Recap to our First-Ever #AMA with #Aurox a leading cryptocurrency trading platform featuring aurox Co-owner Giorgi Khazaradze
It was an amazing trading week, & to add to that we had the honor to host our first-ever AMA & it was with one of our favorite projects! For those who don’t know about Aurox, Aurox has been in business for well over 2 years as a trading platform, they are launching their own native token #URUS in few weeks!
Relevant Links -
Aurox Website- https://aurox.app/r0j
Bromadic Club- https://t.me/bromadicclubgroup
Aurox Youtube Channel- https://www.youtube.com/channel/UC84vfZgIKyY2zsMYCebdCPw
So let’s get started with AMA
the session was started with co-owner Giorgi Khazaradze introducing himself to the group
I’m the co-owner of Aurox Terminal and soon to be launched Urus token. Our goal with the terminal is to create a customizable interface for every trader while providing all the tools necessary for the user to execute profitable trades. Where as the Urus token will combine an aggregated order book from multiple exchanges with a DeFi lending protocol.
Q.1- what is your strategy to attract customers? How do you compete with other famous tokens?
So let's start from the top.
Our strategy is to create a dedicated audience. That has been our strategy from the very start. Even with the token, we kept the number of tokens to only 1 million. We’re wanting to create a following that we can nurture and grow with. All of our users have been extremely excited to join us and our goal is to create content, be in constant communication with them and hear every single one of them. Our entire backlog of functions right now is based on suggestions users have made.
This will translate to our token as well, every owner of our token will get VIP service. It’s not just a platform but much much more. We want every single user to feel safe with their investment and have a direct line of communication with the team.
As we grow, our user base will become more and more intertwined with our business. Although our goal with the token to become one of the biggest lending protocols in crypto, that doesn’t mean each and every user of our system can’t be heard. Everything will be based around strong customer relations
This can’t be said for most crypto and token companies currently, the majority of them are anonymous or the CEOs are hidden away behind the scenes.
It’s extremely important, especially for beginner companies. We run a bunch of SaaS products outside of crypto and also own a few e-commerce stores. The recurring client base is the number 1 thing to a successful business. That comes from quality products, but above all, it comes from taking care of any issue or question they might have
That’s why Amazon has succeeded. You don’t like the product? within seconds, they’ll refund you, no questions asked
Q.2- Many projects are banned by countries for not complying with the regulations. To expand global development, does Aurox have a solution to this problem?
Right now the terminal is just software that integrates into a bunch of other exchanges. We haven’t needed to comply with regulations.
But when we do start creating our Aurox Trade and Lend protocol, part of it will require compliance. The lending protocol will be all decentralized and therefore can be used by anyone with a wallet.
The Aurox Trade platform will be a bit more centralized and require some regulations. Having said that, we do have plans on trying to decentralize it. It’s something we have talked about a lot in the past few months but in essence, if we are successful in decentralizing it, it will function like so:
- User will utilize their funds in a wallet
- Lock it into a smart contract as a down deposit
- They will borrow money from our own reserves, which are stored on-chain
- Be able to utilize those funds to place orders with CEX, which will open up a position inside their smart contract.
- Then at any time, they can close the smart contract to either take profit or stop any losses.
This part requires an extreme amount of legal expertise and right now, it’s not worth spending thousands of dollars a month on it until we get closer to this functionality.
Having said that, we have one of the most knowledgeable lawyers on our team that is helping us. He has represented lots of cases with FTC, SEC, etc.. and one of the only people that have actually won a couple of cases against FTC before. With his help, I have no doubt we’ll be able to overcome any regulation issues
I should state that by decentralizing Aurox Trade, we would avoid any legal issues because the entire thing would be completely decentralized and everyone would be able to utilize it
Q.3- Trading View, as a lot of users have mentioned, is getting more and cumbersome by the day. The ads which were discreet earlier, and now sitting right there I am told. And clicking X on them takes an additional popup/ad. Is Aurox planning to implement an ad-based revenue model in the future?
We have no plans on adding ads ever. We haven’t needed them thus far, and we won’t need them later either. Our goal is to turn a profit through the lending protocol, and margin traders through Aurox Trade
Q.4- what’s your gameplan or roadmap to compete with tradingview, short-term?
Part of the goal is, as I discussed, to nurture traders. TradingView gives you 100s of different functions but if you don’t know what you’re doing, you’re just staring at the chart and putting up 50 different indicators to see what happens. Our goal isn’t to have 500000 different indicators on the system because they’re not necessary. Our goal is to have a select few, and teach our users how to use them. Actually, teach the system. We’re speaking to someone right now that has a huge following for his stocks courses and hoping to bring him on board to do TA courses for crypto.
