July 28-th Dexilon held an Ask Me Anything session with the ICOSpeaks team at our telegram chat.
1️⃣ Block 1 – self introduction from today’s speaker
👨💻 Alex Golovin | Co-Founder of Dexilon | @alexgolovindd
Before we go to the first set of questions, could you please do a short self-intro?
I myself have been into crypto since 2016 and bought my first Bitcoin for $300 back in the day. I have a degree in economics, but nothing related to trading. So I had to study everything by myself. After learning a bit about how to trade, I partnered with guys from Kyiv Polytechnic University in order to develop trading algos. We achieved some good results, but when derivatives evolved, we switched to an arbitrage between spot and futures. With time, it transferred into a hedge fund called Smart Arbitrage Technologies.
2️⃣ Block 2 – project introduction by speakers
Q: Who are your core team members? What’s their background?
A. As of today there are 16 core team members and most of them are hard core engineers with years of experience in crypto. We’ve got 2 Phds and doctorate science in applied math and have been working with them since our hedge fund business.
Q:How was the idea of Dexilon was born
A: While searching for arbitrage opportunities in DeFi, we came to a conclusion that this is extremely inefficient market. At the same time because of the principles of mempool, it will be always a playground for such algos like sandwich attack. So we thought about combining best practices of centralized exchanges with the transparency and self-custody of DeFi
Q:As from your title, I understood that you are the Co-Founder, but who is the CEO? What’s his background? Can we reveal his details?
A: I’m the Co-Founder & CEO of Dexilon. Besides me, there are 3 other co-founders, myself, Maksym Aptilon and Den Burenok. We share responsibilities within the project. My expertise is mostly focused on product development.
3️⃣ Block 3 – question from ICO Speaks team
Block 3 tip: Submit 3 – 4 questions to describe the plans, events, and the best sides and features of your project.
Questions from the ICOSpeaks team!
Q: So can you tell us what Dexilon is all about?
A:Dexilon is all about your cost of trading and I’m not emphasizing on fees here, but on the cost of liquidity. Our users will enjoy all perks of centralized exchanges at no additional cost. The user will be in control of the assets and most importantly we aren’t going to solve the problems with subsidies when projects provide huge rewards in order to cover trading costs and when a price of a token goes down or rewards disappear, the project is down
Q:How is Dexilon unique to other exchanges?
A: Dexilon is the first truly decentralised limit Off-Chain order book on native blockchain with high TPS
Self custody with personal cryptocurrency wallets
Redistribution of fees between takers, makers, insurance funds and data providers
A Rebate for every limit order book
No gas cost for each request (nodes are paid from the taker fee)
Q:Can you explain how the limit order book is executed on the native Blockchain of Dexilon? What are the information that can be found in the limit order book? What advantage does it offer traders on Dexilon decentralized exchange? Lastly, What is the model of limit order book that will be adopted on the Dexilon DEX?
A:Еhe order book with order verification is the most complicated part of a project. Especially when we are talking about derivatives. The bigger the latency, the bigger the spread between bids and asks so liquidity will be more expensive. Therefore we are using asynchrone blockchain technology for this part. It will be a decentralized process, but not the classic blockchain. Unfortunately at this moment we cant provide you with more details
Q:Dexilon states to be DAO with all traditional attributes of decentralized governance, however I have not found any additional details on how it works with your project. What are the requirements to get voting rights within Dexilon? Are there any particular limits of acquiring/holding a Dexilon token? Will DAO be launched in parallel with the platform launch and work simultaneously?
A:Dexilon platform launch will come first as we want our users to fall in love with our product before we move on to the next stage. DAO launch will come closer to mainnet version 2 which we plan for November. All holders of Dexilon token will be allowed to vote for changes of the protocol. Lastly, as for DAO, we don’t have any particular rules at the moment
Q:It caught my attention that node brokers will benefit from a portion of the take rate, so how do I run a Dexilon node? Do you have documentation to inform me of this?
A:We use both a proof of stake and a proof of authority. Due to latency problems we are unable to run a high number of nodes. In order to secure our infrastructure only companies with good reputation will be able to operate them. A number of well established VC firms and foundations have expressed an interest. But you can stake it for running an oracle node. And trust me, it can be even more profitable
Q:I understand that Dexilon solves many of the problems faced by institutional trades, but only institutional trades will benefit? Ordinary trades benefit in some way as well?
