ExoniumDEX x OCTION AMA Recap
All the questions and answers from both projects can be found here!
Octmoon |(WILL NEVER PM YOU FIRST), [26 Aug 2021 at 11:03:32 PM]:
1st qn
Could you please tell us what is ExoniumDEX? How does it work?
ExoniumDEX Official $tEXO, [26 Aug 2021 at 11:06:24 PM]:
Thank you once again to Oction team for inviting us onboard and we are excited for upcoming development! ExoniumDEX is conceptualised to bring all financial assets on chain, including synthetics. Will be great to look through our doc for all product features and the story behind ExoniumDEX.
Our main goal is to make DeFi accessible to all users, especially those who are accustomed to centralised exchanges.
Our planned product release should not be stranger to the cryptocurrency community but is not too common in DeFi.
Besides the usual features of yield protocols, launchpad and AMM, one of the few key highlights of ExoniumDEX’s product are synthetic assets and the omni-chain mainnet launch.
We strongly believe that these features will be a necessity in the defi sector and will be a mainstay in the long run. With that, we will also be able to tap on a wider audience beyond the existing cryptocurrency community.
We are also open to exploring new innovative and products in the market and bring it towards ExoniumDEX community and a wider audience. Such example is our recent plan to launch an unique Play-to-Earn product. This may sound out of current narrative for ExoniumDEX, but rest assure, the way it’s developments and planned out will fit everything. So stay tuned for that!
Octmoon |(WILL NEVER PM YOU FIRST), [26 Aug 2021 at 11:07:12 PM]:
very well detailed!
alright for the next qn
Could you please introduce yourself to our community?
ExoniumDEX Official $tEXO, [26 Aug 2021 at 11:09:12 PM]:
You may call me Greg! Many from the ExoniumDEX community know me as “Admin” or “ExoDexSupport”. I have been with the team since 2018, working in many roles with a lean team (crypto life!) . From Zendesk customer support, business operations to business development, there are many hats to fill! But that is the fun part about working in the cryptocurrency space isn’t it? My current role now is customer support and project development. Basically my job is to allow the core team to focus on the key development. There are 5 members in the dev team, 3 BD/Marketing, 2 ops and me, the bridge between the project and the community, not including the big bois in the team (C suite, for everyone to be familiar with.But meh, C suite is so old sch). Of course, we are growing our team so we are always on the lookout for new team members to join us! We will be having another 2 BE and 1 FE developers joining us next week!
Octmoon |(WILL NEVER PM YOU FIRST), [26 Aug 2021 at 11:10:45 PM]:
for the next qn
Exonium has been around for 3 years. Before the recent launch, what was Exonium’s involvement in the cryptocurrency industry?
ExoniumDEX Official $tEXO, [26 Aug 2021 at 11:14:42 PM]:
Prior to ExoniumDEX, we were formerly a centralised exchange back in 2018, offering the usual CEX services (lame and boring), from trading to IEOs.
However, we realised that the competition and limitations of operating a CEX is high. Cant fight with CZ and SBF right? The potential for growth is limited and we felt that we could allocate resources for development towards decentralised infrastructure that will bring greater good to the cryptocurrency community.
Another reason for converting is, despite the advent of decentralization, many people prefer using centralized exchanges. This is ironic in the blockchain industry as it creates a possible single point of failure and centralisation of funds and activities. Many CEX is still dominating the market pocketing a huge trading volume. There have been plenty of incidents of corruption, unfair trade practices, improper distribution of power, and control associated with centralized exchanges. (We all know too well which existing exchanges are playing fire with user’s fund)
We did worked with various custodian partners to ensure that users’ funds are safe but at the end of the day, there are limitations to centralised exchanges and the CEX is still responsible for user’s fund, instead of giving control to users.
Despite having a decent trading volume and an user base of 300,000 daily active traders on the centralised exchange, there are limitations to the future prospect of centralised exchanges. With that, we decided to transit and work on DeFi protocols based on existing ideas and past experience with CEX. I think the issue of centralisation is what both ExoniumDEX and Oction are attempting to solve. Bridging DeFi with Tradfi is the short answer. I believe this is where synergy is met between us.
