AMA Recap: AthleteX with CryptoBlade
Crypto Finn: Let’s start AMA session
Are you ready?
Kevin: Happy to be here!
Crypto Finn: Thanks for your precious time. Please introduce yourself, Your background and share an interesting story of how you got into crypto?
Aydan: Hi! My name is Aydan. I am a recent Marketing grad from the University of Florida and I am one of the founding members of AthleteX. I am in charge of our marketing efforts and contribute to our system’s UX/UI design. I was introduced to the wonderful world of crypto by Rob, one of our other founders, about a year ago. That is how I eventually became a part of this awesome team!
Kevin: Sounds good — I’m Kevin Kamto, a tech enthusiast and entrepreneur by practice. Currently, a student at ASU University, my background traces to Cameroon, of which I am a native, and my foundations are American, of which I am a citizen.
Aydan: Speaking for our other founder Rob, he is also an alumni of the University of Florida and is currently one of the founders/co-hosts of a podcast called DeFi Slate
Kevin: I’ve always been interested in high growth markets, was previously in the IoT space, and found crypto/defi through my buddy Sam, and @robkizzle! We got together around the early idea that would eventually become AthleteX Markets
Personally, a huge fan of the values of the crypto space, transparency & community is important to me. Also, Banks = 0s
Crypto Finn: Great! We can see an experienced team behind the AthleteX project. Can you tell us more about the team? How big is it at the moment?
Aydan: Our team is currently about 12 members deep. This includes our developers, marketers, and advisors.
We have a very diverse team with members from all over the United States from many different backgrounds, and we are still growing!
We also work tightly with leading members of the SportX and UMA teams as well
Crypto Finn: Cool! Thanks for the background. Are you currently expanding and adding more talents to your team?
Aydan: Absolutely. We are recruiting members to the ranks of our dev and marketing teams. Anyone in this community is welcome to join our Discord and let us know if they want to contribute!
If you work with Solidity programming language you get bonus points haha.
Kevin: We aim to be permissionless, so anyone can join our discord & contribute, just like @aydanarroyo said. Plenty of room for developers, if any are interested 😉
Crypto Finn: That would be great. Excited to know more about AthleteX
Can you please explain the main concept behind “AthleteX”?
Kevin: Absolutely, you can think of it as ‘ fantasy sports meets the stock market on crypto’
Aydan: Our mission is to create a bridge for people to invest in professional athlete performance. We are creating a decentralized exchange for the buying, selling, and swapping of Athlete Performance Tokens (APTs).
APTs are priced based solely on an athlete’s in-game career statistics. Prices are not affected by any other factors or market conditions.
For example, let’s say you purchase a Tom Brady token at the beginning of the season. Brady then proceeds to have an amazing season consisting of 100 touchdowns and another Super Bowl title, generating above-average performance statistics. This would cause his APT price to increase, creating a positive return on your investment. On the other hand, if Brady endured a bad season and generated below-average statistics, this would cause his APT price to decrease and a negative return on your investment.
Like @kevinkamto said, its like trading pro athlete tokenized stocks 😎
Kevin: Adding more details here — we’re building on top of UMA protocol to introduce tokenized APTs, collateralized by our native $AX coin
We’ve come up with different formulas for arriving at a price for each athlete, store than in a db, and use that as the oracle price for these APTs. The goal here is for individuals to speculate on their performance in a decentralized way
Did that answer your question? if so, done
Aydan: Well said Kev
Crypto Finn,: Perfect 👍
Interesting project, Thanks for the clarification. Can you please tell us the key features that AthleteX will offer to its users?
Kevin: gotcha, great question.
Staking, Dex, and being able to Mint & Trade APTs are what we’re starting with
Once SX goes mainnet with their blockchain, we’ll be on there as well
If you have any suggestions, let us know in our discord! A key feature we eventually want, and keep getting feedback for, is the idea of an ‘IAO’ — Initial Athlete Offering of APTs for young athletes looking to raise funds for their career
that’s all I have for now :)
Aydan: Just in case for those who don’t know, SX stands for the SportX community/network
Crypto Finn: Wao that’s awesome. Let’s move to our last question
What are the utilities of your token $AX?
Aydan: 1. $AX can be staked on our system to earn yield rewards
2. $AX can be used to vote and propose changes in our community governance
Kevin: you can also use $AX to collateralize & mint an APT
Crypto Finn: Thanks for the answers
Lots of interesting and cool stuff in AthleteX project. Let’s now proceed to the questions from Twitter.
