Jul 12, 2021

8 min read

Summary of AMA Definix x Stocker Day

On July 7, 2021, we organized the AMA in collaboration with Stocker day to answer our TOP frequently asked questions. The direction of Definix platform, what we are working on, and what fund management should look like.

Introduction

Pim — Stocker day Administrator and Owner (Moderator)
Be — SIX Network Business Development Manager (Moderator)
Mr.Natavudh(Moo) — SIX Network Co-CEO, Co-Founder (Speaker)
Mr.Vachara(Kuk) — SIX Network Co-CEO, Co-Founder (Speaker)

1st Session Q&A TOP Frequently Asked Questions

1. Pim Stockerday: Can you please describe what is Definix briefly for people who haven’t heard of it?

Moo: Definix is a part of the DeFi adopted during the beginning of this year. We came back to the roadmap and saw for ourselves that to draw attention we must allow them to learn what DEX and Yield Farming is before we could dive deep to what our intention of the fund management.

So during phase 1, 2–3 months we’ve already launched the DEX and Yield Farming where else the Fund Management will come during this quarter or maybe this month you’ll get to see something.

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2. Pim Stockerday: Definix has both SIX and FINIX token right?

Kuk: SIX is available in Centralized Exchanges and included on Definix platform too. Thai markets are in Bitkub and Zipmex and Korea is Coinone don’t forget the international market like Bittrex too.

FINIX is the governance token of our ecosystem, so we call it ecosystem token. Launching Definix we needed it to render a space for yield farming and adding up to the liquidity of the platform, to swap in decentralized exchange, more coins are added to the pool.

Be: So it is like we are allowing people to swap with a variety of choices for the coin in one place to avoid any excess fee from out source off the platform.

Kuk: Right

Moo: We want to make a real good use from the fund feature in real life. And wanted to expand the ecosystem too. Right now people are speaking about DeFi, so it’s the beginning of the name DeFi + SIX which is DeFi ofSIX Network and Phoenix is a legendary bird with eternal life therefore the birth of Definix.

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3. Pim Stockerday: And does FINIX token have maximum supply or not?

Kuk: There is no maximum supply of the token. The supplying rate belongs to the emission rate written in the smart contract. It was set to produce 1 FINIX per second-blocktime. Each year we will have a halving event depending on the structure. Like in the beginning of the launching we have the Genesis period.

Similar strategies apply on the Klaytn mainnet, firstly launched the emission rate is at 1.5 per blocktime and will reduce to 1 after one month. And reduce again in the following period to 0.5.

Be: As a summary max. supply doesn’t imply with FINIX. It is an unlimited supply which produces 1 finix per blocktime fixed in the smart contract and halving to maintain the supply in the market to not overflow.

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4. Pim Stockerday: So the investors can be carefree about the inflation of the token right?

Moo: Yes for now the mechanism has been designed like this, if there are changes in the future we’ll update for sure.

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5. Be: Like we’ve all known we will be using FINIX in the fund can you explain a little more to when will it be available?

Kuk: For the fund management, it is divided into major and minor phases. The major one is Mutual Fund with the fund manager feature making profit for you. And the nearer one, minor phase, is the Rebalancing Fund including the use of rebalance strategies to help in risk allocation.

Moo: Example BTC ETH and Stablecoin, the stablecoin will stay in its level. This will win the market when the market is bearish in the fund and stabilized the value not to risk losing much at the time.

Kuk: The system really implies for the new users to see if the portofolio needs rebalance and does not require the user to do it manually all the time. If it needs to be rebalanced, users will work with the gas fee systematically.

Moo: Generally speaking, we don’t want to deal with gas fees, right? The gas fee actually is collected in the medium pool. When a new depositor of the fund joins in, the rebalancing system will trigger. So you won’t have to deal with the gas fee or rebalance on your own.

Be: Simply it is to adjust the portfolio based on a fixed ratio. When there’s a change of price, the system will help balance out and make risk allocation spontaneously. Buying some of the coin when lower from what we gain on the other hand, balancing out the whole portfolio. That is why we won’t lose the opportunity cost.

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6. Pim Stockerday: Is rebalancing good for every market situation or does it suit the sideway better?

Kuk: Actually it suits both of the markets. From our back test, when the price really reaches a high level, we must see the volatility too. When buying, we cannot just jump into the flame coming out burned when the price falls. The first rebalance will be for the normal situation, where we run it everyday to test more than 30–40 funds and have decided on 10 besd funds in the first period.

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7. Pim Stockerday: The plan for the fund manager, how is that? I’m really excited.

