First DOEX AMA Recap
On December 3rd 2021, DOEX held its first AMA. It took place on DOEX telegram community channel and was hosted by Mantas, the Costumer Support Manager, while the questions were answered by Sancho and Adomas, Community Manager and Growth Specialist respectively.
What follows is a recap of that AMA. Some of the answers may have been edited for clarity purposes.
Q. Can you speak to any partnerships with others, such as dapps, financial institutions, or YouTube personalities that we can look forward to in the next 45 days? If not what are the chances of DOEX evolving in that space?
A. We are currently talking to a number of different projects with which we could have potential partnerships in the future. So we will definitely keep you updated on that. We can not disclose any info yet. Regarding the current partnership with Stockgeist, thanks to this platform we can analyse data related to our project and we can do this with the help of artificial intelligence.
Q. What about the concurrency issues? Anything specific of how to solve it?
A. Few solutions:
- Fragmenting liquidity into multiple pools (states).
- Using third-party sequencers to batch multiple transactions and settle them as one transaction in the same state.
We will identify which method will be the most suitable for us as we go along.
Q. Right now issuing a token is rather simple process. However, building the system and ecosystem is the most difficult part. How will the demand of the token increase and how will this token use within the ecosystem?
A. There will be a lot of ways people will be able to use DOEX token. The uses of DOEX token include:
- Ability to vote and participate in the governance of the platform;
- Incentivization of platform members;
- Payment of fees such as swap fees and slippage fees;
- Participation in liquidity pool;
- Payment of rewards to liquidity providers.
Q. Why ADA, have you ever reached out to Charles?
A. Cardano is building a safe, scalable and decentralized ecosystem. It is our belief that this will be the best bet in terms of Layer 1 solutions in the next few years. We also have access to Haskell developers, and so it made sense to choose Cardano.
Q. Can you walk us through uniqueness of DOEX?
A. There are many unique aspects of DOEX that we can offer:
- Voting rights for DOEX token holders
- Crypto — FIAT exchange
- No order books as in the other traditional exchanges
Q. What other Cardano DEX project does the team like the most? apart for DOEX of course.
A. That is a tricky one! We believe in fair competition, so you will never see ditch on any other DEX project. We have a lot to learn from them, and Im sure they would say the same about us. Right now there are some big names making splashes, but it’s anyone’s game at this point, so I would rather not pick any one of them.
Q. What are your plans to keep the momentum going during bearish months when they come, since it has proven inevitable in cryptospace. Are you gonna dump the project? If not, what are your plans to keep the community and DOEX ecosystem afloat?
A. Different projects are facing similar problems these months, but it is important to understand that these fluctuations are normal. We believe that our value proposition and uniqueness will give holders confidence in our project and help keep the price as stable as possible.
Q. If you were to summarise DOEX in 1 word, what would it be? Why?
A. Innovation. This is a project with the eyes set on the future of crypto and technology. That’s why we have gone a step further and are already looking to provide a solution to the masses. Right now a new investor cannot be bothered to learn how to take their FIAT into a DEX, it’s too much of a hassle. Therefore our solution would bring a lot more people to the decentralized world.
Q. Many pioneering projects in Cardano are from Lithuania (DOEX, KICK, Stockgeist, ADAX, Exmarkets, Vyfi). Is there any relation? Why is this so big in Lithuania?
A. As you know, Lithuania is one of the main hubs for technology start-ups not only in the world but also in Europe. There are a lot of technology experts, developers and other professionals here. This environment allows us to find these specialists much more efficiently and to move through the project stages much faster. However, it is important to understand that only part of our project is here, we are an international team.
Q. In crypto many good project fall because of lack of marketing and a poor marketing strategy. On the other hand many project create great hype by proper marketing but because of no improvement of the project they can’t stand for long time. So the combination of these 2 is very important. So how will you aim to combine this two very important parts of crypto?
A. You are correct, there needs to be a balance between both of these. We have a well defined marketing and development plan, so we are confident that we have it figured out. But we are also going to learn and be able to change course along the way. This is where the community can also play a role, by spreading the word about our project and vision.
Q. What crypto does the DOEX invested in? Would love to know how diverse they are or aren’t
A. So I will have to answer this one from a personal perspective. I own mostly ADA and ADA tokens. I have no ETH and keep a BTC fund where I put my earnings from alts, kinda like a retirement plan
Q. Describe your team members a bit, for example, what is your connection to cryptocurrencies? Did you do anything similar before this project?
A. All of our team members that are working on this project have been following crypto very closely and have been self-investing in various projects. This only further proves the team members’ understanding of crypto when working on a DEX project.
Q. Will your DEX support limit orders, stop losses, and or instant swaps?
A. We will have an AMM based DEX, so at first we will have liquidity pools that you can use to swap tokens through a smart contract. This is how an AMM DEX works in essence. But in the future some other functionalities may be added, we just haven’t planned that far ahead
Q. Outside of have the FIAT-DEX is there anything else that separate you from your competition?
A. We have studied the AMM DEX model to the smallest detail, which we consider to be one of our strengths. This will allow us to offer:
- no need of order book (like in traditional exchanges)
- decentralised trading
- liquidity pools
- no third parties
Q. What is the thing about DOEX that you are most excited about? What makes you the most nervous?
- Most excited about: the launch of the platform!
- What makes me nervous: Having to mod this chat when it is 10x bigger than now
Q.Since you guys are aiming to be the first DEX solution with an onramp FIAT solution, can you elaborate a bit on how you plan to do that? Will we be able to buy/sell crypto directly with a credit card, for example?
A. We have developed the onramp solution, which we cannot disclose much about. We will be partnering with a fintech company for this! Crypto to FIAT will be possible for sure. FIAT to crypto is still a thing we need to dive into a bit more
Q. Hi my question is with the number of Dexes coming in the Cardano ecosystem, what is the unique experience your users might get by choosing DOEX over the peers. And will this unique experience or benefits will outlive the competition. And what’s the procedure you have implemented in order to prevent someone just plainly forking your system and creating a clone, like Sushi swap did to Uniswap.
A. As you know we will have a unique crypto/FIAT solution on our platform, which I believe will bring a lot of retail investors into the DeFi Cardano space. Regarding people copying our code, that is the risk you take in the pursuit of greatness!
Q. How does the DOEX team know each other? How did they meet?
A. The team members did not know each other beforehand. The team started to form during various online events related to cryptocurrencies and blockchain. We also noticed each other in a series of telegram communities. All in all, the team has been building up little by little.