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Space Summary
Questions
Q: What was the main focus of the discussion in the DEX Twitter space?
A: The primary focus was on the importance of performance and throughput for on-chain trading to compete with centralized platforms.
Q: How does on-chain trading performance compare to off-chain entities?
A: On-chain trading aims to surpass the capabilities of off-chain entities in terms of efficiency and speed.
Q: Why is supporting high trading volumes crucial for DEX platforms?
A: High trading volumes are essential for DEX platforms to remain competitive and attract more users and liquidity.
Q: What percentage of the global crypto trading volume currently exists on-chain?
A: Only around 2% of the global crypto trading volume is on-chain at present.
Q: How does the infrastructure aim to compete with centralized platforms?
A: The infrastructure is being developed to provide comparable performance and user experience to centralized platforms.
Q: Why is there a push to enhance the user experience in on-chain trading?
A: Improving user experience is crucial for user retention, attracting new users, and differentiating from competitors.
Q: What opportunities are being explored to increase on-chain trading volume?
A: The space discussed exploring various opportunities and strategies to increase the on-chain trading volume.
Q: What platform was introduced in the space for DEX trading?
A: Rare Dex, a new DEX platform, was introduced during the discussion.
Q: How can users engage with the community and seek assistance?
A: Users can engage with the community and seek assistance through Discord, a platform for support and inquiries.
Q: What support mechanisms exist for users of the DEX platform?
A: Ongoing development and support efforts are in place to assist users of the DEX platform.
Highlights
Key Takeaways
- Emphasis on performance and throughput for on-chain trading.
- Transition towards surpassing off-chain possibilities.
- Importance of supporting exchanges with high trading volumes.
- Only about 2% of the global crypto trading volume exists on-chain currently.
- Focus on building infrastructure to rival centralized platforms.
- User experience enhancement in on-chain trading is crucial.
- Exploration of opportunities for increasing on-chain trading volume.
- Introduction of Rare Dex
- a new DEX platform
- for users.
- Community engagement through Discord for support and inquiries.
- Ongoing development and support for platform users.
Behind the Mic
To kick things off, let's chat about that mainnet. We launched it back in December, 12.1. It's really hard to believe that it's already been over a month. There's going to be a mainnet event. A lot of really exciting things to share about that. We'll share details about that very soon. This call isn't about the mainnet though. So let me switch gears and chat a little bit about governance. When it comes to getting rid of validators, who does that? There is an overall governance process. You could have the community basically vote around a validator who is bad behaving. Governance happens through council members. That's usually how folks are removed or how folks are added. Talking a bit about the event in May, is it in Singapore? It's 2 parts in Singapore. And to answer your question about staking, you could start staking in I think like 2 or 3 days from now. I mean a lot of these larger swings that you see are largely from 2 things. One is bots. So right around when these events happen, you see huge swings. And then two is obviously folks who are rebalancing for other opportunities or taking profits. There's a lot of things happening around the mainnet. In terms of this community governance, when can folks actually start participating? I know that all nodes are run by the foundation right now. But if I'm an external person and I want to get into it, when can I start? Important note. The initial key holders are going to be a mix of alternate and current community members. So that's how it's going to be governed. At the end of the day and one important point I want to call out, there's going to be certain things that are going to remain firmly under the control of the foundation, such as inflation rates and other protocol-level monetary policies. Depending on how the rollout goes, you can try to participate as early as end of Q2 this year. But that's subject to change based on how community readiness is. You should definitely join the Discord. What are some of the events you are planning? There's in-person, like what's going to be happening in Singapore. There are also going to be digital events, recaps, and Q&A sessions. I heard somebody mention bots. Could you expand on how much of an impact bots have on price swings? Bots add liquidity. You know the major thing it's doing is adding liquidity in the system. But the obvious downside is that it can cause serious price manipulation. Talking about the growth of the platform, when you look back on the journey of this platform, a lot of the value comes not just in the experiment of blockchain, but the community aspect, the involvement, and bringing people together who are excited about the mission. Can you talk a bit about reducing tax exposure? This is something so important to us. We have expert opinions and accordingly structured our staking to be more tax-efficient for folks. You can expect a much more frequent interval in terms of distributions as well. Do you see any downside to having higher frequency of rewards distributions? Not particularly. Of course, you'll have small taxes each time but we’ve largely heard folks are okay with that. The key takeaway here is maximizing the time you're in the investment. From the investor’s point of view, we know that the majority of traders are largely profit-driven. How do you look at governance in terms of working with other blockchains? Governance is there to essentially align with what the community’s sentiment is and to adjust parameters based on that. Our mission was always to combine efforts where possible. We're available wherever you look for us. Our main focus is Unite. Do you know if there are plans on ETH staking rewards? ETH staking is going to be a key part of our next rollout. Are you going to be putting out more educational content, especially around bonded staking? Thank you for asking. Our marketing team has really put together a robust pipeline for bonded staking content. A question about custodial fees. Custodial fees? They are pretty competitive. We are constantly optimizing to remain competitive. NFT staking has been pretty exciting. Can you expand on how that integrates with the platform? NFT staking is integrated right into our core platform and it's super user-friendly. I am curious to know more about real-world assets. Absolutely. It's a growing theme and something we are definitely looking towards in the future. Do you have any specifics on upcoming projects? Without giving too much away, we are looking at some pretty innovative ways to leverage the platform for real-world impacts. Could you mention where you see the platform in the next five years? I see us scaling. There is a lot of interest and opportunity which means we can explore new verticals. The long-term vision is more interoperability. To reach millions of users by making the ecosystem vibrant. What are some use cases you think the platform could support? That's a great question. Payments, Web3 services, public goods. We want to support a wide variety of use cases. What sets you apart in the blockchain space? It's our community-driven approach and our focus on governance and utility. Do you see a future where crypto and traditional finance are indistinguishable? That's an interesting point, but I think they will continue to coexist and complement each other rather than merge completely. Transitioning to a bit on the economics, you briefly mentioned rewards. Can you elaborate on the structure a bit more? Moving to a more frequent distribution system, as I mentioned, and creating more ways to earn. How are you trying to make things more accessible for the average user? UI/UX is a huge focus. Lowering the barriers of entry to crypto. I'm impressed by how far you've come. Thank you. It's all thanks to the community. Going back to the question about community governance, what are your thoughts? It's crucial. Governance is the backbone. Many folks forget that governance really impacts daily activities and the direction. What other aspects of governance would you highlight? Voting, transparent processes, user involvement. Let's close up. Any final points? Just a huge thank you to our community. Stay tuned for updates. And remember, you can always reach us on our Discord. One last thing: for the new users, where should they start? Definitely our educational resources. Thank you so much. This has been insightful. Thanks! Can't wait for the next session. Yes, and enlist for future updates. Thank you, everyone!
