1st LIVE AMA SUMMARY
First, we would like to thank you for your amazing support and massive participation in Position Exchange’s 1st Live AMA Session held on our Telegram on July 13th at 13:00 UTC.
Building strong bridges and connections with the POSI community is one of our main goals.
Our 1st AMA session was a great opportunity to introduce the Position Exchange Protocol and our strategic long term goals. The live interactions with the community allowed us to understand the main concerns and expectations, and gave us the chance to bring detailed and precise answers to all participants’ questions.
Following is a summary of our 1st AMA. This might help the community members who couldn’t join us in the live session to keep track with the main events held by Position Exchange.
Frequently Asked Questions:
About Position Exchange Protocol: What is Position Exchange and what are its main features?
Position Exchange is the new Decentralized Trading platform, powered by a virtual Automated Market Maker (vAMM) and operating on Binance Smart Chain (BSC), aiming to bridge the gap between people and the cryptocurrency markets and enhance trading experiences.
The core features of Position exchange consist of on-chain Derivatives trading on Crypto assets as a start (with a plan to expand into other assets in the future). We offer Perpetual and Future contract trading on Cryptocurrency with high leverage, low slippage and low fees. You can trade instantly using vAMM technology. No middle man, no waiting for counterparties & no wondering if your funds are safe.
Position exchange platform is designed to deliver all the advantages of Decentralized Finance whilst bringing the traditional Centralized Finance experience and tools onboard.
Along with Derivatives trading, we are bringing NFTs, Staking, Farming as well as a Build feature offering easy and fast built on-top API creation.
About Position Exchange Token POSI: Can you provide an overview of your Tokenomics? What will happen to the token with the success of the platform? Does it include any scarce pathways, such as equity, storage, or burning?
The POSI token is a hyper-deflationary token. Position Exchange’s team will implement several mechanisms to maintain the price of POSI stable and guarantee its long-term sustainability such as Token buyback & burn, Anti-whale, Emission rate control, and a Harvest lock-up period (when staking is open).
We will be using the total amount of fees generated from the Trading platform to Buy Back & BurnPOSI Tokens. This strategy will allow us to control the number of POSI in circulation and maintain the stability of its value in the long term. Please take a look at the token distribution on our website and whitepaper for further information.
About Position Exchange’s Community: The project is developed by the community, so what mechanism helps the project’s decisions to be on schedule and reach the maximum consensus?
The project will be switched to full DAO as soon as the token shows sign of stability, and when the community is mature enough to establish a proper and sustainable governance system. Position Exchange Governance will be taking into consideration all the community requests and proposal and will submit them to the community vote according to a system that is very well designed. We are preparing a detailed article to explain about that and it will be published soon.
About Position Exchange’s Vision and Development plan: What is Position Exchange long term vision and what are the main goals of the project?
Our Vision is to build the most decentralized and community driven platform in the DeFi industry, where every single user plays an important part of the decisional process by having an effective role in defining and shaping Position Exchange and its future development.
Most Valuable Questions:
Afsalmu: What do you consider are the main advantages, main outstanding characteristics of this project? And how do you demonstrate its transparency and efficiency?
JAMES POSITION: I would say our long-term view is what would set us apart from other startups. Guaranteeing the long term reliability of the platform and continuous benefits for POSI holders (native BEP-20 token to Position Exchange) are our ultimate goals.
We are trying to establish a real community-driven project where the voices of all members are heard and where all decisions are decentralized. We actually want the community to lead this project to its goals. As you can see 80% of the total supply of POSI will be for the community. We also want to ensure a fair launch for everyone. The team members & advisors will not have access to their tokens from day 1 but they will rather get it over time. Every time tokens are minted, the team & advisors will perceive 10%. So, you can clearly see that we are investing all our hard work in the potential value of the Token.
We win together and we lose together. It is clear that we trust in this project and put our hopes on it.
Jes: What are the unique features Position exchange has to offer which would disrupt the crypto world?
JAMES POSITION: We are bringing a lot of features into this platform. You guys, will enjoy yourselves. From Future contracts Trading on Cryptocurrency, to Exchange, Staking, Farming and NFTs. POSI will really be a utility token. So we are trying to create our own ecosystem. And we have much bigger plans than this, we will share a lot of things with you soon.
Mike Luis: As a trader, I prefer to choose CEX for trading because using DEX is more complicated. So, what can you tell us about using Position Exchange (as a DEX) rather than another CEX? And why must we use Position Exchange while there were more popular DEX, let’s say Uniswap, etc?
