DCTDAO and Tokenplace have partnered to provide low-cost blockchain solutions for the $TOK Eth-based token, and now we are set to unveil a yield farming option with 200% returns. We recently did an in-depth AMA with the DCTDAO community, and the transcript is below. There were lots of great questions! DCTDAO CEO Matej Michalko will join us Friday for an AMA, so please join us to find out more about DCTDAO, $TOK yield farming, and more! Send Twitter questions here to win DCTD prizes!
Everyone, DCTDAO is proud to start our first cross project AMA with Tokenplace! Please welcome the Head of Content for Tokenplace that will be our speaker for this AMA, Gleb Sidorkin!
Hi Everyone! Hope y’all are excited for the crypto revolution on this fine day!
That’s the spirit! Without further ado let’s start with our first intro question
Can you introduce yourself and the team to the community?
My name is Gleb, I’m head of content at Tokenplace. As a team, we are dead set on becoming the go-to platform for the next generation of crypto trading, transcending the current landscape of multiple exchanges. We believe the market is reaching a point of maturity, where centralization and ease of use will become important both for pro traders and new crypto users.
Our team is perfect for this moment of maturity, with a balance of strong business experience in the corporate world, the start-up world, and in crypto. Our CEO Nina Knox worked at major consulting firms in Russia before continuing her career in the USA, where she worked closely with many different startups. She became interested in crypto, and became an advocate for promoting development in the field, especially for the role of women.
Evgeny, who incidentally went to the same Moscow high school as Nina, also had strong corporate experience, and was a successful entrepreneur in VR. He became a crypto trader, and soon realized that the market needed a solid solution for multi-exchange trading. I used to teach film, literature and sociology at Harvard, but have always had a passion for finance since I was a college student in Manhattan during the financial collapse of 2008. When crypo emerged as a powerful alternative to mainstream finance, I decided this was something I wanted to participate in. I believe Tokenplace is a great project for bringing crypto forward as a truly powerful force.
Wonderful, glad to know the team is solid and highly experienced! Next question, Can you briefly let us know what TokenPlace is about?
Tokenplace is about building the greatest next-generation trading platform. It’s also about creating the best gateway to the crypto market for the next generation of participants.
We offer a product for pro traders, which will be released this July, and are building a single-KYC crypto trading engine that covers the whole market, set to launch late next year.
We are confident we can make a tool that will be the most popular entry point for new users wanting to invest in digital assets. Of course, a single account from which to trade on all exchanges will be useful for pro traders as well!
We are not in direct competition with exchanges, but instead can be valuable partners for them, bringing them new traffic and so forth.
Well done, glad to understand further about the project! Next up, What is $TOK and what is the benefit of getting or holding $TOK?
Right now, the greatest benefit is getting in at the ground floor of a big retail project in the crypto space!
About benefits to our holders, first of all, we want to say that our goal as a company is to provide the most savings and greatest value for our users. Our token launch is being done with great partners like Avalanche and DCTDAO that make it easy to buy TOK without paying huge fees.
The value proposition of TOK is as an exchange/utility token at first, but will develop into more as our roadmap progresses. In the short term, we have some plans for liquidity mining, but can’t release the details just yet.
TOK will be the native token of our ecosystem, with discounts on subscriptions and exchange fees. Then, TOK will go beyond simply a utility token when it becomes the “medium of exchange” between our liquidity pools at various exchanges. Long-term, we plan to build an ecosystem of tokens for companies of all kinds, called Tokenplace Delta, and are also working on a “cross-coin” tokenomics model to bridge the crypto world and the real world. Please check out our whitepaper for more details on our plans for TOK! https://tokenplace.com/white-paper/cross-coins/
Excellent, glad DCTDEX can become among the first outlet for everyone to buy $TOK with such a low fee! Next question, what’s the grand plan for Tokenplace this year?
Yes, it is grand indeed!
Right now we are working to communicate about our project, build up the community so we can get the word out there about $TOK. In July we will release our Beta version. The competitive advantage of our beta release is our smart order routing / order-splitting service.
Right now multi-exchange terminals like Coinigy offer a trading UI, but you are still switching back and forth between different exchanges, trading on them individually. In our Beta release, you will be able to connect 30+ exchanges, select them all, and put in an order that will be executed optimally. Our Smart Post order type splits the order and makes it stealthy.
So in the near-term, we will start saving our users lots of money by optimizing their trades, and saving them lots of time by providing multi-exchange trading. We will be putting a lot of time and resources into spreading the word about our great Beta platform!
Then next year will be even more grand, as we unveil the full-market aggregator version of Tokenplace.
