Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with PlotX on October 26, 2020. This guest star PlotX Builders. If you were unable to join the live AMA, no worries, here comes our 82th AMA recap!
We are glad to meet here:
Kartic Rakhra, Co-Founder PlotX
Divij, Team PlotX
For taking your time out from busy schedule for the AMA!
Q1: Can you introduce yourself to the community? What is your background and how did you join PlotX ?
I’m one of the cofounders of PlotX – a non-custodial prediction protocol for crypto traders.
I’m handling the Community initiatives for PlotX. 😁
We’re a team of about 20 based in India who are trying to revolutionise the Prediction Markets space in crypto
The idea is to make it super easy & fun for the average crypto enthusiast to use prediction markets
The team background & journey is shared in this video – http://youtube.com/watch?v=eNuOlkAVKys
We built the tech behind Nexus Mutual (75m TVL) prior to building PlotX 🙂
Q2: Can you briefly describe what is PlotX?
Sure. PlotX is a prediction protocol that enables users to make predictions on the price of BTC & ETH in hourly, daily & weekly time frames.
The user has to only come on to the platform, choose the market they wish to participate in and make their prediction!
The next step is to claim your rewards from the app 🙂
Some screenshot of the App. We currently have Hourly, Daily and Weekly prediction markets live.
Users may make their predictions in ETH or PLOT
The Leaderboard stats. We’ve had some great participation till now.You can see that there are 6 participants in the market and a total 934 PLOT staked
More than 200 participants in just 10 days!
You can predict on one of the 3 options. Bearish, Neutral or Bullish.
Q3.What development have taken place since the launch of the PlotX Beta ?
So much to tell you guys! We launched the Beta on Oct 13 and that has only made us work harder on delivering the best experince for the users
Here’s a list of project updates over the past 10 days:
- Liquidity Mining is now live 💧 (200%+ APY!!!): https://liquidity.plotx.io
- Partnership with 3Commas to open up the platform to their vast trader base of over 33,000! 🔥
- We integrated with Chainlink as the on-chain oracle provider 🔗
You can read more about our partnership with 3 Commas here – https://bit.ly/35cHTyH
- We announced a partnership with Elrond to start working on a prototype on the Elrond Blockchain 🕺
- We passed our first community governance proposal and launched Participation Mining on the app ⛏
- More about integration with ChainLink here – https://bit.ly/31a3re2
Q4.What milestones has PlotX achieved?
I covered some of the milestones in the previous answer as well, but here are some of the milestones:
– The First PlotX Improvement Proposal (PIP) was raised with the community participating and moving it to a governance vote!
– The first Governance vote was passed via the on-chain governance toolkit, GovBlocks
– More than 200 Participants on the PlotX Beta dApp in just 10 days of launch
– Almost 20 ETH & 185k PLOT have been staked on the platform
More about our 1st PIP – https://research.plotx.io/t/pip-introducing-plotx-participation-mining/23
Q1.PlotX Liquidity Mining only supports MetaMask. Are you planning to add other wallets, WalletConnect, Trast? How do you see the further development of the PlotX interface?
Hey. Currently it supports MetaMask but the team is working really hard on integrating with Wallet Connect for the Liquidity Mining as well.
Q2.as the name implies predict … is the predict now feature on PlotX a market analysis? if I am correct, what is the percentage level of accuracy ??
PlotX is a non-custodial prediction protocol that enables users to earn rewards on high-yield prediction markets. The Predict Now button allows you to predict the price of the asset in hourly, daily and weekly markets. There are 3 options to predict – Bearish, Neutral and Bullish.
These are the 3 options in the current Hourly BTC/USD market.
Q3.Are you planning to host different tournaments or forecasting contests on your PlotX platform? What’s your strategy for user retention on the PlotX platform?
That’s a great question!
We do plan to have multiple contests and tournaments on the PlotX platform. In fact, we just launched the PlotX Beta Challenge yesterday which has a weekly prize pool of $3000!
Do check it out and register!
Q4.How can you participate in the PlotX Mining Program? Is it really a mining or is it like an incentive contest to use the platform?
You can find the details for Liquidity Mining below. Currently it has an APY of 220%
✅ Rewards of 15,000 PLOT per day
✅ Rewards distributed every second
✅ No vesting / No lockup
To learn how to mine liquidity:
Q5.What are the future plans for Plotx Project ? Do you have any exciting things down the pipeline that you can share?
There’s so much happening in the background!
Currently $PLOT is traded only on Uniswap (https://app.uniswap.org/#/swap?outputCurrency=0x72f020f8f3e8fd9382705723cd26380f8d0c66bb&inputCurrency=ETH)
We’re now talking to some pretty big CEXs for listing the $PLOT token so even more traders are able to get exposed to the token.
On the product side, we’re working on a whole new UI based on our work with one the worlds best Crypto Design Agencies – Deep Work Studios. This will be released with our big Mainnet launch in the coming few weeks
Q6.Does TryplotX Network currently have alliances with other exchanges in the market? Are more alliances coming in the near future? Are you currently working on one?
We are currently listed on Uniswap as Kartic mentioned above. But things are in the works for a CEX Listing and we’ll update the community on the listing in due time 🙂
Q7.Is your platform a binary option, can we only play on the price of bitcoin, or is it possible to play on the price of altcoins and your token?
The platform has 3 options as Divij mentioned in this answer – https://t.me/nanochatroom/554834
But the best way to really know is by experiencing the app itself on https://app.plotx.io 🙏
If you have any issues with the app then please feel free to ping us on our telegram group @plotx_official
Q8.What is the value and utility of the PLOT token inside the PlotX protocol? What opportunities do token holders have in the short and long term?
The PLOT token has 6 use-cases as described below:
1. AMM Mining: Incentives for Market Creators
2. Referral Mining: Building in virality by design
3. Community Mining: Wide distribution in communities
4. Play Mining: Stake & Play
5. On chain Governance
6. Liquidity Mining
Each of these use-cases are explained in this link – https://docs.plotx.io/token-model
Q9.Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same?
One of the things that is common between each and every rug pull is that the founders are anonymous. More so, they have no provable history of delivering solid projects.
The PlotX team has a history of delivering solid projects like Nexus Mutual and GovBlocks. Moreover, we are happy to use our real identies and associate with the project 🙂
Q10.Could you please provide some info about your Roadmap and how PlotX is progressing so far?
As Kartic answered in the Intro Session regarding the recent progress PlotX has made. I’ll quickly share our roadmap.
You should check out the roadmap as well.
Q11.To Earn PLOT passively, the prediction must be right? Or I can obtain PLOT even when the prediction goes wrong?
We recently announced PlotX Participation Mining where users can earn PLOT even when they make a wrong prediction – https://docs.plotx.io/launch/plotx-participation-mining
Q12.How do you rate Liquidity Mining after its launch? What incentives does PlotX offer for liquidity providers today?
The current APY for Liquidity Mining of $PLOT is 220% !!
There is no locking for providing liqudity and the rewards are calculated every second. A lot of our community members are benefitting from the program.
Check out>> https://liquidity.plotx.io
To learn more about liqudity mining >> https://docs.plotx.io/plot-token-1/how-to-farm-plot
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