Recap AMA IDEX x Vietnam Coin Market Community

12 min readOct 19, 2021

Mr Hubert: Hello everyone,

Only 15 minutes left and the AMA event of Idex will be started

The representative for Vietnam Coin Market (VCM) is Admin Owner @taitan296 who will run AMA and Idex project’s representative is @alexwearn and @LongTheShort.

Translator: @nguyetvcm

Vietnam Coin Market Group (VCM) will be locked to make the event convenient.

After Segment 3 of the Vietnam Coin Market group will be opened a chat so that the community can ask the project.

How’s everything going?

Again, it’s been my greatest pleasure to announce today’s special AMA session

“Idex”

Today’s AMA session is composed of 4 parts:

✔️ Part 1 — Welcome

✔️ Part 2 — Q&A

✔️ Part 3 — Questions on Twitter — Guest will choose the 5 best questions from this Tweet: https://twitter.com/chocoin_VN/status/1449569239434596352?s=20

🏆 Total Prize: $50 IDEX

✔️ Part 4 — Free — asking: the guests will choose about 5 good questions to answer:

🏆 Total Prize: $50 IDEX

Craving for the question rain ahead after I unmute the group.

Anyway, let’s get the curtain roll-up and welcome @alexwearn and @LongTheShort.

Mr V: Hi everyone! 👋 Thanks for having us. Excited to answer some questions and give you an overview of the next generation DEX.Mr Hubert: Hello sir :))

It’s a pleasure to all of you who participated in the AMA today.

Mrs Nguyet: Hey Sir, Welcome to VCM Community ❤️

Mr Hubert: Could you briefly introduce about yourselves as well as your project?

Mr V: My name is V and I’m the Head of Marketing at IDEX. Prior to this, I was a derivatives trader for 4 years and a marketing consultant for enterprise companies such as Alibaba, IBM, Shopify, Twitch, and other companies.

IDEX first launched in 2017 as a high-performance DEX and was the #1 ranked DEX for 2 years. Today, we are working on a new exchange design called “Hybrid Liquidity” which combines the order book and automated market making (AMM) into one platform.

We think this design, coupled with our high-performance trading engine, will solve a lot of the issues that DEX traders experience and provide the best possible trading experience.

No more failed transactions, no more front-running, cheap transaction costs ($0.001), and no accounts. Additionally, traders will be able to trade through either the order book or a swap interface.

We are aiming to launch IDEX v3 Hybrid Liquidity in the Fall of 2021 on the Polygon Network.

Mr Hubert: How wonderful, sir. The VCM audience is also eager to study the Idex project.

Looking forward to have our audiences to know more about the project and the views.

Let’s get to the first question we’d like to know from you.

What makes the Idex project stand out more than the projects in the same direction at the moment?

Mr V: Definitely an interesting question.

In my opinion, a lot of DEX projects seem to be simply replicating Uniswap and Sushiswap designs on other networks. There isn’t a lot of innovation happening and not many projects are making an attempt to solve problems. For example, a year later we still don’t have a DEX with both AMM liquidity and true limit orders.

One of the ways IDEX stands out is that we have created a first-of-a-kind exchange design that specifically aims to solve problems like failed transactions, slow performance, lack of advanced orders, and high costs.

This will be the first time order book liquidity and AMM pool liquidity will be able to interact with each other which is going to open up a lot more trading and arbitrage opportunities.

There are many more ways IDEX stands out and I highly recommend reading through our Twitter and Blog to understand how all of the components come together to create a seamless trading experience.

Mr Hubert: Thank you, we could give some mins for our audiences to read more about the comment.

We will come to the next question:

What is hybrid liquidity?

Mr V: IDEX v3 Hybrid Liquidity (IDEX HL) combines a traditional order book and matching engine with liquidity pools of an automated market maker (AMM). Traders are seamlessly matched against the best combination of limit orders and pool liquidity for the lowest-cost execution.

This hybrid execution enables users to interact with liquidity pools in a totally new way bringing:

- Tight spreads and always-on liquidity, without the expense or complexity of a traditional market maker

- Passive liquidity provision opportunities and returns for users

The IDEX smart contract contains three settlement functions depending on the type of liquidity being matched.

- Pool

- Limit Order

- Hybrid (Pool + Limit Order)

This makes for efficient settlement regardless of the liquidity source.

API traders will have real-time updates to the pool state and token balances. Traders in the web client need a way to visualize the pool liquidity on the order book. IDEX HL accomplishes this using a concept known as synthetic price levels. The amount of liquidity available from the pool, based on its reserves, can be calculated for any arbitrary price level. IDEX HL picks synthetic price levels to display that are appropriate for the market and shows the available quantities. These synthetic price levels are displayed on the order book alongside traditional limit orders. This makes it easy for traders to understand at a glance the liquidity depth from the combination of limit orders and pool liquidity.

IDEX HL is also great for LPs. Deposit like you would on any other AMM, and receive LP tokens for use in liquidity mining or other protocols. However, IDEX HL is unique in that instant, off-chain execution leads to more arbitrage opportunities, and higher fees for LPs.

