AMA Recap: DMEX with FoxWallet
On Tuesday, April 26, DMEX’s CTO Rufus Jiang joined the FoxWallet Telegram community for a live AMA. FoxWallet is a decentralized mobile wallet. Both the DMEX dApp and DMC are now listed on FoxWallet. DMEX and FoxWallet will carry out in-depth cooperation in cross-chain compatibility and Filecoin community building
If you missed this AMA, don’t worry. This blog post includes a brief highlight reel of the live AMA session. Are you eager to learn about DMEX’s newest updates? Here we go :)
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FoxWallet Official: Our guest today is Rufus, the CTO of the decentralized mining exchange DMEX. Rufus, welcome to the Fox Wallet community! Please introduce yourself
Rufus@DMEX: Hi everyone, I’m Rufus, the CTO of DMEX (dmex.finance), the Decentralized Crypto Mining Platform. As the CTO, I’m responsible for developing the functional modules of DMEX. I have international cloud technology development experience for I’ve worked at P&G, Microsoft, and Amazon, I’ve built and led large engineering teams. I have in-depth research experience on the blockchain, cloud web development toolchain, distributed computing architecture, cloud computing, and so on.
Today I’m very glad to join the Fox Wallet community to share with you the latest progress of our DMEX project. FoxWallet is a leading decentralized mobile wallet. Both the DMEX dApp and DMC are now listed on FoxWallet. DMEX and FoxWallet will carry out in-depth cooperation in cross-chain compatibility and Filecoin community building
FoxWallet Official: Please tell us more about the DMEX project, what kind of project is it? What specific problems can it solve? And what does the team hope to build the project into in the future?
Rufus@DMEX: DMEX (dmex.finance) is the first decentralized crypto mining financial service platform in the industry. Combined with a rich variety of DeFi protocols, not only can DMEX users purchase mining power NFT to obtain mining income, but also can they participate in various DeFi activities on the platform such as the mining power marketplace for mining power NFT’s transfer and resale. We also offer collateral loan, as well as liquidity mining, and joint mining.
We hope to build DMEX into a comprehensive financial service platform linking miners and users, bridging mining power providers with every crypto user, and allocating a solid value-added asset for everyone who is interested in starting their first crypto investment.
FoxWallet Official: Mining power NFT is DMEX’s key product. What kind of mining power NFT and mining relevant products does DMEX have in store now? Can you give us some brief information about them?
Rufus@DMEX: DMEX currently has two types of mining power NFT products on sale, i.e. BTC mining power NFT and IPFS/Fliecoin mining power NFT. Our hash power providers are all industry-leading top-quality miners. All of our mining power products are tokenized into NFT and ready to generate mining income for any buyer right away. The BTC mining power is supported by the latest Bitmain ant mining machine S19 (90TH/S), with a mining contract term of 1080 days, priced at 106 USDT/T. Our IPFS mining power product’s contract terms are 540 days, with a cumulative FIL total lockup value of over 400,000 in both the BSC and HECO chains. The annualized yields can reach over 60%. In 2021 alone our total FIL mining power volume has exceeded 30 PiB which is a substantial amount in the Filecoin industry.
We have also launched FIL/USDT/DMC joint mining products, with these flexible products users can deposit and withdraw their funds to the joint mining pool as they wish. The mining returns are settled daily, with annualized yields above 20%. DMEX also provides a DeFi collateral loan business built around mining power NFT, where users can pledge their mining power NFT as the collateral to lend out a fund for further investments. The pledged mining power NFT can still generate mining income for the borrower throughout the term of the loan. With proper reinvestments, the annualized yields of DMEX’s mining power collateral loan product can reach over 200%. Currently, DMEX’s product line has been favored by more than 300,000 users worldwide.
FoxWallet Official: DMEX has recently launched its FIL Term Deposit product, how do new users purchase this product? What is its annualized return? What do you think are its advantages over similar products?
Rufus@DMEX: Yes, we have recently added the FIL Term Deposit product to our FIL Aggregate Mining Pool. Our users always have two different types of investment needs, a flexible option with a slightly lower return and a fixed-term option with a higher return. It is very simple and easy to purchase our FIL term deposit product, just go to the DMEX dapp (bsc.dmex.im), switch to the mining tab and then you will find the product details. Users are free to choose from three different lock-up periods of 90 days/180 days/360 days, corresponding to an annualized return of up to 35%.
