LBank AMA Recap with SRCX
On 10 June we held an AMA with the SRCX team, hosted on LBank official telegram channel. If you missed this telegram session, here’s another chance to get a full transcript of the AMA event.
Hello I am Ben the CEO and Project lead for Source Protocol
and Source Token SRCX!
Can you Try to explain some of the excellent features that make investors sure they will get profits in the future? because I think the token rebase model is very risky.
SRCX Echo rewards are contingent on transaction volume. The Loyalty echoes are 3% of all transactions on the Binance Smart Chain with SRCX. Yield Echoes will be made possible with the launch of Source Marketplace and our DCLP. A small amount of SRCX is algorithmically liquidated into stablecoins and locked in a supply contract on the peer 2 peer marketplace. This creates solvency and value backing behind SRCX. As DCLP stablecoins are borrowed by over collateralized loans on marketplace they pay interest. 50% of profit is compounded back into DCLP, 50% buys back SRCX and distributes the Yield Echo. This is all done non custodially and with smart contracts. If a peer that is borrowing in the marketplace does not pay off their loan, they lose their collateral. This puts no risk on the DCLP. The Source Marketplace will also incentivise supplying SRCX as collateral which will remove more tokens from available supply.
Can you list 3 killer features of your project that make it ahead of competitors? What are the competitive advantages that you feel most confident about??
Overall SRCX is a highly rewarding and dynamic automated DeFi token. It is the first of its kind to have multiple rewards from automated DeFi processes, a deflationary burn mechanism, and a solvent growth backing mechanism design. Every transaction on the SRCX grows our liquidity, improves our sustainability, and rewards holders for their support of the network.
Can you share to us your tokenomics? How much is the total and circulation supply of your tokens? Will there be buy back system or token burning in the future?
Yes. Total circulating supply was 500,000,000 at genesis. Due to our immediate burn of 40% of the tokens, our circulating supply is now less than 300,000,000. This was always the intention, as we wanted a powerful burn function from the day we launched. The burn wallet is like a black hole. No private keys, and tokens sent to it are lost forever.
SRCX maintains the power to turn off the burn function and back on again by blacklisting this wallet at certain randomized times chosen algorithmically, so no gaming of this function can happen. When it is off, holders get more rewards from transaction volume. When it is on, holders benefit from a constant decrease of circulating supply. As far as token buy backs goes, this happens only after launch of Source Marketplace and works through Yield Echoes.
I am a crypto investor and I only care about prospect of a crypto that I chose, tell me the reason why I should choose your token over the existing one? What is your token advantage that can convince me to change from my favorite token?
Sure, the best thing to do is ask yourself does your favorite token have automatic block by block earned rewards based on network volume? Does it have an automatic liquidity value backing, making it more solvent and sustainable over time? Is it deflationary, and does it have an automatic algorithmically adjustable transaction fee that reduces as volume network increases? Well if it doesn’t, then why wouldn’t you choose to become an SRCX holder? Pretty easy choice from our point of view. We looked at the entire crypto market and designed SRCX to be something innovative and new that brings incredible utility and value to holders. SRCX will be used by retail investors and enterprises alike. We are planning for mass adoption across the board.
Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and Investor to your platform and keep them long term.
Yes we have a great marketing plan and strategy. We have a full marketing team of 11 people behind us ranging from community mods, social media managers, publicists, technical writers, and more. We have many close relationships with soon-to-be announced top protocols, crypto projects and events. We have a great team of advisors with incredible crypto networks and connections.
We also have a number of top influencers / advocates that have great reputations for representing and spreading education and awareness for legitimate projects, and total over 10mm followers in reach, with more to come. We will also be implementing one of the first affiliate community programs for a DeFi project, complete with a full affiliate online portal, that will be launching this next week. This affiliate community will allow members to earn rewards, airdrops, exclusive access to Source’s crypto community and network, and more.
In addition to the above, we will be putting major emphasis on partnering with the most innovative tech in the Web3 space where we will be integrating our DeFi backend infrastructure, as well as traditional financial solutions in need of DeFi technology to improve their service offerings, which will give us further exposure to crypto and non-crypto users alike.
According to your project’s roadmap- what are your most important next priorities in the incoming months?
Organic community growth and adoption is our first priority that we will be putting a large amount of energy into. We will be launching our Source community affiliate program and dashboard this coming next week, which will allow the community the chance to earn rewards like airdrops of future projects, Source NFTs and invitations to exclusive Source events. And while supporting these efforts, we will also be working towards partnering with many crypto integration projects like metaverse developments and merchant processing in order to give SRCX the best access points to become an incredibly useful and rewarding global transaction network.
Throughout the rest of this summer and fall, we will be launching our DeFi marketplace for borrowing, lending, staking and liquidity pooling (Source Marketplace), our governance token, Thermo (TMX), our stablecoin (USX), and last but not least, our proprietary, layer-1 PoS smartchain developed in Cosmos SDK Hub (Source Chain). We will also be rolling out our enterprise integration program, where we will be working with banks, OTC brokerages, exchanges, credit unions, and other TradFi players, to implement Source Protocol’s infrastructure on their backend, enabling their customers to seamlessly participate in DeFi, while garnering mass adoption for Source.
SRCX is the first product of a long list that will be introduced by Source Protocol. We are building an ecosystem that will power the global Web3 economy.
Do you have an AUDIT certificate or are you working to AUDIT your project to make it more secure and reliable??
Yes we have a great score audit by Techrate and will soon have one done by Certik
I want to support your project, Tell us more about the Ambassador Program and in what ways can we participate ?
We will be rolling out a full affiliate program complete with an online web portal in the next few weeks. Affiliates will have the opportunity to achieve certain distinctions and are incentivized in a variety of ways, from future airdrops to Source Cards and more. Please follow our twitter and join our telegram/discord groups for exclusive updates on this.
Please tell me,How can I buy your tokens right now?Andwhich wallet support your token?thanks
You can buy SRCX on Pancake Swap and through Trust wallet and Metamask wallet and you can safely store it on both of those wallets. Remember to set it to BEP20 network settings
IS This Your project only for elite investors, how about others with small funds, is it open to everyone?
Source Protocol is for everyone, from retail investors to enterprises alike. We are just starting our journey, so you have found us at the beginning stages. We welcome all to join the Source Force!
What is the most ambitious goal of your project? What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? I would appreciate it if you could share with us
Source commits to building on, integrating with and implementing the most efficient, compatible, and adaptable tech as the space evolves over time. With a vision of creating a continuously evolving and all-encompassing DeFinTech solution, Source is creating an ecosystem to fuel unlimited DeFi participation from all corners of the market.