ACDX AMA Recap
CryptoDiffer team
Hello, everyone!
We are glad to meet here
Andy Cheung, Founder & Executive Chairman of ACDX
Founder & Executive Chairman of ACDX, Andy Cheung
Hey guys!
Glad to be here!
CryptoDiffer team
Can you introduce yourself to our community ?
Founder & Executive Chairman of ACDX, Andy Cheung
So I’m Andy, founder of ACDX, a new crypto derivatives exchange. Prior to founding ACDX, I served as the COO of OKEx since its founding. I had also served in other executive roles in some multi-national corporations like Groupon, Alibaba, iClick Interactive, etc. I am also a co-founder of Bitwork, one of the biggest blockchain consultancy firms in Asia
CryptoDiffer team
Can you briefly tell us what is ACDX in 3-5 sentences?
Founder & Executive Chairman of ACDX, Andy Cheung
ACDX is a next-generation crypto exchange designed by professional traders who understand what traders need
We are the world’s first exchange to offer crypto structured products for advanced traders
Above all, we value innovation and transparency in all our product designs
CryptoDiffer team
Let’s now talk about the milestones you have achieved so far and about your upcoming plans?
Founder & Executive Chairman of ACDX, Andy Cheung
So for this year, I’ve founded ACDX in February. I’m proud that in just 11 months, we accelerate and gain a spot in the crypto derivatives exchange market.
We have listed new trading pairs, partnered with DeFi protocols, launched a new futures spread market, etc.
Indeed we have faced challenges in the process like other exchanges did, but most are rather operational than technical
ACDX is like a true test for the team’s ability, which i am proud to say we have done a good job
Besides, I am happy to be listed as one of the Entrepreneurs to follow in 2021 by IB times. This is important for me and my team as we have dedicated ourselves in bringing ideas to reality
For upcoming plans, we are going to release the long-awaited crypto structured product soon. Also we will continue to hunt for high skilled talents so we develop the best products for you, because we always put traders first at ACDX
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
ACDX had conducted 2 token burn this December alone, I would like to know where the burnt tokens were gotten from, was it from the unsold tokens or from buy back?
If it was from buyback, from which purse was the fund taking from, is it from the ecosystem fund or team fund or grant?
Founder & Executive Chairman of ACDX, Andy Cheung
There were two token burns completed.
The first one is burnt from the unsold tokens of our convertible sale.
The second is from buyback. Every quarter we use 50% of maker fees received from users to buy back and burn the tokens. The burnt portion is from the circulating supply.
Cryptodiffer Community
Asides professional traders, can a crypto noobs make use of ACDX ? How easy is it for those with little experience of blockchain technology?
Founder & Executive Chairman of ACDX, Andy Cheung
Good question!
That’s why we’re launching the world’s first crypto structured product at the same time.
You see, crypto derivatives have been gaining a lot of traction in recent years. But traders, especially retail ones, are still not very familiar with calculating the costs or even the liquidation levels of perpetual/quarter futures.
For many perp traders out there, funding rates are still a very complicated idea for them.
Our structured products are going to be more transparent on cost calculations. And with CLEAR liquidation level. So it’s actually, they are very easy to understand and trade for beginners
Cryptodiffer Community
I am a FARMER, what are the prospects available for me in ACDX project. What are your most important next priorities until the end of 2020? Are the fundamental tools sufficient to achieve these goals?
Founder & Executive Chairman of ACDX, Andy Cheung
Well, then you must join our liquidity farming program!
We have reserved 30% of the total supply of our native token, ACXT, for liquidity farming.
Basically, it’s an incentive program for everyone to contribute liquidity to our exchange, ACDX.
If you place a maker order and is filled, you will be rewarded with ACXT and it will be payout every day. The reward amount will be based on your maker volume of the day.
Cryptodiffer Community
-In doing a SWOT analysis, ACDX has accomplished a lot for a platform that started barely 3months ago (Futures spread market, TECH100 futures, Multi-token collateral etc.) Can you honestly tell us the areas of the project that needs major improvement and what steps you’re taking to resolve it?
-Liquidity is the backbone of crypto exchanges. Can you tell us about ACDX Liquidity Program and how it works? Are rewards for LPs paid out weekly or daily and how are they calculated?
Founder & Executive Chairman of ACDX, Andy Cheung
Honestly, we’re still in beta. So there’s still a lot for us to learn and a lot more room to improve in terms of user experience. We’re holding more feedback campaigns to collect comments from users to make the platform more user-friendly. If you’re in our Telegram community, you will know that I am always present to answer questions and collect feedback to improve ACDX
Cryptodiffer Community
Do you offer referral system for your users to both gain new users and to be able to earn money by old users?
