Dexpools AMA Summary Recap with Shin Chan Community

We held a live AMA with Founder & CTO, Travis Skweres and Co-Founder & CPO, Dan Peng from Dexpools on 4th January 10:00 PM (UTC+8). Here’s the recap for those who missed it.

Introduction

JH | Shin Chan: Before the ama start, could you please introduce yourself and team background to our community?

Dan P: Sure. Dan Peng here, co-founder and CPO. My background is grounded in product management and UX design and I’ve been in DeFi, NFTs, etc for several years. I met our founder Travis Skweres at a management consulting firm called BCG and we worked together for about two years on a variety of strategy and app development projects before we started on Dexpools together. At that time, Travis had just sold a DeFi app to Portal, which is a layer two DeFi app recently funded by Coinbase and other major VCs. He really got me into both the DeFi and DeFi app world and we’ve been working on Dexpools ever since.

The other team members here have worked with Travis and I on various other projects, so all of us are very familiar with each other and have great chemistry 🙂

Feynman: I’m Anthony. Have been in crypto for a few years now. My background is quite varied but has been focused on a couple main areas; Sales and Analytics.

Waggle- WILL NEVER DM FIRST: I’m waggle. I’ve been in crypto since 2015. My background is quite varied but has been focused on a couple main areas; Marketing and community engagement

JH | ShinChan: Could you tell us about Dexpools in short, and Is there any news from Dexpools you can share with us?

Dan P: At the core, Dexpools is a peer to peer OTC trading platform with a vision to allow users to swap any digital assets, including tokens and NFTs (GameFi assets included).

We will be supporting multi-chain swaps, and eventually cross-chain, but the big immediate news is our open beta that is coming up on the 11th of January.

JH | ShinChan: @Dexpools is adding exciting new features and an open beta launching on January 11th.

However, due to that, the IDO date will have to be moved on a later date.

A new date for the IDO is gonna be announced over the coming days 🌞

More info here: https://dexpools.com/blog/news/dexpools-moves-ido-to-february-2022/

Community: @dexpools
Announcement: @dexpoolsann

guys, can take note on the 11jan of the Dexpools Beta, also the upcoming IDO announcement :)

Twitter Section Begins:

Q1: The OTC idea is great for reducing the effects of slippage. But what if one user needs to trade a large enough volume of a token and no other users appear to be the counterparty? Can this order be split (automatically by the platform) into several smaller pieces?

Dan P: So that was one of our suggestions we received from the community during our closed beta. In the open beta, users will be able to accept partial fills. We are also testing multi-token acceptance but it gets tricky when you mix the two. Many of the sellers may be bigger traders looking to offload tokens without crashing markets so really good idea from the closed beta testers (and the person who tweeted!).

Q2: I was evaluating Dexpools roadmap and I noticed that for this year they have planned the integration of “NFT swapping support” Can you tell us about this feature? Will we be able to sell and buy with NFTs assets really? Why did you find it interesting to incorporate this?

Dan P: A few reasons we think NFT swapping is really interesting.

#1 the real goal is to allow users to swap OTC with other users regardless of the digital asset, so this is 100% within our vision.

#2 the development work behind the scenes shares some commonalities so we aren’t too far off from adjusting our code to allow for NFT swaps

However, the experience needs to be really smooth and it’s a bit different design wise to support NFT trading so we have lots of things in our design lab that we are cleaning up to make sure it’s super easy to trade NFTs and tokens, in any combination.

Q3: I could see that DEXPOOLS is currently under audit by QuantStamp. Why did you specifically choose this company to perform your audit instead of any other in the market?

Dan P: Quantstamp was an early investor and Don Ho, the Managing Director, was an early advisor for us so it was a pretty easy decision. That and the fact that they are arguably the top if not one of the best audit firms in crypto currently. It was also important to have them onboard as an advisor due to the important of security with the logic that sits behind OTC smartcontracts, and trust is #1 for P2P OTC trading.

Q4: After Completing the IDO Will investors be able to claim all their $DXP immediately or will there be a vesting schedule? How is the $DXP token allocated, Do you have a very detailed distribution plan with clear annual spending limits?

Dan P: No, there will be a vesting schedule. $DXP is a pretty strong utility token so definitely not something we are looking at for a short term gain. There is a super detailed breakdown of our emissions rate, vesting schedule, etc in our whitepaper. I’ll also take a screenshot of the tokenomics for everyone to see here.

Also details on the token utility

Q5: Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood.

Dan P: Yes — that was the biggest reason we had a closed beta. During the closed beta in December, we created a suggestions / bug hunt submission process and rewarded all major contributors with $DXP airdrops as well as whitelists for participating. We are also working closely with major OTC brokers and experienced investors to understand exactly what they need to support their selling and buying experience as well. I think knowing the preferences of both experienced and smaller traders is super important to have a strong community and DeFi app.

