Recapitulation of Axia Protocol AMA event held at AMA LOVERS CLUB
Venue: https://t.me/amaloversclub
Date: Monday, 26th October, 2020
Time: 20:30 UTC
The Axia Protocol team was represented by @AxiaAdmin @AxiaDev @Lord_Matt and @El_Crypto_Chapo. They judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you please introduce yourselves and your backgrounds? Also, if you have a team, you can introduce your team.
Ans : I am the project lead at Axia Protocol. The core team behind the project are actually anon
Hey guys - I’m Chapo. I found AXIAV3 protocol 2-3 weeks ago and fell in love with the vision. I’ve been acting as an advisor to the team & helping with marketing efforts to raise community awareness about what we’re trying to bring to the space.
We have another member of our team, Lord Matt, who is the glue that holds us all together :) He has served as an admin/mod for TG channel and is also a sharp guy with a lot of bright ideas to make us better.
We have another member of our team, Lord Matt, who is the glue that holds us all together :) He has served as an admin/mod for TG channel and is also a sharp guy with a lot of bright ideas to make us better.
I am the Dev. With AXIA, it's been quite an experience and really nice one.
I have worked on blockchain for a couple of years now and was very excited when the concept of AXIA came to my table.
We also have others who have made the whole dream a huge success thus far
@El_Crypto_Chapo
@Lord_Matt
Just as a reference - if anyone wants to check us out, here’s our DEX LINK: https://www.dextools.io/app/uniswap/pair-explorer/0x1e0693f129d05e5857a642245185ee1fca6a5096
Hello everyone. Happy to be here. I have been participating like @El_Crypto_Chapo said as an advisor and marketing lead for Axia Protocol.
Q2 : Can you introduce Axia Protocol project, what critical problems does it solve that existing solutions are not solving and what are your Comparative advantages?
Ans : The AXIA Protocol is designed to provide an essential service to cryptocurrency investors - diversification & yield, made easy. Up to this point, if a user wanted to diversify his or her assets, he or she would have to purchase individual tokens and determine which ones to buy/how to weight them/etc.
If yield was desired, a complex process of multiple token purchases, multiple balancer/uniswap transations, flipping between 3-4 sites, staking, etc would be required to participate in farming yield.
AXIA wanted to change this for the average investor. We wanted to make this process simple and easy for the average user so that an investor could quickly/easily diversify their holdings & start generating yield on their assets.
AXIA is doing for crypto investors what ETFs did for traditional investors. Allow for effective diversification without drowning in transaction fees. Bring some stability/safety to a crypto portfolio through diversification and yield generation...all in the click of a button.
Our competitive advantages are our strong dev team, a community who has supported us through 2 previous versions (hence the V3 name), and most importantly - we’re solving a MAJOR problem in the current space & we’re making using our platform EASY.
Q3 : Can you briefly describe the top milestones you have achieved and your target milestones with timelines? Also, kindly share your roadmap with us.
Ans : Well, we launched the protocol with a working product (i.e our staking dapp at axia.finance), afterwards, we went ahead to make the circulating supply easily accessible on the dapp so that investors can easily find that out
Next, we proceeded to audit our smart contracts and our contracts passed with flying colours - 99%
This makes noobs to easily interact with the Protocol to receive daily earnings from staking in the respective pool
Q4 : Just about 24 hours ago, we heard about hackers attack on harvest.finance. About $24 million stolen. This is a real concern for DeFi enthusiasts
How efficient is the security of Axia Protocol?
Ans : Harvest.Finance IMO had purposefully malicious code to take advantage of investors - I am not sure how Peckshield missed this, but we are confident (and so is the community) with Solidity.Finance
When implementing the vaults, these will also be officially audited.
Our protocol was built with alot of considerations in regards to users safety. So far, we have not had any bridge in terms of hackers, we went ahead to conduct an audit so we could have a third party verdict
2nd Segment: LIVE QUESTIONS
Q1 : Congratulations on your Smart contract for passing the audit in flying colors. How excited are you about this? As an investor I’m very delighted to know that my funds are SAFU
Ans : We are quite excited considering our users funds that would be at stake if there were to be an issue with the Protocol.
