Jun 16, 2021
DDEX x Satoshi CLUB AMA Session 14 Jun 2021
PART 1. Introduction of DDEX project and community questions.
Hello, Satoshi clubbers and guests of this site. Let’s talk today about DDEX.
DDEX — Swap/Farms/Pools/DAOs designed a highly efficient mining mechanism for the liquidity providers. To ensure the value of the token, DDEX also build various using scenarios for the token together with a buyback and burning system.
The plan of AMA session:
- Part — Introduction and preselected questions.
- Part — Live questions
- The Quiz about DDEX
The reward pool is 500$
Leading the AMA our clever and fun admins:
Mary | Satoshi Club — @Satoshi_club
Luis Merino
| Satoshi Club — @LuisMe7
The Representative of the project:
James Wong — @James_DDEX
Introduction of DDEX project.
Mary | satoshi club:
Hello, satoshi club! We are happy to announce our ama session with DDEX! Welcome to satoshi club
Luis merino
| satoshi club:
Hello everyone and welcome to DDEX ama on satoshi club. We are pleased to have @James_DDEX with us. Welcome!
James:
Hello everyone. Glad to be here with you
Mary | satoshi club:
Welcome here, James! How’s going?
James:
All good. Thanks
Mary | satoshi club:
And… Let’s start our ama
James, please, introduce yourself and tell us more about DDEX
James:
Sure.
I am James Wong, a Chinese Canadian, who graduated from Victoria university and the university of cape town with an MBA.
I am a serial entrepreneur and a senior bitcoin investor.
Since 2019, I have switched from the internet industry to the blockchain field, serving as a market and development strategy consultant for several projects. In the second half of 2020, our team began to plan and launch the decentralized financial project DDEX.
Luis merino
| satoshi club:
Nice background, James!
James:
Thanks
Luis merino
| satoshi club:
Can you also give us a brief explanation of what DDEX is?
James:
DDEX is a cross-chain decentralized transactions clearing & settlement platform, which supports better cross-chain crypto-assets circulation and management on BSC & HECO ecology, and decentralized transactions and settlement between wallets.
And the launch time of DDEX is 17. Pls remember this date friends
Luis merino
| satoshi club:
There you are! Thank you
Mary | satoshi club:
How long did you develop DDEX?
James:
Actually, we cost some months to develop and test, again and again, to give users the best user experience. Actually, it has not been confirmed. But we can try to launch a marketplace for NFT in the future.
Mary | satoshi club:
It will be fully launched or in beta version?
James:
Fully launched. Of course, more functions will come soon
Mary | satoshi club:
Got it
what about DDEX team? How many team members do you have?
James:
We have more than 20 developers in our team. And all of them have a great experience in blockchain fields.
Luis merino
| satoshi club:
And do you work remotely?
James:
Yeah. Some of them work remotely.
Mary | satoshi club:
Wow, a lot of developers! Is your team fully public?
James:
Not yet. But if the community are curious, we can disclose all members later
Luis merino
| satoshi club:
Thank you, James. Are you ready to start with community questions?
James:
Sure
Preselected questions about the DDEX DeFi project.
Mary | satoshi club:
Q1 from telegram user @h1drx
There are two spaces on your platform that have not been launched, these are the marketplace and governance. The truth is that for a cryptocurrency project these two elements are essential, therefore I am interested in knowing what news and advantages both the marketplace and the governance system will have. What products will you offer to users in your marketplace? Will you launch a token that corresponds to the governance of the project?
James:
In the first version, which will be launched soon, we will provide token swap and liquidity mining, invitation mining.
We will launch more products in the future, including perpetual contracts, NFT transactions, etc.
Luis merino
| satoshi club:
How does invitation mining work?
James:
I will explain this mechanism later. It is our importance
Mary | satoshi club:
What are NFT transactions, how this feature will work?
James:
And for the governance, we have the platform governance token, named as ddx. DDEX adopts a DAO contract for its operation. All major decisions, including but not limited to:
Weight parameters of liquid mining pools, transaction fee weights, repurchase and burn weights, halving cycles, new token mining pools, etc. Will all be initiated and finalized through the DAO community. In this way, DDEX achieves true decentralization. For example, except for
The initial 11 trading pairs that will simultaneously go online with the platform, all other trading pairs will be voted and decided by DDEX’s DAO community governance.
