AMA with BlockTalks recap(21. Oct)
We had an AMA with BlockTalks, a promising crypto community, yesterday. The following is summary of the AMA. So if anyone couldn’t participate in our great AMA, please refer to the following!
AMA with BlockTalks Recap(21. Oct)
BlockTalks Team
Q1. Could you please introduce CEXLT to our community in layman’s term?
Douglas Max(CLT)
1. 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
since these will be covered later again I will stop here :)
BlockTalks Team
Q2. What are the advantages of CEXLT to the other alternatives in the Blockchain field?
Douglas Max(CLT)
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.
BlockTalks Team
Can you name few of your partners? 👀
Douglas Max(CLT)
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
Gitcoin Rex(CLT)
And plus more:
The biggest advantage is our unique smart contact things, although it will come out countless times in the next questions.
‘The burning per every transactions.’
BlockTalks Team
Q3. What are the major milestones CEXLT achieved so far & what are in the future pipeline?
Gitcoin Rex(CLT)
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.
Douglas Max(CLT)
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)
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BlockTalks Team
We will ask the selected Twitter questions and the team will answer them.
Q1. You recently partenered with a Bitsonic exchange What prompted this partnership and of what benefits will this partnership be to $CLT holders?
Douglas Max(CLT)
A. 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.
BlockTalks Team
I hope more of CEX will show intrest to become part of Cexlt ecosystem!
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.
Douglas Max(CLT)
A. 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.
BlockTalks Team
Definitely! This way the value of CLT will keep increasing. Awesome!
Q3. In this era of decentralization why do you choose to provide liquidity to token on centralized exchanges?
Douglas Max(CLT)
A. 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 :)
BlockTalks Team
Impressive!
Well! more of them will come to play fairly, that’s better. Now the next question picked from Twitter.
Q4. What are the core features that create the value of Cexltio ? What does Cexltio have that other projects don’t?
Gitcoin Rex(CLT)
A. Im gonna answer this in layman’s term lol😂
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.
BlockTalks Team
Great! Now the last question from Twitter..
Q5. Some economists believe that deflation (reduced supply) is detrimental to an economic system. What are the advantages of Cexlt’s deflationary model?
Gitcoin Rex(CLT)
A. 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.
Douglas Max(CLT)
A. Let me add a comment too.
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.
BlockTalks Team
Thanks guys!
Cexlt(CLT)
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