Q2 : Your website reads ; " Yield farmers" and "lone stakers" are the only participants allowed to provide liquidity,
What difference does lone stakers make with ordinary stakers ?
Ans : Lone stakers are subject to the price swings of Axia alone, rather than the impermanent loss associated with AFT staking
Everyone is allowed to provide liquidity in any desired pool.
Lome stakers are those that stake AXIA tokens to receive AXIA as rewards.
Q3 : After end of presale do you plan to list on any bigger exchanges that does not require KYC for using and that does not have high gas fee like Uniswap has?
Ans : AXIA is already listed on Probit Exchange
Q4 : I understand, there are differing yields based on where your AFT is staked, with Oracle farmers getting 25% of Axia emitted daily, DeFi Farmers 25%, Swap farmers 45% and lone stakers 5%. Could you clarify what determined the percentages and yields for each of those groups?
Ans : While on v2, there was a vote on how th eemissions would be distributed and there were four options. The current configuration had majority of the votes. We also wanted to incentivize our liquidity providers in the uniswap pool, that’s why the highest share of the emissions go to the Swap Fund pool
Q5 : How do you plan to maintain investor appetite so that it can overcome the issue and favor capitalization?
Ans : We will maintain steady and healthy APY (set amount of coins rewarded daily per epoch) while maximizing return with the addition of vaults. This will prevent overdillution. You are also subject to the price variations of the components in the funds (which should in theory be positive, if we are in fact early and crypto will continue growing).
Q6 : As an investor who constantly makes bad investments decisions, how could you come to my rescue? You promised to create balanced portfolio that will continue to grow in profits over time, how’s this achieved?
Ans : You may fall into our target market! We have hand selected baskets of digital assets/tokens in two particularly hot segments in the crypto market (DeFi & Oracles) and have started with these two Index Fund offerings. We cannot promise returns or fund performance, but we can allow you to easily diversify your holdings in this particular segment with reputable projects & also, as a bonus - earn yield in AXIA while you hold your assets with us!
Q7 : Is this stable coin
Ans : No it isn’t
Q8 : Do I need to pass Kyc to have access to the protocol ?
Ans : No, you can buy via Uniswap DEX
Q9 : I do not fully understand the figure of the project, that is, could it be said that AXIA is a kind of ETF or decentralized fund manager?
Ans : That’s a very analogy to TradFi markets. We’ve created baskets of funds where the holdings are hand selected in a particular segment to provide an "index-based performance fund".
Q10 : It is obvious that AXIA is targeting the average investor. How about a lay man that is just coming into crypto? Any plans for them?
Ans : Again, we are hoping to maintain steady but efficient APYs while making the UI easy enough for someone to come in with just eth, or a stable coin, and invest in the funds in 1 or 2 clicks - all while being able to see your investment performance on the dAPP dashboard.
Q11 : From a startup project to a mainstream project, being a pioneer in the industry, does the team anticipate that many new startup will shows up and compete?
Ans : We can’t prevent anyone with new ideas in the crypto index fund niche from executing. We can only focus on being the best in the game
Any time you have a great idea, you will see competitors. We don’t expect this to be any different! We believe this is the future of the space, however. If you look at TradFi, Fidelity was a pioneer in ETF’s. There is space for many more players than just Fidelity, however. Vanguard and 100+ other companies now offer ETFs and it is a multi-trillion $ market. We see the same here. We have a first mover advantage, but if we’re as successful as we plan to be, there will be A LOT of competition!
Q12 : WHAT IS THE DIFFERENCE BETWEEN AXIA PROTOCOL AND AXIA FINANCE?
Ans : Axia.Finance is the dApp where you can stake.
Axiaprotocol.io is the name of the project and main website.
