“Next-Gen Decentralized Trading Protocol fully on #BSC. Trade on-chain Derivatives, Farm, Stake, Cast NFTs in a Community-driven project.”
Andrew (BSC.News):
Hi everyone and welcome to the AMA with Position Exchange!
Today we have James the Co-Founder as well as John the Head of PR and Communication joining us to answer questions about their platform
Thanks for being here guys
James:
Hello everyone. Glad to be here with you in our 7th AMA session. Thanks to the amazing BSC News team for having us here today.
Andrew (BSC.News):
Of course, pleasure to have you here
John:
Hello everyone. Happy to be here!
Andrew (BSC.News):
Wonderful, so let’s get into it
1. What is your background? How did you come to start Position.Exchange?
James:
Hi, again. This is James, one of the co-founders of Position Exchange, a new Decentralized Trading protocol operating fully on BSC. We are based in Singapore, The team members and collaborators behind the project are multidisciplinary and have extensive experience in Programming, Smart contract & Blockchain, Finance, Trading and Crypto industries along with a high understanding of economic conditions.
The name Position Exchange was chosen to represent the core feature and goal of the platform, which is to provide and make accessible Trading, especially Decentralized Derivatives Trading, to everyone.
Recently, many Decentralized Exchanges have been developed, such as Uniswap, PancakeSwap… However, there is still a lack of Decentralized Trading platforms that bring on-chain Derivatives Trading with the same experience and all the advantages of a Centralized Exchange like liquidity, UI-UX, Limit Order etc.. This is where the idea came from.
Andrew (BSC.News):
Great James, thank you for that introduction !
So just to unpack there, regarding your project
2. What is Position Exchange? For those who may not know, what is an on-chain trading derivative?
James:
Position Exchange is a Decentralized Trading Protocol, powered by a vAMM and operating fully on BSC. The protocol offers easy and accessible Derivatives Trading in which users can trade Crypto Derivatives Products fully on-chain transparently and trustless, with high security, and privacy.
Unlike in Traditional Derivatives Trading, in on-chain trading, there is no broker required. Instead, settlement automatically takes place on-chain, where the terms of the smart contract are fulfilled. The intersection of DeFi and derivatives is a gamechanger, bringing yet another borderless, low-barrier, financial instrument to the world.
Our platform is designed to deliver all the advantages of Decentralized Finance whilst bringing the traditional Centralized Finance experience and tools onboard. To mention High leverage, low slippage, and low costs as well as limit orders all while solving the liquidity issue using the vAMM.
Andrew (BSC.News):
Okay I see , that is a great explanation
3. What are the main features of Position Exchange?
James:
Well, the core feature of Position Exchange is the Derivatives Trading Protocol, which will offer on-chain perpetual futures Trading on Binance Smart Chain. The mainnet will be launched in September. Along with it, we offer Swap, Farming, Staking and an NFT feature where you can cast and stake NFT cards to generate rewards.
Moreover, we are working on our own DAO interface where POSI holders can vote and shape the project’s future. Position Exchange is trying to create its own Ecosystem allowing users of all interests to use the platform and be a part of the POSI community.
Andrew (BSC.News):
Gotcha, and in terms of the NFT feature, are you planning on bringing on artists for exclusive Position Exchange NFTs or are you going to integrate a marketplace for all NFTs?
James:
We are going to integrate our Market place for NFTs as well as do collaboration with other projects. NFTs will also be integrated as rewards in the future in Swapping and Trading.
Andrew (BSC.News):
Great, thank you james
So I know that you touched on this a bit but if you could expand for us
4. What problems within the DeFi space are you trying to solve with your platform?
James:
Yeah sure, this is an important point and it deserves to be detailed further. Even though CEXs currently remain the most popular way to buy and trade cryptocurrencies, they are rapidly losing steam to decentralized platforms — known as DEXs.
As the name would suggest, these platforms do not rely on any centralized intermediaries to function, and as a result, aren’t answerable to any government or organization and are free of censorship and regional restrictions. Instead, they are completely decentralized protocols that are accessible to anybody at any time.
CEXs also come with numerous risks and limitations. The main issue is that the users’ funds are not as secure as they seem to be and are completely controlled by the platforms. The fact that there is a large sum of funds concentrated in a single place creates a target for hackers and makes the platforms also subject to whims and wills of the governments and jurisdictions in which they operate.
DEXs have tried to work on these issues, and in many cases have succeeded in reducing security risks by using blockchains for disintermediation.
Position Exchange comes in the light of the above providing users with On-chain Derivatives Trading with the same CEXs experience while avoiding all the risks and overcoming the limitations.
Andrew (BSC.News):
Right but Position Exchange would not avoid all risk. Whenever it comes to dealing with smart contracts, there is always a risk
How have you mitigated that risk?
James:
We understand that security is the main priority and most important concern in the DeFi industry. We do not want to put user’s funds at risk. We have just conducted an Audit with Certik: for our token and we will conduct one for our exchange.
