AMA Recap Crypto Library with Oction


                                                                                      

On 06th May 2021, Oction conducted an AMA in the Crypto Library Community. Our guest is Nicholas Soong, Ian Chew and Japhet Lim.

Lots of questions as usual from the Community about Oction progress. The Oction team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into Oction.

Let’s take a look at the most interesting points of our conversation.

INTRODUCTION
Crypto Library Team :
So, before we start the AMA could you please introduce yourself to our community?

Nicholas (Oction) : I was formerly in Investments for a Sovereign Wealth Fund and an Economic Consultant. I was an early believer in Blockchain technology and was one of the pioneers in South East Asia to initiate OTC trading across borders. From there, I undertook several Blockchain projects since 2018 and through the knowledge and connections garnered, eventually led to the launch of OCTION!

Ian (Oction) : I was formerly an oil and gas trader, and an early adopter of cryptocurrency. One of the pioneers in South East Asia to initiate OTC trading across borders. Also managed, consulted and advised  several other blockchain projects since 2018. During this period, he gathered enough experience and connections to eventually launch OCTION, which is currently lacking in the crypto space.

Japhet (Oction) : I am a Tech Lover, a blockchain enthusiast and is a Certified Blockchain Expert  by the World Blockchain Council. I also graduated with flying colours from the Ivanontech  Academy. In addition, I worked with FTA (FinTech Academy) of Singapore to hold blockchain classes for ACCA (Association of Chartered Certified Accounts), ISCA (Institute of Singapore Chartered Accountants), NUS (National University of Singapore), NTU (Nanyang Technological University), I also plan to offer a full diploma program with PSB Academy for Blockchain.
FIRST SEGMENT (HOST)
Crypto Library Team : What is OCTION? And how the story behind the OCTION project creation?

Nicholas (Oction) : Oction is the worlds first CeDeFi options trading platform that is built on the binance smart chain. We used to trade options and we were on certain platforms like hegic and deribit and we realised that the gas fees were really RIDICULOUSLY HIGH. which made trades non profitable. It got to a point where the gas fees costs were higher than the options contract price!

Ian (Oction) : So hence we decided to build a similar platform but one that solves all these issues by building on the Binance Smart Chain. We also included several changes such as the OCTION Positional Shield (aka an insurance function) to provide an outlet for traders to get out of their options positions should they wish to do so.

Crypto Library Team : What's the reason why we have to choose OCTION from all other project out there?

Japhet (Oction) : There are multiple reasons. 
  • 1st: we are the first ever built on binance smart chain
  • 2nd: we are the WORLDS FIRST TO HAVE an insurance function
  • 3rd: we are integrating other asset classes onto our platform
  • 4th: we do not manipulate any data  or prices, it is 100% transparent.
  • 5th: token holders also get a share in every transaction 
Crypto Library Team : Could you provide some information about your Roadmap, and what are some achievements that OCTION achieved so far?

Nicholas (Oction) : Hi our Roadmap is pretty clear-cut now - we are looking to complete the platform by the end of this month. After that, we will be looking for beta testers of the platform and following that, it would be time to expand our circle of partners for the project. Some of the partners which we are looking for would be:

A. Writers - basically parties who can contribute or at least pledge liquidity to the OCTION project.
Examples of such parties include but are not limited to:
  • 1. Mining farms
  • 2. Crypto Whales
  • 3. Crypto Funds
  • 4. Community Pool Funds
  • 5. VCs
B. Users who want to trade crypto based options contracts.
Examples of such partners include but are not limited to:
  • 1. Centralized Options Trading Brokerages
  • 2. Options Trading Academies
  • 3. Trading Signal Groups
  • 4. Schools which want to highlight financial literacy
  • 5. Centralized Futures Trading Platforms
  • 6. Decentralized Futures Trading Platforms
Our achievements include the fact that we have partnered with Singapore's largest technical institution, and we have completed about 60% of the tech as well! These are just 2 of our achievements among many others!

