This is Conor again on the Monday Polker AMA. We had relatively few questions come through over the past week from social media that I will be answering. However, as usual, let’s just give it a bit of time for people to join if there are any questions that need to be or want to be asked live. Then I’ll begin answering the questions for you.
I’m hoping that my connection remains strong. We do have quite bad storms here at the moment so if I do drop out, I do apologize. The first one here came from our resident Italian, Salvo.
The question is various sites, show double capital and double supply upon release of liquidity on DEX. Will you release these tokens, which in any case would have been released according to the roadmap while maintaining the market price?
I’m going to have to apologize as I don’t completely understand the question. Showing double capital and double supply — I’m not sure what’s implied with that part.
Will we be maintaining the market price that we will launch in the DEX? The price is the aggregate price across all three exchanges at the time. But just so I don’t answer the wrong question, if you can reach out on Telegram and just confirm what you meant with the double capital and double supply, then I will be able to answer directly over social media.
And from Joe, I did see this one actually yesterday.
Could you consider burning all the tokens allocated for the staking pool? As we know, the SEC currently frowns upon staking. It might be a nice little boost to morale around here?
I think there’s a couple of ways to break this one down. I do genuinely think that we should be doing a burn on the tokens allocated to the staking pool. I would need to check the exact numbers, but that is one option.
The SEC does not have an issue with staking. This is a common misconception that the SEC has an issue with staking in general. The SEC has an issue with staking as a service. So if you’re an exchange and people are wanting to stake their ETH with you, I send my ETH across to let’s say, Kraken. Kraken stakes the ETH and they give you an API. In most of those cases, they’re not physically staking that ETH. They’re giving you a return from the other ETH stake. So, you’re not actually staking it. They’re giving you interest from another product. This is what the SEC has a problem with and what Kraken settled recently, I think 30 million, with them a few months ago. However, the staking that we’re offering is a direct, smart contract interaction. We’re not offering anything from this. You’re connecting your wallet, you’re depositing in a smart contract — the smart contract is issuing tokens. There is no control from us and you can see that it’s your tokens in the contract. You’re not giving us tokens and then we’re doing something else with it.
The reason the SEC has big problems with that, and this is one of the rare cases in which I really agree with them, is due to FTX last year. People were sending their whatever tokens, whether they were for staking or for trading, and they were selling them. They were using them for trading with Alameda. They weren’t where they were supposed to be so I can see why the SEC frowns on that. And of course, you know, promising returns that are unrealistic was the downfall of Luna as well. So, staking is not an issue as long as it’s through a direct smart contract interaction, which is the way we’re doing it. We will introduce a staking pool on Polygon so that’s not an issue. But when it comes to the main issue of what you’re talking about regarding having a burn, it’s irrelevant of where the tokens come from. I know that I’ve mentioned this before. We had the token live and I mentioned it again. This is definitely something that we want to do — how we do it, which amount, whether it is an ongoing thing — it is going to be an internal discussion. And I also wanted this to be a community decision as well. I didn’t want this to be one of those who made the decision, you deal with it situations. So let’s find some good options. We’ll put them out there. If you don’t like any of them, we’ll bring it back and look at it again. We’re always willing to listen to suggestions. However, right now we will be focusing on just getting the token out and trading again.
I do have some good news as well. We have finally got confirmation from MEXC. They will be matching the time of Bitmart. Their trading is live now. You can buy in there and you can sell it — you just cannot deposit and withdraw. So I do believe that the deposits and withdrawals will be open on the eighth. They will be putting an announcement out so as soon as I have the announcement from them, we will be sharing that to you guys, too. But the good news is they won’t be delaying it any longer. It is the it is a Chinese festival right now, one of the biggest festivals, so we just need to be really understanding of that. Luckily, at least it’s not going to be as long.
Bittrex is going to be a bit longer. They don’t have Polygon integration sorted for the entire exchange. They were supposed to have that a few weeks ago. They’re not ready and that’s for every Polygon token, including Matic, so unfortunately there’s a bit of a delay from them. They have given the date, before the 15th, but it is a tentative date and I don’t want to promise anything just in case it is going to be a little bit later than that.
So I will end it there with the two questions we’ve had. I hope everyone has a good week. If anything comes up, please pop it through Telegram, Discord, Twitter. And Salvo, if you could just message me or anyone regarding what you meant, I’ll be able to give you an answer. But for everyone else, I wish you a great week. I will possibly be here next week. We may change the AMAs to every two weeks as sometimes it feels like we’re just repeating ourselves. If everyone wants it to continue week by week, then we will. So maybe we’ll make it every two weeks, maybe we’ll continue how it is. Have a great week, guys, and speak to you soon.