AMA Recap 404 Daily Crypto with Dexta Trade
Hello 404 Daily Crypto Community
On 13th April 2021, Dexta Trade conducted an AMA in the 404 Daily Crypto. Our guest is Alex, Co-Founder of Dexta.
Lots of questions as usual from the Community about Dexta Trade progress. The Dexta Trade team took part in a very interesting AMA session which included Project introduction, Questions from Twitter and a live AMA session with the 404 Daily Crypto community. If you missed the AMA in person, read this recap for a deeper insight into Dexta Trade.
Let’s take a look at the most interesting points of our conversation.
📍Session 1 » Project Introduction
Can you introduce yourself and your team please? We want get to know you and your team. What you did before crypto, and how you got into crypto?
Alex | Dexta Trade: Hello everyone! I’m Alex, one of the co-founders of Dexta. I’ve worked in the tech industry for years now, most recently as a distributed systems engineer at Google. Ken, my co-founder, previously worked at Microsoft and led design and product teams. You’ve probably used products that we helped create! We have both been involved in the crypto space since 2017, through developing smart contracts and investing, and we are now fully committed to decentralizing every system in the world.
Can you introduce Dexta Trade to our community? and where did Dexta Trade come from?
Alex | Dexta Trade: In late 2020, we noticed that there were many amazing DEXs like Uniswap and PancakeSwap, but their volume didn’t come close to centralized exchanges like Binance. We realized that this was because these exchanges are not actually usable by some of the most serious players in the market — traders and market makers! If DeFi is to truly succeed, we need to bring these players and their revenues to decentralized platforms, like Dexta.
To explain a bit more, current DEXs like Uniswap and PancakeSwap rely on AMM, a system that only allows you to exchange tokens at market price. Centralized exchanges, like Binance, use order books, which allow a lot more flexibility than AMM exchanges. This the core capability that we will bring to DeFi.
You may be wondering, aren’t order books hard to scale? Yes, they are! This is why we will be scaling our BSC protocol with layer 2 solution built on Solana. Solana is a rapidly growing blockchain with over 50,000 TPS, which is enough to support a high performance order book system!
But order books are just the beginning. We will also release margin trading, and cross-chain swaps! These will also be fully decentralized, so no more giving custody of your margin collateral to centralized parties. Along with our core features, we will also be releasing farming and staking products to help our users earn great yield. We hope that all our products will come together to build an amazing future for DeFi .
Please tell us the biggest milestone you have ever achieved and also your future milestone?
Alex | Dexta Trade: The biggest milestone we have achieved yet is finishing the development of our farming/swapping platform, Dexta Swap. This will allow you to farm and swap your tokens just like PancakeSwap and other platforms that you know and love.
The next milestone we would like to achieve is launching our order book trading platform during Q3, after our presale! This will be massive for the trading community on BSC will be great for the Dexta community.
Please give us a sneak peak of your Roadmap?
Alex | Dexta Trade:
Q2 — We will finish our presale, launch Dexta Swap, and perform an airdrop for DXT holders!
Q3 — We will launch Dexta Exchange, our order book based exchange, and start transferring governance to DXT holders.
Q4 — This is an exciting quarter! We will launch margin trading and cross chain swaps, to make Dexta the best DEX on any chain!
How does Dexta Trade intend to increase the value, utility and liquidity of Dexta Trade token. thus producing a natural increase in price of the token?
Alex | Dexta Trade: As we develop the protocol, users will want to come to the Dexta platform to earn fees on trades and also hold governance power in portal decisions. Fundamentally, the DXT’s value will be a reflection of the value we provide to our users through the features we release. Along with this, DXT stakers will also earn rewards to generate yield for themselves! We will also implement burning mechanisms to reduce the supply of DXT and increase the price.
What makes Dexta Trade better than its competitors?
Alex | Dexta Trade: In some sense we don’t have any competitors on BSC, since a product like ours doesn’t exist! There is no other platform providing on-chain order books at speeds that we can provide, since we will be scaling our protocol using the Solana blockchain. Again the Solana blockchain provides over 50,000 transactions per second, which only BSC protocols cannot come close to without the layer 2 scaling that we have
📍Session 2 » Question from Twitter
Question from Twitter @NancyWh25195880
Do you have any plans to attract non-crypto investors to cryption who are still not in the crypto world specially as a new project entering to crypto. What are the plans to increase awareness about cryption around in non-crypto space?
