assembled some of the brightest minds in the space that are here to empower but here to empower through their human resources and tools…and Avalaunch is proud to announce them as our next IDO — Fief Guild.
Project Overview
Avalaunch has partnered with Fief Guild, to introduce the first Resource token for the guild’s upcoming economic strategy game: Blood and Coin.
Fief is the first economic guild of the metaverse with the primary objective to build decentralized protocols and game systems that plug into popular metaverse projects.
To kickstart Fief, the guild is creating its first game title: Fief: Blood and Coin, an economic strategy game that bridges on- and off-chain mechanics to deliver a highly rewarding user experience, built on top of the Fief protocols. In time, Fief will expand the utility of these protocols to plug directly into third-party project economies.
The Avalaunch IDO will signify the initial release of Fief Wood (WOOD), the first of five core resources that underpin Blood and Coin’s economic gameplay. Fief Wood will be heavily used in the crafting Game Action, allowing Guild Members to create a variety of functional Fief Item NFTs.
Fief Resources
Fief Resources are fungible tokens that facilitate the Game Actions performed across each Faction-based protocol in Blood and Coin.
Core Resources, such as Fief Wood, are acquired through Resource Gathering via the Farmer Faction. Fief Guild will also distribute these tokens via special drops to IGM holders and through special events, such as the Avalaunch sale or quests. Core Resources can then be used to do the following:
- Craft Earthy Items via the Craftsman Faction.
- Conjure Mystic Items via the Alchemist Faction.
- Add liquidity to the Fief Exchange or trade via the Bishop Faction.
Item Crafting/Conjuring will often require Guild Members to combine multiple Resources to create their desired output. The full list of Core Resources will be unveiled over the coming weeks, with planned distributions for IGM holders and more.
Fief Wood Economics
The Avalaunch sale represents the initial minting event for Fief Wood, affording Avalaunch participants the opportunity to be among the first holders of the unique Resource token.
Fief Wood, similar to the other core Resource tokens, is primarily produced via the Farmer Faction’s Resource Gathering system. This system, which leverages off-chain staking mechanisms, is ad hoc, meaning new supply is minted whenever a Guild Member Gathers Fief Wood instead of more traditional per-block mechanisms found in the industry.
As with all Fief Resource tokens, Fief Wood is totally consumed upon use in Crafting and related Game Actions. This provides a total sink for the token, which will also be freely traded on decentralized exchanges and eventually the Fief Resource Exchange (owned by the Bishops).
Following this initial minting event, Gathering Fief Wood will require staking with the Farmer Faction. This process will require specific Wood Gathering Items and the Fief Token (FIEF) to complete. With Gathering, the required FIEF will be consumed as a fee reward for the Faction and broader Guild.
To make up for the lost fee share from Avalaunch release, 10% of the proceeds from the launch (up to $150,000) will be used to re-purchase FIEF off the open market for future reward to the Farmer Faction in return for this initial demand for Fief Wood.
Fief Wood Utility
Prior to the commencement of the first season of Blood and Coin, which will pit all five Fief Factions against one another as they strive for economic dominance, Guild Members will be able to leverage Fief Wood to craft a variety of Items they can equip to advance within the City of Vitruvia.
The initial items available for Crafting will be:
- Common Wooden Axe — Wood Gathering (Farmer); Crafting Cost: 3000 WOOD
- Common Wooden Mallet — Wood Item Crafting (Craftsman); Crafting Cost: 3000 WOOD
- Common Wooden Cart — Wood Vesting (Farmer); Crafting Cost: 9000 WOOD
- Common Wooden Work Bench — Wood Item Vesting (Craftsman); Crafting Cost: 9000 WOOD
- Gathering Items determine how much of a Resource a Guild Member can harvest in a single Game Action.
- Crafting Items determine what rating of Item a Guild Member can build in a single Game Action.
- Vesting Items determine the cool down speed to claim and mint the output Resource/Item to the Avalanche network.
Therefore, these four items (in addition to others introduced shortly thereafter), will serve as the first steps towards the initial Faction-based economic systems — adding additional exclusivity to the Avalaunch release. Note, each of these items can be equipped by all Guild members, regardless of which Faction they join.
As an additional perk to initial WOOD holders, there will be no requirement to hold a Crafting Item to build the first 4 Wooden Items.
One Tree Planted
Fief Guild has partnered with One Tree Planted, a 501(c)(3) charity with a mission to help global reforestation efforts, to denote a portion of the Fief Wood sale proceeds to support the environment.
For each wallet that purchases WOOD in the Avalaunch sale, Fief will donate to have a tree planted via One Tree Planted’s reforestation program. You read that right…purchase digital WOOD and plant IRL trees.
Partners & Backers
Links & Team:
Website | Twitter | Medium | Discord |Docs
Galahad — Decade of software engineering leadership, focused on financial markets and crypto. Veteran of several startups and household name Big Tech goliaths. Currently leading operations and overseeing protocol development at Fief.
0xLongshanks — Decade of experience in early stage venture creation and investments. Held roles within NFT industry since early 2018 as both an operator and investor across multiple entities, primarily within the Ethereum ecosystem. Currently leading Guild and Game development at Fief.
Leo — Spent a decade in traditional software before moving into DeFi projects. Worked on multiple Avalanche projects throughout 2021, most notably as the COO of Pangolin Exchange. Currently focused on growing the GameFi and Metaverse ecosystem.
Coop — Over a decade in digital marketing, and an e-commerce entrepreneur. Started crypto in 2017, joined Pangolin on Avalanche in 2021.
Marvin — Self taught illustrator. Worked in communication and marketing until 2021. Started crypto journey in the Avalanche ecosystem. Learning everyday from the greatests minds out there (and from Twitter threads). Passionate about cinema.
Development — currently there are more than a dozen engineers dedicated to the project.
“It has been fantastic to work with Avalaunch on such a unique token launch,” said 0xLongshanks, Fief co-founder and Fief: Blood and Coin co-creator. “Their expertise and industry-leading platform has helped pave a new and exciting path for users to join our budding game economy.”
Closing Thoughts
We believe the future of GameFi resides in the power of cooperation more than competition. The ability for groups to convene and combine resources in order to extract, create and realize value is potent and the rise of the Guild is validating this premise. Fief is an organic project with an ever growing community, founded by savvy gaming and crypto veterans. Their Discord is chockful of human resources and their tool based approach is empowering to individuals and removes much of the difficulty in managing a large group of individuals who may have conflicting ideologies.
The Fief Wood IDO On Avalaunch
The Avalaunch sale represents the initial minting event for Fief Wood, affording Avalaunch participants the opportunity to be the first holders of the unique resource token. This is an exclusive offer to the Avalaunch community with 100% of the circulating supply (excluding liquidity) will be purchased and owned by the Avalaunch community.
- Initial Price — $0.01
- Initial Supply — 155,000,000
- IDO: 150M WOOD
- Sale Size: 1.5M USD
- Total Supply — Uncapped; minted ad hoc through Resource Gathering
- Initial Liquidity — 5,000,000 (added to WOOD-AVAX Trader Joe pool upon launch)
A pool will be opened on Trader Joe where trading will commence for the 45 days leading up to the crafting events. This is intended for all users to be able to craft items in Blood and Coin. To that end, participants in the IDO will also receive a FIEF airdrop in order to be able to craft an item. The process will be as follows:
Process
- User purchases Fief Wood (WOOD) allocation through Avalaunch and receive a complimentary drop of FIEF token upon completion of the sale.
- Fief Wood can be held by the user for 45 days prior to the launch of the Fief Crafting system where the user can spend their WOOD (and dropped FIEF) to craft 1 of 4 initial items:
- Common Wooden Axe — Wood Gathering (Farmer)
— Crafting Cost: 3000 WOOD - Common Wooden Mallet — Wood Item Crafting (Craftsman);
— Crafting Cost: 3000 WOOD - Common Wooden Cart — Wood Vesting (Farmer);
— Crafting Cost: 9000 WOOD - Common Wooden Work Bench — Wood Item Vesting (Craftsman)
— Crafting Cost: 9000 WOOD - The amount of FIEF dropped to each user will allow them to craft an item in 7 days. Users can purchase more FIEF off the open market to craft an item faster (up to 1 day).
- Users will not need a crafting item (Mallet) or vesting item (Bench) to complete the first crafting action — This is a perk to early wood holders.
- Users will be able to trade WOOD any time for AVAX via a dedicated pool on Trader Joe. Pool will be started at an $0.01/WOOD ratio.
- 10% of the proceeds from the launch will be used to re-purchase FIEF off the open market for future reward to the Farmer Faction in return for this initial demand for Fief Wood.
Registration Schedule:
Registration Opens: March 10th at 3:00 p.m. (UTC)
Registration Closes: March 12th at 6:00 a.m. (UTC)Sale Schedule:
Validator Round Begins: March 14th at 6:00 a.m. (UTC)
Validator Round Closes: March 14th at 3:00 p.m. (UTC)
Staking Round Begins: March 14th at 3:30 p.m. (UTC)
Staking Round Closes: March 15th at 6:00 a.m. (UTC)
IDO Recap:
Total WOOD for sale: 150M
Fief Airdrop: Per participant
Price: $.01
Size: 1,500,000 USD
Vesting — 100% unlocked
-
Degis AMA #2 — Technical Deep Dive with Eric (CTO) , Serlin (Chief Data Scientist) & Theo (Core…
On 3/4/2022 at 4:30 p.m. (PST), an AMA session was held on Avalaunch with special guests Eric, Serlin and Theo — Degis’ Chief Technology Officer, Chief Data Scientist and Core Smart Contract Developer, respectively. Below we present to you an excerpt from AMA with questions and answers.
Dave Donnenfeld | Avalaunch
The first AMA with the Degis Project was so enlightening and inspired, we had to do it again. In keeping with “one good turn deserves another,” let us commence with part II, the sequel AMA with a focus on tech. Today, we are joined by @liyang_ust , the CTO from Degis and an ICPC gold medalist who is humbly known as THEO . Lastly, there is a surprise guest in Serllin and he will contribute where he sees fit. So let us dispense with the pleasantries and get into it with our all star cast. Thank you all for being here.
Can you please introduce yourselves: who you are and how did you get into your current positions?
Eric Lee| Degis
Hello everyone. Nice to be here! I am Eric, CTO from Degis.
I have 3 years of development experience in blockchain and previously a C++ developer.
I am in charge of product logic implementation and smart contact development.
I have been participating in Degis since its early time last year. Together with other founders and core members, we decided to start this project. At that time, I got to be in charge of technical part because of my developer experience.
THEO DING| Degis
Hi guys, I’m Theo, I used to be a computer vision algorithm researcher and now a core smart contract developer at DEGIS.
I got the ICPC Gold Medal in college and I have 5 years of work experience. I joined Degis last year through the recommendation of professor Chen.
Serllin| Degis
Hi guys, this is Serllin from Degis team, and I am in charge of data analysis & monitor behind protection products, also assist in front & back-end development.
I used to work in quantitative companies, doing long-short trading strategies in futures & options market, and we also traded crypto assets, just from that time, I started to know DeFi, it has been three years.
I am also one of the first members in Degis, and I was responsible for data analysis, back-end monitoring and docking from the very beginning.
Dave Donnenfeld | Avalaunch
Appreciate your respective backgrounds. It is quite an impressive team to be sure. Please describe for us the high-level organization of your team? How many are there in total, what their expertise lies in, and how does this orchestration work to hit all of the specific areas required for running the protection/insurance model that Degis proposes?
Eric Lee| Degis
We have 12 people in total and three main departments: development, marketing and product & operation.
Our development department consists of smart contract developers and web developers, focusing on smart contracts and the web interface.
Community management and business promotion are done by the marketing team.
The product&operation team is for designing products, tokenomics, and daily operations.We are closely working together to build our products!
Dave Donnenfeld | Avalaunch
Good deal. How many in-house developers are currently working on Degis, and are there any future plans for extending the team?
Eric Lee| Degis
Currently we have 4 developers in our team mainly for smart contract, web interface and data processing.
Definitely, we are trying to expand our development team. We welcome those developers with passion, talent and experience. If you are interested in joining us, feel free to contact us.
Dave Donnenfeld | Avalaunch
How long has the beta product been in development for? What were the most challenging aspects throughout the building phase, and how have these roadblocks been overcome?
Eric Lee| Degis
Actually, this version has been in development for over 6 months.
Our model for building protections is very different so we spent a lot of time designing the implementation logic.
Especially for flight delay protection: a product connecting real world event with on-chain protection.
Also, we spent much time implementing our lucky box & purchase incentive system to share the income with holders in a more interesting way.
Our products highly rely on the data from oracles so we had many communications with different oracles and build our own oracle node. Hopefully we overcome these difficulties and get the product now.
Dave Donnenfeld | Avalaunch
This has been a long time coming. In crypto, people tend not to bother gauging the maturity of a project and what has gone on behind the scenes. Even the difference between one working product vs. the next and how intensive it may or may not be. We’ve known you for many months now and the amount of progress you’ve made has been impressive.
As I understand, the testnet released earlier this month is a full simulation of the mainnet. What can you tell us about the testnet progress so far? Are there any outstanding figures you’d like to discuss i.e. the number of participants etc?
THEO DING| Degis
Degis successfully held the second phase of the testnet event last month, around 200,000 unique addresses participated in the test. Over 50,000 addresses hold DEG in the test.
We have received a lot of praise and suggestions from our participants.
Dave Donnenfeld | Avalaunch
Super impressive numbers for a testnet and 50,000 addresses is amazing.
The way in which Degis brings this new protocol infrastructure is via smart contract insurance and an alliance with several security providers. Who are these providers, and how will the structure from a technical perspective look like when translating it into a user-friendly environment?
THEO DING| Degis
Our smart contract insurance will not be built on a mutual with many users but come from several security providers and project teams.
We think that when a new project goes online, the team is responsible for the security protection for their users (if they are not planning for a rug&pull).
We will build an alliance that consists of several projects and security audit companies. Every new member who wants to join need to stake part of their native tokens. The joining needs approval from most of the previous members of this alliance together with an audit certification.
Once some security issues happen, the payoff will have 1) the project tokens 2) other project tokens in the alliance 3) DEG tokens. Of course, most of the payoff will be in the first form.
We want to move the security responsibility from users to projects and make it a new standard for users to choose good projects.
Dave Donnenfeld | Avalaunch
Thanks for that Theo and it’s great you’re building a consortium/alliance of security partners.
From the protocol protection standpoint, Degis goes beyond the typical token protection and introduces the model for NFTs. Can you tell us why you devised the NFT model and how do you see this play out in the long-term, what benefits might this present now and in the future?
THEO DING| Degis
NFTs behave like a unique certification and is very useful for representing a “right” for someone. So it is natural to bring NFT into this protection area because every policy you have bought is a “right” of you.
Currently NFT has few standards and is used for many different types of protocols. So in a long term, we want to expand the NFT usage in protection area and make a new standard/template. A special NFT standard would help more future projects to easily integrate with protection projects like us.
Dave Donnenfeld | Avalaunch
Are there plans for extending the full version of Degis into a mobile application, if so when would this be expected?
THEO DING| Degis
Yes, we know that more people are using mobile devices now and it definitely is on our to-do list.
