Eric: Welcome @DotBased!
DotBased Founder: Thank you for having me @ERCSU
Eric: So first of all @DotBased what can you tell us about yourself in general?
DotBased Founder: I have been in this space for 4 years now as an investor and advisor.
Eric: nice. so whats is Dotbased?
DotBased Founder: To put it simply, DotBased $xDOT is an adaptive elastic supply cryptocurrency that is soft pegged to the price of PolkaDot.
Eric: why PolkaDOT? @DotBased
DotBased Founder: We consider PolkaDot to be the future of the blockchain ecosystem. We have also planned a future milestone for Polkadot integration to be the first Rebasing coin on Polkadot.
Eric: wow nice. So what’s the ticker for the token and how many of it will be minted at first?
DotBased Founder: Our project name is DotBased and our ticker is xDOT
We will mint 100,000 xDOT overall and the additional token mint function has been disabled.
Eric: when will rebasing start and how often will it rebase?
DotBased Founder: Rebases will happen once every 24 hours at 13:00 UTC and the first rebase will be at this time after our launch on Uniswap.
Eric: will there be some liquidity reward thing after TGE?
DotBased Founder: Yes, so some days after our uniswap launch we will launch “The BASE”.
“The BASE” — is our version of a geyser, but we have taken a different approach. We will have multiple linear staking pools with exact timelines and exact rewards allocated for each pool, starting with our native xDOT_ETH_UNIV2_LP Liquidity Pool. Future staking pools will be community voted.
Eric: Tell us about your private and public sales.
DotBased Founder: Our total raise is 550 eth, 500 eth for private, and 50 eth for the public (public is capped at 1 eth per person).
Both private and public have the same price which is slightly discounted to our launch price.
Eric: when is the public sale?
DotBased Founder: Our public first come first serve whitelist will happen on the 27th of October.
We want to avoid gas wars, so we will be launching the whitelist instead.
Eric: Any upcoming partnerships? @DotBased?
DotBased Founder: We have launched a proposal to the $based community to potentially launch a rover on their moonbase. You can find more about this on the following links:
We are also currently in talks with marketing partnerships of some of the top polkadot projects as we speak.
Eric: We will start the community questions after a few seconds!
Q: Since this is an Ampleforth fork, what changes have you done aside from simply pegging it to DOT’s price to stand out from the rest of rebasing tokens?
A: Our biggest change is our staking pools, which work differently to ample’s geyser. Other changes include twap rebase calculation, different times of rebase, and some more minor changes.
Q: Being pegged 1:1, Are you not afraid new adoption will disrupt the peg of xdot such that it grows at a faster or slower rate than the Price of Polkadot?
To protect your exposure, What oracle services do you use to get trusted and verified data?
A: Elastic supply coins soft pegged to certain assets work in a way where the price will eventually come back to the price of the pegged asset. All elastic supply coins in general are an experiment.
We pull the data from trusted sources. Also, our rebases/debases will be TWAP (time-weighted price average) for the price for the day (not spot price)
Q: I am an investor, so besides trusting in the DOTBASED project, I also want to make a profit so what is the marketing strategy of DOTBASED to attract investors and expand the market?
A: We have very good support from multiple marketing partners and advisors and we believe that we will have a very successful launch, especially with the tokenomics we have developed.
Q: What is your background and how did you come to the idea to create your project?
A: I’ve been an investor and advisor in the crypto space for 4 years and my team and I felt that the project we are presenting right now is a very exciting one for the crypto market segment.
Q: Marketing is a central element for every project, what is your strategy to attract new users and investors to xDot and keep them long term? tell me the benefits of long-term investors?
A: Biggest benefit for long-term investors here is our positive rebases and the rewards they will get by staking in “The BASE”.
Q: Governance is popular these days, do you have plans to add some mechanism that allows the community to decide the future of the project?
A: Yes, we have decided to add governance to our project and are currently implementing it internally. Once ready, a public announcement will be made.
Q: We all know that the Ethereum Network has many problems: scalability issues, high gas fees, slow speeds, and many more. So,
Why did you choose to build your token on the ERC-20 blockchain ecosystem? Why not build it on some scalable blockchain instead of Ethereum?
A: We have decided to launch on ERC-20 first but have a future migration to the PolkaDot network set as our milestone.
Q: #xDOT has a good Dev team that assures speedy developments of different functionalities on the #xDOT ecosystem. I’d like to know more about your team. Were there any significant challenges that your team encountered in the past?
A: Our dev team consists of experienced people who have already delivered multiple successful projects for elastic supply coins and farming coins.
Q: Why should any investor invest in #xDOT Tokens and What are the main utilities as well as Real-World use case of #xDOT Tokens?
A: Rebase coins are a market niche in crypto.
Q: Can you explain the role of the XDOT token in a dot-based platform?
What are the advantages of xDOT coin?
A: Dotbased = xDOT
Q: Can a person who is not familiar with cryptocurrencies at all be able to use #xDOT?
A: I would suggest diving deeper into studies of cryptocurrencies in general before investing in anything.
