AMA Recap — BSCEX
Welcome to the Selective. There has been a lot of hype around BSC, so we’re happy to have you here to discuss your project.
This is our first BSC project on the channel and for most of us (including me) our first investment in a BSC project!
[Clark — CTO, and Tony — Co-founder join us for the AMA today]
Q1) I understand that your platform is more than just an exchange — rather a whole ecosystem. But can you first begin telling us what makes the exchange aspect of your platform unique?
Tony :
Currently, BSCex is developing its unique Cross Liquidity Layer 2 protocol, which utilizes multiples AMM’s liquidity. You guys may know it’s AMM Aggregator as well. And it’s already up and running at swapx.bscex.org. it likes 1inch but for BSC — with gas price optimization.
As you can see here if users swap 100 $BNB to $BHC on SwapX, they will get 891.79 BHC, while if they swap 100 BNB to BHC on Streetswap, they only get 873,651 BHC. That’s huge different. You can try it yourself.
This is just an example.
Uniswap Detective :
Awesome, I have used the V1 but I see this has recently been upgraded as above. You guys build fast, I will try it out today for myself!
So your AMM is the heart of your platform and your first main product. I know that’s just the start though so can you give us an overview of the other pieces that make up the ecosystem?
Tony :
This project’s primary goal is to bring Binance’s off-chain services on-chain to the Binance Smart Chain (BSC) — And AMM+ is our heart!
BSCex attempts to achieve this goal (bring Binance’s off-chain services to on-chain) by leveraging it’s Cross Liquidity Layer 2 (AMM+), integrating its LaunchPadX/LaunchPoolX, and launching its DexX .
Do you know about Launchpad and Launchpool on Binance?
Uniswap Detective :
Yes, I’m aware of the Launchpad and Launchpool on Binance. I understand you are releasing something similar. Can you go into how this will work and utility it will add for holders?
Tony :
Clark, can you pls help me to answer this question?
Clark :
Sure!
LaunchpadX is the on-chain version of Binance exchange’s Launchpad for small and medium projects. It is the platform for small-size crypto startups to raise their fund through the process called IDO (Initial Dex Offering)
The difference here is that only those who win the LuckyStar ticket of the LaunchPadX have the right to participate in the IDO. To win the ticket, participants have to hold the liquidity provider (LP) token of the BSCX-BUSD pair.
LaunchpoolX is the on-chain version of Binance exchange’s Launchpool. LaunchpoolX lets you use your tokens and the liquidity provider (LP) token of the BSCX-BUSD pair to farm (earn) a new token, for free.
The amount of tokens you earn each daily is proportional to the number of tokens you have subscribed to the pool vs the total number of tokens subscribed to the pool. The tokens you earn are distributed to you in real-time. You get to accumulate a brand new coin, for free.
Uniswap Detective :
Ok, that sound great for holders and gives a brilliant incentive to hold which in turn effects the price of BSCX in a positive way + keeps BSCX very liquid on the market. I love the idea.
How is this benefiting the projects launching? I’m guessing there will be a portion of the supply set to farm for free and a portion to be sold?
Clark
yes, that’s right
Each project has different portion of supply set for launchpoolX and launchpadX
Uniswap Detective :
Great. I really like the idea. Its a great way for your community to benefit, it keeps BSCX liquid and also gives new projects exposure to a large and passionate community from day one.
ust before I move on. One more milestone I know many are interested in is DexX.
I understand will be an exchange built on top of your highly liquid AMM, allowing users to complete complex orders such as limit, market, stop limit, and stop market but with a trader friendly interface showing charts setups.
Is this right?
Clark
yes, we are trying our best to bring crypto trading experience on centralized exchanges like Binance with popular order types: limit, market , stop limit and stop market
Uniswap Detective :
Awesome! I think this will attract a lot more traders onto BSC and to your ecosystem in general, it’s a gap in the market for sure.
Q2) With such a packed roadmap, the team must be very busy. Can you tell us a bit about the team?
Clark :
I am fan of Ethereum, and our technical team was working on dapps on Ethereum since the first day they released solidity. Although, we have outsourced many projects, on large scale, from Israel, US, Singapore, Vietnam…
we have quite a good understanding about dapp users and find their problems when using ethereum public chain last year, when Binance introduced their public blockchain
we found that is a good chance to have huge adoption for crypto users, would like to leave introduction to Tony for Marketing and Community Development
Uniswap Detective :
Great, sounds like you have the right experience and I was assuming the team was quite large or outsourcing would have to be done due to the size of the ecosystem you have planned + the speed you are developing.
Q3) Alright, so something obviously unique about your project — to this group — is that you’re on BSC. Can you give us some insight into why you chose to start a project on BSC?
