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Welcome everyone, here is the transcript from our AMA with Dexfolio on 11 Mar 2021 2000 UTC with our host by Celty Crypto. We hope you enjoy the fantastic conversation that took place!
ProReview (Crypto Gems), [11 Mar 2021 at 20:00:13]:
So first of, I would like to personally give a warm welcome to you @bishopbenemos & everyone in the chat!
Celty Crypto, [11 Mar 2021 at 20:00:36]:
Welcome everyone!
ProReview (Crypto Gems), [11 Mar 2021 at 20:00:38]:
I’m really excited to hear all about you and what DexFolio has to offer.
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:00:43]:
Thank you @ProReviewCrypto! Ecstatic to be here!
ProReview (Crypto Gems), [11 Mar 2021 at 20:01:01]:
Great! It is a pleasure!
I will now go there the format
45 mins of questions from the host followed by 15 mins for questions from the community. After our questions have finished the chat will be opened briefly to allow the community to submit theirs.
Before we start I just wanted to say a big thank you to @celtycrypto @jcr1878 who are a part of the ProReview Team….On our search to discover true gems we came across our very own! These two have been here from the very start & they’re at the heart of it all. They provide huge value contributing with two different angles of opinion, debate & analysis in the articles they produce. So nice one guys!
ProReview (Crypto Gems), [11 Mar 2021 at 20:05:13]:
Right i think i have waffled on enough, but that needed to be said! Without further ado, let me welcome our host for tonight @celtycrypto
Celty Crypto, [11 Mar 2021 at 20:05:22]:
Thank you again for joining us @bishopbenemos, and thanks @ProReviewCrypto for the intro. You are all very welcome to what I think will be a very interesting session. I know a lot of people that are watching Dexfolio very closely, and from what I can see, it looks to be addressing some real problems in the Dex tracking space.
Firstly, can you tell us a little bit about yourself. Are you anon or doxxed? And can you give us a brief overview of your development experience to date?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:06:03]:
Yes!
Anonymous, but Marc from HedgeTech did a private KYC and knows my identity
Celty Crypto, [11 Mar 2021 at 20:07:13]:
Ok, good to know....I think that will give the community some trust in the project form the get-go!
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:07:47 (11 Mar 2021 at 20:07:53)]:
My experience is on the Product Management side. Managing teams of 4+ developers and QA, Also have a UX background
Celty Crypto, [11 Mar 2021 at 20:08:28]:
Interesting! So you are the ideas guy :)
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:08:43]:
Yeah, the driver!
Celty Crypto, [11 Mar 2021 at 20:08:54]:
So what size is the Dexfolio team then, and do you follow an agile or waterfall development process?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:09:04]:
Agile all the way!
Celty Crypto, [11 Mar 2021 at 20:09:10]:
My man!
What is your reasoning for choosing agile?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:10:56]:
Dexfolio team is Me, UX designer, blockchain advisor working for a bank you know, multiple advanced blockchain developers, and community manager
Soon to be expanded with more developers to supercharge our app development!
Celty Crypto, [11 Mar 2021 at 20:11:57 (11 Mar 2021 at 20:13:00)]:
Ok, so quite a large team....which is understandable considering you are targeting cross-platform on launch
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:13:08]:
better in every way! Provide value to users consistently, get feedback as we build, able to pivot strategically with the crypto space
Celty Crypto, [11 Mar 2021 at 20:13:58]:
Perfect. I'm an agile superfan, and 100% agree with your decision. So many development team these days are black boxes and to hear you have a feedback loop is refreshing to say the least!
More on that later though
Lets get into the product
What is Dexfolio in one sentence? Give me the elevator pitch :)
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:16:13]:
Dexfolio is a multi-DEX portfolio tracker with a one-tap alert system
Celty Crypto, [11 Mar 2021 at 20:16:31]:
Nice! and when you say multi-Dex, what do you mean?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:17:04]:
we're going cross chain! All DEXes you use, we will have.
