Although the DeFi space is growing significantly, it still lacks mass adoption. Another issue faced is by novice users in the space who can fall prey to scams and rug pulls easily.
FEG Token is built to provide a decentralized transaction network that operates on Ethereum and Binance Smart Chain blockchains. The multi-chain exchange, FEGex, offers decentralization and is driven by its community.
In conversation with Chris, the Marketing Manager for FEG Token, we talk about the DeFi space, FEGex’s solution, FEG Token, and much more.
1. According to you, what are some of the major problems that the current DeFi market is facing?
One of the major issues that the decentralized finance (DeFi) market faces—and have faced for too long—is the lack of adoption. Many people are just now only starting to understand the cryptocurrency space. Being in the cryptocurrency space since 2016, I can finally breathe a sigh of relief that DeFi is starting to become better-known and understood.
It is a matter of time until the imminent adoption of DeFi arrives. It is a matter of “when”—not “if.” Watch. Additionally, news about rug pulls and scams from projects and individuals are infuriating and heartbreaking with innocent people’s hard-earned money being drained within a blink of an eye.
Sadly, it is a challenge to catch scams in advance—even with due diligence. In DeFi, anonymity is promoted, so it is difficult to track malicious project leaders and scammers.
2. How does FEGex aim to provide a solution to these problems? What were the challenges you faced in creating the platform?
At FEG Token, we are re-designing the way DeFi is structured. FEG Token is focused on reshaping and evolving how DeFi works completely while delivering the most robust ecosystem ever designed for DeFi’s must-needed advancements.
We have created a multi-chain decentralized exchange called FEGex that runs on the Ethereum blockchain and Binance Smart Chain.
FEGex aims to solve the devastating issues surrounding rug pulls once and for all through a revolutionary technology called SmartDeFi while providing people around the world a fair opportunity to achieve financial freedom through passive income.
SmartDeFi eliminates any chances of investors getting rug pulled. Our lead developer, FEGrox, is a highly trusted blockchain expert with over 10 years of experience, whose works are helping evolve the DeFi infrastructure. As a Lead Solidity Developer, FEGrox’s work is focused on helping bring the DeFi space forward in the best and secure way possible while helping expand FEG Token in the process.
One of the challenges we faced in creating the platform was instilling confidence and trust in the cryptocurrency space that FEG Token is here to “feed every gorilla.”
In this sense, the gorillas are every single human being in the world, including you and me. The project started in January 2021 during the midst of some wild scamming incidents and institutional adoption of cryptocurrencies. It has been a roller coaster ride the last several months.
FEG Token’s popularity grew astonishingly fast in under six months—it was amazing to see so many people join the FEG Token community or the FEGarmy. In March 2021, there were only approximately
30,000 holders. Fast forward to June 2021 and FEG Token had over 600,000 holders. That is a whopping 1,900% increase in holders in three months! I would say this is a rather good challenge.
We did experience growing pains, but, looking back, we are stronger than we have ever been. We had to onboard additional Administrators, Moderators, and Marketers to support the rapid growth that FEG Token experienced.
3. FEGex aims to be an all-in-one exchange. What steps are you taking to ensure that this goal is achieved?
I do not know about you, but I despise paying outrageous gas and transaction fees. FEGex works to offer functionalities that other exchanges have but does it better and cheaper with reduced fees compared to competitor exchanges.
Our goal at FEG Token is to make FEGex be the go-to exchange for all of the cryptocurrency and DeFi spaces with the following functionalities for investors and traders alike: FEGswap, FEGstake, fWrap, SmartSwap, Liquidity Pools (LP), and Bridge (between ERC-20 and BEP-20 blockchains).
To ensure that this goal is achieved, the team is working diligently to roll out the functionalities as timely as possible while exercising extreme care and due diligence to ensure that the high level of security of FEGex remains intact at all times. As I tell the community, good things do take time.
The last thing that the Developers want to do is push out a rushed product that will interact with high volumes of investors’ money. Internally, the Developers have a development roadmap and have the expertise to understand what it takes as well as the time necessary to make FEGex as robust and advanced as can be.
4. Tell us more about the FEG token and its use cases. What are the benefits and rewards that the token holders will have?
Where do I start?! FEG Token is a hyper-deflationary token with a maximum circulating supply of 100 quadrillions on both the Ethereum blockchain and the Binance Smart Chain that involves an inaccessible burn wallet.
Depending on each holder’s percentage of ownership, a 2% transaction tax is distributed among all holders. As the circulating supply decreases, the scarcity of the token increases.
This inversely proportional relationship constitutes a supply and demand model. Without a burning limit, holders get to enjoy a never-ending cycle of passive income with positive price pressure!
