Recapitulation of MomentumXMM AMA event held at AMA LOVERS CLUB
Date: Wednesday, 4th November, 2020
Time: 17:00 UTC
The MomentumXMM team was represented by @gri_bog. 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 if you have a team introduce them
Ans : The Momentum team, at the moment, is centered around the lead developer and creator of the Momentum token, @alex448844. He is an american developer, who will remain anonymous for now (maybe he will reveal his identity later). The Momentum "team", if we can call it that, is a group of community members who have decided to volunteer and help the token to grow, although Alex will remain the main developer for now. For example, we've had website updates, a new whitepaper, PDFs that explain how the system works, all done by community members. So, as you can see, it is a very decentralized project, in its philosophy.
As for me, I am Grichka and I am simply a moderator for the Momentum (XMM) telegram channel. For those who don't already know me (or my brother Igor who's busy traveling to the Andromeda galaxy right now) :
-Rothschilds bow to Bogdanoffs
-In contact with aliens
-We possess psychic-like abilities
-We control france with an iron but fair fist
-We own castles & banks globally
-We are direct descendants of the ancient royal blood line
-We will bankroll the first cities on Mars (Bogdangrad will be be the first city)
-We own 99% of DNA editing research facilities on Earth
-First designer babies will in all likelihood be Bogdanoff babies
-We are said to have 215+ IQ, such intelligence on Earth has only existed deep in Tibetan monasteries & Area 51
-Ancient Indian scriptures tell of two angels who will descend upon Earth and will bring an era of enlightenment and unprecedented technological progress with them
-We own Nanobot R&D labs around the world
-You likely have Bogdabots inside you right now
-The Bogdanoffs are in regular communication with the Archangels Michael and Gabriel, forwarding the word of God to the Orthodox Church. Who do you think set up the meeting between the pope & the Orthodox high command (First meeting between the two organisations in over 1000 years) and arranged the Orthodox leader's first trip to Antarctica in history literally a few days later to the Bogdanoff bunker in Wilkes land?
-We learned fluent French in under a week (coincidentally, when we were one week old)
-Nation states entrust their gold reserves with us Bogdanoff twins. There's no gold in Ft. Knox, only Ft. Bogdanoff
-We are about 7 decades old, from the space-time reference point of the base human currently accepted by our society
-In reality, we are timeless beings existing in all points of time and space from the big bang to the end of the universe.
I hope that's enough. Now let's get to the Momentum-related questions!
Q2 : Can you introduce the MomentumXMM, what critical problems does it solve that existing solutions are not solving and what’s the competitve advantage and utility
Ans : Momentum (XMM) is a token that was initially designed to be a crypto index fund with a burn mechanism to increase token value, just like several other projects that were born around the summer of 2020.
However, unlike them, Momentum included a unique mechanism that is designed to punish whales that keep moving the market at will. By greatly reducing their benefits (and sometimes causing a loss), this mechanism makes the market fairer for everyone, and it also rewards smart traders.
Soon after, the community decided that this wasn't enough ; and so, Momentum also became a governance token for a decentralized system (although it is somewhat basic right now). Furthermore, Momentum was also integrated into DeFiat's staking system, which means you can stake Momentum's Uniswap liquidity tokens to earn more Momentum.
Soon, Momentum will also become a part of a yield farming system among other things.
So, you see, it has several uses, although you have heard about such systems before. So what makes Momentum unique in all this, you ask? It's very simple : the issue we see with other tokens is that they always are used in only one kind of system. Many developers make different tokens, and each token is only used in one place.
What we wish to achieve, is a token that includes all these functions into one place, to make it the most valuable and most practical token in all of the DeFi space. Furthermore, we don't want to just copy existing systems, we want to make them better, just as it was done with the index fund system.
Right now, Momentum is very small with a market cap under 200k$, so that makes it difficult to be recognized as a serious contender in the space ; but it also means that you can buy a lot for cheap ! So it is an advantage as well.
Q3 : Can you briefly describe the Top milestones you want to achieve with timelines, also share your roadmap if available
2nd Segment: TWITTER QUESTIONS
Q1 : What are the factors that affect the transfer fee for transfers between Short Momentum and Long Momentum and what are the reasons for the price differences between the two momentums?
Ans : As you can see in the whitepaper (https://www.xmmtoken.com/static/media/MomentumWhitepaper.72f342cb.pdf), the one and only factor affecting the momentum values is the amount of tokens transferred. I don’t think the question was translated very well because there is no "price difference", but if it’s just the fact their values usually aren’t equal, well, that’s just because without a gap between them, the system doesn’t work as well. So it’s designed to slowly go back to a value where there’s a small gap between short and long momentum. When there is a gap, smart traders can trade just the right amount and have a lower burn rate.
