Recap: DMEX’s joint AMA with the Hoo Exchange
On Wednesday, May 10th, Will the Chief Product Officer of DMEXC join the Hoo Exchange (Hoo.com) for a live AMA. He answered a series of questions about DMEX’s unique mining power NFT products and upcoming development plans.
If you missed this AMA, don’t worry. This blog post includes a recap of the live AMA session and features the questions asked by community members, as well as Will’s answers.
Hoo Exchange: Good evening Will, can you first introduce the DMEX platform to everyone? Who is the DMEX team?
Will: Sure. DMEX is the world’s first decentralized mining power financial services platform. The creatively employed ABS instruments to tokenize mining power into NFT, so that the mining power can be freely traded. DMEX also combines a variety of DeFi products. DMEX users can transfer and sell their mining power NFTs anytime in the DMEX mining power OTC marketplace. DMEX users can also participate in NFT-backed collateral loans, liquidity mining, joint mining and other diversified DeFi products. DMEX adopts the DAO autonomous community management mechanism to protect all users’ rights. We are aiming to solve the liquidity challenge and the nontransparent mining power income issue plaguing the current mining market.
The DMEX team is an international team with offices distributed all around the globe. Our CEO is Nurtan Turan, she has over 20 years of experience in financial transformation and integration. Nurtan has been researching the Blockchain financial landscape since 2013, she works closely with several blockchain organizations.
Rufus Jiang is the CTO of DMEX, he is an experienced engineering leader with degrees from the Peking University and the University of Michigan. Rufus has global R&D experience, he has led large-scale development teams in P&G, Microsoft, and Amazon. He is a technical expert on blockchain, cloud web development toolchain, distributed computing architecture, and cloud computing.
As the Chief Product Officer of DMEX, I am mainly responsible for product and token economy model design. I am a serial entrepreneur, my main focus is on blockchain technology application and implementation. I specialized in designing blockchain product token economy models. I have years of in-depth research experience on DeFi projects.
Hoo Exchange: What are the main values of DMEX’s platform token? Why did you choose Hoo.com as the first centralized crypto exchange for DMC?
Will: Our platform token DMC reflects the core value of the DMEX platform, DMC holders can enjoy numerous benefits of the DMEX platform. First, DMC holders have priority access to our highly popular mining power NFT products, such as DMEX’s FIL mining power NFT and Chia mining power NFT. These mining power NFTs are highly profitable, therefore they typically sell out within minutes or even seconds every time they were released. Secondly, DMC holders are entitled to in-depth participation in the DMEX platform governance, such as mining power vendor audition, core platform parameters such as the service fee percentage, etc. Thirdly, DMC holders can continuously share the dividend results from the DMEX platform’s growth, 80% of the platform revenues will be given back to the users by airdrops and buyback-and-burn operations. Fourthly, with the maturation of DMEX’s ecosystem, DMC can be used as the collateral asset for the platform’s risk management system. Mining power vendors can list their mining power products on the DMEX platform by staking DMC as the security deposit collateral, this will further guarantee the security and profitability of DMEX’s mining power NFT products.
Hoo is a leading digital asset trading platform with a large user base. The platform provides cryptocurrency trading, mining, and escrow service. The Hoo brand is famous with international customers. We are glad to collaborate with Hoo, and we hope that through this cooperation, both parties will benefit from the synergy.
Hoo Exchange: What is the difference between DMEX’s fully sealed mining power NFT product and other cloud mining power product?
Will: First, let me explain the idea of sector sealing. With the Filecoin mining mechanism, before a Sector can be used for mining, the Miner must seal the Sector, i.e. encode the data in the Sector to prepare it for the proving process. If the mining power is fully sealed, users will be able to earn mining income immediately upon purchase, such is the case with DMEX’s mining power NFTs. However, as is known to many veteran miners, most cloud mining platforms cannot offer fully-sealed mining power, which means that after users purchase their mining power, users would need to wait a long sealing period before they can start earning actual mining incomes.