Q6: We know that every day many new projects join the cryptocurrency world, so the new project will become a competitor. So does the DEXPOOLS project have a strategy that will be given to competitors so that the DEXPOOLS project will be superior to its competitors? If so can you tell us?

Dan P: One of our main strengths is that we have a robust product management process to help us figure out how to build a strong foundation and continue to create features for the community that will be used and valuable. We actually hope that our OTC platform will create new competitors since the space needs more P2P OTC platforms in general to help traders swap off market.

Q7: Regarding the open beta version of #Dexpools which will be fully open to the public. can we still use the open beta? Is there a registration process? when is the end date for the open beta?

Dan P: The open beta will be launched on Jan 11 and everyone will have access to an app URL that you can use.

Q8: You have Said that Your Fees Structure is Meant to be Highly Competitive with the excisting CEX and DEX , Could you please tell me More about your FEES STRUCTURE , Is It Fairly Low So that Even the Small Traders Can Easily join the DEXPOOLS ?

Dan P: Yes, the fees are a percentage based on which token pair you are trading. They are highly competitive to the fees and slippage rates of DEXs.

Q9: Solarbeam. io recently announced that you will be adding some features in your Beta and a new date for your IDO will be announced on the coming days. Where can we be able to follow announcements about it so that we can be updated? Can anyone participate in your IDO launching?

Waggle- WILL NEVER DM FIRST: Yes, anyone can participate as long as they meet the requirements set by the launchpad platform. You can follow us on our dexpools telegram or Twitter for consistent updates!

Q10: Regarding the open beta version of #Dexpools which will be fully open to the public. can we still use the open beta? Is there a registration process? when is the end date for the open beta?

Waggle- WILL NEVER DM FIRST: We will be going live January 11th. All users can go to our platform and use the product!

Q11: If I am really one of the users who makes exchanges in exchange Cex, why is it much easier, then why should I prefer to migrate to Dexpools? Will they offer better liquidity and the same ease of operation?

Dan P: If there is super high liquidity, you will most likely just use a DEX or CEX. P2P swapping makes the most sense for really large trades that impact markets or trading in low liquidity situations.

Q12: From Your Beta test Screenshot, I saw that icon of language its supports,
Other than English,
What other language does it supports for non-English speakers?

Dan P: Yes, currently we support Chinese and Spanish — however there are plans to improve our internationalization capabilities and expand the list!

Q13: Staking is very important for every project to attract users. So does your project have staking program? If yes, how can we stake your token? Is these any requirement for users?

Dan P: You must stake $DXP to get the rewards from our platform fees and other benefits. You can also participate in certain pools/farms — that is TBA soon.

Q14: Dexpuls is already excited to welcome two new advisors to keep Smart Contract Security at the forefront of DeFi. What do you think about this? Since DEXPOOLS is a decentralized, peer-to-peer (P2P) OTC DeFi platform. So which particular wallet do you plan to trade in?

Dan P: We’ll be supporting 5+ wallets from the beginning, including Metamask, Wallet Connect, Coinbase Wallet, Formatic, Portis, etc.

Q15: I understand you have plans to launch IDO launch on multiple platforms. Which platform will be chosen for dual IDO other than Solarbeam and when will you announce the clear IDO date?

How will the donations you collect for your IDO contribute to the development of your product and how long will you continue to raise funds? Will fundraising continue until IDO launch?

Dan P: The other IDO platform partner will be announced in the next weeks. One of the biggest reasons we are dual IDOing is due to the fact that we support many chains and Moonriver is just one component of our community. We’ll be using most of our funds for team growth and feature development, and a portion for marketing / partnership development.

Q16: You claim that on DEXPOOLS the only OTC P2P platform with low transaction fees for both trading parties. How much does it currently cost on your platform? Will these costs stay the same over time or will they change?

Feynman: Yes our fees will vary based on tokens being swapped. From 0.1–1%. We have flexibility. Lower rates for higher liquidity tokens.

Q17: Private negotiation chat is another nice feature in Dexpools, How do you see it working? Can I simply DM a trader who has posted an offer to make a counteroffer? this is a useful feature but privacy is also important, so what are the efforts to prevent DMs, manage block lists,etc

Dan P: Yes, we are introducing more privacy features including some of what you mentioned. Out of the gates we will include masking of addresses, advanced blocking, private trades, and many many other things for our MVP launch in February. You’ll be able to see a few of the features for our open beta as well on Jan 11th.

