Wolfonaire Chatbox : AMA With adaX (29th September, 2021)
Hello! Wolfonaire Family & Crypto Enthusiasts
We recently hosted an AMA With Solanium 29th Sept, 2021 at 2.00 PM UTC. This session was phenomenal. If you have missed then here is the precious AMA transcript, for those who missed the live session this will enlighten you for sure…
Guest Speakers :
Mr. Dovydas | CMO, adaX
Mr. Harold | Lead Dev Architect
(Note: This is the transcription of the event. Please note that the transcript was edited for comprehensibility and coherency, while the content was not changed.)
Dovydas : The team consists of crypto and traditional finance experts. Our CTO has been running a dev company for over 3 years, working on projects on various blockchains. I myself have been around in the fields of banking, ad-tech, iGaming and now crypto. Our advisers are true crypto OGs, who have been around for years, hence Mate being the co-founder of bitcoin.com
So we have a good diversity of different talent and experience.
Wolf : What Are The Major Milestones You Have Achieved In Recent Days.
Dovydas : Recent days were crazy! I was in Munich, together with David who is our advisor, and we attended and helped hosting the Cardano summit. There have been various conversations with people coming from VC background. DEXes from other blockchains and stuff. I think the most important take away, the talks about coming regulations into the DeFi space and obviously potential KYC requirements from the governmental level. We are wrapping our heads around that!
Wolf : Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?
Dovydas : The goals so far have been met and in some cases exceeded. One thing that we havent anticipated to be such a major blocker, CEXes not supporting Cardano Native Tokens or trying to charge crazy amounts of money for the listing. With all the buzz going around Cardano, we definitely thought that CNT support will come much earlier. But there is good progress, and we are pushing through that.
Wolf : Can You Please Share With Us The Motivation & Benefits For Investors To Hodl $ADAX Token For Long Term? What Plans Do you Have to Create Demand & Scarcity For The Token?
Dovydas : As stated in one of our early interviews, at the moment ADAX as a token — is a highly speculative one. Our goal is to deliver the DEX of choice and thats where we are going to.
But for the hodlers — well our secondary product will be an IDO launchpad that we will roll out early next year. And ADAX token holders will have premium access into projects with much friendlier conditions, compared to the general public. so yeah — HODL!
Lets move for the Twitter round
Q1. Is adax pro planning to bridge with binance smart chain? what is your main goals to attract more Investors? is adax pro have a nft?
At the moment, we have plans for ERC20 bridge, that is being developed by IOHK themselves. Polygon will come from our partners @ MELD.com
Binance chain could be implemented in the future yes, but for the time being it is not a major priority.
Q2. Partners are very important for every project today, may I know which partners you have now? and which partners in the future you will be heading to ?
Charlie3, GeroWallet, NetVRK, BlackDragon, VyFinance, upcoming MELD.com and some others that will be announced soon!
Well and obviously we have the main man — Bitboy and our partnership that will start bringing the fruits!
Q3. Could you tell me a little more about the team and their backgrounds? I’ve personally seen a lot of projects get off the ground with inexperienced crews?
its a similar question to the one above so i’ll just copy paste :)
The team consists of crypto and traditional finance experts. Our CTO has been running a dev company for over 3 years, working on projects on various blockchains. I myself have been around in the fields of banking, ad-tech, iGaming and now crypto. Our advisers are true crypto OGs, who have been around for years, hence Mate being the co-founder of bitcoin.com
So we have a good diversity of different talent and experience
Q4. There are many issues around poor user experience and limited liquidity. So order book-based DEX have low transaction volume & cannot compete with centralized exchanges. What alternative solution or innovations will AMMs like ADAX offer in the decentralized finance (DeFi) sector?
yes, I completely agree on your point that centralized exchanges offer way better user experience and usability at the moment. And it will probably take years for DEXes/AMMs to match this. On the other hand, some convenience can easily be sacrificed because of decentralization. Being sure that your funds are completely safe is a big deal after all. Now answering your main question, we not really yet seen fully decentralized DEX, which is using orderbook approach. Matching is done off-chain and presents the point of failure in the whole infrastructure. Implementation of the eUTxO model offered by Cardano kind of favors this orderbook approach, while on other blockchains like Ethereum it’s too ‘expensive’ to build. And that is what we are doing in regards of innovation. Bringing fully decentralized orderbook based DEX, with all of the logic happening on-chain.
Q5. At the moment , where ADAXPRO are focusing right now ? building and developing product or getting customers and users, or partnerships ? Could you share it?