A:This is an incorrect interpretation of the platform. What users do lack at DEX is cheap liquidity. Users are forced to pay enormous gas costs and fees around 15-30 bps. Plus slippage. Institutional traders will bring in more liquidity, thus making trading more secure and effecient. Dexilon is designed too fit every trader. Dont know an exact number now, but during winter, an average transaction on AMM pools on ETH was about 20k. Not really a case for an ordinary trader. On Dexilon it would be possible to construct a portfolio with around 500$
Q:What are the supported wallets that I can use on your platform ? Can I use a trust wallet on my phone ?
A:As of today, only a Metamask wallet is supported. In later stages, Dexilon is going to be a cross-chain solution, thus it will be possible to access it from Solana or Avalanche and many other major blockchains with their corresponding wallets. You may use a wallet from your phone, which is absolutely fine, yet always be careful with public WIFI as many people lose their money. We will support a wallet Copper Connect as well, so it will be possible to use a platform with your assets placed at the custodian
Q:Users have problems with checking their previous records and trades,How will you provide this into your interface?
A:All trades are stored on the Dexilon blockchain. Just as in any CEX, you can see all your transactions. On top of that, you could check them on Dexilon blockchain as well
Q:Is the Dexilon Testnet open to the public?
A:Yep, it is! We’ve launched the Dexilon testnet just recently with free access to the public. You can try the platform for yourself and familiarize yourself with Dexilon. Currently, it’s very limited in terms of features, yet you can get a mold sneak peak at what the Dexilon trading experience will feel like right now: https://testnet.dexilon.io/
Q:Any plans of launching a token of your own? If so, when?
A:Dexilon token is an essential part of our ecosystem. It is used for all internal transactions. It is gonna be live when we will release mainnet version
4️⃣ Block 4 – Community Voice.
Community asks the questions they are interested in.
Q: Do you have any Bug Bounty to check for weakness? In what way do you plan to make Your project more complete??
A:Actually yes, we are going to launch bug bounty soon with a cash reward!
Q: What is the role of token in the ecosystem? Where can people currently buy it?what would be its used??
A: so in order to run a node, you have to stake some tokens. It used for fees. Even if a person pays his fees in USDC, it will be exchanged for our token, and then redistributed for oracles, rebates, insurance fund and so on. Anybody can run our oracle, for this, they need to stake some coins
Q: Is your platform a global or is there any restriction to certain regions?
A: As a DEX, we have no restrictions. But because of the US laws, people are required to checkbox that they are not from the US
Q: What are the ways for your project to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?
A: We are going to profit from node running. but 10% of a taker fee will be allocated in developers pool. So if lets say we will leave, this pool will be rewarding engineers who are proposing an upgrade to the project through DAO
Q: 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?
A: Not really. First of all, restrictions in Ukraine were not harsh. In fact, many Americans and Europeans spent COVID19 pandemic in here, so we were able to meet many people who help the project. Otherwise, we would have to travel a lot
Q: Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?
A: There is no a magic wand unfortunately. And you are absolutely right. The thing is that Binance and many other CEXs are solving basic problems, thats why they are so succesful. The problem is with transperancy. As a market maker I can assure you that almost all CEXs are shady ))) So we want to provide the product which solves the problem with transperancy like all other DEXs, but in our case you will not be overpaying in terms of slippage, gas etc
Q: What are plans in for global expansion? Are you focusing on market at this time or focus on building and developing or getting customers and users, or partnerships?
A: At the moment regulation in crypto is hardening, and some areas are lacking a possibility to trade on CEXs, so these markets will be our focus for the beginning
Q: 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?
A: This is the biggest problem for DEX, at the moment we are going to be audited by engineers of one of our investors, a prominent European VC, then, closer to the launch, will go through audit by one of top security firms
ICOSpeaks hosted an AMA Session with the Dexilon Team. That’s all for today.
Thanks to all users who participated.
Thanks, Dexilon for being with us
Thanks, all and see you soon😉
Wanna know more?
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