To start, we'll have pancakeswap and uniswap
expect more blockchains getting added often after launch
Celty Crypto, [11 Mar 2021 at 20:18:07]:
Fantastic, thank you! AFAIK, this is a first in this space?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:18:39]:
Yes, that tracks crosschain and has alerts
Celty Crypto, [11 Mar 2021 at 20:18:47]:
A lofty goal :)
So, I wonder can you talk briefly about some of the problems in the Dex tracking space and how Dexfolio aims to solve them?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:19:55]:
I'll give an overview of the issues we're trying to solve
firstly, with DEX trading, you can't set limit orders
so you need a good alert system
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:21:05]:
currently you need to set alerts by price
on all these trackers
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:21:31]:
imagine you have 30 tokens and you want to get notified every time any of them doubles
you need to set 90 alerts just to track 2x, 4x and 8x
Celty Crypto, [11 Mar 2021 at 20:22:52]:
Yep, it's such a big problem that I don't even bother - it's too much admin currently
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:22:58]:
no one has patience for that
and what about when it drops
you need to set another 90 alerts to have you bases covered
Imagine you press one button and all your tokens have alerts set
Celty Crypto, [11 Mar 2021 at 20:24:16 (11 Mar 2021 at 20:24:30)]:
So, it sounds like you have alerting templates baked into the platform that can be applied to all your holdings then?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:24:59]:
yes exactly
let me grab the screenshot
Celty Crypto, [11 Mar 2021 at 20:25:21]:
sure!
Celty Crypto, [11 Mar 2021 at 20:26:27]:
Oh wow! I love that
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:26:36]:
We introduce something called your entry price
never been done before
and it's how users want to track their portfolio
Celty Crypto, [11 Mar 2021 at 20:27:12]:
so, you don't even need to manually set the alert. You just buy the coin, and you get alerted once target has been reached?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:27:21]:
exactly!
Celty Crypto, [11 Mar 2021 at 20:27:33]:
wow
That sounds incredible
ProReview (Crypto Gems), [11 Mar 2021 at 20:27:49]:
That is brilliant, I must say 👏
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:28:21]:
Other issues are the lack of priority placed on the UX and UI design
Celty Crypto, [11 Mar 2021 at 20:28:49]:
that was actually my next question :)
the platform sounds data - heavy
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:29:03]:
we are going all out to make the most elegant, easy to use platform
Celty Crypto, [11 Mar 2021 at 20:29:07]:
how do you keep the UI clean?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:29:33]:
Since we're approaching this with agile
Celty Crypto, [11 Mar 2021 at 20:29:34]:
do you have a dedicated UX resource?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:29:40]:
we can start off with less data
Yes, full time on the project
All the designs you see are his
Celty Crypto, [11 Mar 2021 at 20:30:45]:
Awesome, great to see you have thought about this side. Too many developers are all about functionality and miss this key piece
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:30:49]:
over time, we'll be utilizing the settings to give the user a high level of control over the data discplayed
so we can keep the portfolio pages clean
but still offer the option to add more numbers
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:31:28]:
yes exactly!
Celty Crypto, [11 Mar 2021 at 20:31:31]:
Gotcha, so MVP will have the core requirements for the app to function, then you will layer on value on top
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:31:37]:
Yes
We're hoping to release the first iterations of the MVP as a beta to embrace the agile methodology
Celty Crypto, [11 Mar 2021 at 20:32:47 (11 Mar 2021 at 20:33:05)]:
So, it sounds like you value community feedback as this would need to play a core part of this. In fact, this project really feels like it is very community driven - something I really like about your project. The community has suggested numerous features in your TG that you have added to your roadmap. Is this intentional that you involve the community so heavily?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:33:10]:
Additionally, we're planning to user tests our designs with our current userbase
Maybe provide some DEXF too as a reward ;)
Celty Crypto, [11 Mar 2021 at 20:33:39]:
Nice! So an incentivized feedback loop
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:33:58]:
From the beginning I knew this would be a community involved project.
