DxSales AMA Recap with the Bsc News Community
On the 11th of March, 2021, the DxSales team were live on the Bsc News Community Telegram group, to provide the community with insights on DxSales, details on their recent partnerships & upcoming developments, and also attend to their questions and queries.
In order to ensure clarity to my readers, this article has been divided into two segments; the first segment, gives full account of the questions asked by the moderator of this session, while the second segment gives account of the questions asked by Telegram community members.
SEGMENT 1
Moderator — Today we have DxSales team in the house for AMA, its my honour to be hosting the event for them. How are you doing today sir?
Hash — The honor is all mine. Overall, i’m doing great, lots of innovations in the space that i’m learning about. Lots of room to grow and become better at DxSale
Moderator — Thats awesome! Do give us an introduction of yourself and your team members and what are your past experiences?
Hash — Sure, DxSale.Network started on ETH Network on Aug 2020 — we are 5 team members. 4 Engineers, 1 PM. DxSale Mandate is to build a decentralized Capital Market for the cryptocurrency space. Currently what that looks like is working on a token management platform with a launchpad and locker that is cross chain with no barrier to entry to be an investor or entrepreneur.
Our past experiences are working in top S&P500 companies in North America. We have around 10 years each.
Moderator — Nice cross chain is always good to bring in more opportunities.
Hash — The future platforms that provide any services should be blockchain agnostic. The future will have more than one for sure.
Moderator — I’m curious about how experience is your dev/engineers as well, what are the past experiences?
Hash — They are 4 who have worked on Hardware and Software side of things. Within Software around Linux, Windows & MacOS and low end work such as efficiency improvements
Moderator — Do tell us more about Dxsales, what is it about? is it on ETH network or BSC network? how does it operate?
Hash — DxSale is on ETH, BSC & Matic currently. It’s a single application where the backend morphs based on which network the wallet is connected to. We went with this approach instead of having separate portals for each chain. I personally think it’s more powerful this way, we just need to find a better experience in changing networks and/or some team creates a mobile wallet that is multi-chain wallet that provides web integrations would be cool
Dxsale.app is the website that you can use to try out our features.
Moderator — If say I were to create a token for a farm now, can I approach DxSales to support it in anyway?
Hash — DxFarm isn’t live yet, just the staking, launchpad and locker — I’m working on an updated roadmap to account for DxSwap and DxFarm and NFTs
Moderator — Thats great!
Moderator — Just to check does that mean you have collaboration with other project now since staking, launchpad and locker are live now?
Hash — We are a decentralized platform and don’t vet anyone to come on to the platform. Our approach is to provide an open tool and then build custom features around it that can help everyone make better decisions.
The Staking isn’t a service whereas Locker and Launcher are services. Our Staking platform is for our SALE holders, who will be rewarded airdrops on the success of the platform on any chain. We are working on automating this feature in the upcoming 2 weeks.
Moderator — That clears the confusion that the audience might have, I read about DxLock as well how does that come into play?
Hash — DxLock is our locking service for token and LP locking. You can use it as you need across multiple chains live today
Moderator — What are the fees like when we are using the platform for the various services ? DxLock, DxSwap etc
Hash — Current cost in Launch & Locker. We will be pushing out an update that makes sense for our rewarding system to DxStake. These costs are adjustable and we will be creating an analytical dashboard as well to showcase that.
BSC — Cost is 0.1 BNB upfront + 2% of BNB raised
ETH — Cost is 0.1 ETH
Matic — Cost is 200 Matic
All Lockers are 0.01 — no % fees — This is to drive adoption of the tool
Moderator — Nice and reasonable fee for launching a token, at theDefi Launch page i notice it mention ERC 20 tokens does dxsales support BEP20 tokens?
Hash — Yes we support BEP20 and equivalent on Polygon Network
Moderator — Great! so If a user were to create a token and wanna use the DxLaunch how should they go about doing it?
Hash — We are creating youtube videos to guide folks who are new and want to learn to use the platform. Currently we have a documented version on docs.dxsale.network that you can use to follow how to create one.
You have two options if you want to launch a utility, audited token or transfer your custom token on our DAO Form, which only requires understanding of tokenomics. No Coding is required to start an IDO on our platform
Moderator — Thats great news for ppl like me who has no idea how to code and wants to launch a token one day.