It is worth mentioning that we have also added a ‘Bonus interest rate’ feature to our FIL Term Deposit product, this feature allows users to earn an additional 1.5%/3%/5% return by staking an additional amount of the DMEX platform token DMC. In other words, DMEX’s FIL Term Deposit product has a maximum annualized return of 35%. As for its advantages over similar products, I believe our APY is very competitive. We have attracted 400,000 FIL in total deposits. Also, the deposit procedure is very simple and easy. This product is a solid way to maximize users’ FIL earnings. I would highly recommend you to visit the DMEX dapp and try out this deposit product.
FoxWallet Official: What is your opinion on the Filecoin Virtual Machine (FVM)? How will it affect the Filecoin ecosystem and the future of the DMEX platform?
Rufus@DMEX: In my opinion, this could be an opportunity for Filecoin to boost its ecosystem. So the FVM is an Ethernet EVM-compatible virtual machine for Filecoin. The FVM will bring a new line of development to Filecoin, i.e. distributed ledger + smart contract computing + IPFS data storage and web 3.0 ecosystem construction.
For the Filecoin ecosystem, FVM could be an important part of Filecoin’s future plan for Web3, and if it goes well, it will be the deus-ex-machina for Filecoin. For the DMEX platform, it proves that our initial choice of distributed storage technology is the right direction for development. We will also continue to pay attention to the subsequent development of FVM and launch more DeFi products related to FVM.
FoxWallet Official: DMEX’s collateral loan product is well received by users, can you briefly introduce your FIL mining power NFT collateral loan product?
Rufus@DMEX: DMEX’s FIL mining power NFT collateral loan product is a solution to improve users’ assets utility rate. As we all know, Filecoin’s official upfront collateral mechanism stipulates that every FIL miner needs to stake a certain amount of FIL before they can start mining. The staked FIL has not been properly utilized in that it does not produce any economic return. DMEX wants to solve this problem and improve the investment return for staked FIL. Our FIL mining power NFT collateral loan product allows users to pledge their FIL mining power NFT as the collateral to borrow a FIL loan. The pledged mining power NFT would continue to produce mining income for the users, while the loan can be reinvested into more FIL mining power NFT to achieve a compounded income.
Take a simple example, if the price for 1T of the effective mining power is 10 FIL, then we need to stake approximately 7 FILs as the upfront collateral. If a user pledges their mining power NFT to the DMEX collateral loan smart contract, they can lend out 7 FIL. these 7 FIL can either be sold as liquidity fund or be reinvested in more mining power NFTs to achieve a compounded income. If the user chooses to purchase more mining power NFT with the 7 FIL loan, it is calculated that the user could earn an additional 70% return compared to other users who did not utilize the loan mechanism.
FoxWallet Official: I see that DMEX is trying to build a mining metaverse financial ecosystem based on mining power NFT, what do you think are the advantages of DMEX compared to other projects with metaverse features?
Rufus@DMEX: The metaverse is a virtual space on the blockchain parallel to the real world, it is an immersive virtual world providing a similar experience to the existing world, it is also a free and open cyber world of the future. DMEX sees that metaverse has a great potential for further crypto mining applications.
DMEX offers a wide range of mining power NFT assets such as BTC, ETH, and IPFS/Filecoin based on the Erc721 protocol. By linking mining power providers with mining users, DMEX maps real-world crypto mining hash power to the virtual metaverse world on the blockchain, hence giving NFT real production values and also solving many problems with the traditional mining industry such as non-transparency and poor liquidity.
At the same time, DMEX is also building an open metaverse financial ecosystem, which can incorporate many application scenarios such as DeFi/GameFi/VR/AR, and even operate and transfer these assets, thereby forming a cross-platform, cross-scenario, and cross-protocol circulation of mining power NFT assets, allowing users to obtain a variety of aggregated interests and incomes including crypto mining income and mining power NFT DeFi income.
DMEX’s most important feature is our mining power NFT model, which can be widely developed in cooperation with other platforms, such as customized mining power NFT for more metaverse tokens, adding mining income features to in-game assets so as to enhance GameFi’s play-to-earn models, etc. The goal is to create a mining metaverse where every user owns mining power NFT, so as to form an active metaverse crypto-economy. The DMEX platform recognizes that mining power NFT is only the start of valuable mining asset management in the metaverse, more people should start enjoying the benefit of crypto mining in the metaverse world.
