🔥 AMA Recap: BSCStation x UrDEX Finance 🔥
We’d like to say massive thanks to all of you who joined the AMA of BSCStation featuring UrDEX Finance! This recap will highlight the key takeaways from the AMA session, in case you missed it!
Throughout the AMA, the team members from UrDEX Finance have shared insights about their projects and future development. They also provided details information about how UrDEX Finance will be a game changer in the industry.
PART 1: INTRODUCTION
Question 1
Host: First, please make a brief introduction of yourself and UrDEX Finance project.
Ms. Maya - BD of UrDex Finance:
Thanks for having me today. First, let me introduce a bit about myself and our promising project that has been built on the Arbitrum chain and is ready to be launched.
I am Maya - BD of UrDEX Finance. I have 7 years of experience in cryptocurrency and financial services. More than 5 years of experience in Community Management for big global communities. About UrDEX Finance, it is a community-driven project that aims to solve the liquidity problem by enabling disparate forms of liquidity to connect with markets in a decentralized way. It offers a comprehensive range of products and services, in which the three products we focus on the most are: an Decentralized Exchange, a Perpetual Decentralized Exchange, and a Launchpad.
🌟 Some core features that make UrDEX stand out from other DEXs:
- Fully Decentralized and Non-Custodial
- Real yield
- Zero Price Impact Trades powered by Chainlink oracles
- Programmatic Risk Management
- Innovative liquidity solution
- Fair Launch and DAO-Driven
- Launchpad
- Loyalty Incentives
- Strategic partners Pool
UrDEX's partners include: Space ID, ParaSwap, Mises Browser, PERI Finance, Parami Protocol, xHashtag, TrantorDAO, HatsFinance, ArbitrumNewsDAO, Puffverse, BSCStation, InfiniteLaunch, BrandPad, RazrFi, etc.
Here please take a look at the project overview to have a general understanding of UrDEX Finance 👆
Currently, UrDEX Finance has multi-IDO plans on the following platforms: BSC Station, InfiniteLaunch, UrDEX Launchpad, RazrFi and BrandPad.
More details about our listing events on DEX and CEX will be revealed soon. Please stay tuned and get the latest updates from our official socials:
🌐Website: http://urdex.finance/
📜Documentation: https://docs.urdex.finance
🐦Twitter: https://twitter.com/UrDEX_Finance
📺Telegram: https://t.me/urdexfinance
💿Discord: https://discord.gg/urdexfinance
📙Substack: https://urdexfinance.substack.com/
Question 2
Host: Could you please some outstanding features that make UrDEX competitive with other top DEXs?
The rapid development of the DeFi sector has led to the explosion of new Decentralized Exchanges (DEXs).
However, UrDEX has a significant competitive advantage with its unique features and an extensive network with other DeFi companies to set us apart from others, including:
1. Decentralized Trading
UrDEX is a fully decentralized and non-custodial platform, ensuring a truly decentralized trading experience. Users retain full control of their assets, and trades are executed via smart contracts without the need for intermediaries.
2. Real Utility
UrDEX's real yield framework offers complete transparency of all fees, allowing all assets to be distributed via governance voting. This feature provides a transparent and fair distribution of revenue to token holders.
3. Zero Price Impact Trades
UrDEX's Chainlink Oracle integration enables traders to execute trades with zero price impact, minimizing slippage and improving the overall trading experience.
4. Robust Risk Management
UrDEX offers user-elected credit exposure to tackle issues present in zero-price impact perpetuals. This feature helps manage risk and reduces the potential for margin calls.
5. Innovative Liquidity Solution
UrDEX provides direct market access to programmatic pools of liquidity, offering a unique liquidity solution that enhances the trading experience for users together with attractive revenue models.
6. Loyalty Incentives
UrDEX offers a loyalty program that rewards traders with loyalty tokens based on their trading activity. This function rewards and encourages trading activity, increasing platform user involvement.
