Recapitulation of USTX PROJECT AMA event held at AMA LOVERS CLUB.
Venue: https://t.me/amaloversclub
Date: Thursday, 16th December, 2021
Time: 16:30 UTC
The USTX PROJECT team was represented by @Sirluke79 who judiciously shared with us detailed knowledge and information about USTX PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on USTX?
ANS: First of all, I want to thank you again for inviting me here today in this great community and giving me the opportunity to present USTX. I’m Luca, one of the founders of the project. My background is in engineering, especially in data analysis, programming and control system design.
The USTX project was founded by three friends, each one with a very important role: one handles marketing and promotion, one is focused on backend and frontend dApp development and I act as supervisor and main smart contracts developer.
The team has several collaborators that help us manage the social media communication and give us the worldwide reach to build partnerships with other projects in the Tron ecosystem.
Q2: Can you introduce USTX, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: The idea behind USTX came at the beginning of the year doing a simple observation: the yield coins (like BTC, ETH, etc…) represent about 95% of the market cap, but only 20% of the traded volume. Instead, stable coins, with only the 5% of the total market cap, make about 80% of the daily volume. What does this mean? That when users need to move value around, purchase goods and services, accept payments, prefer to use stable coins. They have a fixed value related to a fiat currency and volatility is close to zero, so the risk of losing value during time is very limited. But they also don’t grow, so if you hold a stable coin the value will not increase over time.
The goal of USTX is to bridge the gap between yield tokens and stable coins, creating a utility token with low volatility capable of consistent and continuous growth. This will be the ideal token from the user perspective, since the low volatility would make it a good means of payment, but also capable of solid growth and increase value over time. The best of both worlds.
The USTX algorithm backtested against historical BTC input data shows that the growth performance is preserved but the volatility during bear market periods is greatly reduced, creating an #UpOlny token
USTX is a token released on the Tron blockchain along with a DEX, where liquidity is managed dynamically by smart contracts. The token itself does not have particular features, so it can be transferred easily at low cost (no taxes on token transfers). The DEX instead has a few important features:
- liquidity locked in the contract forever
- the liquidity reserve is made of stable coins (USDT, USDC, TUSD and USDJ) and USTX
- the USTX liquidity inside the DEX can increase (new tokens minted) or decrease (tokens burned), allowing to control the price, reducing volatility and providing consistent growth.
The advantage of USTX compared to other tokens is that USTX automatically protects the investors value over time, reducing bear market effects, while catching the bull market expansion. USTX is a token that can be held in every market condition, without fearing heavy losses overnight. The high TVL of about $500,000 and the stabilization effect of the smart contract, helps to avoid panic selling scenarios.
Since launch the DEX algorithm has proved to be working as expected. USTX price compared to BTC.
Q3: Is "USTX" an acronym?🤔
ANS: Yes, sorry for missing that "detail": Up Stable Token eXperiment
A token to go up with low volatility.
Q4: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Thanks for this question
• The smart contracts and DEX beta was launched in testnet in June. We did 3 months of community testnet activity to help speed up development and fix as many problems before going live. We believe in community engament as a key to success. The CTN participants were rewarded with a portion of tokens
• In September we had all smart contracts audited BEFORE deployment on main-net. We wanted the maximum security guarantee for the users before launching. After deploying a smart contract there’s not much that can be done if something is wrong and we did not want to do a false start
• September 24th the token contract was deployed on mainnet and the USTX token came to life!!!!
• In October we went live with the DEX in Launchpad mode. For 4 weeks it was possible to buy USTX directly on the DEX at fixed price of $0.01 for the first 10,000,000 tokens and $0.012 for another 10,000,000. At the end we raised more than $ 100,000 that were locked forever in the contract and made possible to start trading with low slippage
• On November 2nd the DEX went live in normal operation mode, with buy and sell operations without limitation. Ownership of the token contract was released.
• On November 10th, we opened a liquidity pool on SunSwap (main Tron DEX). We also got listed on CMC, CG and Coinpaprika
• On November 26th, USTX was listed on Coinsbit, one of the top 50 CEX
In November USTX DEX was one of the top 10 dApps on Tron network
Now about future plans...