Axiaprotocol.io is the project’s website while axia.finance is where the real action takes place
Q13 : There are 4 Types Farming AXIA Offering.So What are the different Those 4 Farming? And Why AXIA offering 4 types Farming?
Ans : The Lone Pool, Swap Pool, DeFi, and Oracle pool, these are all made to give users varieties and they come together to form the Protocol.
Users are no longer limited to a single pool, they have options of where best suits their needs
Q14 : In what ways can I become a user on the Axia Protocol?
Ans : You can connect your eth wallet to the dAPP on axia.finance and zap your eth into AFTs to stake.
Q15 : The daily issuance will be different with each new season according to the amount of tokens issued for each group of farmers, does this also make the APY change according to the number of tokens distributed or will it be the same throughout the year regardless of the season?
Ans : You can find our full emissions schedule on https://axiaprotocol.io/. The % of the total emissions that go to each pool is subject to change, depending on the protocol is developed moving forward. The total emissions schedule, however, for the AXIAV3 token is fixed and defined clearly on the website.
https://medium.com/@protocolaxia/introducing-axia-protocol-the-defi-platform-for-crypto-investors-and-yield-farmers-10408350e586
Q16 : I read from your website that Liquidity tokens minted from Axia Funds' pools will not be locked. If liquidity tokens are not locked, what will they then be used for?
Ans : Liquidity provided by the team is 100% locked. The rest of the liquidity is provided by users on the protocol.
https://browser.unicrypt.network/pol-dapp/0x1e0693f129d05e5857a642245185ee1fca6a5096
Q17 : If I stake AFTs for a during of 15hrs, will I be eligible to receive daily rewards? And what would the daily rewards be?
Ans : You have to stake your AFTs for a minimum of 18 hrs before the end of the emission day. If you unstake before the day ends, then you miss the rewards
Q18 : Do you have any tutorial detailing the processes involved in adding liquidity to Axia Pools on Balancer and Uniswap?
Ans : We are working on in depth tutorials which will be available right on the redesigned dAPP. For now, you can use the zap feature which will add liquidity in 1 click. This also creates buying pressure on the Axia token as it market buys Axia.
Q19 : On Your medium i Read About Arbitrageurs,So What is Arbitrageurs?And What are the benefits?
Ans : We designed our protocol with pools on both Balancer & Uniswap, meaning the exchange rate for AXIAV3 could potentially differ depending on which exchange you're looking at. Arbitrage is the process of profiting from that difference in exchange rates. We plan to implement an automated system where we will do two things:
1. Balance the exchange rates between pools
2. Profit from the arbitrage opportunity and return more $$ to the AXIA stakeholders
Q20 : Axia Protocol said with Axia Funds, investors can be rest assured that their portfolio will only grow in profits over time. What are some of the strategies you’ve put in place to make this possible?
Ans : We have a strong group of marketers with lots of drive and a very solid board of advisors.
Together we are always achieving milestones as we are all very dedicated to making sure that AXIA does not stop here but on a continuous development process
Q21 : On medium, AXIA Protocol is relaunched.
Can you explain what happend and why AXIA Protocol needed relaunch? What was problem on website?
Ans : There was a honest mistake (out of all the adrenaline rush and excitement that filled the launch period) while our developer was setting up the dapp for launch for v1 (it was never intended to have these tags) configured the Swap Fund pool to pay out daily rewards in Swap AFTs that were staked within the pool instead of AXIA tokens. This mis-configuration made it possible for some users (not necessarily hackers) to claim dividends in AFTs (staked by other users) from the pool . Those AFTs were then used to remove liquidity from the AXIA/ETH pool on Uniswap. Meanwhile, everyone who lost money as a result of the unfortunate event were reimbursed by the team
Q22 : WHAT MAKES IT UNIQUE AMONG THE OTHER CRYPTO CURRENCY
Ans : I’d suggest scrolling up to the beginning of this where we described our project, the problem it solves & what competitive advantages we have.