7. DAO-Driven and Fair Launch
UrDEX operates democratically and transparently, with token holders as stakeholders of the entire ecosystem, including access to the DAO Treasury funds. The platform's fair launch ensures equal distribution of tokens, making it accessible to all users.
8. The Strategic Partnership Pool
UrDEX's Strategic Partnership Pool offers liquidity providers the chance to own governance tokens, allowing them to participate in strategic decision-making for the ecosystem and receive transaction fees. Liquidity suppliers are encouraged by this feature, which also guarantees the platform's long-term viability.
UrDEX demonstrates its own power when compared to 2 other prominent perpetual platforms with extremely high market caps in the cryptocurrency world: GMX and DYDX.
Let's take a look at our competitive advantages in the table below 👇
Question 3
Host: Could you please update some latest news or hot events of UrDEX to BSCStation community?
Ms. Maya: Sure, there are a lot of exciting new updates on UrDEX that I wanna share with the community now 🔥
$URD IDO would be conducted on multi Launchpads including BSCStation, InfiniteLaunch, RazrFi, BrandPad and UrDEX Launchpad.
⏰ IDO date: April 24th, 2023 (UTC).
Take a look at our IDO Timeline here:
IDO on RazrFi on April 22th, 12:00 UTC
👉 Details here: https://t.me/solrazr_app/1031
IDO on BSCStation on April 24th, 9:00 UTC
👉 Details here: https://t.me/bscstation_media/3111
IDO on InfiniteLaunch on April 24th, 12:00 UTC
👉 Details here: https://t.me/InfiniteLaunchNews/661
IDO on UrDEX Launchpad on April 24th, 14:00 UTC
👉 Details here: https://t.me/urdexfinance_ann/52
IDO on BrandPad on April 24th, 15:00 UTC
👉 Details here: https://t.me/BrandPadAnnouncements/585
After the IDO, we will be listing $URD on Camelot, the DEX built on Arbitrum. This means that our token will be available to trade on one of the most advanced and secure decentralized exchanges in the market.
Most recently, UrDEX Finance is proud to announce our upcoming listing on MEXC Global Exchange.
📌 Join UrDEX Kickstarter on MEXC:
🗳Vote with $MX to support the $URD listing and to share 625,000 $URD airdrops
⏰Voting period: 00:00 Apr 26 - 11:50 Apr 26 (UTC)
📍Voting link: https://www.mexc.com/sun/assessment
📈Trading: 15:00 Apr 26 (UTC)
🔎 Details here: https://bit.ly/3ouaE7d
Question 4
Host: Has your smart contract been audited yet? And when will token contract be published?
Ms.Maya: UrDEX has successfully completed our smart contract audit with QuillAudits, and we're proud to say that our security measures are top-notch.
Our audit was conducted by QuillAudits - one of the leading blockchain security firms in the industry, and the results were impressive.
Here are a few highlights of the audit:
🛡 Our smart contracts are secure and free of vulnerabilities, ensuring that user funds and assets are safe.
🛡 Industry-standard encryption and authentication protocols have been utilized by us to protect user data and transactions.
🛡 Our code has been thoroughly reviewed and tested to ensure optimal performance and minimize the risk of bugs and errors.
📌 Check out the report link HERE: https://github.com/Quillhash/QuillAudit_Reports/blob/master/urDex%20Smart%20Contract%20Audit%20Report%20-%20QuillAudits.pdf
With the audit completion, we're excited to move forward with our plans for IDO on April 24th, 2023 at 14:00 UTC on the UrDEX launchpad. And our listing events on DEX and CEX afterwards.
Stay tuned for more updates as we get closer to the launch date!
🌐Website: http://urdex.finance/
📜Documentation: https://docs.urdex.finance
🐦Twitter: https://twitter.com/UrDEX_Finance
📺Telegram: https://t.me/urdexfinance
💿Discord: https://discord.gg/urdexfinance
📙Substack: https://urdexfinance.substack.com/
Question 5
Host: Can you please share the revenue model of UrDEX Finance to our community ?