Clark :
The high demand for the DeFi services on the Ethereum network is producing massive demand for the use of the network. This massive demand eventually translates into very high transaction fees. This makes Ethereum an unusable platform for typical day to day transactions. Furthermore, Ethereum is only capable of processing 25–30 transactions per second. This is not fast enough to handle periods of high volume. Ethereum transactions may take much longer than expected because miners have an incentive to include transactions with higher fees first. This makes it incredibly hard to create a scalable product that can be used by millions of users on the Ethereum platform.
On the other hand — Binance Smart Chain has much better speed and much lower transaction fees than the Ethereum network. The Binance Smart Chain is gaining a competitive advantage and liquidity. In the foreseeable future, the BSC will become one of the most popular blockchains of the decentralized economy.
Uniswap Detective :
Yea, the fees have become very unpredictable and also many products built on the Ethereum network have to be altered in order to compensate for this.
There has been days where I have just refused to trade due to the fees and our community the same way.
Paying $10-$50/transaction compared to $0.02-$0.05 seems like an obvious choice as long as the ecosystem can catch up.
BSCX seems to be building the tools to ensure traders/investors have more incentive to move over to BSC which is what attracted me to the project.
Clark :
yes, and the good thing that Binance brings to BSC is that they can bridge most popular ERC20 tokens and coins to BSC
Yea the BSC is EVM compatible so for builders to move over it’s also quite simple.
Q4) Let’s focus on the BSCEX token itself for a second : what is the utility behind it?
Tony :
As we have mentioned in the AMA from above, BSCX can be used in DexX, LaunchpoolX, and LaunchPadX. Users have to stake LP in which BSCX must be present, or to lock BSCX to earn IDO tickets. You can also get BSCX tokens at swapx.bscx.org (1 sec for promotion, lol)
And participants need to have BSCX to participate on our upcoming IDOs.
Uniswap Detective :
Okay so a lot of utility for BSCX and also the LP tokens to keep your project liquid. It’s used as the governance token right? How will this system work?
Tony :
20% of raised BSCX will be burnt or send back to the farming pool at LaunchpoolX (community make the last decision)
It’s very simple. All BSCX holders can participate at governance.bscex.org for voting.
Bscex is a fairlaunch project and everything is transparent. To Bscex, community first as always!
Uniswap Detective :
So the IDOs create a sort of deflation for BSCX and long term incentive to keep farming. Great!
Q5) Before we move onto the final question, do you have anything to share regarding the future of the project that you haven’t already, or maybe potential partners?
Clark :
Here is our roadmap
Release a new version of AMM+ to opitimize swapping experience. As AMM+ can cross-optimize existing AMMs, it will allow faster, simpler, and cheaper transactions compared to other AMMs in BSC. AMM+ already be released at swapx.bscex.org
Release LaunchPoolX to reward users with various tokens instead of only BSCX tokens. This will help users have a range of options and be able to gain more value by staking LP tokens.
Release a new version of LaunchpadX. This will be the most transparent IDO platform till date because LaunchpadX increases randomness by taking random seed from chainlink. Those who stake BSCX may get the chance to join IDO.
OTHER BSCEX UPCOMING PRODUCTS THAT WILL SUPPORT DEFI ECOSYSTEM
Wrapping Digital Assets, Cross-Chain Wrapping:Wrapping digital assets has the same format as Binance Bridge. The problem with Binance Bridge is that it supports a limited number of digital assets. So Bscex offers a wrapping service that can convert and transfer a lot more assets between Ethereum and BSC, including new tokens.
High-Yield Lending/Borrowing Platform is a P2P platform, in which users are able to lend or borrow digital assets.:
(This is a typical example in the future of decentralized finance. When you hold BNB and believe it will increase in value in the future, but you need a large amount of cash (or stablecoin) to buy things at the moment, it is advisable that you join this model to pledge BNB and withdraw stablecoin for use.)
In the future, DexX will allow users to have trading experience as desirable as Binance, meaning low fee, high transparency, near real-time operation, and high liquidity without compromising control over users’ assets as users are not required to deposit their tokens on centralized exchanges. The most common disadvantage of new exchanges is low liquidity. That is the reason why we focus on developing AMM+, a symbiotic and interconnected AMM system that promotes liquidity of various AMMs in BSC.AMM+ will be the core of DexX to deal with the lack of liquidity of new exchanges.
Resources
- Website : https://bscex.org/
- Telegram : https://t.me/bscextalk
- Twitter : https://twitter.com/bscexofficial
The Selective (written by)
- Telegram : https://t.me/TheSelectiveApe
- Telegram Announcements : https://t.me/TheSelectiveApes
- Twitter : https://twitter.com/UniswapD