Finalizing the development side, and obviously the smart contract audit. We are lucky that we have partners at BTblock who have been running audits for Solana blockchain for such a long time, and they will be grilling those contracts from all directions. Once all of that is done, we launch the dex.
In parallel — on the business side of things, we are working hard to get more projects on board and institutional money. Because a DEX with no TVL is not gonna survive, so thats something that we have to take very seriously. Munich trip had this as a priority, so I’m happy we are on the right track as well.
Q6. I read that ADAX is an automated liquidity protocol that facilitates trades within the Cardano ecosystem. So does this implies that ADAX isn’t interoperable with other blockchains like BSC, ETH and the rest?
Essentially yes we are a Cardano first and focused DEX. But as mentioned above, ERC20 bridge is on the way from IOHK, Polygon from Meld, and as time goes more cross-chain features will be added. Post Munich I can guarantee now, that a bridge to Concordium blockchain is going to happen in 2022 as well
But most importantly It will really depend on the demand from the community, and thats where our priorities will go.
Q7. Can you make a list of the notable features of “ADAX PRO” that you believe will help “ADAX PRO” succeed? Will there be a future for the “Will the ADAX PRO ‘’ token be expanded to include new features?
yes, definitely. First mover advantage, innovative orderbook model, DAO (where holders will run governance and be incentivized. Basically they will become part-owners of the DEX), Stockgeist integration, audit, and future features like IDO.
Q8. When following a road map — what’s the next most important priority? Does your team have enough base reserves (funds- community- etc) to hit these milestones?
In terms of funds/reserves — we are sorted, our fundraising stage was a success with over 85% early investors being from the retail sector. And we have the operations in places for a few years to come out of that reserve.
Our community is one of a kind — we just love ADAX Crew and all the support we have seen so far! So we highly doubt this would ever become an issue :)
In terms of priorities — audit, dex getting finalized and live, working on the adoption and user acquisition, and obviously getting the TVL into the platform.
Q9. Regarding your partnership with Stockgeist AI: Can we expect the social sentiment feature to be available on the day of the launch? If not, is there an expected timeframe for the implementation of the feature?
I am not completely sure about the launch date as I am not directly responsible for it, but it will be launched with or soon after the DEX launch. I can assure you it’s not the hardest of current hurdles we are facing, so don’t worry, it will be there :)
Q10. Liquidity, Transaction fees and slippage are always the 3 important factors in financial services. How does “#Adax_pro” solve the above problem to attract more users?
As we are implementing orderbook based model instead of AMM, slippage is not a problem here. Transaction fees are also not a problem as our smart contract is not expensive to execute. besides that fee depends on Cardano. And we trust in Cardano, thats why we chose this blockchain in the first place. Regarding liquidity, it is our main goal to incentivize and reward orderbook makers, as they are the primary driving force behind liquidity. They will receive fees and will be incentivized in various ways.
Lets move for the Community Round
Q1. l am a developer, and I am interested in contributing to your project alongsides earning, Do you have any Bug Bounty to check for vulnerabilities ?
We are hiring! drop me a PM after the AMA lets talk more :)
Q2. What is your advantage over other projects? Is it from a security point of view or the technology you are using? Or are there other advantages? What makes you believe that your project is worth choosing?
first mover advantage, security audit and also approach as already mentioned in twitter section. Apart from that experienced dev team which is capable of building anything.
Q3. For a project development first of all main priority is having enough fund. Does your team financially capable to run this project? Do you have enough fund for it’s developement Can you tell us that how your project generate the profit?
it is financially capable for sure. ADAX will generate profit taking part of the trading fees.
Q4. There are so many investors just focus on the price of token in the short term period instead of real technology of the project. Can you tell us the motivation and benefits for investors of your project to long term?
I’ve said it before, and ill do it again. We are NOT a shitcoin, mooncoin or whatever. We are a project that has fundamentals, team and vision. If we dont hit 100000000x — does not matter to us. That is not the purpose of our token.
Our community is what makes this project tick, price is a distraction to some, to us it’s an indicator that we have insane support. Check out the staking pools — they are full! :D
Quite a few “new exchange” questions so here’s the answer to all:
We are in talks with Kucoin, they plan to start supporting CNT next month, and if the negotiations go well and no blockers on their end, we want to be there asap.
Q5. Security and anonymity are always prioritized by BlockChain projects in the development of project platforms and technologies. So, does you have any technological solutions or plans to enhance user trust in these issues?
audit, audit and one more time audit. Regarding anonymity, it’s very broad topic, as we already see resistance and regulations everywhere. We are focusing on security atm.