Actually, Degis’s current website is mobile compatible, so users can operate on their mobile phones.Meanwhile, our priority is to make sure that Degis can run smoothly for some time and then make all of our designed products online. So it may need more time before you see a mobile app.
Finally, no matter you are using a browser from a desktop or mobile phone, keep your wallet safe!
Dave Donnenfeld | Avalaunch
Thanks again Theo. So Degis decided to take on the notion of user participation through liquidity incentives, purchase incentives and governance. Can you tell us how the interplay between these different areas are designed to keep the users at the core of the protocol, and what implications this may hold for future expansion?
Serllin| Degis
thanks for the question, as one next-generation all-in-all protection platform, we have adopted unique & novel ways to engage users.
As you can see, they can not only be rewarded for providing liquidity, but also for buying policies, to enjoy the various benefits offered by Degis. Our basic idea is that, to give every user a sense of engagement, ownership and belonging.
For the future, we would like to extend this design, through diversified measures, like, treasure box, to enrich our platform, so that users would like to play, and to stay here with Degis together.
Dave Donnenfeld | Avalaunch
What technical challenges do you see for the future expansion of the protocol into the different blockchains?
Serllin| Degis
Currently, most of public chains are designed on EVM, which means we don’t need to do too many code adjustments or changes upon our current work.
But indeed, there are few technical problems to face, for example, the claim for protection results needs to be built on the oracle service, and some public chains have not built strong oracle ecosystem.
Then, we need to implement that ourselves, like build it within Degis. This is one problem that we have to face and solve when doing the cross-chain.
Dave Donnenfeld | Avalaunch
What can you tell us about the upcoming milestones, and are there any major partnerships or announcements that the team is looking to onboard or add to the future plans of Degis?
Serllin| Degis
As we posted in the roadmap, after “Naughty Price” which has been designed already, we are now focusing on impermanent loss protection, which will be live in Q2 this year.
Also we will have smart contract protection and an all-in-one meta market this year, for meta market, it means we are going to aggregate all protection services from all chains.
And we have already reached an agreement for this with several protocols, like solace, Etherisc, we are strategic partnerships now and are aiming this goal together.
Dave Donnenfeld | Avalaunch
Final question from us — How has building in the Avalanche community been for the team? Were there any certain benefits that you feel would not have otherwise been available from a technical perspective?
Serllin| Degis
Sure, building on Avalanche is very exciting, whether from technical perspective or not.
The most outstanding things are, the high speed & low cost of transaction confirmation, which allows us to better design protection products, help users to settle down immediately at a relatively low price.
Avalanche achieves finality over 100 times faster than the current version of Ethereum, thanks to this, we design out more user-friendly products, to lighten the next-generation on-chain protection service.
Dave Donnenfeld | Avalaunch
Well done Team Degis
You have performed admirably and we are ready to move on to the twitter portion of our program
Twitter Questions
@metonyacoin1 — Will Degis have passive income mechanisms such as flexible or locked staking and farming on their listed tokens?
Eric Lee| Degis
Yes. Staking will be online soon after the product is online.
You can stake DEG with flexible or locked period for future reward.
@natadmay3422 — I would like to know who you consider to be ideal consumer for your product?
THEO DING| Degis
First of all Degis welcomes every on-chain user, we don’t own the platform, Degis belongs to everyone who participates.
In addition, we are aiming to build one next generation of all-in-one decentralized protection platform, so people with protection needs are more than welcome to come here.
@Ahmetogrtm who asks — What is your most distinctive feature as Degis and the one you are most excited to offer?
Serllin| Degis
Good question, and that would be our smart contract protection product. We are going to have a model totally different from existing things.
We will adopt a new way to integrate different protocols into one protection pool, to make us protect each other through this new kind of design. more details will be announced gradually in the coming days, please stay tuned!
@waybesuricata — The Degis project has received serious investment and attracted very strong partners. So, why doesn’t the team use their own ID, but the NFT ID? Can you explain this briefly?
Eric Lee| Degis
Thanks for the question.
We are serious for building products and not meant to be anonymous.
It’s just because we are more comfortable to use NFT as our IDs in this virtual world.As the question mentioned, we have many investors and partners and they are not cooperating with a team without knowing who they are.
Sure, thanks for this question, we have prepared official documentation, which you can find on our official website, or just visit https://docs.degis.io/
@Fiosandra1 — In terms of learning more about the project, are there videos or social media pages we can learn from?
THEO DING| Degis
We also have a variety of promotional videos that will be released in the near future, so please stay tuned!
Also we are regularly publishing some feature articles of our project from the medium channel( https://degis.medium.com/).
Telegram Questions
If $DEG is planned to be used as a governance token, could you elaborate in what decisions the governance power will be given to the holders which encourages them to hold $DEG for long term?
Eric Lee| Degis
There will be a governance system for DEG holders after our product runs smoothly for some time.
And we have designed another governance token generated from DEG.
The decisions may include: adding new tokens for token price insurance, adding a brand new protection product, changing some policy parameters in the smart contracts, and changing some tokenomics parameters.
“Where I can get the latest updates or more information about the project?”
Serllin| Degis
Firstly, thanks for the question. You may get the latest information about our project by following our official channels, including but not limited to Twitter, discord, etc.
Generally, we will post the latest news there, and, through our medium channel, you can get more specific descriptions of our projects.
Token Burn and Buyback program play an important role in increasing Token value Do you have a token burn or buyback program plan to attract investors?
Eric Lee| Degis
Yes we know many projects have a buy back and burn mechanism for their token price.
We also have some designs for keeping our token’s value.
That will be achieved by the lucky box part.
We will share the major part of the income of Degis to our token holders.
“What is the most ambitious goal of your project? Could share with us any Upcoming Updates?”
Serllin| Degis
Our most ambitious goal, is to build the all-in-one protection platform, i.e. the meta market we mentioned in our roadmap. Which means, We are going to aggregate all protection services from all chains.
And we have already reached an agreement for this with several protocols, like solace, Etherisc, we are strategic partnerships now and are aiming this goal together. We are planning to achieve that till the end of this year.
Do you allow suggestions and feedback from the community? Are we allowed in decision making, do you put community into consideration?
THEO DING| Degis
Yes, we welcome feedback from the community, in fact, we received a lot of suggestions from the community during the testnet.
Further, when our project is stable, we will give more power to the community(DEG holders) to directly participate in the governance. And finally, we will hand over the authority of Degis to community management.
Dave Donnenfeld | Avalaunch
Thank you Degis. You all were great. Very much appreciated having the opportunity to get to know all of you and I think you’re going to make some waves in the space. Look very much forward to your mainnet launch and all the good things that lie ahead. @liyang_ust Serllin and THEO you all have been rock stars here today. On behalf of the Avalaunch community, we thank you.
Eric Lee| Degis
Thanks everyone! Nice to be here with you.
Serllin| Degis
thanks you all guys, happy to be here
-
Degis AMA #1 — Project Overview with Andy (CEO) & Oliver (CFO) (Recap)
On 3/2/2022 at 4:30 p.m. (PST), an AMA session was held on Avalaunch with special guests Andy (CEO) & Oliver (CFO), from Degis. Below we present to you an excerpt from AMA with questions and answers.
Dave Donnenfeld | Avalaunch
Once again, it’s on. Today we are elated to host another outstanding AMA with the good people from the Degis Project. The Degis Project is one that Avalaunch has a long history with and to be candid, never have we seen an initiative gain so much momentum in a short period of time. This speaks to the importance of the initiative and the hard work of the team. To think of things like impermanent loss protection coming to Avalanche, it’s hard not to get goosebumps. At any rate, let us welcome @oliveryoung to kick things off and @AndyDegis will be joining later on as well. Welcome Oliver, how are you today?
Oliver Young | Degis
Hello everyone, really nice to meet you all!
Really excited today to see our project start registration!
Dave Donnenfeld | Avalaunch
Good to have you of course and registration is well underway. Much hype. To get everyone acquainted, could you give us an introduction about yourself, who you are, what’s your background, education, and how did you end up with this career?
Oliver Young | Degis
I studied in HKUST and leanred Mathematics and Physics.
Then I worked in tranditional fiance as an analysy, and started doing research on DeFi and blockchain since 2020.
In July 2021, I joined Degis team and became a builder in Web3.0
Dave Donnenfeld | Avalaunch
Thank you for that.
Given your background, you are well suited for the industry.
Let’s dig in to Degis a little — Degis is known as a DeFi protection protocol that encompasses a matrix of products. Can you expand on this matrix for us please?
Oliver Young | Degis
NP. In our whitepaper, we propose four types of protection in DeFi. Token model, NFT model, Meta model and DAO model, which describe different protection mechanisms.
Specifically, we have token price protection, impermanent loss and smart contract protection.
And will continue deveop more kinds of protection in the future.
Dave Donnenfeld | Avalaunch
That’s fascinating actually and a big departure from what you normally see in the realm of blockchain/crypto insurance.
To focus — One of the mechanisms called Token Price Insurance supposedly covers both upside and downside risk. Can you elaborate on this structure and how it may work to reduce this dual risk for crypto users?
Oliver Young | Degis
High volatility has always been one of the reasons that keeps users from getting in blockchain, DeFi and GameFi projects.
Users are facing many problems like: assets liquidated, price dropping sharply after attack, missing good investment opportunities.
Degis creates a token price protection. If the price of subject matter goes above or below a certain price, the protection will trigger payouts.
ake the assets liquidated problem as an example, Andy stakes $100 worth of Etherum to get 80 DAI. He is worried about 20% decreasing to cause assets liquidated. He can buy a ETH price protection whose trigger price is 20% lower than the current price.
If his assets are liquidated, he will get payout and keep some property at last.
Give another example, Andy likes GameFi a lot, and he buys many props in one project. But he is afraid that the project might be hacked and he lose all his money.
He can buy token price protection of this project at a low trigger price, since the token price of the project are very likely to decrease a lot after hacking. If that happens, it will trigger payout, and Andy can save his assets.
Dave Donnenfeld | Avalaunch
That’s pretty clear and the big takeaway is the ability to hedge your own positions with an insurance product. That’s very inventive.
And I also realized that Andy can be saved.
Being an agnostic token insurance provider which specifically targets Avalanches’ beaconing ecosystem, one may say that Degis has somewhat of a competitive advantage in this space alone. With a myriad of tokens available in the ecosystem, I’m curious about what factors are at play to determine which tokens you provide an insurance for?
Oliver Young | Degis
Of course we will do AVAX protection first :), then we will build our protection related to our partners. At last, the decison right will be given to our community.
Dave Donnenfeld | Avalaunch
Short and sweet. Thank you — As a native crypto insurance provider on the Avalanche blockchain, one has to ask at some point if there are any future plans to extend into different ecosystems, and if so how will you expect to be dealing with existing DeFi insurance protocols?
Oliver Young | Degis
Our goal is to be universal. But all starts from avalanche. We will focus on avalanche for a long period of time. After everything is mature, we may extend into different ecosystems.
Dave Donnenfeld | Avalaunch
Protecting peoples’ funds, inadvertently means that you as a provider yourself would have to have pretty tight regulatory as well as security system/s in place. What does this infrastructure look like?
Oliver Young | Degis
Just now I mentioned our 4 types of protection model. Token model, NFT model, Meta model and DAO model. We develop the token model and NFT model at first.
Token price protection is an example of the token model. Creators stake 1 USDC to mint one protection token which is a ERC20, they can sell it in the AMM pool, or be LP of the AMM pool. If the event corresponding to the protection happens, the staked USDC will be paid to protection holders. This mechanism makes sure that every protection is 100% backed by assets and both sellers and buyers can trade at a fair market price.
As for the NFT model, LP is acting as a seller here. They stake their USDC in the protection pool, and the pool will cover some similar events. Our actuarial model will pricing different protection and create profits for LPs. The pool will not sell protection when the potential total payout exceeds TVL. So every protection is also 100% backed.
Dave Donnenfeld | Avalaunch
I think so. The NFT of a pool payout not exceed 100% rings obvious otherwise you might need additional insurance 😀but the LP as seller is fascinating.
Can you describe to us the protection buying process? Other than having a range of crypto assets to choose from, are there any other factors relevant, and what are the requirements for taking out this insurance? How much of an upside/downside protection will this provide?
Oliver Young | Degis
For token price protection, you can choose the crypto asset, trigger price and above or below. Then you can buy the protection in the AMM pool.
All users can create, buy and sell protection in the AMM pool. Later, we will give more convenience to our token holders. They can mint at a lower mortgage rate if they hold DEG tokens.
The trigger price we officially set will be plus or minus 20%, but later users can use DEG to open protection at different trigger prices. Users are free to choose the trigger price and protection amount according to their needs.
Dave Donnenfeld | Avalaunch
Well stated. What are the use-cases of the native token that drives the Degis ecosystem?
Oliver Young | Degis
The basic utilities of DEG token are insurance income sharing & governance.
Regarding income sharing, the treasury box is specially designed for DEG holders to share profits from the insurance pools while having fun with the lottery.
For the governance part, DEG is not only used for simply voting but can also be staked to create veDEG tokens to decide insurance pool liquidity shares which will come soon. As the project develops, we will continue to empower DEG tokens.
Dave Donnenfeld | Avalaunch
Who are you looking next at to form collaboration or partnerships with, and how will these relationships help achieve the high-level goal that Degis is after?
Oliver Young | Degis
We will announce our partnership with trader joe soon. And will build collaboration or partnership with Pangolin and Benqi. As a protection provider in eco, we want to build strong partnership with all the projects and provide our services to all users.
Dave Donnenfeld | Avalaunch
Look forward to it as I know you’ve already gained some real traction inside Avalanche.
What was the reason behind providing this solution on the Avalanche blockchain? Were there any immediate advantages other than perhaps being the first of its kind at least on this chain?
Oliver Young | Degis
Special thanks to Avalaunch! You have always been one of our strongest partners and helpers.
Thanks to the unique 3 built-in blockchains, Avalanche is the most suitable chain to build a protection protocol.
For now, it has fast transaction speed, large capacity, and low gas. But I want to talk more about the future.
C chain is compatible with multiple virtual machines including EVM, which can support Degis to establish our Meta model protection. In the meta-model, we want to aggregate all protection protocols on multiple chains. Multiple virtual machines can help us to achieve our ambition.
X chain supports multiple assets including some real-world resources. This will help us develop diversified kinds of protection in the future, especially those related to the real world.
P chain supports activating subnets. This can help us to develop transactions between businesses, like cooperating with traditional insurance companies. Also, the subnet can help to cope with possible regulations.
So we firmly believe that we can grow together with Avalanche, and fully utilize its market and technical advantages!
Dave Donnenfeld | Avalaunch
Appreciate that and the compliments. You all have been great to work with. Final question before we move on to the Twitterverse…
How would you envision the next 2–3 years of Degis to be like? What would be the ideal milestones reached?
Oliver Young | Degis
The roadmap describe our goal in 2022.
For further time, we will build our meta market and protection aggregator in 2 years.
Our final goal is to integrate traditional insurance with blockchain in the future
Dave Donnenfeld | Avalaunch
Well done Oliver. Thank you for all this information and insight.
Oliver Young | Degis
Thanks! Really honor to chat here!
Twitter Questions
@mast__balak who asks — I tried your testnet but I think there is so much difference in working on testnet and mainnet? My question is when we see Degis on mainnet? Also what new features we expect from the team on the mainnet?