Ambitious and grand! Goodluck indeed. Now to our final intro question: Any marketing plans that DCTDAO and other communities can participate in over the coming weeks or in the near future?
First of all, join our Telegram chat and follow us on Twitter @TokenplaceTOK and @Nina_Knox! We are in the pre-product launch phase, and will be conducting more airdrops and AMAs, so please join us for those, and spread the word.
We’ve begun developing our presence on Chinese social networks, and are already releasing original content in Chinese.
Once the beta platform launches in July, we’d love it if you would try out the platform and tell us what you think, make videos about it, etc. Meanwhile, we’re trying to expand our global reach, so post about us in your native language!
Wonderful! Now all of us should know more about TokenPlace from these intro questions. But of course, these are only the beginning, let’s deep dive together on what TokenPlace has to offer by answering the questions from the community
Alright then, let’s start with the first question from Twitter: “With plenty of crypto trading platforms around, I’d like to hear what sets Tokenplace apart from the rest? Why will it succeed where all the others limp on indistinguishable from the rest?”
We know how to build the greatest single-KYC gateway into the crypto trading market! This will truly be crypto trading v. 2.0. I think the strength of our project is the long-term vision, which paves the way for us to become a huge company and attract millions of users.
Right now, lots of projects are emerging that don’t have the global vision for the future of crypto. What will crypto look like in 5-10 years? There are lots of competitors out there, but we’ve been working for years to create a plan to become the go-to destination for crypto, DeFi, etc.
We can look at the success of companies like Binance and Coinbase, and project forward to a time when there will be a next generation of gateways into crypto: a single access point for the whole market. This will be Tokenplace: your home base for digital assets. We have the team and the vision to become dominant in Crypto 2.0, so join our community and help us build the infrastructure of the future!
Spot on with the answer! Okay next up: “As an investor, I want to know how strong is your project security system? And what benefits will I have in the years to come when I decide to join the project you are working on right now?”
We have a great security team in house, but we realize that the challenge of encryption, storage, and constant maintenance is too great to be done ourselves. This is why we are partnering with https://www.vaultproject.io/. Vault is a very strong encryption and secrets management system. It is open-source, so their code is constantly being tested both internally and by a large community of coders and hackers.
Being an investor in our project, you can get in on the ground floor of Tokenplace, a brand we believe will be a global household name in blockchain finance!
We have the vision for what the next generation of trading tools will look like, and the technical expertise to pull it off. We also have a great design team, as you can see on our website. So you’re investing in the building blocks of a major infrastructural piece of the massive crypto retail market.
Excellent, y’all wannabe hackers better think twice before messing with Tokenplace.
Next question: “Is your platform fully ready or is it still in beta and needs an update? What kind of update will you make?”
We had users testing a working prototype for multi-exchange trading, and now are preparing for the beta release to the public. Once this API-based beta platform is cooking, we’ll begin expanding our features to include DEXs, wallets, and other DeFi tools.
Then in 2022 we will unveil the full-spectrum exchange aggregator with a single KYC for the whole market. After that, we will continue to expand our offerings until we are the one-stop shop for digital assets.
Excellent, next up!
“Cooperation and partnership are one of the most important issues to help develop a project. Can you tell us about your existing partnerships, the partnership plans, and what people can gain from these partnerships?”
One of the exciting things is that we are able to make partnerships with exchanges, based on mutual interest, with us bringing them traffic and them sharing their fees with us. These savings can then be passed on to our users, which we plan to do. We have an exciting partnership with BitStamp forthcoming in this regard.
A key partner in our launch has been TrustSwap, offering their platform and incubation. Our blockchain partners for the TOK launch are DCTDAO and Avalanche. You guys rock!
Awesome, we are happy to hear that as well, TokenPlace and Trustswap are awesome too!
Alright, next question: “Mass adoption is one of the biggest problems in blockchain projects, how will your project achieve this?”
Making things much easier for the average new user to engage with crypto is key to our vision.
Just the fact that there will be one trusted service, Tokenplace, where you can have a wallet, change fiat for crypto, and trade on all exchanges— this will help people overcome their hesitation to join the movement.
Right now, you have to get multiple exchange accounts, trust one company to host a wallet, another for crypto-fiat exchanges. And you have to figure out which exchange is the best. So we will gather all those functions in one account. We also want a lot of input from the community about how to make crypto more accessible for all!
Great! Next up : “Can you identify any competitors (if any), and what are your advantages over your competitors?”
The short answer is that our Beta version has competitors, but the full release will be one of a kind!