Octmoon |(WILL NEVER PM YOU FIRST), [26 Aug 2021 at 11:15:38 PM]:
wow this is the most detailed answer we have ever gotten before. Hats off to you honestly, you guys have come a very very long way.
Could you give us 3 reasons why we should choose ExoniumDEX over the other DEXs out in the market? Im pretty sure u know there are tons of other dexs out there and we wanna know your comparative advantage :) there are many whales here that are always hunting for the best farms and utilizing the best and most efficient dex.
ExoniumDEX Official $tEXO, [26 Aug 2021 at 11:20:33 PM (26 Aug 2021 at 11:21:00 PM)]:
Farm, Liquidity Mining, Seed pools, all these are not our final products. Infact, seed pool is just part of our token distribution process (kinda like a presale, i will explain later, probably). liquidity mining (LP staking) is crucial for any new projects to sustain liquidity on AMMs.
We are actually not competing with other AMMs from all ecosystems during the initial stage. As you mentioned, the competition is huge across so many blockchain. Everyone is the “greatest AMM”. We will let them fight among themselves for the time being. We believe that community growth is key to early development and our aim is to tap on the liquidity found on main DEX across different blockchain platforms.
Thereafter, we can begin the migration process and prepare for mainnet launch which allows users to tap on liquidity across different blockchain such as BSC, Polygon and of course Ethereum. However, we are looking beyond EVM and tap into other promising blockchain such as Solana.
While we touched on the omni-chain ecosystem, we believe that synthetics will be the way to go for the future of defi. While we’ve seen synthetic assets trading on different blockchain, BSC and Polygon projects have yet to surface. Whether we will be the first or not, it does not matter. The main goal is to allow users from all around the world to have exposure to prices across all assets, not just cryptocurrencies but equities. There are many restrictions to traditional financial products and ExoniumDEX hopes to lift that barrier for the masses.
Another point, which can be kinda ironic, since you mentioned whales looking for the best farm, is that we are not a “degen farm”, which can be kind of boring in today’s market. Not providing 5–6 digit APYs can be lame, compared to the other DeFi projects. However, we believe in sustainability and longevity of our project and do not agree with high emission rates to “attract” users. It will probably work in the short run but this is not sustainable. We attempt to find the middle ground to attract early adopters while looking ahead to implement strategies for future products.
At the end of the day, what we are attempting to offer the crypto community is a seamless platform for all essential activities to occur. The scale of the whole ecosystem is massive but we are confident of delivering.
Octmoon |(WILL NEVER PM YOU FIRST), [26 Aug 2021 at 11:23:10 PM]:
for sure smaller yield farms like 99% of them are either rug projects even though they have been audited or are not sustainable. Their emission is way too high compared to burn rate and incoming new funds. Moreover there is limited utility for each token. Users tend to trust more reliable projects nowadays and we totally agree. Pancake average apy is 70–80% and most of the money is in there as well :)
we totally agree
Please tell us about your token — what is the token use-case, distribution and where can we
buy it?
ExoniumDEX Official $tEXO, [26 Aug 2021 at 11:27:14 PM]:
Don’t buy it. Till you understand it. Really. This is what we always advise the community. DYOR. Understand the project first before you “ape”. Not because someone tell you it’s good. Once again, go through all docs and materials.
tEXO is our platform native token. It allows token holders to vote on proposals and approve new asset listings on ExoniumDEX. After initial equitable distribution of tEXO via our concluded seed staking pool, tEXO will be the yield token to incentivise liquidity providers on ExoniumDEX.
tEXO holders will be entitled to fees accrued on the platform for all the services provided in future products. All tEXO holders, including the community, key stakeholders and the team will reap benefits from tEXO as the platform grows in revenue from fee and user base. tEXO is now available on PancakeSwap and QuickSwap, depending on the network you are on. tEXO Token contracts on both network are the same: 0xF1afb5674Bf946458BD1163163F62dE683B07D65
Not asking you to buy tEXO now. Always DYOR and manage your finances wisely. But just ensure you are getting the right contract.