Crypto Library Team : Please tell us about $OCTI token! What are the token utilities, price, distribution, and where we can buy it?

Ian (Oction) : There are several use cases for $OCTI tokens. Some of them include: 
Governance - OCTION token holders will be able to vote through governance for proposed changes to the OCTION platform.
  • Staking rewards - OCTION token holders will be able to stake their tokens to receive settlement fees per options contract purchased (which forms part of the premiums paid)

  • Buyers/Holders - Receive discounts on premiums paid for options contracts and access to the OCTION Positional Shield

  • Liquidity pool contributors/Writers - Have priority withdrawal when looking to remove liquidity from the liquidity pool

  • $OCTI tokens can be bought on Pancakeswap at the moment. We also have some CEX listings planned so that should come about in the coming weeks!
Our tokens also have various vesting schedules for different token holders. The breakdown is as follows: 
  • Private sale: 20% upon exchange listing, 8% per month thereafter
  • Public sale: 50% upon exchange listing, 25% per month thereafter
  • Team: 6 months cliff, 8% every month thereafter
  • Advisor: 6 months cliff, 8% every month thereafter
  • Marketing: 10% upon exchange listing, 5% per month thereafter
  • Exchange Liquidity Provision: Reserved for Dex and Cex liquidity provision
  • Ecosystem Growth: Reserved for partnerships, user acquisition and future development of the platform
  • Liquidity Mining: Reserved for liquidity mining programs to bootstrap the platform
We've deliberately added in longer vesting schedules for the Team and Advisors to demonstrate our long run commitment and vision of the project. In having confidence with the project and also to protect against massive price dumps, we have also incorporated a vesting schedule for our Public Sale (IDO) tokens, which is something not commonly done in other projects. 

We are looking to build something that can grow tremendously not just in the short run, but in the long run as well!

You can click this link, it will bring you directly to Pancakeswap where OCTI is the default selection https://exchange.pancakeswap.finance/#/swap?outputCurrency=0x6c1de9907263f0c12261d88b65ca18f31163f29d 

Crypto Library Team : What are the future goals of OCTION?

Japhet (Oction) : The future goals of OCTION include, implementing of new asset classes like commodities and other new tokens which the community vote for. new and improved cutting edge price calculations and predictions, upgrade of insurance functions to make it even more appealing. partnerships with projects that are currently already listed on binance ( we are currently in talks with them ). allowing new projects to come on board to let people trade options on their tokens which will inevitably allow coin prices of these new projects to do well and prevent dumping for them.
SECOND SEGMENT (TWITTER)
Crypto Library Team : OCTION is the World's 1st CeDeFi Options Trading Platform built on BSC & I've read that aside from trading, you are planning OCTION to integrate with NFTs too. So it would be nice if you could give us hints about this & how will these NFTs works differently on a trading Platform?

Nicholas (Oction) : Excellent! You went through our roadmap! Well, just to give a hint - the crux is orderbook management. Basically, for NFTs to carry an options element, the logic works similarly to other assets, whereby we need a price feed. Therefore, we will work with a NFT exchange to feed their prices onto our platform. We already have a few working partners in mind but we shall not reveal it now.

However, what we can reveal now is,
OUR TWO STAKING POOLS ARE OPENED FOR STAKING! Click here to start staking $OCTI and get bonus $OCTI!!!

Crypto Library Team : Oction claims to be the world's first Cedefi options trading platform built on Binance Smart Chain. But for new users, could you explain what are "Cedefi" options ? How do you manage to trade these Cedefi options ? And how they would mark a before and after in the Cedefi market?

Ian (Oction) : CeDeFi refers to Centralized-Decentralized Finance. To elaborate on this, for OCTION's options trading platform, certain mechanisms like the hosting of the website is still centralized as we want a smooth user experience (UI/UX) for all traders. However, other elements such as the price feed, options contract execution are decentralized because these are the elements which are critical to price transparency and fairness. We have focused more on decentralization because of a very prevalent risk factor on centralised platforms, we do not want users to go through what multiple users on Robinhood encountered for Gamestop shares.

