Earlier this week, we hosted an AMA session on Reddit as a follow-up to last month’s release of the open source code for our Layer 2 Exchange (L2X) Protocol.The response was overwhelming and we’d like to thank everyone that participated in the discussion.
Before the AMA, we received quite a few questions from the community on what type of questions they could ask. “I’m not very technical, but I’m a token holder, can I still participate?” For those that don’t know, AMA stands for “Ask Me Anything”!
And ask you did! We received a total of 110 questions over the 24-hour session. About a third of them were related to our technology, such as new features being added to the latest version of the L2X, while a little under 20% asked about business development such as updates on partnerships. The rest (50%) were general questions relating to OAX — like our upcoming plans and milestones.
Many of you also provided feedback and expressed an interest in our project’s future plans — rest assured, we are reviewing them internally and will share more updates with you when they are confirmed. Keep an eye out for our posts to come, as we hope to go into further detail on some of the frequently asked questions we received during the AMA.
Once again, we would like to thank everyone for taking part in the AMA. We hope the information provided can help you understand more about the objectives of OAX Foundation, including addressing the four key areas in the development of decentralized exchanges: trust, speed, scalability and interoperability.
Before signing off, many of you have also followed up after our competition on the prize of US$50 worth of OAX tokens each to the three participants with the best questions. We had a tough time choosing our favourite questions as a lot of them were indeed very interesting, but here are our picks — and our replies too, serving as a mini recap of our AMA session:
1. OAX Foundation released the open-source code for Layer2 Exchange (L2X) protocol, What problems does it solve on OAX Foundation? — u/hadangsh
Our reply: The proposition of OAX has always been to build the next generation of decentralized exchanges. L2X protocol launch marks a significant milestone for us as we’re a step closer (hence one of the “problems solved” in a sense, as per your question) and we will continue to consolidate and improve on our approach and technology. :) You can take a look at our released open-source code here
2. I think token holders are always important to the success of one project. Some of them only care about token prices, others care about technology and future of project. So is there any useful use case of OAX that can attract token holders? — u/asersada
Our reply: We appreciate our token holders have different areas of concern. OAX has taken its role in developing something that will have a lasting impact very seriously, and have managed our resources with the same respect. The recent launch of L2X is a significant milestone that token holders should be able to see the efforts of the team from a technology standpoint. Please note that the intention has always been and continues to be for the primary demand of the OAX token to be driven by its use as a transaction fee for all of L2X transactions. We hope to include more utility for the token and will keep everyone updated when the time comes. While we haven’t announced an updated roadmap at this point, we will continue to focus on the key challenges the market faces: speed, scalability, interoperability and trust.
3. Nothing is perfect so I think OAX is the same. Does OAX have any weakness? What will your team do to improve and strengthen it? Did your team make any mistake in the past? — u/QubiiQ2
Our reply: We might strive for perfection, but we’ll be realistic: there will always be things that we can improve on. We’re incredibly proud of the work we’ve done for the L2X protocol and how it can address speed and scalability issues for DEX. Custody problems should be an issue of the past and this should help us get to that point. However, can what we have created be improved further? We hope so, which is why we made the code open source so others can help chip in. We’re constantly fine tuning and exploring new ways that we can make it better, which is also why the development takes awhile. We try something, see if we can find something better, go back to the drawing board and revisit it time and time again.
Areas that we need to continue focusing on, aside from the tech, is finding the right partners that we can work with for different tasks, including yes, a partner to operate the platform. We will also continue to work on minimizing the areas of potential human error from an operational standpoint. But the team will continue working with the same diligence, and hope to have more good news to share with everyone as we continue on. Congratulations to the winners! They will also be notified separately by a private message on Reddit. For those of you new to our project or those who’d like to continue the conversation, feel free to send us questions or comments through our social media channels. Platforms such as our Telegram group and Reddit allow you to engage other community members in meaningful discussions. If you prefer a more tech-centric community, try our Discord group.
For the link to the full AMA session on Reddit, please click here.