The Coin Republic: How do you differentiate yourself from previous generation banks and exchanges?
Unlike the banks and exchanges of the previous generation, which use the primitive, brutal and uninteresting old school banking system, Nominex makes trading elementary and attractive, no matter where you are, 24 hours a day, 7 days a week.
The Coin Republic: What is more important to you, the success of the exchange or the success of the token?
Here, both are important, since the successful launch of the token brings with it a wave of users, and the token, in turn, carries a lot of utilitarian functions for traders who should come to us from other platforms. Moreover, the success of the product automatically leads to more interest in the token.
The Coin Republic: Who do you consider your direct competitor as a growing cryptocurrency exchange? And what is your difference?
I believe that you should not constantly look at competitors and compare yourself with them. First of all, you need to think about your own development and about meeting the needs of your users. I still consider time to be our only serious competitor. The longer we are on the market and the more transparent our activities, the more credence we get. Our main difference is that we provide completely free trading.We achieved this by shifting the focus of our earnings from trading commissions to the capitalization of our token. This became possible because we introduced a utilitarian farming mechanism. When not only a token is utilitarian, but also the process of its production itself. The more intensively you mine tokens, the higher your level on the exchange gets, which gives you certain preferences, including free trading bonuses
The Coin Republic: At the end of February, you started distributing your NMX token through DeFi, how would you rate its success? What emotions did you experience during its rise and fall? What is farming in a nutshell?
Our coin is farmed just like any other coin. The trick is utilitarianism. When trading on our exchange, you pay commissions 2 times less than usual. During the rally, I experienced different emotions: both bad and good – in fact, my emotions fluctuated along with the fluctuation of the course, but being confident in the viability of our system, on the whole I was calm.
The Coin Republic: Do you think old investors don’t want to invest because Defi is too complicated?
Yes, perhaps, in connection with this, we launched a simplified farming in 1 click, this will allow all inexperienced users to easily start farming with us.
The Coin Republic: When BTC fell, how did you manage to keep the NMX token rate at a stable level? How do you encourage the farmers in your system to keep their funds in a liquidity pool?
We have a well-thought-out tokenomics model, where many risks were thought out, and we spent a lot of time developing this model. We have thought out certain motivations for people, for example, we have a special pool of tokens that rewards those who continue to farm for a long time. This is an incentive for people not to withdraw funds from the liquidity pool, because in a year the percentage of profitability on this bonus will increase by 900%.
The Coin Republic: Team farming seems to be quite profitable … but aren’t you afraid that the endless referral approach is a lot like a pyramid scheme?
Every day we have coins from 4 pools distributed in a fixed way, our smart contract is audited, so the possibility of scam distribution is absolutely excluded here. All rewards are taken from a fixed daily distributed daily pool. This is not a pyramid scheme because Nominex does not take money from people, people invest money in the liquidity pool over which we have no control, since the liquidity pool is a smart contract. A person does not send money to us, but to an audited PancakeSwap smart contract, which is a well established and recognized platform and has passed many audits. At any time, the user can withdraw his funds, and this is a green flag because in pyramids money is frozen for a while in order to have time to be paid to new users and so on. The second point, no matter how many new people come, no more tokens will be physically distributed according to the distribution schedule, again due to the peculiarities of the smart contract
The Coin Republic: What’s the next big thing in your ecosystem?
It’s hard to say – trends are constantly changing, and what was relevant 2 years ago is no longer relevant now. Therefore, we will closely monitor trends, and the next important step will be based on observing these trends. Now there is a trend towards decentralization through exchanges based on automatic market making. Our perspective is to launch demanded decentralized products and demanded centralized products and integrate them into each other so that the user can decide for himself what is the best way to use it. And if he uses both, then for him it is a double benefit.
What can you tell us about your upcoming partnership with Binance?
Paradoxically, by trading on Nominex, you will be able to trade on Binance, only more profitably. How is this possible? We are changing our financial model in such a way that henceforth we will earn not on trading commissions, but on the growth of the token price. Since, part of the distribution of our token, 20% goes exactly to Nominex, we will cover part of our costs by selling these tokens. We can let people trade for free as our income comes from the other side. And if we manage to make all our products popular, the price of the token will go up accordingly. This is the reward for our work. But being able to trade for free, the user also gets an unprecedented opportunity to farm tokens for the amount that he invested
If you would like to reach Pavel directly please consider subbing to his Twitter account.