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Wolfonaire Chatbox : AMA With adaX(12th June, 2021)

Hello! Wolfonaire Family & Crypto Enthusiasts

We recently hosted an AMA With adaX 12th June, 2021 at 1.00 PM UTC. This session was phenomenal. If you have missed then here is the precious AMA transcript, for those who missed the live session this will enlighten you for sure…

Guest Speaker :

Mr. Dovydas Petkevicius | CMO, adaX

(Note: This is the transcription of the event. Please note that the transcript was edited for comprehensibility and coherency, while the content was not changed.)

INTRODUCTION

Dovydas : ADAX initially was an idea of a multi-chain swapping platform, our development team has explored the likes of UniSwap V3 and PancakeSwap which were both on Ethereum and BSC equivalents, also they Solana blockchain was in the works. We have been working on our POC development for the last quarter. But as everyone knows, things change really fast within the crypto world and that is exactly what happened 4 weeks ago.

And then Cardano released a statement about moving their smart contracts into the testnet and setting up a soft launch date towards the end of August. At the same time, their mothership IOHK, dropped a bombshell about ERC20 token bridge into the Cardano Ecosystem. Which was a no brainer for us to jump into the game. Things moved fast, from the brand story to a website, wireframes of the platform — all at once. Hence the reaction from the community: “where did these guys come from?”

Our Exec and development teams are a combination of experience and ambition. We come from different backgrounds from traditional finance, ad-tech and iGaming. The guys have been through multiple crypto cycles and have worked with a number of blockchain projects in the past.

Wolf : Awesome 👌🆒️🙌… For our members who are not already familiar with the project, can you give us a very high-level overview of what #Adax is and what competitive edge it brings to the Crypto Universe?

Dovydas : As per our roadmap, our project is straightforward, a unicorn version on Cardano, with an addition of an IDO launchpad. We wanted to keep it clear and simple, not over promise things and deliver on the plan as opposed to prolonging the delivery for months and years to come. In terms of advantage — we have an experienced team and the speed, which will drive us forward and make us 1st ones on the market!

Wolf : How do holders of the $Adax Tokens benefit in the ecosystem? What power within your model do individuals hold? Why is it so attractive and what are the basic requirements to participate?

Dovydas : At the very beginning we are looking at setting up a staking pool so that the holders can benefit from holding our token early on, we are in the talks with a number of staking pool providers already. Moving forward, when the IDO launchpad is released, token utility will come in place. Projects will be required to have a certain amount of ADAX tokens in order to launch private / public sale. ✅

Wolf : Interesting 👏… Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?

Dovydas : We are actually ahead of our roadmap, currently in the fundraising stage with the community stepping in hard! we sold over 35% in the first 24hours of our IEO, so that’s a really exciting result! Our dev team is already working on a prototype of the platform, there are some limitations due to Smart Contracts from Cardano not being deployed, but the front-end side is in progress, and we’ll be sharing it with the community so that feedback could flow our way. ✅

Wolf : Can you please give us a short tutorial on how even a nontech guy can easily use and enjoy your platform?

Dovydas : A non-tech person who is holding any type of Cardano Native / ERC20 tokens, will be able to easily exchange them on our platform. Think of it as an old-school type of bank, once entered a service of currency exchange is provided at a low cost, or you can put deposits and earn benefits from that :) ✅A non-tech person who is holding any type of Cardano Native / ERC20 tokens, will be able to easily exchange them on our platform. Think of it as an old-school type of bank, once entered a service of currency exchange is provided at a low cost, or you can put deposits and earn benefits from that :) ✅

Thanks For The Details. Lets pick the Twitter questions

Q1. Does your project support staking program? if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?

Dovydas : Currently we are in the stage of working with our partners to have this feature enabled in the nearest future. The news will be released as soon as we have an agreement.

Q2. What are your key features that you are very proud of and feel very confident about that makes you ahead over any project out there?

Dovydas : The UX side of the platform and obviously the low fee / fast transaction model!

Q3. DEFI is evolving too fast and the ability to break is very high. What do you think about this and can you be sure that Adax’s products will be demand in the long term? What is Adax planning to contribute to DeFi’s growth?

