amaDeFi x Rocket Token AMA Recap from September 8, 2020

By Mac@Kizzle | amaDeFi | 11 Sep 2020

The Rocket Token AMA with amaDeFi took place on the 8th of September, 2020.

Our guest was XenoTrades — the founder and CEO of Rocket Token — and anchored by Sato.

Xeno shared with us lots of information about the Rocket Token project and insights into what is to come in the months and years ahead.

The AMA was divided into 4 different parts:

Introduction: Questions from the amaDeFi Team
Episode One: Questions from the website
Episode Two: Questions from the live chat
Episode Three: Quiz

This is a recap of everything that transpired during the AMA session for your reference, especially those who missed the live event.

Enjoy!

INTRODUCTION

Sato | amaDeFi: Hello! #amaDeFians, we have with us today, the CEO and founder of @RocketToken — @XenoTrades.

You're welcome to the amaDeFi Studio XenoTrades, and thank you for being our guest today!

XenoTrades: Of course! Thanks for having me, Sato.

Sato | amaDeFi: Thank you. Alright, let's go.

Please, briefly tell us about yourself before crypto, why & how you entered into crypto, and what lead you to create the Rocket Token.

XenoTrades: Well let me introduce myself first:
My name is Xeno and I am the founder of Rocket (@RocketToken).

I have been studying DeFi token-economics this past year to perfect Rocket’s ecosystem & am an early team member of Unitrade (UniTrade.App).

I helped with the early efforts of marketing and creation of the token alongside reborn1002 (UniTrade Founder).

Due to this, I have already established connections with exchanges, YouTubers, developers, private investors, and knows the way around crypto marketing.

I saw the basic flaws in AMPL that could be fixed, so I created Rocket

Rocket is a state of the art DeFi financial system that implements advanced token economics including token burn, staking, and buyback into its fee structure.

We have implemented an elastic supply model that increases the number of tokens in your wallet if the token price is over the “target price”, and decreases the number of tokens if the token price is under the “target price”.

This allows your % of the RCKT supply to be non-dilutive, meaning your share of the total token stack is never losing value as supply adjustments are universal.

While this feature of token-economic works similar to AMPL, it fixes its flaws by implementing an increasing target price, forever increasing the target price of 1 RCKT (Rocket Token). Rocket’s target price increases at 2.5 cents a week forever.

To support the increasing “target price”, Rocket implements a 3% fee on every token transaction.

I’ll breakdown the target price and the token fee breakdown in a later question!

Sato | amaDeFi: Amazing. Thanks for sharing about yourself with us @XenoTrades

Considering that you have been in this space for quite some time now. What would you say has been your biggest success and failure in the crypto space so far?

XenoTrades: My biggest success was helping in the creation of UniTrade. I helped reborn bring UniTrade to light, and it has grown exponentially. Beta for UniTrade is coming out on Sept. 11th.

I haven't had many failures in crypto but from every mistake, there is something to learn.

The team behind Rocket has plenty of experience with developing, launching, and marketing a token.

Sato | amaDeFi: True! We live to learn

XenoTrades: very true

Sato | amaDeFi: Yeah! and while we are on Unitrade.

You have worked with Reborn (founder of UniTrade) in the past and he's currently an advisor to your team. How did you two meet and build trust with each other? (Have you two ever met physically?)

XenoTrades: I met Reborn through my investments into GHOST.

The past few months I have been helping Reborn behind the scenes, and have helped with early efforts of marketing and creation of UniTrade alongside reborn1002.

Since then I brought the idea of Rocket to Reborn, which he agreed to become an Advisor.

Sato | amaDeFi: Great. Next question

The Rocket Token has some interesting tokenomics that includes token burn and buyback. How does supply elasticity through rebase work together with token burn and buyback? Because it seems that you're burning tokens while increasing supply through rebase at the same time. Please clarify.

XenoTrades: We have implemented an elastic supply model that increases the number of tokens in your wallet if the token price is over the “target price”, and decreases the number of tokens if the token price is under the “target price”.

This allows your % of the RCKT supply to be non-dilutive, meaning your share of the total token stack is never losing value as supply adjustments are universal.

While this feature of token-economic works similar to AMPL, as stated above, it fixes its flaws by implementing an increasing target price, forever increasing the target price of 1 RCKT (Rocket Token).

To support the increasing “target price”, Rocket implements a 3% fee on every token transaction.