Oliver Young | Degis
Thanks for your question. Yup. The team is continuing to build our project. If you participate in Testnet both phase 1 and phase 2. You could already find much difference.
I think you will see a much more improvement in our mainnet. The launch time of mainnet will be around early April.
Dave Donnenfeld | Avalaunch
On a personal note, I’ve seen your testnet and think it’s pretty close to mainnet material. Not sure I’ve seen a project mature as quickly as Degis.
That’s pretty soon. Didn’t mean to ask the next question prematurely.
@AndikaA25245812 Do you plan to increase the utility of DEG?
Oliver Young | Degis
Of course. DEG token is critical to our ecosystem and we will do all our efforts to make it stronger. Not only simple profit sharing, DEG will also be cleverly used in each protection products. You can expect that.
Dave Donnenfeld | Avalaunch
Expectations are high as it is. Looking forward to that
@BoycaIsBack — Where do you see Degis go in the next 5 to 10 years
Oliver Young | Degis
I think in long term, we will provide more protection related to the real world. And become a true worldwide protection project with the growth of Web3.0
Dave Donnenfeld | Avalaunch
@AndyDegis in the building. He had to tear himself away in order to be here and certainly, better late than never. How are you Andy?
Andy | Degis
Doing good! Hey everyone, this is Andy, CEO of Degis. Pleasure to connect with all of you here
Dave Donnenfeld | Avalaunch
Good to have you — I’m sure @OliverYoung wouldn’t mind if you fielded a question or two and very much appreciate your time.
@waybesuricata asking — Looking at your roadmap, we see that the Impermanent Loss Protection feature is planned for March-May 2022. Can you give information about this feature?
Andy | Degis
Yeah thanks for the question from @waybesuricata! Impermanent loss protection is our major focus in Q2, serving as a powerful weapon to insure against the risk of IL loss for liquidity providers.
Basically you just need one click to buy insurance for your position on DEX!
@Lopyou54804819 You have an impressive set of advisors on your website, many of whom are team members on Avalanche. Can you explain the respective implications of these advisors?
Andy | Degis
Our advisors is consisted of DeFi OGs, legal and academic professionals. We take their advice from different aspects, which also leads to our innovation in products as well as efficiency in execution.
Also our investors are helping a lot. Special thanks to all our investors, advisors and partners!
Dave Donnenfeld | Avalaunch
Your advisors are an amazing group. Not just the gratuitous group you often see. I don’t know who all has been formally announced and who all is still to be announced but it is worth a look for sure.
This has been a confidence inspiring AMA. Don’t sleep on Degis.
Telegram Questions
How will your “incentive lending and Liquidity pools” different from all the others at the moment? What ideas do you have to make these pools more attractive than others?
⭕️ At the moment we see lots of Defi project why people choose Project DEGIS?
Andy | Degis
@Iqballeo08 Thanks for the question. Degis is an insurance protocol that servers to protect other protocols and bring safety for users in the DeFi space. Our buyer incentive is an amazing innovation on how we incentive insurance buyers to participate in the ecosystem. Also want to mention that we use AMM pools for liquidity aggregation!
Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
Andy | Degis
This is a critical one. When we on-board investors, we make sure they are bring value as long as they are long term holders. Also, we set the locking period to 12 month to make sure they are in the game for long.
hi @OliverYoung You mentioned on Medium Degis “Reward Most Loyal DEG Holders”, so Can you explain How will DEG Holders redeem their Rewards? Will the prize be sent automatically to the holder’s address? and is there a minimum and maximum limit for DEG holders to get this great Prize?
Andy | Degis
Also a good one @jlaudybell We make sure all DEG holders can share the insurance pool income by staking DEG tokens. Also, lucky tickets are the ones that can boost your APR and there are even surprises waiting for you!
On your website you don’t mention that you have done any internal or external audit of your smart contract, so can you give us details if you have done any audit before? And in case you haven’t, would you plan to perform any review of your smart contract in the near future?
Andy | Degis
You are very sharp on the auditing part. We have been collaborating with slowmist since Jan and auditing report will be ready soon.
Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know who your ideal consumer is for your product?
Andy | Degis
@Leola_fenner_2001 Community is the most important thing that we value. Degis is built by all of our community members and we will do listen to their opinion for sure. That’s also why we are keep making innovation. It’s all because of amazing communities and we will keep growing with them!
Yeah finally! again, thanks so much for the passion here!
Dave Donnenfeld | Avalaunch
Boom! You’ve done it. You ran the gauntlet. @AndyDegis thanks for coming on and tackling some questions.
Good to have you and @OliverYoung very much appreciate your time here today.
I am honored to see how quickly Degis has progressed and you two deserve to take a bow, along with the rest of the team. Honored to be hosting your IDO and look forward to our future together. Many thanks.
Andy | Degis
Yeah thanks a lot to Avalaunch team and the amazing community here!
-
Degis X Avalaunch: IDO Announcement
Few would disagree that navigating the landscape of crypto can be perilous. The mention of risk is more than commonplace and rightly so. An important word that is rarely uttered is protection. Avalanche, despite its historic advances at breakneck speed, is an ecosystem of projects that remain largely unprotected.
Though insurance on the blockchain is commonplace enough, existing protocols often lack needed liquidity concentration and truly automated claims processing. As pundits have pointed out, many blockchain insurers, despite conveying otherwise, essentially secure a brick in the building but not the building itself. The truly staggering spate of hacks and exploits that have plagued DeFi have continually slowed the path to adoption and the likelihood of costly human error being remedied is nil — especially given the speed of development. However, there is a simple solution and that would be the accessible provision of insurance. Cryptocurrencies are volatile, risk is inherent and protocols can get exploited. Risk appetite is individual but collectively, the need for adequate coverage remains a gaping hole in a growing asset class.
Given the proliferation of DeFi protocols and the billions in TVL that have been secured in recent months, a decentralized insurance market dedicated to Avalanche projects seems a given but thus far, has not arrived. Until now.
Though it is a familiar refrain for Avalaunch, we must state that yet another long rooted relationship is ready to bear fruit and we are proud to announce Project Degis as our next IDO.
Project Overview
Welcome to the first decentralized Insurance Market built on Avalanche. The traditional insurance industry seems obtuse almost by design given the cumbersome purchasing procedures and protracted claiming processes. As an effect, many would be users are left out in the cold, claiming that insurance is more trouble than its worth. Even the most optimistic might characterize it as a “necessary evil” but in the realm of finance, it is an absolute necessity. Still, it is not readily accessible to many individuals, particularly in poorer regions of the world and the de facto coverage for many is the belief and hope that the institutions they interact with have adequate coverage to keep them safe. While Europe, America and Hong Kong have well-developed insurance markets, insurance systems in Africa and Southeast Asia, for example, have no accessibility to insurance protections.
Enter the Blockchain
Our next generation infrastructure can provide a permissionless and trustworthy platform on which everyone can buy insurance products to protect themselves from associated risks.
Given the growth of DeFi and the attendant “smart” money that has begun dipping their proverbial toe in the water, it is incumbent upon developers to provide coverage for crypto assets. Degis sees the challenge and raises some appreciable improvements.
A few limitations:
- Insurable DeFi protocols are very limited.
- AAVE and Compound being the most covered.
- Users should not be limited to those protocols.
Insuring platforms tend to set several pools for different products which:
- Separates and fragments capital liquidity.
- Utilizes manual claiming processes, for most insurance protocols.
- Can be very cumbersome and time-consuming.
There are some obvious pain points in traditional insurance and in blockchain, these obstacles are more pronounced. For a deeper dive into these mentioned limitations, please refer to this article. The Degis Project has identified these shortcomings and aims to fill the gap of existing protection protocols with their next generation insurance platform.
Degis: A Next Gen Insurer
Degis comes from the word “egis” , meaning shield in Greek. Debuting and built on Avalanche, their mission is to become a comprehensive, universal blockchain protection platform with a broader mission to redefine existing blockchain protection ecosystems. The pillars for Degis are protecting, earning and playing while mitigating against risks and uncertainties.
Built on Avalanche, Degis is designed to keep assets free from every crypto risk, building a shield for the decentralized world.
As a new protection ecosystem, the Degis Protocol departs from traditional insurance in that it is inclusive — allowing anyone with blockchain access to purchase the product. Prima facie, this may not seem groundbreaking but for those who hail from countries where insurance markets are grossly underserved, it is a welcome arrival. Much like crypto in economies with unstable native currencies, the ability to protect assets can similarly represent a safe haven in challenged economies.
Product
- Every insurance product on Degis will be backed in the form of NFT.
- The NFT stores all the information of the policy and the user’s data.
- NFTs are minted and sent to the buyer’s wallet upon order submission.
- The NFT will be burnt when the insurance expires.
Users may opt to keep the unexpired NFT in exchange for:
- Future discounts for other Degis designs in the future.
The Naughty Price — Building an Avalanche Protection Ecosystem
The Naughty Price is the next generation of token price protection. The product will cover BTC, ETH, AVAX as well as major Avalanche project tokens to lower risk for the Avalanche ecosystem. Currently, most insurance protocols focus on covering smart contract flaws and protocol hacks. On Degis, the Naughty Price covers token price fluctuation, capable of reaching a much broader market.
In the Naughty Price system, there are three main roles:
- Creator, provider as well as buyers and sellers.
- Creator deposits USDC into the right policy pool to receive naughty tokens.
- Provider deposits USDC into the policy pool to provide liquidity to receive:
—LP tokens as rewards.
—LP tokens can be staked for mining DEG (Degis token).
In the graph below, AVAX30L tokens are protection covering AVAX where the creator can sell naughty tokens to the left policy pool before the expiration date.
The left policy pool is an AMM-based capital aggregation pool where trades between buyers and sellers (naughty tokens and USDC) transpire. When the naughty token hits its expiry date, the payout is determined by the token price.
Providers can only deposit USDC into the right policy pool, and the protocol will mint fractional amounts of naughty tokens with 1:1 ratio. At any time, providers can redeem their capital based on the current exchange ratio. At the initial phase, Degis will cover BTC, ETH, AVAX and Avalanche major projects’ tokens with a goal towards covering the entire Avalanche ecosystem.
To further accommodate new entrants, Degis will develop:
- An innovative protection for Impermanent Loss.
- Smart Contract Protection — Protect user from smart contract hacks.
- Meta Market — A protection aggregator, all-in-one protection market.
Degis focus on wider coverage areas, capital liquidity aggregation, instant payouts and great inclusion portends a robust suite of products that reimagine traditional insurance. By establishing on-chain and off-chain protection upon launch, Degis will debut Naughty Price followed by broader community initiatives.
Degis — Links & Team
Announcements | Telegram (Discussion) | Twitter | Medium | Discord | Website
Partners & Backers:
“We are excited to back Andy and team as they build one of the leading protection platforms on Avalanche. As the ecosystem continues to expand, Degis fills a need to provide protection to the range of projects in the Avalanche space.” Leslie, Co-founder of GBV
Closing Thoughts
Like Degis, we believe that the future of insurance will be built on-chain. In terms of positioning, Avalaunch feels that the market is ripe for a comprehensive solution. There have been numerous projects that have attempted to insurance provision but have suffered from inexperienced teams, poor execution and frankly, thinner efforts. As more and more TVL enters the Avalaunch ecosystem, the need for a protection platform done right is great. Unlike existing protocols, both Degis and Avalaunch believe that the new form of protection should not only protect users for their on-chain assets, but also assets off-chain.
“Cooperating with Avalaunch has been an amazing journey. We were impressed with how professional the team is in launching new projects. They enable projects to smoothly move from very beginning to a successful launch. The launch preparation process is also very efficient. In the meantime, Avalaunch team brings a lot passionate contributors who are aligned with the long-term goal of degis development and the growth of avalanche ecosystem to the project. We are excited to work with avalaunch, a road to a successful launch.” Andrew, Head of BD, Degis.
Funding Numbers
- Total Supply: 100M DEG
- Seed: 16M DEG — 3,200,000 USD
- *ECO Grant: 5M DEG — 500,000 USD
- Private: 3M DEG — 1,500,000 USD
- Public IDO: 2M DEG — 1,200,000 USD
- Raise: USD 6,400,000
*This ecosystem grant was funded by Avatar and Ava Labs to foster and expedite the development of the Degis Project.
Supply — Breakdown & Vesting:
Total Supply: 100,000,000 DEG
- User Incentives: 40M DEG (40%)
- Investors: 24M DEG (24%)
—Seed: 16M DEG
—ECO Grant: 5M DEG
—Strategic: 3M DEG
—IDO (Avalaunch only): 2M DEG (2%) - Team: 12M DEG (12%)
- Growth Fund: 12M DEG (12%)
- Reserves: 5M DEG (5%)
- Advisory: 3M DEG (3%)
- DEX Liquidity: 2M DEG (2%)
Vesting Following TGE:
- User Incentives: Contingent upon user participation on the Degis platform
- Investors:
—Seed: 10% at TGE, 12-month cliff post mainnet, quarterly release
—ECO Grant: 12-month cliff post mainnet, quarterly release
—Strategic: 12.5% at TGE, 12-month cliff post mainnet, quarterly release
—IDO: 50% at TGE, no cliff, 5% weekly release - Team: 15-month cliff following mainnet, quarterly release
- Growth Fund: 16.7% at TGE, released quarterly over 2 years
- Reserves: Community governed unlocks
- Advisory: 15-month cliff following mainnet, quarterly release
- DEX Liquidity: 100% unlocked
Other:
- Initial Circulating Supply: 4.975M DEG (excluding liquidity tokens)
- Initial Market Cap: US 2.985M USD (excluding liquidity tokens)
The Degis IDO on Avalaunch
- 2M DEG at USD 0.60 — USD 1,200,000 (Total Supply: 100M Degis)
- Sale Size: USD 1,200,000
Registration Schedule:
- Registration Opens: March 2nd at 3:00 p.m. (UTC)
- Registration Closes: March 5th at 6:00 a.m. (UTC)
Sale Schedule:
- Validator Round Begins: March 7th at 6:00 a.m. (UTC)
- Validator Round Closes: March 7th at 3:00 p.m. (UTC)
- Staking Round Begins: March 7th at 3:30 p.m. (UTC)
- Staking Round Closes: March 8th at 6:00 a.m. (UTC)
IDO Recap
- Total DEG for sale: 2M
- Price: $.60
- Size: 1,200,000 USD
- Vesting — 50% at TGE, no cliff, 5% weekly release
-
Dexalot AMA #2 — Technical Deep Dive with M. Nihat Gurmen (CEO) & Cengiz Dincoglu (CTO)(Recap)
On 2/21/2022 at 12:00 p.m. (PST), an AMA session was held on Avalaunch with special guests M. Nihat Gurmen (CEO) & Cengiz Dincoglu (CTO) , Team Dexalot. Below we present to you an excerpt from AMA with questions and answers.
Dave Donnenfeld | Avalaunch
Our first AMA with Dexalot was so darn good, we had to do it again. We…had….to. Had we not, I’d feel irresponsible for denying our information hungry community what they deserve. Alas, we are here and joined once more by the @the_axol0tl and our friendly neighborhood @hydrofoilracer. They are long time friends and workmates who have joined forces in creating their magnum opus that is Dexalot. Gentlemen, good to have you here again today and welcome.