Octstar | OCTION (Won’t PM, unless it’s for marketing), [26 Aug 2021 at 11:28:25 PM]:
Couldnt agree more the importance of understanding each project is so under-emphasised
Octmoon |(WILL NEVER PM YOU FIRST), [26 Aug 2021 at 11:29:05 PM]:
wah this is one of the best responses that we have ever seen. Dont ape in without DYOR if not u become APE SHIT. hahahahah i totally agree with u 100%. Seems like u have a governance function embedded also and also a fee collection function.
Oction community kindly note down the contract address!
Could you give us some information about your roadmap, milestones and also your future plans? i think the community is eager about this :)
ExoniumDEX Official $tEXO, [26 Aug 2021 at 11:30:51 PM]:
For the sequence of product release, users may refer to our documents and follow the number is (), such as (1), (2), (3). We will be moving on to the next phase in September and every month, a new product is due to be released. However, we need to align launch dates with security measures so dates may change. Better safe than sorry!
Link to doc: https://texo.gitbook.io/exoniumdex/
Apart from the existing planned development and product release, our team is always looking for new ideas and products that will fit the ecosystem and benefit our users. It’s ever-changing so bear with us. So many hats, but 1 head to fill. We will be releasing an updated roadmap and product release real soon. Stay tuned on our socials and telegram for updates!
I know our community hate us for this, but hey, treat us as your crush that’s is teasing you right now. We will love you back.
Octmoon |(WILL NEVER PM YOU FIRST), [26 Aug 2021 at 11:33:36 PM]:
We would like to know more about your business model. How do you profit?
ExoniumDEX Official $tEXO, [26 Aug 2021 at 11:35:56 PM]:
TDLR: Pretty much we profit the same way on ExoniumDEX as everyone else. Dependent on tEXO performance, which correlates with the entire platform’s performance.
This part is semi explained in the previous question. All platform revenue, be it liquidation, trading fees, performance fees, etc will be shared across all tEXO token holders. Think of it as receiving dividends from a company. tEXO is not a securities though. 👀
The team and the community will all reap the same benefit, and this ensures that we have to work hard on development and growth, because tEXO success correlates with “profits”. It’s not just an inflated yield token from a perpetual mining contract that shows 25236235235% APY, get in and wagmi!
Fun fact, we have not make our first dime since launch (in fact expenses > revenue since we paid for marketing before launch) All deposit fees from seed pools with $2m TVL are all contributed into initial tEXO liquidity.
Octstar | OCTION (Won’t PM, unless it’s for marketing), [26 Aug 2021 at 11:37:16 PM]:
This is refreshing — definitely not your usual yield farm
Which is sth the market needs, to be honest
okay, on to the next qn:
Can you please explain your tokenomics distribution?
ExoniumDEX Official $tEXO, [26 Aug 2021 at 11:41:15 PM]:
tEXO fair launch is based on a novel idea/concept of no token sale, presale, or any form of sale. We aimed to accomplish the truest form of fair launch, based on the concept of seed pools. For more detail about tEXO genesis phase 2 weeks ago, do read this in-depth article: https://bit.ly/3jllfLl
We managed to distribute tEXO tokens to 800+ holders across both chains and used 100% of deposit fees from seed pool into tEXO liquidity pools and locked them up. Based on statistics and price chart, all seed pool participants profited and 1 week into listing, on top of the initial liquidity, we obtained a healthy level of liquidity on both chains. Through this launch, we mitigate early adopter’s risk of getting dumped on from presale,private sale, while encouraging liquidity with incentives provided for seed pool participants.
Thereafter, all tEXO generated into circulating supply will be via liquidity mining.
90% of circulation will also go to the community, while DEV receives 10%. no vested VC funds.
Octstar | OCTION (Won’t PM, unless it’s for marketing), [26 Aug 2021 at 11:43:20 PM (26 Aug 2021 at 11:43:34 PM)]:
Seed Pools — that’s a first! Everyone please read the whitepaper and the medium link for more details yea!
Octstar | OCTION (Won’t PM, unless it’s for marketing), [26 Aug 2021 at 11:43:53 PM]:
okay @ExoDexSupport one last qn before we open it up to the floor
Do you have any special marketing or expansions in the foreseeable future?
