Transcript of AMA with CEO of PointPay – Vladimir Kardapoltsev, March 28th

Nikita Mazikov -

Dear PointPay family,

PointPay CEO Vladimir Kardapoltsev participated in a traditional AMA session on March 28th, 2024. He shared the latest news about PointPay, made several announcements, and talked about upcoming events such as Token Swap and Token Booster!

Below is a summary of the AMA held on the 28th of March, 2024.

AMA Transcript

Vladimir (CEO): Welcome to our monthly AMA session, PointPay community. Joining me today is Diana. Greetings, Diana.

Diana (Host):  Hello, everyone. Let's commence by hearing the latest news and announcements from Vlad.

Vladimir (CEO): Allow me to recap this month's token listings, which are always an exciting development for our platform. We aim to list approximately five to ten new projects monthly.

The listings can be categorized into three main groups:

  • Co-Marketing Listings: In these cases, we list the token, and the project's community registers on our website, actively engaging in trading the token. This is a valuable asset for us as it expands our user base.
  • Prominent and Emerging Tokens: We occasionally list the most popular and up-and-coming tokens, though this occurs less frequently as we currently offer most of the leading tokens.
  • Paid Listings: Companies and projects approach us to negotiate and list their tokens on our exchange on a commercial basis. In some instances, we may offer a discounted rate in exchange for them bringing a significant user community to our platform.

It's worth noting that there could be a combination of these approaches for certain listings. The tokens listed this month, in no particular order, are as follows:

  • Pixel (PIXEL)
  • Pendle (PENDLE)
  • LooksRare (LOOKS)
  • AltLayer (ALT)
  • Sleepless AI (AI)
  • LeverFi (LEVER)
  • Pyth Network (PYTH)
  • Storj (STORJ)

All those tokens were listed on our platform last month, either through co-marketing efforts or on a commercial basis. This is always an exciting development for the platform as a whole. These tokens are now available for trading on our website and exchange.

We have also published materials on our blog discussing these tokens. Additionally, at the end of this month, similar to what we did in February, we will be releasing a listing digest. This new initiative outlines all the tokens we have listed and provides descriptions of their functionalities. You can access this information on our blog at blog.pointpay.io, where you will find details on what these tokens do, how they are governed, and why we decided to list them.

Moving on to stakings, as I have promised numerous times, we aim to increase our staking offerings as a company. While we experienced a lull for several months, this month, we have made a concerted effort to list a significant number of tokens for staking.

We have selected over a dozen tokens that can now be staked on the PointPay platform. The new stakings we have introduced are as follows:

  • SOL 4.3%
  • DASH 3.2%
  • XVS 4.9%
  • RDNT 3.5%
  • FLOKI 6%
  • DAI 4%
  • MATIC 3.6%
  • BAND 7.7%
  • LPT 4.8%
  • INJ 7.9%
  • FET 4.8%
  • EGLD 3.9%
  • DOT 8%
  • APE 5.8%
  • ATOM 8%
  • TRX 2.9%
  • AXS 11%
  • AVAX 3.9%
  • ADA 2.5%
  • NEAR 4.8%
  • XTZ 4.2%
  • ETH 3%
  • USDT 3.5%
  • PXP up to 7%

Regarding the new staking offerings, all the aforementioned tokens can be staked for a short period of 30 days. Given the crypto market's rapid movement and lack of stability, predicting future token values can be challenging. This 30-day staking period presents a perfect opportunity.

You can stake tokens like Atomic (8% APR) and AXS (11% APR) on the PointPay platform for 30 days. This short-term commitment mitigates risk in the fast-paced crypto market while allowing you to explore the projects if you believe in them. You can proceed with staking these tokens on our platform now.

Moving on to the highly anticipated news, we had an extraordinary AMA session last week, which Diana unfortunately missed due to other commitments. During this half-hour session, I provided an overview of the token situation and our planned approach.

The token swap began on March 12th, and the active phase will continue until April 2nd, which is next Tuesday. It will then continue for another month, albeit with less urgency. The reason for setting these stages is to swap as many tokens as possible in one batch, which is crucial.

Two weeks ago, on March 11th, all old PXP tokens were unstaked, and you had to go through the token swap process and re-stake the new tokens.

