AMA RECAP : CRYPTOSCAPE x KROMATIKA
Venue : Crypto Scape
Date : 30 NOV 2021
Time : 03:00 PM UTC.
Guest : Panche
They shared detailed information and opinions about the Project KROMATIKA.
🔴 SEGMENT 1 INTRODUCTION
1) please introduce yourself and your team to our community and tell your crypto story
Aristokrates (no DM please):
Sure... My real name is Panche, based in Southestern Europe (we have snow here ATM)... a founding member of Kromatika Finance protocol.
Kromatika protocol was started by 3 crypto enthusiasts and developers that have over 15 years of development experience each.
The team has been involved in crypto development since 2016, has won a few crypto Hackathons since then and have been involved in DeFi projects since 2019.
2) What is Kromatika all about , it’s usecase and how you got the Idea of creating it??
Aristokrates (no DM please):
Ideas always have some story and a problem that is trying to solve.
Kromatika idea was born by traders who are trading heavily on Uniswap DEX and needed a way to place limit orders on Uniswap for their own personal trading and do that as cheaply as possible, without paying huge swap fees and having big price slippage.
There are often times where a token price goes up and down quickly ( BTC dropping last week was one of them )..
We as traders are often missing that opportunity to buy low and sell high, earning profit.
If we had limit orders on DEXes, we would just place a limit order to buy cheap and sell high and go to sleep. If we can automate that and do that cheap enough, then we are earning a lot of profit and this is what Kromatika protocol exactly does for you.
Kromatika protocol introduces the possibility for traders to place limit orders on decentralized exchanges, particularly on Uniswap. Uniswap has over 5 Billion TVL, and over 2 Billion Daily Volume, making it the biggest DEX; however it only supports market orders (swaps) and not limit orders :-(
3) What are the advantages of your dex as compared to other Dex and how you assure enough liquidity is there for established tokens ?
Aristokrates (no DM please):
Kromatika protocol is not a DEX on its own, it is integrated with Uniswap DEX, meaning it is using the underlying Uniswap liquidity.
This means when users are interacting with Kromatika protocol and place limit orders there, they are actually using Uniswap and are placing limit orders on top of Uniswap DEX liquidity.
4) Why you chosen erc over bsc as it’s increasing in cost considerably until eth 2.0 arrives??
Aristokrates (no DM please):
yes, this is tough one to answer... especially because of the gas fee difference..
However, we have chosen Ethereum Mainnet for the initial launch of the Kromatika protocol because of the TVL and daily volume as well as because of Uniswap integration.
We are also planning to launch Kromatika protocol on Layer 2 chain, like Arbitrum and Optimism, allowing users to save even more on gas fees when using those networks.
And finally, we might consider launching the product on BSC as well, considering similar DEX implementations there.
5) Can you elaborate on your tokenomics and transaction tax and justify the same??
Aristokrates (no DM please):
Kromatika protocol is powered by its own utility ERC20 token, KROM.
KROM token is used for paying protocol fees by the traders, so that their limit orders get processed on time by the Kromatika decentralized network of automation services (bots).
The bots are incentivized in KROM tokens to process the limit orders when the market price reaches the limit order price.
In general, the KROM token circulates between traders and bots, the traders are paying KROM tokens, the bots are getting those KROM tokens + some additional fee (in KROM also).
Krom is a non-mintable ERC20 token, having 100 mil supply, ever...
No transaction fee, the token was fair launched on a DEX and we have locked 60% of its initial liquidity on the DEX, so no rug-pulls are possible.
The rest of the supply (20%) is provided as liquidity on Layer2 and 20% is used for project funding (locked in a Gnosis Safe multisignature wallet)
🟡 SEGMENT2 TWITTER QUESTIONS.
Q1 How do you plan to spread awareness about your project in different countries/regions where English is not spoken well? Do you have local communities for them to let them better understand about your project? @DM7122
Aristokrates (no DM please):
It's been 10 days since we have started and to be honest did not expect such a big success for this project.
That means at the moment we are looking for a lot of community members to help us in growing the project and spreading the word out in different communities.
Kromatika started as an open source project, community driven and we welcome everyone who wants to help it grow, for all traders benefit, including members from different countries and regions where English is not spoken as well.
Our DAPP will be translated into multiple languages for that purpose as well
Q2 When are you planning to launch the staking feature and liquidity farming to earn passive income. What’s your stand on implementing governance in the project ??? @Sk_Kumar82
Aristokrates (no DM please):
We have a long roadmap and a list of features to implement post-launch. Right now the focus is on getting the Kromatika protocol LIVE.
One of the features done postlaunch is introducing a new governance token, given (minted) to all traders that are actively placing limit orders on Kromatika protocol, based on their trade amounts.
We want to give the actuall users of our DAPP the power to govern.
Another such feature planned post-launch is liquidity mining.
The KROM token economy relies on the KROM token circulating between traders and bots, so there needs to be sufficient liquidity on the market for this to work.