Because we're building this for the community
In fact, it's not that we NEED listen to their feedback. It's that we GET to listen. Meaning, the project will be 10x better by being community driven.
Celty Crypto, [11 Mar 2021 at 20:36:55]:
I have to say, that really is refreshing to hear. And it sounds like you are already true to your word in that regard from snooping in your TG :)
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:37:17]:
haha no need to snoop, you're welcome any time :)
Celty Crypto, [11 Mar 2021 at 20:37:34]:
🙏
Before we move off the platform and talk about the DEXF token, I just want to go a little bit deeper into the alerts. So you are launching and Android/IOS app on launch. I assume alerts will be push notifications? Or will they be alarms on your device? And will there be options to integrate with IFTTT for example to customize how I receive alerts?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:38:15]:
LOL you and those IFTTT alerts😜
Celty Crypto, [11 Mar 2021 at 20:38:22]:
Love them! :D
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:38:30]:
But seriously, to start we'll have push notifications
Celty Crypto, [11 Mar 2021 at 20:38:33]:
I want my alexa to tell me i've made 100% at 4am
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:38:46]:
Then we'll add in the alarm feature
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:39:02]:
where you can prioritize specific tokens
and we'll be looking into alexa alerts
if there's demand, we'll definitely add it
Celty Crypto, [11 Mar 2021 at 20:40:14]:
There's that feedback loop again 😉
Ok, I'm conscious of time
So let's talk about $DEXF
Can you tell me a little bit about the DEXF token. Firstly, what are the tokenomics of DEXF before we talk about utility etc?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:40:53]:
So to start, we're actually just releasing a very basic token
It doesn't have any of the planned features like governance and staking
we did that for two reasons:
1. To focus on the utility of the token first - the app
We want the token value to be derived from the app. So it only makes sense to focus on the app first
2. We don't want to risk any token hacks
Keeping the token simple, will ensure there's no vulnerabilities
Being that we're a new project, auditing a complex token will be a huge resource sink
Celty Crypto, [11 Mar 2021 at 20:44:00]:
What utility will it play in the platform on launch then?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:44:05]:
Keeping it simple, removes the need for an audit
Celty Crypto, [11 Mar 2021 at 20:44:13]:
and how do you plan to incentivise investors to hold DEXF and how do you plan on maintaining buying pressure for the DEXF token?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:44:32]:
So main way is the pro subscriptions
monthly cost to get pro features
we haven't determined what we'll charge for — but know this
it will be full value
we want to offer excess features in the subsicription
Celty Crypto, [11 Mar 2021 at 20:46:14]:
Ok, so users spend DEXF to access pro features.
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:46:17]:
almost like how amazon prime is
Celty Crypto, [11 Mar 2021 at 20:46:29]:
Will you be burning the spent tokens to create deflation?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:46:33]:
and spent DEXF is split in half
50% burned and 50% sent to stakers
Celty Crypto, [11 Mar 2021 at 20:46:52]:
aha!
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:47:10]:
until the staking infrastructure is in place, we will hold the dexf and then distribute it
Celty Crypto, [11 Mar 2021 at 20:47:41]:
So as people pay for access to pro features, you are burning half and distributing the other half to holders as frictionless yield?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:47:49]:
correct
Celty Crypto, [11 Mar 2021 at 20:48:15]:
Nice, one thank you!
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:48:27]:
we're also going to go full decentralized
DEXF will be used to vote in the DAO
Celty Crypto, [11 Mar 2021 at 20:49:11]:
Ok, so governance, utility, profit sharing and deflationary
that's a powerful combination
Again, I'm conscious of time and the last area I want to touch on is launch and marketing
Firstly, why did you decide to launch on BSC and will you be bridging to other chains in the future?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:49:55]:
We almost switched to ETH
but the community overwhelmingly voted for BSC
and then we realized
we're building this platform for people that want to track BSC
so it's a no brainer
and lower fees is definitely a plus
Yes, you can expect us to bridge as needed
Celty Crypto, [11 Mar 2021 at 20:50:56]:
Wow, so you switched chains last minute based on community feedback?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:51:30]:
We were originally BSC, then we considered going with ETH and asked for feedback
Celty Crypto, [11 Mar 2021 at 20:51:44]:
That's a strong move. I'd say your community is very happy about you taking their opinion to heart so much
Let's talk about supply for a minute.
