Satoshi Club
Published in

Satoshi Club

Eclipseum SatoshiClub AMA from 14th of December

Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Eclipseum and our guest was Taylor. The AMA took place on 14 December.

The AMA session was divided into 3 parts with a total crypto reward pool of 500$

In this AMA Recap we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&Bitcointalk community

Hello, Satoshi Club! We are happy to announce our AMA session with Eclipseum! welcome to Satoshi Club

hello everyone!

Hey everyone! Excited to be here

@Eclipseum good to have you here!

Hello, happy to see you here

How was your day?)

Good, no complaints so far

Great) let’s start then

Could you please introduce yourself and Eclipseum project

Sure, my name is Taylor. My background is in Mechanical Engineering, first got into blockchain in 2015 with Bitcoin.

I got interested in DeFi in early 2019 and decided to build my own project. I came up with the concept of Eclipseum to be a store of value asset that utilizes two Automated Market Maker (AMM) liquidity pools to generate transaction fees for the ECL holders over time.

Oh, long time here

Yes!

Great idea btw, how many members do you have in the team?

I worked as a solo developer building the website and smart contract. Now that the project has launched, we have a group of around 10–12 that build content for Eclipseum in various ways

Oh, that’s nice, you’re growing

We are!

Thanks for the intro ready for the questions from our community?

Yes!

great! let’s go!

Part 2 — live questions from the Telegram community

So in Eclipseum, liquidity is provided by the ECL buyers. When they buy ECL, they send ETH to the contract, and ECL is minted during the buy, so total liquidity increases.

I personally don’t like the concept of a pre-sale, when Eclipseum can scale it’s liquidity organically relative to the price. IMO this is much better for price discovery

I simply spent a lot of time work on developing the concept, whitepaper, smart contract, and website. Now that it is all complete, most efforts are purely on marketing, which the community is great at helping with.

Not so many projects who decided to start without sales, investors etc

yes, marketing is a very important part

My applouds

Thank you

Do you have any bounties for your community?

and do you plan any collaboration with other projects in the near future?

Not currently any bounties for the community, so far we haven’t had issues with volunteers stepping up and working on content

Not at the moment, I think we need to grow and size in liquidity first. But I have long term visions of ECL being used as collateral in various DeFi protocols.

We just need to get over the hump in terms of liquidity and stability

Wow, you have really strong and smart community. Thank you for your answers, ready to go to the next question?

Agreed!

Yes

Yes, well ECL is definitely susceptible to price fluctuations, as we have seen lately.

However, one of the mechanisms that minimizes how far the price can decrease is the Soft Sell Function, which is coming into play now. When sellers sell with this function, the ECL / ETH price does not decrease, and creates somewhat of a “price floor” that the ECL / ETH price is unlikely to decrease below.

This Soft Sell ECL / ETH price can also move up or down depending on what the ETH / DAI price is doing.

It’s interesting, do your users have a choice to sell with this function or without?

They can, using the website. If the Soft Sell Price is lower than the ECL / ETH price, a profitable arbitrage opportunity emerges where users can “Buy ECL” => “Soft Sell ECL”, which increases the ECL / ETH price.

We recommend users to buy and sell ECL from the website, as there is much more liquidity there than on Uniswap. The website app interfaces directly with the Eclipseum smart contract AMMs.

https://www.eclipseum.org/app/

: are there analogous of this function in other projects on the market right now?

I think some other projects do have a “price floor” mechanism, but I’m not very familiar with those projects right now. Too many projects out there

Good question! The ECL supply can continue to decrease during strong selloffs, but there is a lower limit that the ECL supply cannot decrease below due to the way the math works out.

Plus the Soft Sell price floor would prevent it from decreasing that low far before it gets to that point.

Can you tell us this lowest limit?

Did you already have strong selloffs?

Right now it is 0.000019 ECL / ETH, but this floor can increase or decrease as well. It increases if the ETH / DAI price decreases, and vice versa

Yea, there has been some selling over the last few days.

Oh, got it

understood. it’s very elastic system

Yes, for sure.

I see that you prepared for different scenarios

Yes! We just reached the price floor recently, so it will be very interesting to see how it plays out

And as you have the lowest limit do you have highest limit for $ECL supply?)

