AMA Recap: CryptoFamily Trading x Polkastarter

On December 15th, the decentralized fundraising platform Polkastarter has officially operated the system on Polkadot network. Projects on Polkastarter span many areas such as trading, raising capital and even the ability to deploy OTC operations.

Also on this day, Polkastarter project has conducted an AMA with CryptoFamily Trading Group - top 1 community of traders and investors in Vietnam, where members can get useful investment advice, receive signals, discuss and share investment experiences in crypto space.

At CryptoFamily Group, the CEO & Co-Founder of the project – Daniel Stockhaus – went live to greet the community and give insights to topics about the decentralized exchange (DEX), token POLS as well as unveil some hot events of Polkastarter in the upcoming time. 

Time: 20:00 GMT+7 12/15/2020 at https://t.me/CryptoFamilyGroup

Airdrop 150$ including 3 parts:
– 5 Questions in Google Form and Twitter (10$ each)
– 5 Questions in free-asking (10$ each)
– 5 Questions in Minigame (10$ each)

Here I would like to write a summary of key points of the AMA session:

Part 1: Introduction of Polkastarter project

Question 1: First, introduce briefly about your team and Polkastarter. What are the occasions that lead your team to the blockchain industry?

Mr. Daniel: Sure. I am originally from Germany who moved to London at the tail end of the .com bubble. That’s how I was thrust into the tech industry. Back then, I was mostly into web design, development & marketing. That eventually led me to start my own e-commerce company that, at its peak, did $20m in revenue per year and had 1m+ customers. After I sold that, I got heavily into blockchain. This was around 2017. 
At that time I was a part of the crypto media. I interviewed ~100 blockchain founders to find out what makes them tick. It was a great experience that led me to some strong beliefs about what it takes to be a blockchain founder.

The common theme I found was that the most successful founders had a strongly held belief in their own vision, but were willing to work within a broader community to make that happen. The best projects in the space share the common goal of wanting to make the world a better place. And that’s what we set out to achieve at Polkastarter.
It also gave me an opportunity to be present at most major conferences (over 80 in 3 years) and meet ups over the last years. By far the most impressive were the Web3 Summits in Berlin. Seeing the Web3 community come together, present their projects and share ideas was really impressive. Last year especially was a highlight, when Gavin Wood introduced Substrate for the first time publicly. It was amazing to experience this first hand and further strengthened my belief to be actively involved.

Question 2: In this question, I would like to know some advanced features of your product to be launched.

Mr. Daniel: As you might know, we launched today our platform on www.polkastarter.com
It was a great success, with at the peak over 10,000 Sessions trying to access the token sale from SpiderDAO
We've launched today with fixed swap pools, which means, that soon anyone can create a pool, which will allow you to swap tokens at a fixed price. This is perfect for projects raising funds, but has many other use cases, like we have seen, when we launched a pool of 100k POLS at a fixed price earlier today, which was sold out in 30 minutes. We managed to sell these tokens without having an impact on the price.
In the future we are expanding our platform with many more features like sealed bid auctions, dutch auctions, staking, liquidity mining, governance, migration to Polkadot, interoperability so you can choose to raise in ETH, DOT, USDT, BTC etc.. so much more to come.

Question 3: What are POLS token? What are the benefits of POLS  holders?
 

Mr.Daniel: We've launched our token on the 29th of September at 5 cents on Uniswap and had nearly 30m volume on the first day. Since then, we have seen a tremendous growth in terms of token holders and interest in our project, with currently 13300 Token holders in less than 3 months, which is close to unheard of for such a young project. Our token has several utility cases, which are:
1. Staking for Pool access - most projects raising will enable the feature to only give access to POLS holders to access the pools and we expect in the future receive special conditions as well
2. Staking for Fee rewards - Polkastarter currently charges 1% on transaction costs to the pool creator - once we enable staking, we will share some of thes fees with our community
3. liquidity mining - we will incentive providing liquidity on our platform by reward liquidity providers with POLS, this feature will still go live this month
4. Governance - we want to be part of the community and will actively involved them in decision makings.