It’s quite a complex and revolutionary design so we created an in-depth blog post covering this topic in detail: https://blog.idex.io/all-posts/hybrid-liquidity-diving-into-the-deep-end.

Mr Hubert: Thanks for your sharing. We continue to spend some time with VCM audiences and Mrs Nguyet again. :))

Can’t wait any longer. I think the audience is wanting to learn more about the project:

What are the memorable milestones of Idex in the research and development process?

Mr V: So far, we have been able to finalize a number of the exchange components. The back-end high-performance trading engine is complete alongside the API infrastructure. The smart contracts have been finalized and audited. And finally, we have been able to launch our Sandbox Testing Environment on the Polygon Testnet which is essentially the entire platform fully operational without the UI. Our API users have been testing it for the last 2 weeks without any issues.

We are now working on finalizing the product UI as well as integrating it with the smart contracts and trading engine. We’ve already completed several modules and released a GIF teaser (https://twitter.com/idexio/status/1449032947546345477) on our twitter of the platform live in action with plans to release more soon. We are closer to release than ever before and are confident that IDEX HL will truly change the direction of the entire DEX ecosystem.

We’re really fortunate to have an amazing engineering team that has been able to create something that has never been done before and actually bring it to market.

Mr Hubert: Feeling quite excited about this project, sir. I think everyone will love it and support it as well.

We to the last question of the Q-A segment:

What does Idex plan to do to attract more users in the upcoming time?

Mr V: Great question.

We have a number of marketing and promotional initiatives planned. Some of these are going to be announced right before launch so I highly recommend following us on Twitter to catch them 👀

Overall, our target audience primarily consists of current DEX and CEX traders. To drive these traders to the platform we are going to be providing liquidity mining incentives and trading bonuses. Additionally, we will be offering special promotions such as airdrops, trading competitions, referral rewards, and other campaigns.

We’re also working with several partners on co-marketing initiatives including the Polygon Network team itself. Beyond that, we’re working with several Media/PR firms across various regions to drive brand awareness for the IDEX platform.

I think that once traders get a taste of Hybrid Liquidity, they’ll never want to trade any other way again.

Mr Hubert: How wonderful, sir. VCM will make a small contribution to the project support. Nice to do this. 😊

The last question is already done. Thank you @LongTheShort. for bringing the above useful information.

We’ll move on to segment 3: Questions on Twitter.

Question 1. We’ll come to Nadia540’s first question: About IDEX Hybrid Liquidity (HL) which is the pinnacle of DEX design which provides the best combination of orderbook and AMM DEX features, will IDEXIO only focus on this, or will there be other developments in the future?

https://twitter.com/Nadia5401/status/1449584281597014017

Thanks for the question Nadia540.

While Hybrid Liquidity is our current focus and the ultimate backbone for our platform it’s not the end of our vision.

Our future plans include launching on other networks such as Avalanche and Solana, adding leverage/margin trading, and integrating with a cross-chain bridge.

Our goal is to be the go-to DEX by offering a trading experience that is a blend of DEX and CEX features and capabilities.

Question 2. We come to question #2 of Mulan62851934:

A big problem for a lot of Defi projects seems to be that when farming starts, the price goes down because people unload to put liquidity into the farm. Will there be an incentive to hold and not just farm and dump?

https://twitter.com/Mulan62851934/status/1449576735855439880

Definitely a common problem.

Our liquidity mining rewards will be paid out in IDEX but there is a strong incentive to hold IDEX. By staking iDEX, users can earn 50% of all trading fees that the protocol earns. This means you can participate directly in IDEX’s success while helping the platform become even stronger.

Additionally, there will be several farms that have other tokens as rewards or dual rewards (IDEX + another token) which will help diversify the reward coverage.

Question 3. We come to question #3 of MrDung732002:

How was the idea of creating your project born? Do you still have that motivation and enthusiasm since the beginning of the project?

https://twitter.com/MrDung732002/status/1450396716742569986

The idea was born when we looked at the DEX ecosystem and realized it was plagued with issues that no one was addressing. Failed trades, front-running, sandwich attacks, no limit orders, high transaction costs, the list goes on.

We decided that these issues needed to be solved and we had the perfect background and technical ability to address them.

We also realized that there could be a lot of value in combining the traditional order book design with AMM liquidity. Once we put more time into researching the possibilities, it seemed like this was the natural evolution that DEX designs will follow.

Furthermore, we felt that one of the reasons IDEX did not continue being the #1 ranked DEX was because we did not implement AMM pools early enough and continued to rely on professional market makers. This was an opportunity to address this and open a way for IDEX to regain it’s top spot.

I think we’re more excited and enthusiastic than ever before as we near launch!

