Date: Monday, 7th December, 2020
Time: 15:00 UTC
The Eclipseum team was represented by @Eclipseum. He judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you please introduce yourself and your background, also introduce the Team working on Eclipseum project
Ans : Sure, my name is Taylor. My formal education is in mechanical engineering. I’ve been working the last 5 years as a controls & automation engineer.
I first got into crypto in 2015, and have been quite obsessed with it since then
I started studying Solidity, web3, and web development in 2018. I’ve been working on Eclipseum since mid 2019
Throughout the development process, I’ve been a solo dev. But after launch we’ve had a lot of talented community members step up and volunteer their time in different ways. We have a team of about 15 that builds content for Eclipseum in different ways.
Q2 : Can you introduce the Eclipseum project, what critical problems does it solve that existing solutions are not solving and what’s the competitve advantage
Ans : Sure. Eclipseum is designed to be the optimal store of value asset. It leverages two automated market maker (AMM) liquidity pools that generate transaction fees over time to increase the ECL price.
Eclipseum also utilizes an elastic supply system that mints or burns ECL tokens in response to every trade, minimizing price volatility.
The competitive advantage is the network effects that liquidity brings, first mover advantage with this type of concept, and our very strong community.
Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap
Ans : Top milestones include reaching over 500 members on Telegram just recently, website redesign, community members voluntarily locking up their ECL tokens, I doxxed myself last week, 400 token holder accounts
Roadmap is not publicly shared yet, but since the Eclipseum smart contract is complete, the roadmap is mostly marketing based.
It involves doing an AMA, publishing a Medium article, or dropping a YouTube video every weekday.
Not saying I’ll hit that goal every single week, but that’s the goal 😃
Big item on the roadmap was website redesign, and that has been completed. New website will be published shortly after this AMA.
2nd Segment: TWITTER QUESTIONS
Q1 : The concept of "Constant Product Automated Market Maker" is an important point in your project. Can you give information about Constant Product Automated Market Maker (CPAMM) Equation?
Ans : Sure, so this the same equation that Uniswap liquidity pools use to calculate how much a user will receive when they buy or sell from the pool.
The equation looks like this:
And the price of the assets in the pool is defined as the ratio between the two assets
so B price = A Balance / B Balance
Q2 : Can you explain more about the elasticity of supply of Eclipseum token? What is the pros and cons of having an elastic supply of token?
Ans : Sure, so the elastic supply system mints or burns ECL tokens in response to every trade.
So, when ECL is bought, ECL tokens are minted.
When ECL is sold, ECL tokens are burned.
This creates a more stable price, which is important for a store of value asset
Q3 : Your contract is immutable, it mean you are unable to upgrade or alter the coin’s code.Are you concerned that someone will fork ECL and include new lines of code that could be more beneficial to use in the future?
Ans : I’m not worried about it. I’ve designed Eclipseum to be the best product I think it can be. The network effects that the liquidity creates make it difficult for clones to overtake it.
Q4 : Your project is super close to reaching the $1 Million market cap in such a short period of time. Can you share with us how you managed that feat and what new investors should be looking out for?
Ans : I think it just speaks to the product itself. The community believes in Eclipseum, and they have stepped up to spread the word, help out new community members, etc.
An important tip for new investors:
ECL can be bought either from the Eclipseum smart contract directly, or from Uniswap.
However, there is much more liquidity available at the Eclipseum smart contract, so you are much more likely to get a better price there
Q5 : Eclipseum has no governance, does that mean that imply that the project would remain stagnant as governance usually decide on possible changes to a project?
Ans : With the system of Eclipseum, governance is not necessary. The system functions as is without needing changes being made, which is important for reducing simplicity.
Also, it is critical for a store of value / DeFi base layer building block.
So that protocols and users that integrate or invest in ECL know that it cannot be changed or manipulated by bad actors.
So in that way, the true immutability builds trust
3rd Segment: LIVE QUESTIONS
Q1 : Why is there no stable or fixed total supply of the ECL token? Why was it designed to constantly change and increase or decrease?
Ans : This is how the elastic supply system works. It is critical in order to reduce price volatility
Q2 : - Eclipseum is not a stablecoin, so my question is, what is the purpose of having an elastic supply token? What will determine that change in supply?
- How does Eclipseum benefit holders? With the elastic supply, does a deflationary mechanism occur or is there a token burn with each transaction?
Ans : The elastic supply reduces price volatility. It benefits holders as the price is stable, creating investor confidence. ECL tokens are burned whenever ECL is sold
Q3 : How does Eclipseum use price downside volatility mitigation game theory on its platform, what role does it play and how does this strategy benefit the users of your project?
Ans : The Soft Sell ECL function is an alternative function for selling ECL that is favorable to ECL sellers in certain situations. When used, it does not decrease the ECL price, and therefore creates an ECL price floor
Q4 : What role does arbitrage play in Eclipseum ecosystem? The price of ECL on the web will be better than on Uniswap or vice versa?
Ans : Arbitrage keeps the price on the ECL smart contract and on Uniswap tight together. It also generates transaction fees that increase the ECL price
Q5 : How do you plan to explain such technical topics to a wider audience?
Ans : I plan on creating Youtube videos explaining the different aspects of the system in simple terms.
Q6 : In What basis are you saying that $ECL price and supply increase together, or decrease together?
What are the main features that distinguish ECL Project from other projects? Then what does ECL do to stay the best ?
Ans : Yes, the ECL price and supply increase together after an ECL buy, and decrease together after an ECL sell. The ability for ECL to increase in price solely from ETH price volatility sets it apart from other projects.
Can share where can buy Tokens and all sociall Medium before you go
As mentioned before, you can use either of those, but eclipseum.org is recommended.
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