The total supply seems high at 200m. Why is 80% of the supply locked at launch? What will the 80% be used for?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:52:28]:
So we didn't want the mint function
because that's prone to hacks
and enables too much inflation
so we decided to create a large amount of tokens and lock them up
Celty Crypto, [11 Mar 2021 at 20:53:07]:
yes, im not mad about it. It actually turns a coin inflationary. You are best to know the total supply at the start and know that it won't be messed with
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:53:18]:
now, the purpose of these tokens is two fold
1. To provide treasury funds
this will be used by the DAO for any initiatives needed
2. To supplement the staking rewards
We want to provide a nice amount of value for staking, so we allocated a large amount of tokens for this
Celty Crypto, [11 Mar 2021 at 20:54:36]:
how are they locked? will you be launching with an audit?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:54:43]:
remember this goes to the community, not us
Both are locked for 10 years and will release linearly
No we're not launching with an audit because we've done internal and external developer review of the token code
it's a very simple token
and the freeze function is basic and unhackable
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:56:27]:
Remember, audits are not reliable
look at paid network which was audited by Certik
Celty Crypto, [11 Mar 2021 at 20:56:43]:
ok, so you are relying on the validated token lock to grant assurances for investors?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:56:44]:
and got hacked
Correct
Celty Crypto, [11 Mar 2021 at 20:57:09]:
Gotcha, thanks
Last question - sorry community I know we are a few minutes over....don't worry we will open the chat up very soon! :)
What marketing has been carried out so far and what do you have planned for launch?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:57:42]:
We've been promoting on telegram a lot
We're using community initiatives to drive marketing right now
however, we have lots of plans for marketing happening as we speak
Celty Crypto, [11 Mar 2021 at 20:58:17]:
But there is a 5% treasury fund there. I assume this is for marketing?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:58:28]:
Marketing, development, advisors
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:58:45]:
Used as needed
We're growing astronomically right now
Celty Crypto, [11 Mar 2021 at 20:59:20]:
Ok, thanks @bishopbenemos. I have to say this has been quite enlightening and I personally can't wait to get my hands on the product.......when will that be?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:59:21 (11 Mar 2021 at 20:59:23)]:
We were 4x oversubscribed on our whitelist
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 20:59:34 (11 Mar 2021 at 20:59:54)]:
so we're not worried about visibility at this point
ProReview (Crypto Gems), [11 Mar 2021 at 21:00:23]:
Wow! That was incredible. Obviously we went a bit over but I was hooked throughout! Thank you for being so transparent, the crypto space needs more like you. I think I can speak for all that are watching, this has been a fantastic insight into who you are & how you stand out from the crowd. If there was anyone that needed convincing, i don’t think they do anymore 😉
Celty Crypto, [11 Mar 2021 at 21:01:03]:
Haha, and out of time! I could talk about this product all day :D
Any links for anyone who wants to find out more?
then we open up for community questions
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 21:01:50]:
Yeah let me get it
Celty Crypto, [11 Mar 2021 at 21:02:25 (11 Mar 2021 at 21:02:50)]:
If you could pick your favourite question after answering also, we will line up the $60 reward generously donated by Dexfolio
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 21:02:54]:
Dexfolio.org - $DEXF - Chat
A multi-DEX tracker with an intelligent alert system.
$DEXF for governance and pro features.
