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Getting closer to the SeaDEX Staking and Farming Launch, SeaDEX has gone through a few Ask Me Anything seasons to raise brand awareness. Most of them were done through Bahasa Indonesia. Here’s the AMA recap as well as quick DYOR material for new comers!
Can you tell us a bit more about the SeaDEX Ecosystem? What is the initial idea behind the project?
Sudirman: SeaDEX is an ecosystem, It’s more than just a DEX. DEX is a place where you can buy and sell crypto assets. But, SeaDEX will not only be the place for buying and selling assets but a tool for financial inclusion. Users will be able to stake their SEAX tokens and earn more rewards. Users can also provide liquidity and get rewards from trading fees. More than that, we are also tinkering to create more tools to bring people to financial inclusion. We believe the Southeast Asia market needs a decentralized financial system currently dominated by old and legacy institutions.
Thomas: Simple. Injustice, corruption, non-transparency — being a part of this system is not something we are proud of. With the rise of revolutionary blockchain technology, we believe in decentralized finance. As one of our support, we believe it started with awareness and decentralized exchange applications, which only a few are no longer controlled.
Ngurah: As we all know, the growth of crypto in the world is very rapid, but we will only focus on a specific market, Southeast Asia. Why? Because in Southeast Asia, most traders use CEX/centralized exchange where there is a high risk of normalizing/legalizing hacking, scamming, and data misuse with the important political twist of rules. Not only DEX is a more transparent and more secure platform to exchange crypto assets, but it is also a whole DeFi ecosystem which will have competitive features for the best of users.
How big is the current SeaDEX Indonesia team?
Ngurah: SeaDEX is a Southeast Asian Decentralized Exchange. So it doesn’t seem right if the word Indonesia follows behind it. SeaDEX currently has five-member teams; we come from various parts of Southeast Asia, not only Indonesia.
We will expand our team. Our goals/targets are clear, and to achieve that, we need a strong team that we will build alongside the platform’s development. But for sure, our core team has an intense experience that will keep or guide SeaDEX to run in the right way.
What are your missions and future plan for spreading blockchain literacy and web3.0?
Thomas: Feels good that you guys have researched us before the AMA! SeaDEX’s primary goal is to be an alternative to the broken, corrupted system. We believe in the power of decentralization. And to grow the ecosystem for mass adoption and support our pure vision, education and literacy are one of our main targets. SeaDEX Academy is how we will do it. By spreading to separate segmented countries, we will be engaging with many educational KOLs or influencers to help us raise awareness and bring more eyes to the web 3.0 revolution.
With the hype of cryptocurrency emerging in the Southeast Asia Market, we will ride the wave and use it for a better good — that is, to raise awareness and educate mass users, which is what is lacking in the current situation. Fun fact do you guys know there are 11 million users in Indonesia, only tracked on CEX. It’s still even 4% of the population, and there is so much room to grow. Not mentioning Vietnam as our following targeted country with 5,9 million users or 11% of the total population, making them the top 5 highest access to the trading platform. So much room for decentralization. So much space for SeaDEX.
What new step are you taking in future to Become the best in the crypto market over the next few years?
Ngurah: I would say, We do have a clear Mission, as we described above, and we have a clear target of what we want to achieve in the future. First of all, we’ll focus on developing our platform. Develop swap, farm, and staking pool features to be better, and continue to brainstorm to get other features that can be used in the SeaDEX platform.
Building an Ecosystem, we are serious on this one; we will build a strong team by recruiting more people to help us develop this project and grow our community to reach and educate more crypto enthusiasts. A lot of potential partners are waiting to make a deal with us; we are currently negotiating with some of the L1 blockchain projects and the crypto & blockchain community. So excited about that. See our roadmap to clarify what we will achieve shortly: https://docs.seadex.finance/roadmap.
The roadmap will be updated very soon, so don’t forget to follow us on Twitter to avoid missing a bit https://twitter.com/seadex_.
Has the SeaDEX Platform been launched, and can it be operated safely? Has the security been audited?
Thomas: Our swap feature has been launched, and the staking and farming will launch very soon next month in May. And yes, we have been through a security audit with DeFi Yield, https://defiyield.app/audit-database/seadex.
Ngurah: Before launching every feature on SeaDEX, it must go through many stages of testing by the internal team, developers, and advisors and must go through an audit process first.
Discuss your tokenomics? How much is the total and circulation supply of your tokens? Will there be a buyback system or token burning in the future?
