Captain X - ApolloX Founder
Micha - ApolloX Champ (EN AMA)
Jessie - ApolloX Champ (CN AMA)
This article compiles questions and answers from both ApolloX EN and CN Community AMAs. Read the AMAs in full here: EN | CN
Hello everyone and welcome to the ApolloX Community AMA! Today we are joined by ApolloX’s founder Captain X. We are excited to discuss the V2 launch and answer any questions you may have. At the end of the AMA, we will open the chat for the last 4 questions so be ready! Winners selected will win $20 in APX each 🙂
Part 1: ApolloX Sharing
Great to have you here today Captain. Could we start off by introducing ApolloX’s newest product (V2)? You could share how V2 works and how it is different from V1. I am sure a lot of the users are curious!
- V2 is our newest product where trading is processed on BNB Chain. Users can trade easily without going through the deposit and registration processes.
- Currently, the trading pairs we offer are BTCUSD, ETHUSD, BNBUSD, EURUSD, GBPUSD, DOGEUSD, XRPUSD, and LTCUSD.
- One of the biggest benefits of V2 would be self-custody. V2 also has lower trading fees compared to others.
- Users trade against a liquidity pool we call ALP on V2. Liquidity is shared among all trading pairs.
- Another reason we are excited about V2 is that we can serve totally new and different kinds of users. Besides traditional trading users, we can also serve staking users as the ALP pool itself is a relatively low-risk and high-yield product.
Thank you for sharing Captain. To get users excited now that V2 has launched, what should users look forward to next?
- We plan to add more trading pairs, not just crypto but also forex and other asset classes.
- In addition, we are constantly working to make user interface and user experience improvements for our ApolloXplorers to have the best possible experience. For example, (we developed a function for) the increase of margin.
- We would like to thank all users in our testnet group for their opinions and feedback, much appreciated. Thank you everyone!
- We also expect to bring a referral system over to V2. Lastly, we plan for V2 expansion to more DEX Engine partners besides PancakeSwap.
Those are very good goals for the future. I’m glad that ApolloX is always evolving 😊 Can you tell us when you expect to launch the V2 referral system?
- We do not have a confirmed timeline yet. Our pipeline is quite tight, it should be either late Q2 or early Q3.
Could you share more about the Trading Rewards Program (TRP)? For example, how users can join the Trading Rewards Program and the mechanics of the rewards.
- To join, users simply need to trade on V2 to earn from the reward prize pool of a minimum 100,000 APX daily!
- I would also recommend users to stake APX in DAO to enjoy the boosting multipliers. The boosting multiplier will be according to the corresponding power value calculated from the obtained veNFT.
- Another exciting feature is that there is no vesting period for rewards earned during this activity. Users can claim their APX rewards at any time.
- I remember that our reward ROI was 88% in the previous cycle, which basically means an average saving of 88% of trading fees.
Could you kindly share the future plans for spot trading and order book model?
- We started a DAO proposal to get users to vote and decide on the future of spot trading last week, and the majority voted to delist it. Therefore, we will delist spot trading.
- We are currently working on a spot DEX product with a better experience. The new product will adopt the RFQ model quoted by the market maker, and there will be more cryptocurrencies and better liquidity.
- As for V1, it is still an important product for us, and will remain as a trading option for users who are familiar with the orderbook model. If you look at the data, our V1 volume is still strong. In addition, V1 has its own product advantages, such as supporting more pairs and lower fees. We are also looking to expand it to other chains, like zkSync.
Part 2：Community Questions
Deadend007: I'm excited about the new V2 trading feature, but I noticed that there are currently only a few coins listed for trading and the trading fees seem to be relatively high. Are there plans to expand the range of coins available for trading on V2, and to potentially reduce the trading fees in the future to make it more accessible to a wider range of users? #ApolloXV2
- Yeah, as mentioned, we will keep listing new assets. Actually, we will list 5 new pairs this week. As for fees, it's actually low if you take the trading rewards into consideration.
pim2000: With the removal of order book and market depth displays in the ApolloX V2 trading model, how does the platform ensure transparent and efficient price discovery?
- Since V2 traders are trading against ALP, there is no orderbook. Instead, we use oracles to feed prices from the most liquid markets.
Sayuri1: Can you explain how ApolloX V2 maximizes capital efficiency and enables users to open bigger position sizes by sharing liquidity among all trading pairs via the ALP pool?
- If user A opens a long BTC position and user B opens a short ETH position, they all trade with ALP. Thus, ALP would have a short BTC position and a long ETH position.
- One comprehensive pool can provide liquidity for all pairs.
- ALP would only hold a net position, which means relatively lower risks.
Andromedamin: How does the validation process for the ApolloX V2 oracle architecture work, and how does this ensure the accuracy and decentralization of price data?
- We use 2 oracles, Binance Oracle and Chainlink.
- When users open positions, we will seek new price updates from Binance Oracle. Binance Oracle will feed the most up-to-date averaged index price, which ensures that no one can front run.
- Our smart contract will compare this price with Chainlink to double check its accuracy.
- If the error is too large (larger than 1%), the trade would be rejected. Otherwise, the contract would proceed with the trade.
PepayaCC: How does the APX token burn plan impact ApolloX's overall market position and what strategies do you have in place to ensure the successful implementation of this plan?
- Not sure what token burn plan this refers to. I guess it's the 6B burn we implemented about a year ago? That is more of a finance arrangement for our seed round investment.
chimchim1409: For ApolloX DEX product, currently only supports 3 wallets, any plan to integrate more chains and wallet? (e.g. Solana)
- We support more than that.
- As for chains, zkSync would be the next one. We will keep monitoring if any others gain momentum.