Dovydas : We are not re-inventing the wheel, we are using a UniSwap case that has been successful for years now, and just adding additional features on top of that. Having a cross chain solution will enable us to receive bigger adoption.

Q4. what is the purpose of this project in building?. and how can I and other friends participate in advancing this project in the future?

Dovydas : The purpose is to step into Cardano ecosystem and be the first on the market. Cardano has been gaining a lot of attention throughout the years, and we truly believe in the blockchain and the founders themselves. There’s this remarkable vibe within the community and we love the passion and drive!

Q5. What is your strategy for building a strong community? Do you agree that the power of the community will lead your project to develop globally? What services do you provide to the community?

Dovydas : Community is one of the key drivers for our project. As mentioned earlier — we will be conducting a Q&A session, where people can step in and provide feedback on the platform demo, which obviously will be taken into account. Growing globally is our main goal, we have conversations about having more localized communities, for Aisia and NA.

Q6. There are so many issues around poor user experience and limited liquidity. What alternative solution or innovations will AMMs like #ADAX offer in the decentralized finance (DeFi) sector?

Dovydas : We have allocated a certain amount of funds for liquidity; other projects will be able to pool theirs as well. We want our community to lead our direction and project development, therefore we’ll have a direct line with them at all times.

Q7. At the moment I don’t see adax pro having any activities or events such as, Partnership, fork/swap, burn, feature release and so on. Can you reveal what event or program in the future?

Dovydas : We’ve signed a partnership agreement with NetVRK.co guys who are the pioneers and true supporters of Cardano Ecosystem, we are having talks with Cardano Foundation themselves, our team of developers opened that door for us, so some exciting news will come next week on that front too! Also there are a few projects that are interested in working with us (Charli3, WorldMobile and so on) so more announcements are coming soon!

Q8. could they form a contract in a test network? What are your expectations for growth? Are you planning to partner with more projects? What is the function of the token within the platform?

Dovydas : Yes — our Native Cardano token smart contract is already live on the mainnet, and our contributors have their shares in their wallets. More partnerships are coming! A lot of moving pieces at the same time 😊

Q9. Reading about the Adax project, I could see that they plan to advise the community. But, what will be the features or requirements taken into account to determine which projects can invest in and, therefore, recommend good investments to the community?

Dovydas : User experience, the most important aspect that is key to the success of a new platform.

Q10. How does blockchain benefit the your platform to create an innovative project based on this technology? And moreover, how does it benefit users when it comes to building trust and investing in methods that may differ from traditional methods?

Dovydas : Main Cardano blockchain benefits that we’ll utilize are speed and a low fee model.

Q11. Many good blockchain projects have failed due to low sales of their tokens, which can be blamed on the current bear market. How will you raise funds for your project and survive in this bear market?

Dovydas : Private and Public sales have been very successful so far and exceeded our wildest expectations. We haven’t noticed much of a slowdown from the community and we hope to continue this ride!

Q12. Ambassadors plays an important role in achieving the goals of every project. Do you have a Global Ambassador Program? If you have, how can I Participate and be an ambassador?

Dovydas : Drop us an email at team@adax.pro and we can discuss the possibilities!

Q13. ADAX PRO develops many products, which is an advantage when it can meet almost the needs of users. However, does developing many products make management difficult? How do you ensure the quality of all ADAX PRO products?

Dovydas : We only have 3 products — liquidity pools, swap engine and IDO launchpad. We are focusing on these key features and quality is our main priority moving forward. As mentioned earlier we didn’t want to over extend ourselves therefore we can fines our main subjects. Experienced leadership team and developers who had multiple crypto cycles will ensure that.

Q14. Projects that are not traded on major exchanges remain unnoticed. What do you think about listing the token on the well major exchanges?

Dovydas : We are in talks with multiple exchanges, the challenge is that not many, if any — are supporting Native Cardano tokens at this stage. Once that situation changes — we’ll be out there!

Q15. What do you think has been the largest negative of previous DEXs, and how do you plan to solve it?

Dovydas : Over-extending their roadmaps and promises. We kept our short, clear and precise!

Q16. Is Your project a local or global project? how many communites do you have for non english users?

Dovydas : Our project is definitely global, we have team members from all over the world, US, Ireland, Lithuania, Pakistan, Malaysia etc.

For the non English speaking users, we’ll have sub-communities setup in the near future. This is already in motion.

