Recap of the Xpool AMA with Blockchain Space
On Saturday, May 15th, we had the pleasure to welcome to our Telegram chat:
Paul Smith, The CMO of Xpool.
We asked him questions about the development of Xpool.
Q~ Introduce yourself and your function in Xpool to Blockchain Space community, and give a detailed information about Xpool and it’s blockchain functions?
A~ Hello all members of the Blockchain Space
Firstly, thank you guys in group of Blockchain Space for giving me the chance to take part in this AMA today!
So here is a little bit about myself:
My name is Paul Smith, CMO of XPool. Currently, I am working as a CMO of Xpool with the charge of spreading the vision and potential of our project Xpool to crypto communities.
From first stage of Xpool, I have been working with all members of team and witnessed the Xpool community development process. And 3 days ago was our exciting day when we had done with Xpool protocol mainnet with the great functions, including: Flash Loan, Staking, Safety Module, Governance, Farming (Staking LP)
As you may know, Xpool is an open-source liquidity protocol built on the BSC (also known as Binance Smart Chain). It allows users to borrow assets from the platform and adds liquidity to the exchange by depositing assets into Xpool thereby fostering higher potentials to earn profits from your own assets.
You can join Xpool at:
The next Best defi platform on Binance Smart Chain
X-POOL PROTOCOL $ X-pool is an open-source Decentralized protocol - built on Binance Smart Chain that enables users to…
Q~ Share with us the use-cases and tokenomics of $XPO token?
A~ Yes, of course
Total XPO supply is 210,000,000 XPO. It is distributed as below:
Airdrop: 1% — 2,100,000 XPO
IDO 1: 2% — 4,200,000 XPO
IDO 2: 1% — 2,100,000 XPO
Liquidity: 0.75% — 1,575,000 XPO
Farming: 95.25% — 200,025,000 XPO.
XPO holder will take some advantages below:
- Earning interest on deposit
By depositing XPO to Xpool protocol, users will earn attactive annual interest as the passive income.
2. Use as collateral
Borrowers can use XPO as collateral to borrow assets and has chance to get a discount on fees or borrow more than usual.
3. Fee collection & discount for Xpool services
Xpool borrowers do not get charged a fee if they take out loans denominated in the token.
4. Voting and governance
Users who hold XPO tokens can vote for potential product upgrades, releases, and parameter fixes.
Cassiterite : What’s the deposit interest rate ?
Paul : Yes, it’s APY, token holders get persistent profit that advance with economic situations dependent on:
The interest rate payment on loans — depositors share the interests paid by borrowers corresponding to the average borrow rate times the utilization rate. The higher the utilization of a reserve the higher the yield for depositors.
Q~ What are your marketing strategies, how do you plan to attract users globally to invest in Xpool project amidst other related projects?
A~ We pride ourselves on bringing a lending platform that can perform transactions quickly at a very low cost and a high speed. The reason is that XPOOL is based on Binance Smart Chain. It was built with a similar structure as the existing Binance Chain, which is a high-performance, low-latency blockchain but as a design choice to enhance speed, it was not able to handle smart contracts.
With a massive business development plan that not only focuses on the crypto market but also brings it to real life where people really demand it, we believe that Xpool will attract millions of people in the world who do not know about crypto currency joining our protocol.
Moreover, we only list on top-notch exchange. Currently we are working on MXC and Binance on the listing. Yet, we are now having a good procedure. This is the way we got more attraction from community in Crypto market, especially from Defi community.
QUESTIONS FROM BITCOINTALK
Q~ How do you encourage any action on the Xpool platform, what form of incentives are offered and can we get more information about staking on Xpool and the profit details?
A~ Our main functions mentioned below will encourage user to take action on XPool
Lending => to get passive income
Borrowing => get low cost loan instantly
Staking => XPO holder staking to strengthen the whole platform and get back the incentives
Government => XPO holders can post and vote on proposals to change almost configuration and variables.
Flash Loan => The financial wonders, the first non collateral loan without KYC.
And much more… please follow our docs and twitter.
Here is our some doc for Staking
We are delighted to announce that our Staking feature is officially launched on Xpool mainnet.
- How to stake and get profit:
How To Stake And Get Profit on Xpool?
This article will show you instruction about staking on Xpool protocol
Q~ What steps have you taken to develop and perfect Xpool products as well as build strong communities so as to spread Xpool’s potential?
A~ Yes, to perfect XPool product as well as increase the security of smart contract, Xpool and Verichains have enter the partnership. Verichain Lab has a world-class team with extensive research and development expertise in the areas of security, AI and blockchain technology. We believe that the partnership in security consulting with Verichains will ensure the safety for our smart contracts and your assets.
