BlockTalks x xHashtag AMA Transcript!
We recently hosted an AMA with xHashtag, on February 17th at 1 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 Monica Durga, Founder of xHashtag. 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 xHashtag to our community in layman’s term?
Ans — At xHashtag, we are building a 360 degree Web3 Growth Automation Suite. We help projects in pre-launch phase to bootstrap their community whereas for projects in the post-launch phase, they can leverage our features to automate & scale their ambassador program, increase liquidity and provide utility for their token through single asset liquid staking.
Q2. What are the advantages of xHashtag to the other alternatives in the Blockchain field?
Ans — We provide features that are most required by any crypto project on a single platform and that’s community, liquidity and a token use-case until the product launches.
Community is a major component of any web3 project, but there’s a need to drive the community members through incentivization, and that involves a lot of administrative work if the project is looking to scale up, and xHashtag automates that.
Projects can also own their liquidity through discounted bond sales on our platform and create a token usecase through liquid staking.
Our major advantage is our lovely community who support us and our partners, and even if the client project has no community, our army is always ready to support them and bring it to notice of the global crypto investors.
Q3. What are the major milestones xHashtag achieved so far & what are in the future pipeline?
Ans — We have successfully completed our IDO with Solrazr end of November, 2021 and our token $XTAG has started trading on Kucoin, gate.io and raydium from November 30th, 2021, and since then, we have bootstrapped communities of over 7 projects and all of them have been successful.
We have launched our proof-of-concept of the model we are building and grew our community and it has been steadily growing, we’ve crossed over 150k.
We recently rolled out our testnet on Avalanche to showcase our solution to grow treasury & liquidity through discounted bond marketplace and single asset liquid staking solution which will help projects in the post-IDO phase and create usecase is in active development.
As far as the future pipeline goes, as a part of the multichain expansion, in addition to Solana, you’ll see xHashtag DAO on Avalanche mainnet very soon.
Apart from that, based on learnings from the 7 campaigns we have run so far, our Automated Ambassador Program solution is in active development which will have automatic task completion verification and token reward payout.
Questions Asked on Twitter for xHashtag Team!!
Q1. As a incubator platform, Which opportunities do you offer to the new born projects? In which way will you incubate them? Will you guide them to achieve their ultimate goals? Please tell more about incubation process of xHashtag platform.
Ans — For any crypto project, community is the backbone, and for a new born project, community makes all the difference. xHashtag DAO will help such projects build its community from scratch by running growth campaigns for them and get it ready for launch. Once the token is launched, we help the incubated projects own liquidity through bond sale and grow their treasury and engage the community to bring users to the application.
Q2. You claim that xHashtag tokens be used as collateral while also earning extra incentives for completing community microtasks. Can you elaborate on the types of "microtasks" that users must complete in order to receive these rewards? What exactly are they made out of?
Ans — We are continuously working towards attracting more projects to use xHashtag’s community engagement and liquidity boost products, and we should see continuous inflow of paid tasks and discounted bonds. Holders of XTAG will be given priority access to tasks and bonds.
As far as microtasks as concerned, we group them into 2 categories, off-chain & on-chain. Off-chain tasks include social media tasks currently as that’s most demanded by the projects, and we’ve implemented automatic verification of task completion and token reward payout. In case of on-chain tasks, we’ll be listening to blockchain events to verify if the user has completed a particular task within a dApp.
Q3. You say that you have a 360° approach towards the community, liquidity and treasury of the project, does that mean that currently the community is the one that decides each modification and update in the project? But, really when will this governance be delivered?
Ans — When we say 360 degree approach towards community, liquidity and treasury, what we mean is that if a project wants to bootstrap its community, or want to engage its existing community, we provide automated solutions to manage the program at scale, and we will also provide the projects access to our worker community, which is our greatest strength. We also help projects own their liquidity through discounted bond sales.
Our governance will be activated after the mainnet launch and any decisions related to xHashtag’s developments and operations will be made available for community voting.
Q4. I could see that they expanded to the Avalanche network, but does it really have a reason, in addition to having a greater scope in the incubation of projects? Or is it really due to some other limitation found in the Solana network?
Ans — Multichain expansion is part of our roadmap and we’re progressing as per the plan.
While our developement and auditing is in progress on Solana, we have started to add support for EVM chains that’s the reason you must seen our testnet launched on Avalanche. We plan to expand to more EVM chains in future so that we can support and add value to projects from every active ecosystem.
Q5. The testnet with Avalanche Fuji is currently active. What are you currently testing? what can we expect from this testnet? How can we be part of these tests and contribute to the development and evolution of the platform?
Ans — Yes, we have rolled out our developments to Avalanche Fuji testnet where we are showcasing how projects can leverage our platform to own their liquidity through bond sales and create a usecase for their tokens through single asset staking.
Through the testnet, $XTAG holders can have a first hand experience of how discounted tokens can be purchased through the bond marketplace and how it can be staked to earn more. The testnet is open for everyone and can be accessed via app-test.xhashtag.io. We’ve written an exhaustive guide over here -> https://medium.com/xhashtag/our-testnet-is-now-live-a4f6a0ec4c61
Questions Asked by our BlockTalks Community Members during live Session to xHashtag Team!!
Q1. I want to say that I have tried the xHashtag Testnet and it is awesome, Can users provide feedback and suggestion regarding this and when the $XTAG Vault is opening any date is decided?
Ans — Glad to hear that!
Yes, you can provide feedback/suggestion on our form here -> https://docs.google.com/forms/d/e/1FAIpQLSdZ4xkYa2ZcFz_reCkPM-oczybuikzuDuutu266zCrNheoJDQ/viewform.
$XTAG Staking Vaults are expected to open on 21st Feb, 2022.
Q2. Which dex will you be listing $XTAG on avalanche?
Ans — We have been considering TraderJoe/ Pangolin. Popular opinion seems to be TraderJoe. Listing is also scheduled and will be announced anytime, please stay tuned!
Q3. I read that Xhashtag is revolutionizing Web3 launches through low float launches with High APY Staking with halving support for sustainability, but could this Stake really completely change the way we view launches? If so, how will you solve all the problems?
Ans — Once xHashtag acheives more adoption for its pre-launch and post-launch products, we will move to launching projects using the low-float high-apy method that has been outlined on our medium. The method will ensure projects secure liquidity while allowing everybody to have fair chance at participating in the project.
Q4. How will you make sure that scam projects don’t use the services of xHashtag? Will you be providing bond sales for XTAG?
Ans — After the governance activation, any project that wants to use our services will go through a governance proposal where the community can decide if xHashtag DAO should accelerate the project. We trust the governance process and we believe bad actors can be removed through this.
Q5. I want to know more about the staking mechanism of $XTAG on your platform. What is the APY we will get for staking $XTAG and minimum amount required to stake?
Ans — We will be launching single asset liquid staking where users can stake their XTAG and in return, they will be given an yield bearing token that can be used for other purposes, including governance. More details details on the APY % will be shared once the single asset staking is live on the mainnet. And there is no minimum amount for staking.