On Thursday, June 3rd, DMEX’s CPO Will joined the Crypto Nations community for a live AMA. Our community was highly enthusiastic as we received over 4k questions from Telegram and Twitter!
If you missed this AMA, don’t worry. This blog post includes a complete recap of the live AMA session and features the best questions asked by our community members.
【Crypto Nations】 Hello Will, welcome to the Crypto Nations community! Before we dive into the details, can you introduce yourself?
Will: Hello Crypto Nations community, thank you for having me here. I’m DMEX’s chief product officer, I designed DMEX’s token economy model.
I’m a serial entrepreneur. I first started working on the blockchain industry in 2014. My speciality is public chain, DeFi, and field application of blockchain technology. Prior to joining DMEX, I developed a multi-chain wallet, Bying Wallet, in 2017. At present it has over 100 thousands users in Asia.
【Crypto Nations】Can you also give us a brief overview of the DMEX team?
Will: DMEX is founded in London, UK by Nurtan Turan, an experienced financial transformation specialist with over 30 years experience with major international corporations such as Accenture and Deloitte. DMEX has a strong technical development team led by veteran developer Rufus Jiang, he worked with P&G, Microsoft and Amazon, he has global R&D experiences, founded and commanded major engineering projects. He is an expert in blockchain, cloud web development toolchain, distributed computing system structure and cloud computing. Our DMEX platform is working very smoothly under the supervision of Rufus. Our team is based globally in UK, Singapore and Hong Kong.
【Crypto Nations】With such a strong team, what does the DMEX platform do exactly?
Will: DMEX is the world’s first decentralized mining power financial service platform.
DMEX endeavors to lower the entry barrier for the average users, improve the capital utilization rate for the mining machine sellers, and increase the value of idle assets for the miners.
The DMEX platform has a rigorous risk management system fortified with DAO community governance and smart contract.
DMEX offers innovative mining power NFT and OTC mining power marketplace. Users can purchase mining power NFT to earn a stable mining income. DMEX’s mining power is guaranteed to be fully effective, the entire process is completely decentralized, each and every piece of data is uploaded to the blockchain, everything is fully transparent and verifiable. Users can easily earn a stable mining income with a very low entry barrier.
Moreover, DMEX users can participate in decentralized joint mining. We currently support the deposit of HUSD and FIL to mine FIL. DMEX supports real-time mining income settlement and 24/7 flexible deposit and withdrawal.
DMEX also offers a highly profitable liquidity mining product with 3 trading pairs, i.e., HUSD/DMC, USDT/DMC, and HT/DMC.
In recent weeks, DMEX also added a highly popular new product, Chia mining power NFT.
On 15 May, the 6th batch of Chia mining power NFT sold out within 3 minutes after the sale opened. The price for this batch is 160 USDT/T with a 500T total quantity. The mining income is settled T+1 with zero waiting period. Users can immediately start earning mining income upon purchase. The DMEX mining power marketplace supports 24/7 over-the-counter mining power trading for all users.
On 18 May, the 7th batch of Chia mining power NFT sold out within 55 seconds after the sale opened. This is a new sale record for the highly popular mining power NFT product line.
Again, DMEX’s mining power NFT is guaranteed to be fully-sealed effective mining power. The mining income is settled T+1 with zero waiting period. Users can immediately start earning mining income upon purchase. The DMEX mining power marketplace supports 24/7 over-the-counter mining power trading for all users.
【Crypto Nations】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.
【Crypto Nations】Can you introduce DMEX’s platform token DMC? What is DMC’s token model?
Will: The DMEX platform token is the Decentralized Mining Coin (DMC). The total issuance is 100 million. 50% of DMC will be generated through mining, among which Proof of Work mining accounts for 30%, liquidity mining accounts for 60%, Proof of Stake mining accounts for 10%. The average block time is 3 seconds. The block reward is 5DMC/block. The block reward will be halved every six months. DMC holders are entitled to in-depth participation in the governance and future development of the DMEX platform. DMC holders are also entitled to share the revenue generated from DMEX’s development.
【Crypto Nations】What is the application values of DMC and what is DMC’s value in the long run?