Part 2: Best questions from Google form and Twitter

Question 1: Polkastarter can be used by any project that wants to raise funds in a decentralized environment. What security do you give for them? Also how do you trust other projects since there are so many scam projects are available now-a-days? User: @RahulJayaraj9

Mr. Daniel: That's a very good question. Yes, we are decentralized and permissionless, that means anyone will be able to create a pool on our platform. We've been working very hard on many features, which will be rolled out over the coming weeks, to prevent users from falling for any scam projects. We will provide as much on and offchain data we can, to educate each user before sending their Ethereum.
Additionally we will continue to work with high-quality projects like SpiderDAO (which is currently at 5x since our listing few hours ago) in order to give our community access to great projects at a fair price.

Question 2: To organize my fundraising with Polkarstarter is it necessary to fill out a form or can any project start its fundraising? Why is it safer for investors to use Polkastarter? User: @Winterkom

Mr. Daniel: If you have a great project and want to work with Polkastarter, we would encourage you to contact us directly in order to organise your capital raise efficiently. We have gained a lot of experience and are working closely with people who've been very successful in crypto for 3-10 years. For anyone else, we encourage them to try out our platform and see how it works for them.

Question 3: How does polkastarter deal with other DEXs currently obstacles to accessing DeFi services : high gas cost with on-chain transactions, liquidity being fragmented to various protocols and services, trade fee, subpar UI/UX and lack of efficient market-making mechanisms ? Twitter: @masteryi1976

Mr. Daniel: That's a lot of questions into one. We are not a traditional DEX yet, so you won't be able to trade tokens on our platform like you do on Uniswap. High-gas fees are an issue and that's why we set out from the start our aim to migrate to Polkadot in Q1. Our partnership with Moonbeam was the first step and we will be one of the first projects deploying on Polkadot next year. This will solve most of the aforementioned problems including transactions costs. In terms of UI/UX, I think we did an amazing job, but one of the reasons to launch now already was to gain experience and feedback from our community, so we will always aim to improve.

Question 4:  I speak on behalf of the whole POLS community and I’m actually an admin for the price discussion channel we are all wondering. Have you been In discussion with binance or any of the top exchanges?! User: @nguyenthimyphuongg

Mr. Daniel: Hi, this is something we are actually not allowed to discuss, that's why you always hear this answer from every project. So you will need to be patient. At the same time I think Uniswap is doing extremely well.

Question 5: Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project? User: @Alicejodle

Mr. Daniel: Yes, this has been our main focus from the beginning. We are trying to build a platform which will benefit the whole blockchain world and we want to enable the community to have a strong influence on the direction of the project, as they know best what is needed. We will be implementing Governance by Q2 2021 and we will start asking our POLS holders to make decisions on more and more crucial aspects of the business.

Part 3: Best live-questions in CryptoFamily Group

Question 1: How do you plan to spread your understanding of the project in different countries where spoken English is not good like me? User: @bdtopup1224

Mr. Daniel: Hi, we have created already seveal telegram groups, here is our current list.
- Global: https://t.me/polkastarter
- Vietnam: https://t.me/polkastarterVN
- Turkey: https://t.me/Polkastarter_Turkiye
- Indonesia: https://t.me/Polkastarter_ID
- Korea: https://t.me/Polkastarter_KR
- China: WeChat ID @polkastarter

Question 2: Although ETH 2.0 is delayed to next year, but it will solve all exist problem of ETH and become the best choise for dApps in future, so do you think this is a threat for your project and how could you overcome this barrier? User: @kintrzis

Mr. Daniel: 1. We are all in this business to improve the future and we think blockchain plays an integral part of it. We've carefully looked at all solutions and decided that Polkadot is the best network for us in the future, but that doesn't mean we don't hope that Ethereum 2.0 will be a huge success. The better the whole ecosystem does, the more adoption we will have, the more projects will raise on the blockchain, the more users can invest directly into projects. So we all benefit.
2. I think Ethereum 2.0 is still nearly 2 years away, while Polkadot will offer more functionality from next year onwards, so we are very positive about our decision.

CryptoFamily: Thank you for providing such useful information! Seems like there’re many things to discuss, but I’m afraid the time is up now. Mr. Daniel has finished all of his answers in Part 3.
Due to the lack of time, Mr. Daniel cannot provide the answers for all questions. For the questions that have not been picked yet, feel free to search for more information on the links as Mr. Daniel provided below:

Telegram Group: https://t.me/polkastarter
Telegram Channel: https://t.me/PolkastarterAnnounce
Twitter: https://twitter.com/polkastarter
Website: https://polkastarter.com