Alex | Dexta Trade: Currently, we are focused on providing value to crypto users and traders. This will be through Dexta Swap and Dexta exchange with the new trading systems we are innovating on. However, in the future we believe that widespread adoption of crypto will happen when the largest players in the space migrate to platform like Dexta! We have already seen this, where Tesla buying Bitcoin increased awareness of Bitcoin greatly!
Question from Twitter @Diluvinav
I understand that they released a DEX (Dexta Swap) with AMM technology to provide utility and rewards to early adopters. To continue achieving the adoption of Dexta Exchange, how will they continue to incentivize users, will there be bonuses?
Alex | Dexta Trade: Yes, we will provide referral bonuses when trades are performed on Dexta Exchange! Trading fees will also be lower when we first launch, to incentivize users to migrate away from other platforms that charge higher fees. We also have connections with many traders and market makers that are looking for a fully decentralized order based platform to trade on.
Question from Twitter @Lutas1188
How important is the community to Your project? and how can we collaborate or help share token for the development of the project?
Alex | Dexta Trade: Community is very important to us, and in a way, it is the only thing that matters! Without people believing in our protocol and supporting us, it will be very difficult to make Dexta successful. You can collaborate and share the DXT token by registering for our presale and spreading the word on social media. After we launch, the DXT community will also have governance power over the protocol, making it fully community driven.
Please check out our presale form here, which also has links to our white paper and website! https://forms.gle/LW3jiUeALi94PVhZA
📍 Session 3 » Community Questions (Live AMA)
Telegram User @marias32
Are you mainly looking for bigger investors or is your platform friendly also for the smaller investors?
Alex | Dexta Trade: We are looking for investors of all sizes! Everyone from the ecosystem is needed to make Dexta successful, not just the largest investors. However, for Dexta Exchange, we will need to onboard larger players, such as market makers, for the platform to be successful.
Telegram User @starshades007
What is the most ambitious goal of your project? I would appreciate it if you could share with us any Upcoming Updates?
Alex | Dexta Trade: Our most ambitious goal is to be the ultimate DEX for crypto. We see a future where trading doesn’t happen on centralized exchanges like Binance. We will achieve this by providing trading systems that can’t be found anywhere else through our order books. Dexta Exchange will be released Q3 of this year!
Telegram User @LungiAkashe
NFT is very hot trend now, do you pretend to catch up with this trend or still follow and focus your original roadmap? create values, not create TREND ‼️
Alex | Dexta Trade: That’s a great observation. We have no plans to follow the NFT trend! The technology of NFTs is great and will change the way we think about ownership of non-fungible assets, but it is NOT the problem we are aiming to solve at Dexta. We want to focus on providing the best trading and yield experience to expand DeFi, and NFTs are not a part of our solution.
Telegram User @elly004
DeFi is great. But for DeFi, the gas fee is crazy high on Ethereum. So, any plan to move on BSC or other layer-2 solution?
Alex | Dexta Trade: Yup, we are launching on BSC and will have layer 2 scaling on Solana! This will allow for transaction speeds never before seen on BSC. You can check out the technical details in our whitepaper here — https://dexta.trade/dexta-whitepaper.pdf
Telegram User @Nafidahamed
I’m a developer, and I’m interested in contributing to your project alongsides earning, Do you have any Bug Bounty to check for vulnerabilities ?
Alex | Dexta Trade: Cool! We will have bug bounties available when our platform is fully launched. Even though we will be consistenly auditing our project, we want to be sure that the community can also ensure that it’s safe. And if anyone here has experience developing on Solana/Rust, please reach out!
Telegram User @Dilraba_Dilmurat08
What are your plans for Africa considering the fact that Africa is becoming one of the biggest crypto currency market?
Alex | Dexta Trade: Good question! We plan on partnering with African crypto communities to increase awareness of our platform, along with African social media personalities. This will increase the exposure of our platform and growth of our great community!
Telegram User @SPAZEEEE
Hi sir, is there any meaning in your project logo? Can you explain what your project logo means?
Alex | Dexta Trade: I like this one! The triangle in the center represents a Delta symbol, which means a change in some quantity in math. We are changing the way trading and protocols operate in DeFi! The circles around it represent decentralization and community ownership 😊
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📍 More information on Dexta Trade:
❇️ Website: https://dexta.trade/
❇️ Twitter: https://twitter.com/dextatrade
❇️ Telegram: https://t.me/dexta_trade
❇️ Telegram ANN: https://t.me/dexta_ann
❇️ Whitepaper: https://dexta.trade/dexta-whitepaper.pdf