Will: DMC owners are entitled to multiple benefits. DMC also has numerous practical application values, I’ll list just 4 of them here.
DMEX is a community-oriented platform. It is operated, managed, and developed by the DAO community governance consensus. DMC holders are entitled to in-depth participation in the governance and future development of the DMEX platform. For example, DMC holders can vote to decide significant community agendas such as transaction fee percentage, liquidity pool asset allocation, DMC’s long-term incentive plan, DMC’s buy-back and destruction schedule, as well as other important agendas. Every DAO member will be entitled to share the revenue generated from DMEX’s development. The DMEX platform will continue to search for mutually beneficial arrangements so as to share the platform’s revenue with DMC token holders.
2.Buy-back and Burn
DMEX platform will collect part of the mining income from joint mining and 2‰ of the DLP repurchase and destruction amount as the platform fee on a daily basis. The platform will use 80% of the total platform revenue to repurchase and destroy the platform token DMC on a monthly basis until the total quantity of remaining DMC tokens is reduced to 21 million.
3.Risk Management Collateral Token
DMEX reserves 10% of the DMC as the risk-sharing fund under the management by community DAO. The fund will be used to prevent unforeseeable risks and extreme events. In addition, an increasing number of high-quality mining power vendors are collaborating with DMEX. Mining power vendors will need to stake a certain amount of platform token DMC to be listed on the DMEX platform.
Users can purchase DMEX mining power products with the platform token DMC. DMEX is exploring more practical applications of DMC.
【Crypto Nations】DMEX released a new product recently, the yield aggregator, what is it?
Will: DeFi yield aggregators are smart financial service platforms in the DeFi ecosystem. It leverages different DeFi protocols and strategies via smart contracts, yield aggregators significantly maximize user profits while lowering investment risks. Yield aggregators automatically query a large pool of DeFi projects, searching for the best yielding rates.
After users deposit their crypto assets into the yield aggregator, within the rules of the smart contract, the yield aggregator will automatically shift the funds to the DeFi projects with the highest yield according to real-time market conditions. Yield aggregator is a brand new form of DeFi product and operation model. It will become an indispensable part of the DeFi ecosystem while DeFi gaining increasing popularity in the crypto world.
Yield aggregators have four advantages for average users. Firstly, they can reduce the users’ entry barrier to DeFi projects. Secondly, they can improve users’ profit. Thirdly, they reduce gas fees. Lastly, they improve users’ investment security.
【Crypto Nations】How does the DMEX yield aggregator benefit the DMEX users?
Will: Yield aggregators have four advantages for average users. Firstly, they can reduce the users’ entry barrier to DeFi projects. Secondly, they can improve users’ profit. Thirdly, they reduce gas fees. Lastly, they improve users’ investment security.
With our brand new yield aggregator, DMEX’s HUSD-FIL mining product now has an #APY (Annual Percentage Yield) of over 60%! This is a great APY number, one of the highest in the DeFi industry
DMEX yield aggregator also has a great user experience, the operation is very simple.
Users can deposit HUSD or FIL in the DMEX joint mining pools to mine FIL. The DMEX yield aggregator will automatically reinvest the generated revenue every 5–10 minutes to compound the revenue for users.
The reinvestment will be executed by smart contracts to reduce the need for user operations.
DMEX’s yield aggregator is also very low risk.
As a decentralized platform, DMEX is highly transparent. All data is verifiable on blockchain and all product designs are enforced by the smart contracts, which are totally open-source.
DMEX users can rest assured that their fund is safe. DMEX yield aggregator will improve users’ investment security by investing only in verified DeFi projects.
Best Questions From the Community
【Community Participant】The DMEX platform has a rigorous risk management system underpinned with DAO community governance. so can you tell, what is DAO community governance? and how will this feature benefit your project and users?
Will: A decentralized autonomous organization (DAO), is an organization represented by rules encoded as a computer program that is transparent, completely controlled by the organization members, and not influenced by any centralized entity.
In short, DAO gives users the real say in a project and DAO greatly protects users’ rights.