Crypto Library Team : Famous brokers like expert options or IQ options (that work with fiat) have their own Application, so just for curiosity, Oction is planning create its own Application broker?

Japhet (Oction) : Nope we do not have any plans of that sort for now to create any fiat channels. the reason for this is because we want to be the bridge for the financial world, and allow option traders in the financial world to come into the crypto world via OCTION. another reason why we do not want to create our own fiat channel is due to regulatory reasons as well.
THIRD SEGMENT (LIVE QUESTIONS) 
Crypto Library Team : Is the any step by step guide on how I can connect my Metamask to OCTION Staking Pools?

Nicholas (Oction) : You will only be able to connect your Metamask to the OCTION Staking Pools. In your Metamask wallet, under "Ethereum Mainnet", you will need to click it and add "Custom RPC". Then you will need to fill up these details to add the Binance Smart Chain network onto your Metamask wallet. 

Once the Binance Smart Chain network has been added, click "Add Token" to add OCTI as an acceptable coin and send your OCTI over to Metamask. From there you would be able to stake in the OCTION Staking Pools. If you need more information, please come over to @octionofficial and we will be happy to guide you more if you have any difficulties in staking in any of our pools.

Crypto Library Team Oction claims to be the world's first Cedefi options trading platform built on Binance Smart Chain. But for new users, could you explain what are "Cedefi" options ? How do you manage to trade these Cedefi options ? And how they would mark a before and after in the Cedefi market?

Nicholas (Oction) : CeDeFi refers to Centralized-Decentralized Finance. To elaborate on this, for OCTION's options trading platform, certain mechanisms like the hosting of the website is still centralized as we want a smooth user experience (UI/UX) for all traders. However, other elements such as the price feed, options contract execution are decentralized because these are the elements which are critical to price transparency and fairness. We have focused more on decentralization because of a very prevalent risk factor on centralised platforms, we do not want users to go through what multiple users on Robinhood encountered for Gamestop shares.

Crypto Library Team : As we know, By the Token price many people judge a project, What do you have to Say to investors? What's the plan to increase the Token Demand?

Ian (Oction) : Firstly, our price is 4x after IDO and we have been stabilising around this range for the past week or so. We can only go up from here as we have an evenly distributed amount of investors and holders of our tokens. Investors only need to hold and stake our coin to earn extra coins and also to receive a portion of the profits from any transactions. Token demand will inevitably go up because we are doing partnerships with new coins which they will then need to open lp using our tokens. insurance functions also require users to hold some of our tokens to qualify for it.

Crypto Library Team : Right now issuing a token is a fairly simple process. However, building systems and ecosystems is the hardest part. My question is, how will the demand for tokens increase and how will this token be used in the ecosystem?

Japhet (Oction) : Our tech team is fully-in house and are key stakeholders of the project. So they are paid in tokens not cash. That defrays a lot of our tech costs. As for marketing, we coordinate all marketing activities ourselves and we do not go through a manager. So we also cut down on our marketing costs. The demand for tokens will increase because traders are required to hold onto our tokens in order to enjoy a discount on their call/put options and to gain access to our insurance function, in addition our partnership with many stablecoin projects allow us to expand our ecosystem directly into other projects. This increases demand for our tokens as well. We are fully decentralized - this means that all users directly connect their wallets without giving us any particulars.

Crypto Library Team : Do you have an ambassador in your project?

Nicholas (Oction) : We have multiple advisors spanning from marketing, tech to project partnerships. We have a series of advisors in our project spanning different specialization areas. You can refer to our whitepaper for the list of advisors on board. We will also be announcing 2 new advisors that will be joining the OCTION team this week!

Crypto Library Team : Binance smart Chain blockchain is having high transaction speed and cheap gas fees, Are you planning to launch your mainet or switch to other blockchains in the future?

Ian (Oction) : Right now we are built on binance smart chain and we am to capitalise on this. We have plans for expansions to other mainnets like eth 2.0 or ouroboros.