Q17. What are your plans to educate and raise community awareness so that more people understand ADAX platform, its technology and vision?

Dovydas : We have an extensive brand awareness campaign running, that will continue to run for the coming months. We also have a direct line of communication with Cardano Foundation, so their support will be key, and we hope to grow this connection!

Q18. Why adax ? How does adax plan on being more efficient than its competitors ?

Dovydas : Our Aim is to be the first, and having a team of developers, that consists of 26 strong, will allow us to achieve our goal — to be the platform of choice and set an industry standard.

Q19. What’s your plan to bring non-crypto-natives into your ecosystem? How do you keep a balance between developing the technology and also improving the value of your token?

Dovydas : We have over 3000 ADAX token holders already, and a lot of them are first time crypto buyers. Which is a remarkable achievement, and we’ll continue this path of introducing the global public with not only crypto, but ADAX in particular.

Q20. What does it means by “State of Art” Mentioned in website? What unique things it’s going to offer in crypto space?

Dovydas : Indeed it’s a bold statement right? Well Cardano has that artsy feeling about their ecosystem and we wanted to make sure we fit in it too. What exactly does it mean? Our team has researched multiple platforms, having that kind of insight allowed us to summarize the situation, pick the best practices, optimize the bits which are not ideal and turn them into a platform that fits our users like a glove fits the hand :)

Now Community Question & Answer Session Began

Q1. So many projects just like to speak about the “long term vision and mission” but what are your short term objectives? What are you focusing on right now?

Dovydas : Our roadmap is quite clear, to be a forkable platform by Q1 of 2022.

Q2. Marketing is an essential element of every project, so everyone knows the potential that a project can generate. What is your strategy to attract new users and investors and maintain it in the long term?

Dovydas : We have an extensive marketing plan in place, that has been running since the project started and will continue to do so after the fundraising is over. Cardano Foundation support will be a crucial part of it as well, so we are working hard to get that ball rolling.

Q3. Do you have any new partneship recently? So what advantage of this partnership to the YOUR project ?

Dovydas : We signed with NetVRK.co and are working with other projects to collaborate and kick things off, we barely have any sleep lately so that all these moving parts go to the same direction!

Q4. Today on how many social media platforms are you going to rock, how and where and can I join you??

Dovydas : Focusing on Twitter/Telegram mostly, more will come at later stages!
https://t.me/adaxcommunity
https://twitter.com/adax_pro

Q5. So many Rug Pulls heppenig nowdays. and almost 90% project with anonymous team do rug pulled. How can we sure that You are not like them and we can invest in your project safely?

Dovydas :We are super transparent when it comes to our team, plans and strategies. My face is all over the media in terms interviews and AMAs, other projects tend to avoid such exposure.

What are the ways for your project to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?

Q6. What are the ways for your project to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?

Dovydas : Whitelabel solution to be sold and our IDO launchpad via commision based model.

Q7. What is the main problem you see in blockchain industry? What real problem is Your project seeking to solve with Blockchain?

Dovydas : A lot of doubt, fud, lack of regulation, and the aspect of secrecy in most cases. This creates fear within investors eyes. So to overcome that we are coming upfront and are transparent.

Q8. IF THE BEAR MARKET COMES will your token PROBABLY DUMP? Do you have any plan to prepared for this bear market? How will you handle the panic sell ?

Dovydas : We have funds allocated for treasury and such events.

Q9. NFTs is hot trending now, Do you have a play to have NFTs in your platform? If so, can you tell us yhe plans of your project in NFTs?

Dovydas : NFTs are a great buzzword, but in our case we think that it would bring more confusion than benefits. Therefore most likely we’ll avoid that matter for the near future.

Q10. What’s the uniqueness of your project that can not be found in other project that’s been released so far?

Dovydas : We created a "how to" guide for the Cardano community, on how Cardano Native assets/tokens can be minted/burned. It didnt end up un-noticed by developer community. No one else went for that, we did!

Check the documentation here:
https://bit.ly/3gcMHcP
https://bit.ly/3fYJH4A

Now the session ends with lots of thanks to our Guest Speaker…

Here are some important links of adaX

Website | Telegram | Twitter | Wolfonaire Family Chatbox | Wolf

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