BlockTalks x CexLT AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with CexLT, on October 21st, at 01.00 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by MAX, Chief Marketing Officer & REX, Developer at CexLT So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks
Q1. Could you please introduce CEXLT to our community in layman’s term?
Ans — CLT — we provide a bridge between centralized and decentralized. We are cooperating with CEX for them to be succesfully landed on DEX so that they become more transparent. To make this work, CLT does offer rewarding system in 2 ways.
1. supply deflation
2. reward for contribution
Q2. What are the advantages of CEXLT to the other alternatives in the Blockchain field?
Ans — CEXLT itself works just like other De-fi services. we do provide broad range of decentralized financial products which is controlled through smart-contract. However, we double incentives through our partner chains. (CEX)
When we came up with the idea of decentralization solution for CEX, we started talking to multiple CEX and we ended up partnering with them.
This give more potential to grow fast and work more efficiently. Products can’t exist without its clients. 2 will be announced in few days and one is the already announced — Bitsonic
Q3. What are the major milestones CEXLT achieved so far & what are in the future pipeline?
Ans — So far we have successfully launched the first dapp, Liquidity Mining dapp. And through collaboration with great partners like Bitsonic, we’ve led to CLT’s successful debut.
1. products — one live, 2 are coming up soon. (Done)
2. listing — Uniswap listing completed and liquidity locked (Done) CEX listing will be happening soon too. (Soon)
3. further development in product. upgraded finance platform to be launched (Soon)
Questions Asked on Twitter For CexLT Team!
Q1. You recently partnered with a Bitsonic exchange What prompted this partnership and of what benefits will this partnership be to $CLT holders?
Ans — Since we came up with the idea of cooperation with centralized exchanges for their decentralization, we actively communicated with multiple centralized exchanges. Bitsonic, they shared their ambition and vision to Decentalization of their native token BSC. We have noticed that their plans to Decentalization is very reasonble and our team believes that this will generate mutual benefits to both parties as well as the token holders.
1. Bitsonic successfully soft-landed on Uniswap.
2. Bitsonic token holders received good returns through the mining.
3. This means that CLT holders, who were also Bitsonic token holders since the Liquidity mining was the only way to acquire CLT, were also better off
4. We have more CLT holders since CLT listing on uniswap and there will be many ways that they can get the reward.
The partnership with the exchange resulted expansion of our ecosystem, business potential and the community. We expect further expansion of our business capability through our next partnership. All benefits from this will go to CLT holders.
Q2. Why Cexltio choose burning in transaction smart-contract, and what is the purpose of this burning system in long run? Because affected the total supply.
Ans — We would like to incentivize our long-term holders. CLT burns on every transactions and traders bear the cost from the burning. As the more frequent trasnaction occurs, the higher rate of CLT burning. This will provide either a buffer and momentum to maintain its value. We could have arranged it like periodic burning not on trasnaction basis. However, if we apply that the project owner, which is us, will have too much discretion on the decision making plus uncertainty as well. So, we would like to leave it up to the market and my answer is 1) to maintain CLT’s value, 2)to incentivize our long-term holders. Just a FYI — 7% of Total supply burnt already.
Q3. In this era of decentralization why do you choose to provide liquidity to token on centralized exchanges?
Ans — Centralized exchange tokens tend to have higher number of token holders. Those tokens are geneally traded on centralized exchanges where nobody out of the system knows what actual trading volumes are. This also allows CEX to manipulate their token value as well as its volume. CLT does work with CEX for more transparent trading environment for the CEX’s token holders.
Furthermore, majority of those CEX tokens’ utility is just like paying fees, buying something with it. However, by providing liquidity on DEX with CEX as a holder, they can enjoy doubled incentives — Fee sharing from the Dex and CLT allocated for that. So just to bring them out to the ground where everyone can play fairly. Not 100% but still :)
Q4. What are the core features that create the value of Cexltio ? What does Cexltio have that other projects don’t?
Ans — 1. Automated token burn.
You can check this on our Github.
https://github.com/cexlt-team/clt-token/blob/master/contracts/CLT.sol
2. Broad range of services provided (De-Fi) and Cooperations with CEX which leads to community expansion.
At first we started with a dapp to supply Liquidity for native tokens from Centralized Exchange to DEX such as uniswap. The second dapp previously planned was Liquidity provider dapp, but we redesigned(a.k.a rebranding) to Finance Farming Model to further increase the value of CLT. And will further contribute to the successful supply of Liquidity to DEX by cooperating with more exchanges and projects.
