Here are 33 chosen Questions and Answers for our September 2020 Twitter AMA. We thank everyone for participating. Watch out for our next rewarding activity soon.
Q1 from Imparable
What inspired this idea of the Level01 platform and what problem did your guys wish to solve from the centralized brokers in the Forex section?
Level01 began in early 2017 as a peer-to-peer platform to exchange options contracts. Back then we were still thinking of holding fiat deposits on the user’s behalf on the platform. Then in mid-2017, cryptocurrency especially Bitcoin and Ethereum were recognized as a store of value. I began to investigate using Ethereum’s blockchain to facilitate the settlement process, and thus Level01 was born.
Q2 from Official AirDroPs
What about your app?? Does it need the KYC process?? If, yes. Which countries do not allow for KYC?
Level01 is an Estonian Licensed non-custodial Decentralised Exchange therefore we do not have the requirement for our users for the AML/KYC process. For reference, this is similar to Uniswap DEX.
Q3 from $ased
Since your App is built on Ethereum, are you able to guarantee low transaction fees due to an increase in gas price?
Level01 is a Blockchain App built on top of Ethereum and any transfers between Ethereum wallets require gas fees to be paid. We understand recently, gas fees costs have increased to a high level. Although there is nothing we can do for the mainnet fees, Level01 is an innovative project which uses POA to reduce the cost for a transfer from ETH wallet to Tradeline; and from Tradeline to contracts.
Q4 from Yong Than Yee
What is the timeline for Level01 App to accept stablecoins USDC and PAX?
This is a good question. Level01 only accepts ETH and LVX ERC20 tokens for contracts at the moment. We encourage our users to use LVX as there is expected to be more liquidity in this market and there is a discount on the fees, paying 1% instead of 2%. Although there are currently no plans, we may look to add additional coins such as stable coins in the future.
Q5 from Suleman Shah
Can you tell me about the main products of the Level01 platform?
Level01 allows trading of derivatives contracts, and settlement is on the Ethereum blockchain. We do not focus on spot asset trading which involves only cryptocurrencies, but rather derivative contracts trading which allows users to trade the underlying asset, in markets like the Forex, commodities as well as for cryptocurrencies.
Q6 from Syco Crypto
Many derivatives traders find the user interface on many platforms complex. How do you provide the best experience for users?
Level01’s android app takes the complexity away from traditional options trading with a clean and simple UI/UX. Level01 provides win-rate probabilities priced into the contracts issued from the platform. This is an easy way for any trader, regardless of skill level to assess the indicative direction of the market and know their real-time risk vs reward scenario.
Q7 from Clarasakti
What strategies did you employ to attract traders from their preferred platform to the Level01 platform? Do users need to undergo KYC before being able to use Level01 services freely and safely? And what are the long-term benefits for investors and communities?
Maybe DeFi changed our relationship to money, investment, credit, and debt. So, what do you think about the future of DeFi? What factors can make Level01 different because there are many projects involved in DeFi? What is Level01’s strategy on DeFi?
DeFi allows crypto holders to maximize wealth generation opportunities on assets and money on their terms. It also enables them to retrieve it (almost) instantly. This was not available before during the ICO boom. Level01 allows easy access to crypto and traditional markets such as Forex and Commodities markets in a non-custodial manner allowing investors to keep control of their funds minimizing any risk associated with the platform. We seek to expand our market coverage to Equities and Indices in the future.
Q8 from Isaac Chukwuma
Level01 just partnered with AGDelta, what other partnership is Level01 looking at in the future to boost the company forward in its goal?
AGDelta is a digital wealth network serving private and public investments to private banks, asset managers, family offices, and tech-driven challenger banks. Our latest partnership with AGDelta will allow us to extend our P2P and alternative financing arrangements through its clientele, combined with enhanced digital wealth and distribution capabilities to the Level01 ecosystem. We have a strong belief in mutually beneficial partnerships and will be looking to add on data provision, fiat-to-crypto ramps, and other DeFi projects.
Q9 from Yudono R.A.
What kind of crypto pairing we can expect at the time of the official launch? Beside $BTC $ETH $USD?
On our main app launch on 10th October, we have crypto markets namely Bitcoin, Ethereum, and Ripple. We seek to expand the available crypto markets according to interest from our community as well as their marketcap and volume. The immediate target is to make selected top 20 crypto markets available on our platform.
Q10 from Piddry
All we know that collaborations in the industry are very crucial to survive and dominate in long term. What kind of collaborations has been made by Level01?
At the moment, Level01 has collaboration for data provision with Thompson Reuters and Bloomberg – as well as AGDelta, which is a digital wealth network with vast clientele including family offices and private banks.
