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3x.exchange x Satoshi CLUB AMA Session 30 Dec 2020

PART 1. Introduction of 3x exchange project and community questions.

Hello, Satoshi clubbers and guests of this site. We are happy to present a 3x.exchange is the first complete decentralized leveraged tokens exchange built on top of Ethereum and powered by chainlink data oracle.

The plan of AMA session:

  1. Part — Introduction and preselected questions.
  2. Part — Live questions
  3. The Quiz about 3xt Exchange

The reward pool is 800$

Leading the AMA our clever and fun admins:

Mary | Satoshi Club — @madamlobster and D. | Satoshi Club — @Cool_as_Ice

The Representative of the project:

Sam — co-founder of 3x.exchange

Introduction of 3xt exchange

Mary | Satoshi Club:

Hello Satoshi Club! We are happy to announce our AMA session with 3XT! Welcome to Satoshi Club

D| Satoshi Club:

Hello all!

Mary | Satoshi Club:

@sam_3x welcome here

Sam ( 3X.Exchange ):

Hey Mary thanks for having me today

Mary | Satoshi Club:

We always happy to see guests here! How are you?) Do you feel New Year is coming?

Sam ( 3X.Exchange ):

I am doing great and yeah it’s a good feeling to see 2020 finally ending. Lol.

Mary | Satoshi Club:

Oh, yes

Ok, please, introduce yourself and of course 3XT project to our Satoshiclubbers

Sam ( 3X.Exchange ):

Sure

Sam ( 3X.Exchange ):

Hey everyone this is sam and I am the co-founder of 3x.exchange an upcoming decentralized leveraged tokens exchange built on Ethereum and powered by chainlink data oracle.

D| Satoshi Club:

How many people in your team?

Sam ( 3X.Exchange ):

So atm our team consists of 5 full-time members including 3 devs

Mary | Satoshi Club:

Do you have trading experience?) If yes, did you trade only crypto or also on traditional markets?

Sam ( 3X.Exchange ):

So I personally entered the crypto market during early 2018 and have worked with several crypto startups, I also day trade crypto so yes you can say I have a bit of trading experience.

Mary | Satoshi Club:

Got it

Ready to go to the questions from our community?

Sam ( 3X.Exchange ):

Sure.

Preselected questions about the 3xt exchange project.

D| Satoshi Club:

let’s go!

Q1 from Telegram user @ThinhLe1219

3x.exchange is the first complete decentralized leveraged tokens exchange. So your project is very new in the eyes of investors. Therefore, the community plays a very critical role to promote and make your project develop further. So how do you plan to build your community in 2021? What are special incentives for your community as well as an investor?

Sam ( 3X.Exchange ):

So yes it’s true that we are very new in the market and it’s also true that community plays a very critical role in the success of any project and keeping that in mind we have taken certain measures ( such as airdrop ) to reward community members and early believers so that we can build a vibrant community around them. And we will keep doing this kind of stuff so that we can keep growing organically at the same pace

Mary | Satoshi Club:

How is it possible to get airdrop?

Sam ( 3X.Exchange ):

So we have 3 planned airdrops in the next 3 months ( Jan, Feb, and Mar ) to reward early believers and investors and anyone holding 3XT tokens will be eligible for the airdrop.

Mary | Satoshi Club:

Wow, it’s attractive

D| Satoshi Club:

Yes, very cool

Mary | Satoshi Club:

What other activity you will have?

D| Satoshi Club:

Maybe a meme contest?

Sam ( 3X.Exchange ):

We are planing certain activities such as Meme contest, NFT giveaways, etc

D| Satoshi Club:

Nice

Thank you for your answer!

let’s go to the next question?

Sam ( 3X.Exchange ):

Sure

D| Satoshi Club:

Q2 from Telegram user @Brainchest

The total number of tokens is 1000 and there is information that 576 were burned. For which it was necessary to issue 1000 tokens, which would then burn most of them. Why you create and then burn? Is it smart financial action or what?

Sam ( 3X.Exchange ):

Yeah so wanted to keep 3XT a highly disinflationary asset that keeps reducing and therefore we planned to burn 500 3XT ( 50% ) of the total supply to create a “Black Hole” that can keep eating more tokens every day.

D| Satoshi Club:

And how many tokens are you planning to burn?

Sam ( 3X.Exchange ):

So every token transfer attracts 1% transaction fees and it is equally distributed amongst token holders and since 50%+ tokens are with Burn address it keeps reducing the token supply

Mary | Satoshi Club:

Explain to us more about Black Hole?