How is everyone doing?
Quicksilver| Dexalot
Doing great, nice to be back 🙂
The Axolotl| Dexalot
Doing great!
Dave Donnenfeld | Avalaunch
Good to have you both back.
Let’s get it started — Given the exposure you’ve been getting, I’m sure you’ve done this numerous times already but once more, could you please introduce yourselves and how you got to be where you are today?
The Axolotl| Dexalot
We feel very energized with the interest we have seen so far!
Sure.. let me start.
Hello Everyone. Thanks for having us here again. I am one of the co-founders of the Dexalot project. I have a PhD in Chemical Engineering. I am coming from a corporate background in the Oil & Gas sector.
I always inclined to do projects that have programming, innovation and collaboration in my corporrate and academic life.
Crypto ended up combining all of that for me again. So, I jumped into Avalanche and Dexalot with both feet.
Quicksilver| Dexalot
I am the CTO and the other co-founder of this project.
I have worked in Wall Street for almost 20 years building electronic trading systems on the IT side and I have also held a quant position at JPMorgan’s Statistical Arbitrage Trading Desk.
This is my 5th trading system in the last 20 years.
I left WallStreet 3 years ago as I didn’t see the upside for myself and kitesurfed and hydrofoil raced for almost 2 years while keeping my entrepreneurial aspirations alive with a few non-crypto projects.
Dave Donnenfeld | Avalaunch
An introduction that never fails to impress. Thank you for that. Many people might be curious about the Dexalot team, how many people are behind it, and how many are developers dedicated to work on the exchange?
The Axolotl| Dexalot
We have about 16 people if we count all full-time and part-time people including visual designer, community admins, social media team.
4 out of the 16 are at the executive level. Including Cengiz and I, the core team has 6 developers.
and yes, co-founders code in this project.
Additionally, we work with a group for additional project-based engagements. They have built a monitoring application to detect malicious actors and behaviors on Dexalot.
We are very excited to introduce this montioring app in the near future…
Dave Donnenfeld | Avalaunch
How does having such a varied team provide you with the tool set required to run something as complicated as a DEX? Is the entire framework developed from the ground up, or is this based on a whitelabel solution structure?
Quicksilver| Dexalot
We built everything from scratch.
They include smart contracts, frontend, backend, database and market makers.
Having personally built multiple custom trading systems in the past makes a tremendous difference in the end result. From the start, I pretty much had the end state architecture in my mind, but we got there gradually , re-confirming the architecture based on the needs at the time.
In a way we evolved into our current state. We are in a good state but we have a lot more in out plate to do…
Dave Donnenfeld | Avalaunch
An exchange that aims to change the game from the centralization perspective is quite a statement. What does the architecture look like?
Quicksilver| Dexalot
In a nutshell, because all trading activity is on chain, all you need is a frontend and our smart contracts.
But we have a very complex backend that supports all the bells and whistles needed to give the CEX experience in the frontend like candle charts, orderbook aggregation, historical transactions etc.
We have a relational database, a blockchain indexer, in-memory database with a pub-sub mechanism, web-socket and REST api endpoints to achieve the features we are providing.
Dave Donnenfeld | Avalaunch
Having looked at the anatomy of the exchange, market and limit order functionalities are available. Will futures be part of the architecture?
The Axolotl| Dexalot
In the near term, the answer is no. Derivatives are classified as securities in the US, we are staying away from regulated securities for the moment.
However, we have expertise in derivatives within the team and will keep all such products in mind for the future and depending on changes to regulations.
There are many other cool ideas that we’ve brainstormed on and we’ll reveal them over time.
Dave Donnenfeld | Avalaunch
How does Dexalot deal with privacy concerns? How is this system analogous to centralized exchanges but still maintaining the make-up of a decentralized platform?
Quicksilver| Dexalot
All the backend components are somewhat centralized BUT they serve complementary functions.
Even if the entire backend crashes, user funds are on chain under their own custody. They can technically withdraw their asset without even needing our frontend directly from snowtrace.
Dave Donnenfeld | Avalaunch
With over $15M in the total volume locked, safety and security must not be taken lightly. Have there been any smart-contract audits, what about penetrance tests? What are your plans for the continued due diligence?
The Axolotl| Dexalot
We fully agree that security is of paramount importance.
To this end we tried our best to use well-audited libraries of OpenZeppelin to build on at the smart contracts level.
We also did two private security audits and three public security audits by Hacken. We plan to trigger a security audit whenever an update is done for smart contracts.
Additionally, we did extensive hardening at the infrastructure level to increase the resilience of Dexalot in this age of distributed attacks and scanners, etc.
We will soon announce a bounty program as well to encourage community members skilled in security to contribute to the project.
Dave Donnenfeld | Avalaunch
In the lightpaper, the roadmap indicates that the next developmental milestone is a subnet on Avalanche. What were the core reasons for this, and how do you see this play an advantage in user adoption?
Quicksilver| Dexalot
2 words:
Gas & Speed
We will be focusing on the Subnet because we can control the gas cost better and will have tremendous speed improvement in addition to giving us much needed flexibility to deliver additional features.
Dave Donnenfeld | Avalaunch
Boom
Just like that
Is there a mobile app on the way? If so, will this be a full featured app or will these be added in phases?
Quicksilver| Dexalot
Our website is already compatible with mobile phones
Simply login through MetaMask and app.dexalot.com to start trading today.
But we don’t have a dedicated native mobile apps.Dave Donnenfeld | Avalaunch
final question for this section but save your denouement for later please. What does the support structure look like, and what’s the expected response time?
The Axolotl| Dexalot
We various ways for users to reach out for support. We have multiple channels: TG, Discord, email.
The turnaround time for TG and Discord should be in the order of minutes and email can take longer.
Our email support queue has automated acknowledgment for every email received. Then one of our staff picks up from the queue and tries to resolve it. If a legitimate bug has been reported then we may not be able to have a resolution quickly as it involves coding, testing, etc.
Certainly depending priority we fast track certain bugs as fast as possible.
Dave Donnenfeld | Avalaunch
Thank you for your resolve and determination in navigating the first leg of this journey. You are appreciated. Now, we must move on to where few dare to go (much like your journey as a DEX) and that of course is the Twitterverse.
Twitter Questions
@Sayangk34486540 who asks — Is your project only for elite investors, what about others with small funds, is it open to everyone?
The Axolotl| Dexalot
Absolutely not. The whole crypto experiment is about people taking control of their own assets and removing middle layers to do transactions more and more peer to peer.
From that perspective, Dexalot follows the same model. It is non-custodial, trustless and everything is transparently on-chain.
Moreover, the on-chain order book allows programmatic interaction for any builder so it is very inclusive.
@PiloT9804 inquires — I see you’re on Beta mode- is it safe to Trade on Dexalot? And when will more token pairs be available for trading?
Quicksilver| Dexalot
Fair concern. Our code was built from scratch.
Therefore, we wanted to make sure the project gives a heads up to the users via a beta designation. However, we did a lengthy fuji testnet period.
Currently, we have more than 0.5M transactions on it. The mainnet has been used to log 115k transactions with real assets.
We also have our contracts audited 5 times so far. Therefore, we believe it has a good track record. In the next few months we will gradually increase our pairs.
@alialicinar3 — Are you considering new features such as staking and lending other than swap?
The Axolotl| Dexalot
For our own token there will be a staking feature. We hope to bring it to the market shortly after our TGE.
However, we do not have any plans to introduce any staking and lending protocols for other assets in the short term.
@A9R8VI Within Dexalot, “All orders and canceled orders placed on Dexalot are recorded directly onto the blockchain and displayed on the central limit order book” So up to how many days of data & history will be Recorded on Dexalot?
Quicksilver| Dexalot
We index everything that happens on chain to our database for quick access and display.
A trader’s entire history can be retrieved from the frontend with a few clicks. We had our US customers in mind, when it is time to do their taxes along with other features that require historical data.(Like charts)
@AndikaA25245812 — The concept of Dexalot is an innovative one, providing a service which the community has been looking to get on DEX for quite some time. Do you have plans of integrating other chains in the future, like lets say, the BSC?
The Axolotl| Dexalot
Currently, we have no plans for that. But if our community prefers us to be multichain then we will put this in our list to do for sure.
Telegram Questions
What is the most ambitious goal of your project? Could share with us any Upcoming Updates?
Quicksilver| Dexalot
The whole project is quite ambitious 🙂 but I would say Dexalot Discovery is the next one coming into the mainnet with our own ALOT token this week where we will be providing a solution to the crypto world a safe & fair initial price discovery process removing the arbitrage bots’ speed out of the question that is an important factor in the current process.
Since NFT is popular nowadays, is there a plan for NFT integration?
Quicksilver| Dexalot
We don’t plan on integration for NFT because there are already a few good applications that are out there that serve this purpose. As we believe in decentralization, we also believe in the decentralization of responsibilities among different projects and yet keeping a tight partnership with them.
Do you have any plans to attract non-crypto investors to join your project? Because the success of a project attracts more investors who haven’t yet entered the crypto world. What are the plans to raise awareness about your project in the non-crypto space.
The Axolotl| Dexalot
Yes, actually we have plans for attracting non-crypto investors into the crypto world. We have included people in our a team seasoned in tradfi and we are using their expertise to achieve that.
A common problem is that nowadays most investors are only interested in initial profits and ignore long-term benefits! So can you give them some reasons why they should buy and hold your tokens in the long term?
Quicksilver| Dexalot
Well we are truly in this business to make our product to go to DEX. WE have a sound revenue model, very good technology and with the introduction of the subnets, we can truly deliver CEX experience (speed/cost) with the full security advantages of DEX
Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
The Axolotl| Dexalot
Yes, governance is central to our project’s goals. We will have an on-chain governance feature coming in Q2 later this year.
Dave Donnenfeld | Avalaunch
Once again, it’s been a pleasure having you both. Your presence is very much appreciated and your dedication to Daddy Avalanche and its denizens is laudable. We are proud of our integration and to be hosting your sale; having had a working relationship for some six months now. It has been a long time coming.
@the_axol0tl and @hydrofoilracer and @FireStorlvl are absolute rock stars. Your contributions are something we all look forward to.
The Axolotl| Dexalot
Thank you very much everyone.
Quicksilver| Dexalot
Thank you very much and has been a pleasure as always
-
Avalaunch & The Islander Launch Initial Community Education (ICE) Program
Dear project owners,
The Islander team knows full well how challenging it can be to build and educate a community in the early days. We also recognize its importance and that the onus of responsibility falls squarely on our shoulders. We can ill afford to falter or become frustrated when our community members are not informed enough to put their full trust in us for an extended period of time. Again, this is on us.
While it can be discouraging when your most commonly asked question is “Wen moon?” with “Wen lambo,” being a close second but we have been here before. We have built communities from the ground up and have always stayed the course. In short — been there, done that.
So hey, we want to help you. Just because we believe that our little support and companionship could make your ride less bumpy. After all, we are in this thing together.
To our beloved community of crypto enthusiasts,
We used to be just like you: losing money in projects that we never understood or particularly cared about. While trading with the trend makes sense, investing with the herd does not.
We know exactly how hard it is to find the best projects. It is a vast landscape full of tainted information. Making well-informed investment decisions is often beyond our reach, therefore, finding the needed conviction to be confident in supporting the most worthy of projects in such a volatile class is often the difference between success and failure. Nothing hurts more than not being able to withstand the volatility only to see a project go on a dream run…after you sold.
So hey, we want to help you. Why? Because Islander was built to solve that pain point; to build a bridge of aggregated knowledge that can take us to the proverbial promised land. Stable and mature markets means informed buyers which translates into mass adoption which would remain the endgame for all of us. This is the Islander Mission.
Dear Avalaunch,
Since our first day of this adventure in the Avalanche ecosystem, you have always been the best partner and role model. What you did to help Islander and other projects here was massive and amazing. Words can not express how grateful we are, and we normally don’t struggle to express ourselves. 🙂
From our first days, our mantra has always been to keep learning and growing so that one day we could work together with you. Hokey though it may sound, we wished to emulate and amplify the initiative we both share — to find and support the best projects out there with generosity and good faith in order to contribute to the holistic growth of the Avalanche ecosystem.
We know that gratitude without work does not signify much and so, in the name of action…Let us introduce to the community our mutual Initial Community Education (ICE) Program for IDO projects on Avalaunch. We believe there is no better time than the present and will begin with our good friends at Dexalot!
What is ICE?
Initial Community Education (ICE) is a cooperative, education program from Islander and Avalaunch aimed to offer support to IDO projects through the learn-to-earn mechanism pioneered by Theislander.io
What are the benefits of ICE for crypto projects?
- A no cost way to build an early community of loyal, informed users.
- Receive a double boosting campaign from Islander’s island and Avalaunch’s island on Theislander.io at no cost.
- Additional exposure through Islander and Avalaunch social media.
- Receive an exclusive island, customized by Islander Team.
- Learn-to-earn campaigns educate and boost community power.
What are the benefits of ICE for community members?
- Learn about IDO projects on Avalaunch and earn:
ISA, XAVA and IDO tokens. - Keep your fingers on the pulse of the Avalanche ecosystem.
- Identify emerging trends, source through aggregated data
What should one expect from a standard ICE?
- A learn-to-earn campaign with rewards in ISA (Islander) (https://theislander.io/project/4)
- A learn-to-earn campaign with rewards in XAVA (Avalaunch) (https://theislander.io/project/13)
- A learn-to-earn campaign with rewards in participating Avalaunch IDO token
Following these events are AMAs, educational content (infographics/blog posts) and social boosting from Islander & Avalaunch in order to maximize project exposure and knowledge transfer.
When will ICE start?
Sooner than you expect! The first ICE would be with one of the most anticipated projects — Dexalot — in the last week of this month. Get ready and stay tuned for more detailed information!
-
Dexalot AMA #1 — Project Overview with M. Nihat (Recap)
On 2/17/2022 at 12:00 p.m. (PST), an AMA session was held on Avalaunch with special guests M. Nihat Gurmen (CEO), Cengiz Dincoglu (CTO) & Firestorm (Advisor), Team Dexalot. Below we present to you an excerpt from AMA with questions and answers.
Dave Donnenfeld | Avalaunch
Hello and welcome everyone to another most excellent AMA brought to you by Avalaunch in association with the good people of Dexalot. It is a genuine pleasure to be finally launching this project; it has been a long time in the works for us and moreso, for them. It is indeed an all-star cast and we were fortunate enough to have enough connections to get not one, not two but three officers of Dexalot as guests here today. We are joined by @FireStorlvl @hydrofoilracer and none other than @the_axol0tl today and I’ll let them do the talking. We’ve already exchanged pleasantries in the proverbial war room so let us get right into it…
As you all can see…Today, we start our AMA with 3 members of the team. Thanks for being here. Can we start with a brief introduction about who you are, what your academic background looks like, and how your experience brought you to the crypto space?
The Axolotl| Dexalot
Hello again. Let me start it off introducing myself.
I am one of the co-founders of the Dexalot project.
I have a PhD in Chemical Engineering and I am coming from a corporate background in the Oil & Gas sector.
Before that I was in the academia at University of Michigan.
It seems every 7–10 years I make major change in my industry.
