SEXP is a decentralized exchange for trading synthetic assets built on Tezos. Our roadmap and more details are available at the main site.
SEXP has been in the works since late 2020, when we received a grant to develop the project from the Tezos Foundation. Their support allowed us to focus on building products rather than worry about funding during the early phases of the project. In early May, with our first product SEXP Binary Options almost complete and usable on the Florence testnet, we decided that the time is right to start growing our community. We have created a Telegram channel for people to gather in and to share SEXP related content and news. We held a Q&A on May 7th, and announced a presale would take place over the weekend from May 14th to May 17th.
We decided that the SEXP token would be a deflationary token with finite supply, and that to discover the most accurate price, we wouldn't have a specific fundraising goal but rather let the market work its magic. We didn't limit how much a single person could contribute. We created a presale page outlining how the presale would work, with example outcomes and with image guides showing how to contribute using popular Tezos wallets. It was also possible to contribute using Binance Smart Chain, so that even people new to Tezos could easily participate. We created a localized version of our website in Japanese, and as the presale continued we added a Chinese version as well.
The presale was mainly publicized through our Twitter accounts, in Telegram and on the Tezos reddit. SEXP supporters helped spread the word on social media, which helped greatly. We didn't buy any ads and relied on fundamentals and word of mouth. At the time of the presale, users could already try SEXP Binary Options on the Florence testnet, but the process is somewhat involved and requies getting testnet tokens from a faucet and then minting kUSD (a Tezos based algorithmic stablecoin). Therefore, we have also published videos showcasing the product to people who don't have their wallets set up or don't have the time to click through the testnet preview.
Throughout the presale, 57 455 XTZ was raised on Tezos, and 24 052 USDT on Binance Smart Chain. The presale was denominated in USDT, and the current value of XTZ when contributing was used to calculate the value of contributions. In dollar terms, 373 996 USDT was contributed altogether. Large chunk of contributions came in at the beginning, with over 25 000 XTZ contributed during the first 3 hours of the presale.
The average contribution was 2 652 USDT and the median contribution was 645 USDT.
There were 141 unique participants and the GINI coefficient of contributions, measuring inequality, was 0.71213. This tells us that we have achieved a wide distribution among a high number of participants, rather than the less desirable outcome of most contributions coming from a few whales. The growth of the SEXP community, kickstarted by the presale, is going to be one of our priorities going forward. We are going to post dev updates, news and other SEXP related content to our reddit r/SEXP and to our Twitter.
We view the outcome of the presale as a strong signal that there is demand for DeFi projects on Tezos and for a synthetic assets DEX specifically. In addition to SEXP Binary Options, we are working hard on SEXP Synthetic Swap, our swap-like product for synthetic assets. Synthetic Swap is going to provide traders with low friction trading experience and importantly with the confidence that their orders are going to execute with predictable prices and avoid slippage. In the future we would also like to add a variety of products that will round off our offering. One of these future product ideas is a launchpad product, that would give the SEXP community a chance to get early exposure to legitimate, vetted projects. Another is a DEX focused on stablecoin pairs.
Once again, we would like to thank our amazing community for the incredible support. It's great to see how many people are excited about our products and making our vision a reality. We are excited to have you guys onboard.
For convenience, we are providing a recap of information shared in our May 7th Q&A. Most questions were about our presale and details of our token. The most up to date info is always at the presale page.
The presale will run next week, from May 14th to May 17th 16:00 UTC. We aim to run the public sale about 3 months after the presale.
Anyone will be able to participate in the presale, provided they answer that they are not a US person in our questionnaire.
Presale supporters will get 200% APR compared to public sale participants. The main goal of the presale is to let our community get in at the ground floor.
The presale tokens are from the same pool as the subsequent public sale, with guaranteed better price to result in 200% APR.
For example, if the public sale is 90 days after the presale (as expected), the presale participants would get 1.4931x more tokens compared to public sale participants contributing the same amount. In case the public sale is conducted later than currently expected, our APR based approach would simply result in a higher multiplier for presale participants.
For the public sale, there might be multiple tranches with different multipliers and vesting schedules. AVAX public sale used a similar mechanism with great results. The idea is that people can choose a longer lockup and get a better price.
SEXP token is deflationary with limited supply.
Our current approach allows people to participate in the presale using a simple token transfer rather than through a smart contract. All the information is stored in the blockchain, so we can calculate the proper number of tokens everyone should get and mint them once the public sale is concluded.
Our plan for the token distribution is:
SEXP token is going to be tradeable after the public sale. We expect to run the public sale about 3 months after the presale.
We are going to have various deflationary mechanisms, such as burning unclaimed airdrops and fees. Together with finite supply, this should create a desirable trajectory. As the platform grows and we launch more products, the SEXP token is going to be used across all of our products. I like what Binance is doing with BNB, where they are adding new uses for the token constantly.
We plan for the long term. The founder allocation is going to vest over a year and we also have allocations for grants to 3rd party developers and for other operations purposes. The ultimate goal is to make the project sustainable.
Our plan is to airdrop tokens to users of similar projects on other blockchains, such as Sparta on BSC or Synthetix on Ethereum. This should result in an influx of new users. Airdrops like this, are an effective way to facilitate user growth because those users have already demonstrated that they want to use this kind of product. Unclaimed airdrops would be burned after some time.
We are also going to award bounties for tutorials, guides and other content about SEXP.
Rewards for early users and liquidity providers are key to ensure fast user growth, so we are likely to have them. In the case of our main planned product SEXP Synthetic Swap these are most likely going to be rewards for providing liquidity to DEX pairs of synthetic assets and/or interest for minters. So for example, liquidity providers in the sXTZ/XTZ pair on Quipuswap would be rewarded.
In addition to planned prodcuts in our roadmap, we are also exploring a multi-stablecoin DEX similar to Curve finance and yield farming products.
Our previous projects include oracles, insurance applications, wallets and standards for wallet interaction. For example, here is some media coverage of one of our older projects.
I believe in running lean teams. The SEXP Binary Options product was built by 2 engineers. In the past we have built other applications on Tezos with a team of 3 engineers. Keeping the headcount down allows us to iterate fast and stay on top of DeFi trends. In case of growth, we would have small teams building more products in parallel.