Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with ACIndex December 23, 2020. This guest star Sam, Head Communication of ACIndex. If you were unable to join the live AMA, no worries, here comes our 98th AMA recap!
We are glad to meet here:
Sam, Head Communication of ACIndex
For taking your time out from busy schedule for the AMA!
Sam: Thank you for hosting me today! Glad to be here, and will try to answer all your questions!
Faiz: How are you feel today sir?
Sam: Feeling well, hope you too 😀
Faiz: Thanksyou, its great to having you on our AMA Series, Our community hopes to talk and learn more anything about ACIndex!
Q1: Can you introduce yourself to the community? What is your background and how did you join ACIndex?
So, as you already introduced me, I am a Head of Communications at AC Index. We are an international team that decided to join and create a project that might be useful for the crypto community!
Q2: Can you briefly describe what is ACIndex?
To simplify, think on SP500. Having AC Index is like holding the main DeFi projects in just one token.
ACX token price is pegged to the DeFi projects from the Andre Cronje Projects, at ratio 1:5. And it is a synthetic asset, meaning that we have a Rebase that is adjusting the marketcap to provide the target price.
For those who don’t know, Andre Cronje is Yearn Finance‘s creator 😀
Faiz: So, How and when does Rebase run? And how do they work whether it has a special system or has an advantage for investors? Yeah, Its great have a great plan to bring that
Questions about how this whole thing works we have seen a lot, so I will try to simplify a lot, in order to make it clear for the majority.
In order to peg the token price to the Market Cap of the selected DeFi projects we need a Rebase. Rebase is adjusting the token supply. So imagine the situation when general marketcap of the projects from Andre Cronje’s list is growing, the Rebase process will decrease the supply of the tokens, making them more expensive, and when the marketcap is going down, the supply of the tokens will increase.
We have an automatic mechanism that is doing the Rebases every day at random time.
Faiz: Wow that’s great, i hope the Rebase is going smoothly and Make the benefits for Holders ACX
Q3: What companies/projects do you see as competitors, and how does ACIndex stand out compared to them?
Competitors are many, but the main of them is the original Base Protocol. This is the main competitor for us, but we are still different. Our token is pegged to the Cap of a selected DeFi products, so it makes us more attractive for the investors, taking in consideration the current trend and interest on DeFi projects.
Q4. What is the use-case or MVP Product of ACIndex?
This token is originally created for speculation on the DeFi market and it is the only function that it has. So if we don’t consider Staking as a use-case, it will be any extra that our team will provide by creating partnerships with other projects, by listing / including ACX token.
Q5. What are the major milestones ACIndex achieved so far & what are in future pipeline?
I could mention a flash sale that we got during the public offering, but I would like to say that the biggest milestones are still to come, because we believe a lot on increase interest and demand on assets like ACX. So our team is working on integration of our token and creation of use-cases that can boost the interest.
Q1. What is the meaning by ACIndex synthetic asset? Why you decided to choose ACIndex rebase index with All Andre Cronje projects crypto market Cap? Why do you believe that this will make your project much more interesting?
It’s a synthetic asset because token value is pegged to a group of different assets. We decided to choose the projects from the Andre Cronje Index because we believe that, based on current trends and interests on DeFi projects, it will make ACX much more interesting for the investors. It’s a token focused on a very small number of projects which makes the speculation process more simple.
Why Andre Cronje Index? Because he is a reputable man, and creator of the most successful DeFi project – Yearn Finance.
Q2. Recently ACIndex was attacked by “flash-swap”. In view of these situations, very common in some projects lately, which are the security protocols used by your platform so that no damage is caused to users and their assets? After this, how have you reinforced your security?
True that. ACX is a fork of the Base Protocol, and the attack was possible because of the bugs that exist on the Base Protocol Smart Contract. The attack was only possible during the rebase, so our team has paused Rebase and fixed the bugs on the smart contract before relaunching it.
Still, in order to protect our community, we decided to make Rebases random. It eliminates completely any kind of “flash-swap” attacks in the future!