After Oil & Gas I did that change towards blockchain…
Crypto space was a natural fit for me as it epitomizes innovation and collaboration.
Dave Donnenfeld | Avalaunch
We’re of course glad you made a switch. I couldn’t have waited another 7–10 years for Dexalot. 😀
Quicksilver| Dexalot
I am the CTO and the other co-founder of this project.
I have worked in Wall Street for almost 20 years building electronic trading systems on the IT side and I have also held a quant position at JPMorgan’s Statistical Arbitrage Trading Desk
This is my 5th trading system in the last 20 years. I believe, having traded my own HF algorithms, using, in some cases, an electronic trading system that I had personally built gives me a distinct set of tool sets that will contribute to the success of Dexalot.
I left WallStreet 3 years ago as I didn’t see the upside for myself and kitesurfed and hydrofoil raced for almost 2 years while keeping my entrepreneurial aspirations alive with a few non-crypto projects.
Dave Donnenfeld | Avalaunch
You have a dream background and an adventorous spirit. You are in the right place.
FireStorm| Dexalot
Hi all! I am one of the advisors for the Dexalot project focusing on everything and anything I can help with but more so on strategy, partnerships and product.
I am an engineer by training, spent a little over a decade on Wall Street focusing on equities and FX trading and more recently I served as a lead for an algorithmic trading team.
I’ve been part of the Avalanche movement for a long time now, I was working with some of the fantastic developers at Ava-Labs and I spent a good amount of time spinning nodes and breaking things to help them out. I actually was awarded the “MVP” title on the Avalanche discord channel early on, and quite frankly, this is by far my proudest achievement!
I also worked on a decentralized exchange project on Ethereum which also was a CLOB and had some great perspective as to what CLOBs really need to succeed on blockchain. Since then I’ve been eagerly waiting for the right blockchain with the right speed, finality and capacity to arrive so that I can be part of a CLOB project that is decentralized and doesn’t compromise on the look and feel we all expect from the CEXs. Luckily, I had the privilege of connecting with Nihat & Cengiz over the summer, and they were gracious enough to listen to some of my opinions and ultimately allowed me to join the team to make the decentralized, transparent and order book based trading vision a reality!
Dave Donnenfeld | Avalaunch
Nicely done all. Can you please describe to us what Dexalot is about and how its idea came to existence?
Quicksilver| Dexalot
Dexalot is a revolutionary decentralized exchange based on a central limit order book (CLOB). CLOB is the type of order book a user would see on centralized exchanges like Binance.
Dexalot brings the capital efficiency of this type of order book to the Avalanche blockchain via an on-chain implementation with the look and feel of centralized exchanges.
As for how it started, The CEO and I go back 30 years. He called me last year and we initially did an avalanche staking node with an overly unnecessary frontend 🙂
Having caught the blockchain and particularly Avalanche bug, we then decided to go into something much more elaborate. Our very first code checkin was actually on December 25th of last year. And a year later here we are….
Dave Donnenfeld | Avalaunch
Your friendship and working relationship are inspiring. @dubpluris and I have a long way to go yet.
As a decentralized exchange but with all the benefits of a centralized exchange, Dexalot is taking on a huge leap to say the least. Can you give us a high-level overview of how this might be achieved?
The Axolotl| Dexalot
In short, it requires additional effort. To start with, Dexalot smart contracts are completely custom written from scratch. So it took more time.
Everything we provide in addition in the frontend such as charts, trade history, analytics are complementary for the everyday user.
The frontend directly interacts with the smart contracts for real-time trading purposes, and our backend feeds the front end with the data that has already been confirmed on the blockchain.
Dave Donnenfeld | Avalaunch
If you were to pin-point the key features that makes Dexalot unique (besides being a DEX on Avalanche) what would your top picks be, and do you think these alone will place it above the competition?
FireStorm| Dexalot
There are quite a few to talk about but let me give this a shot!
First of all, Dexalot is a non-custodial, permissionless and most importantly order-book based decentralized exchange.
Therefore, the key advantage for users is that their assets will never leave the blockchain. There are no frequent, unexpected maintenance periods that block deposits, withdrawals or trading in general.
For the trading functionality, order books allow native limit orders, which means that users can control the EXACT price they are willing to pay for their trades as well which isn’t exactly possible with alternatives.
Separately to this, we are building Dexalot Discovery which is a solution for fair listings and launching of assets, and it is by far the closest solution to real market trading of assets vs. the competition.
It is intended to be a completely barrier-free (no special requirements, no staking tokens etc.) mechanism that eliminates the advantage of speed and allows anybody to participate over a period to buy or sell investments.
Dexalot is integrating with Avalaunch for this specific feature as well which sets it apart from other solutions as well.
One addition to the Dexalot Discovery point is that we as a team also understand this is novel, and hasn’t been done before. Therefore before asking other projects to take-on this “new solution risk” we decided to list ALOT with this mechanism first to prove its capability.
Dexalot team as a whole believes it is important to also lead by example, and we want to make sure that we aren’t pushing solutions that we ourselves don’t use to the community and frankly there are too many examples of this across the crypto ecosystem nowadays.
Lastly, I also want to harp on the quality of the team, we have folks like @the_axol0tl and @hydrofoilracer, who by themselves have MORE institutional experience combined than most other projects out there.
We have @jdackerman who is our CMO who has a decades worth of marketing and community building experience from RedBull.
We have @TimS347 who is our COO who has spent decades running operations for large businesses and hedge funds. One of the key things that will set products apart in the future is their ability to scale and their ability to mesh with the future institutional requirements and this team truly has the background to get to that point and drive adoption
Dave Donnenfeld | Avalaunch
We’ve identified the fastest typist on the team. Well done @FireStorlvl way to make an entrance. And the team here is worth highlighting; even gushing about. So much of this is execution; particularly an endeavor like a DEX.
Amen. Since the mainnet went live several months ago, there are currently three pairs added to the exchange. What are the plans for adding more, and can you describe the process? Is this open to external liquidity providers?
The Axolotl| Dexalot
The first pair of Dexalot (AVAX/USDT.e) was listed as part of the deployment process.
The deployment script was designed to deploy the smart contracts, add the first pair and transfer the ownership of the exchange to a 3-of-4 multisig wallet. With that said, any new trading pair needs to be listed through an approval process by this multisig wallet.
Dexalot project members collectively hold only one out of 4 keys required to execute any operational decision for the exchange. Dexalot values community participation and there will be a transition to governance that will guide the decision making of the multisig. I hope this gives an idea about the decision proces.
Dave Donnenfeld | Avalaunch
You demonstrated some good speed. Deliberate, measured and thoughtful. Appreciate it.
As of today, the current volume stands at just above $15M. What plans do you have in the works or looking to deploy in the near future to increase the total volume passing through the exchange, and can you provide a timeline for these strategies?
FireStorm| Dexalot
So volume is the lifeblood of exchanges and trading of course.
In TradFi volume is attained through providing an exemplary service and this is one area where DeFi or crypto is no different.
The goal with Dexalot is to provide capital efficient and good pricing, so that our users get trades that are better than the alternatives.
To that effect, we are working on a few things, first of all, we launched with our own market maker which already at times has better pricing than alternative means of execution.
Second, we have been working with institutional market makers whose only mandate is to provide deep liquidity with as tight a price as possible.
We already have one partner who is assisting us with our own listing, who also will assist with any other project that will list with Dexalot as well.
We are also negotiating partnerships with at least 5 other teams so that we can maximize the robustness of liquidity on our platform.
Besides the professional grade market making, Dexalot obviously wants to list more assets, we are already engaging with many projects who want to use Dexalot Discovery to do their fair and transparent listings, and we are also looking to add more trading pairs to the exchange.
Additionally, we are looking to integrate with key names in the ecosystem such as aggregators and lending protocols so that users still get the best possible execution.
When you add all these up, you get more volume. Volume begets more volume and with more volume, our solution will get more compelling for our users in an exponential manner.
Dave Donnenfeld | Avalaunch
Was about to ready to spit @FireStorlvl Boom with the answers. Thank you for all that info. This is what Dexes promised to be a few years back anda it never quite came to fruition. Let me ask — What does the fee structure-system look like? Is there a benefit to holding the Dexalot native token?
The Axolotl| Dexalot
The utility of the ALOT token are as follows: gas token in subnet, delegation/staking rewards in the subnet, voting power in governance and incentivization mechanism for usage and staking on the dexalot platform.
We decided to fast-track Dexalot Discovery more than anything thinking that it will be the biggest impact on the ecosystem.
Therefore, most of these features are not immediately available at the launch time. But shortly after launch we will refocus and deliver them.
Dave Donnenfeld | Avalaunch
Don’t let anyone pressuring you into typing faster.😀Appreciate the additional detail on the utility. Speaking of the native token, its utility expands beyond that of accessibility. Can you expand on its use within the governance layer?
Quicksilver| Dexalot
The long-term vision is for holders of Dexalot Token (ALOT) to determine the destiny of Dexalot through proposals and voting on affecting the future direction of the project. These proposals will also be the mechanism for allocating funds for research and development to enhance the Dexalot project.
The project is planning on using the OpenZeppelin governance framework. In our view there are two key aspects that need to be in place to ensure success of the governance model:
- The parameters of the governance framework need to be tuned to foster community participation.
- The community needs to be ready to take this responsibility. We hope that this will happen organically as the community matures and feels ownership of the project.
Dave Donnenfeld | Avalaunch
The numbered list people always bring the heat. Thank you for that
What do you feel are the next steps in the evolution of Dexalot, and how do the current plans look to help you get to that goal? Will there be a structured roadmap made available to the community looking to get involved with the project?
FireStorm| Dexalot
Well we have Dexalot Discovery (DD), about to be release and ALOT will be the first listing through DD after we launch with Avalaunch.
If you don’t know Dexalot Discovery is a fair price discovery mechanism for newly listed assets.
It was born out of the necessity we observed in the Avalanche (and other) ecosystem where fantastic teams and projects are getting really bad outcomes for their communities when they do their initial listing of their assets on AMMs and start to trade their tokens before an established price.
DD intends to utilize the central limit order book (which is where ALL of the trading happens on TradFi due to its capital efficiency) concept in conjunction with an auction mechanism to fairly identify the price that a project token should be listed as.
By doing the auction over time, the intention is to prevent bots from scalping on retail users, overloading the network and causing massive fee spikes at the time of listings. We believe it is a huge step forward to using the potential of Avalanche itself and providing a solution to our community.
Quicksilver| Dexalot
I would like to quickly add
After we launch DD we would like to focus on our subnet implementation before providing any additional features with the exception of Limit FOK (Fill or Kill) orders. This may go out at the same time with DD release.
We are focusing on the Subnet because we can control the gas cost better and will have tremendous speed improvement in addition to giving us much needed flexibility to deliver additional features.
Dave Donnenfeld | Avalaunch
You can cut in any time. No one owns the floor; someone’s got to take it. 😀 Do you think having built the DEX on Avalanche has given Dexalot other advantages beyond those of low cost, high finality and speed?
The Axolotl| Dexalot
I can think of 2 things. The first is : The build team of avalanche is hands-down top quality. They are knowledgeable, visionary, quick and responsive.
The second is, there is an amazing community in Avalanche that not only believes but also builds on it non-stop.
Also, as everyone on here can imagine, we are lucky and honored to have Avalaunch as a partner which is a huge edge for projects to launch and succeed.
I said two but the third one is really important. I really mean it.!!!
Dave Donnenfeld | Avalaunch
Appreciate the conviction! Let’s move onto the final question before the Twitterverse asks the occasionally strange questions…Last but not least, what do you envision as the next milestone? And is there anything else you’d like to discuss in this AMA chat that we haven’t yet had the opportunity to cover?
Quicksilver| Dexalot
We pretty much covered everything but to quickly summarize :
- Successful launch of Dexalot Discovery along with our token next week
- Subnet migration
- And Governance along with continuing to improve the UX
and then we can think about adding additional products
Twitter Questions
@AmaPemburu who asks — Will there be futures trading in the future?
FireStorm| Dexalot
In the near term, the answer is no.
Derivatives are classified as securities in the US, we are staying away from regulated securities for the moment.
However, we have expertise in derivatives within the team and will keep all such products in mind for the future and depending on changes to regulations.
@BoycaIsBack — As a DEX, it cost gas fee for each transaction including canceling an order which is so absurd. What you will do to avoid that?
The Axolotl| Dexalot
Well… Gas fees is part of crypto and we can’t really avoid it.
We suggest watching gas costs on Snowtrace and transact when fees are low. In fact we are planning to show current gas on our front-end just like we do by showing the current AVAX prices on Coingecko.
With that said, once we go to our own subnet, you will see substantially lower and more consistent gas.
@tmcnylmz wants to know — Will you serve for only Avalanche network assets?
FireStorm| Dexalot
haha i guess im the “no” guy today
We are building Dexalot for all of crypto.
Obviously since we are building it on Avalanche, we are more focused on its ecosystem in the near term. But our ultimate goal is to offer users the same CEX experience in terms of speed and usability (meaning listing many more pairs).
@cryptotrung — How @dexalotcom deal with gas peak at some moment on Avalanche network, specially at listing time?
Quicksilver| Dexalot
As an exchange, we are open during high and low gas environments. It’s up to the users to decide when they wish to trade.
But again, once we get to the subnet in the not too distant future, users will be able to experience lower and more consistent gas fees.
@Ahmetogrtm — How many active user accounts do you have on your platform and what are your plans to attract more users?
The Axolotl| Dexalot
Right now we have about 2000 daily users, which is small. But we just launched and started to get our name out.
We have a full marketing effort that’s just getting underway and is being coordinated by our outstanding CMO, Jonathan. We are also onboarding a few market makers to provide good liquidity to the order books.
And we’ve partnered with great projects like Avalaunch to guide us and help us grow. Lastly and probably most importantly, we always welcome engagement and feedback from the community.
The community was there from day 1 when we only had a testnet version, and we are very appreciative of that and hope to continue this voyage we are on together.
Telegram Questions
What is the biggest weakness of your project and how do you plan to enhance it?
The Axolotl| Dexalot
This is a good one to answer. For our project the biggest weakness is the high gas environment. A CLOB dex needs to have constant market activity to have tight spreads that users would appreciate. It is difficult to achieve that especially when you have high gas fees. Our subnet implementation as well as incentivization scheme with ALOT token will help to alleviate this challenge…
Have you being audited ? Have not heard you talk about that security of funds is what every investor craves for and plans to escape incase of insecurity if funds,scams and rug pulls ? How strongly built are your security put in place?
Quicksilver| Dexalot
We are very big on security and Yes, we have been audited multiple times before we went live in December and we are auditing our new functionality Dexalot Discovery as we speak. All of our transactions are on chain and we don’t take custody of any funds. In addition our backend infrastructure servicing our is tightly monitored for any type of attacks.
What is your strongest advantage that you think will make your team leading the market?
Quicksilver| Dexalot
Our team is our strongest advantage. We have +50 years of institutional expertise in this field and we are already building a community that wants to drive us to the future
What are the benefits of holding your token as long term investment? Can you tell us about the motivation and benefits for investors to keep the your token in the long run?
The Axolotl| Dexalot
The utility of the ALOT token are as follows: gas token in subnet, delegation/staking rewards in the subnet, voting power in governance and incentivization mechanism for usage and staking on the dexalot platform.