Q6. Do you have user manual or short videos that would guide potential users of project to safely navigate your platform?
Q7. What is the Best way to follow All your Upcoming news and updates? What are your plans in coming Future?
Our telegram group, our moderators and community members, true ADAX OGs help anyone who wants to follow us. I’m also quite active in the chat and fire some answers on the spot :) Our team is expanding, we’ll have more presence out there in weeks to come.
Q8. How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience on working in crypto and non-crypto project?
we have 40+ team members. Dev team are experts in crypto sphere. We have people who worked on centralized exchanges, created dApps or at least has knowledge and positivity towards crypto industry/blockchain.
Q9. Regulation is very important. Many projects were closed in many countries due to failure to use the correct regulations and permits. In order to go global how does your team deal with these issues?
good question! it was a hot topic during the Cardano summit
Our company is registered in European Union, and we have to follow all the AML regulations already. KYC and wallet holder visibility will be a major topic in the coming months as well. It’s not a great setup, but government is stepping in. And we are following this very closely.
Q10. Many projects are just projects that make deceptive promises created by cloning existing ones and are similar to existing ones. Do you have features that are unique to you, that you have developed and that make you special?
Many projects are just projects that make deceptive promises created by cloning existing ones and are similar to existing ones. Do you have features that are unique to you, that you have developed and that make you special?
Q11. Will the ADAX launchpad have tire system or something else for allocation?
Yes absolutely, thats where the token holders will have value as well.
Q12. As a new project in the market,what is your competitive advantages? As an investor,why would we trust to invest ? What are the ways to earn in your platform?
we’ve been quite transparent and open from day one, not pushing for moonbois attitude, our team is visible, our product is solid and unique. even some Ethereum based DEXes reached out whether or not they could use some of our features and ideas that were displayed in the demo. Our goal was not to be another uniswap looking DEX, our goal is to set the new trend for all the dexes out there.
In other words — ADAX number 1
Q13. Do you have any Coin Burn / BuyBack systems or any $Token Burn plans to increase the value of Token & attract Investors to invest?
The total amount minted is not a very crazy number, 100mil tokens as a fixed supply is very comfortable. We do not have any plans on burning the token whatsoever.
Q14. While you build your project do you take into account community feedbacks and demands?
yes absolutely — community is one of our main drivers, and we’ll continue with that direction.
Q15. Regarding about the current market situation is too unstable, holding back investors.. So can you give me some good reasons why I should buy your tokens in this market situation? And also why should your token holder keep holding?
We entered the market in June, when it was even worse than it is now, and look at the progress so far.
Q16. Non-crypto user is very important for mainstream adoption. How you are planning to attract non-crypto users towards your project? Is there any upcoming partnership that will brings non-crypto user and real-use case?
From investment perspective, VC funds represent the non-crypto audience. From retail perspective — educational content, that comes from all the projects within crypto industry. Thats where we will tap in as well.
Q17. We’ve seen the the UI demo. With the competition releasing working demos left and right, it would be great to see one from ADAX. When can we expect to get a peak at a function demo?
Yes we will have that in the coming weeks as well. Most likely done via Cardano with Paul, since we already spoke with him about it in my last interview. As soon as we are ready — it’s happening.
Q18. Can your project be managed without partnership? Or is partnership mandatory for the project? Is it possible to develop your project without partnership? I think you can do it alone. What is your opinion?
All partnerships especially within Cardano ecosystem are vital. All the dapps are being developed from scratch. Thats why we are in contact with GeroWallet, Charlie3 etc. everyone needs help. And we are expanding our network as we go.
Q19. Have you and the team started the audit?. If so how long does roughly take to be completed and who is doing the audit?. If not what is the hold up?
not yet. we are still fine tuning our smart contracts. Concurrency problem is solved. Audit will be done by BT Block.
Q20. Dovyas metioned the team has about 85% of the code finished in the past. What percentage of code is finished at this time and when do you expect it to be finished?
we have 100% finished MVP, which is working. As said before we keep on improving it. Some other parts are not fully complete, like UI wallet integration. We want to launch fully working dApp, with all of the parts completed. Target is 2021 Q4, but you need to understand, that not everything is dependant on us. Ecosystem is still lacking of WEB wallet with JS API, solutions like Hydra can improve scalability big time, etc, etc.
Q21. Will adax still be launching at the said date?. 6–8 weeks after smart contracts (24th oct — 7th nov) thanks
this is a possible, but optimistic target. As already mentioned, some elements are out of our control. 2021 Q4 is a realistic target.
Now the session ends with lots of thanks to our Guest Speakers…
Here are some important links of adaX