Q11 from Dorii
What is Level01’s vision and mission, and how special is your platform in terms of functionality and security? How do you rate competitors with similar functionality?
Level01 aims to lower the barriers of entry to the traditional financial and crypto markets for everyone around the world. Our smart contracts have conducted a proper audit with reputable agencies like Quantstamp before release. We do not have access to a user’s Tradeline. It is a special smart contract that secures funds on behalf of the user and communicates this with another trading counterparty.
We do not have the policy to comment on competitors, but a glance at the market will inform you that some derivatives platforms are centralized even though they have a token and most platforms only offer Bitcoin or crypto markets.
Q12 from Gema Rigthe
The TPS battle remains one at the core of blockchain solutions, what’s your TPS?
Level01 operated as a Blockchain App on the Ethereum network, which is the largest and most trusted smart contract platform in the world. Our transaction per second is the same as the Ethereum blockchain which is estimated to be 14 to 16 TPS. This is limited as we can see from the network congestion and the high gas fees on the network. We recognize that this is a problem that has been studying ETH Layer 2 solutions such as xDAI chain which can afford 7,000tps. Vitalik Buterin, the founder of Ethereum expects Eth 2.0 to reach speeds of 100,000tps with sharding. Blockchain technology evolves rapidly and our development team is looking at all options including Polkadot as not only speed but blockchain interoperability may present new opportunities to us.
Q13 from AmeliaPutriNanda ll
I think 3 things are important for investors, cost, compatibility, and safety. How can you guarantee that these 3 things are available on Level01?
Level01 offers the lowest cost access, built on the most well-accepted smart contract platform with the greatest liquidity, and our smart contract is fully audited by a reputable firm. We have all the ideal properties that investors look for in a derivatives trading platform.
How important is the community to you? Do you agree with the power of the community? And how can the community collaborate or help Level01 in the development of the project?
Yes, we will have upcoming ambassador programs, please contact Level01 Telegram Admin for application details. Our platform and indeed all DeFi projects specialize in creating opportunities for the masses. Holding Level01 token (LVX) is a choice for any upcoming wealth creation opportunities because of its usefulness to traders
Q15 from Ashish Rawat
Good products and good marketing should be the top factor for any platform, What has Level01 done in this field?
Our marketing team has been busy engaging the community on numerous popular platforms such as Bitcointalk, Reddit, Twitter, Facebook, etc.; We get coverage in top publications such as Forbes, MarketWatch, Coindesk, Coin Telegraph, etc. ; and we are listed on all the major indexes such as CoinMarketCap and CoinGecko. Besides, we have frequent AMAs, video interview exclusives, and coverage by YouTube influencers and videos by our community manager. We will focus on important listings such as on Uniswap and other major exchanges and expanding the community and spreading the word about our project.
Q16 from Omotayo Abdul
We’ve seen quite a lot of Defi projects like yours come into the limelight recently and fade out almost immediately, what are the measures set out to avoid the same fate?
We noticed this as well and do not consider Level01 in the same category as these experimental Meme coins that operate on an anonymous basis, and do not have their smart contract audited. The temptation is too great to slap some codes together, launch quickly on Uniswap with small amounts of liquidity and realized unrealistic gains of 10x or 100x only to collapse soon due to rug pulls. Within the DeFi space, there are serious projects such as Maker, Compound, Aave, YFI, etc.
Q17 from Beganmycota
How are you planning on progressing increasingly in years to come?
Our long term plan is to increase the market coverage to include equities and indices on major stock markets. This can be extended to all the markets in the world. We also want to make the Level01 derivatives trading platform available on all major platforms, so expect Desktop and iOS versions to be made available soon. Moreover, we want to improve the trading experience of our users by incorporating popular trading tools and perhaps even some form of automation in the future.
Q18 from Venkatesh
We know all market crashes are due to undeserving hype. With @Level01io AI, is there any possibility to predict such things?
We understand that many projects thrive on hype without even a product. While we want the market to be excited by our product and innovation, we have been very careful to make sure that we do not over-hype. We believe that to succeed in the long run, a project has to be accountable and responsible to their community and trust is hard to build and easy to lose.
Q19 from Rodney Sanchez
What is AI-Guided Derivatives Trading?
The AI is our Unique Sales Proposition, it is involved with assisting fair price discovery, so traders are relieved of the complexities of manually pricing their options contracts. The AI also provides risk/reward analytics that is shown as (in the money) probabilities. We also have gamification aspects to the platform, such as trade-room hosting and prediction markets, but we’re focusing on our core features at the moment, which is the decentralized derivatives contracts.