Hash — Yep just create a website and project and leave the token creation and sale to us for a utility token.
If you are a developer and are working on your own token, you can transfer tokens on the contract to get the presale handled, saving you time and effort on the administrative side of the crowdsale.
Moderator — What are the safety aspect in this case? will there risk of exploit? Say during the transfer of tokens it get drained or the way its done will be totally safe?
Hash — Risk Exploits based on Launchpad.
Standard
- No Risk of Rugs as we are using an ERC-20 known verified Utility contract — A percentage is automatically locked and listed to Uniswap, PancakeSwap and QuickSwap.
DeFi Launch
- Risks are that the contract is a custom one by the developer that is being used to do the presale which will require others to audit the smart contract and make a smart investment decision.
Overall Risk
- There will always be an ongoing risk when working on true decentralized products. Today, we found out users abusing the minimum contribution so that a presale will be only filled 499.999799 / 500 — And smart contracts aren’t flexible and are accurate tools. Of course, we were able to refund all users automatically after the completion of the SALE but it’s an exploit that we don’t want and aim to fix it.
Risk Mitigations
- Build decentralized tools that will allow others to make smarter investment decision on the launchpad
- Improve these tiny exploits that leaves a bad user experience
Moderator — Thats well thot of for the risk exploits wise. Brings me to ask whats the use case of $SALES token?
Hash — Staking and being rewarded airdrop for every IDO done on the platform regardless of chain
Moderator — Means the holders will be involved in a way whenever theres a IDO done on the platform and not limited to just BSC!
Hash — You don’t need to be a holder of SALE to be involved in any IDO. We designed the platform to be as open as possible. There is no system here where you must hold x amount of tokens to get certain allocations. Currently the only use case is staking on dxStake that will provide APY based on the activity of the platform
Moderator — What have been achieved so far by DxSales? and what are the ongoing development?
Hash —
Milestones so far:
DxStake — Sept
ETH Locker — Late Dec
ETH Launcher — Early Jan
BSC Locker — Jan
BSC Launchpad — Feb
Matic Locker — Feb
Matic Launchpad — March
Due to the market conditions, we were able to get multiple folks trying out the platform and SALEs. My metric isn’t successful sales but overall attempts as not every project is worth investing.
What we are working on now based on priority:
Youtube videos to help others understand the platform better.
Mobile Connectivity with other wallets. We want to provide SALE liquidity to BSC and Matic so we are working on a BSC bridge. and will be doing an IDO raise/campaign for that,
We have ZIL locker integration.
Working with QuickSwap and Matic on how we can further empower their community to use the tool and bring value to their ecosystem.
I feel i’m forgetting stuff but this comes to my mind
Moderator — Thats a lot of achievements i must say and if I were to launch a token one day will definitely get your help on it. Do share the links of DxSales Social media/medium etc for us to read more and find out more about the project.
Hash — Yes definitely! I would recommend starting with this article if you wish to know a bit about DxSale. Everything else, I consider outdated. We are working on remodeling the looks and content of our sites.
Moderator — The famous last question, do you have any alpha or juicy news for us today at BSC News?
Hash — The future is bright, lots of innovative ideas floating that we want to tackle once we get some foundational infrastructure in place. That’s all I can say at the moment haha.
SEGMENT 2
Community Question 1 — How important is the community to you? and how can we collaborate or help you for the development of the project?
Hash — We have a tight community and they are helping us build out design and development of our website since we are tight on resources. In the future, I’d like to build a treasury fund that can take help from community to help out the project and reward them as well, regardless of, if they are holders or not.
Community Question 2— Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
Hash — We are planning an internal audit and a partnership with this audit company for DxSale.
Community Question 3— Ambassadors play a very important role in every project, Do you have an ambassador program? If yes, how can I be one?
Hash — You can reach out to me for now if you are referring a presale. If they are successful we will reward users.
Community Question 4— DxSales was born to solve what problem? What does it bring to the blockchain community?
Hash — No code required ability to start your crypto project. Save time and effort as entrepreneurs that utilize the DAO and automation that take cares of the overhead.
Community Question 5— What is specific about DxSales’s technology and products that you believe will succeed? How revenue does DxSales generate and what plans do you have to attract more users in the near future?
Hash — DxSales was born to solve what problem? What does it bring to the blockchain community?
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