Ms. Maya: The Fee Schedule for UrDEX Platform:
Position fee for perpetual trading: 0.1% of position size (open/close)
Liquidation fee: $5
Dynamic borrowing fee (interest rate for leveraged/perpetual trading):
- Traders pay a borrowing fee every hour. The fee is calculated dynamically based on the asset utilization rate: Borrowing fee (per hour) = (assets borrowed) / (total assets in pool) * 0.01%
- Maximum borrowing fee: 0.01% per hour (at 100% utilization)
Maintenance margin: 1%
- Liquidation occurs when the debt of an open position reaches 99% of the user's collateral.
- Any leftover funds after liquidation will be sent back to the user's wallet.
Swap fee: ranging from 0% to 0.6%
- The base swap fee equals 0.2% for non-stablecoin swaps (i.e. USDT>ETH, or BTC>USDT) and 0.01% for stablecoin swaps (i.e. USDC<>USDT). Note that the protocol incentivizes the swapping of assets that are underrepresented (in terms of pool weight) by dynamically reducing the swap fee and vice versa.
Contribution sharing
- Team: 5%
- DAO Treasury: 25%
- URO stakers: 10%
- Liquidity Providers (Guardian, Archon, Divine Pools): 45%
- URD stakers: 10%
- Strategic partners: 5%
PART 2: PRE-AMA QUESTIONS FROM BSCSTATION COMMUNITY
Question 1
Host: What is the revenue model of the UrDEX platform? Are there any other incentive mechanisms for traders and investors?
Ms.Maya: I will share with you our graphics to demonstrate the UrDEX Revenue Model 👇
For every project, an important aspect of sustainable growth is to retain users and keep community members engaged. As part of this effort, we are very proud to introduce UrDEX incentive mechanisms including the Loyalty Program and the Strategic Partnership program.
Loyalty incentives:
This is a very simple mechanism: For every dollar traded on the UrDEX platform, one URL token is earned.
URL loyalty tokens can be earned by traders based on the USD volume of their swaps and closed trading positions. These tokens are automatically distributed and can be converted to URD tokens after a 24-hour vesting period. This incentivizes traders to keep using our platform, and allows them to share in our success as we grow.
Strategic Partnership privileges:
To encourage partners to join and make valuable contributions to the UrDEX ecosystem, we would like to introduce a new program for strategic partners to provide liquidity to projects and help their communities earn more stable profits. This program offers several benefits for our partners, and we're excited to help grow their communities in a groundbreaking way.
Partners will also be provided an exclusive page to grow and manage their communities, as well as attract new users.
Question 2
Host: Why did you choose to build UrDEX project on the Arbitrum chain? What are the advantages of the Arbitrum's technology? Are there any requirements for Arbitrum projects that want to launch IDO on your launchpad?
Ms.Maya: As a decentralized exchange, UrDEX should be able to handle large volumes of trades without sacrificing speed, security, or affordability. This is where Arbitrum comes in - their suite of scaling solutions allows us to do just that. Today, I am excited to share with you guys the driving forces behind developing UrDEX on the Arbitrum platform:
Scalability and low gas fee
Arbitrum's unique sidechain technology enables us to process a high volume of transactions quickly and efficiently.. Unlike other scaling solutions that rely on layer 2 networks or sharding, Arbitrum's side chains allow us to process transactions off-chain while still maintaining the security and decentralization of the Ethereum blockchain.
Another key advantage of Arbitrum's side chains is their low gas fees. Because transactions are processed off-chain, they require less computational power and incur lower fees than those processed on the Ethereum mainnet.
Security
Arbitrum's unique sidechain technology offers a powerful solution to this challenge. By processing transactions off-chain, Arbitrum's side chains allow us to achieve unprecedented levels of scalability without sacrificing security or decentralization. This is because side chains can be designed to enforce their own security guarantees, independent of the underlying blockchain.
Interoperability
Arbitrum's sidechain technology offers a powerful solution to this challenge. By maintaining full compatibility with the Ethereum ecosystem, Arbitrum enables UrDEX to seamlessly integrate with other Ethereum-based platforms and protocols. This means that our users can easily transfer assets between UrDEX and other DeFi applications, such as lending platforms, yield farming protocols, and stablecoin issuers.