Q23 : How are investors rewarded for staking their funds and Can you tell us the Axia emission model?
Ans : Please see the epoch schedule on the website axiaprotocol.io. Right now 7200 tokens are released daily, which is set to decrease during the next epoch.
Q24 : $AFT, $BAL, $AXIA tokens, these are all different tokens by same project, how do these tokens differ from one another ?
Ans : AXIA is the primary token.
All liquidity tokens are referred to as AFTs on AXIA PROTOCOL, BAL is the actual token gotten from balancer when a user provides liquidity. However, on AXIA PROTOCOL we refer to it as AFT
Q25 : From medium, AXIA Protocol didn't have any partnerships with any other platforms.
Can you explain why AXIA doesn't make partnerships with other platforms?
Ans : AXIA hasn’t had any partnerships yet because we are yet to find projects who have similar goals as us. When we do, we definitely will consider partnering with such projects.
Q26 : Will you have AXIA get audited with a different audit platform aside solidarity finance ?
Ans : We feel this is sufficient enough due to Solidity’s track record, but anything new that is added to the protocol will also be officially audited.
Q27 : Which tokens make up the Axia Oracle Fund?
Ans : AXIA, LINK, TRB, ZAP and BAND
Q28 :Do you have any tutorial detailing the processes involved in adding liquidity to Axia Pools on Balancer and Uniswap?
Ans : https://protocolaxia.medium.com/tutorial-axia-token-farming-explained-fbc4d0f1fa8f
You can also make use of the Zap feature on our dapp to save time and gas fees
Q29 : Axia Protocol said with Axia Funds, investors can be rest assured that their portfolio will only grow in profits over time. What are some of the strategies you’ve put in place to make this possible?
Ans : You are exposed not only to the coins within the fund, but the rewards provided by the pools. When vaults are initialized, you will also have more yield generating oppurtunities.
The vaults will market buy and burn Axia, as well as again have those yields added to the pooled rewards.
Q30 : What type of Oracle is Axia connected to to carry out its data and security?
Ans : The protocol itself doesn’t make use of Oracles in anyway.
Q31 : How will AxiaProtocol distribute daily emitted tokens across the pools to farmers or stakers?
Ans : Currently, the emissions are shared thus:
Oracle Fund Pool: 25%
DeFi Fund Pool: 25%
Swap Fund Pool: 45%
Axia Staking Pool (Lone Pool) : 5%
Q32 : From your whitepaper, it says "A 0.15% fee (15 Basis Points) is deducted on every transaction
processed within the protocol" while the medium says that "In order to ensure that there’s a perpetual and unending emission of AXIA tokens, 500 Basis Points (5%) will be charged on daily emissions of the AXIA token.Which of these two statements should we believe? And what will happen to these points afterwards?
Ans : The basis point in meant to remain in the token contract to be rewarded to stakers of the various pools after the emission of the total supply is done.
This ensures that stakers are still very much rewarded even after 10years of usages of the Protocol.
CONCLUSION
But before you leave, do you have any final words for the community, perhaps, including any important links and also how we can get the token(s)
Ans : Thanks everyone for your time and support. Thanks for having us, this was fun. And thank you to all who joined us! Come check us out & learn more: https://t.me/axiaprotocol
If we didn’t get your question, come ask us in our Telegram channel. We have an active community who is always there to help.
Thanks so much guys, it was indeed an awesome experience in here. You guys rock
@idagbasoke You guys can again like they said check us out in the TG or PM us, as well as check out axia on coingecko and dextools.
https://www.dextools.io/app/uniswap/pair-explorer/0x1e0693f129d05e5857a642245185ee1fca6a5096
Follow Axia Protocol on the following platforms:
... Website: https://axiaprotocol.io
... Twitter: http://twitter.com/axiaprotocol
... Telegram: https://t.me/axiaprotocol
... Discord: https://discord.gg/CCsBNps
... Medium: https://medium.com/@protocolaxia
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