LBank AMA Recap with XGT
On 18 July, Lbank held an AMA with the XGT team in the Lbank official telegram group, those who have missed attending this session can see the recap of the AMA here and read the transcript of the session again.
GUEST INTRODUCTION :
So to begin, hello Lbank community, it’s great to be here. My name is Ronan and I am one of the core contributors and founders of Xion.
So to begin I will share info on Xion Global and then Xion Finance so the community can understand both sides of the business
Xion Global is a multi-chain crypto payment processor most commonly used for metaverses, NFT marketplaces, gaming and e-commerce stores. Bringing cross chain decentralized payments with 1–1 stablecoin settlement, loyalty and financial rewards to a global crypto payments industry.
Using Xion Global, merchants can easily integrate Web3 checkout buttons into any commerce store, create payment links to send and share with clients, install Xion’s e-commerce plugins or integrate Xion’s API/SDK solution for a full custom crypto payment solution.
* Decentralised Multi-Chain Payments (19+ Chains)
* Multi-Party Crypto Payments (Merchant Hierarchy)
* Crypto Payments Infrastructure
* Crypto Subscriptions, Loyalty and Cashback
* 1–1 Multi-Chain Stablecoin Settlement
* Seamless Crypto Wallet On-Ramping
Xion Finance compliments Xion Global via XGT (Xion Global Token), which is used as a deflationary payments, rewards and a recurring discount token in the Xion Global crypto payment processing ecosystem.
Besides XGT being used as the predominate payments token for a wide range of industries, Xion Finance adds substantial utility to XGT through it’s DEX aggregator, staking, governance and multi-chain launchpad protocol.
Furthermore, Xion Finance bolsters the utility of XGT through its unique Astronaut NFTs. Each Astronaut NFT will give you the ultimate business superpowers to earn a passive income from transaction fees, build loyalty points to participate in IDOs, shop online or build a Metaverse business in a variety of partnered metaverses.
Q1. What is Xion Global and Xion Finance and how is XGT utilised within the Xion ecosystem?
Guest ANSWER — — —: Xion Global is the crypto payments infrastructure facilitating payments for a wide range of industries, namely Metaverses, Casinos, Gaming, and more. Xion Finance is the DEX aggregator and launchpad protocol that allows for users to invest seamlessly into upcoming tier one projects via monthly subscriptions. The XGT token is utilized mainly as a deflationary payments token, loyalty and rewards token in the Xion ecosystem. Lots of utility.
Q2 — What major partnerships does your project intend to use or how does your project bring its products to the average consumer — especially non-crypto users?
Guest ANSWER: Xion is built to accommodate both the traditional and crypto market with seamless web 3 wallet onboarding and overall accustomed user experience when paying with crypto and/or depositing crypto tokens for high APY yields. In the past few months, both clients, partnerships and funding have entered the Xion ecosystem at a remarkable pace. Never mind the current crypto market sentiment, the Xion Global team consistently strives forward to deliver on our Web3 crypto payments and DeFi vision.
Furthering the technology advancements coming into Xion, the overall demand for our solution has been noted by industry-leading conglomerates.
The projected transactional volume for Xion based on inbound deal-flow is estimated at $4.5 billion dollars in crypto payments. This is a monumental increase in transactional volume for Xion, with an increase in the amount of traditional users that will be onboarded seamlessly via email into the Web3 payments domain.On top of the surge in signed client integrations, Xion has also signed a remarkable funding deal that will accommodate our big plans for Web3 payments and DeFi adoption and expansion. Lots of great partnerships coming to the Xion ecosystem🔥
Q3 .Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
Guest Answer: Yes, there is a 1% XGT freezing contract whereby 1% of all XGT transactions processed throughout the Xion Global payment gateway will be sent to our XGT freezer contract to reduce the circulating supply and therefore increase the demand and trading price.
Additionally, there is an early withdrawal fee in the XGT staking pools whereby 0.1% of the stake token being XGT will go into the freezer contract.
We are in the process of implementing more deflationary and utility mechanics within our web3 crypto payments gateway and Xion Finance DeFi protocol.
Q4: 4. Smart contracts are prone to failure, and many projects have experienced it, resulting in user funds being lost and projects being discredited. What is the level of trustworthiness and security of your smart contracts? Did you put it to the test with either party?
Guest Answer: The most important starting point for security in any blockchain or DeFi project is always smart contract risk. We are working together with proven experts from the Ethereum and Solidity community in order to build bulletproof systems that satisfy our high standard for security.