Token Burn and BuyBack program play an important role in increasing Token value Do you have a token burn or buyback program plan to attract investors?
The Axolotl| Dexalot
It is one of the mechanisms we are considering. Additionally, we have active projects on staking as well.
Dave Donnenfeld | Avalaunch
Congratulations
Quips aside, it was an absolute pleasure having you all here today. And to see three team members take time out like this to engage with our community is an honor. I thank you all personally and also, by proxy, from our Avalaunch faithful. Thank you all very much!
Quicksilver| Dexalot
Thank you , I personally enjoyed our conversation very much
The Axolotl| Dexalot
Thank you all.
-
Dexalot X Avalaunch: IDO Announcement
One of the chief tenets of decentralization is the principle of fairness. Significantly lower barriers to entry, inclusiveness, disintermediation and a whole host of self-evident, should-be-inalienable rights are some of the “true Norths” that blockchain has been founded upon. While reality can be vastly different, there is evidence of these most virtuous ambitions as teams continue to strive, traversing uncharted terrain in developing the Web3. Admittedly though, the blistering pace at which this foundation has been built has left something to be desired. The maxim “move fast and break things,” has served crypto quite well but has also left some gaping holes in its wake.
The automated market maker represented a breakthrough in trading technologies. Quite swiftly, decentralized exchanges (“DEX”) were generating trading volume on par with their incumbent centralized counterparts but not without drawbacks. There has been nothing in the decentralized world where speed did not play a factor, where technology could not be used to game the system and certainly, nothing resembling a central limit order book. Until now.
Going where no DEX has gone before, comes a hotly anticipated Avalaunch IDO that needs no introduction to the denizens of Avalanche. This is of course none other than Dexalot.
Project Overview
Dexalot aims to be the initiative that will make us all forget centralized exchanges. To frame this some, consider its fundamental underpinnings and features:
- Non-custodial, fully open-sourced — high level of decentralization
- Central Limit Order Book — traditional bids and offers
- Order Types — market, limit, stop*
- MEV (miner extractable value) resistant
- Finality — 1.3–3.4 seconds
- Fees — negligible*
*Dexalot will be deployed on an Avalanche subnet (subnetwork), at which point, the exchange will be more robust and flexible.
Consider the difficulties one encounters with centralized exchanges:
- Inexplicable system outages
- Hacks
- Funds concentrated in custodial wallets
- Difficulties withdrawing or depositing funds
- Frontrunning
- Improper use of customer funds: Staking, leverage etc.
- Erroneous accounts seizures
Conversely, AMM driven DEX’s come with their own peril:
- Impermanent loss
- Absence of order books
- Variable and extremely costly gas fees
- Failed transactions
- Bots
These are not difficult lists to populate. Despite the considerable opportunity, scores of experienced traders and well-capitalized outfits have not gained their desire exposure to this nascent asset class simply because there is no seamless way to engage it without being exposed to inefficiencies and/or incompetencies that can prove very costly.
A Pain Point
As previously discussed here, communities have suffered from the aforementioned inefficiencies, particularly during new project token listings. The detrimental outcome to users is well documented but the long-term damage it can do to otherwise sound projects is largely incalculable and entirely unreported. It is simply forgotten and something that not every project rebounds from. The cries of manipulation and the accusatory stances of outraged communities can have lasting effects. In the bigger picture, it does not advance our collective cause and Dexalot wishes to help solve these problems.
No longer should the fate of a new project be determined by bad actors, (e.g. bots, people running large nodes, etc). While Avalanche DEX’s have done much to make the market more liquid and tradable, malicious price action at the time of listing is deleterious to the point where it outstrips many of the benefits. Currently, there is nothing resembling a traditional central limit order book (“CLOB”) where bids and offers can be placed and executed upon. With “Dexalot Discovery,” new projects will have the opportunity to launch in an environment that supports natural price discovery, allow users to place bids and offers and essentially, replicate the very best from traditional finance markets.
Dexalot Discovery:
- Supports limit orders.
- Prevent bots from shutting out users.
- Give users ample time to enter orders and match.
- Creates a more orderly and fair price discovery process.
- Following price discovery, makes AMM listings become safer.
Dexalot discovery will be debuted with their own token, ALOT. Although it is common in crypto to see first users take on enormous risk with new technologies, Dexalot is not asking anyone else to on take risk until they can demonstrate efficacy through their own listing.
Additional Dexalot highlights:
- Dexalot has been on testnet since August 6th, 2021.
- Dexalot is a state-of-the-art decentralized exchange with market making and a CLOB.
- Dexalot will be one of the first subnets built on Avalanche.
- Dexalot Discovery is intended to replicate regular markets as closely as possible.
Dexalot — Links & Team
Website | Telegram (Discussion) | Twitter | Medium | YouTube | Discord | Github
Partners & Backers:
“Dexalot represents the next logical step for crypto as the marketplace evolves and it’s participants drive towards maturity and institutionalization. TradFi markets lack the necessary transparency, openness and the non-custodial relationship most crypto users have come to desire and Dexalot is perfectly positioned to solve for these requirements without compromising on the user experience aspect.” — Brian Johnson, Head of Crypto, Republic Crypto
Closing Thoughts
Dexalot is not just for buyers or sellers — it represents, for everyone, the opportunity to interact without barriers while removing the technological edges that have a corrosive effect on the ecosystem. While it may not strike as novel at first glance, having something akin to regular trading in a DEX is absolutely groundbreaking. With Dexalot, users can act asynchronously as well as simultaneously. In traditional finance, this is how markets open and close every day. There are many decades and significant histories of open listings in more mature markets. It is wholly proven and something sorely needed in crypto. Order books bring transparency, and the removal of technological advantages and speed of execution offers long-term benefits that are fundamentally required for any trading environment to be sustainable. New projects are early stage companies with tradable assets. It is the nature of such a thing that the height of speculation comes at a time when a project is most vulnerable. The evolution and maturity of decentralized exchanges, the true next gen, is upon us with Dexalot.
On a personal note, Avalaunch has worked closely with the Dexalot team for some months now and has chosen to integrate with them to offer direct deposit from Avalaunch into the Dexalot exchange. Avalaunch believes their projects and community will benefit greatly from the myriad improvements Dexalot will provide.
“Working with Avalaunch has been an absolute pleasure, and we’ve been thoroughly impressed with their know-how, network, capabilities and most of all their ethics and willingness to assist with any and every challenge we’ve faced as we worked towards our launch.” — M. Nihat Gurmen & Cengiz Dincoglu, Dexalot Co-Founders.
Funding Numbers
- Total Supply: 100M ALOT
- Seed: 4M ALOT for the Blizzard Fund*
- Private Sale: 10.5M ALOT at USD 0.50 — USD 5,250,000
- Public Sale: 2.5M ALOT at USD 0.60 — USD 1,500,000
- Raise: USD 6,750,000
*Prior to the formal creation of the Blizzard Fund and more than one year aago, Dexalot was seeded by the Avalanche Foundation in order to fast track this seminal project.
Supply — Breakdown & Vesting:
Total Supply: 100,000,000 ALOT
- Operational Rewards: 50M ALOT (50%)
- Foundation: 14M ALOT (14%)
- Team: 12M ALOT (12%)
- Private Sale: 10.5M ALOT (10.5%)
- Liquidity: 4M ALOT (4%)
- Avalanche Blizzard Fund: 4M ALOT (4%)
- Dropalot (Airdrop): 3M ALOT (3%)
- Avalaunch IDO: 2.5 ALOT (2.5%)
Vesting Following TGE:
- Operational Rewards: Starts with 200,000 ALOT per month for 6 months, increasing 1.2% monthly until fully emitted (~10 years).
- Foundation: 30 months linear vesting
- Team: 6 month cliff, 42 months linear vesting
- Private Sale: 15% at TGE, 3-month cliff, 21 months linear vesting
- Liquidity: 100% unlocked
- Avalanche Blizzard: 15% at TGE, 3-month cliff, 21 months linear vesting
- Dropalot (Airdrop): 0–3 month cliff, variable vesting
- Avalaunch IDO: 25% TGE, 3-month cliff, 9-month linear vesting
Other:
- Initial Circulating Supply: 3.3M ALOT (excluding liquidity tokens)
- Initial Market Cap: USD 1.98M (excluding liquidity tokens)
The Dexalot IDO on Avalaunch
- Total Supply: 100M ALOT
- 2.5M ALOT at USD 0.60 — USD 1,500,000
- Sale Size: USD 1,500,000
Registration Schedule:
- Registration Opens: February 18th at 3:00 p.m. (UTC)
- Registration Closes: February 21st at 6:00 p.m. (UTC)
Sale Schedule:
- Validator Round Begins: February 22nd at 6:00 a.m. (UTC)
- Validator Round Closes: February 22nd at 3:00 p.m. (UTC)
- Staking Round Begins: February 22nd at 3:30 p.m. (UTC)
- Staking Round Closes: February 23nd at 6:00 a.m. (UTC)
Please note: Due to a limitation to Dexalot’s cloud provider, residents of Ukraine are temporarily geoblocked from accessing Dexalot’s website and exchange. We apologize for this inconvenience and working as quickly as possible to resolve this issue.
IDO Recap
- Total ALOT for sale: 2.5M
- Price: USD .60
- Size: USD 1,500,000
- Vesting — 25% TGE, 3-month cliff, 9-month linear vesting.
-
DeFiato AMA #2 — Technical Deep Dive with Jeremy Khoo, CIO (Recap)
On 2/11/2022 at 2:00 p.m. (PST), an AMA session was held on Avalaunch with special guest Jeremy Khoo, DeFiato’s Chief Investment Officer. Below we present to you an excerpt from AMA with questions and answers.
Dave Donnenfeld | Avalaunch
Hello and welcome everyone to the sequel of our first AMA with DeFiato. This is our vaunted Deep Dive but first — DeFiato represents an initiative that aims to onboard “normies” into the world of decentralized finance.
And we think it is important. Today, we are lucky to have @JJdefiato back at the helm
Jeremy Khoo | DeFiato
Hello everyone!
Lovely to be back! Cannot get enough of this 🙏😄
Dave Donnenfeld | Avalaunch
Hahaha. I want to believe that but know you’ve been becoming quite visible on the AMA circuit.
I further know that Dr. Nguyen’s contributions to today’s discussion will be well represented and we appreciate you conferring with him on this.
Jeremy Khoo | DeFiato
That’s ok really! Anything to share the Defiato story!
100%! He would have loved to be here himself, but he is unwell so I will take his place.
Dave Donnenfeld | Avalaunch
To begin and to get a grander sense of the team and it’s overall vision — How did the respective background of the founders contribute and create the vision for DeFiato
Jeremy Khoo | DeFiato
Yea of course. Let me mention how I met Dr. William perhaps, since I was already introduced yesterday.
Dave Donnenfeld | Avalaunch
Understood. I was leaning towards Dr. William’s background some but didn’t want to take any shine off of you.
Jeremy Khoo | DeFiato
Firstly, Dr. William was also the founder of Beowulf Blockchain and a serial entrepreneur with a history of successful ventures in blockchain, communication technology, education, and computer/network/data security.
Over the past 10 years, he built many social networking, cryptocurrency exchanges, on-demand video streaming, and communication applications serving tens of millions of users worldwide in the areas of business communication, media, education, and entertainment. He was also the former Alfred P. Sloan Postdoctoral Fellow at Harvard Medical School. Before Harvard, he was the Institutional Doctoral Fellow in Computational Science at the Lawrence Livermore National Laboratory.
Dave Donnenfeld | Avalaunch
This I had learned and thought it was worth mentioning. You don’t see many this erudite in any industry. You’re certainly in good company and speaking of company….Defiato is led by a team of experts in various areas including Web3, software development and finance. Also sitting with an in-house team of 20+ active developers. How did this accomplished team assemble, considering the difficulty of finding such experienced devs?
Jeremy Khoo | DeFiato
Under Dr. William’s leadership, he has had very extensive experience in the building of blockchains and infrastructure level projects over the past couple of years, especially from a team lead position. By having worked with many serious talents over the years, he accumulated a large network in the technology space with the blockchain developer talent pool. Naturally, conceptualizing a project like Defiato requires a lot of top tier developers with skin in the game. With the talent pool he had access to, it wasn’t too difficult convincing many of them to join the effort.
Dave Donnenfeld | Avalaunch
Yeah, you need some serious grey matter to make something of this magnitude go. Good on you all for being able to be founded and attract this “God tier” of talent as Defiato is a financial platform dedicated to the crypto community but also with a route to-and-from fiat. Can you describe the core concept of the platforms’ solution for both farms and swaps, and how the fiat system is leveraged to access both of these products?
Jeremy Khoo | DeFiato
Essentially, Defiato is an interface between the thousands of defi services out there and a core of custodianship in the centrally secured module. The technology route is therefore a method to remove intermediary processes by automating it into an elegant construct of automated functions that spring into action the moment a user executes. There is no need for interaction with a Web3 wallet and countless steps and procedures with defi services. (nothing wrong with that, it’s just not the most user friendly for mainstream at the moment).
When we included Fiat, which is rolling out in a couple of days, what happens is that an intermediary partner, necessary for this critical function, would provide for the component of onboarding the fiat into a token format that can in turn be used to interact with the steps mentioned above. Users from all over the world (but the sanctions nations) would be allowed to deposit fiat. This would be entirely KYCd process for compliance reasons.
Dave Donnenfeld | Avalaunch
I’m glad you didn’t have to say that all out loud 😁”Interface between the thousands of DeFi services…” is enough. As with many earning, lending/borrowing/collateralization platforms there are fees involved. How is the fee system designed to expand future development/plans of the ecosystem?
Jeremy Khoo | DeFiato
The platform fee structure is built to charge a percentage share of the profits from yields generated from the farms (or other mechanisms). Likewise, there is a percentage charged as platform fees once again on swaps conducted on defi DEXes using Defiato.
Both these fee structures allow the platform to scale effectively. In other-words, with more TVL and demand for swaps, the platform scales almost proportionately, giving Defiato a high capability to expand on its competencies and build even better products for its user base.
Of note, DFIAT token will be utilized for a 50% fee reduction from the standard platform fee. Currently, we charge 0.2% for swaps and 20% of farming profits for yield farming. If users use DFIAT token, user only need to pay 0.1% for swaps and 10% of farming profits for yield farming.
Dave Donnenfeld | Avalaunch
Scale is as challenging a thing to achieve as there is in the space — A novel approach developed by the team to create a different standard is the One-Click-to-Farm notion underlined by a proprietary technology. Are you able to expand on this technology and the benefits it brings with it, and maybe touch on why this can be a game changer?
Jeremy Khoo | DeFiato
This is perhaps the most important USP besides our cross-chain support capabilities. We have simplified the process of farming so you can simply click one button and we take care of all processes.
This means that should a user wish to interact with any ongoing Defi smart contract, be it a farm or a swapping mechanism, they only need to carry out that interaction with a single click, and the automatic function will conduct the rest “magically”, bypassing the need to authorize the standard 10s of steps.
As we have constantly said, this is the key to mainstream, where we keep the processes simple and clean. Every step in Web3 without Defiato is a world of potential exploits, hacks and pitfalls for mainstream users. Defiato aims to simplify and more importantly, secure the way users interact with Defi services.