Claddh16: What groundbreaking features does ApolloX V2 bring to the table that elevate perpetual trading transparency, and how does it supercharge the derivatives ecosystem on the BNB Chain?
- I think we've mentioned several such as fully self-custody and shared liquidity.
- For users who care more about trading experience, more pairs and low fees, they can still use V1. We also offer this option to our DEX Engine partners like PancakeSwap.
jungsoori: With the extreme competition going in the Crypto world nowadays, especially in the Exchange sector, how confident were you when you started this project? Are you afraid of competition? #ApolloXV2
- Futures trading is a huge market, maybe the largest in the crypto industry.
- We see a trend of shifting from CEX to DEX in the spot market and we believe that will also happen in the futures market. That's the reason why we launched this product.
- Nowadays we see a lot of new competitors entering this field, which means that they share the same vision as us.
- I guess we’ll just keep focusing on our users, not our competitors, and keep building and launching new products/features to serve our users.
BrayID: What's your main focus right now, are you focused on the community or market/Exchange or the products
- I'd say we are always focused on delivering and improving our products, and the focus lately is clearly on V2.
- We will keep pushing for adoption of V2 through cooperations with influencers and with our DEX Engine partners.
Bonus: Highlights from ApolloX CN Community AMA
@别桥吴彦祖: For V2 trading, is there a plan to support using APX to get discounts on trading fees?
- We have considered this, but the development is a little complicated after evaluation. We do not have a clear timeline on this yet but definitely hope to support it in the future.
@fan: Captain, will you consider making a comparison chart of the transaction fees of GMX, GNS, and ApolloX V2?
- Yes, we’ve made one.
@Molot_Bitcoin: Do all transaction fees currently go to ALP?
- No, it’s 50% to ALP, 10% to DAO users. The remaining is mainly distributed to partners like PancakeSwap. If it’s to ApolloX’s own users, we use it to repurchase APX.
- In addition, during the trading rewards activity period, the distribution to ALP is appropriately reduced. 70% of the trading fee income will be used to repurchase APX.
@bnbvip9: V2 has just completed the testing phase and is undergoing public testing on the chain. Currently, the number of users using APX V2 functions is not large (including the number of people in the testing phase). When considering that, if the number of users increases too much in the future, the data on chain may be too cumbersome, causing delays and the inability to process orders. This may lead to various bugs. Will ApolloX consider conducting multiple stress tests on V2 in the future?
- Although efficiency on-chain is generally lower than that of centralized systems, it is not as bad as imagined. BSC takes about 3 seconds a block, 70 to 80 TPS, and each block can handle about 200-250 transactions. In the absence of major events, it can generally meet the usage requirements of dApps on BSC.
- If we encounter a bottleneck in the future, we can consider this a happy trouble.
- Even if there is serious congestion, the worst result is that the user places an order and the transaction is slow. Our system will still be relatively stable and reliable overall. The core reason is that we use the On Call price acquisition method. Only after the user places an order will we request the latest price. The price is formed 100% after the user places an order, and there is no front running. This logic is more important for trading users.
- We will also consider supporting Arbitrum and Optimism in future. Their block production speed and TPS will rise, and the speed of our system will increase accordingly.
- We have already conducted multiple rounds of testing and auditing, and we are also continuing to strengthen various risk control measures. Security comes first for us.
@Luosheng888: Captain, when will Gamefi, which has been delayed, be launched?
- I understand that everyone has been waiting for this. Some users have messaged me privately about it before. Actually we have already completed the development and are waiting for a suitable time.
- Gamefi is a supplementary gaming product. We definitely hope that the launch will add to the core products and APX’s value. I believe everyone feels the same way.
@siu_keung: Will V2 support APIs to help develop automated trading strategies?
- This is in the plan. We will launch an SDK for placing orders in future, this would increase convenience for quantitative trading. It will also be more convenient if you do funding rate arbitrage.
- In addition, some platforms with certain trading business needs will also be able to cooperate with us. We communicated with an on-chain fund infrastructure platform previously; they can integrate with us to carry out perpetual trading.
What are the benefits of staking on ALP? How do users get APX rewards? #ApolloXV2
- ALP yield has three sources: 1. APX rewards — this is risk-free, and the previous APY was less than 30%; 2, Trading fee income, this is also risk-free; 3, Income from the provision of liquidity. This involves the possibility of loss, and is also what everyone refers to as real yield.
- In the first stage, we will focus more on BNB chain and attract existing users of the chain to trade on ApolloX. This includes launching activities such as trading rewards and more partnerships with influencers. We will also guide DEX Engine partners to switch to V2.
- Spot is not our focus. Futures trading itself is a relatively large market. We should do a good job in this area first.
- We attach great importance to empowering APX utility. In V1, we supported APX as trading fees. This is a very important utility. As mentioned earlier, we also hope to support this on V2 in the future. At the same time, we have been increasing APX’s value through token repurchases.
Please explain how 50% of the V2 transaction fee income is injected into the ALP pool. For existing ALP perpetual contracts, what is the purpose of the 20-day transition period? #ApolloXV2
- This is automatically executed by the smart contract. After the user places an order, 50% of the fee charged will be injected into the ALP contract and reflected in the ALP net asset value.
- The previous BUSD contracts were a transitional product. The transition period was for existing users to close their positions. You can continue to trade on V2 moving forward.
Although ApolloX is a DEX, it is also operated by a team. If it faces regulatory crackdowns in the future, what is the difference from a CEX? #ApolloXV2
- We will pay attention to the development of regulations. For example, we now restrict US IPs.
Thank you again to the ApolloXplorers for joining and we hope you had a good time with new information! Have a great day :)