Genie DEX: Our First Community Town Hall (26 Aug 2024)

Hey everyone and welcome to our very first Community Town hall Spaces on Twitter. I’m Ashwin, the marketing manager for Genie DEX and I will be your host! I’ve previously worked with Binance UK and very excited to be here.

Joining us today are Divy, the founder and CEO of Genie DEX, and Shantanu from the product team.

Could you tell us a little bit about yourself, Divy?

Divy: Hey, I’m Divy, the founder and CEO of Genie DEX and SquaredLabs. I’ve been trading commodities since the age of 13 and currently working on making derivatives safer and more accessible for cryptocurrency users. I’m excited to be here and tell you about Genie DEX.

That’s great to hear and awesome to have you join us today. Moving on to you, Shantanu. Could you tell us a little bit about yourself?

Shantanu: Hey everyone! I’m Shantanu, and I’ve been part of the Genie team at SquaredLabs as a product designer. We’ve been hard at work, fine-tuning every detail to bring you the best experience with Genie DEX. Excited to share what we’ve been building

Glad to have you with us today too!

Alright, we’re going to dive straight into our town hall for today.

1. What is the community currently working on? This one is for you, Divy.

Divy: We’re currently working on building

• Potentia Protocol — is the infrastructure layer, and
• Genie DEX — is the retail-focused derivatives DEX with no liquidations.

2. Tell us a little about liquidations and how Genie DEX intends to solve that?

Divy: Liquidations happen when you borrow assets to trade. For example, if you have $100, you can lose a maximum of $100. When you take leverage, for example, 2x, you borrow an additional $100, making your liquidation price approx -50%.

Genie’s approach is unique! You are not borrowing additional funds to trade. Instead, the prices are pegged to the power of an asset, essentially providing leveraged payouts without liquidations.

3. What sets GenieDEX and Potentia apart from competitors in the industry?

Divy: Almost everything! My favorite one is automated concentrated liquidity — it helps eliminate impermanent loss and provide more capital efficiency. This was one of the biggest challenges we faced while developing Potentia Protocol.

Compared to Uniswap V3, LPs do not have to manually provide liquidity to the mid-price. Also, Genie pools have single-asset liquidity, so you don’t end up with bags of unwanted tokens.

4. From traders to LPs, it sounds like there’s a little bit for everyone in the ecosystem! Are there any new products or features in the pipeline that you’re excited about? Moving on to you, Shantanu!

Shantanu: We are exploring tons of ideas around:

a. Prediction markets

b. Max leverage with no liquidations

c. No LP impermanent loss

d. Points feature — Gamification of Genie Dex

e. and much much more.

5. What trends do you see shaping the industry in the coming years, Divy?

Divy: I see RWAs as one key market, as DeFi is getting more and more mature, derivatives are a must for a mature trading ecosystem. And with products like Genie DEX and Potentia Protocol, I believe there is something highly valuable for all stakeholders involved from traders, liquidity providers, and token issuers.

6. What campaigns and community initiatives does Genie have in place?

Ashwin: We have tons of campaigns, activities, and announcements planned.

a. The Contributor Program — The top contributors in the community share $7K in tokens.

b. Hiring interns — We’re hiring 2 interns with backgrounds in Math, Finance, or trading — DM us.

c. Launching a trading campaign soon — Stay tuned for the details of this campaign.

d. Announcing GenieDEX Testnet — In the next few weeks!

7. When can we expect to start trading on Genie DEX?

Shantanu: We’re in the final stages of development and aim for a launch very soon. You can expect to start using Genie DEX within the next few weeks, by the 1st half of September at the latest.

8. How does Genie DEX and Potentia Protocol work together?

Divy: Genie DEX is built on top of Potentia. Potentia protocol is focused on the infra layer, while Genie DEX is focused on retail users. It’s almost impossible for new projects to get their token derivatives listed on CEXs because of the listing costs and requirements. Projects can create derivative markets for their tokens in minutes with us!

Thank you for taking the time to attend our very first Community Town hall. Stay tuned for our next Town hall coming very soon!

Listen to the entire recording on Twitter here!