• We'll soon announce a partnership with one of the main NFT marketplaces in Tron and the launch of NFT collections made by artists sponsored by USTX.
• In the next few days a major update will be released on the DEX that will allow purchasing USTX directly with TRX, without requiring stablecoins in the wallet. This will make it even easier to buy and provide a user experience similar to common DEXs
• After that the development will focus on governance portal and staking. We’ll release a smart contract to enable community voting on important matters. Staking will also be added to the ecosystem, allowing holders to make additional income from their investment.
USTX Roadmap
Q5: Can you briefly describe your PARTNERSHIPS so far?
ANS: We are currently working to increase the user awareness about the existence of USTX using several channels: social media promotion, AMAs like this one, exchange listings, wallets integration and strategic partnerships. To answer your question, we’ll be announcing very soon a partnership with an important NFT marketplace on Tron. USTX will also be sponsoring very talented street artists that will publish very interesting NFT collections. More partnerships will follow, we believe that collaboration is very important, and we’ll work to get together with other quality DeFi projects on Tron to provide better value to users.
• Currently USTX is listed on Coinmarketcap, Coingecko and Coinpaprika
• Our dApp is fully supported by Tronlink, Klever and Math wallet
• USTX can be traded in USTX DEX, SunSwap and Coinsbit
Current USTX ecosystem.
Q6: Can you give an overview of the Tokenomics and Utility of $USTX tokens?
ANS: Sure. The current total supply is about 26M USTX, of which about 17M in circulation, for a market cap of $1,200,000. Team tokens are locked inside vesting contracts on chain with 3M, 6M and 12M unlock phases. We have two unlocked wallets for marketing and development of the project. All wallet addresses are listed on http://ustx.io
Real time token info available on http://dex.ustx.io
The token does not have taxation on transfer and fees on DEX are differentiated from buy and sell: 0% on buy, 2% on sell. The smart contract has hard-limits on the fee values (set to 2%), to prevent any chance of honeypot.
The USTX supply is flexible, because the DEX smart contract has minting and burning capability on the internal liquidity reserve (but it’s NOT a rebase): when someone makes a purchase a small amount of USTX is minted to increase the internal reserve, when someone sells, a part of the internal reserve is burned to sustain the price and reduce the drawdown. This is the mechanism that allows growth with lower volatility compared to "normal" tokens.
Another important aspect about tokenomics, that deals with long term sustainability, is TVL (Total Value Locked). Currently we have about $460,000 locked inside our DEX contract. That's 60% of the circulating supply. That speaks about solidity. I'd like to remind everyone that the liquidity cannot be withdrawn from the contract, so rug pulls are not possible.
Live pool info on http://dex.ustx.io
Holders distribution from Tronscan
I shoud also tell a few words about Tron, the blockchain we chose for the project. Tron is a Proof of Stake BC with low fees, that can be reduced to zero under certain conditions. It hosts 4 of the main stablecoins: USDT, USDC, TUSD and USDJ, that are needed by USTX DEX algorithm to work. It is also compatible with EVM (Ethereum Virtual Machine), that makes developing smart contracts much easier, since they are compatible with ERC20 standard.
2nd Segment: LIVE Questions
Q1: CAN YOU EXPLAIN HOW THE DYNAMIC LIQUIDITY MANAGEMENT ALGORITHM CAN PROTECT #USTX IN BEAR MARKET ?
https://twitter.com/Ibrahim42023815/status/1471520718663733250?s=20
ANS: Let's start with this one. There were several similar also. A normal AMM DEX define price as the ratio of the two tokens in the pool. If I have 100 USDT and 1000 TOK, the price of TOK is 0.1USDT.
USTX DEX adds a mechanism to normal AMM model to manage the price of the token, by allowing to mint and burn tokens in the reserve.
AMM DEX
On the two charts you see the difference in beahvior from a AMM DEX and USTX DEX. The price change after buy and sell is different and asymmetrical
When a sell occurs, the burning of tokens allows to reduce the drawdown.