Founder & Executive Chairman of ACDX, Andy Cheung
We do! That’s actually what every exchange is doing now. But we also believe a referral program is crucial for any business. Allow me to promote our program a bit here: you can earn up 35% commission on the fees paid by your referrals, your referrals can also get a 20% fee discount. Also worth mentioning that payouts are instant
Cryptodiffer Community
How to keep the motivation for holding ACXT tokens long term? How is ACXT token used?
Founder & Executive Chairman of ACDX, Andy Cheung
We are bringing in more use cases for ACXT. Aside from the liquidity farming program I just mentioned, we also have a staking program with a high APY. By holding ACXT, you can enjoy trading fee discounts, earn exclusive referral bonus. Also in the near future, holders will be able to join us to make governance decisions of the exchange, such as listing vote, hard fork handling, fees change, etc.
Cryptodiffer Community
You guys are doing Ama’s in all group & almost answering same types of questions again n again? How do You feel about it?
Founder & Executive Chairman of ACDX, Andy Cheung
That’s a very interesting question haha. Sorry we don’t do a lot of AMA’s at all. In fact, it’s like the second one I’m doing since ACDX launched.
Cryptodiffer Community
How can we get projects get listed on your exchange? And those TOP exchange always say’s Project Quality is the KEY… BUT my question is How could ACDX helps to improve the QUALITY of a Project to be listed on Your Exchange?
Founder & Executive Chairman of ACDX, Andy Cheung
Project Quality is indeed the key. The mission of an exchange is to connect markets and traders. But if you ask how can ACDX help improve the quality of a project? I honestly don’t think we can help much.
We’re an exchange, but not an accekerator. But we will offer customized contracts for projects to help them with liquidity. On the project development side, they must have a clear idea of where they heading.
Cryptodiffer Community
It is estimated 90% of the startups fail. What makes you confident that ACDX is here to stay and actually survive the competitive crypto space?
Founder & Executive Chairman of ACDX, Andy Cheung
Crypto is indeed a very interesting space. I have been in the industry for years, but I am still learning a lot every day.
90% of startups fail because they lack exeperience and perseverance. Starting a business is no a playground for the weak. I did learn it the hard way throughout my life experience.
I do think that the team and I have a competitive advantage over a lot of startups in the space. my experience of being an executive of a world-leading exchange like OKEx gave me a lot of insight of how projects/exchanges should run.
I am confident that I can lead the team to accomplish more in this industry.
Cryptodiffer Community
How’s your trade system works? Can we order multiple limit orders?
Founder & Executive Chairman of ACDX, Andy Cheung
Of course you can. One of the main advantage of our trading system is the support of multiple collateral for your derivatives positions.
It works like this:
You can use either BTC, ETH, USDT, or even stablecoins like USDC as collateral to open derivative positions at ACDX. Unlike some major exchanges right now that only offers USDT-margined contracts, which limit traders in terms of flexibility.
This kind of differentiate first-generation and next-generation exchanges, traders can maximize their capital efficiency on our exchange
Cryptodiffer Community
How does ACDX plan to dominate the crypto derivatives exchange market? How easy is it to use ACDX exchange?
Founder & Executive Chairman of ACDX, Andy Cheung
Innovations.
So far we’ve launched futures spread market, which is one of the firsts in the crypto industry. It’s actually a very popular product in the traditional space. Offering high leverage but lower risks.
We’ve also launched TECH100 futures, which tracks the global top 100 tech companies.
Recently we’ve listed WOZX perpetual contracts. Worth noting we’re the world’s first exchange doing so. It’s acutally a very interesting project led by Apple co-founder Steve Wozniak.
This month we will be launching a new crypto structured product. I can’t really reveal the name of the product right now. But it’s gonna be a really beginner friendly trading product – easy to trade, transparent, low cost
Founder & Executive Chairman of ACDX, Andy Cheung
Allow me to talk a little bit more about a phenomenon of the current crypto space. A lot of projects right now, without a good quality, raise money and solely use the funds to play around with liquidity/market making/price. They aren’t really trying to make things happen. They aren’t utilizing the funds raised for operations, expansion, invest on marketing, long term-development, etc. Playing around with these short term things is not conducive in the long run.
We believe that it is not the loudest that survives but the one who is producing real values and that takes time. Just like ACDX, you may not see it happen suddenly, but gradually. We will drive ACDX into the next stage!
Founder & Executive Chairman of ACDX, Andy Cheung
I think that’s it for today! Thanks for all the questions! If you would like to learn more about me or ACDX, please join our telegram community!
Cryptodiffer TEAM
Thank you for you answers, it was an insighfull session
Thank you everyone who participated, great questions as always!
