RECAP AMA CRYPTOVN X LEVERJ

We are pleased to announce the next ama: CRYPTOVN X LEVERJ

⏰ Time: 20:00 PM (UTC+7) September 06, 2020.
The ama session will have 3 parts:
?1. Introduction
?2. Free asking – Drop you question here)
(https://twitter.com/Cryptovietnamvn/status/1302278215126278144)?3. Quiz

? Total prizes: $50 DAI

LEVERJ is the only self-custodial decentralized derivatives exchange that provides upto 100x leverage. Futures trading is available on testnet. Will launch in mainnet soon! In addition, Leverj also provides high speed decentralized spot markets. Spot markets are live on mainnet.

Terms:
• Group:
@leverj
@cryptovn_group
• Channel:
@leverj_ann
@cryptovn_news
• Website :
http://Leverj.io
https://cryptovietnam.vn/

Host:

Hello @swapman ?

Mr. swapman:

hey how’s it going 🙂

Host:

Welcome to our community ?

Host:

very cool group you have here, nice and active

thanks very much

Host:

Cool

AMA will start now

The ama session will have 3 parts:
?1. Introduction
?2. Answer 5 questions from Twitter
?3. Quiz

Mr. swapman:

okay i’m ready, i think Bharath is running a bit late but he can just join after we start

Host:

OK, no problem

We can go a little slow to wait for him))

Mr. swapman:

I can also provide information about him so you have background 🙂 we’ve known each other many years so i can answer some things on his behalf too

Host:

Awesome

We can go to part 1 now: Introduction

I will ask you some questions

 

Part 1: Introduction

Host:

Q1: Can you introduce yourself to the community? What is your background and how did you join LEVERJ Project?

Mr. swapman:

cool sure, so first thanks for having us on CryptoVN — we true believers of grass roots communities and that’s why we like to do these AMAs because we talk directly to traders, instead of just pay for big advertisements on websites. this is more effective to get ppl to learn about us and our project.

and for us, the Asian market and especially Vietnam is crucial. Vietnam is very business-minded and smart about crypto so we know theres a lot of potential

for my background: i worked in investment banking and economic consulting before going full-time into crypto in 2015.

but i first discovered bitcoin in about 2012 and i was attracted to many characteristics:

– free market
– privacy
– no permissions needed (no banks)
– trustlessness

and this is why i always liked the idea of a DEX instead of relying on a centralised exchange

bitcoin and crypto lets you be your own bank so you dont rely on banks, but its also good not to rely on a centralised exchange, and this is what Leverj is about: Bharath the co-founder and I had worked on an exchange on bitcoin called “Coinpit” — and this was successful but in 2017 the fees on bitcoin network got very very high

so we pivoted Coinpit project into Leverj, built on ethereum, which allows users to trade ERC20 tokens on Ethereum on layer 2 plasma without paying really high chain fees like on Uniswap

Host:

Wow, that’s great when you’ve got the good preparation and the cutting edge transition ??

Mr. swapman:

so Bharath, who has also many years background working on Wall Street, and is a brilliant developer, have been continuing the dream to build futures on DEX so that people can control their own keys while they are trading not just tokens but also Futures which are very powerful tool to manage your risk

Host:

I’ve never thought of this before, it’s great that DEX can do this too

Mr. swapman:

so thats how we got into this project — first through attempt on Bitcoin, and with ideas of building a fast DEX that is cheap and traders access to tokens and futures trading 🙂

Host:

Next question

Q2: Can you briefly describe what is LEVERJ?

Mr. swapman:

yea so Leverj in English if you say it is like “leverage”

and leverage is a tool in Futures trading where you can take position sizes that are bigger than the funds you put in your account.

example: if you have 100 DAI , using 5x leverage you can do a position size of 500 DAI, and if price goes up 10% you make 50% gain.

this is the power of Futures, the power of leverage. and the power of being able to manage risk however you want with the proper financial tools

and so we built the exchange on Plasma to be called “Leverj” — which does spot trading (already live) and soon futures trading

i think we came up with this name randomly when we were talking and it just stuck

Host:

Haha, very interesting. I believe your DEX will be used by many people because of the fact with CEX there are many people who do not like KYC

Next question

Q3: What companies/projects do you see as competitors, and how does LEVERJ stand out compared to them?

Mr. swapman:

So because Leverj is built on Plasma — the best Plasma layer 2 technology in the world — it’s hard not to say we are competing with “Omisego — OMG Network” — because they built their transfer tool on plasma too

The reason why we stand out is because our plasma is faster, and has better applications on it — we call our layer 2 “Gluon Plasma” — and it has Leverj, an exchange, built on top of this layer 2 — OMG Network has nothing but this transferring, so we are obviously better

Another competitor people compare us with is IDEX, but this is not as efficient as ours because they have to deal with the insanely high gas costs on Ethereum in their model whereas we dont

if people want to trade on Leverj it’s very similar costs to trading on central exchange because you are making 1 deposit of ETH or ERC20 tokens and then you are in our Gluon Plasma layer 2 — you have control of your funds but you then dont have to do on-chain fees like uniswap to trade, it’s just normal trading fees on the layer 2

Host:

Thank you for great answers ?

