Ask Me Anything with DOEX at ICO Speaks: Summary
December 20-th held an Ask Me Anything session at ICO Speaks telegram chat. From the DOEX side there was:
Before we go to the first set of questions, could you please do a short self-intro?
👨💻 Adomas | Growth Specialist | @Ad0mas
Hey, I am Adomas, growth specialist in DOEX, really glad to see all the people here today!
👨💻 Mantas | Customer Support Manager | @ManMike1
Hi everyone, Mantas here! Big enthusiast of blockchain technology! Customer support at your service 😉
👨💻 Sancho | Community Manager | @sanCho_first
Hey guys. Im Sancho, the Community Manager 👋
Let’s get started!
Q: What is DOEX?
A:So DOEX is AMM-based decentralized exchange for assets that are native to the Cardano Blockchain
We aim to become the first Cardano based DEX
Q: Why did you choose to build DOEX on Cardano?
A: Cardano is an extremely versatile and reliable blockchain with a massive upside potential to grow- we surely don’t want to miss that train! It has small gas fees, fast transactions and completely embraces the proof-of-stake concept. Therefore, we recognize its value in the ever-growing but also comparatively unexplored crypto market. Our team strongly believes Cardano is the way to go, making blockchain technology what it always meant to be – truly decentralized and safe for everyone!
Q: What is the roadmap for the next 100 days?
A: We are currently in the IEO stage on Exmarkets and the sales are quickly ramping up! The next main step comes in early 2022 – the implementation of Alonzo Main-net (Cardano Smart Contract) into DOEX. It’s hard to point out specifically when, as it completely depends on how soon Cardano network will integrate Alonzo Main-net into the blockchain.
Q: Let us know more about tokenomics?
A: Simple but specific question-nice one! Allow me to summarise.
Total supply at the start was 140,000,000 DOEX tokens
– Private sale -22 % for $0.05 with 4-month lock-up period (30,800,000 tokens)
– Public Sale round IDO -17% for $0.11 with 100% unlocked upon listing (23,800,000 tokens)
– Public sale round IEO (currently ongoing) -12% for $0.15 with 100% unlocked upon listing (16,800,000 tokens)
– Staking -15% (21,000,000 tokens)
DOEX Platform Support
– Marketing- 5% (7,000,000 tokens). 3 months lockup. 20% of the amount is released every month once the lockup is over.
– Team – 14% (19,600,000 tokens). 6 months lockup. 10% of the amount is released every month once the lockup is over. Again, the fair approach to distribution and length of lock-up period to build trust with investors!
– Liquidity – 15% (21,000,000 tokens). Used for exchange liquidity. Designed to support liquidity pools with constant positive balance when exchanging and keep the price of DOEX stable.
Q: As a project, DOEX looks quite promising. How did you come up with a concept of it?
A: Great question!
Let me start by reminding you that our team is a big fan of the Cardano blockchain!
As we started to realize how much potential it has, we asked ourselves: how can we help the Cardano family by improving its ecosystem? And it hit us! As Cardano is still a comparatively young blockchain, and smart contracts are constantly developing while being improved upon – we need to make sure it is self-sufficient and easy to use for everyone, therefore attracting as many people to Cardano as possible! Technology is there, we are here to make it easy to use and widely accessible. The more people are onboard- the faster it develops! For example, this encouraged us to develop an on-ramp Fiat solution, so people can get onboard the Cardano blockchain ecosystem more efficiently. We are very proud of this feature, which is unique to our project, as far as we are aware. Our long-term objective is to be the one-stop shop for DeFi services on the Cardano blockchain including but not limited to staking and much more!
In summary: by helping Cardano to become more safe and easy to use ( therefore gaining more recognition and trust), we can grow bigger and more influential with it, so we can push the technology further! That’s why we created DOEX! 😊
Q: Why AMM? Is the DOEX going to support a cross-chain bridge? Will there be more than 2 blockchains supported?
A: First of all, AMM is a safe, fast and reliable protocol to execute trades! The benefits of using AMM are as follow:
· No need for order book ( preferential to traditional exchanges, as its faster and secure)
· Decentralised trading ( safer, as information stored on the blockchain is way harder to decrypt )
· Liquidity pools ( assures the stability of trade and reduces the risk of leakage )
· No third parties ( how blockchain technology was meant to work 😊)
In terms of supporting the cross-chain bridge, we fully embrace ERC20 Cardano/Ethereum bridge! Why? Ethereum is the leading platform in blockchain technology and is most widely used. We don’t necessarily look at them as competitors, but more like someone to look up to, help and learn from them! Crypto technology is comparatively young, and at this stage is extremely important to work together in pushing this revolutionary technology forward! So yes, near-future plans are to use a cross-chain bridge with the Ethereum platform, using the ERC20 protocol.