Ngurah: SeaDEX has a native token called $SEAX, built on top of BSC Network. With a total token supply of 270.000.000 dan, around 41% has already been circulated. Yes, we will have buyback and burn. The buyback will be taken from the trading fees that go into the treasury. Burn, we will have a mechanism where we plan to reduce the supply. For more, you can check here: https://docs.seadex.finance/tokenomic/the-usdindx-token/tokenomics.
Can you share the Partnerships of your project and also about future partnerships?
Ngurah: yes, I’ll be straightforward on this one; first, We have successfully done a partnership with GPool to do an IDO and get raised to $600.000, and everyone who stakes their token in GPool will get a SeaDEX token ($SEAX) as a reward. Second, we have partnered with DefiYield as a security auditor for SeaDEX smart contract. You guys can check here: https://defiyield.app/audit-database/seadex; we also have partnered with the local crypto or blockchain community to help us build a strong community in southeast Asia.
Thomas: We will have our staking platform launch by May and follow up with a ten-day listings campaign for future partnerships. I hope I can share more, but it is still a secret until the d day. So, again — follow our Twitter not to miss anything.
What are Recent Major Achievements done by your project? Also, what are the Future Roadmap & Targets of your project?
Thomas: A lot to say about achievement, but let’s short it to Q1.
We have gone through a significant rebrand due to potential trademark infringement by one of CEX in Indonesia, which fuels the vision bigger. From IndoDEX to SeaDEX along with the token migration. The migration has been fully completed and successful, and an update on BSCScan, CMC, and CG will soon be updated. We have also launched our first DEX feature, “Swap” you can find it here: https://www.seadex.finance/swap.
We have also gone through a security audit with DeFi Yield and officially SAFU. We kept doing marketing activation in the Indonesia region and have started expanding to Vietnam by localizing all documents to Vietnamese. There will soon be staking and farm launch followed by ten-day listings of 10 projects and the reveal of partnerships: from layer one blockchain projects, launchpads, security, auditors, to NFT. Don’t miss anything.
Do you have an ambassador Program available? If yes, how can I join it? And can you tell us what the benefit Available for the Ambassador?
Thomas: Not an ambassador program yet, but we have a community bounty program to incentivize our community, SeaSquad, to help us grow the ecosystem. This event will be held for three weeks starting on April 13th, 2022 and ending on May 4th, as a part of our communication and engagement effort with the community. We want to show how impactful the community is to the project. The total reward is $2000 for ten winners with the most scores. If you would like to join: https://twitter.com/seadex_/status/1514910600119619590
NFT is a new trend nowadays. What will be the role of the NFT Item in SeaDEX Finance?
Ngurah: Yes totally agree. NFT is a new trend nowadays in the crypto space; we do have a plan to integrate SeaDEX into the NFT space. NFT collaboration is in the pipeline, but we will get more focus on the technical development first since we are planning to add more features to our platform even though we are so excited about the NFT collaboration.
How important is the project to you, which puts it ahead of its competitors? What are the benefits of your project that you can share with us?
Thomas: It is essential for us. Being living in a third world country and living in other countries in Southeast Asia, we are very familiar with what I call a “Broken System” where the government, no matter how it is a democratic world, is controlled by a bunch of few people that define all people’s destiny. SeaDEX is born out of this desperation and idea.
With our expertise in many years in the blockchain field, we believe we can be the change we want to see. We are not trying to compete with other competitors. We try to be the best for our targeted market. We believe focusing on competing is not a wise way of dealing with a situation. However, it does not mean that we will not be able to compete with other DEXes. To satisfy our market, we obviously will adapt.
Do you have a marketing strategy to spread awareness about your project in different countries and develop many other communities?
Thomas: As SeaDEX’s primary segmented market in Southeast Asia, we aim for language adoption in all 11 countries. This year in 2022, the plan is to create a team out of each country and work together to strategize the market and SeaDEX Adoption. This includes customized SeaDEX Academy seeing the market condition and sentiment.
Where and how can I get this token? Do tokens work as governance tokens too? How do you ensure that investors generate good returns from $SEAX tokens? Explain how you control the supply of circulating tokens and ensure they are always rewarded?