We will also implement a bug bounty program for the community to participate in Position Exchange security.
Several other DEXs in DeFi have gathered important funds and succeeded in maintaining security in the long term.
Andrew (BSC.News):
Of course, thank you for that James 🙂
So moving on
5. What is $POSI? What are the use-cases on Position Exchange?
James:
POSI is the native utility token to Position Exchange empowering its Ecosystem. Unlike most of the recent tokens created by other exchanges mainly for crowdfunding purposes and for reducing the trading fees, POSI comes with a different and unique approach.
All the fees and revenues from the protocol will be distributed back to all POSI holders by a mechanism called Buy-Back and Burn fully on-chain. This would mean, just by holding POSI you’re a stakeholder and will be able to receive a share from the revenue.
Along with the mentioned, holders can get reduction on protocol trading fees, increase their POSI balances through the RFI technology, Stake, Farm, cast NFTs and Vote.
Andrew (BSC.News):
Yeah so this was very unique when I went into researching Position Exchange but a big question came up for me and Im sure the community may have this question as well
6. What is RFI? How does it incentivize users to hold $POSI…
James:
Sure, the RFI technology allows holders to generate passive income simply by holding POSI. Holders share a 1% fee on every transaction! It is a great tool to incentivize users to Hold POSI especially once the Trading volumes become significant. The more POSI you hold, the higher your share in the RFI will be.
Andrew (BSC.News):
Very neat !
So if you were to single stake POSI, would the RFI still work or only if the POSI is sitting in your wallet?
James:
Only if POSI is in your wallet. Stakers get Rewards, Holders get RFI! Pretty fair 🙂
Andrew (BSC.News):
Yeah sounds fair to me haha
So I know that you did talk about this but I think we should circle back and expand a little more as these two platforms are the giants in the crypto industry
7. Why should users use Position Exchange rather than another CeFi such as Binance or FTX?
James:
Binance and FTX are big for sure but both are Centralized Exchanges and come with numerous limitations.
CEXs are able to restrict who is and isn’t allowed to use their platform, while also potentially offering preferential access to larger institutional traders. This becomes particularly problematic during high traffic-induced downtimes, since large operators may retain continued access to the order books, while public traders face potential liquidation and cannot manage their orders reliably.
This situation most commonly occurs during extreme price movements, leading to a great deal of frustration for those that are affected by the downtime — such as being liquidated or being unable to place orders. Since Centralized Exchanges do not allow users to access their own private keys, users
have no choice but to wait until the exchange reopens services before they can access their funds. This problem has helped to fuel the “not your keys, not your coins” movement — which urges users to avoid platforms that require custody of the private keys.
We are in a different market niche. Completely on-chain, Decentralized and transparent. We believe that many traders will start shifting to Decentralized Exchanges due to all the advantages and safety feeling that it provide! Our Project will not be governed by our team but rather by the community. We offer a very easy-to-use and attractive interface with lightning speed transactions.
Andrew (BSC.News):
Right and decentralization avoids government interference as well
But thanks for that explanation James, very convincing!
James
You are welcome, we are here for that
Andrew (BSC.News):
8. How can users know that you are a long-term platform? What would happen to Position Exchange when the inevitable bear market comes? Would Position Exchange still be standing and building once all the panic sellers have exited the market?
James:
As our users know well, POSI v1 was subject to an exploit. We have successfully recovered and refunded all our users. We have locked our liquidity tokens on PancakeSwap for 5 years along with our tokens.
The Team behind Position Exchange does not hold a large amount of POSI. It is fully controlled by the Community. We have successfully transferred the owner contract to a Governor + Timelock contract that requires POSI holders’ votes to be accessible.
This shows how much we are committed to the long term and to our Community. Position Exchange will always stand by its community, we showed that previously and we received a tremendous amount of support back which was really heart warming. We already created a strong bond with POSI holders and we will continue to build on that.
Andrew (BSC.News):
Oh wow a 5 year lock shows that dedication
But yeah that’s very neat, glad to see you guys are in it for the long term
9. Any exciting news you would like to announce here today?
James:
Yeah.. We are making significant progress in the development of our Trading Protocol and we are very excited for it to come out. It will bring one of the most important features for our token which is Buy back & Burn.
We are constantly developing other features for the community and we will be improving our platform on a daily basis. We have major partnerships, listing and much more coming. I invite everyone to take a look at our roadmap. We are meticulously following the plan and committing to it.
Position Exchange joined Binance Smart Chain MVB lll program and we are hoping to be the winner of this year’s edition.
Follow: t.me/PositionExchange for more!
Andrew (BSC.News):
Awesome James thank you!
So that does conclude the first round of the AMA
Would you be able to drop a link to your social media accounts that you would like the community to follow?
James:
Yes sure:
Andrew (BSC.News):
Awesome! Thank you guys for your time, again go check out their linktree to stay up to date on all the latest news for Position Exchange
Have a wonderful day everyone 🙂
This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Source : bsc.news
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