Crypto Library Team : This strategic partnership between OCTION and Gen Alpha Solutions opens up opportunities by providing liquidity of USD1,000,000 cryptocurrency, are there any partner projects such as gen alpha solutions that provide liquidity for the oction platform?

Japhet (Oction) : Good qn. The key source of liquidity will not be from mining farms. Gen Alpha is just one of our stepping stones. Other key liquidity partners include projects which offer aggregating/borrowing/loaning services - we are natural partners with them because they want to offer APY to their clients.

Crypto Library Team : Why should I invest in your token; do you guarantee I'll be profitable?

Nicholas (Oction) : Well all i can say is that if you check on satoshi club, we are the best performing project for april. Secondly, we have only just begun.

Crypto Library Team : Token burn” is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn?

Ian (Oction) : Yes we do. When other projects want to list their project on OCTION, we will make sure that they have to pay OCTI. These $OCTI may be burned.

Crypto Library Team : As we know, By the Token price many people judge a project, What do you have to Say to investors? What's the plan to increase the Token Demand?

Nicholas (Oction) : We say to all investors that we are getting work done, the platform is being developed, and as per all other projects, token price is a by-product of real work being done.

Crypto Library Team : Your foundation idea is very new, so it takes a lot of formula and takes a long time to develop. This must have a tricky point for you? Do you agree that the strength of the community will lead your project to grow globally?

Ian (Oction) : Yes our idea is very new and is proprietary, the formulas indeed is very time consuming but it is necessary for us to get it done so that we can create a fair and transparent platform that will be able to cater to every user. The community for sure is very very important! thankfully for us we have a very strong and supportive community that is growing everyday :) i hope you do join and see what we can do for you too!

Crypto Library Team : Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Does you have any special plans to attract and expand the community and improve the user experience?

Nicholas (Oction) : Yes, we will have multiple engagement fronts on various social media platforms and through our community to further educate and engage with the OCTION family. We will also be implementing multiple marketing drives, especially on Twitter and TikTok to improve awareness of the OCTION project. In terms of user experience, there are currently plans in the works to run certain competitions once the platform is up and running. This will help improve engagement and to gather feedback as we constantly strive to improve the platform and the user experience. Yes part of $OCTI's utility is to act as a governance token where users can vote for specific matters on the OCTION platform. This will give users a voice and they will find themselves to be a stakeholder of the project.

Crypto Library Team : We can't deny it. marketing is the biggest strategy for the success of a project, maybe one of the marketing strategies is to build a large and strong community, What is your strategy in building a big and strong Community? And if I may know? Which countries are the main targets of this big project?

Japhet (Oction) : Please refer to the answer above on marketing plans for OCTION. Also, we have started community groups with 10 different countries in their respective languages to help improve the reach of OCTION. All our articles will also be translated to these languages to better interact and capture audiences from these countries. Some of them include China, Brazil, Germany, Spain, Vietnam, Thailand, Italy, Czech Republic, Japan and Egypt (Arab).

Crypto Library Team : I'm new to crypto, and I trust a project. I ended up investing my hard-earned money; and some of them turned out to be SCAMMED, what guarantees will you give to a lay investor like me. that you won't SCAMD? IS your project AUDITED?

Nicholas (Oction) : Well, first of all, all faces of the project are on the wpp. Second of all, we have a vesting schedule and the team cannot touch the tokens until October. So we wont be able to scam anyone.

Crypto Library Team : Yeild farming is a new trending so do you have any plan to yeild farming system development?

Ian (Oction) : Well, first of all, all faces of the project are on the wpp. Second of all, we have a vesting schedule and the team cannot touch the tokens until October. So we wont be able to scam anyone. Yeild farming is a new trending so do you have any plan to yeild farming system development?
We have 2 staking pools now opened:
You can yield farm here

Crypto Library Team : How will you increase your user? Why an investor will use your project? What is the special features do you have that OCTIONince us to use your platform?

Japhet (Oction) : We will be the only usable decentralized options trading platform. That is why users will choose us.

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