Luis merino
| satoshi club:
That’s fine
Mary | satoshi club:
That’s cool! We will come back to this question back in the next questions
Thank you for your answers! Do you want to add something, or we can go to the next question?
James:
Let’s go to the next one
Mary | satoshi club:
Q2 from telegram user @orlemys
In today’s crypto community, new projects have a lot of competition, not with established names or mainstream centralized organizations, but rather with other new projects. However, in such competitive times, I couldn’t find any vital medium of information about your project, no whitepaper, no roadmap, and simply not a place where i, as a potential investor, could figure out your project’s strongest advantages and selling points. This can, for sure, obstruct the biggest window of opportunity DDEX has to build a stable following and a community of token holders, which is the launch. So, can you tell us how you will work around this? How will you market your project so fiercely in the last 24 hours before launching, that no one will be able to pass the opportunity to invest?
James:
Actually, we have released some materials about DDEX on DDEX official Twitter https://twitter.com/DDEX_global
And I want to emphasize one thing, our online time is changed to the 17th June. For the best user experience and financial security of users, we tested and tested until perfect.
Luis merino
| satoshi club:
Why these many changes of dates? Is 17th the final one?
James:
Just for the best user experience
Mary | satoshi club:
Yes, but I really can’t find a whitepaper or roadmap
James:
They will be released on the website. So pls wait for the launch of our platform.
Mary | satoshi club:
Sure, we will follow your updates
James:
Thanks
Mary | satoshi club:
Thank you for your answers, James
ready to proceed?
James:
Yeah
Luis merino
| satoshi club:
Sounds great
Mary | satoshi club:
Q3 from telegram user @brainchest
Please tell us about the financial security of the funds. We users \investors transfer funds to your use. In real-world finance, from the moment of use, the company is responsible and obligated to insure the finances, I think that the use of crypto funds for profit should be protected as well. Do you partner with insurance companies or foundations that will cover losses in the event of a bad situation? I was thinking, since you did an audit with Certik, maybe you would use Certikshield to secure the money?
I’m sure the question of an investment security is a high priority for many people.
James:
Yes. Finance security is always the most important thing for users. And this is why we request the audit early, even before the platform launch.
And DDEX’s development team has abundant experience in blockchain project development. The team
Members have been involved in many projects. Their experience will give full play to BSC & HECO’ s
Advantages and ensures a smooth and secure operation of DDEX in the future.
Luis merino
| satoshi club:
Yes, security is very important. I agree with you
Mary | satoshi club:
Do you plan some partnerships in the field of security?
Luis merino
| satoshi club:
Or do you have them already…?
James:
Of course. We will release these partnerships when we confirmed the details.
Luis merino
| satoshi club:
Waiting for the announcements
Mary | satoshi club:
Cool
Mary | satoshi club:
Btw, can you give us link to your GitHub, please
James:
For some reason, our GitHub account is being updated and migrated, and will be released in our official channel after confirmation.
James:
Thanks
Mary | satoshi club:
James:
Yeah. I just heard from our development team. I will check again with them after this ama
Mary | satoshi club:
Oh, sorry, but I find this in the Certik audit, provided by you in twitter
Is it valid?
James:
Yeah. You can see that there is another name on it. We should modify this. But no worries, the code will not be changed.
Mary | satoshi club:
Super
Thank you for your answers
Ready to go to the next question?
James:
Yup
Mary | satoshi club:
Q4 from telegram user @ysasoma
Why did you decide to develop DDEX based on the BSC and HECO chains? It is known that both currently represent incredible opportunities for most projects, but they also represent a market with large competitors, so how does DDEX take advantage of the benefits that both offer, and how do you plan to stand out from the rest of similar projects that are also part of these chains?
James:
We chose the BSC chain and the HECO chain is mainly for multi-token exposure. BSC & HECO-based DDEX allows any hrc20 token to merge with other hrc20 tokens and thus eliminates the requirement for liquidity providers to be exposed to BSC. Liquidity providers can
Maintain a more diverse portfolio of token positions and create more potential combinations of liquidity pools for transactions.
Through high compatibility of ecological environment and the ability to trade, DDEX provides users of the entire platform with a wealth of cryptocurrency investment channels such as decentralized trading, liquidity mining, and transaction mining.
Mary | satoshi club:
Do you plan to add more blockchains?
James:
Yeah. Thinking about this now. But it will depend on our user needs.