We will go to part 2: ANswer 5 questions from twitter

Are you ready?

Mr. swapman:

sure 🙂

 

Part 2: Answer 5 questions from Twitter

Host:

1. How does LEVERJ derivatives market protect speculators from major losses in derivatives? What are the risk control mechanisms?

Mr. swapman:

this is a great question, because anyone who trades derivatives knows that the leverage you get can be very beneficial with big profits or very dangerous with potential losses

so when we build this system we have to be completely sure that we can measure the risk between traders properly because we can not put a trader into negative balance and chase them for the money…because this is crypto, theres no way

as a result we designed the system to make sure we did not have to chase people for money and instead just make sure it’s robust enough to make sure that traders always have enough collateral and then we liquidate if the price is going against the trader.

in Futures there is always an equal size of positions long and short. so even if liquidation fails we can do Auto-Deleveraging which collapses the Open Interest by reducing a profitable traders position equal to the bankrupt trader. this is how we ultimately ensure that we do not take any risk

to summarise: as a trader on Leverj you can only lose as much money as you deposit, not more.

Host:

Thank you for great answer for first question in part 2

Next question

2. Security & User Interface are the Most Important Aspect that Users see on a platform. How has @Leverj_io Platform worked on this? Is Platform suitable for Newbies in the crypto field?

Mr. swapman:

so security wise we agree that this is most important aspect for users.

the contracts have been audited by BlockchainLabs in new zealand and obviously with a new layer 2 technology it is essential that we avoid any kind of security issue because it would be very bad for us if there was a problem revealed, so we have tested this now for almost 2 years where we started using the spot exchange

for user interface, this is something we are constantly improving. users who want to trade on Leverj just have to connect with Metamask, and you can connect your Ledger hardware wallet through Metamask if you want, and then move funds onto “Layer 2” which is Gluon Plasma and then once you have funds on plasma you can do any trading you want, and nobody can steal this money because you custody it through the smartcontract it is deposited on

Host:

Sound good ?

Next question

3. Why would you prefer to trade in the futures of LEVERJ than the Binance futures, or binance DEX? will have better options to guarantee good operations?

Mr. swapman:

so with Binance Futures you have to trust Binance, who has already been hacked before.

plus you have to do KYC with Binance Futures if you want to pull out more than 2 BTC per day

so if you prefer to have custody of your money and avoid KYC then trading futures on Leverj is probably attractive to you 🙂

Host:

Thank you for great answer

2 questions left

4. In recent days, tokens of projects are falling so quickly that many investors are worried about other projects. With your project, what have you been doing to stabilize and bring the best return to investors?

Mr. swapman:

well this is a market-wide drop that has occurred — everything from Bitcoin to ETH to Polkadot to small ERC20 token projects have been impacted.

the only thing Leverj can do is continue to innovate in the Plasma technology and bring out the Futures we plan to launch.

with Futures you can protect yourself from price going down by taking “short” position on prices. that’s why Leverj is so important: we give you financial independence not only by making sure you can access your funds with your keys but also by giving you access to tools that you can make money in any market environment: price going up, down, sideways.

so the team will continue to focus on improving the product and releasing cool new things in response to community demand

Host:

5. Many users for futures trading are still inexperienced and do not know the risks. What are your suggestions to users with low experience to participate in @Leverj_io? How would it be better to start this trade?

Mr. swapman:

thats a good question…it’s true that many people struggle with how futures trading works.

this is why we recommend three things:

1) read about how they work first, and see if you can understand from just reading

2) play first on Testnet where you do not risk any money — this way you are able to master it without losing real money. we have a Ropsten testnet version of the platform that is running Futures right now you can test

3) when trading Futures with real money start with _very small_ amount of money. like I said before, leverage is a powerful tool, you can make a lot of money very fast…but if price goes the wrong way you lose a lot of money fast.

 

Part 3: Quiz https://t.me/CryptoVN_Group/94804

 

List winners AMA

Part 2:

1. @JakariahAngga
2. @AbiBR6
3. @Ksalom95
4. @CaahJony
5. @RKTplay

 

Part 3:

1. @Aleurich

2. @RoZerius

3. @batalot

4. @KeymerS

5. @MrDungxTran

Vietnamese version: https://cryptovietnam.vn/recap-ama-cryptovn-x-leverj-tieng-viet/