Despite the aforementioned outstanding features, the benefits of building on Arbitrum go beyond just scalability, security, and interoperability. Arbitrum also offers a range of developer tools and resources that make it easy for us to build and deploy smart contracts on their platform. Their technology is well-documented, and their team is always available to answer our questions and provide support when we need it.
In short, we believe that Arbitrum is the perfect platform for us to build UrDEX on. Compared with other existing DEX projects, UrDEX offers a comprehensive range of products and services that address the liquidity problem in decentralized markets.
For projects that want to conduct IDO on the UrDEX Launchpad, the UrDEX vetting team carefully evaluates and selects eligible projects. This aspect solves the paradox of choice and fears of participating in scams and low-quality tokens. With UrDEX's careful evaluation process, investors can trust that the projects launching on UrDEX Launchpad are of high quality and have been thoroughly vetted.
UrDEX Launchpad offers a unique set of features that minimizes the risks associated with launching and investing in DeFi projects. With UrDEX's security solutions, careful project evaluation, transparency of vesting schedules, and pool liquidity contracts, investors can trust that they are investing in high-quality projects that have been thoroughly vetted. UrDEX's Launchpad is the perfect platform for anyone looking to launch or invest in DeFi projects 🚀
Question 3
Host: I read that the UrDEX platform is on a test version. When can we expect a beta launch of UrDEX Finance with all its features? Have your platform been audited yet? Is there a bug bounty program for the users?
Ms.Maya: We have just announced the Mainnet Launch of UrDEX Aggregator, a cutting-edge product that will revolutionize the way you swap your favorite tokens. Try it out at https://app.urdex.finance/aggregator 👈
With UrDEX Aggregator, you can optimize slippage, swap fees, and token prices to get better token swap rates than ever before. Our aggregator offers the unique advantage of providing users with better swap rates than any specific DEX can offer in the shortest possible time. You can rest assured that your transactions will be protected from price impact and the probability of failed transactions will significantly reduce.
UrDEX has successfully completed our smart contract audit, and we're proud to say that our security measures are top-notch.
Our audit was conducted by QuillAudits - one of the leading blockchain security firms in the industry, and the results were impressive.
📌 Check out the report link HERE: https://github.com/Quillhash/QuillAudit_Reports/blob/master/urDex%20Smart%20Contract%20Audit%20Report%20-%20QuillAudits.pdf
UrDEX Finance has partnered with HatsFinance - a Decentral Security Protocol. HatsFinance provides an innovative solution for decentralized security by enabling developers to integrate decentralized multi-factor authentication (MFA) into their dApps.
In addition, HatsFinance's vaults allow for a seamless and secure storage solution for digital assets, which will provide our users with the peace of mind they need to trade confidently on UrDEX.
As we continue to prioritize the security and protection of our users, UrDEX will also hold a bug bounty vault soon after completing the audit and listing event 🔥
Question 4
Host: Great backing and partnerships in the crypto market might bring huge benefits to new projects. During this point, can you tell us about the partners and backers of UrDEX Finance?
Ms.Maya: After a long time of incubation and several months of operation, UrDEX has been making significant strides in the DeFi ecosystem, establishing partnerships with some of the most reputable players in the field.
Partners and Backers of UrDEX include Space ID, Mises Browser, Paraswap, BSCStation, InfiniteLaunch, BrandPad, RazrFi, PERI Finance, Parami Protocol, xHashtag, TrantorDAO, Puffverse, HatsFinance, and many other KOLs, community channels.
More details about backers and investors will be revealed soon, as we are having many integration plans after the Mainnet. Please stay tuned and get the latest updates from our official social channels
Question 5
Host: Can you give a brief overview for $URD tokenomics and token use cases? Will there be any IDO on other platforms, apart from BSCStation? What are the differences between $URD and $URO tokens?
Ms.Maya: $URD is the utility token of the UrDEX ecosystem.