4. Tightened supply — No token sales held.
And the last thing!
5. Community Drops — This will be announced sooner or later.
Q5. Some economists believe that deflation (reduced supply) is detrimental to an economic system. What are the advantages of Cexlt’s deflationary model?
Ans —
Rex — Q2 was kind of same thing but let get deeper on this side.
As you know, we have an automated burning feature included in Smartcontract. This is completely automatic, unlike token burning artificially sent to addresses represented by 0000. Uniswap charged 0.1% of the transaction fee, and usually there are 1% price change per 1,000 sell or buy order within more or less than $30k.
The funny thing is that we burn 1% per every transaction, traders have to buy or sell their CLT and have to take this account. Whether it’s a token into the pool or the token from the purchase amounts to 99% of the amount you buy, not 100%. This suggests something very interesting for Pro-trader.
When we exeprience high volume of trades and transfers from users to acquire CLT to participate in the De-Fi products, we will see CLT’s burning speed gets faster.
Max — What he sees is something different from crypto ecosystem. People concern about deflaton because it is linked to price falls resulting lower spending from consumers. However, when it comes to a token ecosystem, increased supply leads to price falls resulting lower demand as well as panic sells if the token’s utility is limited.
Our supply deflation model is designed to maintain its value when they are locked and freezed. CLT will be utilized through De-Fi market and we will continuously provide attractive decentralized finacial products. So more pros than cons if this makes sense.
Questions Asked by our BlockTalks Community Members during live Session to CexLT Team!!
Q1. I am an investor, so besides trusting in the CLT project, I also want to make a profit so what is the marketing strategy of CLT to attract investors and expand market?
Ans — I do not wanna talk about token price at this stage since we focus more on business development and product development. However, this might be the one that most ppl want to know. We will announce our next CEX partner. This is an official one not like others. I personally believe this kinda partnership will be the more efficient way of marketing.
Their holder and traders will see us and we might be listed there too. We will be exposed through their channels. However, please do not be a speculator:) we will get there one day :)
Q2. Can I stake $CEX token ? What are these Staking criteria?
Ans — We are going to announce it next week, and there will be two main ways to staking CLT. All can be done in the Finance Farming dapp, one method of staging only CLT tokens. Another way is to stake LP tokens with eth. It will be paid higher APRs, I mean Rewards, because more money and risk are involved. In addition to farming dapp, our second partner will be unveiled. Every user can get CLT tokens through their tokens, so please pay attention!
Q3. How do you build liquidity for your dex ( Trade assets. resources. … ) . Do I need to do KYC on your protocol?
Ans — We do provide liquidity with our holders and partners. We believe “working together” is not limited to between Exchange and us but also holder and users. We will prepare various ways to incentive CLT holders and this will includes community drops to those wallet with CLT trading history.
Some of the reward will be prepared by our partner CEX too. KYC, Pretty important part.
We are under AMLD5. One day we need to perform KYC for our users too however, what we did so far is KYP for our partners to ensure we are working with legit partners. This includes some checks of docs and smart-contracts and etc. this appies to us to when they decide to have us as a partners.
Q4. What is guarantee $ CLT wil not scam with investors? There were many project come and scam with investors, so how can $ CLT will gain investors trust?
Ans — We didn’t take any other sale phase, but we add our own money to provide liquidity. And in line with the current trend, as all projects do, we’ve locked up our Liquidity for a year. Everyone can check this on this link
https://v2.unicrypt.network/pair/0x95A63CAAa2F9a7556594Ee20Fa7a3Ae07eF2791f
And to monitor Token Distribution that we have updated on our website(Cexlt.io), you can check our Etherscan page.
https://etherscan.io/address/0xa69f7a10df90c4d6710588bc18ad9bf08081f545
What we are trying to achieve in this De-fi world is that we become a Hub of other De-Fi projects. I believe there’s no competitors in this world. we need to work together to provide better products. apart from having de-fi products on us we will be also added on other de-fi projects to work together.
CLT service will be available through other De-Fi channels and this is what we would like to achieve this year. Unique features are shared several times so I will skip that :)
Q5. What plans has Cexlt made to educate the community which would in turn raise awareness, adoption and make more people understand about Cexlt easily?
Ans — The best way to educate people is to make them try. Once they experience our reward system and benefits from the supply deflation users will dive into our products.
Here are some important links of CexLT 👇
Official Website — https://cexlt.io/
Twitter — https://twitter.com/cexlt
GitHub — https://github.com/cexlt-team
Telegram Chat — https://t.me/cexlt
Medium — https://cexlt.medium.com/