Regarding the main changes to the PointPay token (PXP), several updates were implemented:

  • Blockchain Migration: The new PXP token is hosted on the Avalanche blockchain and will have multi-chain support. Currently, Avalanche is the only supported network, but we aim to add more in the future. The blockchains under consideration are Ethereum and potentially BNB Chain, although this is not confirmed yet. Our goal is to have PXP supported on five to eight blockchain networks to maximize its tradability and stay modern and aligned with the latest market trends.
  • Token Supply Reduction: The initial token supply of 1 billion PXP was reduced by a factor of 10. Approximately 1.8 billion tokens were burned, and the remaining supply was divided by 8.2, resulting in a current circulating supply of 100 million PXP tokens. This reduction to 100 million tokens aligns with the supply of native tokens on other blockchains like BNB Chain and provides a more manageable token supply for the benefit of our community.
  • Deeper Platform Integration: We are aiming for deeper integration of the PXP token within our platform, although specific details were not provided.

For comprehensive information about the token swap process, you can refer to the dedicated AMA session on our YouTube channel's playlist, where all relevant details are available.

I'm pleased to report that we have successfully swapped approximately 70% of our platform users' tokens since the token swap commenced on March 12th. This exceeds our initial targets and is an outstanding achievement.

The active phase of the token swap will continue from March 12th until next Tuesday, April 2nd. Subsequently, we plan to extend the process for another month until May 2nd, after which the swap page will be disabled. From that point onwards, any remaining swaps will be handled on a case-by-case basis through our support channels.

It's imperative that users who still hold the old PXP tokens take action and complete the swap process during this timeframe. In the future, we will eventually have to deactivate the old token contract, and any remaining holders who do not swap their tokens risk losing access to their assets permanently.

Once again, I commend the 70% of users who have already completed the swap within the first two weeks. For those who haven't, please take action promptly to ensure your assets are secured on the new PXP contract.

As mentioned previously, the token swap process is straightforward for users who have completed KYC verification. The swap page will be accessible, but if KYC is pending, you will be prompted to complete that step first.

For those who have passed KYC, the swap approval typically takes 24 to 48 hours. However, on March 12th, when the swap commenced, we experienced a high volume of requests, leading to slightly longer wait times for some users. Nonetheless, approximately 90% of applicants received their approvals within the expected timeframe, which is a remarkable achievement.

Currently, the approval process is much faster, often taking just a couple of hours in many cases. If you haven't completed the swap yet, I encourage you to do so promptly, as it is a straightforward process that only requires your consent.

Additionally, starting from this Tuesday, March 28th, we have secured agreements with the exchanges Bitrue and Whitebit to automatically swap PXP tokens on their platforms. The agreements were only reached last Friday, hence the swap on these exchanges will commence on Tuesday, March 28th. From that date, all withdrawals, deposits, and trading of PXP tokens on Bitrue and Whitebit will be suspended for approximately one week to facilitate the swap process.

Starting April 2nd, you will be able to trade the new PXP tokens on Bitrue, Whitebit, and another well-known exchange that I will discuss later in this AMA session.

I have a major announcement to make, which has been highly requested by our community numerous times. While I had previously mentioned it as a long-term goal within a year or two, I'm delighted to reveal that PointPay will be launching its own blockchain.

PointPay's blockchain, tentatively named "PXP20" though the final name is still under consideration, is essentially a modified version of the Ethereum network. We have retained the fundamental architecture of full nodes for validating and storing blockchain history, as well as light nodes for interacting with the network.

Importantly, we have incorporated a proof-of-stake consensus protocol, making our blockchain significantly more energy-efficient and environmentally friendly, aligning with our sustainability goals.

Additional details about the PointPay blockchain will follow, but I wanted to share this groundbreaking development with our community first. Launching our own blockchain represents a major milestone for PointPay and will undoubtedly open up new possibilities for our platform and ecosystem.

The PointPay network will feature its own Ethereum Virtual Machine (EVM). For those unfamiliar, an EVM is a software component that enables the execution of smart contracts on the Ethereum network. Our implementation will allow developers to create and utilize smart contracts written in Solidity and other compatible languages, just like on Ethereum. This provides immense flexibility, scalability, and an easy migration path for existing Ethereum projects or the development of new ones.

This is a pivotal announcement – the PXP token will have its own dedicated blockchain, and it will also support multi-chain functionality. This represents a paradigm shift in how we perceive PointPay, as not many projects have their own blockchain due to the substantial financial investment required.