FoxWallet Official: With more and more similar DeFi platforms, how is DMEX leveraging its strengths to remain competitive in the industry?
Rufus@DMEX: DMEX’s platform TVL has reached 45 million USDT, this is a good evidence for our leading position in the crypto mining industry. To stay ahead of our competition, we are well prepared to adapt to any market changes in a timely manner. We have a clear plan moving forward and we are confident in our competitive advantages.
With more similar products in the market and increasingly fierce competition, we will continue to provide the most reliable service to our customers in return for their trust. In terms of DMEX’s unique strengths, I think there are two main points (1) DMEX is a user-oriented project and we always insist on product innovation. For example, we developed our very own cross-chain bridge to meet users’ demand for easy and fast FIL conversion and transfer. (2) We have a very strict vetting mechanism for third-party mining partners: DMEX only works with the mining industry’s leading brands and institutions. We are endeavoring to provide more users with a stable passive income from crypto mining.
FoxWallet Official: What impact do you think this partnership between DMEX and Fox Wallet will have on the development of both platforms? In the future, in what other areas will there be in-depth cooperation between DMEX and Fox Wallet?
Rufus@DMEX: Both DMEX and Fox Wallet are focused on the Filecoin ecosystem, and the partnership will deepen the ties between the users of both communities. The partnership also allows miners to query and obtain a wide range of mining information from Fox Wallet, making up for DMEX’s shortcomings in the data aspect. With this collaboration, DMEX users can store their mining output FIL in Fox Wallet, and Fox Wallet users can invest their Filecoin in various DMEX DeFi products to increase their earnings, creating a positive win-win scenario for both communities.
As the Filecoin ecosystem continues to advance, the IPFS technology’s applications around are likely to witness explosive growth. In the future, DMEX will continue supporting Fox Wallet in terms of wallet application and cross-chain asset circulation. Both parties will build the Filecoin community together and develop more DeFi protocols to further promote the prosperous development of the Filecoin ecosystem.
FoxWallet Official: DMEX combines NFT, DeFi and DAO, how do they each function in the DMEX architecture? How do they collaborate with each other?
Rufus@DMEX: Mining power NFT is the underlying asset of DMEX. The NFT technology connects physical mining power assets and virtual blockchain applications. Each of DMEX’s mining power NFT corresponds to actual mining power from physical mining machines. By tokenizing mining power assets into NFT, DMEX bridges the gap between physical assets and blockchain assets, further lowering the entry barrier for users to participate in crypto mining, DMEX has made the distribution of crypto mining revenue much more open and transparent.
DeFi is an important blockchain income amplifier of a valuable extension of financial scenarios. After the tokenization of mining power, aka. hash power, users can transfer their mining power NFT at any time on the DMEX platform. They are also free to pledge their mining power NFT as collateral to borrow a low-interest loan, or participate in a series of DeFi mining pools to earn an extra income. Users can achieve multiple compounded earnings by participating in DMEX’s DeFi products.
The DAO is the governance structure of the DMEX platform. All DMC holders are entitled to participate in the governance of the DMEX platform, everyone can join the decision-making process during major platform events. DMEX users work together and rely on each other to form a thriving user community and a stable ecosystem for the continuous development of the DMEX platform.
FoxWallet Official: What are the next steps for DMEX? Will you reveal it to us?
Rufus@DMEX: In the coming months of 2022, DMEX will mainly focus on the following three aspects.
First, we will further expand our DeFi product line. We are planning on launching a brand new mining power auction system to provide our users with more earning options.
Secondly, we will continue to integrate and launch new mining power NFT products on various public chains. At present, we are mainly operating on the BSC chain and the HECO chain. With the fast development of Ethernet Layer 2, we will expand DMEX’s product line there to better serve the powerful user group on Ethereum.
Thirdly, we will continue to add more value to our platform token DMC. Through the continuous improvement and innovation of our mining power NFT business, DMC will become the key token of the DMEX ecosystem.
Fourth, we will add more application scenarios to expand our metaverse ecosystem. The hot concept of the metaverse is an ideal testing ground for mining power NFT.
These are my visions for DMEX and I believe our community is definitely going to benefit from our plan.
Official website: https://dmex.finance
Dapp: bsc.dmex.im / ht.dmex.im