BSC Community AMA Recap
Q. 1 — What is BinaryX protocol? Can you introduce your project and your team?
BinaryX is a brand new Decentralized Derivatives Protocol on BSC. We are also a BSC MVB Accelrating program.
We have an International team.Team members come from different countries, including senior technical personnel in the blockchain industry.
We have devs participated in the development of top centralized exchange and decentralized projects, and Professionals from the traditional financial industry who have managed derivatives assets of more than 100M USD.
Q. 2 — Can you tell us about your product and what makes BinaryX project unique?
Our first product is Binary Options. Unlike traditional options, the rules of binary options are very simple. you buy the option to predict the trend of an underlying asset’s market price.
If you guess the direction of the up and down correctly, then you will earn extra money. If you guess wrong, you can also get some $BNX tokens as compensation.
Have you ever try to trade Options in Binance? We are more or less like a Decentralized version of it.
Recently, We just launched our second product, which is called Lucky Auction. It is a NFT Auction Platform. All users participating in the auction can also get rewards of $BNX and limited edition NFT medal.
Q. 3 — As far as I know, BinaryX has a token $BNX, how can we get BNX?
BinaryX is a fair launch project. We do not have a presale through IDO. Most of the $BNX tokens are generated from the user’s activities on BinaryX Protocol.$BNX tokenomics combine Liquidity Mining and Transaction Mining.
We hope all BNX tokens will be fairly distributed to all people who participate and use our products, because they are the creators of values.By distributing profits to all BinaryX users, every member is a stake holder.
Q. 4 — The Mechanism of BinaryX is a combination of Liquidity Mining and Transaction Mining. Could you explain this mechanism to the community members?
Besides buying from Pancakeswap, There are two ways for users to obtain BNX tokens.
The first is to become a Market Maker. You can provide liquidity for the trading pair of binary option, and earn $BNX up to 50% of daily revenue from that trading pair.
The second way is to trade in BinaryX. Through binary option transactions, you can get 2% equivalent $BNX of the transaction amount, and if you participate in NFT auctions to get 5%-10% equivalent $BNX of the transaction amount.
BNX tokens are the core asset of the BinaryX project, All profits generated from trading binary options will be distributed to users who hold and lockup $BNX tokens. In the past, the annualized return of locked BNX tokens was as high as 3000%.
Q. 5 — Would you provide more underlying assets for your Options? What’s your criteria to list a new asset?
Yes, we currently offer binary options including BNB and BTC. ETH will be added also. And we are cooperating with some famous Defi projects, more binary options will be launched soon.
We are discussing with the community to launch more trading pairs in the future. In theory, as long as there are trading pairs on Binance or Pancake and the tokens have good liquidity, we can provide corresponding binary options.
We welcome more project leaders to cooperate with us to launch binary options trading pairs, and support the usage of their tokens as the settlement currency for option transactions.
Q. 6 — What’s BinaryX focusing on right now ? What’s your Roadmap?
In the past month, we have completed product development for Binary Options and NFT Auction.
In the next phase, we will focus on market expansion and community building. We will cooperate with other projects to increase more types of binary options.
For NFT auction product, we have found strong IP partners in the field of e-sports and arts.
In the next step, we will release new NFTs on BinaryX. Thanks to our unique auction mechanism, users will have the opportunity to obtain ultra high-value NFTs at a very low price of $1!
Q. 7 — BinaryX has launched an NFT Auction product recently, can you tell us how does this NFT Auction work? How can we participate?
Our NFT auctions use a unique auction mechanism instead of simply giving to the highest bidder.
The funds of all users who bid in the auction will be paid to the holders of NFT.
Among all the bidders, a lucky person will be randomly selected to win. The probability of winning is related to the amount of the bid. The higher the amount, The greater the probability of winning.
At the same time, we will also launch a lottery auction for high value coins such as BTC/ETH.
Assets worth at least US$100,000 will be auctioned on our platform, and users will also have the opportunity to get BTC from Lucky Auction.
Q. 8 Is BinaryX available for the global people or It’s limited for some area? If it’s globally available are you guies planing to introduce it globally?
Yes, BinaryX is a open protocol and everyone from the world can use our product wihtout KYC. or permission.
Q.9 I would like to know if you’ve completed any security audits?
The security of smart contracts is the key to Defi projects. Our contracts has been audited by Certik. Before we Launched the products, we have already passed the auditing.
We also preset a lot of security restrictions. We will set various security logic inside the contract, once abnormal data or user behavior occurs, our contract will automatically suspended various transfer-out and transaction functions to avoid large losses due to bugs. Contract security is an eternal topic of Defi, and we will continue to work hard to improve the security of our project.
Q. 10 Do $BinaryX holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
BNX holders have the right to share the profits from the whole protocol. We will increase more governance rights for community members.
All community participants will receive BNX tokens, and all the income of the protocol will be distributed to $BNX holders.
In return, the BNX community will become a passionate, loyal, and vibrant community.
Website: https://www.binaryx.pro/
Twitter: https://twitter.com/binary_x
Telegram: https://t.me/binaryxGlobal