However, we are open to seeing what the future holds for us with other platforms- that’s for sure!
Q: How do you plan to solve the concurrency issues?
A: There’s more than one solution at the current stage:
– Fragmenting Liquidity into multiple pools
– Using third-party sequencers to batch multiple transactions and settle them as one transaction in the same state
As of now, we are still identifying which method fits us better. It will be tested before release-for sure
Q: What is the key selling point/strength of your project in contrast to other DEXs
A: Amazing question, thanks!
It is true – in this field, it’s very important to stand out, otherwise won’t be noticed and affect positive change! Some of the strengths and selling points that DOEX offers:
· Ability to vote and participate in the governance of the platform ( Voting rights to DOEX holders)
· Incentivization of platform users
· Participation in the liquidity pool
· Reward payments to liquidity providers
· Crypto-FIAT exchange
I do believe that all the above points, especially the last one, truly make us stand out! All in all, we strongly believe we have the right guns to push the frontline of blockchain technology into the future!
Q: What are your plans with unsold tokens?
A: The sales are still ramping up, we have a strong marketing team behind us and the word is spreading fast! Hence the reason why our community has doubled in about a week! With that in mind, we are sure we can exceed everyone’s expectations 😉
However, in case some tokens are not entirely sold out, the plan is to offer a new sale for institutional investors, with some sort of locking period😊
Q: How are you planning to grow the demand for and value of your token? What is the economic model for it as well as the DOEX platform? Will there be other utilities for the token (e.g. NFT marketplace, launchpads, etc.)?
A: That’s a heavy one and I like it!
Demand for token and its value is driven by the community ( support and spread of the word), usability (the technology behind and its effects on the blockchain, as a whole) and recognition ( how vastly usable it is)!
So far, we have a proven record of support from a strong, reliable and ambitious community! Not only are we a few months old going-live project and rapidly growing close to 10K members on TG, but we also reached this threshold on Twitter already! Combined that with a strong marketing team that helped us to get where we are now- the sky is truly the limit.
As mentioned before, we have technology and concepts ( exp. Crypto-Fiat exchange) in place that will surely make DOEX token appealing and usable, while also providing economic incentives to the holders, through access to a safe positive-yield approach to their liquidity provision and staking. In addition, AMM-based protocol makes transfers fast, anonymous, secure and convenient, which will greatly improve the expansion of its usability!
We are believers in Cardano 😊 As you know, Cardano is already a big name in town! The more upgrades are coming ( and there are a lot, don’t need to check Cardano roadmap, I guess), the more the Cardano ecosystem gains trust and expands- the more usability DOEX can offer! It’s just a matter of time and we got in early 😉
In terms of other utilities, we have plans in place for that, however, we are not announcing them, just yet. We are focused on a roadmap that’s been laid down ahead and delivering as planned, which will also help increase the value of the token! We are also looking at various partnerships to add additional value.
Q: Do you have a Token Burning plan to increase Token value and attract Investors to invest?
A: Our supply is very small, only 140M tokens. Also, most of the rest of the supply will be released over the next couple of years through staking rewards. So we feel that burning tokens would not be beneficial to the project
Q: How about `audit?
A: We agree that the project needs an Audit and we will do it as the project develops. I can assure you that it will be done by strong professionals because we take the security of the project very seriously.
In any case, we have a team of strong specialists in their field who will ensure the security of the platform before the audit.
Q: Can you list some of your partners with us?
A: We are currently speaking to multiple projects and trying to close in on more deals.
Right now, we have a partnership with stockgeist.ai which will allow us to implement some cool market sentiment features on our dex
We have also partnered with kick.io to run our first IDO and exmarkets.com, where our second public sale is currently being held
By the way, make sure you jump in and take part in the IEO, only one week left to finish 😁
Q: Does your project support staking program? If yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?
A: We actually accepting staking on Kick.io website and its been ready for some time now 😉 Platform is trustworthy and its great way to earn passive income! Join us!
➡️ 10% APR – No locking
➡️ 12% APR – 3 Months Locking
➡️ 16% APR – 4 Months Locking
➡️ 22% APR – 6 Months Locking
Q: Can you list 1-3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
A: Sure, I will go ahead and list our top features:
– On ramp fiat solution that is unique
– Erc20 converter to allow interoperability
– AMM based protocol that ensures trustless transactions
You can check all of this in our whitepaper
We are very excited about this AMA and we believe that we have excited this community with our ideas!
As our IEO is still ongoing – you are welcome to join and contribute to the growth of our project!
You can do so here:
Thank you again for your questions, and we look forward to you all joining our community.🤝
ICOSpeaks hosted an AMA Session with the DOEX Team. That’s all for today.
Thanks to all users who participated.
Thanks, DOEX for being with us
Thanks, all and see you soon😉