▪️Ticker: URD
▪️Total supply: 100,000,000 URD
▪️Public Sale price: $0.08
▪️Initial Circulating Token: 6,000,000 URD
▪️Market Cap: $480,000
▪️Public Sale Release Schedule: 60% unlocked on TGE, 10% monthly for the next 4 months.
Some use cases of $URD:
- Staking: URD holders can stake their tokens in the UrDEX DAO governance system to earn rewards. These rewards are distributed from the protocol's fees.
- Protocol Fee: Users who use the UrDEX platform pay fees in URD tokens. These fees are used to fund the DAO treasury, which is used to finance the development of new features and improvements.
- Governance: URD holders can participate in the UrDEX DAO governance system by proposing, voting on, and implementing changes to the protocol.
- Launchpad: The UrDEX Launchpad allows users to stake URD to participate in token pools and earn URD. The more URD a user stakes and the longer they stake, the more lottery tickets they will be eligible to receive. These lottery tickets can be used to participate in token pools.
- Incentive Mechanisms: The UrDEX platform uses URD to incentivize loyalty and liquidity. URD rewards are paid out to users who participate in the UrDEX Loyalty Program and to liquidity providers who deposit their tokens into UrDEX liquidity pools.
🔹Multi-IDO on Launchpads: BSCStation, InfiniteLaunch, RazrFi, BrandPad and UrDEX Launchpad.
⏰ IDO date: April 22nd - April 24th, 2023 (UTC).
👉Join the UrDEX Kickstarter on MEXC: https://bit.ly/3ouaE7d
To facilitate community rewards and governance, UrDEX has two types of tokens - $URD utility tokens and $URO governance tokens:
$URD utility tokens can be earned by providing liquidity, trading, or referring new users. Meanwhile, URO governance tokens are earned exclusively by staking URD tokens.
These tokens enable users to participate in the governance of the UrDEX platform by voting on proposals, determining platform fees, trading incentives, and staking rewards. With the URO governance tokens, the community can nominate contributors, propose new features, and vote on changes to the platform.
$URO is the governance token of the UrDEX ecosystem.
▪️Token ticker: URO
▪️Total supply: 1,000 URO
▪️Emission: 0.5 URO per day
$URO is only obtained by staking URD tokens in the UrDEX DAO.
By staking $URD tokens, users not only earn $URO tokens as rewards but also become eligible to vote on proposals and decisions that impact the UrDEX ecosystem. This creates a truly decentralized and community-driven platform, where everyone has a voice and the opportunity to contribute.
PART 3: LIVE CHAT QUESTIONS
Question 1
User: According to the project's roadmap- what are your most important next priorities?
Ms.Maya:
One of our priorities is risk management for LPs. Until now, UrDEX has developed the Risk Management & LP Seniority system to address common issues in zero-price impact perpetual. By introducing Pools with varying risk profiles, UrDEX Liquidity Providers (ULPs) can select the level of risk they are willing to take, isolating long-tail risk more effectively. The Pools range from the lowest-risk Guardian Pool to the highest-risk Divine Pool, each representing a pool of assets like BTC, ETH, BNB, and stablecoins.
With this innovative solution, UrDEX is empowering ULPs to manage their risk exposure more effectively while still providing attractive returns, allowing ULPs to choose their preferred risk level and APR.
Question 2
User: Non-crypto user is very important for mainstream adoption. How you are planning to attract non-crypto users towards your project? Is there any upcoming partnership that will brings non-crypto user and real-use case?
Ms.Maya: We have been working continuously toward our ultimate goal, which is to solve the liquidity problem by enabling disparate forms of liquidity to connect with markets in a decentralized way.
With continuous efforts to improve product features, grow the community as well as connect the people both inside and outside the crypto ecosystem, we always prioritize customers’ opinions and good user experience. In the future, we have many plans to integrate with other chains and applications to better suit the needs of crypto and non-crypto users.
Please stay tuned and get the latest updates from our official socials!
Question 3
User: Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I'd like to know who your ideal consumer is for your product?