Beside, we also have clear roadmap for Xpool in this year;
May, 2021: Liquidity Market, Inhouse Wallet
June, 2021: Loan Aggregator
July, 2021: Partnership with two ventures
September, 2021: Xpool Auto Farm Optimized
December, 2021: Dega (Decentralized Gaming Protocol)
For more information, you can check our pitchdeck via this link:
Besides, we built the strong partnership with 6 top-notch blockchain ventures to provide the liquidity, we also ongoing partnership with commercial bank, capitals to provide loan not only to crypto world but real life community to provide low cost loan, for example we are working with a bank in south africa to provide loan to rural area communities.
We have a massive business development plan that not only focus on crypto market but also bring it to the real life where people really demand it.
QUESTIONS FROM TWITTER
Q~ The project you have a total supply of 210,000,000 is a pretty big number do you have a plan for a token burn to reduce the supply and increase the attractiveness of your token? What role did the farmers play in the project that they were allocated 15%?
A~ Yes, of course,
We had huge token burn transaction:
1st burn 50,000,000 May.03
2nd burn 38,612,641 May.09
3rd burn 12,200,000 May.10
For more details, you can check our status on Twitter:
Q~ Concerning the borrowing feature in your platform, what is the minimum and maximum amount that I can borrow and what percentage of my collateral does the borrowed amount represent?
A~ The maximum amount you can borrow depends on the value you have deposited and the available liquidity. For example, you can’t borrow an asset if there is not enough liquidity or if your health factor doesn’t allow you to. In Xpool, you can borrow 70% -80% of collateral value.
For more detail, please take a look at our document:
Step 1: The opt-out is available in the [Deposit] section within your dashboard. Step 2: Simply switch the [use as…
Q~ Project governance systems have always caught my attention. Could you mention what are the requirements to participate in the Xpool governance system?
A~ The Xpool token empowers holders with the capability to vote on proposals and collectively act as governors of the protocol.
The protocol governance consists of the decision-making process for the different risk parameter changes, improvements, and incentives that constitute the policies.
QUESTIONS FROM TELEGRAM
Q~ I read that Xpool allows users to choose and switch between stable and variable interest rates on borrowed assets. But, what are the requirements that are needed for this? Are there any guarantees that users must submit to?
A~ You can switch between the steady and variable rate whenever through your dashboard and it work for you to utilize your advantages. However, you cannot borrow using stable and variable rate at the same time for one asset.
Q~ Team members is an Internal part of a project. So, tell us how many team members do you have and how many developers are working for this project?
A~ We have a team of 30 members with profoundly knowledgeable and experienced in Defi field. Any of our team members have worked in the industry as technicians and partners from the beginning. Any of our core members have been involved in the crypto community since Ethereum’s first products were released.
To develop Xpool, we have research about the potential of the Defi market as well as the problems related to the technique aspect, especially the AAVE system. We found that Ethereum now has a problem with. network congestion and gas fees soaring, so we have decided to clone AAVE to Binance Smart Chain to solve all of those problems.
Besides, all details of the team will be published soon. We are working on the company profile.
Q~ What type of products/services are you going to implement to meet the needs and aspirations within the cryptocurrency markets?
A~ As you may know, some of the other similar lending and yield farming projects are Aave, Compound, etc. which are built on Ethereum mainnet. Ethereum now has a problem with load-bearing capacity. The continuous transactions of such projects lead to network congestion and pushing gas fees soaring.
We pride ourselves on bringing a lending platform that can perform transactions quickly at a very low cost and a high speed. The reason is that XPOOL is based on Binance Smart Chain. It was built with a similar structure as the existing Binance Chain, which is a high-performance, low-latency blockchain but as a design choice to enhance speed, it was not able to handle smart contracts.
To be more specific, it was specifically designed to enhance scalability in blockchains with high throughput for easy implementation of smart contracts to build scalable decentralized applications. Therefore, it provides faster and cheaper transactions than most blockchains and allows developers to port from Ethereum to Binance Smart Chain with ease.
Q~ Would you build your own wallet?
A~ Yes, of course, we have our Inhouse wallet called Defii
now it is available on App Store and Google Play.
You can download and start with Defii right now!
Defii is a simple mobile application for managing your tokens and coins as well as being a bridge that allows you to…
Defii - Apps on Google Play
Everyone Defii is a simple mobile application for managing your tokens and coins as well as being a bridge that allows…
Find more information: defii.app
Q~ Can you tell us a little bit about the “Flash Loans” that you guys offer Could you explain a little bit difference between a normal loan and a Flash Loan?
A~ Flash loans are a feature designed for developers, due to the technical knowledge required to execute one. Flash Loans allow you to borrow any available amount of assets without putting up any collateral, as long as the liquidity is returned to the protocol within one block transaction. To do a Flash Loan, you will need to build a contract that requests a Flash Loan. The contract will then need to execute the instructed steps and pay back the loan + interest and fees all within the same transaction.
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