Poly Network AMA Recap With TradeStars
The Fantasy Sports Game, TradeStars (@TradeStarsOK), was invited to Poly Network (@PolyNetwork2) AMA，taken place on 1st December in the Poly Network Telegram Community. From the Live AMA with Juan Manfredi, COO & Anshul Pareek, CMO at TradeStars, this recap fully grasps the information discussed during the AMA.
GUEST INTRODUCTION
Moderator: Poly Network is a groundbreaking heterogeneous interoperability protocol alliance, which has already integrated Bitcoin, Ethereum, Neo, Ontology, Heco, BSC, OKExChain, Arbitrum, Polygon, Elrond, and Cosmos-SDK, and aims to build the foundation for Next-gen Internet (NGI) by enabling greater integration, cooperation, and innovation. Since the launch, the protocol has reached total trade volume of more than $14 billion USD involving more than 270K cross-chain addresses on different blockchains.
Juan&Anshul: TradeStars is a Fantasy Sports Game powered by blockchain technology. Connects a DeFi “trading” layer with a DFS “gaming” layer in a play-to-earn model. Users Trade fantasy stocks that represent real-life athlete’s performances and compete against each other in different types of DFS contests to earn monetary and digital rewards.
QUESTIONS AND ANSWERS IN LIVE AMA
Q1: $TSX Staking will be available for everyone as the Staking Dashboard will be live on 2nd Dec. So how shall our members get involved with the Staking?
Anshul: TSX staking is a way for us to reward our community members for having a long term mindset in the platform by locking up their TSX tokens. By staking your TSX through our staking dashboard you’ll be able to earn rewards payable in the same TSX.
TSX is an ERC20 token originally deployed in the Ethereum blockchain with bridged -mirrored- contracts in Binance Smart Chain and Polygon POS sidechains.
The TSX staking contracts, on the other hand, are solely deployed on Polygon. So, wether you want to stake your Ethereum or BSC holded TSX, the first thing you need to do is bridge those tokens into the Polygon POS sidechain.
Luckily, we have already a simple solution for bridging TSX between different blockchains with the help of Poly Network. This makes the process as simple and straightforward as possible.
Q2: How many types of sports are available for the game? How is the price of a fantasy stock defined?
Anshul: Cricket is the first sport available on TradeStars. Football (Soccer) will be the second sport in the platformsoon and we look forward to launching Basketball, american football, e-sports, and many other in 2022.
Simply put, the price of fantasy stocks is determined by market demand and supply. With the increasing circulating supply (each time there’s a buy) of a fantasy stock market, the price increases. Conversely, when the circulating supply for that fantasy stock decreases (each time there’s a sell) the price of the remaining stocks of the pool decreases.
What drives people to either buy or sell, however, is more complex. It’ll usually be based on two things; the expected growth/decline of the athlete’s performance in real life and the dividends that the platform rewards to the fantasy stockholders. The best a player performs in real life, the more dividends the platform will pay to its shareholders.
Q3: Why did TradeStars choose Poly Network among others for partnership?
Juan：We needed a way for our users to bridge TSX between different blockchains seamlessly and Polynetwork seemed to make the process as simple and straightforward as possible.
Also, we could integrate Polynetwork in the product to save the hassle to our users to bridge the tokens separately. The integration was very straightforward as well.
Q4: Any roadmap for future developments？What shall users expect?
Anshul: As of now we are working to implement exciting play-to-earn features for our users with some other gamification ideas. These will be followed by the addition of a new sport i.e. football on the platform in the following months. We are also going to add Fiat support to the platform which will give TradeStars a reach to wider sports fanbase.
We also expect to develop various additional features based on topics proposed by the community, including but not limited to:
1. Alliances with Professional Leagues & Players
2. Verified Profiles and Special Collections of distinguished sports icons / teams.
3. Derivatives Gamification features (Loans, Auctions, etc)
4. More gamification and social competition features. Such as creation of leaderboards to influence further the TSX yield rate perceived or competing against other users in different fantasy tournaments.
COMMUNITY LIVE QUESTIONS
Note: 5 questions were chosen and answered by the AMA guest in this session. The AMA Rewards for this session was $300USD in total.
Q1: Is your platform suitable for crypto beginners? Or is it only limited to professional users ?
Anshul：We are a Fantasy Sports platform. Our user will be sports fans and they don’t need to know anything about Crypto to participate. The blockchain technology is what the platform is built on but from a user’s perspective they will just be buying, selling and competing against other users in leagues and events. For instance, most of us use Whatsapp, but we don’t need to understand what technology is behind it.
Q2: I’ve noticed that users can buy as many stocks as they want from athlete, but do each athlete really have unlimited stocks? If not, how many actions do TradeStars’ most famous athletes count on average?
Juan: Fantasy stocks (i.e. Athletes shares) are unlimited. The supply and price are managed by a bonding curve that sets the share price seamlessly as per market supply and demand. You can read a bit more about this in our whitepaper: https://whitepaper.tradestars.app/the-tradestars-platform
Q3: Does your tokens have farming and staking usages and if yes what APR do you give to us?
Anshul: Yes, we are launching staking for our token tomorrow.
Q4: TradeStars will have a leaderboard system and fantasy competitions with special rewards. Can you explain how the ranking system of the TradeStar platform works? What about the fantasy contest?
Juan: Our platforms has two layers, a trading layer (an exchange where you have trading features — currently live in its v1.0) and a gaming layer (being developed). The gaming layer will create the incentives for users to buy fantasy stocks in the exchange. The gaming layer will have different types of games / rewards competitions. From dividend rewards, stakeming (gamification of staking) and your more traditional DFS/SFS competitions.
Fantasy points system will be the backbone of ranking performance in the game modes.
Q5: Currently a lot of people are looking at NFTs, metaverse, and games. Can you tell me what advantages will you have in this field future?
Anshul: We are a gaming platform, where we have linked the gaming experience with the real-life sports. Also, we already have NFTs integrated in our platform in the form of Fractional NFTs (read details here: https://whitepaper.tradestars.app/background)
The AMA with TradeStars was successfully concluded. We will have more AMAs coming in the future. Please stay tuned!
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