Q20 from Yudono R.A.
Make video comparison difference between a real project like #level01 with its high credential vs any random Degen scam #DeFi out there?
We are an Estonian licensed exchange with our own proprietary AI technology and an audited smart contract and we do not consider ourselves in the same category as meme or experimental DeFi projects.
Q20 from Rocky
The recent hack on Kucoin was shocking for many platforms. Despite doing various audits and security checks, it has become almost impossible to ensure security against hackers. What’s your plan to tackle it?
The recent Kucoin incident has demonstrated that security is a huge problem and custody of users’ funds is an extremely heavy responsibility. While the real reason behind the hack has yet to be disclosed, we understand that such security breaches are quite normal at centralized crypto exchanges. This is one of the reasons we have designed a non-custodial decentralized platform so that we are not faced with such catastrophic failure situations. We believe the incident comes at a timely juncture when more and more users prefer to trade on DEX as opposed to CEX. As our smart contract has been audited, we are confident of the security of our platform. Users will still need to ensure they keep good security practices concerning the handling of their security keys. As we do not keep user private keys, there will be no way to recover their private keys if it is missing.
Q22 from Piddry
Which big achievements did your team get? What makes you proud of the Level01 project?
We are of the great work the team has done to deliver the main app during our launch on 10th Oct. We are also proud of a few key achievements in all areas. In the technical department, we have managed to solve the expensive computation of smart contracts by deploying a POA solution; so now all interaction with the Level01 smart contract is free including moving funds in and out of tradeline. Only the sending in and out of crypto into your ETH wallet exacts transaction fees. This brings great savings to our users and is certainly a great differentiator for us. We are also proud of being recognized as a top company in this space by our partners Bloomberg, Thompson-Reuters, and AG Delta. Now that we are out of the starting block, we look forward to many more things.
Q23 from Toph
Is Level1 supported worldwide? Does this mean that anyone from any country has an account at Level1 and how to deploy your project to both cryptocurrency and non-cryptocurrency users? #ama #level01 #Defi #crypto #Giveaway
Yes, Level01 is supported worldwide and accessible to anyone with a smartphone and internet. We cater to both crypto native and non-crypto native users. Crypto native users tend to care more about the crypto markets of which we offer Bitcoin, Ethereum, and Ripple. Non-crypto native users will be more interested in the Forex and Commodities market.
Q24 from Mira_cle_9
What are the advantages and disadvantages of trading crypto?
I believe your question is perhaps related to what are the advantages and disadvantages of trading crypto options on our platform. We place options trading in between Spot and Margin/Futures trading. Compared to spot trading, the amount of money used to secure a position is much less and as most spot trades are done on centralized exchanges, traders are exposed to the risk of hacks and exit scams. If we compare to the next popular market which is margin and futures, options do not have unexpected liquidations due to flash crash or market manipulation. We only offer major and well-established markets such as Bitcoin, Ethereum, and Ripple so we have fewer market manipulation risks. In terms of difficulty, it is advisable for traders who are graduating from spot trading to try their hands on options first before margin/futures trading. Level01 has a convenient demo app where you can try our platform risk-free and try out your strategies. Stay tuned, we will also announce a trading competition on our demo app soon.
Q25 from Min Hye-Soo
Who is Level01 ‘s main partner? and what are the benefits for investors participating in the Level01 ecosystem?
Right now, Level01 has a partnership with Thompson Reuters and Bloomberg for data provision, ensuring that the data used on our platform are from the most trusted source. We have our smart contract audited by Quantstamp before launch. And we have announced a partnership with AG Delta which is a digital wealth network so we can reach out to those with traditional wealth. We believe in strong partnerships and crafting win-win so you can expect more partnership announcements in the future.
Q26 from Trà My
What is the future trend of DeFi, in your opinion? What is the biggest flaw DeFi is facing today? And is Your Project looking to solve the problem?
We believe there are a few strong trends in crypto and DeFi is one of them but it should be considered with the other strong trends emerging.
First of all, is regulation, we highly believe that regulation will impact this space as a whole, and perhaps the space for experimental projects will always exist, any project that wants to scale needs to operate under proper regulations. Level01 places high importance on compliance and is proud to be an Estonian licensed exchange.
The second trend is interoperability which also links to scalability as most of the interoperability platforms offer scalability. For this, our development team is studying Ethereum L2 such as xDAI or Optimistic Rollups as well as Polkadot/Kusama, Cosmos, and Matic. What is important for us here is the flow of liquidity from ETH mainnet to either Eth 2.0 shards, L2 Eth, or to other parachains in Polkadot.