5. What is the FEGtrack app and how is it helping out the FEG token holders?
The FEGtrack application was developed by Tomislav (“Tomi”) Jakovcevic, a FEG Token developer. Holders of crypto assets within the FEG Token ecosystem can track their tokens using the application, which is available on the App Store, Google Play, or through a web browser. Data is pulled from the blockchain using only public wallet addresses, making it completely secure.
FEGtrack serves FEG Token holders by providing real-time FEG balance and valuation, live burnt/circulating token counter, charted market data, and rewards forecasts.
6. What is fWrap? How will it helps users earn rewards on FEGex platform?
FEGwrap (or fWrap) allows investors to wrap their favorite cryptocurrencies and start earning more of them passively! Seriously. Anyone can wrap Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE), Litecoin (LTC), XRP, USDT—and more! fWrapped tokens can be unwrapped back into the original form at any time. fWrap can provide an excellent annual percentage yield (APY)!
Investors pay a 1% tax when wrapping or unwrapping cryptocurrencies. There are no additional risks involved with fWrapping and no impermanent loss. 1% of every transaction (buy, sell, or transfer) that takes place during the fWrap process is immediate and is automatically distributed between holders of that corresponding fWrap form.
Base pairing is a necessity of the fWrap process. Base pairing means any new tokens that list on FEGex will have the option of adding liquidity pairs between the newly-listed token choices.
With the additional pairings to these tokens, it will allow anyone who owns the pairing tokens to bring them to FEGex and fWrap them to earn their portion of the frictionless 1% distributed to the pools from transaction fees on FEGex that include that token as a base, including transactions on SmartDeFi.
7. How do you think has decentralized finance evolved over time? What is the core idea of SmartDeFi in this regard?
I think that DeFi has evolved to consist of a bunch of ridiculous meme coins and copycats. At FEG Token, diversity and inclusion are part of our DNA and core values.
This reflects how we build our innovative products, as well. Uniquely from scratch. FEG Token is spearheading the effort to redefine DeFi (no pun intended) with a vision to become a leader in the DeFi space very soon. I have complete faith that the team and community can make this a reality, especially with SmartDeFi.
SmartDeFi is the first-ever all-in-one ecosystem that allows tokens to be frictionless with its trading and liquidity mechanisms. There is no longer a need to pick where to host trading.
On-Token-hosted trading can now be performed with this breakthrough technology. What makes SmartDeFi remarkable is that the code eliminates the ability for anyone to rug since its trading system is not hosted via a third party. The token contract owns its liquidity, making it impossible to rug!
Most importantly, SmartDeFi tokens are 100% asset-backed! Take the time to think about this. It will blow your mind. Every SmartDeFi token is fully backed by its base asset, guaranteeing the tokens’ baseline value is secured from suffering loss. Base assets are what assets the tokens are traded against.
A set percentage of every buy/sell is given to the asset-backing pool which is secured inside the SmartDeFi tokens’ smart contract. This results in a perpetual increase of the SmartDeFi tokens’ baseline value, resulting in the formation of a baseline value that can never decrease. No cap. This is what we call Guaranteed Value.
Allow me to explain further. The asset-backing can be recovered instantly by burning SmartDeFi tokens for their share of asset-backing. When SmartDeFi tokens burn for their backed asset, it creates a “black hole” that burns more and more tokens automatically and effortlessly over time.
Burnt tokens forward their backing to the remaining tokens, increasing the backing per token faster. This guarantees that every SmartDeFi token will always have value, regardless of the market price!
Since all SmartDeFi tokens are based on fWrap technology, their market price even rises when there is no volume—ZERO! SmartDeFi defies (no pun intended) the laws of physics because, when any token is sold, the baseline value goes up instead of down.
SmartDeFi also helps to eliminate pump-and-dump schemes. With the baseline value being transparent, buyers know what the risk ratios are even before trading.
We strive to continuously make SmartDeFi the most advanced FEG Token product that allows launchpad services via the most advanced protocol ever built for DeFi! SmartDeFi also paves a path for all swap sites to integrate SmartDeFi token trading without having to host the liquidity for that token.
Great news! Anyone can deploy their SmartDeFi token with FEGdeployer and get to experience SmartDeFi. The initial liquidity of SmartDeFi tokens is locked forever. SmartDeFi trading must happen via the token’s contract.
Third-party liquidity pools are not supported, making SmartDeFi even more secure and driving trade volume to FEGex. Third-party user interfaces (UIs) can still hook into the SmartDeFi contract via Web3; however, all trades must happen via the token contract.
8. The ROX token is called the world’s first SmartDeFi token, tell us more about it? What is the purpose behind creating it? How will it help users on the FEGex platform?