JAMES POSITION: I understand your choice of CEX, but CEXs come with numerous risks and limitations. The three primary risks are lack of security, lack of transparency, and lack of liquidity. DEXs have tried to work on these issues, and in many cases have succeeded in reducing security risks by using blockchains for disintermediation.
Position exchange platform is designed to deliver all the advantages of Decentralized Finance whilst bringing the traditional Centralized Finance experience and tools onboard. For instance, Position Exchange offers easy and accessible on-chain derivatives trading with high leverage, low slippage and low costs on Crypto with a plan to develop into other assets in the future.
For your question about why choose Position Exchange as your DEX, It is very important to understand that we are starting as a platform focused on futures trading, not exchange. We are of course working to develop our own exchange in the near future.
So once we are there and to answer your question, I think the token will be the difference maker here. When you trade or use Position Exchange you will certainly be increasing your POSI balance. POSI here is a utility token that could actually be used in a lot of different features unlike other DEX’s tokens. You can use it to Stake, you can earn more tokens simply by holding POSI in your wallet using RFI, you can use it to cast NFTs, you can receive trading fees discounts and much more.
Not to mention POSI is actually a Hyper-deflationary token. We will do all what it takes to maintain its sustainability and value.
Phang Nyu: The 2 main issues plaguing DEX are Liquidity and Speed. How does @PositionEx deal with these issues?
JAMES POSITION: Liquidity issue: Position Exchange is not a spot Decentralized Exchange, we are aiming to provide Derivatives Trading especially Decentralized Future Trading. So, we resolve liquidity issues by providing virtual AMMs. In conventional AMMs, liquidity is deposited by liquidity providers contributing assets to facilitate trading, the liquidity in a vAMM comes straight from the vault sitting outside of the vAMM.
In simpler words, there is no need for liquidity providers to bring liquidity for a vAMM to work: the traders provide liquidity to each order. We are not a conventional DEX, we don’t need liquidity. We will use Pancakeswap liquidity for our token exchange. This vAMM feature is a good prevention tool against impermanent loss. (Please have a look at the Whitepaper for more details).
Speed issue: We will try to support cross-platforms eg: Solana, Binance smart chain, Ethereum … and other high speed networks. This will help us improve the speed and performance of the Protocol. But initially we will run on Binance Smart Chain which is supporting approximately 3s per block.
Moreozz: How about transactions and feature fees?
JAMES POSITION: So all the fees we generate from our different features such: Trading fees, Transaction fees will be invested back in our token and community. 100% of the Trading fees will be used to Buyback and burn the tokens in order to reduce the current circulation and control the price. A 1% fee will be collected on transactions then distributed to all token holders using RFI technology.
Vinhkute: I am very interested in this project. I currently trade in many other exchanges, and recently a lot of exchanges have been hacked. What plans and plans does PositionExchange have to prevent intrusions?
JAMES POSITION: We will try to run an audit with some reputable organizations such as Certik, PwC…… Along with that, we will implement Bug Bounty programs so that the community can contribute to help protect Position Exchange.
Aonabbas110: How can I buy POSI?
JAMES POSITION: If you are selected as a lottery winner, you will be able to participate in the exclusive whitelist sale and buy POSI tokens at the attractive price of $0.5 per token. You will be sent a link and you can purchase the token directly on our website through your wallet using BUSD. On the other hand, if you don’t win the lottery, you can to buy POSI tokens after the liquidity is injected at the price of $1 per token on PancakeSwap as a start and then we will try to list it on major Centralized Exchanges.
Rivan Smmrt: Current DEX platforms are not intuitive or easy to use and require a high level of technical know-how, So how will you make your platform become user friendly and easy to use for traders?
JAMES POSITION: This is something that came up during our creation process. It is true, not all DEX platforms are actually intuitive and easy to use. So we tried to create a user-friendly interface, as you can see in our website it is quite easy to find what you are looking for. We will introduce in the near future a very detailed tutorial to help new users get familiar with our interface.
As promised the winners of the $100 reward from our 1st Live AMA will be announced on our Telegram Announcement page. If you’re among the lucky ones, Position Exchange’s team will get in touch with you and guide you through the process of getting your prize!
We count on the continuous support of the POSI Community, for this exciting journey ahead. Together we are Stronger!
Please note that the Airdrop registration is still ongoing until the 15th of July. Hurry up to get your airdrop tickets and the chance to participate in the exclusive whitelist sale starting on the 16th of July.
