Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Axis DeFi on August 19, 2020. This guest star Maggie Xu, Co-founder Axis Defi. If you were unable to join the live AMA, no worries, here comes our 44th AMA recap!
We are glad to meet here:
Maggie Xu , Co-Founder Axis DeFi
For taking your time out from busy schedule for the AMA!
Maggie: Excited to share the project and answer any questions
Q1: Can you introduce yourself to the community? What is your background and how did you join Axis DeFi?
I actually prepared a little intro video. It’s always nice to have a face to the name
My background is University of Toronto Undergrad in Finance + Western University Law (Juris Doctor) + Blockchain
Because of my legal background, the first time I heard about “smart contract”, I knew what a revolutionary creation it could be
Our project AXIS DeFi is the first DeFi-dedicated blockchain and ecosystem. We’re trying to solve various problems faced by Ethereum right now, including high gas fee, low transaction throughput and lack of capabilities dedicated to open finance
Q2: Can you briefly describe what is Axis DeFi? and what makes Axis DeFi different from other competitors?
Sure. We’re not just talking about another DeFi dApp being built on top of Ethereum. We’re building the FIRST native chain dedicated to DeFi. Our vision is that finance should be open, inclusive and accessible for everyone. This is why we have named this project “AXIS”, which stands for open access.
AXIS will create an open financial system by building the first dedicated DeFi superchain, designing complete Wall Street trading capabilities on-chain and bridging various DeFi asset integrations across blockchains.
One of our co-founders if Jinius, the cofounder of Aion and known as the Father of Interoperability. He has already drafted AXIS system architecture to carry out this vision
[Forwarded from Maggie (AXIS)]
[ Photo ]
As you can see, we have liquidity pools tied to margin trading and other Wall Street capabilities. And everything happens ON-CHAIN (on the blockchain itself) instead of relying on central parties
These built in on-chain trading capabilities, and interoperability with other DeFi chains will be the first in the industry to our knowledge, and we’re very excited, and that’s what set us apart from the other DeFi projects
Q3: What is the use-case of the $Axis token?
It will be a utility token with 3 functionality: used for staking, liquidity pool and governance
We are targeting to launch our phase I staking in Q4 of this year (before Christmas), In the first half of 2021, we will have liquidity pool protocols set up where anyone can use the AXIS token and create derivatives, The US derivative market is $640+ Trillion, for instance.
And all of the wall street trading capabilities (ex. how much leverage, what the market protection mechanism should be) will be governed by the holders of the AXIS token.
Q4: Lots of investors hit and run in the sales session and sell after listing on the first exchange, How is the Axis DeFi to prevent early investors from selling their token and what benefit will Axis DeFi give to them?
Tough question Faiz. If people believe in AXIS DeFi’s vision, they will see that this project will be very successful, and we will want to hold onto the AXIS tokens for the utilities I mentioned above (staking, governance and liquidity pool rewards)
It’ll be a lot more rewarding for the user to hold the token (and receive rewards from staking and liquidity pool) than to sell it
Our job is to allow people to understand what we’re building and answer any questions they may have, such as this AMA session with the Nano Chatroom here!
Q5: What are the major milestones Axis DeFi achieved so far & what are in future pipeline?
We actually just got listed on Gate yesterday! https://medium.com/axis-defi/gate-io-launches-premier-single-listing-vote-1-axis-defi-axis-a991b5149a6
We are talking with several other top DEX and CEX as well and may have a few more next week
You can stay updated on our telegram group: https://t.me/axisdefi
Q1: AXIS, has the mission to bring the rest of the cryptography world to DeFi, in the short term which project do you want to incorporate and be part of your platform?
AXIS’ highlight is its interoperability (having Jinius, known as the father of interoperability on the cofounding team) and having “DeFi contracts” to bring Wall Street trading capabilities on-chain
Just like how Ethereum has “Smart Contracts” which made it easier for anyone to create a dApp. AXIS’ “DeFi contracts” will allow anyone or company to easily program financial instruments on the blockchain
In this way, we will be onboarding any DeFi projects that need this service, just like what Ethereum did for projects from all parts of the world
Q2: Can you explain more about “on-chain margin” that implemented on Axis DeFi? How does Risk Control work on “on-chain margin”?