Throughout the development, the smart contracts have been peer-reviewed by different developers and auditors, and have also undergone an official audit (see below). We built our smart contracts on safe and battle-tested dependencies from companies like OpenZeppelin and directly implemented various proven safety measures in our smart contracts to ensure that we can prevent and (in the unlikely case that this happens) even recover any lost funds.
We are working with expert developers and always test our software extensively before deploying anything to production. However, we want to be 100% sure that our smart contracts don’t bear any risks for our users and we haven’t missed anything.
This is why we are constantly in contact with various auditors, asking for second opinions. Our first official audit was conducted by CertiK, one of the leading providers for audits and security solutions. You can find the official audit report below. Additionally, their 24/7 security intelligence is constantly monitoring our smart contracts and their activity.
While no vulnerabilities have been found, all of their other findings in the audit have been addressed by our developers immediately.
You can see our CertiK report here: https://www.certik.com/projects/xion
Q5: 5. What major funding deals have you secured to expand the utility of XGT within the Xion ecosystem?
Guest Answer: Xion has recently signed a remarkable funding deal that will accommodate our big plans for Web3 payments and DeFi adoption and expansion.
This investment will notably accelerate the product development roadmap and overall adoption of $XGT within the Xion Finance and Xion Global ecosystem.
The funding deal will be announced in the coming weeks as per our marketing strategy🙌
Q6: 6. What is next in your roadmap for both Xion Global and Xion Finance and where can our followers find out more about Xion’s ecosystem?
Guest Answer: Well first we are really excited about our XGT/USDT CEX listing on Lbank tomorrow July 19th. We also have several other exchange listings coming in the next few weeks.
We have recently released several articles on our development roadmap for both Xion Global and Xion Finance which you can see here
Overall we are currently testing our crypto payment API’s for the vast amount of clients signed for Xion Global. Xion Finance is currently undergoing a full V2 platform release. Users will have access to a 1:1 swap solution that will enable users to perform zero slippage transfers, eliminating the hidden costs associated with AMMs and making it easier to bridge assets between chains which is backed by their native XGT token.
As previously mentioned XGT is primarily used as a staking, payments, loyalty and rewards token within both Xion Finance and the Xion Global Web3 payments gateway, bringing fundamental utility, not only for DeFi but for Web3 payments as well.
Here is an easy link to find out more about XGT & Xion Finance: http://xionfinance.onuniverse.com
Second part :
Community questions AND winners selected in the AMA
Q1., Where can I buy your tokens right now what is your current contract and how can I buy them?? TELEGRAM USER NAME — @hemphill_31
Guest Answer: You can purchase XGT using the below link or contract
XGT Contract address: 0xc25af3123d2420054c8fcd144c21113aa2853f39
Q2. According to the roadmap, what is your most important next priority?
Telegram username — @ApocalyqseNow
GUEST Answer: Our main priority is finalizing the API development for Xion Global and as well as listing on multiple tier one exchanges for XGT. To add to that we are also working on large partnerships with tier one blockchains and expanding our marketing team.
Q3. Non-crypto users are critical to mainstream adoption. How are you planning to attract non-crypto users to your project? Are there any upcoming partnerships that will give non-crypto users and real-world use cases?
Telegram username — @HerndersonRoger
Answer: This is a great question. Since the beginning, we have been heavily focused on building UI/UX that users are already used to. One of those is our seamless checkout experience where all that is required is an email address to setup a Web3 wallet and start paying with crypto. As well with the launchpad we provide a seamless experience to invest into upcoming projects with monthly subscriptions so you will never miss out on another investment.
Q4. What are the benefits of holding your token as long-term investment? Can you tell us about the motivation and benefits for investors to keep your token in the long run?
Telegram username — @mcgraw_1994
Answer: It is the utility of the token that provides a great opportunity to hold for the long term. The team as been focused around providing as much utility to the token as possible through the applications and payment gateway. Soon you will be able to use XGT to buy almost anything online.
Q5. 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?
Telegram username — @Dwight_toth_96
Answer: Yes, marketing is a big aspect. Due to our recent funding we have now begun scaling our marketing team and efforts globally. Soon you will see Xion billboards, bus wraps, train wraps, F1, MotoGP and more with our extensive marketing plans coming up. We are also working closely with some large crypto influencers, radio stations and publications worldwide to create more brand awareness around the Xion ecosystem.