When a buy occurs new tokens are minted to increase the reserve. It will be used when needed.
The concept works in the assumption that long term market will increase. But the price management acts to make sure the volatility is low, while keeping the uptrend.
Investors funds are protected and panic selling is avoided, becasue even big sell-offs have limited impact on price.
Q2: I'm aware of your community testnet, which is strongly a great thing to do, which test run dex functionality and multiasset reserve.
That also mean that the team open to ideas from investors, community members to help grow and give value to ustx?
https://twitter.com/Nationpick0/status/1471514846101389313?t=8Td-va6riF0lNQYcDyFFkg&s=19
ANS: Community has been involved in the project since the beginning. After the initial modeling and alpha development phase we release the contracts in the Tron testnet and the dApp beta site. We opened the Reddit sub and asked for volunteers to test every functioality. It was a great experience.
we gathered a lot of feedback from users and we also took suggestions coming from them very seriously, actually introducing a major change in the DEX
We'd like to keep this community involvement going. That's why we'll introduce the voting platform in January, to allow holders to contribute to the decision making process. There's no point in introducing feature that users don't approve.
Q3: 1. What are the steps taken so far by the team to ensure that the contracts are bug-free and safe for use?
2. What is the main function of the DPOS model of the underlying blockchain (Tron) in the USTX ecosystem?
https://twitter.com/KurangaHA/status/1471510393487085569?s=19
ANS: point 1. We did a long closed testing period of V1 version of the contracts. Than we pushed them into che open CTN phase. During that we made a major change in the contract structure to allow for multiasset reserve (a user suggestion actually). When CTN was judged as concluded (user interface working fine on desktop and mobile, no more bugs found) we kicked of the contract audit process.
we audited the contract before mainnet launch. Most of the projects do the audits after deployment, because an audit costs a lot of money, but doing it after deployment does not allow to correct any bug that were found.
Point 2: Tron and DPOS
For our ptoject to work we need a few things: stablecoins, a BC compatible with EVM, a low fee BC, a fast BC, a sustainable BC and a decentralized BC.
With those requirements in mind, Tron is the one that comes higher in the chart.
DPOS allow to make transaction at a very reasonable fee and by staking TRX, the fee can be reduced to zero. A very democratic aspect I think. Also TRX became the first deflationary coin because of the energy and staking mechanism.
Q4: I learnt that USTX can be obtained by exchanging USDT, USDJ, TUSD, USDC (TRC20) on your DEX. At what price can I get USTX? Apart from your DEX, will USTX also be available on other decentralized and centralized exchanges in the near future? Also, what do I need to get USTX?
https://twitter.com/dhikirrah/status/1471496849311744005?t=4K8MV0kEz2gSuKf7RA3qWw&s=19
ANS: Where to buy USTX?
✅ http://dex.ustx.io/ (0% fee)
✅ https://sunswap.com/#/home?tokenAddress=TYX2iy3i3793YgKU5vqKxDnLpiBMSa5EdV&type=swap
✅ https://coinsbit.io/trade_classic/USTX_USDT
Supported wallets
👉https://www.tronlink.org/
👉https://klever.finance/wallet/
👉https://mathwallet.org/
How to buy?
🎥 Video tutorial: https://www.youtube.com/watch?v=dYH1i02vDNQ
Market research platforms
📈 Coinmarketcap: https://coinmarketcap.com/currencies/upstabletoken/
📈 Coingecko: https://www.coingecko.com/it/monete/upstabletoken
📈 Coinpaprika: https://coinpaprika.com/coin/ustx-upstabletoken/
USTX can be purchased in 3 places now: USTX DEX, SunSwap and Coinsbit
The best conditions are on USTX DEX because of the high liquidity (about $460,000), low slippage and low fees (0% on buy and 1% on sell).
In the future new exchanges will be added gradually, as we grow
To buy USTX now on USTX DEX, you need one of the 4 stablecoins (USDT or USDC, or USDJ or TUSD) to swap and some TRX to pay network fees (about 50TRX).
