When: 26th November at 9pm, HKT
Welcome AAX’ers to our #1YearClub #AMA — we are so pleased to celebrate our anniversary with you!
Drawing from experience ranging from the creative arts to working with tech and crypto companies across exchange, remittances, security and human rights, Ben Caselin leads content and business strategy at AAX.
“Content is the thread that links all conversations in the company into one single vision that speaks to the industry at all levels. But it’s also about making that vision a reality and truly driving innovation. Content informs token listings, design, product, market infrastructure and building new connections to the ecosystem. The goal is to become the exchange of choice, a venue where crypto meets global finance.”
Questions posed by community members
AAB is now a token, will it become a coin in the future?
For each cryptocurrency, there are different goals that drive its development. Bitcoin was meant as a form of digital cash, a real currency. It’s now become more like a collectible, a luxury item that people value. Ethereum was meant as a utility token that enables developers to create applications and build their own ecosystems on the chain. Some tokens are launched for a specific use case, but the issuers prefer not to see them traded for speculative purposes.
AAB is much more simple than that. It is part of the AAX ecosystem and as the exchange grows, AAB will increasingly be used as a platform currency to pay for fees, activate exclusive services or participate in certain activities.
It is possible, of course, that AAB takes on a more prominent role in the future in a similar way to other exchange tokens such as BNB, KCS or HT. For early investors in AAB, this is a driving factor — as AAX grows, the demand for AAB will also grow as it makes the trading experience on AAX better. For those who hold early AAB tokens, they would become the main suppliers.
What happened to AAB price? Can the management explain what has happened and what is the future plan to secure investors’ trust?
AAB’s sudden drop came as a surprise to us as well. Crypto markets, even compared to volatile commodity markets, are under the influence of many market forces — different traders have different goals. Why larger holders sold their assets is not clear — perhaps the unfortunate truth is that these holders wanted to free up their funds to gain more exposure to Bitcoin as it was on the rise. In the end, it’s a free market.
Of course we do indeed have a plan to strengthen the coin’s performance. Both AAX and the community benefit when AAB thrives, so we have every intention to drive more uptake.
Apart from promoting better distribution of the token, which will help to make it less likely for whales to take over the market, we have a range of campaigns in the making that will exert strong buy pressure and incentivize traders to HODL. This is really the time to stick with AAX and keep driving growth until we are over the hill.
Will AAB Token be available on more exchanges (Bitrue, KuCoin) to help with volume?
We are open to this and are always willing to invest in any high-quality listing option. We are not particularly interested in having AAB listed on less established exchanges at this point. AAB is first and foremost a platform token, used for trading on AAX.
However, there are benefits that come with the token being listed elsewhere, for liquidity and better price discovery. Right now, the token is listed on HitBTC, even though we have not been promoting that very strongly.
The value of AAB is quite low now, some might say it’s hit the bottom, and just like last time, and as is the case with many coins, as we continue our work, it is likely that the coin will pick up again as well. And seeing as 50% of the total supply is already destroyed, it doesn’t take much for this coin to rally again.
Do you think new DEX protocols like Uniswap and Balancer can completely replace the traditional exchange ordering model. Do you think CEX and AAX services will be in demand for a long time?
It really depends.In the short term, there is no reason to believe that DEX’s are going to replace CEX’s. I have said before, developments in the DeFi space around alternative trade systems and liquidity models are important, but as with most blockchain projects, these are still the initial phases.
We do see much more engagement with decentralized exchange platforms now, but for example, if we look at the institutional investment community, they are still mostly looking at Bitcoin and potentially Ethereum.
These players come with much more money but that also means they are much more restricted. Especially if they are managing client assets. I do not see any way that institutional investors will dive into the DeFi space en masse. That also means we have to keep improving our centralized exchange operations, until a level is reached that allows for the mainstream to trade crypto.
That said, in the far, far future, I like to believe that society will have embraced a decentralized perspective on a range of socio-economic and political activities, including finance, media, governance etc.
What is the plan for AAX now and how can the community benefit?
We now find ourselves in a really important moment in the history of Bitcoin. It’s not just that we are re-approaching Bitcoin’s all-time high, but it’s because the whole environment around it is different now compared to 2017.
With this in mind, we see a lot of solid demand for Bitcoin futures and Ethereum futures, and for the coming months this is an incredibly important focus for us. Liquidity is key and as more traders use our platform, the rest of the ecosystem is lifted alongside with it. We have some very cool plans in place around gamification and all that, but we really need to reach a level of participation and trade volume, before we can take next steps in our evolution.
The community can benefit by referring friends and getting more people to trade with AAX. The exchange has only been around for a year now and it is still very early.
I saw many people said that NFTs are the next ‘Trend’. I also saw some use-cases of NFTs in crypto space. How do you think about the evolution of NFTs in crypto space and the real world?
OK thats a cool question about the NFTs;
We’ve also see a lot of growth happening in the NFT market. These ‘Non-Fungible Tokens’ may seem like some type of meme or Tamagotchi-like hype to some, but there is sometthing to it.