That’s one, the other part is really targetting crypto rather than everything all at once. A lot of our tools are geared towards crypto because we’re a crypto company. For example, integrating Uniswap (upcoming), and then connecting up to 1Inch to allow people to monitor both charts and trade on DEX right through our platform.
Finally, giving users things that TradingView just doesn’t offer for free. We have indicator alerts, all intervals on the chart, you can have 20 chart widgets open, order book, market overview, and a lot more. If we had to compare the functions that are freely available to functions on TV, you’d be paying $50/month.
We don’t think TV will ever go away or stand down from us. A lot of our users use both, and that’s completely fine with us. But we offer them functions that TV does not
Q.5- In general, every project faces risk. What are the risks affecting the Aurox? How do you solve with them to develop projects in long term and attract users?
The main risk right now is our launch. It’s been insanely stressful and we’re doing everything we can to mitigate any potential problems. We’re listing on a DEX, so we have no clue what will happen. We’ve gotten the contract audited, we’ve spent a large amount of money on the website, marketing, development, etc... But it’s hard to really know what people will demand on the open market. Based on feedback, we’re certain there will be high demand but in the end, no one really knows.
Having said that, after the launch. We’re going to quickly expand our team and start creating traction. I think if we look at our competitors (coinigy, Dextools, etc..) there is a HUGE demand for a proper charting platform. We have a solid foundation and the right marketing push will solve any issue we might run into.
It will all come down to marketing in the long term. We’re gearing up for a major marketing push right after the launch, so we’ll have to see how that works out.
Right now, barely anyone knows us. If you google for our links, it’s very very early in our marketing cycle. We actually started promoting our platform about 6 months ago. For 2+ years we were developing and waiting until our software was in a stable spot before pushing hard on marketing.
Q.6- Do you plan to have subscription plans for your premium indicators in the future? They are free for now, but for how long
We have temporarily added a subscription to our email alerts, but this subscription will be phased out after the token is launched. To give utility to the token before Aurox lend/trade protocols are developed, we’ll integrate the token directly into the terminal.
Basically, the current terminal as is will be kept free. But as we develop advanced functionalities like on-chain data, our AI-based indicator, courses, and a few other things. Those items will require users to hold our token. They won't be required to send our token but simply hold it in their wallet. They’ll be able to authorize it and if they have enough tokens, they’ll get those services for free
all the data that glassnode supports and probably more will be available within the next couple of weeks, Backend is 99% complete, just need to integrate it into the front end right after Uniswap is done
Q.7- Can you share your roadmap for Q1 and Q2–2021?
The main focus for this quarter is expanding our dev team. It’s the highest priority right after the token launch. The second priority is marketing.
As far as what’s in store for the platform, we kind of already covered:
- On-chain data
- Uniswap data + 1inch ordering
- Integrating ordering for ByBit, Bitfinex, etc...
- Courses
and of course, integrating the token within the terminal. oh ya, the Ai indicator our developer has been working on now for 5+ months. Unfortunately had to pull him off of it for a bit while we work on uniswap.
Q.8- How do you plan to promote your project in different countries, where English is not spoken well? Do you have local communities for them to better understand your project?
So unfortunately right now, our main target has been English speaking countries. We do have a task to translate our website into multiple other languages but I’m not sure when this will get accomplished. If we can bring more devs on within this quarter, we can probably accomplish it quickly. The one downside will be the courses that are in English.
Having said that, we’ve had pockets of users from different countries wanting to help out. We’ve had several users who wanted to translate our content, videos, etc.. and we’ve been a bit apprehensive because we just don’t have the resources for it right now. But once we can expand our team, we’ll utilize their help to make sure the content is in every language possible.
Q.9- Same functionality with lending and Borrow and self-financed one coin I bought Thirm -But what happens the private investor took full advantage and liquidate full amount, So what is the best advantage in it when we trust this and any partnership with a big organization?
I haven’t heard of them, so I’m not sure exactly what happened with them. But as far as our tokens are concerned, we don’t possess much at the start. We’re listing 450k on Uniswap and we only get 20k liquid (~5%). The rest of the tokens are locked for a year and then they’re vested for 2 years. So the majority of the team tokens don't even get unlocked for at least 2 years and we don't get full supply for a total of 3.
Everything else belongs to the public basically. There is just some reserves (10%) which will be also the public because it will be used solely for rewards through the protocols and terminal
Q.10- promo video says no coins for VC or Private Sale then what is VIP waitlist & what is 50% Boost?
The VIP waitlist was to educate people that landed on our page about the 50% boost bonus. 99% of people don’t read the documentation and just sending them to our page, they would miss it. By getting them to opt-in, and then educating them on the topic, they’ll be able to take advantage of it.
