Thanks all for participating in our DexKit AMA. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this blog post is for you.
CryptoNationIN Admin – Hello 👋 Crypto^^Natives 🥳 We are glad to Invite @jcampos8 @Jarinnugent @Strainz
Strainz – Hello! Gllad to be here!
João – Thanks for the invitation and hosting this AMA with us
Jarin – Hey, thanks for having us!
CryptoNationIN Admin – We are pleased to invite you 🙏🥳🥳 Before we start, can you please introduce yourself and give our community a bit of understanding of what kind of business background you come from and how you have applied it to your roles within DexKit.
Jarin – I got into DexKit through the crypto community by wanting to help out. Been in crypto tech since 2010. Glad to be involved with such an awesome project.
João – I am the Head Dev of DexKit, and I have several years experience working on ethereum based technology using ZRX toolchain. I have build several DEX’s and NFT marketplaces and now I am committed to bring this experience to build next generation DEX’s and tools for average Joe use.
Strainz – I got involved through community interaction and wanting to be more active in the crypto space!
CryptoNationIN Admin – Great! Thanks for the introduction 🙌
Q1. Today, DEX is in high demand for many traders.Furthermore,there are already more popular DEX than DEXKIT like uniswap or bestswap. What plan do you have to compete with them, to increase demand for DEX and make DEXKIT the best DEX?
Jarin – Great question! We have a lot to love 🙂
João – Thanks for the question. Uniswap is a great DEX with great liquidity and we don’t plan to compete with them but instead people use our tools to access Uniswap and other liquidity sources as well to offer best price. Our next generation DEX offer placement of LIMIT ORDERS FOR FREE, and as well will have the feature of stop limit orders. Besides this, anyone can be able to deploy this next generation DEX with their brand and KIT will collect a portion of fees from it. Our main selling point on this environment of high fees, place limit orders for free and have access to all DEFI liquidity in one place. Uniswap is only one source, we at DexKit will give user access to Curve, Kyber, ZRX and other well known liquid protocols. If user not want to pay gas fees, they can place a free limit order and wait to market to fill.
Strainz – We also plan to expand our reach and community interaction within DexKit through community wide events, strategic partnerships, and by adding plenty of the new features you see on our roadmap.
Jarin – Our aggregator is working right now and you are able to trade across all top DEX’s to get the best price in one place.
João – We have quite impressive numbers around this, our aggregators already was used by 805 traders and generated over 1.6 M in volume. These traders will need then to use the other advanced tools that we will be releasing.
Q2. Does $KIT have a road map to the future that can give me an overview and an overview of tokenomics in the $KIT token will be distributed? and where can I buy $KIT tokens?
Our roadmap is presented at https://dexkit.com/projects-and-roadmap/ and users can buy our KIT token at swap.dexkit.com.
Regarding utility of KIT there is a whole page on the website talking about it here: https://dexkit.com/token-utility/. KIT will be the token used accross all our developed platforms like DEX, NFT Marketplace, DEFI Dashboard and Aggregator. All revenue collected by KIT products, 70 % of it will be distributed to stakers.
Jarin – Using swap.dexkit.com will give users access to the best liquidity across all pools for KIT (and all other tokens) ensuring the best swap price.
Q3. What benefits will $KIT deliver to the ecosystem and the community?
João – In times of high gas fees on ethereum, traders being able to place limit orders for free, helps traders not spent valuable resources. Besides that we are empowering several communities with their own aggregator, and soon DEX and NFT marketplace, creating tools for communities and the whole ecosystem improve their brand, all this offering the best prices.
Jarin – Awesome question. We always strive to put the community first! We have a governance system on our roadmap to ensure community involvement and Joao does a fortnightly AMA livestream on youtube where the community can ask any questions.
Strainz – KIT will also be able to be staked for community tokens 😁
Jarin – Currently we allow liquidity tokens to be staked for a secondary token BiTT – which will be expanded on and is coming soon.
Strainz – With further community tokens coming in the future! Through partnerships.
Jarin – Here is our last community update! (https://www.youtube.com/watch?v=plcjq7ZZRC4)
Q4. Can you please mention platforms or projects that have used Dexkit WordPress integration to get their own DEX Aggregator. What was the feedback from such projects like?
Jarin – Some of our partners include SoMee, Bitboy, Ethereum Yield and MetaMorph. So far they love it. For them having the ability to have their own dex gives them the opportunity to provide the community the best prices from all DEX liquidity. We plan to allow all features to be able to be implemented to each project as time goes on. Looking forward to seeing a DexKit DEX on every major platform!
João – This is one of our partners, check his video talking about his branded Dex: https://www.youtube.com/watch?v=E6CqWp6wGNo&t=1s.
Q5. What’s on the DEXKit roadmap? What are the new features that you are planning to launch ?
João – Our roadmap is here https://dexkit.com/projects-and-roadmap/ and most features will start go out during Q1 2021.
Q6. How many wallets Kit supports and do you plan to add more wallet support?
João – We support at the moment Metamask, Fortmatic, Portis and all injected web3 wallets. We pretend to launch our branded Magic Kit wallet as well
Q7. I wonder are you a local team and how many developers are building Kit?
Strainz – We are a worldwide team built from the community! Joao is Head Dev with plans to add more developers in the future! We’ve reached quite a few milestones with a decent size team and we will only get bigger as our community gets bigger!😀
Q8. Token burn” is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn?
João – Token burns and all big decisions about tokenomics will be posted to be decided using a Governance system.
Q9. Do you have any Coin Burn / BuyBack systems or any $Token Burn plans to increase the value of Token & attract Investors to invest?