Life is DeFi, as FEGrox would say. ROX Token is a multi-chain token built with SmartDeFi technology. ROX Token is the first token to utilize the SmartDeFi token infrastructure and will outperform. When investors want to buy or sell ROX, they would do so directly with the token itself and not via a third-party host.
ROX Token owns its liquidity, so trading globally is performed to and from the token itself and can never be stopped or altered. It is highly encouraged that future DeFi tokens utilize this protocol as it will streamline the truest form of DeFi.
How will ROX Token help users of FEGex? All SmartDeFi, including ROX Token, and FEGex pairs can send and receive SmartFunds to and from each other. This allows Peer-to-Peer (P2P) and Swap-to-Swap (S2S) transfer of SmartFunds anywhere within the FEGex and SmartDeFi networks.
Regarding P2P, this allows anyone to send funds privately with the receiving wallet address undisclosed. ROX Token and SmartDeFi will directly contribute rewards to the FEGstake system.
This means that the increase in rewards within the FEG Token ecosystem will always be supported. Every new pair and SmartDeFi token on FEGex will increase the APY of FEGstake.
Ultimately, ROX Token and SmartDeFi will launch an evolutional DeFi movement. ROX Token will work with future tokens to help them integrate into the SmartDeFi evolution utilizing this advanced codebase.
This will ensure that the future of DeFi is not only smarter, but also safer for all holders, users, and token ecosystems.
9. Tell us more about the FEGex and PASA collaboration and your perpetual charity crypto-wallet?
At FEG Token, we love apes (our mascot is a mighty gorilla) and we stand proudly for spreading goodness, making a difference, and being the change in the world! The Pan African Sanctuary Alliance (PASA) has been FEG Token’s charitable partner since the beginning.
The FEG Token community reached out to several wildlife organizations. PASA was selected based on the amazing work of PASA. PASA has been fighting against illegal hunting while putting efforts into research, education, and emergency response regarding wildlife.
The alliance has a strong passion and goal to protect those that are unable to protect themselves. PASA is the largest coalition of wildlife centers and sanctuaries across Africa. With a network of 23 member organizations in 13 African countries, PASA serves a united coalition to fight, protect, and save humanity’s closest relatives from the brink of extinction.
FEGrox generously donated $1,000,000 to the world’s first perpetual charity cryptocurrency wallet for PASA out of his love for helping others. This wallet is essentially a charity donation pool that earns rewards perpetually, powered by frictionless yield.
This allowed PASA to feed hundreds of primates. Combined with automated donations, this will mean that PASA will receive a stream of uninterruptible donations automatically. Forever.
10. What lies ahead in the FEGex roadmap? What can we look forward to in terms of updates and collaborations in this year?
During August 2021, my team organized a Twitter campaign that invited every token—yes, every single token—on the Ethereum blockchain and the Binance Smart Chain.
The engagement we received was outstanding with 9.5 million impressions, 425,000 mentions (up 260.5%), and 18,725 new followers on Twitter in just two weeks!
With the launch of the FEGdeployer and SmartDeFi, we are inviting every token and project in the cryptocurrency and DeFi spaces to bring DeFi together. With the FEGdeployer, project leaders in the DeFi space can list any ERC-20 or BEP-20 token for trading on FEGex and add initial liquidity.
The FEGdeployer will allow for the configuration of a Smart Rising Price Floor and maximum buy/sell for each pair. Deployed pairs have their initial liquidity locked for one year with the option to extend when that lapses.
The FEGdeployer will also allow for the creation and deployment of SmartDeFi tokens to the blockchain and list them on FEGex in one seamless process.
For the FEGex roadmap, we will be incorporating WalletConnect, live charts (powered by TradingView) and trade tables, transaction information, real-time spot price, liquidity indicators, SmartTools for SmartDeFi tokens, locked liquidity percentage gauge, address search functionality for verified and unverified tokens.
Moreover, users can expect continuous improvement and modernization from the look and feel of the platform to functionality enhancements.
Looking forward, FEG Token is planning to advance further into the cryptocurrency space by releasing increasingly innovative products while maintaining a strong sense of community and love for all projects in the cryptocurrency space. FEG Token does not tolerate discrimination or hatred whatsoever.
FEG Token has established partnerships that will spark more creative products in the future product line-up, including NFTs and gaming.
In my opinion, the DeFi space is still very young and the future of FEG Token, FEGex, and the entire DeFi space look extremely promising. FEG Token and SmartDeFi will make possible a new home for DeFi that is safe, accessible, and rewarding.
I am bullish and always will be! The FEG Token team encourages everyone to do their research and extends an open invitation to “Feed Every Gorilla” and “Be the Future of DeFi!” Thank us later.
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Disclaimer: This is a paid post and should not be treated as news/advice.