Typically, when people want to do “margin trading” (ex. borrow $9 to buy a $10 item), the central bodies will need collateral or guarantee from them. Central bodies can be a bank or a centralized exchange (CEX).
Because cryptocurrency prices move so much 😅, this collateral ratio is typically high. With AXIS, you don’t need a central body anymore. This margin trading logic is programmed onto the blockchain
So we can save the middle man fee charged by the central body, and we’re able to require a lower collateral ratio because of our adaptive liquidity pool business model, This is the “on-chain margin”.
We also have risk control mechanism built on-chain to protect users from extreme price volatility (ex. if bitcoin price drops by more than 40% in one day). The holders of the AXIS governance token can vote to have the trading halt in this case, just like how Nasdaq halts trading during extreme price drops
Q3: What were the Security feature you have to protect your Platform , so that Users can Invest in AxisDeFi with full trust and Also How secure your Smart Contacts and Oracle from bug and Hack?
We already have a smart contract audit report done
Once our staking and liquidity pool code is built out, we’re also planning to have Chainsafe and Quantstamp audit our code for us. They’re among the top smart contract auditors in the industry
We want to make sure people feel safe using our protocol, so this is a big focus of ours
Q4: What role does the community play within the AXIS DeFi ecosystem? In what ways can the community contribute to AXIS?
Of the total AXIS token supply, 60% is attributed to yield farming and community🔥
Supporters of AXIS will be able to stake with the AXIS token, thereby providing liquidity into the liquidity pool to allow users to create derivatives on the AXIS platform
The community will also be able to vote on how to govern this project, This will be a decentralized project. We are only here to set things up then we will let the community take control of this project
So the community will be a HUGE part of this
Q5: In the fourth quarter of 2020 you are going to launch the Axis level 1 protocol staking. What will it consist of? What can you tell us in advance about it?
This level 1 protocol staking will be Proof of Stake. Holders of AXIS token can stake their token and get rewarded.
Then we will launch level 2 staking in Q1 2021 where holders can now provide liquidity into the pool and get rewarded by getting a portion of the network transaction fee
Q1: How do you evaluate the support from community ? What is your strategy to marketing and for Mass Adoption ? What message do you want to send to community through AMA to day ?
We’re doing a lot of AMA, almost 1-2 a day. We believe AMA is the best way for the community to undertand our project, and to ask us anything. We’re an open book as we believe trust is so important in this space. That’s why I shared the video at the start of this AMA to put a face to a name
The message we want to deliver to the community is this, we’re a team fro Canada with a lot of industry experience in the blockchain space. We have a track record (my cofounder Jinius’ previous project has a high of $USD 600M market cap)
And we’re building the FIRST DeFi dedicated blockchain with wall street capabilities
If you share our vision, we would really welcome your support, We want to bring open finance to everyone And building a chain and an ecosystem dedicated to DeFi
Q2: How profitable is your token and where can I buy it? What are the profits? Thanks
The token is currently listed on Gate.io. It has 5x since the listing price yesterday. However, know that you should always trade at your own risk and nothing I said here is financial advice
Q3: What the main purpose of your project?
Building a blockchain and ecosystem dedicated to DeFi (open finance)
Q4: As we know, every successful project has a few stories behind the scenes, what’s the story behind Axis success? What was that vision when it first emerged as an idea? Are there any special prototypes or upcoming Axis updates that you want to show/share with us?
The cofounders here have known each other for a couple years now as we’re all Canadians and all in the blockchain space. The idea of AXIS came about because the high ETH transaction fee was bothering us, and worked in investment banks, we wanted to bring Wall Street capabilities onto the blockchain. Many dinners and coffee chats later, the idea of AXIS was born
Q5: With more and more Defi project appearing in the market, what advantages does Axis have over other defi ? What is the unique feature of Axis ? . How do you build the trust in #Axis and make it popular ?
The unique feature of AXIS is, it’s not just another DeFi project built on Ethereum. It is a native blockchain that talks to the other blockchains in the DeFi space, therefore creating an entire ecosystem dedicated to open finance
Thank you for trusting NanoNews as the organizer of the event today, hopefully everyone can understand about Axis DeFI
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