This question gets us into our 2-stage plan of development. In order to build a full-service aggregator with a single-KYC account for the whole market, we first built an API-based trading service to gather a community of traders. This is our Beta version, coming out in about a month.
Our Beta service has a range of competitors, including Coinigy and 3commas. What sets us apart from them is that we’ve created multi-exchange order-splitting algorithms that automatically find the best price on all collected exchanges.
The Smart Post algorithm also breaks orders down into perfectly-sized pieces so that you don’t reveal your whole order to the market. We also feel that our UI and user experience overall is just better. And we charge no trade fees and have a lower subscription fee, which pays for itself with a single trade.
That’s the Beta version. Once we launch our Token Trade engine in 2022 we will become the first single-KYC aggregator of the whole market. At that point we will have no competitors!
Nice! Next up: “Why do you chose to build on avalanche blockchain? And is there any staking program for the future?”
Our investors were very happy that they were able to go through Avalanche! We’re excited about the opportunity to offer our investors and future users the most efficient blockchain systems for maximum savings.
We were able to integrate with Avalanche at a key moment when Ethereum fees were VERY high, which saved our investors $250k in fees. We hope to continue to work with great partners to provide the best crypto tools on the market, and we are working with DCTDAO to offer a liquidity mining option soon.
If you are thinking that what you are doing does not exist in crypto, you are mistaken. There are front runners who does this exactly and are live and trading. How is this different from existing aggregators such as finxflo, 1 inch, ORN etc.? Are you going to be regulated? Have you partnered with any exchanges as LP’s yet other than bitstamp as you mentioned? How is this token helpful for who invested when it has nothing to do with your trading platform? Please check finxflo if you are not aware. They are outright competition for you with all the LPs including coinbase and binance.
Thanks for the question. Re: competitors: 1inch, for example, is a DEX aggregator, while we will launch as a CEX aggregator and then also add DEX integration on top of that. Right now there’s no platform that lets you trade Coinbase, Kucoin, Binance and 1-inch at the same time. Re: Regulations: At first, since we will be non-custodial and API-based, the regulatory burden will be on the exchanges, not us. Once we become a full-service aggregator, the regulatory burden will be larger, and we know that a big part of our war chest will go towards sorting out regulatory issues. We have been in talks with different exchanges about partnership, but none to announce at this early stage. Re: TOK use cases: The TOK coin does in fact have functionality in our system, as liquidity in corporate accounts for multi-exchange trading. Finxflo does not have the full-market aggregation that we are planning to offer, only a limited set of exchanges. We already have 30+ exchanges active in our Smart Order Routing algorithms and data feed.
Hi Gleb, fellow former Bostonian here, does your smart post take into account the exchange fees and gas fees that come with trading to optimize the return, how can you optimize a trade with such fluctuating variables and lastly will your UI be able to offer the user a visible final cost and return?
Hi Benjamin, greetings! Nice to meet you in cyberspace. Smart Post does indeed take into account trading fees. This will certainly be a big money-saving feature for active traders with numerous exchange accounts. And yes the UI will display the final cost. I’m excited to be able to share the UI with y’all next month. The smart orders have a tolerance/buffer setting that makes sure the order executes successfully, and all the details are laid out to the user. Since the smart order types are behind a paywall, we will be able to show users of the free version what they could be saving by connecting more exchanges and using our algos.
The Chosen one
Does the Tokenplace team have a training and guidance system for newcomers to cryptocurrency? How do you attract and reach them?
Yes, thanks, this is a good aspect to highlight: education. As our two-phase product release unfolds, we plan to do a lot of content aimed at beginners. One of our slogans is “Your home base for crypto investing,” and we want to provide a lot of support for beginners, so that they feel they can come to us and start their journey. So that means lots of video content from us, and hopefully some great user-generated content and mutual support in the community!
As You know, Many people judge a Project By the Token price, What do you have to Say to investors? What’s the plan to increase the Token Demand?
Ultimately, our token price will rise as we bring in a large, active user base into our trading platform. So the strength of our product and the ability to communicate about it will be the key factors in token price in the long term. In the short term, we are making efforts to support the price of our token through awareness (promotions, media, trading contests, airdrops), exchange listings, providing liquidity, and so on. We’re launching our campaign in China this week!
What are the ways for your project to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?
Our revenue model is subscription-based. This allows us to avoid adding fees on top of what exchanges are already charging. We feel this is important, since we want traders to know that when they are using Tokenplace, they are getting the best price. If we can even LOWER exchange fees for our users, as we plan to do through partnerships with exchanges, then that makes us even more attractive as a trading platform. We plan to market aggressively and bite off a large chunk of the trading terminal market, earning significant subscription fees. Then we will be poised for phase 2. Our revenue model at that point will be diversified from just subscriptions, with funds coming in from fiat-crypto exchange and other services.
