1. Is there a reason why you started marketing in Korea?
Yes. Korea is actually a very important market and it is not easy to penetrate into the Korean market without a reliable marketing partner like ICO Pantera. I have noticed that there are not many or almost no DeFi related governance project in Korea. This is the very main reason why I started ERX marketing in Korea first. However, when I tweeted about ERX on my personal Twitter, the western community wants to participate too. The marketing efforts now are now not only focused in Korea but also countries outside of Korea.
2. I want to have a LONG TERM INVESTMENT with this PROJECT, but I’m in doubts right now, how can you convince and assure me this project is SAFE and PROFITABLE?
I hope that you will have long term investment as well. Do you want to know why? It is simply because ERX team and foundation holds NO tokens! This is probably the world’s first governance based rebase project that will act like a DAO and run by the community. For an example, if you have heard about Uniswap, Sushiswap, Balancer, Compound etc kind of governance, you will definitely like ERX governance as well.
The community can put up proposals and also vote to approve or reject the proposal. I will give you a good example — ERX now is based on Ampleforth’s rebase to $1 model but if the community doesn’t like this rebase, they can propose for another rebase like rebases based on Bitcoin Volatility Index, VIX Index, Bitcoin average 7 days price etc. Not only that, if the community wants to change the liquidity mining strategies, they can also propose and vote for it! The best part about ERX is that we can easily fork YFI’s Vault strategies whereby ERX can be staked and yield farm other projects like FARM, BOND, SUSHI, PICKLE etc. Of course, all these need to be proposed by the community and vote by the community. So this is why your long term participation is more important than anything else for ERX. Imagine a Korean run community DeFi project — This is probably the FIRST in Korea!
Profitable or not — that is also the responsible of the community as we own no ERX tokens. ERX is a community governed project so I believe it is also the community taking part determines the price action. SAFE? 100% safe! I am rather honest in this space and you can follow my twitter — https://twitter.com/markkktan?lang=en
3. The RVX, ERX and YRX are owned by the same Team??
No. ERX is not related to RVX and YRX. I am running ERX with Blasco from BitMax as we are true believers of rebases. Rebase is the future of programmable money and also a hedge for our investment portfolio (based on what type of rebases we are looking at). I have known Blasco for a while now and he is a very reputable person in this space. He has good knowledge of technology background and also community building. As this is a community owned project, the community is actually part of the team. Together with the community, we are able to run ERX as a team and family. We really want to start a community owned governance project in Korea as the Korean community is rather untapped from our perspective.
4. Details on the ERX rebase tokens and liquidity mining rewards?
ERX will begin as a rebase model based on Ampleforth (without any negative rebase so you will not lose your tokens if price is below $1). Since ERX is a community owned project, the community can propose and vote for another kind of rebase mechanism anytime they want to if they do not like AMPL’s kind of rebase.
The liquidity mining rewards will begin with 1,000,000 ERX farmed over 90 days (400,000 ERX, 300,000 ERX, 300,000 ERX). After the initial 90 days, the community and propose and vote for the upcoming liquidity mining program! Everything is determined together with the community.
5. I think it is important to know which companies you will partner with to make your business successful. What companies did your partner with, and what did you do with them?
I cannot agree more with you on this. I think when it comes to a governance project such as ERX, the community and always propose and vote for which Vault strategies we want to farm with ERX. Not only that, we can also always think about ERX new farming pools to include other major DeFi alts such as LINK, SUSHI, UNI, SNX etc so that ERX community can grow via their involvement.
6. I think liquidity is the most important thing for all coins these days. What are the ways to secure liquidity for ERX?
Yes. Liquidity is equals to money. Firstly, some of the funds raised will be used and locked up on Uniswap for a year. Secondly, we have SPRINT (ERX Liquidity Mining Program) to encourage liquidity provider to participate and provide liquidity together. The starting LP will be ERX/ETH. We can put other major DeFi alts in so that there will be more liquidity providers and their community will participate in ERX as well.
7. What is the major future direction of ERX token?
Future major direction is — Road to Decentralization
There are two phases before ERX turns into a full decentralization rebase protocol run by the community.
Phase 1 — ERX’s rebase calculations (only positive rebases on ERX) are based on the technology pioneered by Ampleforth — a group spearheading a dynamic ERC-20 token on the Ethereum blockchain.
Phase 2 — At the heart of ERX is its community, particularly the strategies created by our very own community members. Following deployment, as ERX stabilizes and matures as a protocol, the token holders will be allowed to propose new strategies for almost any aspect of the protocol, even the rebase mechanism, liquidity strategies and further utilities for ERX. Careful consideration needs to be applied when it comes to incentivising new strategies but that is just one aspect of ERX’s vision. The game-ability aspect of how liquidity can be routed efficiently is also a big focus. ERX’s ideal end-game is a truly decentralised place for a new era of rebasing in the crypto world and that is the aspect of this DAO that we are most excited about.
8. There are probably many questions that compare to AMPL, but what is better than AMPL structurally? (For long-term holders of Ampl, 30% of their assets have been burned LOL)
This will not happen in ERX for one major reason — There is NO negative rebase when ERX price is below $1, that will ensure that ERX holders will always have their ERX balance checked!
9. The official ERX English Telegram room has only 140 people. I think we need more overseas marketing. Are you marketing for English speakers?
Yes. Definitely. We began this project as a DeFi project to target the Koreans. However like I have mentioned above, after I posted about ERX on my Twitter, there was keen demand from the western community as well. That is why only then we started with a Telegram group. 140 people may seem small now but there are no telegram bots on ERX Telegram. We believe the number will grow as we start with our liquidity mining program and also after more AMA with the western crypto community groups.
10. Ampleforth and YAM had a problem with Rebase. How did ERX overcome problems with rebases?
We have undergone two smart contract audits with knownsec.com and there was no issues and everything is passed. The biggest problem with Yam is that they modified AMPL’s smart contract and YAM owners have no access to their treasury. ERX smart contract is not designed in such a way. I don’t think there is any problems with Ampleforth but you may bring it up again!