AAX AMA Recap
CryptoDiffer team
Hello, everyone!
We are glad to meet here
CEO at AAX exchange (@hammerchap)
CEO at AAX Exchange, Thor Chan
Hello there
Good to have you here as well!
CryptoDiffer team
Let`s start with introduction:
Q1) Can you introduce yourself to our community ?
CEO at AAX Exchange, Thor Chan
Well, thanks for having me here. I am happy to share about everything that’s been happening at AAX
I am CEO at AAX. My previous experience lies both in finance and technology, both in the Asia region and the US.
Back in 2018, right after BTC’s all time high, we saw a good opportunity to launch an exchange – one that would be prepared for the growth that was to come. This was before Fidelity Digital Assets, Facebook’s Libra, and all of these big developments around Central Bank currencies. We built an exchange to would be ready for mass adoption.
We launched the exchange last year November at London Stock Exchange. This was a great honor, and it’s because of our special relationship with LSE. As you may know, we operate the same matching engine as LSE and other top tier capital markets. And at the same time, we have made the exchange accessible and easy to use for everyone.
I think it’s important to know that AAX is more than an exchange. It provides a new way to invest, trade and manage wealth.
Especially, now when there is such pressure on the global economy, there seems to be quite an appetite for alternative solutions such as what we see in DeFi
At AAX, we offer spot pairs for 25+ crypto currencies, highly sophisticated futures products (with new ones to be listed next week), savings products where you can accrue interest; and we support over 20 fiat currencies in case you want to buy or sell crypto.
And of course, we have AAB – our superstar. Who will be lucky enough to receive some today 🙂
CryptoDiffer team
Let’s move to the preselected Twitter questions.
And the question number one is:
Q1:Not all are experienced traders and while some have the tenacity to learn, they lack the means. Will @AAXExchange have any future changes in the platform involving knowledge base facts and/or like those of other exchanges that offers day to day learning. By https://twitter.com/_rhythms29
CEO at AAX Exchange, Thor Chan
Great question.
We really do our best to make sure both professional and beginners feel they can benefit from our exchange.
And to support beginner traders, first of all, when they register and pass KYC, they can practice a bit with the welcome bonus we provide them.
But also, we have our own Academy, where our community can find video tutorials, simple written tutorials, but also explainers about coins and events in the industry.
Also, in the Academy, we have our Crypto Trading Dojo – go check it out! Here you can learn how to conduct technical analysis to make more out of your trades.
All in all, the goal of AAX is to build something that benefits users, benefits the space and benefits the industry. Education is a key part of that.
CryptoDiffer team
Awesome!
Q2: Can you tell us the motivation and benefits for investors to hold $AAB in a long term investment? By https://twitter.com/airdropkaya
CEO at AAX Exchange, Thor Chan
AAB is just awesome. But of course there is more to it than just awesomeness.
When it comes to the fundamentals:
AAB is increasingly scarce – so every day, we take everything AAX has earned in revenue on the Futures Market (currently trading 400+ million USD a day) and we use that to burn AAB – we will do this until half of all 50 million AAB is destroyed. This drives scarcity AAB is also useful – it provides discount on trades and other platform benefits
The key is that AAB is the lifeblood of AAX, and as AAX grows, so does AAB. We’ve seen this happen in the past few weeks, as our volumes have soared. So AAB has been on the increase Long term HODLers. They should look at the exchange and look at its growth potential, and then determine if they believe AAB will benefit from this.
If HODlers want to keep on to their AAB. We offer a savings product, where they can accrue 4,5% interest on their holdings — and if the price goes down (since time of allocation) the interest rate compensates for the loss
I think that’s a pretty sweet deal 🙂
CryptoDiffer team
And the last one:)
Q3: What is the next development progress we will see? Is there any future plan to attract more users to increase the trading volume? By https://twitter.com/Alengreme
CEO at AAX Exchange, Thor Chan
Just thinking about everything that’s coming makes me dizzy!
yes, is the short answer –>
Every few weeks we will be listing new coins and perpetual contracts; AAX is fast becoming a hub for investing in the DeFi space. In fact, we have a campaign coming up where users will get an opportunity to get more exposure to growth in DeFi.
Also, of course, we have more special events around AAB coming up – just like this 19th August when we sold 500,000 AAB within an hour, and then proceeded to give 250 people (half of all participants) back their USDT. We will also have more trading competitions coming as they seem to be very popular with our community.
Keep watching & don’t forget to participate and instead of seeing AAX grow, grow with us.
CryptoDiffer team
Awesome, a lot of updates to come out!
Thank you for great answers!
I think it is time to start community questions round!
Cryptodiffer Community
Q1. Why is USDT your settlement currency? It has a very high fee and some polemics about its funds, why is better than another stablecoin?
CEO at AAX Exchange, Thor Chan
1. What we’ve seen in the space, over the past year, is a much stronger preference for USDT settled perpetual contracts rather than BTC.
Stablecoins play an incredibly important role in enabling active crypto traders to escape volatility; they also serve as an important gateway between crypto and fiat; and they also enable for more opportunities for certain forms of arbitrage
USDT indeed has had a few complicated issues around auditability of the reserves, however, nonetheless it is not beaten by any other stablecoin in terms of liquidity and resilience
Cryptodiffer Community
Do you think that for novices, futures are more risky than spot? What advice do you have for traders who want to switch to futures on the AAX platform?
CEO at AAX Exchange, Thor Chan
For novices, trading futures is indeed something to get used to. If you want to trade futures, it’s good to read our Futures Beginners Guide, and watch a few tutorials; and then begin with small amounts and low leverage. You can either long or short, and you can explore this.
