Here’s our 28th AMA recap!
Thank you to the Infinity Chain Club for participating in Ask Me Anything (AMA) with XBase Finance on December 17, 2020. This guest star,
Mr’Chekhov — CTO
Introduction
Chekhov,
Hello Infinity Chain, I am the CTO of XBase, you can call me Chekhov
Q1. Could you provide a simple description of Xbase Finance, how did you get idea to create Xbase Finance?
Chekhov,
XBase is the mirror of entire crypto market cap, stable index algorithm rebase project. Rebase every 24 hours, aim to target price that crypto market cap divide 1 trillion times.
The project build on fairness and openness. We are inspired by a project named BASE, we adore the synthetic asset idea, and we think there is whole lot room for improvement, and we just happen to be a highly professional team, So why not take the project to another level?
With this idea, I discuss with my team member, then a project named XBase comes alive, no presale, no premining, no team fund. Unlike BASE, XBase is a 100% fair project. We believe that a masterpiece, begin with fairness
Q2. Could you tell us about the advantages of Xbase Finance? How is Xbase Finance better than other platforms? What makes it unique compared to competitors?
Chekhov,
If you are the holder of other rebase project such as AMPL, I’m sure you are no stranger to rebase mechanism. The XBase rebase mechanism is like AMPL but we decided to make it bit more interesting.
AMPL rebase aim to 1 USD everyday, the number will never changed. But we decided rebase aim to crypto market cap, the cap number changes all the time, unpredictable and uncontrollable. This unique factor will make XBase more interesting.
We call XBase the mirror of crypto market, which means you can just purchase 1 XBASE token to know the size of entire crypto market cap.
The price of 1 type of token changes all the time, but the crypto market is not, unless there is a superpower country decided to shake the crypto market, I think we are in the clear😂😂😂 lol, just kidding.
The biggest advantage of XBase is that when you stake your LP token for liquidity mining, the contact will take 10% LP token into community treasure, contract will use this 10% to buy back XBASE token and burnt before rebase.
This mechanism will greatly benefit the whole community. As long as the price keep stay over market cap, there always be positive rebase, and every community member will benefit from positive rebase.
Q3. Could you explain about the tokenomics and use-cases of $XBASE? how much supply is available?
Chekhov,
Tokenomic is what we proud the most.
Rebase is the mechanism that require whole community consensus, it will require the entire community to let the price stay above the target price.
In order to make that happen, contract will take 10% from LP token once user enter liquidity mining pool.
This 10% won’t going to anyone’s wallet, it will directly goes to community treasure, buy back XBASE and burnt before rebase, user will lose 10% for sure, but this action will benefit the each community member with positive rebase profit.
XBase listed on Uniswap last Saturday, 500K tokens been used to add initial liquidity. There will be 6 millions XBASE token in mining pool, once the liquidity mining start tomorrow 15:00 UTC time, mining pool will produce 100K tokens everyday.
XBase use elastic supply mechanism, which means there is no upper and lower limit. But I think everyone here agree that the crypto market will rise in the future,🥳🥳 so there will be more XBASE as well.
Q4. About security, how strong and secure is Xbase Finance?
Chekhov,
Among the technical members of our team，many of them are from large international Internet companies such as Google and UBER.
We all have same belief in the blockchain. Because of that, we came together and created XBase.
We are very confident to say that our program level is the best in the world. At the same time, we also upload our code to GITHUB. If anyone find a bug from the XBASE code, you can report it to us and we will offer you a generous reward.
We are also going to add 30 days liquidity lock when liquidity mining start, which is tomorrow 15:00 utc. We believe this action will show XBase will be a long-term project.
About the audit company, We have already discuss with our users. Some of them value audit company report very much, and the others consider audit company as merely a waste of time and money.
The current ratio of these users is half half. If more users begin to worry about auditing code and ask us to do it, we will not hesitate to find the best audit company on the market.
Q5. What targets does Xbase Finance hope to achieve by the end of 2020 and what are your plans for next year?
Chekhov,
This year’s development plan is to increase liquidity through liquidity mining. After all, liquidity is the symbol of life for a token.
We plan to increase the total value ten times through liquidity mining and liquidity lock.
Next year we will multiply the value of XBase by 50 times with the help of more AMA and promotion. We will also continue to improve and optimize user’s experience of the project, and implement multiple-languages interface on our website.
We will try to contact community all over the world
I believe that one day we will reach out to the entire world, let more people know about XBase, and participate in XBase
TWITTER QUESTIONS
Q1. What is the meaning by Xbase synthetic asset? Why you decided to choose XBASE rebase index with crypto market Cap? Why do you believe that this will make your project much more interesting?
Chekhov,
The synthetic asset is the asset reflect something like a mirror. XBase is the synthetic asset, the mirror of entire crypto market.
The price of XBase will stay close to crypto market cap, if the crypto market cap goes up, XBase price up with market cap at same ratio.
Crypto market cap goes down, XBase price down with market cap at same ratio.
The reason we choose crypto market cap over a constant number is quite simple.
If we choose 1 USD to be our target price, is way to boring and monotonous. What would happen if the target price is changing all the time?