DMEX tokenizes mining power into NFT (non-homogenized tokens) to confirm and protect users’ mining power ownership. The unique property of mining power NFTs also enables quick and easy mining power transferable pr resale. The DMEX mining power NFTs’ buyers are able to quickly recoup their investment, and lock-in stable mining profits in advance. DMEX users are free to enter or exit the mining power marketplace at any time, this is much more flexible than the traditional cloud mining platforms. DMEX has greatly improved users’ asset liquidity. Users can easily earn a stable daily mining income with minimum entry barrier and peace of mind. DMEX users can also earn multiple compounded profits by participating in DeFi activities.
Hoo Exchange: So how does DMEX guarantee the payout of fully sealed mining power NFT?
Will: Fully sealed mining power is also known as effective mining power, it is pre-sealed and ready to produce mining output right away. All of DMEX’s effective mining power NFTs are uploaded to the blockchain, meaning the mining power information is completely transparent and verifiable. After users purchase DMEX’s mining power NFT, they can enjoy T + 1 mining income settlement, meaning that they will start receiving a stable mining income from the second day onwards.
At present, the major mining power vendors on the DMEX platform include the NonEntropy Technology, IPFS Main, and IPFS Union. They are all distinguished mining platforms in the industry. Currently they have provided over 100P mining power to DMEX. With their rich experience in large-scale mining power sales, operations, and maintenance, the DMEX mining product NFT is destined for success. In addition, the DMEX platform also assigned 10% of the DMC to a risk-sharing fund for community DAO management so as to prevent miner defaults and extreme events.
Hoo Exchange: How does DMEX balance the interests of the platform, the mining power vendors, and users?
Will: DMEX is a decentralized mining power financial service platform, our goal is to allow users to participate in mining with zero entry barriers and zero fund safety concerns. The DMEX platform only charges a very low service fee. We even give back most of the service fees to our loyal users. For example, with our FIL joint mining products, the platform will redistribute 75% of the platform revenue back to our users.
To ensure the quality of our mining power vendors, we have set up various conditions to screen out high-quality vendors. At the same time, the DMEX platform will redistribute 20% of the mining service fee to the mining power vendors as an incentive for them to continuously provide high-quality customer service to DMEX users. We also have a vendor collateral mechanism to ensure the reliability and stability of the mining operation. These measurements will attract more high quality mining power vendors to join the DMEX platform. We hope to create a fair environment for the users, the vendors and the platform so as to achieve sustainable growth. DMEX will continue to expand our user base and attract more mining power vendor partners.
After purchasing effective mining power NFTs from DMEX, not only can the users enjoy high-quality mining services and stable mining incomes, but also can the users enjoy more DeFi options such as mining power OTC marketplace and mining power collateral loans. Users need only make one investment to gain multiple benefits.
Hoo Exchange: According to your previous introduction, DMEX combines mining power NFT with DeFi products and DAO communal governance. How do they function in DMEX respectively and cooperatively?
Will: Through tokenizing mining power into NFT, mining power assets can be uploaded to the blockchain. Once the asset is linked to the blockchain, all records will become tamper-proof. NFT protects users’ right to their mining power. NFT also greatly reduces the entry barriers for average users to participate in mining. Users need only to buy mining power NFT to obtain the corresponding mining incomes, they will not have to worry about mining output embezzlement anymore. In addition, the tokenization of the mining power also improves its liquidity and transparency.
DeFi products serve as a mining income aggregator. It can provide more investment options for the average users. Once mining power is tokenized to NFT, it can easily be transferred and resold, this greatly enhanced mining power assets’ liquidity. Users will also be able to stake NFT and participate in liquidity mining, collateral loans, insurance, and more innovative DeFi products. With DMEX’s DeFi options, users can earn multiple stable incomes.
The DMEX community is governed by DAO. DMC holders are entitled to in-depth participation in the governance and future development of the DMEX platform to share the platform’s revenue.
NFT, DAO and DeFi are three cornerstones of DMEX. With NFT, DAO and DeFi, the DMEX platform will construct a healthy and strong ecosystem.
Hoo Exchange: What’s your opinion on the future of FIL and Chia mining power market? Do you think it is too late for average users to participate in FIL and Chia mining?