Whenever tokens are transferred/sold from wallet to wallet, a 3% fee is incurred. 33.4% of this fee is burnt FOREVER & 66.6% is rewarded as dividends to stakers.

This allows for the target price to increase at a fixed rate, creating a self-run ecosystem based on dividends and token burn, all supporting the increasing positive valuation of 1 RCKT Token.

The target price will start at $1.25 USD and increase at a steady rate of 2.5 cents a week.

We already have 10% of the supply locked in a 3rd party staking dapp until mainnet. Wait until the official team staking dapp comes out, and that number will only grow

Sato | amaDeFi: wow! So, rebase and token burn does not conflict?

XenoTrades: Not at all, they compliment each other.

Sato | amaDeFi: This is satisfying to hear as liquidity luck is a big thing to crypto investors.

Ok. Thanks for that clarification. Now on to the next question.

Using AMPL as an example with a fixed target price of -+$1 based on the 2019 USD consumer price index. What is the basis of the Rocket Token target price pegged at $1.25 and increasing by $0.025 every week? What is the basis for picking these target prices?

XenoTrades: We researched a multitude of different token prices and incremental value increases, and we felt the starting price of $1.25 and an increase of 2.5 cents a week was both practical, reasonable, and sustainable to the future of Rocket.

Sato | amaDeFi: Sustainability!

You recently launched the third-party staking Dapp where users can stake before the mainnet is live. Can users continue to use this Dapp even after the mainnet launch or they must migrate to mainnet (why)?

XenoTrades: It will be more of an incentive thing.

People are going to want to switch to mainnet as soon as it comes out due to it being the long term staking contract that will provide stable dividends from the token "fee".

There will also be a deadline but there will be plenty of notice before the deadline is announced.

Sato | amaDeFi: Excellent! So users will naturally make the switch as it's more beneficial to be on the mainnet. Next question

Should we expect listing on a centralized exchange anytime soon?

XenoTrades: Yes but after mainnet. Right now uniswap is dominating every other exchange in terms of volume.

Sato | amaDeFi: True! the last time I checked the top 3 exchanges with the most volume is Binance, Huobi, and Uniswap in that order.

You recently mentioned that Rocket Token will be an early adopter of the TrustSwap's SmartLock feature. Please tell us more about this partnership.

XenoTrades: Upon mainnet, the Rocket team will lock liquidity and team supply of tokens using TrustSwap’s platform😄

Sato | amaDeFi: Ok. So you'll be using SmartLock for the liquidity lock. Great!

XenoTrades: yes!

Sato | amaDeFi: Concerning the team. Will the Rocket Token team eventually go public with their identities or will you be anon forever?

XenoTrades: The goal is for Rocket to be completely decentralized.

Liquidity will be locked, rebases, and target price will all move by itself through audited smart contracts.

The team is merely here to create this amazing ecosystem, we don't need the credibility and "glory" from it.

Sato | amaDeFi: Ok! So you saying you're NOT like Chef Nomi 😁

XenoTrades: Team supply of tokens & liquidity will all be locked. A situation like sushiswap won't be possible even if intended.

The goal for Rocket is for it to run on itself decentralized

Sato | amaDeFi: That's encouraging. Thanks for your love and commitment to the community.

Ok. Looking at the mainnet launch which is coming soon.

When should we anticipate the mainnet launch and why is it such a big event for Rocket Token?

XenoTrades: You can anticipate it on Sept. 22nd or sooner. More info in our telegram @RocketToken.

This is a big event due to Rocket V1 will be swapped to Rocket V2, with the elastic supply, increasing target price, token free, and staking dapp all being activated.

Sato | amaDeFi: Ok! Here's the last question from us and we will move into EPISODE TWO where @XenoTrades will answer your questions from the website.

As the CEO, where do you see Rocket Token in the next 2 to 5 years?

XenoTrades: AMPL had a market cap of over 700 million USD at one point.

Rocket has fixed AMPL's flaws, creating it into an economic powerhouse. There is no reason for Rocket not to spread globally and see the same, if not greater attention.

Sato | amaDeFi: That will be massive, given that Rocket Token market cap right now is under $3 million USD.

So much to look out for and exciting times ahead for the Rocket Token community of investors. You may want to #HODL tight.

Thank you so much @XenoTrades for the great answers and insights into this amazing project.

XenoTrades: Of course!💪