Our second Telegram AMA just closed, so we’re writing this brief recap for those who couldn’t make it for the discussion.
As in the previous one, there were three of us — our CEO Nick Iliev (NI), who laid out the vision of the future of ChangeX; our CTO Martin Kuvandzhiev (MK), who handled the technological side; and our COO Petya Nankova (PN), who managed all convoluted questions with regards to operations.
Here is how the AMA played out
Q: Since Hydra’s own wallets are non-custodial, how will you keep custody of users’ funds? 🙃
NI: Simple. We won’t be keeping custody of users’ crypto funds. Only fiat. The crypto wallet is non-custodial, so the platform will not have access to clients’ funds. With regards to the fiat wallet that we intend to implement later, the funds will be held at a bank.
Q: Do you have a plan to make a one-click multichain swap functionality? E.g. APE -> CHANGE (path APE -> ETH -> Hydra-wrapped ETH -> HYDRA (if no ETH-CHANGE HydraDex pool) -> CHANGE)?
MK: We are currently developing that logic and initially it will be limited to BTC -> CHANGE and ETH -> CHANGE, but after that we will expand the logic to cover more coins and tokens
Q: Does ChangeX have to take on risky positions to facilitate high rewards, i.e. cash back on credit cards, how are these generated?
NI: Cashbacks and other rewards on cards are dependent on the user tiers. We haven’t set them yet, however, we won’t be taking any “risky positions” They will be competitive, but still sustainable. We know what happened with certain competitors.
Q: Do you plan to support direct swaps as well? ETH -> BTC?
MK: Yes, we will implement them at some point. The focus right now is to deliver all the functionalities needed for the IDO and to follow the roadmap. We have expanded our development team a lot in the last month so we can deliver the functionality on time.
Q: Are there any synergies you could benefit from between ChangeX and your existing business?
MK: The greatest synergy is the know-how we have gained the past 5 years managing cryptocurrency platforms. We already know how to make the whole legal setup when it comes to fiat — IBANs, universal crypto card, crypto-fiat exchange, etc. We also have gained tremendous tech knowledge in crypto transactions and smart contracts which are giving us a great headstart now.
Q: Hi, how do you plan to attract new users who are not investors from Hydraz lovers! What marketing steps do you plan to take and when will you intensify your marketing? Thanks!
NI: We view our leveraged staking functionality as the greatest way to attract users from other communities. Stakers always search for the best rewards and through leveraged staking we can really tap into a vast pool of high inflationary POS networks. We are also working very hard to get onboarded with a few Tier 1 exchanges as well as launchpads to gain exposure to their users. Basically, we are focusing on partnerships, but we will be also doing paid advertising, although carefully given the current market conditions.
Q: On which chains is $CHANGE going to be available besides Hydra?
MK: The token structure is thought to be multi-chain and initially we launch only on Hydra, but powered by the Hydra bridge we will also have it on Ethereum. Q: So also at least BSC when that bridge inevitably comes? MK: There are no limitations. We will be monitoring the demand and then act accordingly.
Q: Will there be different types of cards to choose ?
NI: Yes, we are planning to have different card programmes with different benefits depending on the ICO investor tier and CHANGE holdings
Q: 5–10 years ahead from now how far could ChangeX have come in development and things you really really looking forward to in the big picture? (maybe strange question)
NI: We envision ChangeX as a seamless synergy between DeFi and CeFi that is for everyone, no matter their background, experience or technical ability. We envision a world where finance lives on the blockchain and where all the acronyms, networks, and protocols serve to empower, not overpower.
Q: How long can product development continue without issue in the worst case scenario, if the only commitment is the soft cap of $1.2m?
MK: It will be enough to support us for 12–18 months, and we are working to secure VC funding as we speak.
These are not all the questions, and you can check out our Telegram group to see the discussion in its entirety. We also had a treasure hunt event, and plan to continue doing them in future AMAs, so stay posted.
Thanks for reading,
The ChangeX team
