Community Administrator:
Our AMA tonight is about to start. Thank you for your attention ~
Welcome to the AMA session tonight: Let’s know more about Pool-X
And let’s give a big applause to the host of the AMA tonight, Justin!
Host:
Good evening everyone, I am Justin, the founder of TRON. Tonight, I would like to welcome you all to the AMA in this group and jointly holding by TRON and Pool-X.
I think some of you may have heard of Pool-X and before I unveil the curtain, I will give you guys a brief introducing and take a glance of it::
Pool-X is established and provided with technical support from KuCoin and TRON. It is an exchange that provides liquidity for all users in the PoS ecosystem. In the future, it will be transforming to a decentralized stage and jointly governed by the community.
POL as the platform token, is issued based on TRON protocol. The Pool-X liquidity trading platform is committed to providing liquidity for staking assets, and whenever you like to redeem or trade the assets, even if the assets are still in the staking state, liquidity could be obtained through the platform. The AMA tonight will last for 1 hour and will be divided into 3 parts:
1) Guests answer all pre-collected questions
2) Free asking session and answers by our honored guest
3) Ending speech
We are going to mute the group while processing the first part of the AMA. You may freely prepare your questions for the guest and ask in the second part, and the guest will randomly choose 3 questions to answer.
And here comes our honor guest, Johnny, CEO of KuCoin Global
Johnny: Hi everyone, I ’m Johnny, CEO of KuCoin Global and founder of the Pool-X project. Today, another mysterious guest I particularly invited to join the AMA session with me.
Top: Hello everyone, this is Top. Today, I will assist Johnny to answer specific questions about Pool-X in aspects of product and techniques.
Questions:
1. What is Pool-X? What’s the relationship with KuCoin? What’s the relationship with TRON?
I’d like to talk about this briefly from the birth of Pool-X. As you can see, the staking economy was well known by the market, and as of last month, there were more than 70 projects participating in staking services in the market, like ETH, is also proactively transitioning to PoS. The milestone achieved so far is just the beginning stage of the staking economy. A bold prediction we can make today, during the period of rapid development in the future, the tokens utilizing PoS or hybrid PoS mechanisms will become the mainstream and occupy at least 90% of the crypto market.
The rise of blockchain and even the founding of KuCoin are all closely related to Ethereum, which brings smart contracts, on-chain applications, and community governance to live. This part of the staking assets on the chain will become the cornerstone of the future blockchain industry and play the role of bonds in the traditional financial market.
Here we are meeting a huge pool of decentralized or centralized platforms and wallets existing in the market, but most of them can only meet the user’s staking requirements without giving a feasible solution to the user’s liquidity trading needs. The market has so far progressively solved the problem of how to make a stake, what to stake, and the staking income, but no one provided or given an effective solution by covering the services that apply to use during the staking. Community members are FUD to participate in staking mainly because of price fluctuation during the staking period. Especially when the staking rate gets increased and the circulation scale decreases accordingly. To deal with the liquidity “Achilles heel” during staking, KuCoin launched Pool-X, an exchange that provides liquidity for staked assets.
Our Pool-X platform token POL is issued based on the TRON protocol. TRON, with its supremed advantages on high throughput and scalability, has always been committed to creating a more decentralized consensus mechanism. When we met with Justin, the idea was unexpectedly written in the history book and in hoping that this project will not contain the original sin problem like other blockchain projects, and so the principal for not accepting any investment and in the nature of zero reservations to be provided to the team or any individual upfront.
2. Can you elaborate “Pool-X is an exchange that provides liquidity for staking assets”? How does it work?
As mentioned in my last question, the birth of Pool-X is due to the expansion of the PoS ecosystem and the huge liquidity demand in the PoS industry. Based on the pain points of this industry, Pool-X has pioneered the development of a liquidity trading market. Users who participate in staking business and staking tokens while holding token staking certificates. When the user has a need to redeem the staking tokens within a short time, the user can choose to transfer the staking certificates in the liquidity trading market. By paying with a certain amount of POL, users who provide freely circulating crypto assets (liquidity providers) can quickly obtain circulating assets, and staking certificates are automatically transferred. The level of consideration paid for this portion of liquidity is entirely determined by market supply and demands. Generally speaking, when the price of the crypto assets fluctuates greatly, users will be motivated to trade it, the liquidity demand increases, and liquidity is scarce, the price of the crypto is likely to rise; otherwise, the liquidity supply is sufficient, and the liquidity premium is reduced.
For example: the user deposited 1 million TRX a week ago, and because of the increase in TRX price on a certain day, he hopes to redeem it on the same day. He can suspend the order of 1 million staking assets in the liquidity trading market and cost 1,000 POL for this. After user B sees the demand for the pending order, he transfers 1 million TRX to get the TRX in staking state held by user A, and obtains POL as the income of providing liquidity. Of course, in this process, the transaction matching will be charged a certain fee. However, through this market, users do not have to worry about the staked coin cannot be unstaked when needed, and the process of the transfer transaction will not affect the staking rate on the chain.
3. We heard that there are no reservations for any investors and teams, so who can get the POL token?How does it get distributed?
POL is the token of the Pool-X exchange, and we improved its distribution method based on Edgeware’s LockDrop method.
As you may know, the disadvantage of Edgeware LockDrop is that users can get EDG tokens by staking ETH on the chain and ETH will be returned to the user after expiration. The user will get tokens by paying the time cost of staking ETH, which means it is not a ‘free’ token since time cost is still a cost. However, because Edgeware LockDrop has an option for flexible staking and there are some centralized custodians of ETH on the market. There were groups of people holding a large amount of EDG tokens by occupying the EDG’s LockDrop since they have a large amount of ETH.