ExoniumDEX Official $tEXO, [26 Aug 2021 at 11:44:59 PM]:
This is the community’s favourite question. Wen marketing? We need marketing everyday! Well, we understand that marketing plays an important role in the growth of the project and we have a timeline for each phase to happen. Internal marketing to connect and reach out to the community will always be done, and we will engage external marketers for new product launches to bring in a wider market audience. At the end of the day, we believe that a product is the best form of marketing and it tells its own story. We have to accomplish the former before the latter. Be it influencer marketing, PR release, marketing campaign etc etc, all will be in place. Community plays a big roles in marketing too #justsaying Nothing is as strong as community. Just not one PR release every other day 👀
Right now, we are undergoing liquidity mining and equitable token distribution phase before new product release. This is where users can accumulate tEXO before product launch. We figured that staggering new releases will be beneficial for project stability and growth. We recently announced that a new product idea gave birth recently and we touched on play-to-earn just now. In crypto, it’s everchanging. However, that does not mean that we will ride on every single hype train everytime. We are always on the look out for new innovations that we can tap on and expand on in the long run. We are not going to create a new memecoin per se.
Meanwhile, we strongly believe that partnership is key in the world of defi development and we are always on the lookout for new partners that will bring value to the ecosystem. Glad to have Oction on board as strategic partners to share future technical resources across both ecosystems. We are also in contact with ChainLink labs to bring their oracle infrastructures onboard to our upcoming products. Every single new product phase is an opportunity to expand to a wider community. And every new partnership opens doors to new opportunities!
Octician | OCTION (WILL NEVER PM YOU FIRST), [26 Aug 2021 at 11:47:15 PM]:
Great stuff! Indeed, everyone is always most interested in “WHEN MARKETING?!”
Well, thank you very much for the great insights into your project and sharing your future plans. We’ll open up the floor for 5 minutes and if anyone has questions, feel free to ask!
Oction AMA on ExoniumDEX
ExoniumDEX Official $tEXO, [24 Aug 2021 at 11:02:37 PM]:
Thanks for joining us today for this AMA! Welcome to the ExoniumDEX community. Firstly, maybe your team can introduce on what is OCTION? How does it work?
Octician | OCTION (WILL NEVER PM YOU FIRST), [24 Aug 2021 at 11:03:08 PM]:
Thank you for having us!
Octician | OCTION (WILL NEVER PM YOU FIRST), [24 Aug 2021 at 11:04:23 PM]:
OCTION is the world’s 1st CeDeFi options trading platform built on the Binance Smart Chain! Basically users are able to trade options with no middlemen, no centralized organization, lower fees and with zero market manipulation.
Typically in a traditional options trading platform, writers are matched with buyers. However, on OCTION, all writers are pooled to take on any options contracts purchased by buyers on the OCTION platform. In return, they also earn the premiums paid per options contract purchased.
That’s essentially how it works!
ExoniumDEX Official $tEXO, [24 Aug 2021 at 11:07:40 PM]:
Interesting! Good to see new products in the DeFi space other than the usual protocols! Heard that you guys recently launched option trading platform! Congrats:-)
Octmoon |(WILL NEVER PM YOU FIRST), [24 Aug 2021 at 11:08:05 PM]:
yes we have! we a few minor tweaks before our official launch!
ExoniumDEX Official $tEXO, [24 Aug 2021 at 11:08:20 PM]:
Since the team is in here, could you please introduce yourself to our community?
Octstar | OCTION (Won’t PM, unless it’s for marketing), [24 Aug 2021 at 11:09:43 PM]:
Hi guys! Japhet here! I am a Tech Lover, a blockchain enthusiast and is a Certified Blockchain Expert by the World Blockchain Council. I also graduated with flying colours from the Ivanontech Academy. In addition, I worked with FTA (FinTech Academy) of Singapore to hold blockchain classes for ACCA (Association of Chartered Certified Accounts), ISCA (Institute of Singapore Chartered Accountants), NUS (National University of Singapore), NTU (Nanyang Technological University), I also plan to offer a full diploma program with PSB Academy for Blockchain.
