AMA Recap: SnapEx x BSClaunch
On Saturday, December 11th, Chloe - BSClaunch’s Head of Marketing, hosted a live AMA (Ask Me Anything) on BSClaunch Community with Julian Ong - CMO of SnapEx. He answered the questions on the SnapEx project, upcoming plans, partnerships, and much more.
This blog post includes a recap of the live AMA session and features the questions asked by community members, list of winners, along with the Q&A segment with CMO of SnapEx.
AMA EVENT START
SEGMENT #1 | Guest and project introduction
Questions 1:
Your role and day to day work experience in project
Julian Ong's answer:
I am the CMO of SnapEx. As the CMO, it means everything is related to me. CMO doesn’t only mean Chief Marketing Officer, but it also means “Come and Make everything Officer”. Jokes aside, I oversee everything in marketing, from planning/strategy to execution of the ideas. On the top side I am working with the C-level executives including CEO, CTO, COO for the major direction of the project. On the bottom side I also need to guide and monitor my Business Development team as well as the customer service team. I am also responsible for getting in partners for the project, from VCs, media, communities, KOLs, launchpads etc. Basically I have multiple calls/meetings to do on a daily basis. And of course, on top of all these, I have to do AMAs with different communities as well.
Questions 2:
Can you tell us all more about the project, the idea, how it started? and especially why it’s needed?
Julian Ong’s answer:
SnapEx has been operating in the market since the year 2018, while previously working solely as a trading platform. We started SnapEx with a very simple idea — to make trading a simple activity, that’s why we name SnapEx as Snap-Ex, with Snap bringing the meaning of simple. Coming into the year of 2021, we think that it’s the right time to actually launch the SNAP tokens, to further complete the SNAP Ecosystem. Launching of native tokens not only helps us to raise the funds to speed up the developments such as NFT, social trading, stocks trading, staking etc, the most important is it allows us to increase SnapEx’s brand presence, exposure as well as influence in this space quickly.
Tokens will allow SnapEx to be joined by communities who believe in the project, to make SnapEx a community driven project, and to make the product even nearer to humans, in line with our intentions of creating a fair, transparent, simple to use and intuitive product suitable for everyone.
Questions 3:
We can break to following the problem you are trying to solve. Why you think that’s the problem and What’s the solution you are proposing how you solve it?
Julian Ong’s answer:
SnapEx started with a very simple idea, which is to make trading a very easy and fair thing, that’s why we name the brand as Snap-Ex, it simply means trading is just a SNAP with few clicks. There are many trading platforms in the market, out of respect I am not going to name any. Most platforms today, there are a lot of hidden charges or even price manipulation. What we want to do on SnapEx is — provide a transparent, fair and easy to use service to the people.
On SnapEx, our prices are derived as a weighted average price from the major exchanges. We disclose how we get the price on each trading pair. We do not add any platform spread which is actually unfair to the traders. The reason we are using weighted average prices from different exchanges is to limit the possibility of price manipulation on a single market place. We intend to make trading a very simple and transparent thing, hence you know exactly how much you have to pay for the trading fee before you open any order. There is no other hidden charge. Most platforms today will charge you another fee when you close the orders, and you might end up in a losing position even if you were actually in profitable order before closing the order, and this will not happen on SnapEx.
On the broader side, we want to make trading more accessible to the public, not only a small group of people. Our social trading (copy trade) will be launched in the Q1 of 2021, which is pretty fast actually. This feature will allow everyone to participate in trading activities by following the trade strategies of the best traders in the market. Our SnapQuant, which is a quantitative trading based on Big Data, will help to analyze the trading strategies of top traders and make our users be able to participate in more profitable trades.
Questions 4:
Can you tell community about tokenomics, tokenutility and TGE?
Julian Ong’s answer:
Tokenomics:
SNAP Tokens total supply will be 2 billion tokens, built on ERC20 and BSC. The public sales of SNAP tokens will be done on launchpads as well as SnapEx own tokens dashboard, the unlock on TGE will be 25% at $0.025/token. The unlocks on TGE are 10% for Seed round, 15% for Private round and 20% for the private community round which was sold out within 2 hours.
Total day 1 token will be around 47 million tokens, putting the day 1 market cap at $1.178 million. The monthly vesting of majority tokens will follow the monthly trading volume of SnapEx platform. Team tokens will be locked for at least 1 year as part of the commitment of the team to grow the project for a long term period.