When it comes to our wealth, aside from dollars in the bank, we also look at other, less liquid or even unique assets we might possess. An old-timer, a fine art piece, an antique, real estate, a bonsai tree, etc.
These types of assets come with a range of problems which we do not have to discuss at length here. But it comes down to the fact that ownership is not always so easy to prove — this is very different on the blockchain.
Bitcoin has held its own. Ethereum gave rise to a wide range of utility tokens. Stablecoins are (usually) pegged to the value of fiat, making it easy to move between fiat and crypto and to escape market volatility. But there is of course also a need for non-monetary, illiquid assets to have their digital counterpart. Hence the creation of NFTs.
We believe this is an important development in the industry that should be followed closely.
There are many projects that sprout up like a mushroom with a bold idea but still fail. What will $ AAB succeed and fly away from?
You would be suprised how committed we are to this project called AAX. AAB is an intrinsic part of our exchange and there is no reason to believe now we would abandon it. The token exists and will always be part of our structure and planning and operations. And as for the exchange, we have absolutely zero reason to be pessimistic about the future. In fact, in liquidity we are now 7th, on contractmarketcap and coinmarketcap we’ve come up in the top. 20 for derivatives. and despite occasional setbacks we have no reason to believe that we will not succeed, and we are happy to see our early users still supporting us as well as new entrants coming on board
What benefits can I keep my $AAB on for long?
When you hold AAB its simply cheaper to trade with AAX. We’v gone for a business model where we offer high end technology and a liquid market, while enabling traders to trade at low fees — aab makes it even cheaper; and as we add more utlity to AAB, for example, making it part of games, or making it a currency to pay for access to certain products, we believe demand for aab will increase as our platform becomes more popular. Buying aab now, is buying the vision.
Will AAX market fluctuate when Biden becomes US president? Do you think it is good or bad?
Lol, I think the crypto markets always fluctuate and I think there are many forces that influence the price of Bitcoin and other crypto assets, so the transition to Biden itself may not be so much of notice
What is the vision of AAX Exchange?
From the outset, the goal has been to build a digital asset exchange that would appeal to a vibrant retail trading community, but that would also stand up to regulatory scrutiny and appease institutional participants in finance.
To build a world-class exchange, suitable for both retail and institutional investors, we brought together professionals from the crypto world, creative arts, and from more corporate settings such as HSBC, IBM and JPMorgan.
A strong team, proven technology and a strong commitment to security, market integrity and performance: we believe that as the industry continues to mature and regulation really starts to take root, these elements will be key to success, long-term continuity and mainstream adoption.
Looking ahead, and with a deep conviction that crypto assets will play an increasingly important role in the world, AAX was built with longevity in mind.
The future is crypto. The future is AAX.
What incentives do you have to attract new investors?
Right now, we are celebrating the birth of a star: our 1 year anniversary. To celebrate, we have organized a whole range of lucrative activities and exciting campaigns for new and old traders. You can find more details here: https://bit.ly/3lMr58r
What has AAX achieved over the past year?
Since our launch, a lot has changed. Earlier this month, we broke our own record on the futures market, printing a daily trade volume of more than 2.4 billion USD. On TokenInsights, AAX now ranks in the top 10 globally for liquidity, and we are confident that this coming year, as we execute our plans, we can reach our goal of establishing AAX as the go-to crypto derivatives exchange for high-frequency and sophisticated traders, such as yourself.
How AAX is keeping ahead of crypto trends? Web 3.0? How can we be part of it? We expect a more fervent demand for tokens that have clear utility beyond classical financial functions such as lending, borrowing and trading.
In this context, we see a trend forming that may bring the work around Web3 more into focus. Whether it’s do with decentralized cloud services or storage, changing conventional platform revenue models, reimaging domains, or building trusted social networks, the work around Web3 is unfolding fast.
For this reason, we have recently launched our AAX Web 3 series for all to learn more about the prospect of a decentralized internet, the various coins that play into that, but also the context within which this digital transformation is taking place: https://bit.ly/3lbsMeG
We all know that DeFi will not replace Traditional finance institutions, so how do you seek to create an ecosystem that will allow both to interoperate together?
As you must have heard, this week there have been some issues surrounding Compound and Coinbase. While we do not need to go into detail here, the way we view DeFi is that is highly interesting and important, but it also exposes the exchange and our users to certain risks that we feel are not yet contained enough for us to feel comfortable integrating with DeFi systems.
When it comes to the ecosystem, there are different perspectives. First, we are building our own ecosystem around fiat on and off ramps, investment and trade, and later perhaps payments or other financial services. We also form part of a larger ecosystem where we act as an investment hub — which includes operating DeFi-token markets. However, integrating and deploying our core systems is not the way forward at this stage. As the technology improves this may of course change.
You can find all of all anniversary events here: https://bit.ly/3lMr58r