On SunSwap you need only TRX. We suggest to avoid SunSwap for purchases bigger than 200$
Soon (in a matter of days) we'll release a major update on USTX DEX to allow buying and selling directly with TRX (no need to have the stablecoins anymore).
That will make user experience much more similar to other DEX
Q5: When would USTX staking be available to all and why are you planning not to have an inflationary staking?
And what does the #UpOnly hastag actually presume?
https://twitter.com/SerenayEkraj/status/1471405459189940224?s=19
ANS: Staking will be available in January.
We'll not implement inflationary staking for two reasons:
1) USTX tokenomics does not have a reserve allocated to staking and we cannot mint more
2) inflationary staking decreases the value of any token, it's a matter of supply.
Instead we'll implement a buyback and staking mechanism:
1) a portion of the stablecoins in the reserve will be put into lending vaults (like JustLend)
2) the yield from lending will generate rewards
3) the rewards will be used to buyback tokens from the DEX, increasing the token price for all users
4) the purchased tokens will be distributed among shareholders
The APY will not be very high (we estimate 3-5%), but it will be long term sustainable, safe and will have a double positive effect: buyback and staking.
Q6: 🤑🤑
I want you to explain to us what benefits users will get by owning USTX? Why is it more convenient to own a USTX than to have any other STABLECOIN?
https://twitter.com/sitiecahct/status/1471508818152419328?t=Slo6vmVLMFAiaQ-8CgveQQ&s=19
ANS: A stablecoin by definition cannot grow, it's pegged to a fiat (usually USD)
The only way to gain something with a stablecoin is with staking, lending and other mechanism lie those, with limited growth
USTX proposes to provide a high degree of protection to losses to users, while keeping the capability to follow the market uptrends.
Furthermore it will soon have staking, so the growth possibilities will be dual, for users.
One typical trading strategy is to ride with high growth coins during bull market and swap to stable when bear comes. The problem in this strategy is finding the right entry and exit points, no-one knows the future.
With USTX you have a token that can adapt to changing market conditions, behaving similar to stablecoins during bear market and similar to high yield tokens during bull. There's no need to swap coins, just stick with USTX and let the smart contract manage liquidity and price.
One picture is worth 1000 words I think: blue is USTX, purple is BTC.
Follow Us On Our Various Social Media Communities For More Update👇👇👇
🌐 WEB: https://ustx.io/
🚀 DEX: dex.ustx.io
✉️ Mail: info@ustx.io
🌍 Twitter: http://twitter.com/USTX6
🇺🇸 Telegram (International): http://t.me/ustx_en
🇮🇹 Telegram ITA: http://t.me/ustx_it
🕹 Telegram Games: https://t.me/ustx_games
🌍 Github: https://github.com/ustx/ustx-dex
🌍 Reddit: https://www.reddit.com/r/USTX/
🌍 Youtube: https://www.youtube.com/channel/USTX
🌍 Medium: https://medium.com/@USTX
🌍 Linkedin: https://www.linkedin.com/company/ustx
🌍 Facebook: https://www.facebook.com/groups/ustxcrypto
🌍 Discord: https://discord.gg/2stXZjtv9A
📈 Coinmarketcap (https://coinmarketcap.com/currencies/upstabletoken/)
📈 Coingecko (https://www.coingecko.com/it/monete/upstabletoken)
📈 Coinpaprika (https://coinpaprika.com/coin/ustx-upstabletoken/)
What makes USTX different from other projects?
1️⃣- It is NOT a meme
2️⃣- It is NOT deflationary
3️⃣- It is NOT a rebase
So what is it? It is a DEX with an innovative reserve management algorithm:
👉When buying, the DEX contract mintes a small percentage of new tokens to increase the cash reserve. The price goes up.
👉When selling, the DEX contract burns coins to support the price by reducing the cash reserve. The price drops much less than a regular DEX AMM and the volatility is reduced.
✅ Multitoken liquidity blocked (USDT, USDC, TUSD, USDJ)
✅ Audited contracts
✅ Community tested dApp
🚫 It is not a Ponzi or a deflationary 💩coin
💥 Launched on November 2nd🚀🚀🚀
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