Also our team has developed “$ACX Rescue Plan” to fix the damages caused by the hacked, you can read more by following the link:
Faiz: Wow that’s great if you already done with this hacked, Because Security is really important and Investors need the Smart Contract secured, You really have great plan to develop $ACX Rescue Plan.
Sam: Yes we understand, and we did our best to make sure that current Smart Contract is safe!
Faiz: Great! All the Money is SAFU
Q3. Speculators may try to trade around rebasing, how do ACIndex feel about that? Can the rebasing time be made unknown or random?
So yes, it was possible in the very beginning, as we had a fixed time for the Rebase, but as I explained on the previous question, our team decided to make the Rebases random, to provide extra security for our investors. So now it’s really about it main function – speculation on DeFi market.
Q4. Could you share with your token distribution? Does ACINDEX have any roadmap? Also does $ACX have any pre-sale?
We have detailed tokenomics for the ACX, you can find it here:
We had a Strategic Presale before any public offering. At the moment ACX does not have a roadmap, since the product is developed and our team is really focused on integration and use-cases creation!
We are always open for fresh ideas and suggestions on how to make our project even better 😀
Q5. Explain your plans on global expansion,is it only market you are focusing All the time,And you focus on building or developing and getting customers and users, or partnerships?
The plans are clear – we are working on creation of the strategic partnerships that will allow us to create extra use-cases for our token.
Still, as an extra we will try to teach our community about what is ACX, why it is a synthetic asset and how Rebase work, because there are still many question about that, so we believe that a better understanding of the project will boost a lot the interest and popularity.
Our team is working on some partnerships, and I wanted to publish more details during this AMA, but we are still waiting for the confirmations, so stay tuned for updates 😀
Live AMA Session
Q1. ACINDEX says that allows trader to speculate on the best DeFi community Project with one token, so How many DeFi community Project do you have integrated ?
At the moment we have 8 project integrated:
YFI, SUSHI, Cream, Pickle, KP3R, Cover, CVP, AKRO
Our project is based on the projects from the Andre Cronje Index, so we will update this list accordingly to Andre, by adding new or even removing old ones!
Q2. What is the difference between AC Index and other projects that work with price rebase? Do they incorporate any new ideas that provide more stability to the price?
The main difference is the CORE of the AC Index – we are focused on a very small number of projects, and it makes the speculation process much more simple and easy for the investors! So we believe it will make the token very attractive for the investors looking for a SAFE way to invest in DeFi projects.
Q3. Where is $ACX Token Liquidity is Locked and for how long will it be locked? @sam_acindex
We have locked the Liquidity for 12 months at Team.Finance!
All details can be found here: https://acindex.medium.com/acx-team-has-locked-liquidity-for-12-months-bb395d882d94
Q4. What is the business model of ACINDEX ? How many revenue sources do you have? Is it enough for the project to survive if the crypto winter lasts longer than expected?
Since our product is developed we are working on creation of the use-cases and strategic partnerships, still the project is decentralize and autonomous, due to the attack, our team has burnt a lot of tokens reserved for foundation, advisor, eco… Which makes the project being run without profiting for the team, and since it’s based on speculation, so it can go up or down, there’s no difference if there will be a bull market or bear. Project will work as always
Q5. Can you explain how does rebasing mechanism of $ACX works? What are the advantages and disadvantages of Rebasing asset in your platform?
Rebasing aims to peg the synthetic asset’s price perfectly with the price of its underlying asset. This is achieved by adjusting the synthetic asset’s supply until its market price reaches its target price.
For example, imagine the situation when general marketcap of the projects from Andre Cronje’s list is growing, the Rebase process will DECREASE the SUPPLY of the tokens, making them more expensive, and when the marketcap is going down, the SUPPLY of the tokens will INCREASE.
Reza: You have a last word before closed this AMA? @sam_acindex
Sam: If you want a safe way to invest in DeFi project, choose token that is pegged to the most successful DeFi projects – $ACX. https://www.acindex.io/ and a big thanks for the community for their questions I hope you enjoyed!
Faiz: If you’re question still not answered you can join on their telegram group and learn more about ACIndex on this link
ACIndex Resource Link:
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