Luis merino
| satoshi club:
Seems like users will be very powerful on your platform
James:
Yeah. Sure
Luis merino
| satoshi club:
And how will users take some important decisions?
Mary | satoshi club:
Btw, our next question is about DAO
Mary | satoshi club:
Q5 from telegram user @jonahapagu
One of the uniqueness of DDEX DAO is that there is no hierarchical structure, which means that everyone can propose an innovative idea and each proposal will be taken into account by the entire organization… but what will be the requirements for anyone who intends to partake in this governance process, and how will users be able to make proposals and when proposals are made how does your DAO system decide on this proposals.
James:
We have DAO governance to give users the right to make the most important decisions.
In DDEX’s DAO system, the DDEX platform token is used as a governance token, and the holding of the token is the only measurement of users’ voting rights and weight. Specifically, the
Ddx held by the user is counted as 1 vote, and the DDx staked is 2 votes. Ddx tokens that
Are repurchased or staked after the voting starts will not be counted in the voting result.
DDEX DAO solves all the problems featured with the operation of modern organizations as well
As the issue of the trading platforms’ low decentralization. The complete DDEX DAO provides every token holder the opportunity to shape the organization.
Mary | satoshi club:
How many tokens does the user need to have in order to take part in governance?
James:
The specific data will be released after the platform launched.
Mary | satoshi club:
Got it! Thank you for your answers! Ready for the 6th and last question from this part
James:
Yes
Mary | satoshi club:
Q6 from telegram user @meml97
One of the features will we be able to find on DDEX is “optimize temporary losses”, can you give us more information about this? How will DDEX exactly help users optimizing temporary losses and for how long will you provide this optimazation? Also, how is the process? What do users need to do in order to properly take advantage of this feature of yours?
Luis merino
| satoshi club:
I like this one
Mary | satoshi club:
Yes, I don’t like losses as well
James:
Amm is one of the most distinct characteristics of DDEX. It brings everyone’s liquidity together and
Then makes a market through the algorithm. It is essentially an algorithm-based automatic market-making service, which can provide unlimited liquidity and allow large orders. Users do not need to worry about liquidity pools being too small either. Unlike the ultra-high gas fees on the Ethereum chain (a single transaction can cost up to tens of dollars, or even hundreds of dollars), the gas utilization rate of DDEX is relatively high, so the transaction fee is as low as $0.001.
Mary | satoshi club:
So, everything will happen automatically, and users don’t have to do something special?
Luis merino
| satoshi club:
I think no one does
James:
The AMM mechanism in DDEX has the following characteristics:
1) high capital efficiency and low slippage
2) optimize temporary losses
3) multi-token exposure
4) transaction fee distribution
Luis merino
| satoshi club:
Small fees
Mary | satoshi club:
Btw, is temporary losses optimization your invention or you use third party technology?
James:
It is our invention.
Luis merino
| satoshi club:
Congratulations
Luis merino
| satoshi club:
You are pioneers then
James:
Thanks
Mary | satoshi club:
It’s cool! We will see how it will work soon
So, the live part is almost here!
James:
Yeah. On June 17
Luis merino
| satoshi club:
So, James, do you want to add anything else before part 2 starts?
James:
Pls, start. I would like to answer the questions from the community
PART 2.Questions about the DDEX project from the live chat of the telegram community.
In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the DDEX crypto project choose the top 10 questions. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 100$.
Q — 1 from a telegram user @meml97
I saw that DDEX will have a Referal Reward Program, can you share more information about it with us? How can someone invite a friend over to the platform and what do both parties get from this? What can they do with the rewards obtained from this program? Also, how many friends can a person invite and how will you verify that he/she is, indeed, inviting authentic people and not some kind of generated bots to take advantage of this reward program?
James:
The first one:
Yes. We set a referral function on DDEX to give users more income and also get more platform users.
When a user invites new users to register, he/she will receive 2% of the invitees’ mining revenue. DDEX specially designs the referral rewarding mining incentive mode. When users invite friends to contribute to liquidity to the platform, the recommender can also get a 2% mining reward. The invitee can bind the invitation relationship with one person, and the recommended invitation income can be stacked.
We will launch a Referral Rewards Ranking after DDEX.com launched. Please stay tuned!
Q — 2 from a telegram user @Ashia_24
I was reading through your medium and saw that you have a lot of information concerning DDEX’s Novel Economic Model. However, I don’t find any regarding your roadmap. I simply want to know how your projects develop right now and in the future. Do you have a strategy in mind for creating your roadmap?