Octician | OCTION (WILL NEVER PM YOU FIRST), [24 Aug 2021 at 11:09:53 PM]:
I was formerly in Investments for a Sovereign Wealth Fund and an Economic Consultant. I was an early believer in Blockchain technology and was one of the pioneers in South East Asia to initiate OTC trading across borders. From there, I undertook several Blockchain projects since 2018 and through the knowledge and connections garnered, eventually led to the launch of OCTION!
Octmoon |(WILL NEVER PM YOU FIRST), [24 Aug 2021 at 11:09:57 PM (24 Aug 2021 at 11:10:22 PM)]:
i was formerly an oil and gas trader, and an early adopter of cryptocurrency. One of the pioneers in South East Asia to initiate OTC trading across borders. Also managed, consulted and advised several other blockchain projects since 2018. During this period, gathered enough experience and connections to eventually launch OCTION, which was currently lacking in the crypto space. Oction was launched in April 2021 and we are on progress to be on mainnet this week!
Octician | OCTION (WILL NEVER PM YOU FIRST), [24 Aug 2021 at 11:10:50 PM]:
Essentially, we are the three project leads that are leading this rollout to the market!
ExoniumDEX Official $tEXO, [24 Aug 2021 at 11:12:48 PM]:
By the way, Oction is a pretty interesting name. Is it a play between Auction and Option? What is the meaning of this project’s name? Where did you get the idea for this name?
Octician | OCTION (WILL NEVER PM YOU FIRST), [24 Aug 2021 at 11:13:51 PM]:
Wow you are spot on! The only thing you missed is that in addition to a fusion between Auction and Option, we also wanted an Octopus as our logo and thus it all gelled perfectly together to become OCTION!
ExoniumDEX Official $tEXO, [24 Aug 2021 at 11:15:03 PM]:
Not surprising based on your logo design 😏 Could you give us 3 reasons why the crypto community should choose OCTION over the other options trading platforms in the market?
Octmoon |(WILL NEVER PM YOU FIRST), [24 Aug 2021 at 11:17:23 PM]:
1. As the the world’s 1st CeDeFi Options Trading Platform built on the Binance Smart Chain, OCTION represents a transformative technology that stands firmly in support of financial freedom backed by the liberty that Bitcoin provides globally through voluntary participation in a permissionless and decentralized network.
2. zero lag time which also means no price manipulation of such.
3. We have different revenue streams for investors and holders of our tokens and we also have instant liquidity!
Octician | OCTION (WILL NEVER PM YOU FIRST), [24 Aug 2021 at 11:18:44 PM]:
One more thing to add is that compared to say options trading platforms on ETH, gas fees on BSC is MUCH cheaper. This ensures our users do not face such issues where their gas fees may cost MORE than the cost of their options (which happens a lot on ETH)
ExoniumDEX Official $tEXO, [24 Aug 2021 at 11:20:44 PM]:
How about your native token? Please tell us about your token — what is the token use-case, distribution and where can we buy it?
Octstar | OCTION (Won’t PM, unless it’s for marketing), [24 Aug 2021 at 11:23:48 PM (24 Aug 2021 at 11:23:55 PM)]:
Hi guys -
Native Token: $OCTI
Token use case:
1. Holding onto OCTI entitles you to a discount when buying options
2. Holding onto OCTI entitles you to a cut of the settlement fee, depending on the pool, these fees could be in OCTI, or other currencies
3. Holding onto OCTI entitles you to a vote in our governance structure which gives u a vote based on a minimum number of OCTI being held
4. Holding onto OCTI allows you to use the OCTION Positional Shield which is basically a guarantee that your positions will be liquidated
You can buy it here: https://pancakeswap.finance/swap#/swap?outputCurrency=0x6c1de9907263f0c12261d88b65ca18f31163f29d
Distribution wise, can refer to the above
yeap that’s all!
ExoniumDEX Official $tEXO, [24 Aug 2021 at 11:26:39 PM]:
Could you give us some information about your roadmap, milestones and also your future plans for Oction?
Octmoon |(WILL NEVER PM YOU FIRST), [24 Aug 2021 at 11:29:19 PM]:
Our next milestone will be the official launch of our platform on the mainnet.