Token Utility:
Discount structure for Trading fee & management fee:
Token Buyback: SnapEx will use up to 20% of net revenue to repurchase SNAP in the marketplace. The purchased tokens will be burnt.
Collateral: SNAP can be used as collateral for margin and futures positions.
Listing privileges: Projects who hold enough SNAP will have listing privileges for their tokens to be listed on SnapEx.
Participation in new projects: Like we mentioned earlier, we are open to the idea of being a launchpad. With the strong partners and communities we have, we believe we have the resources to be a quality launchpad as well.
OTC Rebates: Customers who hold enough SNAP will receive rebates from their OTC trading on SnapEx.
New Products privilege: Token holders will be able to participate to our Launchpad and have extra reward with staking
Future Development: SNAP tokens can be used on future products such as social trading fees as well as buying NFT products on SnapEx.
Use Case in another Project: Such as as the base token in Metaseer, a hybrid option trading platform.
TGE:
TGE will take place on 17th December 2021.
Questions 5:
Why would you want IDO on BSClaunch?
Julian Ong’s answer:
BSCLaunch is one of the best launchpads in the market especially on the BSC network. As a community driven project, we listened to our community and decided to go on BSC besides ERC20. Then, BSCLaunch plays a very important role here. BSCLaunch provides us a great opportunity to share our project to the members in BSCLaunch, help us to reach to a bigger audiences. With a huge community here, we strongly believe that the influence BSCLaunch has in the crypto space will help to grow SNAP Tokens to another level. ❤️❤️❤️
SEGMENT #2 | Twitter Questions
Questions 1:
SnapEx is the first crypto CFD platform in the world to have not only its own platform token, but also its own ecosystem. What is your ecosystem? What innovations will be made in SnapEx? What is the reason I should invest in SnapEx?
Julian Ong’s answer:
SNAP ecosystem is built on a main objective of bridging the CEX and Defi in crypto, merging traditional finance and the new type of finance in broader financial terms.
Besides trading of CFD, we will be integrating staking, NFT, launchpad and even swap in the SNAP ecosystem. Take SNAP Swap as an example, it will combine both the elements of CEX and DeFi. It will keep the advantage of Swap such as instant settlement, and also be able to eliminate the high gas fees issue on Dex. There will be no gas fees for SNAP Swap, even if that’s an ERC20 based token. This is just a small example, if you wish to know more, you are welcome to join us in the project.
In a broader financial world, we target not only in the crypto space. We are going to add stocks, commodities, index, options and other traditional financial products on SnapEx. We want to merge the traditional finance into crypto or vice versa, to bring crypto into traditional finance as well.
Whether to invest in a project, you will have to do your own due diligence. You can join our group at https://t.me/snapex_en to find out more, or study about SNAP project on https://token.snapex.com/
Questions 2:
Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Could you please tell us about the current partners, plans for partnerships and what everybody stands to gain from these partnerships?
Julian Ong’s answer:
100% agreed on the importance of partnerships. We have successfully onboarded many great partners not only in the Crypto space, but also in traditional finance. We have received investments and in depth collaborations with more than 50 international ventures, media, communities in both crypto and traditional finance space, such as Kyros Ventures, BlogTienAo, Reason Finance, Thuan Capital, Magnus Capital, Plutus VC, Skyx Capital, R8 Block Capital, Cosmo Capital, Excalibur Capital just to name a few.
We have also formed partnerships with other projects such as Metaseer, which will be allowing SNAP tokens as one of the base tokens used on their options trading platform. About launchpads, we have 5 launchpads launching SNAP tokens, a special thanks to BSCLaunch on trusting us and host the IDO of SNAP Tokens here.
Outside of Crypto, we have formed partnerships with the likes of Gransing Securities (Stock broker), Hex Trust (Digital Asset Custodian), Quantech (tech solution provider), etc. All these key partnerships provide SnapEx the necessary exposure, resources as well as the support to actually grow the project in a healthy way for long term goals alongside the community.
Questions 3:
What are the future investment prospects of the project? Where is the best place to buy your tokens? What benefits do I get for buying and holding project tokens for the long term?
Julian Ong’s answer:
Let’s talk about the use case of SNAP Tokens.
There will be multiple features.
Discount for Trading fee & management fee
Token Buyback: SnapEx will use up to 20% of net revenue to repurchase SNAP in the marketplace. The purchased tokens will be burnt.
