CryptoArena AMA with PowerPools Gems
In an interview with Founder and CEO of Cryptoarena — Lorenzo Ferrari
We had the pleasure to welcome the CEO and founder of CryptoArena, Lorenzo Ferrari to an AMA in our Telegram!
The project’s launch on TosLabs is just around the corner and we had the opportunity to talk about what exactly makes CryptoArena so special. Lorenzo describes the vision of CryptoArena as the first self-decentralizing exchange. Positioning itself as a crypto and securities broker, the goal behind CryptoArena is the distribution of generated revenue among its users, using a gamification approach.
Therefore the distribution will be based on a fully automated scoring system, that factors in specific activities like trading and more, essentially ranking each individual participant of the platform. The team’s efforts for building a self-decentralizing exchange originated from the vision of what a DEX should be, free from special interest and with a fully ownerless infrastructure.
Similar to a social-score system, users who bring more value and activity to the platform, will be rewarded with a higher share in distributed revenue. Lorenzo emphasizes that the weighting of share revenue will increase over time, hence the underlying unique concept of self-decentralization leading CryptoArena into a non-profit foundation. This new and unique concept of project development has intrigued our community.
By answering a community question Lorenzo gave more insights on how that would work in practice.
“100% non profit will be achieved over time. In the beginning we will start with 25% of share revenue to cover development costs and expand that in the coming future. And with a growing plattform, a smaller percentage will still maintain the funds needed for further development”
This approach makes CryptoArena’s vision of an exchange a very unique and new solution that we have not seen before in this form. Distancing itself from existing solutions today and creating a self-sustaining distribution and accounting protocol for public benefit is an exciting new field to be explored.
Infrastructure and security
CryptoArena is set to be built on a parachain to polkadots blockchain, for Ferrari the benefits of Polkadot’s cross-chain capabilities are well suited for the specific features on the platform being able to further increase efficiency and finality. When talking about security exploits of other projects, Lorenzo clarifies that security is top-priority of the CryptoArena team.
“As a project we are also worried about security, so we don’t take any compromises”
Emphasizing on audits, the team always audits its tech-builds before pushing it live to the public. With open-zeppelin contracts and tokens, the project is based on pre-audited builds, starting with already tested and secure development tools. As an upcoming securities broker, upcoming audits will be done by known and reputable auditors, which the team is in contact with at the moment. Finding the right partner for upcoming audits is an important step to make sure the connection of DeFi applications will be met with full transparency and public interest.
While the infrastructure is fully automated and not controllable, holders of the $CATS token will be able to take part in governance through a DAO. The community will be able to monitor and control monetary policies like inflation, minting and governance decisions regarding use-cases and decisions on the platform. Starting out, the team wants the utility token as accessible as possible.
After the launch of the token and the implementations of the main-use cases down the line, the plan is to not only increase demand, but also scarcity. One very unique example of that could be the incentive of holding the token for longer periods of time, providing holders with a multiplier for the received revenue rewards that are distributed.
Holders will be incentivized to accumulate and hold their tokens, or even stake it for certain time periods to further gain benefits. Staking will enable access to node rights and generate rewards through the NFT arena and providing network stability. Giving a 2nd layer of benefits to staking, that is something new and exciting the team is very proud of. Lorenzo mentions that staking pools will be period based, that is set to be 6 months, in this timeframe staked tokens will be locked. Holders can join the pools after the start of the period, but will not receive previous distributed rewards.
In response to an outlook for the DeFi and NFT’S market, Lorenzo seemed very optimistic. With the rapidly evolving market of DeFi applications and use-cases, Cryptoarena is bringing many exciting concepts to the community.
“We are only scratching the surface right now and adoption is still in the initial phases, so it looks very promising on a macro level.”
With the upcoming IDO on TosLabs on August 4th, the kickoff for more big milestones are on the horizon.
CryptoArena IDO | August 4th 2021 Save the Date
IDO Date: August 4th 2021 Time: 2PM UTC IDO Price (ETH): 1 ETH = 30K CATS TosLabs Allocation: 125 ETH min Price x…
With a NFT Arena prototype launch being two months, and the full release only three months away, the team is hard at work to deliver an amazing new DeFi experience for its users. The first DEX prototype with selected features is also scheduled to go live in december.
Further down the line there will also be audits by the government of the Netherlands and the SEC for the planned securities listings. The potential for Cryptoarena is big and we are very excited to share such a quality project with our community now and in the future.
CryptoArena is building a crypto exchange and regulated securities broker that rewards active users with platform-generated net revenue through a game-like points scoring system. More points = bigger share. Rewards distributed will start at 25% of net revenue and increase over time all the way to 100% as a consequence of a unique “self-decentralization process”. This process will use smart contracts to automatically distribute rewards and transition their holding entity into fully self-sustained, non-profit, public benefit infrastructure.
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