All DMC holders will automatically obtain a place in the DMEX platform’s DAO governance body
These DMC holders, or shall I say, DAO members, are entitled to vote on many important matters on the DMEX platform, such as:
mining service transaction fee percentage, liquidity pool asset allocation, DMC’s long-term incentive plan, DMC’s buy-back, and destruction schedule, etc.
If DMEX is a ship, there is no captain, every crew member can vote with DAO and determine where the ship will sail
【Community Participant】Has your project been audited?
Will: DMEX is the world’s first decentralized mining power financial service platform. Its smart contract has passed the security audit of Chengdu Beosin Security and CertiK.
Beosin Security: A world-renowned blockchain security company
Security Audit Report Query: https://beosin.com/query/index.html#/
Query keyword: DMEX
CertiK: One of the most trusted blockchain security technology companies in the world
Security Audit Report: https://www.certik.org/projects/dmex
【Community Participant】Why did you choose CoinWind as your partner for yield aggregator?
Will: The cooperation between DMEX and CoinWind has distinctive complementary advantages. CoinWind has a wide influence among average users in the field of DeFi smart mining, while DMEX has a solid technical foundation of professional developers and mining machine vendors.
【Community Participant】Will there be a “DMEX” event in the NFT art space to solve and protect intellectual property issues?
Will: We mainly provide mining power NFTs, at present we have not participated in the art industry.
However, I’ll give you a tip here,
We are running a new NFT event next week with 10000 $USDT equivalent of $DMC rewards :)))
Please stay tuned!
【Community Participant】Can you share about the niche market, and target markets, and the broader market that DMEX aims to? How do the DMEX team think about the Asia crypto market?
Will: DMEX is targeting the users who are plagued by the faults and mistakes of the traditional centralized cloud mining platforms
We aim to provide affordable, reliable and transparent mining power NFT to the market
Asia has a booming crypto market, we are highly interested in expanding in Asia and we are setting up region-specific multi-language communities
We are currently recruiting multi-language and multi-cultural community leaders, we offer great reward for early participants, if you’re interested please reach us :)
【Community Participant】Are you a global project and fully Decentralized? Can any person able to use Your project from anywhere in the world?
Will: Yes, we are a global project, our team came from three countries, our users are scattered all over the world. We have a strong European community at the moment, we are also expanding in China and Africa. Next step we will gradually expand to more Asia countries such as India, Korea, Japan, and the middle east.
We are fully decentralized. Every single line of code, every piece of data is uploaded to the blockchain.
Everything with DMEX is fully transparent and verifiable.
And yes, any person can access DMEX from anywhere in the world as long as he or she has internet service.
【Community Participant】How many rewards campaigns could $DMEX run in the near future? Do you want to attract more users to your ecosystem?
Will: Regarding user reward promos, as I said earlier, we are running a new NFT promo campaign next week, the prize pool is $10000 equivalent of $DMC.
Apart from this major event, we also run many other smaller promo events regularly, such as invite and earn, guess the token price and win, participate in mining to draw a prize, etc. Please follow our social media for more information.
Official website: https://dmex.finance
【Community Participant】Do you have a Token Burning plan to increase Token value and attract Investors to invest?
Will: Yes, DMEX has a token burn program for the paltform token DMC so as to maintain DMC’s long term value.
On May 7th, 2021, DMEX has successfully completed its third and largest buyback-and-burn operation so far.
A total amount of 289,292.08 DMC tokens have been transferred to a black-hole address and burned.
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.
DMC is a deflationary token. DMC will appreciate as the DMEX platform further improves its ecosystem construction.
The buyback-and-burn operation will also continue to secure users’ assets and facilitate the healthy and sustainable development of DMEX.
【Community Participant】Your project is very important but it needs large user traffic to be sustainable over time What marketing strategies do you have planned to increase the validity of your brand? Are you planning a strategic partnership to level up your project?
Will: At present we are focusing on community-based propaganda, meaning that we mainly spread our influence by word of mouth.
We make certain that our users will genuinely earn good profit from our mining power NFT products, and genuinely enjoy our platform service. Therefore our users would genuinely want to tell their friends about us
Try us out, enjoy our industry-leading APY, earn great mining incomes with us, and tell your friends about it.