BUt you should take time to learn about it more.
Cryptodiffer Community
What are the main differences between @AAXExchange and other similar exchange site? Why is @AAXExchange better than these exchange site? What are the benefits of being a user of @AAXExchange?
CEO at AAX Exchange, Thor Chan
Hi Liz, all exchanges share similarities, and then there are points of differentiation.
First of all, AAX offers the lowest trading fees – so you can trade Bitcoin on lots of exchanges, but you lose least in fees with us.
Also, we have a reward hub, where you can do simple tasks and get rewarded with AAB – this can be used to cover your fees, meaning it’s practically free until that credit runs out.
But apart from these benefts – the real difference lies in infrastructure. This may invisble to most people, but how security is built, and how our matching engine operates, and how our markets are monitored — well, AAX should be seen like a sports car. It’s solid.
And when the market gets volatile and volumes increase way beyond the billions we see today – then the underlying tech will really matter.
Cryptodiffer Community
The adoption of cryptocurrencies has many barriers, and fiat-to-crypto still faces certain difficulties. What solutions does AAX Exchange have for users to easily purchase cryptocurrencies by fiat? And what are current region u support now to buy through fiat?
CEO at AAX Exchange, Thor Chan
It is important that it is as easy as possible to be able to buy and sell crypto with your everyday money – at AAX we have an OTC and a FAST BUY section.
You can buy and sell crypto there with support for more than 20 different fiat currencies ranging from Vietnamese Dollar to Swiss Franc
Cryptodiffer Community
DeFi is one of the hottest topic in the blockchain space right now. Can you share your opinion about DeFi ? And is there a chance #AAB will adopt DeFi ??
CEO at AAX Exchange, Thor Chan
DeFi is hot. Absolutely.
Especially now, when banks under pressure, and people look for alternatives to their bank accounts, DeFi is interesting.
However, DeFi is really still in its development phase, and there is not yet much in place to protect consumers or investors, and there is little recourse people can take if something goes wrong
AAX serves as a hub for investment in DeFi, even if investors are not ready or willing to participate in DeFI
As to AAB – we have introduced a savings product and will introduce more features, but we are not necessarily looking at DeFi solutions there.
Cryptodiffer Community
Q: I want to learn more about AAX EXCHANGE, but the information is very small, most of AAX EXCHANGE social networks are less active, the community is relatively empty and less, what strategy does AAX EXCHANGE team have to develop the community and maintain long-term user?
CEO at AAX Exchange, Thor Chan
I will tell you an interesting story
On the day of launch, back in November 2019, we announced our launch, and we saw a twitter post from someone commenting
The person said: “how can this exchange be Asia’s Bakkt? They only have like 1000 followers on Twitter.”
This is intriguing – as it is the day of launch
I’d like to state this: don’t be fooled by followers blindly – plenty of companies are not genuine and do not have a real base
I believe our community online may not yet be the biggest, but it is real and there is a lot of interaction, especially on our Telegram channels
So my hope is that you grow with us, invite your friends, earn commission, invite them into the community
The answer to your question:
If you make AAX your own, if people take ownership, and really feel they belong – people will stay.
Cryptodiffer Community
In recent announcement
ETC Labs said due to network attack, Ethereum Classic suffered a reorganization on 1st August.
This has been the second attack on the Ethereum Classic Network this year.
So How much AAX exchange is prepared to defend attacks from Hacker?
CEO at AAX Exchange, Thor Chan
The issue with ETC was not really something related to exchange infrastructure – it has to do with the chain itself – and perhaps moving to PoS would be helpful.
But for AAX, security is of course very important. In fact it has been on our priority list from day 1 and we have worked with top experts in the field – Kroll – they have worked with FBI, MI6, governments, banks — and together we have built a strong security infrastructure with no single point of failure.
But of course, beyond general info, I cannot give you more information.
Cryptodiffer Community
Wash trading which is happening in many exchanges, especially new exchange, because they cannot provide real volume and liquidity, this provides bad experience for traders. How can AAX avoid this problem and provide the best experience for believers who choose to use AAX?
CEO at AAX Exchange, Thor Chan
Yes, this can be an issue. Wash trading is an issue across the industry, but as you must have noticed, there are now many solutions (both traditional market solutions & bespoke blockchain solutions) – look at companies such as Solidus Labs – with whom we work
We do indeed strive for fair markets and also for genuine users – and when we notice account activity that is unusual, or if we notice something is not right about people’s documents (fake) or if there is abnormal market activity, we do investigate, follow up and take action.
It’s only a good experience if everyone feels safe
Cryptodiffer Community
Could you share with us the special feature of AAX exchange platform that other platform don’t have?
I want to reffer a friend, how does AAX exchange refferal system works?
Many new User are having hard time put their money into an platform.
In the upcoming feature, Is there any plan AAX exchange support Fiat deposite?
CEO at AAX Exchange, Thor Chan
Visit the exchange and look for promotions and then AAX Tribe. You can get your invitation code there, invite your friends, and then monitor how much youre earning in commissions.
When you refer a friend, and they refer a friend as well, you still benefit, and you can earn up to 50% in commissions.
CEO at AAX Exchange, Thor Chan
Well, I hope this answers your questions. There are too many for me to answer.
However, I recognize some questions from previous AMAs and I believe i have addressed them. I would very much like to see more people join AAX and when everything is back to normal in the world, I hope to meet some of you — we do actually intend to host meetups & attend/present at conferences.
Cryptodiffer TEAM
Awesome!
thank you for these answers!
