Introduction
1. Could you please provide a quick self-introduction for the community?
Ans- My name is Paul Smith. Currently, iam 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 witness the Xpool community development process. And the last day is our exciting day when we had done with Xpool protocol mainnet
2. Can you briefly introduce the project Alchemist DeFi , what are some of utlities of $XPO ? How do you think you stand out among the competitors if there are any?
Ans- Paul CMO XPOOL:
Yes, of course, 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.
XPO holder will take some advantages below:
1. 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.
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.
We also develop an inhouse wallet called Defii which integrates all the protocol features to the app. This helps people to control their investment, loan natively on the mobile app, bank in your pocket.
3. Can you share the achievements the team has made so far ? what are the major achievement target Alchemist DeFi is yet to achieve . If possible also share your roadmap.
Ans- Paul CMO XPOOL:
Since our first launch, our telegram group has reached nearly 3 thousand members, Twitter has 14 thousand followers and the Xpool community is growing daily.
Moreover, Xpool IDO was completed with some impressive statistics below
1. 6,300,000 XPO was sold out in less than 20 minutes on LaunchZone PadX!
2. Up to now, there are 6,982 XPO holder addresses on Binance Smart Chain. These numbers are continuing to increase at an amazing speed! Xpool is proving its potential as the total number of users holding tokens is expanding.
3. Nearly 25,000 transactions are made on Binance Smart Chain just 3 days after IDO!
4. Xpool is listed on Coingecko and CoinMarketcap
5. 3 days after launched date of Staking function, more than 5M $XPO TVL on Xpool
To know more, you can check our pitchdeck to have a quick look:
https://drive.google.com/file/d/1pib90Wu9uxvE4gkNYpNNwppVyo9C9_XR/view
Those impressive statistics show strong interest and support from the community. We believe that with the close cooperation of partners, and good marketing strategies, it is potential that Xpool will become the next best DeFi platform & achieve the set goals.
Also, we have a clear roadmap and it is updated regularly on our pitchdesk.
Yesterday, Xpool mainnet was launched with great functions, including: Flash Loan, Staking, Safety Module, Governance, Farming (Staking LP)
For this year, we also have plan for launching our main functions as below:
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:
https://drive.google.com/file/d/1pib90Wu9uxvE4gkNYpNNwppVyo9C9_XR/view
We hope to receive your support on our journey.
4. By applying the nature of DEFI, Xpool provides open source lending protocols. What is the infrastructure you have created around your lending protocol? Who can access these loans?
Ans- 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.
5. Whats the total supply of the token ? Could you share a detailed tokenomics of mainnet token’s supply distribution?
Ans- XPO is token ticker of the Xpool. With total supply of 210,000,000 tokens, XPO 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
Twitter Questions
1. I read one of the things Xpool offers is a certain type of loan called "Flash Loans", can you tell us more about it? What are the advantages of this kind of loan and what are the differences between this ones and normal loans?
From @Gazianteplyy
Ans- If this does not happen, the whole transaction is reversed to effectively undo the actions executed until that point. This guarantees the safety of the funds in the reserve pool. Use-cases include arbitrage, collateral swapping, self-liquidation, and many more
To do a Flash Loan, you do not need to KYC but 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.
2. Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party??
From @ab_dul_basith
Ans- As we mentioned before, our partnership with Verichains was set up. Verichain Lab has a world-class team with extensive research and development expertise in the areas of security, AI and blockchain technology. Having Verichain on board means having strength of top-notch security experts to care from architect design to cybersecurity consulting.
🚀 We fly to Mars, they got our back.
Xpool clones AAVE to BSC, therefore its smart contract is also audited by top audit firms as: Certik, Certora, Mixbytes, PeckShield, SigmaPrime
3. According to your twitter post, we need to unstake in PoolX & PoolX V4. Can you please elaborate to us this. What if we continue staking in PoolX or im PoolX V4? Does our fund will lose?
From @imwiiw27
Ans- Your fund will not lose, but you will lose a huge reward because Xpool does not keep farming on PoolX and PoolX v4.
Unstake from PoolX and PoolX v4, then migrate on PCS v4 then staking on Xpool to continually earn XPO as the profit
Read our introduction on medium to get profit from Staking function on Xpool:
https://xpool.medium.com/how-to-stake-and-get-profit-on-xpool-87bb8c842690
4.Since regulation is very important and the nature of Xpool is DEFI. how do you handle this problem about those Projects closed in many countries for failing to use proper regulations and permits?
From @Rszamora86
Ans- The nature of Xpool is DEFI, means decentralized finance. You do not need to create accounts, KYC and you keep full control over your assets. Therefore, we may not face regulation problems like other centralized platforms.
5. Can you list 1-3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
From @QuinnJosephine4
Ans- Paul CMO XPOOL:
Xpool got some killer features, including:
1. Flashloan - the wonder of financial which is the first uncolateral loan on BSC.
You can borrow as much as you want without the need of colateral. The condition is simple that you need to repay the loan in the same transaction.
2. Liquidity Market
Where all the under collateral loans listed. Anyone can help them liquidate a part of the loan to get 5-15% bonus
3. Borrow Mining
New method to get XPO- The more you borrow on xpool, the more xpo you mine.
As we mentioned before, We proud to bring to the community a platform that ensures these things
The first one is transparency
To be more specific, all loan transactions are processed through smart contracts, recorded and stored on the blockchain. This attribute ensures a high level of reliability, security, testability, and authenticity.
The second is decentralization
Which means we operate in a sense of being completely decentralized and permissionless while still maintaining a full monitoring intention over the cash flow of borrowers and depositors.
Last but not least, Low fees. This is also our advantage
Compared to the Ethereum network, Binance Smart Chain has much better speed and much lower transaction fees.
Live QnA
1. 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?
Ans- 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. WWe believe that Xpool will attract millions of people in the world who do not know about crypto currency joining our protocol.
2. How many wallets that can support your project until now?also do you have any plan to build your own
wallet?
Ans- Now you can connect any wallet that is supported by BSC with Xpool protocol
Also, 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!
App Store: https://apps.apple.com/app/id1561955575
Google Play: https://play.google.com/store/apps/details?id=io.defii
find more information: defii.app
3. Which are the types of burning mechanisms implemented.
Ans-We have 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 detail, you can check our status on Twitter:
https://twitter.com/Xpoolofficial/status/1389211177419345920
https://twitter.com/Xpoolofficial/status/1391429594452873220
https://twitter.com/Xpoolofficial/status/1391623131576487953
4. Many projects are just clones of existing ones, and an analogue of an existing one is created. Do you have different and creative qualities from those who look like you?
Ans- AAVE is a perfect DAO, we clone their core features carefully to make sure that we are on the same security page and get cover by state of the art security firms (certik,...) Beside that, the first step we develop many features around the core protocol to help people easier to use. For example, in aave only super power users or tech firms could programming the liquidity bot to do the liquidity for the prototal, but in Xpool, we make a feature name liquidity market, where we show all the non collateral loans to a view which any user could connect their wallet and do the liquidity. Also we clean all the old stuffs of aave (migrating from ethlend to aave_v1 to aave_v2) to save blockchain cost for users.
5. Most projects have to go through certain difficulties and challenges, what difficulties do you face and how do you overcome them???
Ans- The big problem is the whole platform is a DAB > Decentralized autonomous bank
It means the whole platform under effect of the market
But we develop a Governance module to involve the whole community to adjust the config periodly.
To adapt with the market
Our competitors: AAVE, Venus, Traditional banks