Collateral: SNAP can be used as collateral for margin and futures positions.
Listing privileges: Projects who hold enough SNAP will have listing privileges for their tokens to be listed on SnapEx.
Participation in new projects: Like we mentioned earlier, we are open to the idea of being a launchpad. With the strong partners and communities we have, we believe we have the resources to be a quality launchpad as well.
OTC Rebates: Customers who hold enough SNAP will receive rebates from their OTC trading on SnapEx.
New Products privilege: Token holders will be able to participate to our Launchpad and have extra reward with staking
Future Development: SNAP tokens can be used on future products such as social trading fees as well as buying NFT products on SnapEx.
Use Case in another Project: Such as as the base token in Metaseer, a hybrid option trading platform.
These are a few utilities of SNAP tokens that are already in place/development. Speaking about long term, SNAP Token is not built on a pure hype to ride on the meme trend or any other trend. While we maintain the flexibility of integrating trendy features into our project, such as NFT will be available in Q1 of 2021, we have our core business already running. We have been in the market since year 2018, while Rome is not built overnight, we have already built the foundation for SnapEx, and now it’s time to bring the project to another level with the launch of SNAP Tokens.
Here is a video of SnapEx Summit event held back in year 2019: https://www.youtube.com/watch?v=QTeUL68EMoI
The best place to buy the token now is of course BSCLaunch, so quickly mark down your calendar, and join us the SNAP Token IDO on BscLaunch!
Find it out here! https://t.me/Bsclaunchchannel/600
Questions 4:
Smart contracts are prone to failure and many projects fall victim to this, costing users money and discrediting the project. How reliable and secure is your smart contract? Have you audited it through any of the parties?
Julian Ong’s answer:
This question is a little bit tricky to me as a non dev person to be honest, I will try my best to answer it. As we are not running entirely in DeFi model, our tokens will actually be also distributed in a CEX model where you will register a SnapEx account, and the tokens will be distributed to you in your SnapEx wallet. In terms of security of the platform and the assets, we have employed the highest level of measure to make sure the assets are safe and secure. The assets including tokens are managed by a leading digital assets custodian called Hex Trust. You can read more about them here: https://hextrust.com/
Questions 5:
What are the major milestones SnapEx achieved so far and what are the plans for the next 100 days?
Julian Ong’s answer:
The major achievement we have achieved so far, one of them is successfully forming partnerships with many great partners not only in the Crypto space, but also in traditional finance.
We have also featured on the likes of Nasdaq, English Premier League, Cointelegraph, Yahoo Finance, etc in terms of exposure.
A small sharing of us featuring in Nasdaq building back then: https://youtu.be/cQrZ7MzfHt4
You can see the full list of partners and featured medias here: https://token.snapex.com/
About the development, we have added more than 20 new trading pairs in the past one month, giving more choices to our users. In the short-medium term, within 3–6 months, we are looking at several things. First, we are pursuing licenses to make SnapEx an even more reputable platform. Secondly, we are currently developing NFT, which we expect to have it launched on Q1 of 2022. Third, we are also developing social trading, which again, expected to launch on Q1 of 2022.
Oh yeah, staking will also be available after the launch of SNAP tokens. We will be also launching Snap Swap, allowing our users to swap tokens instantly on SnapEx without gas fees. Launchpad is also in the plan as we have a ready made launchpad on SnapEx. We welcome any good projects to come to us.
Next, we are going to add trading outside of crypto. We have already entered into a partnership agreement with Gransing Securities, a licensed stockbroking firm, who will be helping us in adding stocks trading on SnapEx. In the longer term, we intend to combine the CEX and Defi mode in crypto space, trading finance and new breed of finance in a broader terms of financial world.
SEGMENT 3 | Free-asking from the community
Question from @Masters30a
Many new projects make a good impression at first but are suddenly abandoned. My question is, how will you manage the project and the token to get a position in the market and become the best token in the crypto world?
Julian Ong’s answer:
I will answer this first. I know many people have concern about the longevity of a project. What make SNAP tokens different most “New Projects” today is, SnapEx is not a new project. While SNAP token is a new token launching on 17th December 2021, SnapEx has been in the market since year 2018. We have gone through a lot of ups and downs, turbulences and we have successfully gone through those periods. Launching of native SNAP tokens is part of the globalization plan of SnapEx. We do not create tokens just to ride on the hypes, we are running actual business. SNAP tokens does not only helps us to raise the funds to speed up the developments such as NFT, social trading, stocks trading, staking etc, the most important is it allows us to increase SnapEx’s brand presence, exposure as well as influence in this space quickly. Tokens will allow SnapEx to be joined by communities who believe in the project, to make SnapEx a community driven project, and to make the product even nearer to humans, in line with our intentions of creating a fair, transparent, simple to use and intuitive product suitable for everyone.
