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Good intro documentary: https://youtu.be/oksraL7wN6Q?si=JAY4j5Egkzn_7YqK
Indeed, everybody JAY till there is a bash, which can easily happen with POS networks. But I hope that ETH goes only up. No bad feelings.
SEED is minted at contract: 0xD4C317BBF03327E45752FecBdaC671e48c72C425 and it is an ERC20 token for now. Will be swapped to mainnet token at 1:1 Ratio. JAY token is not minted yet, we are planning to mint it once the platform is live on the mainnet.
Are SEED and JAY built yet, or are they just ideas? Are they ERC-20?
Thank you for engaging with us and for your valuable input! Let's break it down: >***Whats the point of fracturing utility into different tokens and NFTs? Why not just consolidate everything into one main token and NFT to make it less confusing?*** **$SEED** and **$JAY** serve distinct purposes to enhance the ecosystem's functionality and user experience. * **$SEED** is our utility token, kind of like the Swiss Army knife of our ecosystem. It has multiple use cases, from fee reductions to staking rewards. Plus, you can convert it into $JAY, adding a layer of flexibility and utility. * **$JAY** is the governance token. This is your ticket to having a say in the platform’s future. Holders of $JAY get to participate in crucial decision-making processes, ensuring the community’s voice shapes our path forward. Think of it like UNI for Uniswap – it’s all about decentralizing control. Now, onto the NFTs – these aren’t just shiny collectibles; they function similarly to VIP levels in centralized exchanges. Owning these NFTs can grant you exclusive benefits and rewards, enhancing your experience and potential gains. Why not consolidate everything? Separate tokens give us the flexibility to adapt and evolve. As the ecosystem grows, we can introduce new utilities, governance features, and rewards without overhauling the entire system. This adaptability is crucial for staying ahead in the fast-paced crypto world. Mixing these utilities into a single token or NFT could lead to chaos in value conveyance and utility overlap. By keeping them separate, we ensure each element serves its purpose efficiently, maintaining clarity and balance in the ecosystem. This structure allows us to cater to various user needs without compromising on functionality or user experience. **In short, having different tokens and NFTs ensures that our ecosystem is robust, flexible, and user-focused.** It might seem complex at first, but it’s all designed to provide maximum utility and engagement for our community. >***Any plans to add advanced orders in the future? Why is the spread like this? Is it a liquidity issue or is this the intended way that orders work on the orderbook?*** What you tested was our test platform, designed to collect data and evaluate features. The current order book experiences delays due to order routing and grouping. We are running a market-making (MM) bot in the backend to provide liquidity; however, it is not optimized, as we only spent six hours developing it. We apologize for any inconvenience and are committed to improving this before our official launch. We are in discussions with several major market makers who will support liquidity at launch. Additionally, take profit (TP) and stop-loss (SL) orders will be available by the end of next week, with other order types to follow. >***How do you plan on attracting liquidity when the platform actually launches?*** >*And to top it all of, your docs state that there will be "voluntary" KYC and AML thru third-party verifiers.* ***Whats the point of having it voluntary?*** The JayX platform offers "voluntary" KYC (Know Your Customer) and AML (Anti-Money Laundering) through third-party verifiers to provide flexibility and user choice. By making these processes voluntary, users can decide whether to undergo verification based on their preferences and needs. This approach allows users to match with exchange nodes who require different levels of verification, catering to varying levels of privacy and compliance requirements. The goal is to balance security and user autonomy, ensuring that users have control over their information while still enabling a secure and compliant environment. >*So, the platform seems underdeveloped for something that quote: "challenges the foundations of traditional financial systems". If you can deliver on these promises, then JayX can surely become one of the biggest decentralized trading platforms, but for now, it looks like just a primitive dYdX.* Thank you for your feedback. We understand your concerns and appreciate your honesty. While the platform is still in its development phase, we are committed to delivering on our promises and continuously improving our features and infrastructure. We’re fast-growing and make **new iterations every week** aggressively. We believe that great products come from countless iterations. That's why we need serious users like you to provide feedback and grow with us. Your insights are invaluable in shaping JayX into the powerhouse it’s destined to be.