The PointPay network will introduce its own PXP native tokens to facilitate transaction fees, smart contract interactions, and voting on network decisions. Integrating the PXP token into this system is one of the ways we are working to introduce new use cases for the updated token.

We are thrilled to announce the upcoming launch of our testnet, providing you with the opportunity to explore its functionalities. Through the testnet, users can experiment with deploying new contracts, examine system updates, and interact with decentralized applications. Our primary objective is to establish a robust, highly scalable, and energy-efficient blockchain that mirrors the value proposition of Ethereum.

The PointPay token (PXP) is designed to operate across multiple chains, offering exceptional scalability. We have already integrated numerous use cases for PXP within our platform, with plans for additional applications in the future. Notably, users will have the option to utilize PXP for transaction fees on the new blockchain, which presents an exciting prospect for its utility and value appreciation.

In contrast to many projects that lack the resources to establish their own networks, our ability to launch our blockchain demonstrates our forward-thinking approach and long-term vision. We are confident that this strategic move will deliver substantial value to our users and foster the growth of our ecosystem.

Yesterday, PointPay initiated the pre-launch of the token on our platform. This pre-launch marks an important step in integrating the token into our ecosystem. Unlike a standard listing, the pre-launch signifies the token's introduction to our platform, where its value plays a crucial role in fee calculations and various platform metrics, such as PXP levels.

During this transition period, which lasts one week and precedes trading, we recognized the need to address users' concerns about zero balances and PXP holdings. As a result, we decided to pre-launch the token to ensure fairness and fulfill our commitment to our community.

It's essential to clarify that the pre-launch process does not determine the token's price; instead, it allows the market to dictate its value organically. PointPay does not influence or control price mechanisms, as they are determined by market dynamics.

Trading commenced using the previous PXP price, and within a short span of hours, the PXP price surged to 0.07, marking a significant increase. This translates to approximately 8.28 times the old price of PXP, reflecting the market's organic response. The rapid price adjustment underscores the efficiency of market dynamics.

We are pleased with this outcome, as it effectively establishes the new price for the token. Despite inquiries about the anticipated price, we emphasized that the market would determine it. Indeed, within two hours, the market decisively set the price, exceeding our expectations. While not all investors may have profited, some may have realized gains, illustrating the potential of market-driven pricing.

The introduction of the new token serves a dual purpose: testing our system and preparing for its full launch. Given PointPay's integration across various aspects of our platform, including fee payments and user benefits, rigorous testing of the new token is imperative before its market debut.

On April 2nd, we are set to expand trading opportunities by listing PXP on three exchanges: PointPay, WhiteBIT, and Bitrue. Additionally, negotiations are underway with other top exchanges to list the new token in the near future, possibly within a month or two. While discussions are ongoing, we are committed to expediting this process to provide you with broader trading options.

As we reflect on the conclusion of the first quarter of 2024, it's remarkable how swiftly the year has progressed. Amidst this rapid pace, we've achieved significant milestones and made notable advancements across various fronts.

  • One of our key accomplishments this year was the successful execution of the token swap. This endeavor demanded extensive development efforts and meticulous planning, and we're proud to have navigated it successfully.
  • Moreover, we've substantially expanded our cryptocurrency offerings by introducing approximately 20 to 25 new trading pairs on our platform. Additionally, we've recently added over a dozen new staking options, fulfilling a commitment made to our community.
  • In parallel, we're diligently developing and testing the Token Booster platform, which is nearing completion. While it's currently undergoing rigorous testing, we anticipate a public launch within the coming months, pending successful trials.
  • Furthermore, our focus on innovation is evident in the ongoing development of the PointPay blockchain network. This initiative represents a significant milestone for our project and underscores our dedication to advancing the PointPay ecosystem.

Your encouragement drives us to push boundaries and strive for excellence. Together, we're shaping a bright future for PointPay, and I'm incredibly optimistic about what lies ahead. Thank you for your continued support and dedication.

And I think this is where I am going to wrap up my main speech. Let's move on to the questions.  Please, Diana. 

Diana (Host): Okay, so here's the first question about the token swap.  Why don't the new PXP tokens have the same value as the old ones? When the correct numbers are displayed on the platform?