Q2 : All this behavior of the price range between SM and LM, and its influence on the cost of the rates is quite interesting, but where did you get this method? Did you invent it? Did you perfect it from a previous idea?
Ans : Of course, the idea of a deflationary token already existed before, and it became especially popular with the BOMB token, that you might remember reading about in 2019. But the variable burn mechanism that is designed to punish stupid whales and trend followers while rewarding smart traders ; that is 100% an original idea. And Momentum’s code is original, it is not a fork of another token. It will be the same for all future additions to the Momentum ecosystem. Momentum is for innovators, not copycats.
Q3 : Could this "dynamic deflation token" be used for the benefit of other projects? Or do they have to be part of the ETH chain, like being associated with Momentum?
Ans : Currently Momentum has no plans for cross-chain integration, although it could be done in the future if the crypto world requires it. But since right now, Ethereum doesn't look like it's going to lose its dominance, such a move isn't planned.
As for other projects, the Momentum token can indeed be used! For example, it is already the case with DeFiat's staking system. Momentum is the first token that has been used in this system, which offers incredible APY!
3rd Segment: LIVE QUESTIONS
Q1 : Can you tell us more about the DFT Boost product of yours? What kind of advantages can we have by staking DFTs?
Ans : DFT Boost, on the DeFiat website, is a function that lets you earn more tokens when you also stake DFT on top of the required tokens (in our case, XMMx, the Uniswap liquidity provider token for the XMM/ETH pair).
So for example, let's imagine you stake enough to earn 1000 XMM tokens a day.
Q2 : Do you consider the community an important part of your project? How do you manage to gain their trust to create a strong community?
Ans : The community is crucial for this project, it couldn’t have gone anywhere without the people in the community. Alex is a great developer, but he is only one person, and he can’t be everywhere at the same time. This is why I am answering AMAs, while he is working on the yield farming system and some other community members are working on the website for example.
As for the trust of the community, it isn’t like with many projects out there who keep boasting their team’s credentials. With Momentum, the only thing we ask is that you trust the code instead of the people.
Q3 : Many other tokens have shown their advantages, what is your advantage in being able to compete with the market?
Ans : Momentum's advantage is that contrary to most competitors, who just make a clone of other new projects (see : clone forks, kp3r forks more recently, sushi forks this summer...). Most of those already died, because they add absolutely nothing to the blockchain space.
Momentum isn't about just copying things, it's about looking at them, and making a new and better version from scratch.
If you also stake 100 DFT, you will earn 2000 XMM a day instead.
Q4 : What are the differences of your XMMx and XMM tokens? What benefits and uses does each one offer to users and their Ecosystem?
Ans : XMM is the Momentum token, while XMMx is the name we have given to the Uniswap liquidity provider token.
In Etherscan for example, XMMx will be displayed as "UNI-V2", just as it is with all LP tokens. It is a simple ERC20 token, that represents ownership of a certain amount of XMM and ETH.
Q5 : Your system is too mathematical that makes it tough to fully understand. If users do not understand a system, they don’t/can’t use it. So do you have any plans for making your system easy to understand?
Ans : Tell me, have you read the Bitcoin whitepaper ? It is far more complicated, and yet, you still probably used Bitcoin at some point. Complexity is not an issue, you just need someone to explain it to you. And even if you don't understand, you can still use it anyway.
But if you want to understand more easily, there is actually a PDF just for you that explains how the burn mechanics work : https://www.xmmtoken.com/static/media/MomentumExplained.89288e83.pdf
Q6 : Staking is a profitable thing, does #Momentum Stake $XMM tokens? what pairs the $XMM token does.
Ans : As I have explained above, staking is available via the DeFiat platform on https://defiat.net/
Q7 : Regarding funds and security, I would like to know, does Momentum have any physical support or does it focus only on the exploitation of digital assets?
Ans : At the moment Momentum is purely a digital asset, however it would be possible to create a pool with tokenized real world assets, thus making it indirectly supported by real assets.
Q8 : According to the CMC your token supply is 71 million, But according to your website, XMM supply is 70 million, is token burn the reason for this or any other reason? Could you please explain this
Ans : The reason is that CMC doesn’t update the supply every 10 minutes. Sometimes they take time to update.