Jarin – At the moment we don’t have any specific plans to burn or buyback tokens. This is something that could potentially happen when the governance system arrives as the community can then vote on what happens with DexKit.
Q10. While you build your project, do you take into account community feedbacks and demands?
João – Yes, community feedback is valuable, and it will be really important when Governance system is in place.
Q11. What role does DexKit play in the DexKit ecosystem? What are the benefits to long-term DEXKit token holders ?
Jarin – Holders will be able to stake KIT in order to receive rewards from fees our platform collects. The fees are pooled monthly and paid in ETH to stakers when ever they choose to take funds.
Q12. How many decentralized exchanges can DEXKIT’s swap aggregator scan presently? To take advantage of DEX tools features like limit orders, arbitrage bots etc. How many KIT must I hold in order to use these features?
Jarin – We pool DEX liquidity to give the best price on swaps from liquidity over all of these DEX’s. This saves you going through 14 different exchanges to find the best rate on the token you wish to purchase.
Q13. As a crypto investor how can you confuse me to use Dexkit, why is DEXKIT needed?
Jarin – We are building a platform similar in nature to a CEX but completely decentralised. We feel this is missing from the community and is very needed in the space.
Q14. On some projects, one participant received all the awards and it was unfair and did not promote the distribution of wealth generated by the network. How do you think about iy? Is your project like that too?
Strainz – Thats a very common thing that we had in mind when distributing the tokens. KIT had no premine, VC funding, we held an OTC sale fairly for the community as even the team had to purchase our tokens at the same rate as the community so the team can’t dump. DexKit keeps the community in mind at ever step.
Q15. Only getting users, holders etc is not everything. In my opinion, a project needs to deal with solving a real world issue or problem What is the problem that your project primarily focuses on?
Jarin – Its simple. Take out the middleman. We want to be an improvement over current CEX’s and give back to the community for being involved. This is why 70% of our fees go directly to staking rewards and we are building a governance system for the community to have its say!
Q16. What are your plans for global expansion,on building and developing or getting customers and users, or partnerships?
Jarin – We allow any partner to essentially have their own DEX. When people with a platform see that they generally see benefit in having one for themselves. Its ease of access for users. We have many partners, many in the works and expect many more to come!
Q17. For the success of a project, investors, community and developers play a major role. What is your strategy to get them involved?
João – We will have a governance system to everyone gave their opinion and submit proposals for improvement.
Q18. Do you plan to build partnerships with local cryptocurrency developers and local project in each country to make the use of the token more global?
Strainz – We plan to have strategic partnerships and influence in as many areas of the world as we can. We are focusing on expanding into different regions of the world. We are a worldwide team so worldwide expansion is always a priority.
Q19. DeFi is one of the hottest topics in the blockchain field. Can you share your opinion about DeFi with us? Do you think DeFi will destroy the existing financial system? What is your project Approach towards DeFi?
Jarin – We love DeFi. I really hope that in the next decade we can see DeFi widely accepted for the technological benefits it brings to the world. We want anyone to have access to all erc20 tokens in the cheapest and easiest way possible – so for now we have our aggregator and are building our KITted out DEX!
Q20. How does DEXKIT deal with DEXs currently obstacles to accessing DeFi services : high gas cost with on-chain transactions, liquidity being fragmented to various protocols and services, trade fee, subpar UI/UX and lack of efficient market-making mechanisms ?What are your solutions for DEXs ?
João – Our DEX will offer placement of limit orders for free, and your orders will be available to be consumed in all DEFI space. So basically you are placing a order with high chance to be filled if placed at good price and for free. Our UI will be based in PRO exchanges, and it will have pro tools available today at CEX’s.
Q21. Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?
Jarin – We already have a working product! swap.dexkit.com. We have so much more in the works. I suggest visiting our roadmap. Joao is an absolute killer DEV, theres no problem he can’t tackle even without a team!
Q22. Can I be a Market Maker on DEXKIT Swap platform? Is it necessary to give access via API’s or how does your platform handle my funds?
João – Yes, when our DEX with free limit orders be out you will be able to be a a market maker, placing orders directly from your wallet. The funds only leave the wallet to settle the order, we will be as well expanding to RFQ model to allow more sophistaked market makers.
Q23. How many killer features of Your project that makes it ahead of its competitors? Could you tell us 2-3 features ?
João – Free limit orders, Decentralized Limit orders, Launch your own branded DEX, aggregator and NFT marketplace.
Q24. Although ETH 2.0 is delayed to next year, but it will solve all exist problem of ETH and become the best choise for dApps in future, so do you think this is a threat for Your project and how could you overcome this barrier?
Jarin – Not at all. We see that as a benefit to the project and community. Decreased gas fees don’t change just how well our aggregator currently performs – it would just mean that you would be charged less overall!
Q25. In the bad situation of the Covid-19 epidemic, every industry was heavily affected. Does it affect on the growth of Your Project and its ? What are your plans to turn challenges into opportunities for Your Project Development?
Strainz – The panic situation drives our team to push for success. We know times are hard for a lot of people, we also know that cryptocurrency and DeFi bring a lot of opportunity to the world as well. We work hard to make that opportunity easier to manage for the average joe with a range of tools in DexKit to save you on fees and find you the best swap price. This whole space is an opportunity and we plan to take on these challenges head on to make it more accessible for everyone!
Q26. Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same?
Jarin – We are not anonymous and are all 100% committed to the community. We already have an awesome working aggregator and our plans for the future are all essential tools we feel are missing.
Thank you to Jarin, Strainz and João Campos and Community for participating in the AMA. Have a nice day.