As you know by now, Adam had a busy week last week at the Paris Blockchain Week Summit! Not only was he interviewed on stage by Bad Crypto, but he also contributed to a panel discussion and spent hours and hours giving interviews with the media behind the scenes. Check out some of the first ones hot off the press.
Adam sat down with Erhan Korhaliller from EAK Digital to speak about the upcoming launch. Erhan mentioned that from his own research, there was quite a lot of hype around the coming launch with one million on the waitlist–to which Adam immediately corrected him, “1.4 million!”
In fact, the list swelled even further to close at a massive 1.5 million signups, (as we may have mentioned before!). Adam explained how Digitex works and how we’re able to keep the exchange commission-free though our token issuance revenue model.
“It’s an inflationary model instead of a transaction fee model, but the reward from doing that is that the short-term trader that usually gets penalized on transaction fee charging exchanges are now free to really pursue high volume, highly active trading strategies that just aren’t viable on other exchanges.
That creates huge liquidity and liquidity begets liquidity… That’s going to attract more and more traders, even long-term traders… Because the other great cost of trading is slippage. So if we can create commission-free highly liquid markets, the fact that the bigger traders and longer-term traders can trade without slippage is another cost saving for them.”
Adam also interviewed with Polish media channel BTC TV. Speaking to the host Maksym Vysochanskiy, Adam again went through the value propositions of Digitex Futures. He was asked how and why he came up with the idea of a commission-free futures exchange in the first place, to which he replied:
“I’ve been a futures trader pretty much my whole life. I started pit trading in London when I was 19, and I was always a very short-term trader, so commissions were always been a problem for me. I’ve always had it in the back of my head that I wanted to build a commission-free futures exchange…
…It was only when I discovered Ethereum and that we could make our own token, that I realized we could make it a commission-free futures exchange because, instead of charging transaction fees on trades, instead we could mint a few tokens each year and cover costs that way…
…It’s not completely free, it’s not pie in the sky, there are costs of running an exchange. When you mint tokens there is an inflationary cost, but it’s a much better model for an exchange than transaction fees that stifle liquidity.”
Maksym asked Adam if he thought Digitex would reach unicorn status, to which Adam responded without a flicker of a doubt, “absolutely… it’s just a matter of time.”
On top of that, since this is the first time that BTC TV’s viewers may have come across our project, its host asked if we could hold a competition. All BTC TV subscribers who want to win $1,000 worth of DGTX should post questions about the product. The best question selected will walk away with the prize! So watch this space, and get thinking of great questions to ask!
Tim Copeland from Decrypt took a slightly different approach to the interview, posing the question of whether Digitex hoped to rival and eventually overtake BitMEX–to which Adam immediately responded, “of course”.
Tim asked Adam if an inflationary model was risky. There are drawbacks with every model, Adam stated, however, the community decides on the level of inflation. It’s a much better model than fee-charing exchanges siphoning liquidity out of the pool or trading against their customers, he argued.
Tim was particularly interested in the Plasma integration which will allow for non-custodial accounts, another key selling point of our exchange. He conceded that 1.5 million on the waitlist was impressive, perhaps giving Digitex a viable chance of disrupting the incumbents.
You can read the full interview here.
These are just the first of a series of interviews to come out of the Paris Blockchain Week Summit. We’ll be compiling another article with the highlights from the next round as soon as they come out. Stay tuned! Six days to go until launch!