Vladimir (CEO): Certainly. What can I say? 

The platform is designed to support only one token at a time, which complicates the coexistence of two different tokens. We anticipated a transition period during which adjustments would be necessary. 

Regarding the display of tokens on the platform, most users have already exchanged the old token. When trading commences on April 2nd, all values should display accurately. The transition from the old to the new token will be complete by Tuesday. However, integrating the new token into the system poses challenges, particularly with respect to commission calculations. 

We're working to resolve these issues by reducing the number of user levels and updating the system accordingly, with completion expected by the end of April. By Tuesday, the new token will prevail on the platform, while the old token will remain exchangeable.

Diana (Host):  What is the reason for the decline in the price of PXP? 

Vladimir (CEO):  I disagree that there has been a decline in the PXP price. While there may have been fluctuations, we've maintained stability around 0.089 for the old token, which is commendable. The new token is now approximately 8.28 times the price of the old token, a value determined by the market without our intervention. When trading begins on April 2nd, we aim for the price to remain consistent.

Looking ahead, as we integrate the PXP token further into the PointPay platform, we anticipate an increase in its utility and value. Token usage within the platform will result in burning, making the token scarcer and driving up its price. Additionally, the introduction of the PointPay network, where PXP can be used for fees, will further enhance its value proposition.

Despite current challenges, such as the development of the new platform version and the introduction of multi-chain support for the token, we remain optimistic. The forthcoming Token Booster platform, which empowers token holders to participate in project management and voting, will further diversify PXP's utility. As we continue to expand the use cases for PXP within the platform, its value as a service and utility token for PointPay will undoubtedly increase.

Diana (Host): When are you launching on Binance? Please give a straight answer.  

Vladimir (CEO): There's been persistent curiosity about whether we'll be launching on Binance. The straightforward answer is no; there are currently no plans to list PXP on Binance. While Binance is a prominent exchange, their listing fees are steep, and they exercise caution with new tokens due to legal concerns.

Instead, our focus is on listing PXP on a reputable exchange in the near future, within a month or two. We believe this exchange, which many of you are familiar with, will provide a suitable platform for PXP trading.

In the meantime, we've introduced PXP to our platform as promised, and it will be traded on two respected platforms. As the new organic price of PXP develops, we anticipate further progress towards listing.

It's worth noting that our decision not to pursue Binance listing is deliberate, considering the risks associated with recent incidents involving other exchanges. Our priority is to safeguard our users' interests and ensure a secure trading environment.

Diana (Host): What will happen with the partner exchanges? When will trading be halted?  Will the new PXP be traded on them? 

Vladimir (CEO): Regarding the partner exchanges, trading will be halted for a period of seven days, from Tuesday, March 26th, to Tuesday, April 2nd. Both exchanges requested this time frame to facilitate the token swap process, which we agreed upon. During this week, they will deposit the new PXP tokens into users' accounts and cease trading of the old PXP in favor of the new tokens.

Trading on both WhiteBIT and Bitrue will resume on April 2nd, as per their request. We have maintained positive cooperation with these exchanges and have no plans to alter our partnership. The automatic swap process will proceed smoothly, ensuring a seamless transition for users.

Diana (Host): Okay, the next question is, what should I do if I can not conduct the Token Swap by April 2? 

Vladimir (CEO): Do not worry. You have ample time to complete the Token Swap process, even if you encounter issues with KYC, identification documents, or proof of address.

The Token Swap is being conducted in three phases:

  • Active Phase (March 12 - April 2): This phase aims to complete the swap for most users.
  • Secondary Phase (April 2 - May 2): During this period, we will assist those who could not complete the swap in the first phase.
  • Passive Phase (Until end of year): You can contact our support staff, and they will manually facilitate the Token Swap for you on a case-by-case basis.

Trading of PXP tokens has ceased as of this Tuesday. However, you can complete the swap on our platform until May 2 or potentially later. By the end of this year, you will be able to swap your tokens through our support staff individually.

We aim to accommodate all users within the swap process, targeting 95% of active users during the specified timeframes. Currently, we have successfully swapped tokens for nearly 80% of active users.

Rest assured, we will make every effort to ensure a smooth Token Swap process for all eligible participants, accommodating any delays or challenges you may encounter.

Diana (Host): When will the information on Coinmarketcap and Coingecko be updated  regarding the new PXP? 