Moo: 1.Reputation of the fund manager or the experience he/she will bring along 2.Performance improvement will send out attraction to the outsiders.

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8. Be: Can you please elaborate why is Korea so in trend and the market of it seems to be?

Kuk: Korean are absorbing the DeFi system and is substantially new to the market. Before Definix the other DeFi was KLAYswap which was Klaytn’s project. When we decide to handle this market, Klaytn is very big to Koreannature, just like Binance, making it even more interesting for Korean investors. Also partnering up with D’cent, IOTRUST too.

Moo: No we won’t abandon BSC, but Klaytn has their own opportunity and the fee is quite good here. As you can see we are always adding new pairs of LPs to BSC constantly.

Kuk: Next week we will reveal the fees that are already very cheap, to be even more cheaper than this.

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9. Pim Stockerday: The Rebalancing will it be launch on both networks? And which network will come first?

Kuk: It will be released on the Klaytn side first because there are a lot of pairs and the fees are responsively good for users, then later it will be on BSC as well.

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10. Be: Do you have any plans to expand in other countries?

Moo: We want to globalize fund management. PR plans are made accelerating slowly. But now we want to have our new market in Korea to be happy and content with us first.

Kuk: We conduct a users survey on the platform and we are in full form to push the marketing here.

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11. Pim Stockerday: We are now on BSC. Are we planning to go to another chain like Ethereum V2?

Moo: Ethereum, of course we do have plans for that, but you know the gas fees and still trying to find the most budgeting cost to move there too.

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12. Pim Stockerday: Milestone of Definix is now in the process of launching the fund, when it is released what is the future for the roadmap?

Moo: There are so many things to explore in the fund, standardly the DCA, Auto compound, income from sitting on top of it. These things will takes time, because of the security.

Kuk: Other than that, obtaining a license from the SEC of Thailand and other authorities so we can make business with other wallets and other corporations in Thailand.

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Session 2 Q&A from Telegram

Can we use Klip wallet on Kakao talk like Korean citizen or not?

Ans: No, Klip wallet feature is reserved for Korean citizens only. You need an Korean citizen ID to KYC yourself in order to use the Klip.

2. What is the security protocol that Definix is using?

Ans: We have all 3 levels security protocol of Certik to protect the platform please see the detail below

Certik Audit — all of SIX network and Definix smart contracts are audited with Certik.

Certik Skynet — Certik monitoring system that helps monitor SIX, Definix platform 24/7

Certik Shield — we are one of the 21 protocols who pass this security level. This is the insurance for assets on the platform covered by Certik.

3. Is Soteria insure only assets on BSC? Do you have any insurance on Klaytn?

Ans: Soteria only insures assets on BSC assets and it is not price insurance. Soteria helps you cover the damage caused by smart contract sabotage.

4. Is there any wallet supported Klaytn network assets’ beside KAIKAS and D’Cent

Ans: This depends on the Klaytn network itself. There are a lot of 3rd party developing this. Recently the official wallet supported are Kaikas, D’Cent, and Klip wallet.

5. Can you help clarify the service fee of the “Rebalancing Fund”?

Ans: Each of the funds has a different structure of fees based on rebalancing asset, frequency, and etc. Now we are in the process of developing it. Please stay tuned.

6. Are NFT and GAME a part of the Definix roadmap?

Ans: One of our partners has developed some NFT already. We will start integrating once the development is done.

7. When will FINIX be listed on exchange?

Ans: Please stay tuned, we cannot say much on this due to regulations. Are there any chances for Fund Management to integrate with lending features just like the derivative product (future trade)?

Ans: Lending features is not our priority at this time. We might need some partner to integrate this in the future.

8. What about the FINIX discount privilege?

Ans: the privilege is applied for all FINIX holders but in a different perspective and depends on the product that the user uses.

9. Is there any plan to go live on the MATIC network?

Ans: We should go for ETH first.

10. What if I want to be a fund manager? What should I prepare?

Ans: There is a pre-screen process for all applicants. The criteria are mostly based on your historical performance.

11. Auto rebalance might not perform in the bear market. What is the counter action for that?

Ans: Actually it depends on the asset you compare because if you compare it with a stable coin such as USDT, when the market goes bearish every asset you pick will underperform compared to USDT. So it is a chance to collect more asset when the price is low instead.

12. Are there any projects including a year plan?

Ans: After launching fund management on Klaytn, BSC respectively. We are looking forward to launching Definix on another network such as Ethereum. Please stay tuned.