1: Mostly investors only focus on short-term token prices instead of understanding the real value of the project. Can you tell us the motivations and benefits for investors to hold your $AX tokens in the long term?
Aydan: Awesome question! $AX is the backbone of our system. Stakers of $AX provide liquidity to our APT exchange, this is why they are rewarded with high yield rewards for doing so.
Additionally, our potential market is HUGE. The current sports betting community is worth BILLIONS of dollars. We are unique from sports betting because we allow people to invest in long term athletic/career performance. This being said, our potential market cap is quite large. We are minting a total supply of 100 Million $AX at a starting price or $0.08. As our market cap increases, so will the price of $AX
Additionally, we eventually want to add any and every athlete in the world in a decentralized way
Including every professional sports league that exists
Kevin: Adding to what Aydan said, the biggest limitation is sourcing stats, but once the core system is running consistently, and smoothly, it won’t be difficult to add more athletes
Crypto Finn: Interesting
Last question form twitter segment
2: Adoption is one of the most important factors for all blockchain projects to be more attractive in investors’ eyes. So, can you tell us what the AthleteX team has the plan to achieve adoption in reality.
Kevin: Great question! I brought this up to our SX partners as well
So classic entrepreneurial strategy is to focus on a very niche core customer, make sure they’re happy, and systematically expand outwards from there. We want to very much focus on those in the crypto x sports betting niche — the exact type of target customers our SX partners have already found
likely for the next 6–8mos, we want to hone down on those users and hammer out kinks in the system. After that, closer to Q1/Q2 2022, the focus will migrate to making the dApp more mobile friendly (it’s built on flutter, which is already geared for mobile!) and there we can aim for those users that are less crypto native but more into sports
The goal from the very beginning has been to expand the market, and convert non crypto people into the crypto space through AX. There is so much room to grow, it’s very exciting!
Crypto Finn: Thanks Kevin
Let’s now proceed to the community questions for now. Are you ready?
I will unmute group for 2 minutes, and after that you can pick 5 questions and answer these questions
Aydan: Lets run it!
First things first, I noticed many of you wanted to know where to follow us and stay up to date with updates and announcements. Our Discord and Twitter communities are the most active. Here are our links:
Participant: Do you have Whitepaper if yes please share it with us and secondly do you have plans for pre-sale? #AthleteX
Kevin: Whitepaper is on website! https://www.axmarkets.net/litepaper Pre-sale closed a few weeks ago :(
Participant: Trust is very important in business, what makes investors, customers and users feel safe when working with your project ?
Aydan: Yes trust is important. We have a public LinkedIn profile where you can learn more about us as professionals. We believe in transparency and we are not an anonymous team! https://www.linkedin.com/company/athletex-markets
Participant: Q2 Hi💗💗🙈😻❤️❤️🌺😻🌺😻🙈😻🙈❤️🌺❤️💗😻🙈😻🙈🌺❤️⭕⭕
At this moment, which one the most Necessary for your project:
Kevin: The core of what makes AX valuable, and imo crypto protocols as a whole are communities — So please join and make your voice heard! With community members we’re able to grow the market/exchange, and introduce better ways of doing things. 1) The investors I speak to are already interested, and just afraid of the crypto space (too new or they’re just risk off) therefore, the more community members join & participate, the lower the risk is for the protocol
Participant: I am an EXPERIENCED DEVELOPER AND ETHICAL HACKER, do you have plans for HACKATHON so as to check the security of Parastate ecosytem periodically and also invite developers to build?
Kevin: Someone last weekend mentioned some security error they saw, and brought it to our attention — if you can, please do so! A hackathon is not something we have though of yet, but that’s a great idea — i’ll add a note on discord. Tying this Q to another Q about security audits — we definitely want to be audited, just don’t know the right way to go about it. We need individuals w/ more experience than us (in coding, and crypto space as a whole) to help and make sure we avoid common mistakes together
Aydan: By the way just wanted to say that we appreciate all your questions and we wish we could answer them all here. You can always ask us your questions in our Discord and Telegram communities (preferably Discord) and they will be answered!
Crypto Finn: It was great experience.
Kevin: 🙌🏿 happy to be becoming a part of this community.