Ahh good question. There is no upper limit for the supply

But the supply only increases when someone buys ECL. So supply and price always increase together.

It’s good for the way to the moon

Fantastic question. Eclipseum is not like AMPL, so the ECL balances in users wallets do not change.

The minting and burning is only done to the ECL AMM pool in the Eclipseum contract.

This helps to minimize price swings from buying and selling

Is this AMM pool big now? Which was the latest event — burn or mint?)

The ECL pool has about 100 ETH, and the DAI pool has about 245 ETH.

I believe a burn happened last, but they are happening continuously as people buy or sell.

Not bad:smile: but sure, it will grow more!

Yep, I think so too!

Well, we cannot be sure that they will, but we can incentivize them too, here are the ways they are incentivized:

1) Transaction fees from the DAI pool are larger when there is more ETH in that pool, so the ECL / ETH price is more likely to increase from those fees

2) The contract transfers less ETH to the DAI pool, so more ETH remains in the ECL pool from an ECL buy

3) After a selloff, the ECL / ETH price is closer to the “price floor”, meaning less downside potential, and a better buy opportunity.

It really can encourage by the way, as the main event happening on your platform, what can you tell about its safety?)

The security of the contract?

Yes

I am always asking everyone about audit, so looking for a new words

Gotcha. So I had a security audit done by Trail of Bits. The article for this can be seen here:

https://eclipseum.medium.com/eclipseum-trail-of-bits-security-audit-overview-bc91996fc0b9/

Also, the War on Rugs guys looked it over and gave it the ok

you currently have two pools, right? so your system will be always based on two pools or you can add more pools with other assets?

This system has two pools and will always have two pools

The contract is immutable, and therefore cannot be changed by anyone

Got it, thanks

So ECL is designed to have most of it’s liquidity on the Eclipseum smart contract AMMs. When a user buys ECL from the contract, they effectively increase the liquidity on the contract.

As far as Uniswap liquidity, we have had some community members step forward and add liquidity there, as the transaction fees have been quite signficant there.

Which is the volume of Uniswap liquidity now, do you know?)

Right now, about $11,000 USD per day

Which is significant relative to the liquidity in the Uni pool

btw, are you already listed on cointrackers? Coingescko?

Not yet, have applied but waiting to hear back

Oh, hope it will happen soon

Part 2 — live questions from the Telegram community

No, because enough ECL is minted that the price still increases from each ECL buy. So ECL price and supply always increase together, or decrease together.

Continue to write articles explaining the concept in the simplest terms possible. There will be an article coming out today explaining the Soft Sell function

I don’t believe so, the concept as it stands is solid and does not need to be changed. As it grows, the liquidity creates network effects attracting more liquidity.

The price is not always better, but the liquidity will almost always better, meaning less slippage. So you will probably get a better price through the contract / website.

There is no maximum. The only minimum is that the quantity must be greater than zero.

My coins (~13.5 M ECL) are locked up for 1 year, another user has locked theirs up as well. It can be seen here:

https://team.finance/view-coin/0x08e411220e47e3Fc43BFb832186ABA95108F2861?name=Eclipseum&symbol=ECL/

It is a coincidence. Great observation!

Good question. The ECL pool transfers some ETH to the DAI pool when users buy ECL, to fill this AMM with liquidity. The DAI pool then transfers half of the transaction fees back to the ECL pool on every transaction, increasing the ECL price as a result.

ECL does not have this problem, since it is a different kind of elastic supply system. It only mints and burns ECL tokens from the Eclipseum contract AMMs, and not from user’s accounts.

Yes, Eclipseum is entirely decentralized. All users have equal rights. I don’t have any special abilities over any other user in the contract.

Part 3 — Quiz Results

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.

English Telegram group: https://t.me/Satoshi_club/

Russian Telegram group: https://t.me/satoshi_club_ru/

Spanish Telegram group: https://t.me/satoshi_club_spanish/

Telegram Channel: https://t.me/satoshi_club_channel/

Twitter: https://twitter.com/realsatoshiclub/

Website: https://esatoshi.club/

Telegram: https://t.me/eclipseumcoin/

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store