Question 4. We’ll come to question #4 from Thuong2233444: What are your top 3 priorities for 2021? Can you share some plans for the coming year?

https://twitter.com/Thuong2233444/status/1449773455738474500

In some sense I already answered this question above but I’ll summarize it:

1. Launch IDEX v3 Hybrid Liquidity and grow the platform to be the #1 DEX

2. Expand to other networks

3. Add leverage/margin trading

Question 5. We’ll come to the last question in the Twitter section of TrueCat777:

Does your project support staking program?if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?

https://twitter.com/TrueCat777/status/1450394557422604291

IDEX has a robust staking program that rewards stakers with 50% of all collected trading fees. To stake, users run a replicator node to help bolster exchange infrastructure and performance. Typically, this requires users to run a Virtual Private Server (VPS) so that the node has 24/7 uptime. However, some users choose to run the replicator node on their personal computer.

You can learn more about how IDEX staking works here: https://docs.idex.io/user-guides/staking

We are also working on other ways to stake IDEX without having to complete any technical operations.

Mr Hubert: Next, the Vietnam Coin Market Community will open a chat for the community to ask questions to the project. We will have 120s to ask. The Idex project will then choose 5 questions to answer.

Let’s go!

Now!

Let’s give some mins for @LongTheShort to choose 5 questions to answer.

@LongTheShort, you may proceed now.

Question 1. On which userbase is Your main target? Are you focusing only on big Investors or small retail Investors also can play a big role In your project?

Our target audience is split the following way:

- 50% current DEX and defi power users (e.g. traders and users of uniswap, sushiswap, compounder, aave, etc)

- 30% current CEX traders that are being driven out due to forced KYC and low withdrawal requirements

- 20% newer cryptocurrency traders which only have minor exposure to the DEX ecosystem

Initially, our product will be best for those already familiar with both order book exchanges and AMM pools. However, as time goes on we plan to adjust the product to be more user-friendly for newer traders. We plan to support this evolution with content and education around trading principles and product guides.

Question 2. Do you consider community feedback/requests during the creation process to expand on new ideas for your project? Many projects fail because they do not understand the target audience and customers. So I want to know who is the ideal consumer for your product?

We place a lot of value on community feedback and constantly make compromises to ensure we meet the evolving demands that traders and liquidity providers have.

The IDEX team posts weekly updates in Discord (discord.gg/idex) and we eagerly take feedback to create a positive loop and reinforce the user-driven nature of product design.

Question 3. 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?

Sure!

Total supply: 1,000,0000,000

Circulating: 591,877,592

The company is currently holding 40.8122% of the IDEX tokens. The purpose of these tokens are to grow the product as we push towards IDEX v3 HL and beyond.

A non-exhaustive list of initiatives includes:

- Liquidity Mining on IDEX v3 HL

- Trade competitions

- Referral campaigns

- Marketing giveaways

- Partnerships

- Airdrops

- Additional marketing campaigns and incentives

The first major initiative is the launch of our liquidity mining rewards on IDEX v3. This will allow us to quickly build liquidity on our integrated AMM, providing the foundational liquidity for the exchange and driving higher trade volumes.

We’re fortunate to be in a position where the company treasury is still large enough to have a meaningful impact on product adoption. We’ve been intentionally conservative as it’s impossible to predict the different opportunities to grow the product that will present themselves. We will continue to effectively manage this treasury to ensure that the IDEX product is a success now and into the future.

Question 4. Will you plan on extending your English and Chinese communities? If that’s the case, who will be your next target group?

Yes! We’re approaching international expansion with a lot of resources (including today’s AMA!)

We’ve recently signed a media deal with a Chinese crypto PR organization and are working on completing one with CoinPost Japan.

Our next regions targeted for international expansion are:

- Korea

- Russia

- Turkey

- Vietnam

- Singapore

Question 5. Some exchange platform offers discounts by letting their users expend the platform’s native token as form of payment to the transaction. Will IDEX have this similar feature? Can we use your tokens as a form of payment and receive discounts on trading?

This is something we’re looking into. We’re considering a system like FTX’s FTT staking system.

The current idea is that you’ll be able to lock IDEX up in a vault (even if it’s already staked) with a 7-day withdraw request period.

In exchange, you will receive trading fee discounts, higher referral rewards, and increased airdrops. Discounts and referral rewards will depend on a tier based system in terms of how much IDEX you have locked as well as your trading volume.

Mr Hubert: Thank you for answering questions from the VCM member community.

So the AMA Idex at Vietnam Coin Market (VCM) is also coming to an end. Hopefully in this direct exchange, the community has a basic understanding of the Idex project. I am the moderator today. Congratulations to the Idex.

Thanks @LongTheShort for joining AMA with the VCM community today. Wish you much health and success.

Again, don’t forget to join the Idex community for further assistance. Thanks everyone.

Website: https://idex.io/

Telegram Group: https://t.me/IDEXChat

Medium: https://medium.com/idex

Twitter: https://twitter.com/idexio

DiscordL: https://discord.com/invite/UHAGGBz

VIETNAM COIN MARKET COMMUNITY INFORMATION:

Vietnam Coin Market Community: http://t.me/chocoin_VN

AMA channel: http://t.me/amachocoin_VN

VCM Announcement: http://t.me/vcmannouncement

Medium: https://chocoin-vn.medium.com