Will: I think the future of FIL and Chia mining power market is very promising. I myself will keep investing in the mining business no matter in the bull or bear market. I think it’s never too late to participate in mining. As for FIL mining, it still has a promising future in the next 3–5 years. However, the entry barrier for average users to participate in FIL mining is relatively high. It’s DMEX’s goal to change this situation so that everyone can participate in mining with peace of mind.
Chia is very popular among the average users. The DMEX platform has already released several batches of Chia mining power NFT. In short. We will continue to explore more quality mining power products and increase uses’ asset liquidity.
Hoo Exchange: Will, would you like to introduce DMEX’s plans on future products? How will the platform token DMC function in those products?
We have released our product roadmap for the 2021 second quarter. In the next few months, the DMEX platform will launch several major products.
In late May, we will launch the mining power NFT collateral pool to improve our current mining power NFT trading risk management system.DMEX will collaborate with more mining machine vendors, vendors would need to stake an increased amount of DMEX’s platform token DMCs before they can sell their mining power on DMEX. Meanwhile, we are going to release more Chia mining power products.
Around late May, we will also deploy on the Binance Smart Chain (BSC) and launch liquidity mining on BSC. We will provide more options for DMEX users as well as elevate the platform’s influence and visibility.
In June, we plan to launch a Yield Aggregator. With the new Yield Aggregator, not only can users earn profits from their mining power NFTs, but also can they invest their idle funds in liquidity mining to generate more revenues.
In July, we will officially release the NFT collateral loan product. Users will be able to stake their mining power NFT on the DMEX platform and loan liquid capitals to earn multiple mining incomes. Users can repay the loan with DMC and enjoy an interest rate discount.
User A: Will the price of FIL affect the mining income of DMEX joint mining?
Will: It depends. Since DMEX’s FIL mining product is producing a stable amount of FIL coins, the fluctuating price of FIL does not increase nor reduce the absolute mining output. Output. However, from the perspective of FIL’s market value, the market price of the FIL mining output is certainly influenced by the price of FIL. Also, the overall mining output is jointly decided by the asset utilization ratio of the DMEX joint mining pools and the mining yield per T of the mining power.
User B: How does DMEX plans on attracting more investors from new outlets?
Will: Yes. DMEX is a decentralized mining power financial service platform. Next week we will deploy our products on the Binance Smart Chain (BSC) to increase crypto asset liquidity and enhance the platform’s global influence. We will also release more products on various public chains so as to provide more investment options to average users.
User C: Can you briefly introduce DMC’s token model? What is your buyback and burn mechanism?
Will：DMC is the platform token of DMEX. On a monthly basis, DMEX will allocate 80% of the total platform fee revenue toward user benefits, among which 40% will be designated as the reward for DMC mining single token staking pool, 60% will be invested on buyback-and-burn until the total remaining DMC amount is 21 million. As of now, we have conducted the buyback-and-burn operation for three times, with over 560,000 DMC being destroyed.
User D: If I want to participate in DMEX mining, which product would you recommend for high profit?
We offer a wide range of mining power products. If you are mainly looking for high liquidity, you should choose DMEX joint mining product since users are free to enter or exit the product at any time. You can deposit USDT or FIL to the joint mining to earn FIL mining income. If you are looking for compounded income, DMEX’s joint mining pool issues DLP as the deposit credentials, you could deposit DLP in the PoW mining pool to obtain even more DMC! This is what I meant by making one investment to earn two portions of income. If you are mainly looking for a high APY, you can purchase FIL or Chia mining power NFT. These products have an APY of over 390%. Moreover, you can stake your mining power NFT as collateral to get a loan from DMEX and reinvest your loan for even more investment opportunities.
User E: If the platform token DMCs are held by only a few people or way too many people, will that affect the future development of the DMEX? For example, would it become too easy or too difficult to reach an agreement in DAO?
The DAO governance means that all DMC holders can cast their votes to determine significant issues on the DMEX platform. So I don’t think it is a big problem whether DMCs are held by a few people or a lot of people. As long as the voting result reflects the real wishes of DMC holders, the DMEX platform will honour the DAO decision.
Official website: dmex.finance