James:
So many friends are curious about our roadmap. DDEX is continuously working on improving the design and implementation, including how to attract more external assets, innovating more DeFi business models, etc. We are focusing on explore answers to these questions. All community members are welcome to actively come aboard and continuously optimize the DDEX project in concerted efforts with us.
Q — 3 from a telegram user @Indomiekuy
DDEX is a Decentralized Exchange and Cleaning Platform run by the global community providing advanced cross-chain as HECO and BSC, I hear that DDEX will do a giveaway and airdrop events for the community with a reward total of $2000 from DDEX token. Can you please explain more about this event and airdrop? What is the requirement if I want to join in that event?
James:
Yes. This airdrop is still going on. Let me find the link for you.
Q — 4 from a telegram user @tatarrama
Although DeFi is based on Decentralization, some projects are deceiving about it. What is your evidence for the decentralization of DDEX?
James:
The main advantage of DDEX comes from its complete decentralization. There are two specific manifestations for its decentralization: a transparent transaction method and an anti-censorship use method.
In DeFi’s AMM transactions, user’s assets are always stored in their own wallets, and transactions are achieved through the interaction of contracts, rather than the traditional top-up &
withdrawal methods. In this way, it avoids problems such as fraudulency and theft that are common to centralized trading platforms.
The anti-censorship consists of the anti-censorship of users’ identities and transaction pools.
Users can conduct transactions without KYC, and the opening of the transaction pool does not need to be reviewed. A large number of new tokens can be circulated by setting up the transaction pool. Therefore, users can participate, or purchase potential project tokens in the early stage to obtain high returns.
Q — 5 from a telegram user @chanduvai124
I wanted to follow your project for the long term. Where i can get all the latest news about your project? Do you have Twitter/Telegram/Discord community? If yes can you share the link here because there is a lot of fake telegram/Twitter groups?
James:
Thanks for your attention. Here are some official links you can follow:
Twitter: https://twitter.com/DDEX_Global
Telegram: https://t.me/DDEX_Global
Medium: https://medium.com/@DDEX_Global
Q — 6 from a telegram user @Amila19932
Which wallets are supported for DDEX? Are Trustwallet and Metamask supported to connect to DDEX? Because most users are using these wallets.
James:
You can use the most wallets to trade and mine.
Q — 7 from a telegram user @Pratze
So you just announced that DDX is the only token from the DDEX platform, could you teach me what is the way to get $DDX token? So is there any seed/presale? Will $DDX token list on other CEX/DEX?
James:
You can buy DDX on DDEX after it launches. And on DDEX platform, there are many ways to earn DDX token.
1. Liquidity mining
DDEX holders can participate in the liquidity mining of DDEX. In the first cycle period of mining, the daily mining output is 1.2 million, and the weekly output is reduced by 3% each time. The annual mining amounts to 225 million DDEX tokens.
And the weight of the DDEX/USDT trading pair is double of other trading pairs.
For newly launched token projects, the project party will provide a 30-day DDEX reward quota and launch them in the innovative trading sector.
2. AMM transaction
We will receive 2.5‰ as Transaction fees, of which 1‰ is to return to liquidity providers and 1.4‰ to repurchase and destruct.
In addition, you can also join DAO community mining, trading mining, invitation mining to get more DDX token.
Q — 8 from a telegram user @Manugotsuka
Right now your list of tokens is very little ( and that understandable, because you’re just beginning), but I watched that there exist tokens that are called: AAA,BBB,CCC,DDD. so can you tell us what are they? They are test tokens or something?
James:
We have our token list schedule already. the following is the first tokens to list:
We will list more tokens later. And pls make sure you will join the heading mining on June 17.
Q — 9 from a telegram user @messilolz
Why have you choosen your project name DDEX? What is the main motivation behind your project? do you have any story to share?
James:
DDEX means DAO Decentralized Exchange. And this is our platform position
Q -10 from a telegram user @NAZMP2
The partnership is one of the most important aspects of a project’s success.
So, do you plan to collaborate on large programs in the near future?
James:
Yes. We will have more partners in the future to help us expand the market. We will announce this partnership in our official channel, please continue to pay attention to us. https://twitter.com/DDEX_Global
Part 3 — Quiz about project
In the final part, we tested the knowledge in terms of the DDEX 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: DDEX
Telegram group | Medium | Tweeter | Website
