AMA Recap with XBase Finance
Tags: Xbasefinance, Xbase, Eth, Btc, Crypto

IS: Welcome everyone to today’s AMA session. Here with us is the owner of XBase Finance — Chekhov.

Chekhov: I am so excited to join this AMA event, cause XBase liquidity mining will start today at 15:00 UTC.

IS: Glad to have you here :)

Chekhov: I know a lot folks still don’t know what is XBase, that is why we are having this AMA to tell you more about XBase.

IS: Yep lets do this

IS: Let’s begin with an introduction, can you tell us a bit about you and your team?

Chekhov: Now let’s get started

Chekhov: Well, We have been knowing each other for many years, we came from all over the world. The reason we gather together is we share same belief in blockchain.

Chekhov: I’m very confident to say that we are the most professional team in the world. We have members coming from Google, Uber and other big Internet companies.

Chekhov: But unfortunately, our team have to remain anonymous at the moment, but I wish that one day we will public our identity, cause we will present a more exquisite project to people, and the world will remember our name.

IS: Wow, that’s a bold claim, good to hear this

Let’s talk about you and the team then

How long have you been in the game and what previous experience do you have?

Chekhov: I mention that we have been in blockchain for years. We call ourselves old crypto soldiers, but DeFi is a new industry, we think DeFi has enormous potential.

That is the reason we join DeFi in the first place. Before XBase we have been mainly helping other projects with their contract code, cause programming is what we are really good at.

IS: Looking at your github proves your words to be true, that’s great, always good to have knowledgeable devs behind a project

Chekhov: After that we see our own potential, so why not work for ourselves? Make the work our own. That is how we decided to create XBase.

IS: Fair enough! So at the moment everyone is anonymous? Do you plan to dox yourselves in the future if the community demands it?

Chekhov: So far theteam will remain anonymous, but our plan is public our indentity until our project knowing by the whole world.

If the world knows about XBase, why not.

IS: So after you gain some traction you plan to reveal yourselves, sounds fair

IS: Alright can you tell us a bit about XBase and how you came up with the idea for it?

Chekhov: XBase is the project that inspired by BASE, we adore their synthetic asset idea, after we check their contract we find out there is a lot room for improvement, and we just happen to be a highly professional team, So we decided to take the project to another level.

Chekhov: With that idea, I made a long discussion with our team, we decided to having a project with no pre-sale, no pre-mining, no team fund. And that is how the 100% fair project named XBase come out.

IS: Fairly launched, awesome

IS: Projects centered around the rebase mechanic have been hot lately, although risky they can be very profitable for smart traders. Can you tell us what makes XBase unique compared to all the other rebase/elastic supply projects?

Chekhov: Is nice to see so many people join :)

Chekhov: If you ask me personally, I will tell you that I think rebase is the greatest thing that happened in DeFi. But in order to keep a rebase project alive, there has to be a lot of positive rebase to let holders keep holding XBase.

Chekhov: That is why we decided to let contract take 10% LP once user enters liquidity mining pool. This 10% won’t go to anyone’s wallet, contract will use this 10% to buy back and burn XBASE token right before rebase.

Chekhov: As long as the price stays above the target price, it will be a positive rebase. And that is how the unique XBase rebase mechanism benefits the entire community.

IS: So it’s deflationary as well?

Chekhov: Yes

IS: Awesome, lets talk abit about your rebase mechanics and tokenomics

IS: Give us some brief details about the tokenomics

Chekhov: I just said the rebase is the best thing happened in DeFi, the reason I think that way is in order to make a rebase project alive, it will require entire community consensus. You are not an individual, you are part of the community. You need to benefit the community first, then get benefit from the community.

IS: Definitely agree, you guys will have to manage the community, from what I’ve seen so far it’s a nice community with a common goal

Chekhov: Tokenomic is what we proud most: In XBase rebase system, contract will take 10% lp from each member who entry the mining pool, this 10% goes to community treasure, buy back and burnt, this action will pump up the XBase price, to keep the price stay above the target price to get positive rebase.