Q: HACKATHON and BUG BOUNTIES are used to clearly examine Smart Contracts and identify any unsuspected Security breaches, do you have plans for HACKATHON or BUG BOUNTY to check the security of your smart contracts.
A: Our smart contracts will be audited before launch.
Q: As an investor, I may consider that ROI is very important, that’s why we call it investing. HOW DO YOU ENSURE USER THAT STAKING PROGRAM IS GOOD PRODUCT FOR #your crypto?
A: All staking stats will be available once “The BASE” is launched and each individual can determine the ROI for themselves personally.
Q: What is the structure of this project, is it decentralized or an open-sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?
A: We will layout these details in our future governance announcement.
Q: Have you conducted an audit on xDOT tokens to ensure that the smart contracts have been configured according to best practices and that all processes are operating as intended?
A: Our smart contracts will be audited before launch and an official announcement will be made.
Q: Could you tell us about the DotBased team and some of their backgrounds? I have personally seen many projects launch with inexperienced team members, and some of those didn’t go so well due to easily avoidable mistakes.
A: Our team and advisors are very experienced in this space and capture all the necessary angles for any given project to launch and run successfully.
Q: There were a lot of projects trying to predict the market using different algos. Some of them were using predictions from thousands of people to make an estimation, some of them were using AI, and so on. What is your model for this? are you using both those models or have you added something else?
A: Our rebases/debases will be TWAP (time-weighted price average) for the price for the day (not spot price)
Q: I want to learn more about DotBased, but the information is very small, most of the DotBased social networks are less active, the community is relatively empty and less, what strategy does the DotBased team have to develop the community and maintain long-term?
A: We have covered most of the necessary information about our project on all our social channels:
In regards to our community, considering that we have launched less than a week ago, I would say that we are far from empty.
If you have any other questions in regards to the project, feel free to forward them to our tg group after this ama.
Q: In your roadmap, you indicate the CEX listing plan. With this override mechanism, does it also affect my xDOT balance within a CEX and change my sell orders?
A: Yes, the rebases would affect the balance in your cex.
Q: Can you explain how the Rebase/Debase Mechanism works on DotBased?
A: If xDOT price is higher than PolkaDot — rebase
if xDOT price ls lower than PolkaDot — debase
Q: Why do we need Rebase Coins, how do you cater and control price fluctuations and Volatility $xDOT #XDOT
A: Rebase coins are a market niche in crypto. Fluctuations and volatility are determined by the market itself.
We consider PolkaDot to be the future of crypto, that’s why we have pegged xDOT to PolkaDot and plan to migrate to their network in the future.
Q: Hello Sir, what’s the benefit of having a non-fixed supply of assets for us the Users and strong holders and how will this impact on staking?
A: The main criteria to measure elastic supply coins is market cap.
That’s why we are launching with an extremely low circulating cap.
Staking is beneficial for users because they will get rewarded by helping the project by providing liquidity.
Q: What business scenarios can xDot support now? In what Industry can we see the mass adoption of xDot technology in the near future?
A: We are in the niche of elastic supply coins.
Q: Honestly, what do you guys think about crypto ‘investors’? We aren’t necessarily stakeholders/hold equity but we can be very demanding and sometimes hostile. Is this one of the reasons why the team goes ‘dark’ sometimes?
A: We are going anon due to the nature of the uniswap regulatory grey area.
Q: Currently, you are listed on UNISWAP, which is DEX. What CEX do we expect $xDOT to be listed on? Is Binance listing on the plan? $xDOT
A: We plan to focus on providing as much liquidity as possible into 1 source, to attract bigger traders to our coin. No comment about future CEX listing.
Q: Why should I be interested in an elastic supply cryptocurrency? How do I benefit as an investor in terms of capital, compared to a stablecoin?
A: You don’t benefit from holding stable coins. All other crypto assets are volatile.
Q: How will the demand for xDot token increase in the future? or What steps would you take to increase the demand? May I know how do you plan to attract more business partnerships to your project?
A: Demand will be increased by bringing more users into our ecosystem and spreading the word about DotBased.
We are working on a number of partnerships behind the scenes, including the proposal to implement a rover for the $Based community.
Q: What your plans in place for global expansion are xDot focusing on the only market at this time? Or focus on building and developing or getting customers and users or partnerships? Can you explain this?
A: We are focusing on multiple things, including partnerships and new user acquisition through marketing
Our main focus is on our tech and having a successful launch.
Q: Why is your elastic supply token $xDOT pegged to the price of Polkadot?
A: We consider PolkaDot to be the future of the blockchain ecosystem. We have also planned a future milestone for Polkadot integration to be the first Rebasing coin on Polkadot.
We are also working on a number of partnerships with projects in the PolkaDot ecosystem behind the scenes.
Q: Sir, what is your dream or rather, aspiration for DotBase for the next 2 years?
A: To still be of value to our community.
Eric: thanks @DotBased for doing the AMA. I am personally bullish on DOT so this project is very interesting to me.
DotBased Founder: Thank you @ERCSU for having me here and thank you everyone for your insightful questions about our project and team!
We hope to see you in our group and feel free to ask us questions in our main Telegram group: