AMA Recap | Telegram AMA with AnAn, President of VirgoX Asia
On Friday, October 22, we held an AMA session in the VirgoX official Vietnam Telegram community led by Rylee Fan, VirgoX community leader. Our Guest was AnAn Li, president of VirgoX Asia. For those who have missed it, here is a recap of the session!
First of all, please welcome AnAn Li and all Telegram chat members. AnAn, please introduce yourself briefly.
Good morning, my friends. I am AnAn, President of VirgoX Asia. I entered the blockchain industry in 2017 and have been working in the field of exchanges. In 2019, I had the honor to meet the founder and CEO of VirgoX, Adam Cai. I appreciate Adam’s professionalism and pragmatic attitude, so I joined him and assisted in preparing the VirgoX global exchange and establishing the Asian team.
VirgoX has always received a lot of attention in the industry. Can you introduce VirgoX to our friends again?
VirgoX is the world’s first stablecoin trading center and a one-stop digital asset financial service platform. VirgoX was officially launched in May 2020. In just one year, it has successfully developed into a comprehensive exchange with 300,000 active users worldwide. At present, the main users are from Asia, Europe, and South America.
Our main core competencies are:
- Link of DEFI and stablecoins to become a bridge between these two worlds.
- Established branches in Asia, North America, and South America.
- The VirgoX platform is positioned as a comprehensive exchange with its unique characteristics and innovations. We do not walk the usual path, we aim to provide customers with simple and practical services while creating more innovative products to create wealth and value.
On March 12, we officially launched our CEFI VirgoX vault and since then it has received a lot of attention from the community. Afterward, more innovative products such as the blind box NFT auctions and NFT index funds were launched, which are also part of our innovative processes.
Would you please introduce the economic model of $VXT, its market value, and valuation? What is its function? What is the appreciation logic behind it?
VXT’s core value is being the token of VirgoX, with loads of utility. Our economy is built on the foundation of $VXT.
- Total supply: 500 million VXT.
- Circulating supply: approximately 34.11 million VXT
- Burnt supply: Around 46.11 million VXT.
So currently, less than 454 million VXT are actually available.
VXT burn wallet address: 0x0000000000000000000000000000000000000000.
The mining address and the repurchase and destruction address are publicly announced and can be checked on the blockchain. $VXT serves as the cornerstone of our DEFI hub. The applications and value support of $VXT are as follows:
- $VXT serves reward token of the VirgoX Vault. The VirgoX Vault uses all the DEFI revenues to repurchase and destroy $VXT so that users who obtain $VXT earnings and want to sell $VXT at any time and do not have to worry about insufficient liquidity.
- $VXT can be used as collateral to lend various stablecoins. $USDT is currently available, and more stablecoins will be added in the future.
- You can also enjoy discounts on almost every product of VirgoX, including trading, quick bids, and other financial management tools. Most importantly, you can also use $VXT to buy NFTs.
What was the original intention of the VirgoX Vault?
The original intention of the VirgoX Vault launch was to provide the uninitiated with a relatively easy and convenient way to access DEFI. The core challenges of DEFI are:
- The entry barrier is relatively high (private keys, transactions, etc.)
- High levels of professional knowledge required (due diligence on different DEFI protocols)
- The rapid change of the industry (revenue and APY mainly).
Due to these challenges, a professional team is required to conduct 24/7 product selection and monitoring of the actual vault/product and the overall market. VirgoX Vault provides transparency and security to the users so that you can get early dividends in the DEFI market without any worries.
How does VirgoX define the risks in the digital currency field, and how to deal with the risks?
The risks in the cryptocurrency market include:
- Fluctuation: The digital currency industry as a whole exhibits the characteristics of extremely high volatility. 10%-20% daily ups and downs are not a rare thing. For such risks, investors need to clearly understand their investment strategies and risk control strategies. The most commonly used and effective method is stop loss. This is difficult from the perspective of many new investors. As long as you have a good grasp of the point of stop-loss, the characteristics of excess returns brought by the digital currency field are very obvious in the long run.
- Risks of fund security: The digital currency industry faces a high level of so-called “runaway boss” risk, especially Rug pull in the DEFI field. You have to prepare for this scenario, which is the loss of your principal investment. To prevent such risks, investors need to have a very deep understanding of the industry and always take the time to do their research. DYOR. Just like the VirgoX Vault, a DEFI project is invested in mining every time. A professional, smart contract analyst will be hired to conduct a detailed investigation of the protocols. In addition to the audit of the contract itself, we will do our research separately to ensure that the principal risk is minimized.
In the CeFi mining sector, many bigger exchanges have already been deployed. Compared with these second-tier exchanges, how does the VirgoX Vault win? What are the advantages of VirgoX Vault that can stand out?
VirgoX has been researching the field of DEFI, studying how to innovate and how to return value to the community. Now, DEFI mining is indeed profitable. We have seized this opportunity to launch CEFI products, which are unique in the market. Cefi 2.0 is the future of the market, and thus we are offering it at VirgoX.
DEFI is essentially a decentralized evolution of the traditional financial market. However, since it is a financial investment, there will be risks, and professional knowledge will be required. Therefore, CEFI 2.0 ability to provide a better user experience in this area is, in many cases, overall a lot better than the original DEFI vault due to minimized risk and easy access. After all, the optimal path for smart contracts is often limited. Moreover, it is difficult to control the hedging of Impermanent losses of many mining pools. Our CEO and core team are specialized in hedge funds and are very experienced in hedging Impermanent losses. So they do all the hard work for our users, and we, users, enjoy competitive, high APY %.
Why do users choose CEFI on VirgoX instead of mining or choosing other platforms?
Firstly, we can provide users with convenience to participate in the DEFI area. Many new users cannot easily master wallets such as metamask / trust wallet, etc., to seamlessly connect to DEFI. They still hope to be simple, register an email address, and participate in the DEFI bonus area. The existence of our CEFI Vault has reduced this education cost a lot. Allow more people to enter this industry and obtain APY that is much higher than traditional industries.
Secondly, it is about safety. There are several potential security risks when doing DEFI. One is the protection of your private key. It is very safe until only you have access to it. But many wallets are currently based on web browsers or mobile apps. In this environment, there are certain security risks. The other is the selection of the current Defi project. Currently, we have many automated DEFI projects running 24/7. Some projects are online for 1–2 days, and the funds are taken already. In fact, in many cases, our CEFI Vault must handle all of these factors. Avoid the risk of loss of principal investment due to impulsive investment of high APY.
Thirdly, it is about transparency. Many users will say that the biggest problem with centralized exchanges is opacity. So we made innovations in this area, and we made all the mining addresses public. Although the private key is not in the user’s hands, you can see what mining pool your invested funds are invested in, the daily income obtained, and the most basic question. Is the TVL in our mining pool real? You can control and know everything.
Finally, what I want to say is that it is the so-called path optimization. With the liquidity pools in the DEFI industry, strategic investment is generally unitary. For example, I automatically harvest income and invest according to a strategy to find the best opportunity if certain conditions are met. Our liquidity pool team is looking for the best path 24/7 hours across the Ethereum main net, BSC, HECO, and other mining pools. This ability is not available to many liquidity pools.
Products that can achieve the above advantages, the CEFI liquidity pool of the VirgoX on the market can win!
So what are the benefits of VirgoX Vault?
Real-time revenue updates and real-time availability are the outstanding advantages of VirgoX Vault. For example, the current annualized rate of the USDT staking pool has been maintained at about 15% and reached more than 30% at the top. Since the earnings of the VirgoX Vault are automatically updated every 30 seconds, and $VXT mined every minute can be reinvested.
Everyone knows that the power of compound interest is mighty, so annualized rates are even higher. In the $VXT staking section of the vault, you can stake $VXT and mine $VXT and keep reinvesting. If you don’t reinvest, you can sell $VXT for $USDT/ Tether or other currencies and reinvest or withdraw them at any time. The earnings of single currency pools of other mainstream currencies are also very competitive in the industry.
In addition to the vault, what other high-quality products?
This is the most critical part that loyal users want to know. VirgoX is a relatively new exchange. From a historical point of view, it only develops for a year. But in this short span of one year, we have done all the construction of the service sector, including:
- Spot trading: DEFI tokens and stablecoins are the core parts. There are more than 30 DEFIs, 20 stablecoin projects, and a total of nearly 100 token varieties available, especially the industry’s global emerging projects, which have a relatively large return on investment in the initial stage of launch.
- Futures trading: There are nearly 20 trading pairs, including $USDT denominated and $BTC denominated, which can help users hedge the risk of price fluctuations.
- Loan: You can borrow and mortgage various tokens through various mainstream currencies and $VXT. The current interest rate should be the lowest in the industry.
- Financial management: All kinds of innovative financial products, including flexible savings, term deposits and structured products, etc., including our star product Vault, which is a current financial product.
- NFT mystery box auction: One-click bid of the latest star NFT can be traded and sold in the NFT trading area.
Generally speaking, VirgoX is a small exchange at the moment, but we have a solid determination to become the top second-tier exchange in the next year and the world’s top-tier exchange in the next two years.
Free Q&A session:
Question 1: What makes VirgoX distinctive and ahead of other tokens/competitor blockchain projects that currently exist, keeping in view that their fundamentals are also based on decentralized finance?
Good question! This is a crucial point where users are concerned. What makes VirgoX distinctive is that our star products are convenient for users to participate and get the earnings of this industry. The service provided is optimum, and security protection of the cryptocurrency asset is at the highest level due to our exchange insurance, which insures all assets up to $150 million currently.
Question 2: Almost 80% of investors have just focused on the price of the token in the short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in the long term?
The value of the coin must align with the value of the platform development instead of manipulating the currency’s price maliciously. Therefore, if you know that the team has been working hard to develop new products, expand new markets, and attract new users, then this is a very bullish signal for our investors for the long run.
Question 3: Where can I buy your token? Can you share a link to the whitepaper and roadmap for more information?
You can buy it on VirgoX. Our app download website is https://virgox.net/app.
Question 4: What will your project do to attract investors?
Our $VXT exchange token has many use cases and more to come, and it has a perfect repurchase and burns mechanism. The platform uses profits to repurchase and burn $VXT every day. With the increase in $VXT applications and the decrease in the number of $VXT, $VXT will become more and more valuable.
Question 5: Can you tell us some of the latest achievements made by the Your project & can you describe in detail the current development efforts, such as market expansion plans, expected applications & the new upcoming program of events?
Yes, we are expanding the market in BRAZIL and AUSTRALIA.
Question 6: How important is the community to VirgoX?
It is essential because the community is where we can get feedback from our users and provide our services and information.
Question 7: Many projects only focus on the price of their tokens in the market but not on the utility of the tokens, and can your tokens deliver real value in the world?
Yes, this is what we are doing. Maybe in the field of payment first.
Question 8: I signed up for a VirgoX account, and now how can I invest in $VXT?
You can buy $VXT in the secondary market with $VXT/$USDT pair.
Question 9: What is the ultimate vision that the project is trying to achieve within the cryptocurrencies market?
Our vision is to provide the most professional financial currency products globally and make users participate in DeFi, with ease and relatively risk-free. This is what we call Cefi 2.0. The revolution of financial products.
Question 10: How can the COMMUNITY supports and help in the success of your project? And how can we Collaborate or help you with the development of your project?
We welcome the community to spread our products and teach them how to join our platform. Any star products need users to support it.
Thanks for your concern and time today. Welcome to VirgoX and experience our products. I believe you will get many surprises.
World Stablecoin Trading Center
VirgoX provides extensive stablecoin trading pairs and incubates stablecoin projects from early stages. With its complete ecosystem ranging from spot & contract trading, lending, payments & remittance, VirgoX is able to offer sustainable values to global stablecoin projects and traders. VirgoX consistently innovates new product offerings in the rapidly evolving industry to accommodate users’ needs.