Question from @Kong720
Do you have a buyback and burning features to increase attraction for investors and any incentivization reward for long term holders?
Julian Ong’s answer:
Alright, so I haven’t answered anything regarding this today. So, SnapEx plans to use up to 20% of the net trading fees generated to buy back the tokens, and these tokens will be burnt. We understand the importance of preserving the value of tokens. More details will be disclosed step by step, hence do join our official channels for all information.
Question from @Durgomm
Currently NFTs are in trend . Is your project is planning to integrate NFTs in your Ecosystem . Have you done any partnerships with major platforms that are more renowned in the NFT space?
Julian Ong’s answer:
Yes NFT is the trend now, we fully understand of riding on the trend as well. As a community driven project, we will be integrating NFT into SnapEx platform. Our first NFT drop is expected to take place pretty soon. The development of NFT is already in place, and we are expected to launch it in the Q1 of 2021. One of our project advisors will be from a famous NFT project in the market. We will disclose that when the time is right. Do follow our channels to find out more!
Question from @mackey720
During these days, be a Multi-chain platform is an obligation to be considered a competitive project, so can you explain who how many chains are you able to support?
Julian Ong’s answer:
Interesting question, so we were originally on only ERC20, but now are also running on BSC, upon the request of the community. Again, I will have to mention that SnapEx is a community driven project, we have always listened to our community, and community certainly plays a very important role in growing the project. We will continue to do so, and hopefully our loyal community members and followers will be able to enjoy the success together with us.
Question from @Chewiebonez
Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project?
Julian Ong’s answer:
Alright I will pick this as the last question, so as a global project, we are running not only in the English speaking countries. In fact, you can see us featuring on Nasdaq, English Premier League, and local offline event in Vietnam. SnapEx wants to bring simple trading to everyone, in every part of the world. We have friendly supporting admins speaking in different languages, regardless you are speaking English, Vietnamese, Chinese, Indonesian, etc, you are welcome to join us. We do have local communities (Chinese, Vietnamese, Indonesian, Indian) catering for different group of people. We are looking to expand into more local communities soon. Do join us at https://t.me/snapex_en to find out more.
AMA WINNER LIST
Thank you to all of our beloved members who attended the AMA today. Congratulations to the members named below for their special interest in BSClaunch and SnapEx. You are the lucky ones to share our 300 BUSD prize pool, for those who have won, please send a private message to @Chloe_BSClaunch (Telegram username) on telegram to claim your prize.
- Please note:
- To avoid the use of fake nicks, the winning members are requested to contact us within 24 hours to receive their rewards.
- 10 winners will share a pool of 300 BUSD, each will receive 30 BUSD
Top 5 best questions on Free-asking round
@Chewiebonez
@mackey720
@Durgomm
@Kong720
@Masters30a
Top 5 best questions on Twitter Questions round
@Ndahrisma
@Diyan_RYNT
@FerryAndianL
@tamikaidut
@shining_wdw
About SnapEx / SnapEx Socials
Since its inception in 2018, SnapEx has become one of the leading regional trading platforms in the Southeast Asia region, becoming a forerunner in the Vietnamese market before expanding into Indonesia, the Philippines, and the Indian subcontinent, acquiring 200,000 registered users with its easy-to-use UI, a simplified and intuitive trading experience, and a world-class team supporting users on their journeys, supporting $1 Billion USD in post-leverage monthly trading volume.
📈 Trade with SnapEx: Sign-up
📈 SnapEx News: SnapEx School
📈 BSClaunch Research: An indept overview about SnapEx (Coming soon)
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About BSClaunch / BSClaunch Socials
BSClaunch is a new and promising Binance Smart Chain-based investment platform, which will enable the most innovative projects to raise start-up capital. The platform will give projects a strong foundation to develop and prosper in a decentralized environment, while also giving investors access to exclusive early-stage projects. We empower our community to invest with safety, freedom, and equal opportunity. To learn more about BSClaunch, refer to our documentation portal.
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