Is quite interesting that you don’t have to guess on one or two token’s trend.
You can simplely purchase XBASE to bet on entire crypto market’s trend. You ask me personally, I have good feeling about crypto market.😁
Q2. Described on the Xbase Finance site “No pre-sale, No pre-mining, No team reservation” And to earn XBASE can be from Uniswap or Geyser. So, where does Xbase Finance generate revenue from? And I’m a little confused received reward from Geyser, can you little a explain?
Chekhov,
Our team mainly profit will be from geyser liquidity mining pool. Each time user collect their mining hard work, geyser will came extra 5% XBASE token to reward the team.
Received XBASE from geyser is liquidity mining. You can click geyser on our website, can stake your LP token in the matching mining pool, use that LP token to mining XBASE token.
There will be 12 mining pools while the geyser open tomorrow
We will add in more mining pools in the future, you can join XBase telegram group, vote for next new mining pools.
Q3. Could you please explain further “Expansion Rebase and Contraction Rebase” because I don’t fully understand the XBASE mechanism? What are the benefits that you can use the mechanism and what are the benefits for investors to get?
Chekhov,
XBASE rebase is kind like AMPL, we all have a target price. If XBASE price is above the target price, then there will be an expansion rebase.
Contract will give more XBASE token to each holder in proportion, encourage each holder to sell the token for profit.
If XBASE price is under the target price, then there will be an contraction rebase.
Contract will take away XBASE from every holder’s wallet, encourage more people to buy more tokens at low price, sell it for profit when the price pump up.
That is what I love the most about rebase mechnism, it need whole community consensus to make it work
Q4. What is XbaseFinance main plan at the moment? What stage are you in the market for now? How did the team handle some of the market difficulties and challenges when building a project?
Chekhov,
We will host another AMA to another community before liquidity mining start tomorrow 15:00 utc
And we will host more AMA to more community after liquidity mining start
We are also keep contact with internet influencer and try to find the right CEX to help promote XBase.
We hope through keep promote XBase to more and more community and different channel, XBase will gain a lot attention in the future.
Our team has been divided into two parts
One part is testing the liquidity mining to ensure that there are no bugs and the mining process could run smoothly.
The other part of our team is mainly focusing on contact with twitter influencer and telegram community, trying to power up Xbase community.
We hope there will be a lot participant when the liquidity mining start tomorrow 15:00 UTC time😘
Q5. What your plans in place for global expansion, are XBaseFinance focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships? Can you explain this?
Chekhov,
If you have followed our Twitter and Telegram groups before, you will find that we have already contacted with communities in various regions and held AMA.
We hope that more and more people can know about us in this way.
On Twitter, we are also contacting influential figures to promote us. At the same time, we are also contacting some suitable CEX.
If you have these resources and intend to share , you know how to contact with me. We will spare no effort to let more people participate in XBASE.
Markting is the key for a project to survive, but the project’s quality is also the key.
We can’t just foces on the market and ignore XBase quality, we will keep optimize our project at the same time. If you have and feed back about XBase, you are most welcome infrom us☺️
TELEGRAM QUESTIONS
Q1. @tsumannis
What kind of mechanisms do you use to stabilize the price of XBASE?
Chekhov,
We choose rebase system to balance the market, once the price above the target price, everyone will profit from positive rebase, therefore they will sell it for profit. If the price below is the oppesite. That is why rebase is awesome, it require whole community consensus, if you wanna profit, you have to be part of community😘
Q2. @horixo
What can we expect to see from this project in the short-term (at some point in 2020) and 2021 and beyond (long-term goals)?
Chekhov,
Tomorrow will be the big openning of liquidity mining, you are most welcome to join us at 15:00 utc. We will add 30 days liquidity lock. You can be part of XBase for short-term or long-term🥳XBase always welcome anyone to join
Q3. @Cj_Rohan_sanam
Do you have any new partneship recently? And what advantage of this partnership to the project?
Chekhov,
We will hold another AMA tomorrow, and more promotion plan after liquidity mining start😁 We believe if we keep contact with more community, XBase community will be much more powerful in the future
Q4. @bujangwude
In recent months we have seen many projects pegged to some assets and providing daily or more frequent rebases. Do you differ from the other projects technically?
Chekhov,
Yes, the biggest different is that we don’t just pegged to a constant number, our target price is the entire crypto market cap😝 in another word, XBase is the mirror of crypto market cap, we rebase based on crypto market cap
Q5. @bponed
How do you plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for them to let them better understand about your project?
Chekhov,
We have been contact with indonesia community before, and we are also try to contact with vietnam, chinese, korean, japanese, russian group in the future. We are trying to be an international project, so we will try to get each community involved
- Telegram : https://t.me/XBaseFinance
- Twitter : https://twitter.com/XBaseFinance
- Website : https://www.xbase.finance/
- Medium : https://medium.com/xbase-finance/xbase-whitepaper-89b05cb3d2a3
- Github : https://github.com/XBaseFinance/Contracts
Thank you for trusting Infinity Chain Club as the organizer of the event today, hopefully everyone can understand about XBase Finance.
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