The third trend is DeFi which has innovations such as yield farming, flash loans, crowdsourced investing strategies such as YFI, and the so-called DeFi Lego which is composable and allows protocols to plug into each other. We believe DeFi space will evolve and the projects that succeed will be those that can navigate the 3 strong trends in crypto space. Level01 is licensed and regulated, we utilize AI and blockchain in a hybrid DEX, and we are looking to be the main options and derivatives trading platform in an interoperable world.
Q27 from Super Pon Heldor
What place in the modern financial system will DeFi take? What fundamental problem does Level01 solve in the modern financial system?
There are strong institutional interest in DeFi and projects such as Aave has recently conducted a fundraising round to fun their expansion in Asia through the offering of their DeFi products. The future of DeFi is very likely to look like Level01’s setup; being a licensed and regulated entity in Estonia while utilizing Blockchain technology. The fundamental problem that Level01 solves is in improving transparency and solving the trust issue. Providing this solution in a regulated and licensed environment to traders worldwide without a requirement for AML/KYC and without intermediaries such as brokers, agents, and technology providers and reducing the number of hoops traders have to go through, lowering the barrier to entry and saving costs is the real achievement
Q28 from Ceed Dio
The user community is important to a crypto project. How does Level01 evaluate the importance of the user community? Shortly, does Level01 have any special plans to attract and expand the community?
Level01 is all about our community of traders without which the project would not meet their objective. We would like greater participation from our users and community and will provide opportunities for the community to participate in the project through ambassador programs and the many contests and promotions, we will have a trading competition soon on our demo trading mode to win real LVX. We also feel education is important both in the knowledge of how to use the platforms as well as market knowledge and trading knowledge. So we plan to have content in the future to cater to these needs in the future.
Q29 from Blacedy
Like every top DeFi protocols, you have your native token, can you tell us the utility and real-life use case and application? #ama #level01 #DeFi #crypto
The Level01 utility token helps you gain access to greater liquidity as well as access reduced trading fees of 1% instead of 2% for both buyers and sellers. The limited supply of LVX token will also mean that greater demand for LVX is expected to have a positive price impact on the price of our utility token. Ultimately, the LVX token represents the health and success of the Level01 project and we highly believe in the success of our platform.
Q30 from Gema Rigthe
How would you address the transparency within the network given the privacy you offer in the network?
Level01 is a hybrid DEX which means we are an open and decentralized platform which anyone with access to our app and an Ethereum account can use. All transactions are on the blockchain and can be viewed and vetted by any party. We do not collect personal data and only require an email to register for our service. Our service is pseudo-anonymous meaning that is your identity is anonymous unless someone can link your identity to your email account or Ethereum wallet. This is the highest level of privacy without stepping into the world of private transactions which has many dangers and pitfalls when it comes to accountability.
Q31 from Zenny
What are the list plans of the LVX token? What will you do in the future so that LVX can list other exchanges and dramatically increase transaction volume?
While Digifinex has provided great support to our project over the years, Level01 plans to start a trading pair on Uniswap DEX due to the great liquidity and also offering the possibility to trade on a DEX for our users. This makes sense as many DeFi projects have their main market on Uniswap.
Q32 from Aditya Kaushik
Most of the users and especially new users enjoy spot trading but as I see it, you guys do not focus on spot asset trading, Why?
Level01 has specifically targeted the Derivatives markets because markets can be created for any asset class and we are not only limited by the crypto markets which are several hundred Billion US Dollars. We plan to extend our markets beyond just crypto, commodities, and forex but also into equities and indices in the future which is around 700 Trillion US dollars in value. Our potential is much bigger than the purely crypto spot market.
Q33 from R.Pock
How do you differentiate yourself from the most popular DEX that is in operation currently since you called yourself “Decentralised: Peer to peer Options Contract Trading”?
At the moment, the most popular derivatives exchange is very likely Synthetix. However, derivatives is a broad category and Level01 offers the best specialized decentralized platform for a type of derivatives trading called options trading. The particular type of options we offer is called the European Options which means contracts that are matched will be settled when the expiry date is reached. You may not resell the contract before the expiry date as is allowed in the American variant.
Right now, we offer selected markets in Crypto, Commodities, and Forex markets and the maximum period is 7 days. It is a convenient tool for speculation or hedging with the risks well defined and the always fair market pricing determined by our Fairsense AI technology offering convenience for traders. Compared to the competition, we have a broader market coverage with reliable market prices supplied by no less than Bloomberg and Thompson-Reuters and it is important to note some of our competitors are not decentralized despite having a token. I believe no one can beat the level of service we offer at a comparable safety, convenience, and cost.
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