Gate.io AMA with Position Exchange-Next Gen DEX and Decentralized Perpetual Trading
Time: Dec 1st, 2021, 13:00 UTC
Gate.io hosted an AMA (Ask-Me-Anything) session with John,Co-founder of Position Exchange in the Gate.io Exchange Community.
Official Website: https://position.exchange/
Twitter: https://twitter.com/PositionEx
Follow Position Exchange on Twitter and Telegram
Guest
John — Co-founder of Position Exchange
Q&A from Gate.io
Q1: John, why don’t you tell us about your background? How did you come to start Position.Exchange?
John: Hi everyone, this is John, one of the co-founders of Position Exchange, a new Decentralized Trading protocol operating fully on BSC.
We are based in Singapore, The team members and collaborators behind the project are multidisciplinary and have extensive experience in Programming, Smart contract & Blockchain, Finance, Trading and Crypto industries along with a high understanding of economic conditions.
The name Position Exchange was chosen to represent the core feature and goal of the platform, which is to provide and make accessible Trading, especially Decentralized Derivatives Trading, to everyone.
Recently, many Decentralized Exchanges have been developed, such as Uniswap, PancakeSwap… However, there is still a lack of Decentralized Trading platforms that bring on-chain Derivatives Trading with the same experience and all the advantages of a Centralized Exchange like liquidity, UI-UX, Limit Order etc..
This is where the idea came from. So we wanted to create the most Decentralized and community-driven Crypto platform for all kinds of users and gather all different types of features in one place.
Q2: Now, what is Position Exchange? For those who may not know, what is an on-chain Derivatives Trading?
John: Unlike in Traditional Derivatives Trading, in on-chain trading, there is no broker required. Instead, settlement automatically takes place on-chain, where the terms of the smart contract are fulfilled. The intersection of DeFi and derivatives is a gamechanger, bringing yet another borderless, low-barrier, financial instrument to the world.
Our platform is designed to deliver all the advantages of Decentralized Finance whilst bringing the traditional Centralized Finance experience and tools onboard. To mention High leverage, low slippage, and low costs as well as limit orders all while solving the liquidity issue using the vAMM.
Q3: And what is $POSI? What are the use-cases on Position Exchange?
John: POSI is the native Super-utility and Governance token to Position Exchange empowering its Eco.
Unlike most of the recent tokens created by other exchanges mainly for crowdfunding purposes and for reducing the trading fees, POSI comes with a different and unique approach.
All the fees and revenues from the protocol will be distributed back to all POSI holders by a mechanism called Buy-Back and Burn fully on-chain. This would mean, just by holding POSI you’re a stakeholder and will be able to receive a share from the revenue.
Along with the mentioned, holders can get reduction on protocol trading fees, increase their POSI balances through the RFI technology, use POSI to generate passive income in Staking, Farming, casting NFTs and Voting in the Governance.
Q4: How secure is the platform to use? Have you done audits of smart contracts? What security measures are adopted from bugs of smart contract and hacking?
John: We understand that security is the main priority and most important concern in the DeFi industry. We do not want to put user’s funds at risk. We have conducted an Audit with Certik:
https://www.certik.org/projects/positionexchange
We will also implement a bug bounty program for the community to participate in Position Exchange security.
Our project is fully governed by the community, we have successfully transferred the owner contract of Position Token and Treasury to a Governor + Timelock contract. Every request to change the major components of the smart contract will require the approval of the POSI holders. All processes will take about 48 hours to be completed.
