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Live AMA w/ DAMX DAO: Decentralized Automated Market Exchange | Fantom
Recorded: April 17, 2023 Duration: 0:19:49Space Recording
Full Transcription
Thank you for listening.
Jesse, you're now co-host, and you can invite people up.
Sounds great. Thank you.
All righty. Can everyone hear me?
I hear you.
Okay. We'll probably just wait a few more minutes, like a couple, just to get more people rolling in here, and then we'll get the ball rolling.
All righty.
So we can probably just kick things off now.
Without further ado, I want to thank everybody for coming out today,
spending your time here with us.
We really are grateful.
Just want to say anything highlighted and discussed is not financial advice and is always please do your own research.
My name is Jesse and I'm part of the product and business development team here at Stably.
And today we're really happy to have DMX join us as a featured partner to highlight.
I believe y'all are actually our first protocol on Phantom.
So we're really stoked out to inform this partnership and have y'all here with us today.
And up here we have a couple members from the DMX team.
Would y'all maybe like to introduce yourselves a bit?
Any info like your role, your crypto journey or anything that you want to share?
Get on mute, guys.
Yeah, if you're one of y'all speaking, you're muted.
Yep, we can hear you.
Sorry, I think my team's having a technical difficulty right now.
No worries, it has.
Yeah, so let's try to figure out what's going on.
Sorry, give me a second.
Okay, no worries.
Yeah, if you don't have a mobile phone, it doesn't work as seamlessly,
so Twitter spaces have to have a mobile phone.
Okay.
Yeah, it's been a thing for a while.
I wish there was more capabilities on desktop, but oh well.
Oh well.
I guess I'm just going to have to go on without my teammate for now
until we figure out his speaker issue.
But I guess I'll go ahead and introduce ourselves.
We're the team behind DeFi projects such as Venus as well as Binky on Avalanche as well as Binance team.
So on the Binance side on Venus, we have secured over $1 billion in TVL.
And it is actually our first time to venture to Phantom Chain,
and we're looking to release our biggest high-budget project on the Phantom Chain called DAMX.
So this particular project has four main functions, which I'm going to get to in a second.
But I just want to introduce myself, and I'm the founder of this particular project,
and my friend over here is currently having a technical difficulty on this mic right now.
I'm sorry, I kind of lost my voice right now, so I can't really talk a whole lot either.
Yeah, no worries.
So, I mean, I can just, if you're able to speak, I can sort of try and ask you questions.
I'm still more curious to myself on some stuff that I may not know about DAMX
and some little key features, maybe roadmaps.
So if you can speak, I would love to ask you some questions
so everybody here can familiarize themselves more with DAMX, your future, your goals.
Yeah, please go ahead.
Yeah, so just right off the top of my head,
how can DAMX continue to sort of differentiate themselves
from other emerging decentralized exchanges in such a highly competitive market?
So, we're actually not just a perpetual trade, perpetual exchange.
So, as I was saying earlier, DAMX have four main functions.
First of all, it's to enable users to allow users to leverage trade
utilizing spread, funding fee, as well as liquidation in a DeFi space,
just like a perpetual trading.
And as I was mentioning earlier, we are also the team behind Venus,
as well as Banky, so of the original team.
So, we have plenty of experience in lending protocol on the money market side.
We're going to be bringing that into the Phantom Chain as DAMX as well.
And we're also going to be releasing our NFT,
which allows NFT holder to earn FTM.
Each NFT would allow us...
Every NFT is different.
And basically, the NFT would earn user bonus DMX in escrow.
And if they invest it for one year,
they will become the DMX token.
That user would be able to sell those tokens.
The DMX token also allows the user to mine,
or I guess to earn protocol fee up to 80%.
The third would be, as I was saying,
it's basically a whole entire money market
that we're going to be bringing into the protocol.
And last but not least,
because both of the lending as well as perpetual trading
require a fairly secure network
to read the price oracle for fair and low swap fees.
So, DMX will actually include a price oracle price fee DAO
to act as a backup of Chainlink price fee.
And DMX DAO will also reward user
for being the price validator for the DMX token.
Oh, that's awesome.
So, actually, just based off all of that,
a couple of questions came to mind too.
You mentioned this NFT project.
Is that relating to the Robot Club collection?
That's correct.
So, the DMX Robot Club collection
is a collection of 5,000 NFT.
They're going to be all be living on the phantom chain
and over 150 hand-drawn trail.
So, the collection is going to be created
for the DMX community only.
So, as I was saying,
each NFT can earn reward in FTM
for the protocol collection fee.
Also going to have a bonus escrow DMX
to stake and earn more rewards.