Over the next week few weeks we will be making minor tweaks and changes to include other coins and UI/UX functions to make trading efficient and seamless.
Whilst doing this we will be having extensive marketing and partnerships with other projects that have been around since 2020, 1 of them is currently listed on binance.
We will also have an army of shillers and influencers that have helped us in April and a new batch to help promote and spread the word of Oction.
Exciting times ahead for sure!
ExoniumDEX Official $tEXO, [24 Aug 2021 at 11:30:37 PM]:
Great! Will be nice if you are able to share more about your business model. How do you profit?
Octician | OCTION (WILL NEVER PM YOU FIRST), [24 Aug 2021 at 11:33:39 PM]:
Firstly, we are decentralized so there is no one person that “profits” per se and we are all essentially $OCTI token holders. However, there are avenues to “profit” from by holding $OCTI.
As a Writer — Stake in the writers liquidity pool and earn premiums from every options contract purchased
As a Buyer — Receive discounts on premiums when buying options contracts and get access to the OCTION Positional Shield (essentially an insurance function)
If you’re neither but hold $OCTI, you are able to stake your $OCTI in a settlement pool which also receives a part of the premiums paid per options contract
That’s essentially how we “profit” as we’re of course all $OCTI holders as well ;)
ExoniumDEX Official $tEXO, [24 Aug 2021 at 11:37:57 PM]:
That’s essentially the goal for tEXO holders and the project stakeholders in general! Everyone gets an equal share on the platform’s performance and the success of the project is dependent on native token and the platform in general! Can you please explain your tokenomics distribution?
Octstar | OCTION (Won’t PM, unless it’s for marketing), [24 Aug 2021 at 11:38:24 PM]:
Sure — let me take this one
I explained the distribution of tokens just now so now let me cover the vesting schedule
So basically all team tokens are locked from date of IDO, and even upon release, we only get 8% every month
yeap that’s it!
This combined with the previous pie chart would form the core nexus of our tokenomics
ExoniumDEX Official $tEXO, [24 Aug 2021 at 11:40:39 PM]:
Alright! Thanks for introducing the project to our community! What are some of the future plans for Oction? In regards to marketing and expansion.
Octmoon |(WILL NEVER PM YOU FIRST), [24 Aug 2021 at 11:44:08 PM]:
Future plans for oction include extensive partnerships with other matured projects. Gaining traction through userbase acquisition. Partnering with traditional finance companies to be a bridge that links tradfi to defi. We also have an army of influencers on standby to help promote our coin and project. We have all the foundations already set! Right now its the final touches and deco within the house. Oction also plans to list on a cex in the near future, we are currently talking to 2 top 10 exchanges but we will only announce once we have concretely signed on the dotted line
ExoniumDEX Official $tEXO, [24 Aug 2021 at 11:50:48 PM (24 Aug 2021 at 11:50:57 PM)]:
Awesome! Hope that Oction and ExoniumDEX can work on something together and share resources across our main goal! I believe that we have the same vision in terms of bridging tradfi and defi, bringing financial product across both community! Looking forward to working together in the future!
About Us
ExoniumDEX is an Omni-chain decentralised exchange (DEX) primarily designed to be a unifying DeFi protocol and synthetic assets AMM through a unique oracle concept and bridging function. It will be used to support all on-chain or off-chain assets on various blockchain, providing significant liquidity to the decentralised finance (DEFI) universe by being all-inclusive.
As a one-stop DEX, ExoniumDEX will be positioned as a pivotal platform in the cryptocurrency space, allowing inter-exchange of all assets and yield opportunities regardless of blockchain technology in a safe, transparent and permission-less environment. The recent expansion of DeFi projects brought multiple innovative platforms to the ecosystem but most projects are still centralized or governed by a small group of participants making it difficult to make a smooth integration with other platforms.
We aim to aggregate all current and future DeFi applications under the same ecosystem that can be managed in a decentralized way without unnecessary fragmentation. This approach will allow for quick development and a more efficient market for users.
DeFi protocols like ExoniumDEX are the future for savvy investors to mitigate regulatory risk in a world of uncertainty.
The future of finance belongs to the people. Belongs to you.