Dave Donnenfeld | Avalaunch
At this risk of being redundant, it is an impressive suite of services you have. One interesting and valuable aspect of the project is that the platform is already up and running, so users can farm and swap their coins. Is this the final version or are there more developments underway?
Jeremy Khoo | DeFiato
Defiato is a defi aggregator. This means we will keep adding on new chains and Defi services. As long as Defi can dream it, Defiato can add it. Also, as we are cross chain in terms of support, this is one of the few products out there that the user can use without fear of issues with bridging and oracles failing out there. Bridges today are also quite unsafe to use for most.
We solve this with our own internal reconciliation systems. You can deposit BSC, and immediate farm on Avalanche. In the near future, you can even own NFTs on Ethereum and borrow on the Solana platform! All without going through a single bridge. Even with these examples I just mentioned, you can already have a sense of the potential capabilities of Defiato.
Dave Donnenfeld | Avalaunch
Along that line of thinking “wen Neo?” I quip, but in terms of future developments, at the moment the platform currently supports Ethereum, Binance Smart Chain, Polygon, Avalanche and Solana, which is already quite a range of blockchains. What is the next phase of blockchain integrations, and are you able to give a timeline?
Jeremy Khoo | DeFiato
We will continue to support most blockchains. There are a couple coming up as we speak! For example we are rolling out support for Terra soon. More importantly, we are in a lot of discussions to onboard multiple Defi farms, DEXes and even loan platforms which form the core consumer product for our users.
Of note, we are also looking to bring on NFT capabilities as mentioned earlier. In terms of timeline, we aim to include 2 more chains in this quarter, and subsequently keep the momentum of 3 chains per quarter (including their stable of defi services). Of course, this strategy can shift according to demand and user feedback.
Dave Donnenfeld | Avalaunch
With the plan for expanding into more blockchains, what are the next coins in line to be added to the farms/swaps?
Jeremy Khoo | DeFiato
We are not currently limited in any way to what coins can be supported, besides user demand. As we have a wealth of data we can peruse on a daily basis, we can gauge and project demand for certain coin/token pairings and support them should there be a need. There are of course quite a few parameters that must be met including liquidity and safety before we support new digital assets on the DEXes. The coins we are likely to support next should not surprise most as they will be the most liquid ones on Solana/Terra/Polygon.
Dave Donnenfeld | Avalaunch
Understood. One interesting feature that Defiato again aims to change the game with is this introduction of ‘Centralized Decentralized Finance (CeDeFi)’. Can you explain to us what this concept is and how it’s different from the current trend of DeFi?
Jeremy Khoo | DeFiato
If you consider how mainstream requires (or even demands) certain standards from platforms they interact with, it becomes clear that DeFi products don’t always offer many of these needs. It really isn’t a flaw, but a feature of DeFi. For example, having professional and reactive customer service is lacking in the DeFi space. It is the same with CEXes over DEXes, although it must be said that DEXes have truly come of age in terms of adoption over the past few years.
With DeFi, there is a never ending minefield of intricate exploits, hacks and mostly user-inflicted errors that makes it untenable for adoption. This is where CeDeFi comes in, allowing platforms such as Defiato, the means to act as interfaces between what new users seek, and what DeFi produces. From our technologies of one-click-to-farm and fiat onramp, Defiato brings valued added services to DeFi, complimenting it and helping to scale the industry further and faster.
Dave Donnenfeld | Avalaunch
As a platform which aims to eliminate financial risks, where security must be placed at the epicenter of the business, what measures have been taken already to prevent ill intent, and are there any future plans to increase these security protocols?
Jeremy Khoo | DeFiato
Defiato aims to reduce user risks as a two prong approach.
The first prong is about having best-in-class safety from a technical framework and business process. This is something we have nailed down at the start with our development capabilities, but more importantly, we are constantly bettering ourselves with new development and upgrades to keep up with the ongoing security threats. We have a constant pen test on our security protocols as well as multiple internal audits constantly.
The second prong comes in the form of insurance as an umbrella of sorts, should the improbable actually happen. So this is a business process that is being rolled out. We are serious about insuring users funds, either with a third party insurer both on-chain and off-chain, as well as having a significant treasury from platform fees etc. to back up any funds- more importantly giving users peace of mind and adding to the credibility of Defiato.
Dave Donnenfeld | Avalaunch
Prongs > Forks Since it’s so good, today we have one more question before we move on to the Twitterati
Later on in the development there is the integration with NFTs. What is this integration aiming to achieve, how will this take place, and how might token holders benefit from this incorporation?
Jeremy Khoo | DeFiato
NFTs have been the gateway to user adoption for the mainstream users. Even members from TradFi discover DeFi solely through the word of NFTs. As such, Defiato cannot ignore such a movement and is building up its capabilities to support the custody of NFTs. I would say that this is a natural process given our focus on mainstream.
By allowing NFT custody, users will be able to safely store, purchase and sell these collectibles/art forms, while also interacting with the DeFi universe. We expect the integration to take place with the onboarding of open protocols supportive of NFTs — marketplaces, minting contracts etc. This will take place between Q2 to Q3 of 2022.
Support for NFTs only increases the business and hence revenues for the platform, which can only help token holders, since demand is organically baked into the business process of DeFiato.
Dave Donnenfeld | Avalaunch
Okay, I lied. One more before the twitter peeps- I have to ask and represent Big Daddy Avalanche — How has the experience of being in the Avalanche ecosystem been for you?
Jeremy Khoo | DeFiato
LOL
We have been truly blessed to have the support of the Avalaunch team, as well as the constant support and guidance of Ava Labs. We find that the Avalanche ecosystem differs from others through its peer support and collective aims for mass adoption. This has helped Defiato to onboard many more DeFi services and tap on the Avalanche community to grow the platform organically faster. It is definitely not by chance that the Avalanche ecosystem is leading on so many indicators of yields (APYs) and liquidity.
100% True 🙂
Dave Donnenfeld | Avalaunch
You answered like a pro, politician, diplomat and ambassador. Appreciate the kind words Jeremy.
Jeremy Khoo | DeFiato
Thank you so much Sir!
Twitter Questions
@suryadi_uci is dying to know- what chains do you think are the most important for onboarding new users
Jeremy Khoo | DeFiato
Without doubt, 100% Avalanche for its low fees and high liquidity on many DeFi services. Other chains that Defiato selects are based on the same metrics. When new users enter Defiato, they automatically seek yields so this is of course an important metric to have.
@NguyenDaoOne asks — Do the token holders have the right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
Jeremy Khoo | DeFiato
DeFiato is CeDeFi. We chose this particular model due to our USP of onboarding mainstream. However, it would be natural, that the product eventually move toward a hybrid, and then finally a full fledged Defi protocol of its own. This is all in our long term road map to be a pivotal piece of the entire Defi ecosystem. I’m saying this because the DFIAT token will in turn underpin this effort for governance, and hence a vote in running of the platform/protocol. Now this is not immediate. It will take some time to achieve, but I want to say that these plans are there.
@Lopyou54804819 inquires — Talking about staking/yield farming my question is, isn’t it useless if the APY is high but the token price goes down? How do you anticipate this?
Jeremy Khoo | DeFiato
The scenario painted here only happens where the token has no organic demand. I find that staking (increase supply) and organic demand needs to come hand in hand, else the ecosystem crumbles due to unsustainable business practice.
Remember that Defiato is an existing business and we are able to project demand. Hence for staking and other incentives, Defiato has painstakingly calculated these numbers, compared to the platform fees (revenues) to ensure a healthy and balanced token economy.@FatihSultanSevm asks — Can you share some of the partnerships you have formed with existing blockchain foundations?
Jeremy Khoo | DeFiato
First of all, we believe that Avalaunch will only work with the best projects out there. Therefore, we are honored to have Avalaunch as both investor and partner.
As a defi product, we have many partnerships. An early partner whom we onboarded for tech deployment and marketing was Polygon. We also have partnered with ChainPort’s bridge technology to enable cross-chain swaps within DeFiato. In addition, DeFiato supports Solana, making us one of the top cross-chain DeFi aggregators.
As an aggregator, we are not limited to our potential partners. To give the best experience for our users, we will keep pushing and onboarding more partners that would give the most benefit to the platform.
@Rohit436314591 — I have found that DeFiato is in open beta right now? Can you tell us when it will go mainnet? What are the additional features we see on the mainnet version?
Jeremy Khoo | DeFiato
This is a good question, the answer is that it is not going to be immediate. When you say mainnet, I assume that you are referring to DeFiato perhaps taking on a more open, permission less Web3 framework. Currently Defiato is operating in open beta as a centralized platform, and will constantly build capabilities in its current format as it is working really well. As CeDeFi, there are certain processes that make it advantageous for DeFiato to grow fast and be a profitable, revenue generating entity. When the time comes to adopt a mainnet (protocol) approach to a truly DeFi solution, DFIAT token will feature in this entire shift and process. I could see this happening in the next 3–5 years possibly.
Telegram Questions
When will your tokens be listed on the exchange and which exchanges do you plan to list on in the future?
Jeremy Khoo | DeFiato
I’m not able to provide the exact exchange yet due to contractual obligations, but yes, DEFIAT tokens will be listed on multiple CEXes as well as DEXes. As a top tier project and existing business, DeFiato will always aim to get on only the best exchanges out there.
Nguyễn NFTY
Can you indicate a feature or feature that you like best about DeFiato so that it can compete with other competitors? What are you most confident about DeFiato? Do you have plans to get users to choose DeFiato?
Jeremy Khoo | DeFiato
I did mention this yesterday but I feel it deserves another important mention today. My personal favorite is the cross-chain support because it is seamless and truly a feature lacking in the DeFi space, largely due to safety and user experience. With DeFiato, you can deposit say Solana assets, and put it to work farming on Avalanche. That is an important USP for mainstream adoption and crypto natives alike.
Daniel | I’ll never DM you first
The crypto industry is a fast-paced industry, how flexible is your Project to change quickly and keep pace with technology trends? What is your long-term vision for the forecasting industry in which the your Project project operates?
Jeremy Khoo | DeFiato
100% agreed. Everything is dynamic and moves so fast you can miss it. DeFiato is nimble in terms of development and quick to adapt to user requirements and needs. We always take feedback seriously in order to achieve the best product market fit. We foresee that elements like GameFi and even NFTFi will dominate the space for a while, so we are already building ahead.
Is your project a community only for English speaking an countries or for users not of other languages?
Jeremy Khoo | DeFiato
We have multi language support and already have localized groups for different language support — Japanese, Korean, Chinese and Vietnamese. We are always rolling out new groups!
This is very important because we have been notified of scams coming up daily. Please only follow our official group https://t.me/DeFiato and https://twitter.com/DeFiatoOfficial
COVID 19 has slowed down many economies around the world but as a crypto business, does it affect you negatively or positively? Are you still on track to achieve your goals or are you planning a new development?
Jeremy Khoo | DeFiato
I like this question and I would love to talk an entire day on this haha. But to keep it simply, I think the Pandemic has accelerated a lot of crypto adoption (NFTs, Gamefi). The new “norm” is causing a shift in companies and their priorities. At DeFiato, we are leveraging on this wave of digital adoption. Be it mainstream or crypto adoption, we are plugging ourselves firming as the bridge to DeFi, and we can only see this user base growing rapidly in the new “Norm”.
Dave Donnenfeld | Avalaunch
Thank you!
We appreciate you coming out on both days. We know how busy it is leading up to a launch and the scope of your crosschain ambitions don’t make it any easier.
Jeremy Khoo | DeFiato
Its no hassle at all
I’m always happy to be here Sir
Dave Donnenfeld | Avalaunch
We’d like to thank you once again for your time and of course, Dr. William’s presence was felt here today. He is indeed impressive and kudos to him for architecting such a needed vision. Thanks!
Jeremy Khoo | DeFiato
He sends his well wishes! We will be conducting our own internal AMA and he will be there so come say hi in our telegram or other socials as well!
-
DeFiato AMA #1 — Project Overview with Jeremy Khoo, CIO (Recap)
On 2/10/2022 at 2:00 p.m. (PST), an AMA session was held on Avalaunch with special guest Jeremy Khoo, DeFiato’s Chief Investment Officer. Below we present to you an excerpt from AMA with questions and answers.
Dave Donnenfeld | Avalaunch
Hello and welcome everyone to another state-of-the-art AMA brought to you by Avalaunch in association with DeFiato. DeFiato is a project we are super excited to host as it represents an initiative that aims to onboard “normies” into the world of decentralized finance. We consider DeFiato to be important for these reasons and it is no small task. Today, we are joined by Jeremy Khoo, their Chief Investment Officer and truly one of the architects of this vision. @JJdefiato good to have you here today, how are you?
Jeremy Khoo | DeFiato
Thanks for having me!
I’m doing good how are you?
Dave Donnenfeld | Avalaunch
Doing well, thanks. Let’s get right into it as I know you’ve been busy spreading the word in DeFiato.
Let’s begin with an introduction about yourself. We can start with a little bit of background on your education and maybe finish off with your career progression into blockchain and DeFi?
Jeremy Khoo | DeFiato
My name is Jeremy, most people do call me JJ. I’m currently the Chief Investment Officer for Defiato, in charge of token strategy, sales and operations within the Defiato ecosystem. I have a background in engineering and was a 3 time serial entrepreneur in the retail/e-commerce sector prior to entering the blockchain universe.
I’m also a managing partner of CRC Capital, which invests primarily in blockchain companies with several notable investments throughout 2018 to 2021. I lecture in a local university in Singapore and am very passionate about Web3 technologies such as Defi, NFTs and therefore spend considerable time in the education sector.
Dave Donnenfeld | Avalaunch
And a decorated veteran of the military so I thought that was worth mentioning. Appreciate that.
For anyone keen to learn more about Defiato from this AMA, can you please give us a high-level overview of the project and what it aims to achieve?
Jeremy Khoo | DeFiato
Defiato is CeDeFi platform, which basically means it is centralised Defi, inheriting the essential parts of a centralised platform that makes it work well for mainstream adoption and marrying it with the entire universe of Defi services.
Simplicity and user-friendliness is at its core, allowing Defiato users to access services such as yield farming with a single click. We will obfuscate all cumbersome user processes such as payment of gas or approval process at all the steps. We simplify entire 10-step processes with a single click.
Defiato is a Defi aggregator, allowing ANY defi service such as swapping, yielding farming, loans/borrowing, cross-chain or more to be accessible by our users. Defiato is not limited by technological or user-related hurdles that Defi faces. Defiato can power entire spaces of Gamefi or NFTs without any limitations.
Also, Defiato will introduce Fiat onramp service with our partners at Prime Trust, to allow users to basically go through the entire defi lifecycle from Fiat to Farm.
Dave Donnenfeld | Avalaunch
This is also particularly interesting as the onboarding process in general leaves much to be desired
What are the mechanisms in place to help with achieving this goal or vision that the Defiato team is excited to bring to the masses?
Jeremy Khoo | DeFiato
Yes very much so. It is the best way, and we will adapt and evolve as with the shifting trends.