Q9 : I am a professional vulnerability finder on the web, do you think Your system is secure enough from hackers? Does your project have a program that rewards individual vulnerability detection of the system?
Ans : There has been an audit that concluded there were no critical vulnerabilities, so yes, the system should be secure. There is no bug bounty program for now, but you can ask @alex448844 if you are interested in looking at the contract anyway.
Q10 : - The use of Momentum is a bit confusing, can you explain to us how LM and SM work? Is it something like binary options? How does this maintain the stability of $XMM?
- 91% of the total supply will be blocked until December 2021. My question is, what will happen after that date? What will be the destination of those funds? Do you plan to sell them?
Ans : 1/ I don't know how you can compare that to binary options, it doesn't really make sense. Momentum values are just numbers used to determine the average transfer size and calculate a burn percentage. It's easy to use it : as long as you transfer a value that makes the two numbers get closer to each other, you'll get a lower burn rate.
This helps maintain the stability because when the price moves too much, the burn rate gets higher so people are less tempted to move large amounts and have to go slow.
2/ After the liquidity is unlocked, what happens will depend on the community, which will decide what happens with the governance system (https://snapshot.page/#/momentum). Most likely, they'll be locked again for a while. However, they could be used, for example, in order to finance a project. We'll see next year.
Q11 : As an organization that needs to earn investors' trust to thrive, why did @alex448844 , being the backbone of Momentum choose to remain anonymous for now?
Ans : Alex chose to remain anonymous, as I have said above, because in the world of crypto, as long as the code is public and everything is open, there is no need to trust the people. The only thing that matters is the code. And in Momentum’s case, it has been public since day one on Etherscan, and it’s also been audited. So it’s all good, even if you don’t know where Alex lives and what his family name is !
Q12 : I want Stake XMMx (XMM/ETH LP) And Earn XMM
But I have some questions,
1. How much secure your project for Stake?
2. If I stake the money then how much minimum time for unstake my stake balance?
Any time can I unstake it?
Ans : 1. One million tokens were used in the staking program, which will go on for two more months.
2. With DeFiat's sytem, unstaking can be done at any time.
Q13 : Q.1, Could you really explain a little more about token burning in Momentum? because notice that currently there are about 8.17% $ XMM tokens burned and there really is not much information about it on their website.
Q. 2, Does it have any explanation why to implement a cost of 0.75% when it is closer to the short moment of the Long one and between 0.75 and 3.5% when it is further away? or was that defined by the executive management of Momentum?
Ans : 1. Come on, don't say there's no information, there's a whitepaper and an explainer PDF dedicated to it... Please just look at the About page. https://www.xmmtoken.com/about
2. The explanation is that 0.75% is not too low and 3.5% is not too high.
Q14 : Only 91% of the initial total supply of $xmm were locked, now what happens to the rest of the 9% ?
When is the unlock period of this liquidity locked ?
Ans : Other 9% were the developer fund. They have been used, for example, to pay for DeFiat's staking system.
The liquidity will be unlocked in december 2021, at which point what happens will depend on the community.
Q15 : Q1::Thae transaction method is so good but Do you need a lot of transactions for the balancer pool to work?
Q2:.Yapp good project but my Question is what are the important values are maintained in the token contract and how The contract has been audited?
Ans : 1/ Balancer's system doesn't require lots of transactions to work, but it requires assets that are worth a lot.
2/ I don't understand the first question in that paragraph. But yes, the contract has been audited, no dangerous issues have been found.
Q16 : Many DeFi projects have liquidity problems. What liquidity model will MomentumXMM use to increase the value of the token? And how is MomentumXMM radically different from competitors, why should an investor pay attention to it?
Ans : 90% of the tokens have been locked in uniswap for a year and a half. There will be no liquidity issue.
Q17 : According to Quill’s audit report, the Momentum smart contract has problems of medium severity and low severity. Have these bugs been fixed to improve user security?
Ans : These are not bugs. They are design issues, that do not affect the contract's functionality. What these issues mean, is that any developer working on Momentum has to pay attention because some parts are unusual. It also means that Alex could have paid less ETH when deploying the contract.
Those problems are like a wrong paint color on a car. It doesn't make the car unsafe to drive, even if you wanted it blue instead of red.
Q18 : Because MOMENTUM decides to enter the Defi world. What characteristics does this project have that surpasses other similar ones?
You go out We know that each project has weaknesses, but if it is good to learn to improve, what are those errors that MOMENTUM presents?