Vladimir (CEO): We aim to have the information updated by this Tuesday. Trading has ceased on both exchanges, and we're working on adding PointPay to their lists, although this process takes time. While we can't control the timelines for Coinmarketcap or Coingecko, we aim for trading to resume on WhiteBIT and Bitrue by April 2nd. Additionally, we are actively pursuing PointPay's inclusion on these lists. Our goal remains to achieve this by April 2nd, although external factors may affect the timeline.

Diana (Host): Could you share details about the upcoming marketing campaign? 

Vladimir (CEO): Regarding our upcoming marketing campaign, we've already initiated various strategies, including influencer marketing, email campaigns, and advertisements on platforms like Twitter, Facebook, Google, and Telegram. These efforts have proven effective in driving conversions. Our focus remains on targeting cryptocurrency enthusiasts initially and expanding our reach gradually.

While traditional marketing tactics such as stadium renaming or sports club sponsorships aren't currently part of our strategy, as they don't significantly impact user acquisition, we're satisfied with our current results. Our organic growth is stable, with a consistent influx of new users each week. Customer acquisition costs, retention rates, and conversion rates are all performing exceptionally well.

As for future marketing endeavors, we may explore growth marketing strategies. However, conventional approaches like posters and television ads, or extravagant sponsorships, aren't on our immediate agenda. We prioritize allocating our marketing budget efficiently to attract valuable users who engage with our platform through registrations, deposits, and trading activities.

While grandiose marketing initiatives may be considered in the future, our current focus is on maximizing the value derived from our marketing efforts. We believe in investing wisely to ensure sustainable growth and meaningful user engagement.

Diana (Host): As CEO, can you assure us that you know what you're doing? Token swap? 

Vladimir (CEO): As the CEO, I can assure you that I have a clear vision for the company, including the token swap. We needed to update our token, introduce multi-chain support, and reinvigorate our community. The adjustments to token quantity were deliberate and aimed at enhancing our platform.

Regarding token prices, they are driven by organic market forces, and we do not manipulate them. Rest assured, I have a strategic plan in place, although I haven't disclosed all the details yet. My goal is to propel PointPay to greater heights within the crypto sphere by implementing changes like multi-chain support, token updates, platform enhancements, and the development of our own blockchain.

I'm confident in my decisions and actions, as evidenced by the progress we've made so far. Trust that I am dedicated to steering PointPay towards success in the cryptocurrency industry.

Diana (Host): Does PointPay intend to participate in events in the near future? 

Vladimir (CEO):  PointPay regularly participates in events, with the upcoming Token 2049 conference in Dubai being a significant one on our agenda. While we prioritize attendance over sponsorship due to the limited returns on investment, we have a dedicated team that frequently travels to these events.

Personally, I will be attending the Token 2049 conference in Dubai, representing PointPay. Although I don't attend every conference, I make it a point to be present at key events like this one.

Last week, we participated in the Blockchain Live event in Moscow, highlighting our commitment to engaging with industry stakeholders regularly. We allocate a portion of our budget to these events, understanding their importance in networking and project acquisition.

Diana (Host): When will proof of reserve be available for PointPay? 

Vladimir (CEO):  We are working on it.  I think that's all I'm going to say.  That is one of the things that we really want to do.  And we're working on the proof of reserves.  But no update just yet.

Vladimir (CEO): Any more questions?

Diana (Host): No, I guess that was the last question.  Thank you very much for all of your answers.  

Vladimir (CEO): Well, thank you very much, Diana, for all of your questions. 

We've been in this session for over an hour, which is quite productive. I want to emphasize that the token swap is still ongoing. Please visit our platform and proceed with the token exchange. While the majority have already completed the swap in the past two weeks, there's still time for those who haven't. If you encounter any issues with KYC or any other concerns, please reach out to our support team. We handle cases individually and can provide tailored solutions.

For those facing challenges, whether it's with ID verification or accessing our services from unsupported countries, please don't hesitate to contact our support. We're committed to assisting each of our users. Don't forget about the exciting developments ahead. We've successfully concluded the first quarter and are gearing up to introduce the token booster platform in the next quarter, alongside the development of our native blockchain.

Thank you all for your participation. I wish you a fantastic day, week, and weekend ahead. I'm genuinely optimistic about the future of PointPay.

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