DeFiato’s open beta platform was launched in Aug 2021. Since then it has attracted 15,000 KYC’d users and a TVL of US$23M with minimum marketing efforts. Since Jan 2022, we have kick-started serious marketing efforts by conducting numerous AMAs across global, Vietnam, China and Korea communities. We plan to continue our community engagement efforts by sharing and demonstrating our wide suite of DeFi services to the public.
As DeFiato is a DeFi aggregator, there are practically no limits to what DeFi services we can integrate on the platform as long as they fulfil our safety audits and represent significant users’ demand. So by forming a large ecosystem of partners and supporters, we will inherit a large share of voices across different communities whom we will be supportive of.
To accelerate the growth of mainstream user adoption and unlock the next trillion dollars in the DeFi space, Defiato will be conducting a massive push via our content and potentially paid promotion on ad networks to be the go-to platform when mainstream users wish to enter DeFi. We do not hide our ambitions to be the household brand for DeFi services.
Dave Donnenfeld | Avalaunch
This is impressive. It’s the most successful project I’ve encountered that is just beginning to get on the radar of the cryptoverse.
One of the key elements that makes everyone turn their heads is the main factor that you embedded very strongly in the value proposition which is the accessibility and low barrier to entry into the world of decentralized economy. Can you give us a run down of the various aspects of this, in particular the on-chain farms that users will be able to experience.
Jeremy Khoo | DeFiato
Defiato provides a super easy means of entering the defi ecosystem. This is very hard for most of mainstream users. For crypto natives like yourselves, it comes easy because you’re already experts and have done this a lot. But Web3 wallets are sadly not so easy or accessible to most. Coupled with things like cross-chain bridges and LP mining, it becomes completely impossible to overcome for newcomers.
Defiato will remove these barriers to entry and provide a one-stop, seamless process to cross-chain defi services. Try it for yourself on our site and you will be able to tell the difference- even crypto natives consistently use us for seamless cross-chain farming. This development will truly unlock and bring in the next trillion from the mainstream. I’ll say this again, we do not hide our ambitions to become a household name for Defi services. 🙂
Dave Donnenfeld | Avalaunch
I still don’t find that easy. The complex whole of taking on even a small task and having them fragmented across projects is challenging. I often forget what I’m staking. 😁
Your ambitions are not lost on this audience I’m sure
Jeremy Khoo | DeFiato
haha. This. Is true for me a lot of times
Dave Donnenfeld | Avalaunch
It would be a little of an understatement to say that the DeFi space is not sitting in a competitive environment. One way that Defiato wants to bring this financial accessibility which will help set it apart from competitors is the framework for fiat- on and off-ramping. Can you tell us more about this integration, and how soon after the IDO is this expected to roll out?
Jeremy Khoo | DeFiato
Of course! This is one of our main USPs.
Defiato is introducing Fiat Onramp via Prime Trust, which is our partner based in the US. Through this partnership users from all over the world would be able to transfer USD directly to the bank based in the US, and onboard their fiat directly into crypto.
We are really excited about this because this would fulfil our objective of allowing users from fiat directly to farm. Currently, users from all over the world (but the sanctions nations) would be allowed to deposit fiat. This would be entirely KYCd process for compliance of course. Do note that Fiat Onramp will be rolled out in a couple of days, so stay tuned!
The end product then would be a very nice seamless process of Fiat-to-farm. Something many people have been patiently waiting for.
Dave Donnenfeld | Avalaunch
Prime Trust is the name. You’re in some great company there.
Jeremy Khoo | DeFiato
Indeed. It took a long while but its going to be worth it. They are great.
Dave Donnenfeld | Avalaunch
Seamless fiat-to-farm sounds like the impossible dream 😁 But…the whole structure, of course, relies on a closed economy driven by one token: DFIAT. Can you tell us a little bit about the utility of this token?
Jeremy Khoo | DeFiato
The coin offering will allow for users to participate and be part of the Defiato ecosystem. It is definitely in the pipeline that Defiato could one day be totally decentralized as well. That discussion will be reserved for slightly later but will definitely involve the DEFIAT token.
For now, the DFIAT token will incentivise liquidity and participation on the platform, as well as add significant utility via fee reduction, and fee payments on the platform. As the native token to Defiato, every operation and step that requires payment would go through the DFIAT token. Naturally, Defiato is a defi ecosystem product and will have staking and LP incentives for DFIAT token as part of the token metrics. Stay tuned for that as we roll out these at TGE!
Dave Donnenfeld | Avalaunch
It sounds wholly bonded to what you’re doing and that is a definite differentiator. Good on you all.
And it is part of an exciting endeavor towards the continued expansion of Defiato into the world of DeFi is its future partnerships. In particular, the one with CrystalBay. Can you tell our community the value of this integration and future alliance and how it plays to make the platform not just more accessible across the globe but also integrating with different aspects of the blockchain like NFTs.
Jeremy Khoo | DeFiato
Crystalbay is a top Vietnamese-based hotel chain and tourism developer. We are honored to be supportive of their ecosystem through their first foray into NFTs as well as crypto-based payment settlement. Being a billion dollar enterprise, it is with much expectation that such a mainstream partnership will bring a lot of utility to the platform. We will be progressively rolling out more features as an ecosystem partner in Q1/Q2 2022.
Dave Donnenfeld | Avalaunch
That’s worth highlighting. Will DeFiato act as a settlement layer for them?
Jeremy Khoo | DeFiato
Through the Crystalbay partnership. You can have a good glimpse into Defiato’s ambition. We are extremely active with promoting our platform and capabilities to the mainstream, as we believe we form the best bridge between the entire Defi universe and TradFi. Of note, such partnerships definitely bring on increase TVLs and settlements on Defiato, which would organically increase demand for the DFIAT token on our platform.
Yes that is the secondary purpose of our partnership.
Dave Donnenfeld | Avalaunch
That will do a lot for the token among the rest. When you’re able to essentially “front” a transaction. Wow and with all due respect to the Bored Apes people, the bridging of real world assets onto the blockchain via NFTs is exciting and what will ultimately make these things go imo.
Looking at the roadmap it is clear that NFTs will be playing an interesting role in the platform adoption cycle. How has this decision been made, and how do you envision this unification outside the scope of adoption?
Jeremy Khoo | DeFiato
for sure. I like that many projects are now looking at real world assets. This is good for our space.
I love this question because although Defiato is mainly plugged into Defi, we are not limited to Defi! We are now looking at helping our users interface with not just Defi, but NFTs and Gamefi ecosystem.
Our tech team is studying the most popular NFT marketplace protocols to integrate. I think this will be massive as I too recognise the impact NFTs have on the entire industry. No way that we will not include NFTs in our roadmap!
Once again, consider mainstream, and how we can be the perfect conduit for a user to onboard via Fiat, and immediately farm on say TraderJoe as well as own NFTs on just about any chain. (Bored Apes, in your e.g)
Also, Defiato has an extremely strong investor base. We count Mirana (venture arm of ByBit Exchange), and Daomaker among some of our investors as well. All our investors do link us up to potentially strong partnerships such as with ChainPort, which is one of the strongest liquidity bridges for cross-chains right now. We also count Polygon as a strong backer to us when pushing out to their ecosystem. Our partnerships will continue to roll out increasing over the next few weeks. Do stay tune and go to Defiato.com to view all our partners and investors. This list keeps growing daily.
Dave Donnenfeld | Avalaunch
Got it. This is a pretty comprehensive plan you have. Anyone looking at the list of partners and backers would agree that the combined list is not falling short of the word ‘impressive’. Are there any other partnerships that you’re actively involved in or aiming to bring to the community on the platform?
Jeremy Khoo | DeFiato
Defiato continues to build on esteemed partners such as chains, defi services and in our partnership with Avalaunch, partnerships to extend our reach to communities and token distribution. Basically we have embarked on a path to establish partnerships that will strengthen our position in the Defi universe.
Dave Donnenfeld | Avalaunch
Lastly, before we move on to the Twitter section of the program — is there anything else you would like to share with us today that has not been discussed in this AMA?
Jeremy Khoo | DeFiato
I am really privileged to be able to share this project that we have been working so hard on for months with you all. Thank you for being supportive. As we are a working product, I urge you to use our product and help us to get better. We are always listening. Our team is growing rapidly and expanding our ambitions according to the collective feedback. Thank you in advance for this!
Dave Donnenfeld | Avalaunch
At this juncture I’m going to pass the mic to our community lead par excellence @shahi297 who will guide through the rest of this gauntlet you’ve decided to run here today
@shahi297 at your liesure release the twitter!
Lovish Shahi | Avalaunch
Hi Jeremy, love to see you here, I’m glad you came 🙂
Jeremy Khoo | DeFiato
Thank you Sir!
I’m glad to be here
Lovish Shahi | Avalaunch
Got to learn a lot about DeFiato
Let’s get to next level!
Jeremy Khoo | DeFiato
So much more to unpack and talk about. We will do so through our mini series of AMAs I’m sure
Twitter Questions
@Wilson81947694 — Most blockhain projects, when released and put into operation, face inflation. How do you view this issue and are there any mechanisms to minimize its impact?
Jeremy Khoo | DeFiato
Defiato’s entire token economy is constructed around demand and utility. As an operational product even in closed beta, we are able to project our revenues, and consequently the organic demand on the token. Most other projects may not have been able to take into account the token demand due to the advantages that we have (that they do not). Coupled this with a low supply, linear and predictable emission strategy, we do not have insane inflation rates so to speak. This is how we intend to minimise the impact that you have mentioned.
@adiversenft — Do you have an agreement with any insurance company?
Jeremy Khoo | DeFiato
As this is under contractual obligation, I am not able to advise on the nature or which company, but we are definitely looking at fintech insurance to safeguard user’s funds. As a custodian, we have the best security practices and frameworks, and it is in our best interests to provide another layer of insurance cover. Beyond that, we are in process of introducing on-chain insurance via a protocol like Nexus Mutual. That would be a great development as it would then cater for mitigating risks associated with defi services.
@professor00762 — Does DeFiato plan to bring one-click on-chain Lending/Borrowing services to mainstream users because most of the users want to diversify their assets to bring in more income sources?
Jeremy Khoo | DeFiato
We want to be able to simplify the entire process for users who use our product. Usually when you take part in yield farming, you need to be able to use your own Web3 wallet and deposit funds, pay gas, withdraw LP, farm etc. We remove all these processes. You can simply click one button and we take care of all processes (as many as 12 to 16 sometimes). This is a game changer for retail mainstream adoption. I urge you to join our website and see for yourself! We are live and running and supportive of the Avalanche defi ecosystem!
@Rudihrt48210441 — How many active user accounts do you have on your platform and what are your plans to attract more users?
Jeremy Khoo | DeFiato
We have over 15k KYC’d users and approximately 70% are active with farms/swaps, and it is still growing exponentially. We currently have 23M TVL for associated farms. We have a pretty heavy user base in Vietnam right now, and we are building up the Asia-pacific user base rapidly. Of course, we are not exactly focused on any particular region, and we hope to commence our global go-to-market strategies successfully this Q1 2022 and scale tremendously.
Defiato is accelerating. We have done multiple AMAs, to introduce our wide suite of defi-services to the public. We have local groups being set up in Korean, Japanese, Vietnamese, and Chinese. Defiato is an international project and we are serious about community building. In short, we are really positioned for explosive user growth.
@Sree9732 Before a project is born, lots of brainstorming activities to get a befitting name for the project. Any significant reason for choosing the project name?
Jeremy Khoo | DeFiato
Since this is the final question, I will say it a final time lol. We do not hide our ambitions to be a household name for defi services. When you recommend defi to friends, we want to be THAT platform. In doing so, we needed to be synonymous with DEFI, so naturally we settled on something catchy and relatable. Hence Defiato! Hope you like it! 🙂
Lovish Shahi | Avalaunch
Congratulations Sir. You’ve made it through phase 2 of our rather thorough AMA. You have excelled and your progress is noteworthy. Now you must meet the good people of our telegram community and face down their most penetrating questions…we will mute the chat for 4 minutes and let the community ask, then you can answer any 5 of your choice. what do you say ?
Jeremy Khoo | DeFiato
lets go!
Telegram Questions
Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know who your ideal consumer is for your product?
Jeremy Khoo | DeFiato
I always like to answer questions regarding community and feedback. And you are on point. Product-market fit is all about the user. We need to make sure Defiato continues building services that people actually NEED. We are always listening. Many of the services we provide are with direct consultation with the community and the hundreds of focus groups we conduct. Please join our community over at our official telegram and we can take this conversation further!
What is the ultimate vision that DeFiato is trying to achieve within the cryptocurrencies market? Obviously the whole space will experience huge growth in the upcoming years, but what role would you like DeFiato play in this?
Jeremy Khoo | DeFiato
You know how when your mainstream friends ask you about crypto, and you always have a certain exchange that you can point them to? Why isn’t there one for defi? Because it is so hard, and it would be irresponsible for anyone to simply ask your friends to navigate defi starting with their web3 wallets on their own. So Defiato wants to be THAT brand, that you can tell all your friends about- that one-stop shop/site that they can directly interact with Defi services without fear of hacks/exploits. That is our grand vision. Every step and action is meant to move closer to this.
Revenue is an important aspect for all projects to survive and maintain the project/company. How have you been able to build a complete project and what is the way to generate profit/revenue of the token? What is the income model?
Jeremy Khoo | DeFiato
Defiato is a platform and a business. Before doing the IDO/TGE, Defiato is already revenue generating as a result of platform fees from the activity that users conduct. Defiato charges fees from use of the various defi services such as yield farms and swaps.
Of note, the DFIAT token that will be issued in this IDO is used to offset fees on our platform. So there is actual organic demand for the token due to our revenue/income model.
Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
Jeremy Khoo | DeFiato
I don’t speak about this often but perhaps it is timely to talk about this. Defiato is CeDefi. We chose this particular model due to our USP of onboarding mainstream.
However, it would be natural, that the product eventually move toward an hybrid, and then finally a full fledged Defi protocol of its own. This is all in our long term road map to be a pivotal piece of the entire Defi ecosystem. I’m saying this because the DFIAT token will in turn underpin this effort for governance, and hence a vote in running of the platform/protocol. Now this is not immediate. It will take some time to achieve, but I want to say that these plans are there.
What is your top 3 things for priorities in 2022? Could you share some plans for the upcoming year?
Jeremy Khoo | DeFiato
First priority is ensuring our platform lives up to its expectation of being a totally seamless version of Defi that will onboard millions in mainstream. So efforts on ace-ing our UI/UX are always in progress.
Second priority is the token distribution, hence the partnership with Avalaunch. We will be announcing another two partners in IDOs shortly so there is a lot of excitement at base camp! Of course there is the TGE immediately thereafter.
Third priority is to roll out at least 4–5 more blockchain support and their corresponding hundred of defi services. This is on point with our grand vision and also underscores our need to ensure proper product-market fit.
Lovish Shahi | Avalaunch
you’ve been exceptional, been reading all patiently 🙂
Jeremy Khoo | DeFiato
Thank you so much for being patient haha
Lovish Shahi | Avalaunch
Very much appreciate your time here today and the thoughtful answers
Thank you. Been great getting to know you and DeFiato and look forward to our continued work together.
Jeremy Khoo | DeFiato
Likewise Sir
Good meeting you and having the continued support of the Avalaunch team
and of course the community!
Hope to see and speak with most of you as best as I can
Good Bye!