Ms.Maya: Yes, sure we did, as we always prioritize users' experience and community feedbacks on the way of development. We couldn't have gone this far without the community power, and that's why we try to listen to every member's opinions and request to improve our product suite.
To further promote community involvement, we introduce the UrDEX DAO by staking any URD tokens they earn. This means that anyone who contributes to the UrDEX ecosystem, including the UrDEX development team, has the opportunity to become a part of the UrDEX DAO and help shape the future of the platform.
By staking URD tokens, users not only earn URO tokens as rewards but also become eligible to vote on proposals and decisions that impact the UrDEX ecosystem. This creates a truly decentralized and community-driven platform, where everyone has a voice and the opportunity to contribute.
Question 4
User: What are your go to market strategy? Or Who do you see as your biggest competitors?
Ms.Maya: Our project is a global one, so we aim to reach every untapped market all over the world and ensure a fair and transparent trading experience to all users.
As I mentioned above, the rapid development of the DeFi sector has led to the explosion of new Decentralized Exchanges. However, UrDEX demonstrates its own power when compared to 2 other prominent perpetual platforms with extremely high market caps in the cryptocurrency world: GMX and DYDX.
In order to provide a complete ecosystem for all DeFi enthusiasts, we offer 4 essential models in our ecosystem: AMM, order book, Perp DEX, and launchpad. Besides, UrDEX is the only platform that provides a risk management profile for LP providers. As a result, UrDEX Liquidity Providers (ULPs) can select the level of risk they are willing to take, isolating long-tail risk more effectively.
Question 5
User: PARTNERS are the most important that strengthen the ecosystems of all projects. Could you tell us about your project partners and the partnership strategy it has adopted?
Ms.Maya:
After a long time of incubation and several months of operation, UrDEX has been making significant strides in the DeFi ecosystem, establishing partnerships with some of the most reputable players in the field.
The collaborative partnership was established with Space ID, Mises Browser, Paraswap, BSCStation, InfiniteLaunch, RazrFi, PERI Finance, Parami Protocol, xHashtag, TrantorDAO, Puffverse, HatsFinance, and many other KOLs, community channels.
On behalf of all BSCStation communities, thank Ms.Maya for joining the AMA session and answering questions for the community today. The BD of Finance has provided the community with valuable information about the project as well as the future development of UrDEX in the blockchain industry.
Thank our beloved community for the great questions and for taking the time to participate. We hope you found the session informative and engaging. If you guys have any further questions or follow-ups, don't hesitate to reach out.
There will be a lot more announcements and material coming your way, so keep an eye out for our social media channels.
About UrDEX Finance
UrDEX is a community-driven project that aims to solve the liquidity problem by enabling disparate forms of liquidity to connect with markets in a decentralized way.
The project offers a comprehensive range of products and services, including a Decentralized Exchange, a Decentralized Perpetual Exchange, yield instruments, an AMM framework and staking, and a Launchpad. UrDEX's unique approach is that it intertwines many decentralized markets and instruments, creating a broader range of network effects.
The project's architecture provides direct market access to programmatic pools of liquidity, enabling traders to protect their gains with capital-efficient hedging and near-zero market impact. Meanwhile, asset owners can generate passive income on their crypto holdings through a yield-bearing instrument.
Website | Testnet | Twitter | Telegram Channel | Telegram Group | Discord | Substack
About BSCStation
BSCStation - The fully decentralized protocol for launching new ideas. An all-in-one Incubation Hub with a full-stack Defi platform across all main blockchain networks. We provide exclusive services including IDO/INO Launchpad, Yield farming, NFT Auction, Marketplace, and BSCSwap.
BSCStation operates on top of the all main blockchain networks and is designed to offer maximum value to consumers and institutions.
BSCStation platform uses the Sharing Economy Model for the purpose of profit-sharing, helping users to access DeFi platforms in the easiest, safest, and most cost-effective way. BSCStation is the most convenient bridge to connect users and application products on all main blockchain networks.
Website | Facebook | Telegram | Twitter | Channel | Substack