31 Aug 202006:08
xSigma DeFi AMA Recap
Cryptodiffer TeamHello, everyone!😁
We are glad to meet here:
Alex Lebed, CTO at xSigma DeFi (@alex13891)
Thanks for having me here!
Cryptodiffer TeamWelcome, Alex! Thank you for taking your time today!
Can you introduce yourself to our community?
Alex LebedSure, my name is Alex Lebed, I was hired to build stablecoin dex. I guess expectation to write some longer than that? =) So I just copy it from my cv: former 1inch, Facebook, Amazon engineer, prizewinner ethNY (awards from Binance labs, Wyre, Matic), ethBoston, ethDenver ( MakerDAO, Celo, Dharma, POA, ShapeShift) hackathons, MSU Math degree, researched Ref by 300+ newspapers, including ccn, coindesk, bitcoin.com, and others.
In reality, I work for the blockchain industry because I absolutely hate banks and other centralized orgs who abuse their powers, so I keep 99.5% of my money in crypto. So I guess I'm a decentralization maximalist.
Cryptodiffer TeamThank you for such a detailed and interesting answer!
It is time to move to the community questions part.
Cryptodiffer CommunityHow to keep the motivation for holding $SIG tokens long term? How is $SIG token used?
Alex LebedSo the question is equivalent to what's the utility of the token? If so,
we’re planning to have three main use cases for the SIG token:
1 Use the token for DAO voting. The DAO controls fees for xSigma DEX, different settings for auction, farming, etc
2 You can exchange SIG for generated fees from the DEX.
3 In v1.1 a user can have tx gas fee cashback if they hold SIG tokens
Cryptodiffer CommunityDeFi has three departments: DEX, consolidated assets, and loans.What do xSigma Network focus on? What real solutions will you bring to DeFi and what exact problems do you want to solve?
Alex LebedI can't say for long term of the lab, but currenly xSigma dex's focus on DEX only. But there were plans for more products for the DeFi ecosystem
Cryptodiffer CommunityxSigma offers a very needed solution to Swap between Stablecoins without affront gas fees problems, but how do you solve this issue considering that Stablecoins like DAI, USDC and USDT are Ethereum tokens ( huge transactions fees) ?
Alex LebedWe're extending farming to the dex users as well, not only liquidity providers, specifically to cover tx gas fee
Cryptodiffer CommunityMany projects, before launching, talk about the full participation of the community in governance, and when they become successful they are neglected by the community. Can we be sure that the community always comes first at xSigma?
Alex LebedThe current version of the code uses compound contracts' code for DAO, which is proved to be a reliable DeFi lego block for community driving projects.
Cryptodiffer CommunityWhat are the main differences between the xSigma and other DeFi? Why is xSigma DEX better?
Alex LebedI see it this way: we use farming not only to borrow liquidity (farming in its essence right now is to incentivise borrowing liquidity capital by paying tokens for it) but also to cover Ethereum transaction gas cashback for users who actually use it. Due to the current high Ethereum gas price, it’s very complicated to exchange even $500 of a stablecoin to another without significant loss, so we target these users.
Cryptodiffer CommunityHi Alex, thanks for your sharing! To give some context for my question, I heard about xSigma and believe in its potential so I decided to invest in the parent ZKIN for some early exposure. As it turns out, I've just been bleeding out gradually the past couple days 😂. I'm still holding fiercely though perhaps this is the market reminding me that I haven't quite done my due diligence before jumping in on this one haha. Therefore, I would like to ask, what made you and your team decide to work with ZK International?
Alex LebedI’m just a hired CTO here and my job to program good smart-contacts to solve user’s problem and deliver the product. Honestly, I don’t know that much and it would be better to ask founders/investors about Zk relation and other non-tech stuff. I can answer only developer related questions.
Cryptodiffer CommunityReading your Whitepaper I just que interest in your "SWAP SUBSIDY", so can you explain how this functions works? The Swap Engine give revenues to the user just for use It?
Alex LebedSomething like that, we try to extend the farming system for regular users to cover gas fee
Cryptodiffer CommunityWith the likes of Uniswap dominating the dex space, what's your plan for world domination?
Alex LebedI don’t see our goal as to beat competitors or dominate the world. I like that users have many options in terms of which service to choose. The current situation is that curve.fi has a de facto monopoly on stablecoins swaps and any monopoly for financial services is bad. There are few competitors similar to them, save for Swerve, or Shell. But Swerve has anon founders and doesn’t deliver anything right now, Shell is actually good (I personally like the project) but we offer simple farming and gas cashback which offers IMHO a better user-experience. Competition is good for everyone.
Cryptodiffer CommunityWhat’s the total supply? There have been numerous debates. Can’t we just check the blockchain instead?
Alex LebedYou absolutely can, so far the current implementation is hardcapped to 24,024,024 tokens. If this version would be released - it's preprogrammed hardcap for the SIG tokens
Cryptodiffer CommunityCan customers exchange their stablecoins for the best currency? How can liquidity providers earn income with their stablecoins on xSigma?
Alex LebedAs for liquidity farming: Initially, we’re planning to have two pools that receive rewards: low-risk pool 1 of DAI/USDC/USDT and high-risk pool 2 of SIG/ETH (beware of impermanent loss). We’re also considering introducing farming of 3crv, and other pool holders from other projects, but haven’t finalized the list yet. Would it be nice if the community were to decide?
this is a very good and hard question, we're keeping eyes on l2 projects and l1 with bridges like Polkadot,Near,Avalanache but as for now, we don't have anything non-ETH on our roadmap
Cryptodiffer CommunityHow can xSigma keep funds secure? What are the benefits of using xSigma DEX?
Alex Lebedas for now, we do 3 things: 1) use existing capital and time-proved contacts wherever possible, 2) write a lot of tests 3) show code for 3rd party auditors.
Cryptodiffer CommunityCan you give an overview of xSigma Token tokenomics?
Will the design of the token rise and fall with the success of the platform, does it include any scarce paths, such as equity, storage or burning?
Alex LebedI think the best answer would be to refer whitepaper https://xsigma.fi/xsigma.whitepaper.pdf
Cryptodiffer CommunityExchanges like ExMarket charge zero fees for transactions and withdrawal. Will xSigma also going to be like this? And how will xSigma going to perform in terms of gas fees?
Alex LebedI think it's very important to point out that we're building DEX smart contact, i.e. non-castodial program on the blockchain which helps users to swap their funds in a trustless way. Centralized exchanges are being custodial can offer even free transactions, but at the cost of centralization and possible fund withhold
well, I re-read questions, and looks like I converted for the most technical one.
Looks like we covered most of them
Cryptodiffer TeamGood! Let me know if you want to wrap it up or open an another round
Alex Lebedhonestly, it's 10 pm already by my local time, so I would call it a day.
and thanks again for the great questions, I hope I covered all the technical aspects you were interested