S.P.E.C.T.R.E AMA Transcript
AMA transcript from Friday, September 18th, 2020 @ 5 PM GMT
This AMA took place on the SPECTRE Telegram group chat.
We would like to say a special thanks to the SPECTRE team for hosting us, we had a blast answering all your questions as well as those from the community. Until next time!
Questions from the SPECTRE Team
Q: Will the contracts be safe/audited?
A: The contracts were forked from Synthetix and YFI which are widely used by the community and have proven to be safe. We have also introduced small modifications which we battle-tested and will submit for further auditing. — Žiga Flis
Q: So I’ve seen the phrase “representation token”. What exactly is that?
A: Oh this is an interesting one! A rep token I believe is made popular by protocols like Synthetix and Aave. Both the protocol created rep token or synthetic token as a form of yield-bearing token like how Aave does it with their aToken. RiveX will be introducing this as well on LOS v2, with code audited currently and enable holders on this rep token be used to farm our upcoming Project Y. — Žiga Flis
Q: How will the representation token work?
A: Like I mentioned in the earlier question, usually it is used to bear yield for the holders. We can also look at it from another point of view like how nft token works to represent a unique asset. Basically the underlying is procuring something for the underlying function to still work while the main asset is not in the place of the initial address. So in our case, we design it to benefit holders to obtain more yield. — Žiga Flis
Q: How many pools will there be?
A: At the moment, we have confirmation on 3 pools with one being the LP pool for Project Y itself. The other 2 pools will be for stakers of LOS v2 and LP provider of RVX on a dex we will be supplying liquidity on. Project Y LP pool may be deployed at a later date after the first two pools. Subsequently, we will be adding a few more pools however we have not finalized on that yet thus keep an eye on the announcements. We have preparation done and code are audited code being used. — Žiga Flis
Q: Will the contracts be published before farming?
A: Yes, the contracts will be published on our github before the farming will start, so everyone can take a look at them. — Žiga Flis
Q: My question is: What prevents this from being a rug pull?
A: So the definition of rug pool is if the main liquidity pledgers is being pulled off causing holders to be not able to swap the tokens anymore or with very high slippage. This usually happens when the project side is the one supplying the majority of the liquidity. That is the reason as well before this yield farming craze is around, a project which takes the route of direct listing on dex like uniswap can instill confidence to the community by locking the liquidity for x number of days to prevent a sudden liquidity removal and being label with rug pull. Fast forward to the current trend, most projects that have a yield farming component usually just initiate the pool with minimal liquidity and lp pool is being pledged by farmers/buyers of the token direct while project incentivize liquidity provider. This can strike a balance where if there is no fud, usually they will always be liquidity for that particular token and seldom that these kinds of projects being label with rug pull status. Certain projects produce single asset pools to farm their token and did not incentivize an lp pool thus this could possibly lead to rug pool as well depending on the integrity of the team. As for project Y, we mention its a community own project thus it very much depends on the community to provide the liquidity and market for the token itself as the project side is tasked with building and deployment but not participating in the farming portion. — Alex Ng
Q: Brings me to my next question also, when can we start farming??
A: We are looking at end of the month currently as we are working with the exchange on the actual migration for RVX token. External preparation more or less is done, we just need to optimize the interface on both RX Wallet Desktop and Mobile — Alex Ng
Q: In regards to farming becoming available within the RVX ecosystem may I also ask, how long will farming be active?
A: The first few confirm pool we have decided on end date on not more than 2 months however they may be some supply kept to incentivize future pool however this is still being finalized. I would say stay tune first on this but the definite one is RVX will be used as an asset to farm the initial pool. — Alex Ng
Q: How do we ensure the sustainability of Project Y?
A: As we mentioned, Project Y is community-driven and centric thus the Rivexians and community play a big role here. RiveX team will be tasked with the preliminary work and deployment and subsequent maintenance however we really hope it becomes an open community project whereby the community will help govern, propose and even assist with deployment when Project Y is set for scaling. We will be trying to bridge Project Y to work with other protocol as well and hope community continue to provide feedback and idea and churn out good proposal to assist with the longevity and sustainability of Project Y. — Alex Ng
Notable questions from the community
Q: Will token migration take place this month and if so will farming also start this month ?
A: Yup. We are launching Aave first while waiting for BitMax to come back to us on the migration support. We have already submitted our new token contract to them on Monday. Hopefully the migration can take place next week. — Mark Tan
Q: How will RiveX stay relevant while Project Y tokens are expected to be better investment.
A: Our core will be continuing building RiveX and Project Y will bring benefit to rvx holders — Alex NG
Q: In fact ERX seems to have been glossed over as a whole. Can you perhaps share the link to your article about it in here?
A: ERX is a project which I am running personally, all by myself for the Korean and China community. It doesn’t have anything to do with RVX or Project Y. But what I will try and do is to relate a batch of new Asian community to come under RiveX Foundation. — Mark Tan
Q: What is the incentive for people to hold RVX tokens once LOS rewards end?
A: There will be more RVX pools for yield farming and other features that may launch under Project Y that requires RVX. LOS will still be continued after it ends but we want to make it more concentrated on Project Y related matters first. — Mark Tan
Q: I saw something about aave integration, that’s a big name in industry. will there be documentation on this? only saw the dashboard teaser 😊
A: AAVE is currently in the migration process so we are also waiting that this ends :) Everything else is pretty much done for AAVE integration part. — Aljaž Tišler
Q: On Rivex’s web page, it says Rivex offers a layer2 scalability solutions for blockchain. Can you elaborate on that aspect?
A: We are now emphasizing enterprise solutions for our layer 2 solutions. Not so much on the scalability of blockchains. You will see some use cases soon. — Mark Tan
About RiveX Foundation
RiveX is a chain agnostic interoperable layer-2 solution across different blockchain protocols. RiveX aims to empower the next generation of decentralized applications, decentralized finance and enterprise solutions. RiveX has comprehensive interoperable DeFi solutions such as RX Wallet which aims to integrate DAPPS from different blockchain protocols to enable an interoperable DeFi ecosystem within RX Wallet itself. The first DAPP which RX Wallet has already integrated is WRDEX. Another core product powered by RiveX is the world’s first cross-chain DEX called WRDEX.
👇 More about RiveX 👇
RX Wallet | WRDEX | Website | Twitter | Telegram | Medium | GitHub