Ans : The "errors" we have had so far can be seen in the Quillhash audit report. They are merely cosmetic issues, and do not pose a threat. They will be fixed when the community decides it is important. Right now, nobody said that it was.
Q19 : Q1. Many people evaluate projects based on their token value, not the technologies/features the project possesses. How can the $XMM add educational value to their investors so that more people understand your project than the price?
Q2. Do you plan to create your own blockchain?
Ans : 1/ Educational value ? What ? Momentum is a financial tool, not a school.
2/ There is no such project at the moment, and probably never will be.
Q20 : How do we differentiate between trading in long and short momentum and trading between momentum value?
Ans : It depends on the amounts you transfer. Soon a simulator will be added on the website so you can understand better and see what the results will be.
Q21 : When a deflationary token is directly used in a Balancer pool, the token will drain. How can this incident be avoided on the Momentum platform? And how will you protect your assets to avoid such as it happened to some deflationary tokens recently?
Ans : The solution is to use the uniswap liquidity provider token, which is not deflationary. All of our Balancer pools only use the XMMx token for this reason..
Q22 : -Why are Momentum pools not updating APY metrics for users like other platforms?
-Why would you leave 91% of the initial total supply to liquidity and then lock it up until Dec 2021?
Ans : 1/ The website will be updated later, maybe those numbers will be displayed if enough people require it.
2/ Because that is something that builds trust.
Q23 : What benefits does it bring to users that their token moves within its 2 long and short values? How is the stabilization percentage calculated?
Ans : Please refer to the visual infographic. https://www.xmmtoken.com/static/media/MomentumExplained.89288e83.pdf
Q24 : Is there any other use for $XMM token beside for stacking it at defiatcrypto? What’s your plan for $XMM for next?
Ans : As I’ve said above during the first part of the AMA, next step is to set up a yield farming system, that might resemble CORE or YFI for example. However, it will be its own system instead of just a copy! There will be new things that make it better than others.
Q25 : Do you offer any tutorial to guide users to use XMM / ETH liquidity token XMMx in their Balancer POOLS?
Ans : There is no tutorial for now, as far as I know. However, if you ask in the Momentum telegram channel, there will be lots of people there to help you.
Q26 : What is total supply of $MOMENTUMXMM? Where we can buy it? Are your plans to focus on market or to grow community?
Ans : The total initial supply was 77 millions if I remember correctly. Currently, the supply is 70 699 202 tokens. You can buy it on Uniswap, here : https://app.uniswap.org/#/swap?inputCurrency=ETH&outputCurrency=0x9a7a4c141a3bcce4a31e42c1192ac6add35069b4
Q27 : Well you are stealing whales power why do you think whales will invest in your token?
Ans : Stupid whales are punished, but it doesn’t mean that they will all be. As long as you trade intelligently, you can get the lowest burn rate. Smart traders will be interested.
Q28 : Is that only available on uniswap?
Ans : For now, yes. Since all the initial liquidity was locked there, we don’t have a choice anyway. Unless community members decide to open liquidity pools on other DEXes, Momentum will remain on uniswap for now.
Q29 : Please explain the difference between the three weights that will be used to calculate the new Momentum values? When will each of them be used for calculations?
Ans : That is a bit too technical for this AMA session, you should send a message to @alex448844 who’ll gladly explain it to you in detail.
Q30 : How does Momentum contract incentivize stabilizing transfer sizes?
Ans : By burning less tokens for those who stabilize the momentum values..
Q31 : Why are you using the XMM / ETH Uniswap liquidity token rather than creating a Balancer pool directly?
Ans : Because, as it was said above, Balancer has an issue with deflationary tokens which means pools that include deflationary tokens can be drained and all assets in them can be stolen.
Using the uniswap liquidity provider token is the only solution to avoid hackers.
Q32 : 8.18% Burn rate means that per transaction will burn 8.18% of XMM fees right? Can you explain them what Long-Shorts at Mometum homepage mean?
Ans : No, it means that 8.18% of all tokens have been burned so far.
For each transaction, the burn rate varies between 0.75 and 3.5%
📌 INFO ON MOMENTUM 📌
Website Update + All code on GitHub
Hey everyone, I just deployed the new look website, still at xmmtoken.com
I also setup a GitHub organization for the project and all code is available now
A staking rewards pool has been created for Momentum. You will be able to stake XMMx (XMM/ETH Uniswap liquidity tokens) and earn XMM. This pool will be live for 3 months.
By staking up to 100 DFT in the DeFiat Dungeon you will be able to receive a rewards boost by up to 2x
Results available on website
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