IS: Sounds lucrative, haven’t seen other projects doing this

IS: What about a negative rebase?

Chekhov: Inorder to keep the project alive, postive rebase as much as possible of course.

Chekhov: But negative rebase is inevitable, this requires the community to pump up the price, they don’t need to do that through buying more tokens, just through mining will be enough. If you pump up the price you are not only benefiting the community, you are also benefiting yourself with more XBASE tokens.

IS: We’ve seen a lot of elastic supply/rebase projects crash hard and go in that death spiral negative rebase, what are you guys doing in order to avoid this? Will the burn be enough?

Chekhov: We notice that a rebase project will die if people stop buying them, but people do love liquidity mining, so we decided to add the liquidity mining into XBase. It will let more users engage with XBase in long-term.

Chekhov: The project also requires fresh blood, if you’ve been watching XBase, this is the third AMA we have held. We are trying our best to get in touch with more communities.

Chekhov: We are also in contact with twitter infulencer to promote XBase, we believe with much more exposure, there will be a powerful XBase community. So I think the key to aviod crash is that, and we think XBase will be alright.

IS: Right, so a lot of marketing to spread the word and make sure you have enough miners to burn enough tokens, sounds good. Very interesting approach.

IS: Before we move on let’s just summarize quickly — what are some benefits for the holders, why should people buy XBase and what brings it value?

Chekhov: You won’t regret joining the XBase community, there will be more people to join XBase cause we will keep promoting XBase to more communities.

Chekhov: As long as more people join the liquidity mining, the XBase price will pump up through the mechanism I mentioned before.

And as long as the price stay above the target price, the positive rebase will encourage each member to sell the token for profit.

IS: What do the rewards look like for mining? It’s dependant on volume right?

Chekhov: Yes the volume is the key, also it will depend on how many people in are the mining pools at the same time.

IS: Right, I see that you have big marketing plans which is great but how do you plan to gain your investors trust to stay with you?

IS: Have you locked the liquidity?

Chekhov: Yes, our user’s safety will be our major concern, so we decided to add 30 days liquidity lock once the liquidity mining has started.

Chekhov: Also there will be 100K tokens distributed through mining pool everyday, which means the APY will be pretty sweet :). XBase Is a long-term, stable, profitable and secure project, I think this will show to our investors that XBase is the project you can trust.

IS: Awesome, liquidity lock is important, we all know those pesky scam projects that like to pull it out and leave people bagholding, this will prove you guys mean business

IS: A lot of projects have suffered hack attacks due to exploits in the code, do you plan to have the contracts audited?

Chekhov: First of all, there is something you need to know about our technical team members，many of them are from large international Internet companies such as Google and UBER. We are very confident to say that our programming level is the best in the world.

Chekhov: At the same time, we also upload our code to GITHUB. If anyone finds a bug from the XBASE code, you can report it to us and we will offer you a generous reward. :)

IS: Great, its always nice to see a public github that usually means you guys arent doing anything shady behind the scenes

Chekhov: We have been talking about audit company with many users, some of them think audit company is a joke, some of them take the audit very serious. But the number between those two type of user is 50/50, so if more people think we need an aduit, we won’t hesitate to find one, it’s all up to the community.

IS: I see, you guys only launched a few days ago so it would be fair to say that if the majority of the community demands an audit you will think about hiring an external company to do one right?

Chekhov: Yes, XBase launched last week, community trust will be the key, we will listen to the community if our members told us to do it so.

IS: Awesome!

IS: As we know business is all about making money, what are you doing to make XBase sustainable? How are your funds gathered?

Chekhov: I think if the community is big enough, the rebase will balance the market himself. So our plan is find more twitter influencer to let more people know about XBase. Also trying to get in touch with more communities through AMA, this is our third AMA actually.

Chekhov: We are planning at least 3 AMA next week to get in touch with different communities. And whole lot more communitiies in the future.