JayX protocol offers several features that set it apart from other alternatives: 1. **Decentralized Governance**: JayX allows $JAY token holders to participate in key decisions, such as coin listings and protocol changes, ensuring a community-driven approach. (I don’t think even Uniswap will white label your token for “free”) 2. **User Control**: Users have full control over the information they upload and the operators they choose to work with, emphasizing privacy, compliance and autonomy . 3. **Interoperability**: The protocol is designed to be highly adaptable and compatible with various blockchain networks, enhancing its versatility and usability. 4. **Scalability**: JayX aims to provide a scalable infrastructure using roll-up, grouping and routing to handle a high volume of transactions without compromising speed or efficiency.
Thank you for reading our docs! Yes, $JAY token holders can vote on additional coin listings. This is part of the decentralized governance system on the JayX platform, ensuring community involvement in key decisions. An estimated 100 million $JAY tokens will be minted. $SEED token holders can swap their $SEED tokens for $JAY at a specified ratio. The team allocation is still under consideration, but the goal is to balance community and team interests. The team aims to hold no more than 15% of the total supply in the long term but will retain a sufficient amount initially to drive the project forward.
JayX protocol offers several features that set it apart from other alternatives: 1. **Decentralized Governance**: JayX allows $JAY token holders to participate in key decisions, such as coin listings and protocol changes, ensuring a community-driven approach. (I don’t think even Uniswap will white label your token for “free”) 2. **User Control**: Users have full control over the information they upload and the operators they choose to work with, emphasizing privacy, compliance and autonomy . 3. **Interoperability**: The protocol is designed to be highly adaptable and compatible with various blockchain networks, enhancing its versatility and usability. 4. **Scalability**: JayX aims to provide a scalable infrastructure using roll-up, grouping and routing to handle a high volume of transactions without compromising speed or efficiency.
cool another AMA instead of commenting multiple generic AI-generated questions (like certain users...), I'll be focusing on asking stuff based on your docs. From what I can see, JayX aims to provide basically everything an CEX would do (spot, margin, etc.) but **whats the main distinguishing feature of this platform** between DyDx, which also uses ZK-proofs and is multichain. Or GMX, which provides derivatives. firstly, your ecosystem has multiple tokens and NFTs which is all very confusing. And none of them are even launched yet. $SEED - the "utility" token, like a CEX's token, has multiple use cases, can be converted into JAY $JAY - the "governance" token. EGG, BIRD, a Mockingjay, and Hammer NFTs, all for garnering more rewards. **Whats the point of fracturing utility into different tokens and NFTs? Why not just consolidate everything into one main token and NFT to make it less confusing?** now, for the actual platform itself... So far, JayX seems to only be a spot market in demo mode, so some of my observations may change but please bear with me. JayX really likes to show off the decentralized order book. Looking into it, the spread is horrific (1000 buck or 1.5% difference between bid and ask on BTC alone). For some reason, there are filled orders being shown that are filled at current price... somehow, **despite none of these orders even appearing on the orderbook itself.** If I place a limit order in the middle of the spread, it gets filled, but takes a while to do so. Even with the filled orders list showing prices lower than my limit buy and/or higher than my limit sell. If I place a market order, it takes only the orders from the orderbook, which also includes the horrible spread. On the topic of orders, placing orders seems hard and with 0 ways to edit it. No way to specify types of orders (GTC, FOK, and others), no way to set TP or SL, trailing stops, etc. **Any plans to add advanced orders in the future?** **Why is it like this? Is it a liquidity issue or this is the intended way that orders work on the orderbook?** **How do you plan on attracting liquidity when the platform actually launches?** And to top it all of, your docs state that there will be "voluntary" KYC and AML thru third-party verifiers. **Whats the point of having it voluntary?** So, the platform seems underdeveloped for something that quote: "challenges the foundations of traditional financial systems". If you can deliver on these promises, then JayX can surely become one of the biggest decentralized trading platforms, but for now, it looks like just a primitive dYdX.
The DAO part is interesting. Will $JAY token holders have the power to also vote on which coins get listed? Also, where can we see the $JAY token allocation. How much does the team hold, and how does it supply and minting work?