__
Website: dexfolio.org
Twitter: twitter.com/dexfolioapp
Medium: dexfolio.medium.com
Announcement chanel: t.me/dexfolioAnn
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 21:02:54]:
▪️Website: dexfolio.org
▪️Tg Group: t.me/dexfolio
▪️Twitter: twitter.com/dexfolioapp
▪️Medium: dexfolio.medium.com
ProReview (Crypto Gems), [11 Mar 2021 at 21:03:12]:
That's great! I will now briefly open the chat for the community to submit their questiions 👍
Celty Crypto, [11 Mar 2021 at 21:15:23]:
can we pick the top question?
people are dying to know ☺️
and we are a little over
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 21:16:04]:
I think our project at the moment would target more advanced users since our user base is DEX traders
so we need to cater to those people first
However, after that, our focus will be on the entry level traders :)
Celty Crypto, [11 Mar 2021 at 21:17:01]:
Can I just say thanks again to @bishopbenemos for so graciously answering each question and taking the time to talk to us.
And thank to our amazing COMMUNITY, without you guys this would not be possible so thank you to all of you 🙏
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 21:17:06]:
This one
Celty Crypto, [11 Mar 2021 at 21:17:23]:
Fantastic! Congratulations @cryptoneco!
ProReview (Crypto Gems), [11 Mar 2021 at 21:17:25]:
Thanks once again @bishopbenemos your honesty was refreshing to see 👏 & thank you to everyone who tuned in! You guys are incredible!
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 21:17:31]:
I love multiple choice questions! 😝
I'll stay on a bit extra
Celty Crypto, [11 Mar 2021 at 21:17:44]:
@ProReviewCrypto will be in touch and once DEXF launches you will receive you $60 DEXF
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 21:17:49]:
if anyone has more questions
ProReview (Crypto Gems), [11 Mar 2021 at 21:18:14]:
Would you like to stay for more q's if i open the chat?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 21:18:44]:
yes
i'll answer 5 more
ProReview (Crypto Gems), [11 Mar 2021 at 21:19:20]:
The chat is open to all
✨ CRYPTONECO 👀, [11 Mar 2021 at 21:19:50]:
Thanks for Great AMA 👏
Celty Crypto, [11 Mar 2021 at 21:19:55]:
Welcome back everyone!
Sorry about the locks - necessary evil
i am watching you now, [11 Mar 2021 at 21:20:13]:
Nice AMA
Chris Miles, [11 Mar 2021 at 21:20:14]:
When is the whitelisting results coming?
Crypto Morgz, [11 Mar 2021 at 21:20:21 (11 Mar 2021 at 21:20:27)]:
Amazing ama
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 21:20:39 (11 Mar 2021 at 21:20:40)]:
Haha very soon. We're doing a full review of the submissions
you wasted your question on that?
Marius Craciun, [11 Mar 2021 at 21:21:06]:
Will be any affiliate program for the users that bring others in ?
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 21:21:19]:
Good idea. Yes
Crypto Morgz, [11 Mar 2021 at 21:21:21]:
The project sounds awesome.
What other chains do you see the project incorporating further down the line ?
i am watching you now, [11 Mar 2021 at 21:21:29]:
My question now is who is the lucky winner of the $60 dex
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 21:21:44]:
we said already :)
Celty Crypto, [11 Mar 2021 at 21:21:50]:
@cryptoneco is our winner!
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 21:21:53 (11 Mar 2021 at 21:21:55)]:
Xdai and Matic
Okay seems like we're done!
Bishop B, Founder of Dexfolio [Won't DM first], [11 Mar 2021 at 21:22:48]:
thanks for this great AMA @celtycrypto @ProReviewCrypto
Celty Crypto, [11 Mar 2021 at 21:23:06]:
You are most welcome @bishopbenemos and thanks for joining us :)
I had a blast!
ProReview (Crypto Gems), [11 Mar 2021 at 21:23:39]:
Yes that’s a wrap! I hope you enjoyed it as much as we did. You have a fan right here. Keep up the good work!
Thank you to all that tuned in. What a night with our sterling host Celty Crypto! To be up to date with our articles and AMAs join our TG group: https://t.me/ProReviewGems