This is where we tend to incentivize liquidity providers i.e liquidity farmers.
Q3 You are aware that collaboration and partnership are two of the most important components in the development of a project like this KROMATIKA. Could you tell us about your present collaborations, your partnership aims, and what people can gain from them? @kikiMD14
Aristokrates (no DM please):
This would be an interesting question to answer.
Kromatika protocol got attention from big names from Day1 of its Beta launch.
We already have just concluded our first partnership with Chainlink. We are using their new product called Chainlink Keepers, for our automation network (bots) and they are keen on supporting its usage and helping us with the integration.
We also plan to do co-marketing efforts with Chainlink, especially on the mainnet launch date,
promoting Kromatika protocol in their 500.000 + community as well.
This is just the beginning.. and there might be more partnerships to come.
Q4 You are charging zero fees in your dex ,so how you actually plan to generate revenue for the project?
And when will your App be out on main net? @andrie_chester
Aristokrates (no DM please):
Kromatika protocol has a revolutionary approach compared to other solutions.
We have built our limit order solution in such a way that prevents the problem of swap fees, price slippage and front-running bots, a very common problem when trading on DEXes.
We replaced those problems with a very simple solution: traders on Kromatika protocol are paying a FIXED protocol fee regardless of the trading amount.
This protocol fee is always paid in KROM token and is far lower than the swap fees and price slippage combined.
And you know what, BIGGER traders would love that, since they're gonna have HUGE savings on swap fees and price slippage... since swap fees are percentage based
To answer on the launch date:
Kromatika protocol is scheduled to launch first on Layer2 networks (Arbitrum and Optimism) in Mid December
and
then on Ethereum mainnet mid January.
Until then, we already have a working Beta version on the Kovan test network. We are looking forward to your feedback:
https://app.kromatika.finance
Q5 I have three questions sir
When I click on white paper it takes me to medium article ?
Can You share your smart contract audit?
When we can expect to see a more detailed roadmapI have three questions sir @Abc97341745
Aristokrates (no DM please):
Let me try to answer those 3 in 1 questions one by one
1) Yes, the whitepaper is written as an article found on Medium. We are working on rewriting it.
2) The smart contract audit has not been completed yet.
It will start in about a week from now and we are in the final stages of concluding an agreement with a security auditor.
That security auditor will probably be: Certik.
3) we already have a roadmap till January... The target is live launch...
However, we are working on an extended Roadmap details and some of the roadmap details were already mentioned here (governance token, liquidity farming etc)
🟢 SEGMENT 3 TELEGRAM LIVE
Q1-KING:
What is your main focus right now, are you focused on the community or market/Exchange or the products?
Aristokrates (no DM please):
Right now, our biggest focus is doing educated marketing, where we explain the people, traders the benefit of the Kromatika protocol and why they should stop paying swap fees on DEXes.
Next is community building, trying to build community in different languages.
Q2-Rapenak Too:
At this point, do you think you need CEX to keep this Project growing? Or is it better to focus on other activities than listing on Big CEX?
Aristokrates (no DM please):
1) Kromatika protocol was started on DEX and it will be there for quite some time.
However, we know that CEXes are a popular option for growth, so we already are planning to launch the token on 1 or 2 CEXes untill the end of the year.
Q3-raigun:
There we see many projects that claims they are fully "Decentralized" . But they done their work in a Centralized way. How can we sure thats your Project is fully Decentralized? Can you please tell us what’s your working method?
Aristokrates (no DM please):
Kromatika Protocol is FULLY decentralized and it will be fully governed by the community once the governance token is out,
The team has not intention in holding any admin keys or running a centralized bots.. That's why we have chosen a decentralized bot network (Chainlink Keepers)
Q4-Jarjit:
How does project increase the token`s value, liquidity and utility ? So that it can lead to an increase in token prices ? What is your plan to make your project stable and provide the highest return for investors in the long term ?
Aristokrates (no DM please):
Kromatika protocol uses the KROM utility token...
Traders on Kromatika are paying fixed protocol fees in KROM and bots are receiving KROM as a reward.
In the protocol, the buy pressure on KROM from the traders will be always higher than the sell pressure from the bots, resulting into a appreciation of the KROM value over time.
KROM tokeneconomy is very simmilar to LINK one in that regards... and we know of LINK price atm.
Q5-Oliandri Miguello Casandranova:
Where I can buy your tokens now, what are your current contracts address and how can I buy them and what are the benefits?
Aristokrates (no DM please):
KROm token is available and bridged on 3 different networks: Ethereum, Arbitrum and Optimism.
On all networks it has a different token address that can be found in our Telegram group and webpage.
The benefit of early KROM holders is that they gonna be able to pay for processing MORE limit orders for the same KROM amount
if they buy it at the early stage (when the price is lower) and use it when the DAPP is live and price is higher
YEs, I would like to thanks the host, the CryptoScape team for organizing this AMA...
and all our members participating in this AMA....
Thank you everyone...
My pleasure being here with all of you
Thank you from Crypto Scape 😍
