Will there be BNB pairings for TT/WT on the CEX? (Since we are still on Smart Chain.)
The major tokens will initially be paired with an existing stable coin (and our stable coin once released), whilst we build up trading volume and continue the development of the blockchain. The reason for this is that the current 1% tax of the Y5TT would deter widespread adoption of the platform. Once the blockchain is live and the tax removed, we can efficiently phase these processes in.
Nevertheless, when new projects list on the platform, they may be offered multiple trading pairs (dependent on which listing / marketing package that they select). If a project has a bullish view on the Y5TT, they may choose this for one of their pairs.
This is because they will have to provide a Liquidity Pool for their own token and the token
that it is paired with (Y5TT), which requires them to buy up the supply and hold on the platform for the entirety of the listing period. Given that the tokens could be locked up for a long period of time, some projects will opt for a token that they believe will appreciate in value over the same timeframe.
Once the blockchain is launched and projects are migrated to Y5TT trading pairs, all of these projects will need to hold Y5TT Liquidity Pools.
This would essentially lead to large portions of the very small supply being bought up and held on the platform for as long as they list (the supply will be kept out of the general market for this period).
What mainnets will the CEX support?
If the token is listed on the CEX, then you are able to transfer that token to the CEX. When you are on the CEX and have selected the ‘Deposit’ option for a certain token, you will be able to see the available networks.
Will the CEX have strong security? 2FA, Google Authenticator, Mobile SMS on activity, Mobile 2FA login etc.
What will happen if we want to transfer our Y5TT to the new CEX, will we have to pay taxes?
Initially, yes; however, this will be removed once the blockchain becomes live. Once on the platform, the transactions will only be charged 1% relative to the 3% through the DEX.
What is the KYC process?
Linking both your email account and mobile phone to the platform, as well as undertaking an identity check (some form of ID will be required). The process is extremely simple and time efficient.
About withdrawal, what are the options that will be available to make it happen?
You can either send your tokens to other CEX wallets on different platforms, to a DEX wallet or you can withdraw fiat through the ‘fiat off ramping’ mechanism. These are the same processes as depositing tokens, however, with the funds going in the opposite direction.
Will the staking function be available on the CEX for Y5 /Other major coins i.e. Eth/Sol etc?
Not at the outset. We have prioritised other utilities with far greater potential to provide additional value to our holders.
What coins will be listed?
On launch day, just the major 100 tokens. The following Monday (1st August) we can add custom tokens, which will include Y5TT and Luna Classic (LUNC).
We are launching a full campaign and have appointed a large number of Business Development representatives to bring in more listing projects.
There is no limit to the number that we can list.
Will there be a cold wallet option in the CEX?
Once tokens are transferred to the platform, they will be stored in both Hot and Cold wallets.
We have individuals that monitor and apportion this accordingly to ensure optimum protection and security.
If the CEX gets hacked...what assurances or protections are there about the return of the investor's funds? Or safe keeping of the funds?
This is the purpose of the upcoming Wallet Insurance. We understand that security is a major component of building trust, which is why we are keen to implement this as soon as possible.
As discussed above, the storage of funds in multiple Hot and Cold wallets also provides an additional layer of protection for funds.
What coins can we transfer to the CEX at launch?
Any tokens that are listed on the exchange.
How will wt and tt price match on dex?
This is managed by the Market Makers and is built into their algorithms.
Will Y-5GBP be only available on the CEX, or will there be an LP for the DEX as well? If so, will there be an option to reflect in GBP rather than USD?
Once released, it will also be available on the DEX. If you look on the DEX, it is already on the platform; however, we just need to add an LP once the token is live.
What Y5 stable coins will be launched?
GBP will be the first and then we will also look into EUR and USD
15. How many fiat purchase 3rd party tool platforms are available Moonpay Simplex?
There is a singular supplier.
With the credit card stuff, shall we be allowed to add even credit cards that are not in our names or just those in the names we used for kyc on a particular account?
Debit card information will be disclosed later once these are actually being issued.
Discussions are still ongoing with debit card providers.
Is the trader token ever going to launch on other blockchains?
Potentially. However, different networks aren’t particularly an issue when trading on CEXs. For example, the Y5TT (BEP20) is already paired with USDT (ERC20) on other CEXs.
You can freely transact between the two tokens even if they are on different chains, as long as there is a token pair to do so.
"Trader packages" were mentioned for the CEX in a previous AMA, and I wanted to see if that was still going to be thing?
Yes. You can essentially upgrade your account type for a monthly fee, with a percentage of the profits feeding back into the Y5WT in the form of BB&Bs. We need to develop additional features in order to offer the higher tiers of membership, so this will be a phased process, but we have an abundance of concepts under development.
19. I have a question, as I am still fairly new to the whole crypto world. When the CEX launches, are we going to have to transfer our Y5TT tokens from TrustWallet to the CEX or are we OK to leave them in TW?
And will reflections from people who buy on the CEX be distributed to those who still hold on trust wallet? Or is that a totally different entity?
It is perfectly fine to leave your tokens in TrustWallet or any other DEX. The CEX just provides a platform for transacting. The transactions on the CEX for the Y5TT will be taxed 1%, of which 0.8% will feed back into the Wealth Token as a BB&B – there is no percentage that contributes to reflections for the Y5TT.
Who owns the CEX?
Y5 own the CEX – this is our platform.
After Gibraltar, what are some of the next countries Y-5CEX will look to regulate?
At the moment, getting regulation solely in Gibraltar is the intention. The country is governed by UK law, a fairly globally recognised legal system. However, as always, if there are ways to improve our global reach and enhance the value of the project for our holders, then we will explore them.
Will Y-5CEX protect people's personal information?
Yes. The data will be subject to the Data Protection Act and GDPR.
Will there be a referral link program to help onboard new users to the CEX?
Provision has already been built into the platform software to allow this to be implemented at a later date. We will certainly try this and then consider rolling it out across the whole platform if it works successfully.