So, you get escrow DMX,
you also get a FTM
and you can invest it
and earn DMX as well.
So, the longer you stake,
the higher the value of the treasury,
the higher the reward distributed.
Wow, that's awesome.
So, it seems like y'all have a lot going on.
You have a lot of stuff in your roadmap
and y'all are developing,
building out here in the bear market.
So, with all that said,
what are the most important
and immediate goals for DMX DAO in 2023?
Let's say if you had to list
three key performance metrics,
what would they be?
The immediate goal for the DMX perpetual trading
where a successful and further launch money market
would be launching a perpetual exchange first
and then it's going to be the money market.
And after that,
we're going to be releasing a price oracle.
And I would love to talk about the price oracle
a little more in a little bit.
And basically, the price oracle
is what's going to be this
differentiate our product
with all the other competitors out there.
Nice. That's exciting.
So, and just for a shameless Stably pill,
what value would you say Stably
would add to DMX?
Sorry, can you give me a second?
Hold on just a second.
No worries. No worries.
No worries.
Also, if anyone in the audience
has any questions,
please feel free to either request to speak as well
and we can pull you up later
or probably a better way to do it
is just put a question in the comments
and then I'll read them
and we can answer your questions there
for either DMX or Stably ourselves.
I'm trying to get my team
to ask Mike to work right now
because I'm losing my voice
so I'm not going to be able
to talk a whole lot right now.
Yeah, no worries.
I'm sorry about your voice.
Maybe I can try something on my end.
I'm going to ask Mike to work right now.
I'm going to ask Mike to work right now.
Yeah, maybe if he's not able to speak,
maybe try leaving
and I can try bringing you back up.
I'm not sure on my end.
I don't see many options that I can do.
Is it possible that we can reschedule?
I'm so sorry.
I'm losing my voice
and my team is having an issue with his mic.
I don't know what's going on.
Yeah, no worries.
We can reschedule for another day.
I do see there are comments in the Twitter,
in the post,
so I will read those
and then just answer them here.
But yeah, we can reschedule for another time
and do something a little more formal too.
But here, let me look at those comments.
So one of them asks,
you mentioned Stably supports Stablecoins
on emerging blockchain ecosystems.
Can you explain how this works
and what benefit it offers to users?
So how this works is we have our own Stablecoin,
StablyUSD.
The ticker is USDS.
We are able to expand our Stablecoin infrastructure
onto your blockchain.
So users will be able to natively mint
and redeem Stablecoins on their blockchain.
We have done this for a handful of blockchains,
including the XRP ledger,
Icon, Stellar, VeChain.
And speaking of VeChain,
we have white label capabilities.
So for example, StablyUSD,
for them we white-branded as VEUSD.
It is still our Stablecoin,
but we gave them that opportunity
and ability to have it
just more branded, catered to them.
Another question asks,
how do you maintain competitive rates
for buying and selling Stablecoins
across multiple protocols?
So one thing that we do,
recently we integrated with Li-Fi.
And I guess this is a little fun fact
that separates us from other fiat on and off ramps.
One thing that we do
is we directly source our liquidity
directly from DeFi.
In doing so,
it allows us to have superior rates,
there's more access to liquidity,
and it allows us to be able
to support all these other ecosystems,
provide better rates,
and be another solution.
So how can interested individuals
or businesses get started
on Stably's Stablecoin infrastructure
and fiat ramps?
It's easy.
You can reach out to us
on our contact us page.
We'll get the inquiry.
Or for the most part,
we're always available
on all social medias.
You can reach out to me,
the Stably team,
and we will get you set up
right away.
And then there's another question
related to DMX Dell.
But as we mentioned,
we'll look to reschedule this
and you can answer
all those questions
for everybody there.
All righty.
Sorry for everything today, everybody.
We look forward to doing this again sometime
and we'll only get better from here.
So if anyone has other comments,
questions,
feel free to DM me,
Stably,
put it in the comments.
I'll be looking there
after this call.
Yeah, I'm sorry.
I just happened to lose my voice
and I can't continue with this.
Unfortunately,
it's just a very bad timing.
Yeah, no worries.
I can hear it.
I'm sorry.
Some hot tea.
It'll help.
But other than that,
thank you everybody
for coming out today.
This was a pleasure.
My first Twitter stay.
So as always,
we'll just get better from here.
Thank you, everybody.
All right.
We'll try it again next time.
Awesome.
Awesome.
Awesome.
Awesome.
Awesome.
Awesome.
Awesome.
Awesome.
Awesome.
Awesome.
Awesome.
Awesome.
Awesome.