Sam ( 3X.Exchange ):

Answered above

Mary | Satoshi Club:

Yes, I see

doesn’t this mean that one day all tokens will be burnt?

Sam ( 3X.Exchange ):

Only if people will keep transferring and those who will hold get rewarded.

Mary | Satoshi Club:

I see

thank you for your answers! Ready to proceed?

Sam ( 3X.Exchange ):

Yes.

D| Satoshi Club:

Q3 from Telegram user @Highpee

3x exchange is going to charge 1% on all trading fees. In one of your interviews, you said 50% of this token fee will be distributed among $3XT holders to serve as a yield reward while the remaining 50% of the fees will go to the company. However, from your medium, it is published that the remaining 50% of transaction fees will be burnt and sent to a “black hole” in order to ensure the relevance and integrity of $3XT. If the latter is true, how then will the project be sustained profitably in order to avoid liquidation? What is your project revenue structure and how will the project team be rewarded?

Mary | Satoshi Club:

Partially covered

Sam ( 3X.Exchange ):

So it seems we have some confusion here, 1% fees are charged when you transfer 3XT tokens and it is equally distributed amongst token holders including 50%+ going to burn address since it’s holding more than 50% tokens. The platform will have trading fees and 50% of the collected trading fees shall be distributed between 3XT holders in ETH and the remaining 50% will be reserved for liquidity providers and project development.

D| Satoshi Club:

Ok, makes sense now

Sam ( 3X.Exchange ):

Great

Mary | Satoshi Club:

When you tell 50% from 1% will go to token holders does this mean that they will have daily income from this 1%? How often you will distribute these rewards?

Sam ( 3X.Exchange ):

It’s frictionless and distributed in real-time as transfers occur

Mary | Satoshi Club:

Will all holders be eligible?

Sam ( 3X.Exchange ):

No team vesting wallet is excluded from rewards

Mary | Satoshi Club:

Because, theoretically, if I will hold, for example, 0.0003 3XT I can also be eligible to get some piece of this cake. But it will be so small, that the gas transaction fee will be much bigger.

Sam ( 3X.Exchange ):

Yes, you will be eligible and you don’t have to spend any gas to claim it. It’s credited in real-time into every wallet.

Mary | Satoshi Club:

Wow

is this already working?

Sam ( 3X.Exchange ):

Yes, a total of 25 3XT has already been charged as fees and distributed amongst token holders. So if you calculate at the current price $50,000 has been rewarded within 7 days period.

D| Satoshi Club:

Then what about a wallet on the exchange? if someone holding your tokens on the CEX exchange. how they can claim their tokens?

Sam ( 3X.Exchange ):

Honestly, it’s up to the exchange but if they won’t agree to distribute they would lose business

D| Satoshi Club:

Understood.

Sam ( 3X.Exchange ):

We always have an option to exclude wallet address but we won’t do it until the community votes on such proposals

D| Satoshi Club:

Thank you for the explanation! ready for the next question?

Mary | Satoshi Club:

Are we ready to jump to the next question?

Sam ( 3X.Exchange ):

Yes, please.

D| Satoshi Club:

Q4 from Telegram user @chiefiel

Since the 3xT token will be used as a governance token in the future, what can the token holders vote on? Will they be allowed to vote on transaction fees, trading fees and also vote on new features on the exchange, or are these set in stone?

Sam ( 3X.Exchange ):

Yes so we don’t have any immediate plans to introduce governance as first we want to get the product right and once its perfect we can move to governance and the community will be able to vote on every proposal.

Mary | Satoshi Club:

So, anything decided yet?

Or you have something that you can tell 100% will be implemented?

Sam ( 3X.Exchange ):

It’s too early to introduce governance until our product is right so nothing atm

Mary | Satoshi Club:

Gotcha

Let’s proceed then?

Sam ( 3X.Exchange ):

Sure

D| Satoshi Club:

Question number five!

Q5 from Telegram user @Gutike95

Is the 3XT leveraged exchange platform fully developed and complete? Will, it does not require future updates or important events that users should know through a Road Map? really why not have it on your website?

Sam ( 3X.Exchange ):

So 3x exchange is in the final phase of development and a public testnet is expected before the end of Jan. The reason we don’t have our roadmap and other important information on the website as the website will be fully converted into a Dapp most probably in the next few weeks and we want to keep medium as our go-to source for the all-important information.

Mary | Satoshi Club:

Will, it is safe? Audit?

Sam ( 3X.Exchange ):

Yes, we are planning to get it audited by Certik once all the development work is finished.