Although there are disadvantages of centralization, we still think that LockDrop is a great innovation. We made some updates to POL’s LockDrop. What community members get from POL LockDrop is not tradable POL, but POL’s share instead. These shares can be unlocked by participating in Pool-X. For example, users can unlock the remaining shares of LockDrop by participating in staking. By this means, we can find the real users of the entire ecology, which will also help expand the whole circulation scale. At the same time, Pool-X is also friendly to speculators. If they do not participate in the ecological construction of Pool-X, although they cannot unlock their POL, they can choose to sell their Pool-X accounts directly. All behaviors of staking various crypto assets on Pool-X will generate POL, which will be distributed to the real users of this platform for free.
In order to express our gratitude to community members of TRON, Pool-X set up the last LockDrop Special Round for TRX only. All community members of TRON are welcome to go to Pool-X to lock up TRX to get POL. For this time, we do not set up any hard caps for single users. Two million POLs will be distributed according to the ratio of the user’s lock-up amount to the platform’s total lock-up amount.
4. You mentioned that the POL obtained by LockDrop needs to participate in staking to start unlocking in the previous question, can you talk about the staking on Pool-X?
Top: Let me answer this question for you.
We can talk about the staking from the following aspects:
As the business root of the exchange, Pool-X will select the high-quality crypto nodes to take part in the early stage of development, and will gradually open more services by providing technical and operational solutions to form an exchange to support cryptocurrencies and nodes in single and multiple types. In additionally, users are able to choose the staking projects and join the corresponding node / exchange.
The POL that users obtained from LockDrop will not be 100% distributed, instead, it will be firstly unlocking 20% of POL after the listing, and the rest of 80% of the allocation will be unlocked with future staking participation.
Users are able to get node rewards and POL through participating in staking at Pool-X. For example, if I staking TRX on Pool-X, and so does the staking income of TRX’s will be obtained and a certain amount of POL will be allocated. Currently the generating of POL maintain a balanced output, which is 250K POL per day and will be allocated and issued according to the user’s “adjusted market value” share of the staked assets (the value of the user ’s staking assets / The value of all assets in the exchange). 20% of the POL will be unlocked immediately, and the rest of POL will be unlocked based on the monthly basis after 6 months. The total monthly unlock amount is 20% and will be ultimately completed in 4 months. The mechanism will effectively be achieved by releasing POL in progressive manner.
5. As a token with 0 fundraise and 0 reservation, what is the value of POL? What are the application scenarios of POL?
First of all, Pool-X is an exchange platform for exchanging liquidity and POL is the platform token.
Secondly, POL has no investors, no private sales, no discounts, no pre-mining, and even the team does not make any reservations, so you don’t have to worry about the so-called ‘major bankers’ since POL is a pure community token. It’s really rare.
Thirdly, at present, only Pool-X liquidity exchange is really trying to solve the liquidity problem of the PoS industry. The staking certification of the liquidity trading market and the exchange of corresponding tokens need to use POL as a fuel because the exchange can serve ordinary users, nodes, and even projects. As long as there is liquidity trading demand, there is demand for POL.
Pool-X was initially a centralized application, and there were direct application scenarios since its birth. Since there were no fundraisers for POL, the previous holders are all real users of Pool-X and POL will be used when they go to stake on Pool-X. Therefore, no one will be willing to sell POL. For example: if the token that I hold gets pumped up, I must keep enough POL to support my trade. More importantly, POL is not only a proof of liquidity, it also describes the entire Market demand for liquidity. For example, when ATOM’s price increases, POL will also get increased. But when ATOM’s price falls, POL will also get increased, because as long as there is liquidity demand in the market, POL always has value, which may lead to price increases since POL is to serve the whole market of staking. When the market fluctuates, there will be changes in liquidity demand and, there will always be demand for POL.
Thanks for your answers, Johnny and Top. Here comes to the 2nd part of our AMA, free asking session and answers by our honored guest. You are welcomed to ask questions about Pool-X and the guest will randomly choose 3 questions to answer. The room will be unmute now, get your questions ready.
Questions from community:
How to get POL?
- Can participate in the LockDrop super round of airdrop activities;
- Pool-X platform staking mining business;
- POL is about to open the POL/USDT trading pair on KuCoin, and will also open trading on Poloni Dex, a TRON decentralized trading platform. You can buy POL through the trading market
Q: If POL has no points reserved by the team or individual, how can the team ensure that the platform is profitable and continues to operate?
Due to everyone’s recognition of the concept and the project, KuCoin and TRON donated a sum of money at the beginning of the project, which also supported the formation of the Pool-X core development team and the operation of the project. As the platform accesses more assets and nodes, users participate in staking, and the increase in the trading volume of the liquidity trading market makes the entire project run well. When the project is handed over to the community for decentralized governance in the later period, the income of these businesses can also well stimulate the parties involved in governance. At the same time, the budget mechanism will also be used to motivate ecological contributors.
Q： There is one more member of the TRON ecosystem, but I am curious why Pool-X chose to issue POL on the TRON chain?
The reliability of the TRON TRC20 protocol is utterly stronger. Tether also issued the TRC20-USDT stablecoin based on the TRC20 protocol at the beginning of 2019, and the current circulation has exceeded 700 million. The prosperity of the TRC20 ecosystem is formed with its strong community support, and what’s mostly vital, is with the mass compatibility with ERC20. Developers can easily migrate Ethereum smart contracts to the TRON mainnet, which gives developers greater freedom and flexibility. And Justin has always been committed to the development of decentralization, which coincides with the pursuit of Pool-X. Based on this, Justin enables his own way to contribute to this project. Pool-X is grateful for his efforts and everlast support and will continue to move toward the decentralization as the ultimate goal!