Chekhov: We’ve all been in the Internet industry more than a decade, we have many investments beside blockchain, and we also have a lot of investors doing long-term investment with us. So I can assure you that our funds will not be a problem.

IS: Do you get a cut from any transactions or mining? How is XBase making a profit for you guys so that you can keep it sustainable for long time?

Chekhov: The geyser will produce extra 5% to reward the team, that is our team main income, we won’t take any cut from transaction or mining. The extra 5% will only occur when the user collet their mining work.

IS: I see, well that should incentivize you guys to make sure you do the right thing and also have strong marketing. Sounds good.

IS: Alright, lets move on

IS: I know you guys have some exciting announcements to make today, you already talked a bit about the mining, this is the Geyser, correct? Can you share some more exclusive details with our community?

Chekhov: XBase liquidity mining will start within an hour which is 15:00 utc.

Chekhov: There will be 12 mining pools at the begining, we add in token mining pool, if you don’t have any pairs, you can stake your token into the mining pool for mining.

IS: I peaked at your github and saw you guys made some updates ~3 hours ago, must be excited to launch your main product

Chekhov: We are also gonna add in more mining pools in the future, here is something interesting for you: you will be the one choosing which mining pool we gonna add!

IS: So a community vote will decide on what pools to be added?

Chekhov: Cause the new mining pool will be select through community vote! If you have any suggestions for the new pool, tell us and we will let the community decide!

Chekhov: Democracy is the best thing happened in this world

IS: Agreed, power to the people.

IS: So exciting stuff happening in about an hour, launch of the mining pool, which will be your main focus. Do you plan to have any partnerships with other projects and collaborate on mining pools?

Chekhov: Our only partnership at the moment is promotion, get XBase more publicity, let more people get involved with XBase.

Chekhov: We have been thinking tocollaborate with other projects, such as use other project tokens to mine XBASE token, but it won’t be a community decision, is not really fair to our user, so we decided not to do it.

Chekhov: If you gonna collaborate with other project, of cource it has to be done through community vote

IS: Fair enough

IS: I wish you a successful launch of the mining, what are your plans after that? For the near future? Do you have a roadmap?

Chekhov: Yes we have, and we will post our roadmap on oue website next week. This year we will be focusing on increasing liquidity through liquidity mining. After all, liquidity is a symbol of life for a token.

IS: Yup so roadmap expected for next week and main focus is on mining at the moment, sounds good

Chekhov: With liquidity mining, liquidity lock and promotion, we believe XBase liqudity will 10 times this year.

Chekhov: Next year we will multiply the value of XBase by 50 times through more mining pools and community promotion.

IS: I like your ambition, sounds like you have the experience to do this from what you’ve told us.

IS: Would you like to share anything else with our community before we wrap this up?

Chekhov: We are trying to get in touch with different communities in different countries, if you just happend to have those resources, feel free to contact us and help us promote XBase.

Chekhov: I think that will be all for now

IS: Our community is very diverse so hope people will like the ambition you guys have and the product you are offering and it will speak for itself.

IS: Thanks for being with us today, @MrBigChekhov, was great having you here

Chekhov: This AMA is much more fun than I expected!

Chekhov: Thank you UniGems and eveyone who is watching

IS: AMAs can be fun yes :) We try to do it that way, its more engaging

IS: Thanks again and good luck!

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Below are some useful XBase Finance links:

Contract address: https://etherscan.io/address/0xCa6892D6bd9aB4f640b9E91FfBdeD23Ec97Fb6f6

Uniswap: https://info.uniswap.org/pair/0xC7aBF65e7742aB594722864b53EA6ee7f152CcCc

Website: xbase.finance

Twitter: https://twitter.com/XBaseFinance

Whitepaper: https://medium.com/xbase-finance/xbase-whitepaper-89b05cb3d2a3

Github: https://github.com/XBaseFinance/Contract

Telegram: t.me/XBaseFinance

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