As far as the boost goes, our token staking and liquidity mining contracts act together (we did a youtube live on this and have another one coming up on Sunday). Basically, liquidity providers will get rewarded with tokens, and if they choose to transfer those tokens directly to the staking contract, that contract will receive a 50% increase in their APY. Additionally, the staking contract will stay open and more tokens can be deposited directly from the liquidity mining contract (but only from that contract, you can’t add the staking contract from your personal wallet) (It’ll be a 50% increase, it won't be 50%. The APY will depend on how many months you stake. For example if your stake APY would normally be 10%, with the boost, it will become 15%)
This way liquidity miners can double dip by both providing liquidity and staking in order to increase their APY
Q.11- I see the Aurox has much better UI, FEATURES, and services than trading view So how do you plan to commercialize your platform? And will it be feasible and affordable for small traders?
And do you plan to extend your markets and services for other than crypto?
This we glossed over a bit above, so I’ll make it quick. The profits will mainly be earned from the lending protocol and margin traders.
As far as extending services, yes, but not right now. We have the entire backend set up so we can quickly add stocks and forex, but we don’t want to tackle those markets until we have a full lockdown on crypto
(Admin- See Giorgi. You see a theme with the questions here. The fact that the current platform is free and is without ads, it will gain momentum very quickly with smaller traders all over the world..)
Giorgi Khazaradze-
Yep, that’s our target audience. Getting people started, educating them, and turning them into real traders. But of course, we’ll provide everything necessary for the experienced ones in the meantime as well.
It’s just we want to make sure the little guys aren’t left behind with some insane tools they can’t fully utilize
Q.12- Defi is a new Hot topic in the Crypto space. How do you see yourself from now to 3–4 years ahead in Defi? And what are your plans for expansion?
Being the largest lending platform around 😄
The one thing I came across in my research these past few months, was trying to figure out who is paying 10% APY for DAI, anyone here knows?
The people paying 10% APY for DAI are people who lend to margin traders and earn 15–20% of APY
The compound is literally financing margin traders (at least the money that moves off-chain). Hundreds of millions move from Compound to exchanges such as bitfinex, binance, bitmex, etc.. to fund margin traders. Our platform cuts through that and directly funds margin traders from our own protocol. Delivering the highest APY’s by connecting the two parties directly
Q.13- What are your views on the eth gas fees, which are currently completely keeping smaller traders out of the uniswap and 1 inch buying pools?
This is 100% an issue with our launch and it’s been brought up a lot. Unfortunately, our hands are tied here. We thought about doing a direct token sale, but it’s illegal in the USA. We thought about doing an IEO, but it would require us to register with SEC and tokens would be locked for a year.
The only option was to simply list it on Uniswap and let the market buy them. It sucks and I wish there was a different option but we explored literally every route and found none.
Our plan for our protocol though is to try to develop on layer 2. Whether that’s Eth 2.0 or something of the sort, Our protocol won't be out till the end of this year and with how defi has been blowing up, I think by the time we get into it, we’re hoping fees are solved.
Q.14- Aurox is greatly praised for its terminal and the ability to provide new indicators for free of cost. Why would someone rely on a terminal platform with their lending or trading stuff? I mean people can just use the charting software still free of cost and do their lending/borrowing and trading on some other DAPPS which were specifically built for DeFi (Eg. : AAVE, AlphaHamora, Acala which hasn't launched, etc.). What is its USP against its competitors since everyone promises that they would be providing the best APY on their tokens etc?
They definitely can. But the thing is when people start using a platform, they get locked in. And we’ve learned that the hard way. People get locked into TradingView and Coinigy, now they don’t look anywhere else even though there might be better tools out there. By locking in traders by offering them free services, then promoting internally to them for our lending and trading platform, converting them into paid users is much easier.
In addition, some of these exchanges have discount fees for brokers, like Binance. Those fees can be passed back to the traders of our platform. Either through our token or simple cashback.
As far as the lending protocol goes, our goal is to deploy the Aurox Trade system and provide our own liquidity first. By enticing users with low APY’s for margin trading, we can lock in margin traders. Then we will unveil Aurox Lend which will eventually fund those margin traders. As the APY increases with more and more demand from margin traders, Yield farming bots that are on-chain will start to shift away from 10% APY compound offers, and move their funds over to our platform instead
Q.15- Please elaborate more on the user-friendly technical indicator that newbies could easily use. Any simple buy or Sell indicator?
Yes, so our Aurox indicator basically triggers simple long and short arrows. It doesn’t necessarily tell you when to buy and sell but rather long/short the market. It’s ~70% accurate on 1-day interval and goes up to 80% on a weekly. It can also be used on the lower intervals with the combination of our other indicators to accurately trade. For example, some of our team trades successfully all the way to 1–5 minute intervals with it.
We’ll be going over this functionality in about 5 hours on our Youtube live if yall want to join 🙂 — https://www.youtube.com/channel/UC84vfZgIKyY2zsMYCebdCPw