D| Satoshi Club:

Wow. you choose the best.

Mary | Satoshi Club:

Sure, let’s wait then

D| Satoshi Club:

Ready for the last question?

Sam ( 3X.Exchange ):

Yes.

D| Satoshi Club:

Q6 from Telegram user @KathDM

The 3X exchange motto says “THE FIRST COMPLETE Decentralized Leveraged Tokens Exchange”, since it says that it is the first complete, why do you consider that the others are incomplete? What are they lacking that 3X exchange does have?

Sam ( 3X.Exchange ):

So the reason we say “First complete decentralized leveraged tokens exchange” is because we want to become Uniswap for leveraged tokens and in days to come you will be able to trade all the ERC20 leveraged tokens currently being traded across many CEX such as FTX.

Mary | Satoshi Club:

So, you mean all erc20 tokens? Or what? Who will choose tokens which will be listed on 3X.Exchange?

Sam ( 3X.Exchange ):

Yes so apart from leveraged tokens created on our platform users can also swap ERC20 leveraged tokens currently being traded on CEX

D| Satoshi Club:

Very nice! thank you! ready to start the second part? we also have 10 questions there

Sam ( 3X.Exchange ):

Yes sure.

Mary | Satoshi Club:

Let’s go

PART 2.Questions about the 3xt exchange project from the live chat of the telegram community.

In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the 3xt exchange crypto project choose the top 10 questions. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 100$.

Q — 1 from a telegram user @Emmie971

What does 3XT exchange have to offer that makes it special? Give me killer features that make this project the best option to go for?

Sam ( 3X.Exchange ):

If you love Uniswap for ERC20 token trading you will definitely love 3x for leveraged tokens trading as it will offer the same user experience.

Q — 2 from a telegram user @cindy_crypto

Can we buy some 3XT and use leverage right now or is it in the beta phase? Thx.

Sam ( 3X.Exchange ):

Haha, you can definitely buy 3XT but you won’t be able to trade leveraged tokens until the end of Feb or early March.

Q — 3 from a telegram user @vedamatrix

How much leverage do you give to the users and what is the main difference of using leverage with dex and not a CEX?

Sam ( 3X.Exchange ):

So our LTs don’t use fixed leverage rather our pairs will maintain leverage between 1.5x to 3.5x in order to avoid a liquidation during unfavorable price movements.

Q — 4 from a telegram user @tuvalunia

Are you planning to have 3XT token listed on any CEXs or DEXs, when?

Sam ( 3X.Exchange ):

Initially, all leveraged tokens will be funded with ETH however at a later stage we will also introduce the USDT funding method.

Q -5 from a telegram user @atillayeni

Let’s say I want to buy XLMDOWN token. For getting it, which tokens do I have to need first?

Sam ( 3X.Exchange ):

Initially, all leveraged tokens will be funded with ETH however at a later stage we will also introduce USDT funding method

Q — 6 from a telegram user @ronaldo_super

I get the connection with Ethereum and ERC-20 but I didn’t understand how LINK is connected with this project? Could you please explain?

Sam ( 3X.Exchange ):

So we are using chainlink data oracles for price feed.

Q — 7 from a telegram user @azrayeni

Do I need to use have 3XT in my wallet in order to be able to use leverage?

Sam ( 3X.Exchange ):

No, you can buy leveraged tokens directly with ETH.

Q — 8from a telegram user @ubuntucoder

How can a user take advantage of dual farming while holding 3XT or staking it? Can you describe a little about dual farming?

Sam ( 3X.Exchange ):

So 3XT allows its holders to benefit from the dual reward capability of the token. It allows its holders to earn 1% of all transaction fees in real-time plus 50% of all trading fees generated by the platform in ETH.

Q -9 from a telegram @Maksyrn

Are you planning to use fiat currencies? And will you need a KYC procedure for this?

Sam ( 3X.Exchange ):

No, since its a decentralized leveraged tokens exchange you can only trade leveraged tokens for eg ETHUP and ETHDOWN

Q — 10 from a telegram user @Santa077

How are you? Simple question

??

Sam ( 3X.Exchange ):

Haha, I am doing great thanks for asking!

Part 3 — Quiz about project

In the final part, we tested the knowledge in terms of the 3XT exchange project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 300$ was distributed between the winners.

Our contacts for more details:

English Telegram group | Russian Telegram group | Spanish Telegram group | Telegram Channel | Twitter | Website

Our Crypto Partner by this AMA: 3XT exchange

Telegram group | Telegram Chanel | Tweeter | Website | Medium

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