Where does the project name come from? What does it mean for you and why did you choose that name for your project?
The name Tokenplace communicates our vision of an inclusive, powerful platform where users can access the whole world of digital assets from one window. The problem we are solving is that the current landscape of dozens of competing crypto exchanges is too fragmented, confusing, and hard to deal with. We offer a single, safe place for all your token needs.
To me, the name Tokenplace also speaks to the goal of having a place for the community to gather. Right now we have a community of investors and early supporters on Telegram and social media, which will support us and challenge us to be the best we can be. We want to expand this conversation, so you can definitely help with that, especially taking our community to different languages. Then we hope to build a community of active traders, and create space for them to discuss the product as well as the industry as a whole.
Regulation is very important. Projects are closed in many countries for failing to use proper regulations and permits. To be worldwide; how do you handle this problem?
The regulatory questions certainly loom large in the minds of everyone building businesses in the crypto space. However, we are confident that ultimately we will be able to reach a compromise with regulators. A few years ago, it seemed like there was a chance that regulators would step in and “make crypto illegal,” but today it seems like we have reached a tipping point. The industry is worth trillions of dollars, and is not going away. This will be a difficult process, however, as recent events in China have shown. Since the very start of our project, Tokenplace has begun laying the groundwork to work with regulators. Our CEO Nina Knox is New York-based, and has great connections with top attorneys, whom we have already spoken with. She also worked with the Digital Chamber of Commerce in Washington, DC, and our advisor Dan Spuller is active in Washington as well. Since the US regulators often set the tone for the rest of the world, we think we have a good finger on their pulse. And as we grow our presence in different countries, we will put a lot of resources into making sure we’re on top of things from a legal standpoint.
At this point, do you think you need exchanges as a binance to keep growing? Or is it better to forget those things and focus on other activities?
This is an interesting way of framing our position in the market. We are not competitors of exchanges, since we bring them users and volume. We can encourage people to make multiple exchange accounts, since we can offer them a convenient interface and allow them to save money by multi-exchange trading. There is a sense in which the exchanges as they are now will no longer be the primary window people interact with — the exchanges will be more like backend providers, while Tokenplace provides the user-facing UI for retail trading.
Are you currently on track to reach all of your 2021 roadmap milestones and which stage are you most excited about?
We’re excited that our Beta release is on track according to our roadmap. I’m pumped to be able to start showing off our platform, making videos, etc. In 2021 we were able to launch TOK successfully, and now have the means to to a great job on the Beta release and make a big marketing push to get users onboard. And now we’re trading on DCTDAO, so we’re looking forward to getting that token to reflect the value of the company. Right now we’re at a very small market cap company with a great team, solid backing, and a huge upside, so 2021 will be a big year for community growth.
That’s a wrap! 10 Questions asked, 10 Questions answered!
Thanks everyone for participating! Good times
And thank you Gleb for the answers! What a trove of information we got here about TokenPlace! Now the DCTDAO community and everyone that reads this AMA should know a lot more about the project and should be more confident in getting $TOK from DCTDEX!
And thanks Chris for hosting!
Now that we are at the end of our AMA, before we close this @GSidorkin, allow us to announce an awesome news item that will help our community and DCTDEX users to get $TOK on Avalanche blockchain from Ethereum much more easily!
📢 Introducing the DCTDAO $2 Ethereum Exit Bridge 📢
Gone are the days of spending hundreds of dollars just to exit from the gas-guzzling Ethereum and trade on your favorite gas-less blockchains.
DCTDAO is proud to introduce :
💎 DCTD Bridge, the industry’s first cross-chain bridge that enables cost-effective bridging from Ethereum to Avalanche and other future blockchains for a flat $2 bridging fee! 💎
Now all traders, big and small can enjoy a seamless and affordable transition to the gas-less DCTDEX platform on Avalanche!
✌️ Get your first $TOK now, by first bridging your WETH to DWETH using DCTD Bridge
by following this tutorial.
For more info on DCTD Bridge check out our medium post.
With this upgrade, traders big and small will get much easier to bridge from Ethereum to Avalanche and start swapping $TOK and more!
Thank you again @GSidorkin for your time, any last message for the community before we close this and reopen the channel?
Come hang out with us! We can answer any questions left unanswered, or any new ones that come up. https://t.me/tokenplace
Absolutely, check out Tokenplace’s Channel on the links below folks!