Q18: I Read that The Dexpools team is excited to announce a formal strategic and investment partnership with BIG BRAIN HOLDINGS , Will You please talk more about the Startegic Partnership and What other Partnerhips and Colloborations you have done ?

Dan P: We recently forged partnerships with other key ecosystem leaders, including privacy DeFi projects like Avarta, farming/pools teams like Yield Yak, and additional VCs for support like Magnus and Orange Dao. These partners are very important for us because they open up new communities, co-marketing efforts, and of course, funding. Strategy is a big thing firms like Big Brain bring to give us insight into things like NFT trading, and research for our roadmap.

Q19: I looked at Q1 DexPools planning to launch mainet or switch to another blockchain in the future.
Like Binance Smart Chain, Polygon, Phantom and Avax have high transaction speeds and fairly low gas fees.
what do you think about this plan?

Dan P: We’ll be launching on ethereum, moonriver, avalanche, with BSC and Polygon as possibilities in February or March. Fantom is also close to being feature complete. After the initial wave, we’ll be announcing our next list of supported chains!

Q20: P2P OTC platforms like Dexpools work especially well with existing decentralized exchanges like UniSwap or SushiSwap, giving traders the option to create p2p deals if slip rates are too high, so how will the risks to the user be managed?

Dan P: YES! One of our biggest partnerships will be with DEXs that can both refer Dexpools traffic when the slippage is very high and where they can use our trade data to automatically execute on trades with 0 slippage if the limit is there. Be ready for some new concepts and partnerships soon 🙂

Q21: Regulation entity can be very strict for P2P OTC platform,
To deal with strict regulation, what is being done?

Waggle- WILL NEVER DM FIRST: We are making sure we are compliant with every OTC regulation

Q22: the concept of DAO and Guild in crypto has come to the fore and new projects have started in this field. Are you really going to build a truly working DAO mechanism that puts community first? Can you give us an overview of your approach to this problem?

Dan P: Yes — the DAO organization will start formally later next year. This will give us time to work through the governance process and think through how we can make the platform as decentralized as possible. There are lots of great examples to draw from right now and we have some experienced advisors that have successfully launched many really interesting DAOs.

Q23: I read that Dexpools will launch beta testers, this January. What do you offer on this beta testers? Can we test your beta testers and give feedback for your beta testers? if so, How do we register to try your beta testers?

Dan P: No registration required. However, we will be announcing whitelist contests, $DXP airdrops, and other prizes in our Discord and Telegram channels while the beta is open, so be sure to follow and stay engaged. Active community members will be rewarded! 🙂

Q24: How important are the products and the community to the project? What are your plans for the community? So what are your plans for the official platform launch and the upcoming open beta in mid-January? Would you say something about logistics?

Feynman: The community is of utmost importance to us. It’s why we built our platform. We highly value all feedback we receive as we want to ensure a great experience for all our users. The open beta will start Jan 11. Platform launch will be a few weeks afterwards. We will want time to implement any of the great feedback we receive.

Q25: What will be the place of brokers within the Dexpools ecosystem? Can you talk about how $DXP will behave in the open market and whether you have any plans to limit the supply of $DXP?

Dan P: That’s an interesting question. We want to enable brokers to use our platform as well but that’s something we are currently designing around. It may start with simple things are matchmaking tools or brokers may simply just use the tool to make offers or buy tokens. We’ll definitely be looking into it. As for $DXP in the open market, we’ll have to see. The utility of the token itself is strong, but you never know with the crypto market 😉

Q26: According to what I’ve read, you’ve decided to employ dynamic fees for all trades. What is your primary motivation for selecting for dynamic fees rather fixed fees in all trades, and why did you do so? Do you believe it to be more efficient or financially beneficial?

Dan P: We are starting with dynamic fees since slippage rates change between token pairs. There will be a default rate, and then a variable rate for higher liquidity pairs (stables, etc) as well as for tokens released by partners, etc.

Q27: Non-escrow trade offers is perhaps one of the most interesting features of Dexpools, since users won’t need to lock up their assets when posting offers. Can you describe how it works? Will this offer be time-limited or will it happen all the time? What are these incentives?

Dan P: There will be two types of trades allowed, one is negotiated and the other type is locked. Negotiated trades stay open based on what the user sets, and after depositing, there is a default period to lock tokens. We are experimenting with different token lock times to make sure users aren’t left waiting too long if someone else isn’t depositing their side.

Q28: I know that your Dexpools project can create public and private quotes, but can the operator actually choose this when he wants to? Or will it really be public and will VIP or stake participation be required to vote private?

Dan P: Thanks! For launch, we will be allowing a trader to choose whether or not their trade is listed in the open market. You will have to stake $DXP to get rewards though.

-END-

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