Thomas: Sure, good question. You can only trade $SEAX on the SeaDEX platform https://www.seadex.finance/swap with the BNB/SEAX pair. But that’s not all. After the staking launch in May, we will announce more trade pairs. We have a ten days ten listing campaign. At least ten listing pairs in this Q2. In short, $SEAX is a utility token that will be used as a governance token in the future. For now, you can stake and earn $SEAX to generate rewards. We’re also working on some valuable utility models, different from other DEXs, and we’re sure the community will love them. To control the circulating tokens, we have a buyback and burn mechanism https://docs.seadex.finance/tokenomic/the-usdindx-token/tokenomics.
Talking about ten days ten listing campaign, as a DEX, we plan to focus on our platform and focus liquidity on SeaDEX. So soon, we have no plans to list on other exchanges but other projects that put liquidity on SeaDEX.
Is your SeaDEX fully decentralized? In getting started, is there any form of KYC required?
Ngurah: Transparency and decentralization are the main problems and solutions to what we believe is a better model. We are currently leading the project, but we have plans for SeaDEX to be ultimately DAO in the future. As an application, SeaDEX is fully decentralized, which does not require KYC or intermediaries or is not bound by regulations in a particular country. As for the whole, our project is not fully decentralized yet, but it is slowly working to become one. And our advantage is, for now, our fees are still free. However, later the fee will be around 0.18%/trade.
Tell us more about SeaDEX Academy?
Thomas : SeaDEX Academy is an educational platform where we will collaborate with local educational influencers from various regions in Southeast Asia and intensively produce content to increase awareness which is the basis of widespread DEX adoption. We also discussed the Educator affiliate program where academy contributors can be rewarded with our native token, $SEAX.
Can you talk about the community bounty program? Who will participate in the program, and how will the prizes be distributed among the community?
Ngurah: Of course, anyone can participate in this program by following the steps and tasks provided in the link. SeaSquad call is the love call of the SeaDEX community, which is anyone who directly or indirectly contributes to the development of the SeaDEX ecosystem. You can quickly join our telegram group https://t.me/seadex_official and follow all of our social media (Twitter: https://twitter.com/seadex_), so you don’t miss any SeaDEX news. Don’t forget to hold $SEAX and participate in staking after launch in May. Governance structures have been planned and will be shared more fully as they become available. For more information about the bounty program, check here: https://seadex.medium.com/seadex-announce-community-growth-hacking-bounty-program-on-testing-3081d7f1e765.
What are the features of SeaDEX Yield Farming? How to access this yield agriculture? Requirements to participate in SeaDEX yield farming? Benefits and advantages to be gained through SeaDEX yield farming?
Sudirman: You can access yield farming directly on our platform. To be able to yield farming, you need to provide liquidity in SeaDEX for the SEAX/BNB pair. Later you will get LP SEAX-BNB pair tokens. You can put this LP token into farming and get a prize in the form of SEAX. For special requirements, it is not necessary because it is DEX. The important thing is to have an LP token, and don’t forget to have BNB pay transaction fees because we are on the BSC network.
Why is SeaDEX rebranding from IndoDEX to SeaDEX?
Thomas: Right. We were IndoDEX before we changed our name to SeaDEX. A rebranding plan is in sight as we aim to reach a larger audience. Still, because we are explicitly targeting the Indonesian region (IndoDEX is the Indonesian Decentralized Exchange) and challenging the Indodax market (the largest CEX in Indonesia) — we have been seen as a threat and decided to rebrand sooner than planned. Token migration has been fully implemented, $IDDX has been fully migrated to $SEAX, and all holders have been airdropped.
Why should we choose decentralized over centralized?
Ngurah: The majority of users in Southeast Asia still use the CEX platform for trading, with all the main drawbacks in terms of security. We want to present a different DEX Platform. In the future, we want to combine several features into SeaDEX, such as Trading chart token info and project info in one platform to make it easier for traders to analyze the tokens/coins they want to trade. Besides that, there are many other features such as staking and farming that CEX does not have, which have been proven to be able to provide incentives to users; additional features are still in the process of being reviewed, which we will include in the roadmap for us to implement in the future.
Is SeaDEX only focusing on the Asian Market?
Sudirman: For now, only in Southeast Asia because we know that the potential is enormous. A segmented market is also more affordable than competing globally. Furthermore, we have prepared a regional expansion plan for the Southeast Asia region.
Many Swapping Platforms Supports Multiple chains, Which attracts more users; what about SeaDEX?
Thomas: We are currently on the Binance Smart Chain network, but we are discussing cross-chain other networks. So yes, in the future, SeaDEX will be multichain.
