MATIC NETWORK AMA WITH TRADESTARS— FEBRUARY 5 2021
8th of February 2021, Christian Hentschel & Anshul Pareek, CTO/Founder and Marketing head respectively of Tradestars were hosted by Matic Network on their channel. The AMA’s purpose was to discuss Tradestars and how you can trade Fantasy Stocks of your favourite athletes on Matic!
The session was moderated by Arun Philips. Details follow below :
Arun Philips
Hello @OxAnshul, and @chentschel, welcome to the Matic community 🙂
Could you please tell us a little about yourself and Tradestars?
Chris | TradeStars
hello @arunphilips thanks for inviting us here.
sure
let me present myself
Chris | TradeStars
Hi to all the Matic gaming community! . I’m Chris, Founder and tech lead of TradeStars. Software engineer, entrepreneur. I love tech and I’ve been in the blockchain space for +4yr now. Mainly in the gaming / payment (payment channels) space, contributed to many projects like Decentraland.org, Decent.bet, Popchest , and some small others before starting TradeStars.
Anshul Pareek
Hey @arunphilips
Greetings to the Matic fam! 👋🙏
I am Anshul, a full-stack marketer and currently heading Marketing at TradeStars.
I have helped 15+ domestic and international brands with branding and communication over 4 years. I have prior experience of consulting brands like Marico, Wipro Consumer Care, Officer’s Choice Blue Whiskey & ITC to name a few. My expertise involves strategy & planning, brand management, social media and content marketing.
Arun Philips
Those are awesome backgrounds, working with some cool projects :) Glad to have you guys here!
Chris | TradeStars
thanks .
Anshul Pareek
Thanks :)
Anshul Pareek
TradeStars is a Fantasy Stocks Trading Sports platform powered by the Ethereum and Matic layer 2 blockchains where users can trade digital assets that represent real-life events and athletes’ performances.
We are gamifying DeFi economic incentives with a fantasy stocks platform where users can express their passion for sports, compete against each other with true digital ownership, transparency, liquidity, and decentralization.
Arun Philips
[In reply to Anshul Pareek]
Super cool idea 😎
Arun Philips
There is a strong focus on creating a community-powered decentralized fantasy experience, how will you attract this initial community?
Anshul Pareek
We have some very exciting set of actions planned for the same.
Chris | TradeStars
There are some great marketing ideas @OxAnshul is leading. I’ll leave him lead this one
Anshul Pareek
[In reply to Arun Philips]
Even in our testnet it’s the community who decide the next Players to be unlocked on the platform. In the coming months we will have leaderboards for portfolios and the best portfolios will be rewarded weekly, monthly and in special gaming contests. Users will be also able to stake their TSX tokens to enter the contests.
Real-time portfolio rewards, referral/affiliate campaigns, adding to the dividends distribution, are some of the actions to attract the community.
Arun Philips
[In reply to Anshul Pareek]
That’s a cool way of involving the community right from the start!
Arun Philips
Can you tell us a bit more about Tradestars and it’s features?
Chris | TradeStars
sure.
Anshul Pareek
[In reply to Arun Philips]
TradeStars aims to be the Nasdaq for Fantasy Sports. A platform that rewards the sports fans for their knowledge.
We implemented a new concept based on Fractional NFTs. Each NFT represents the real-life athletes’ performance, and works similar to a liquidity pool on DeFi platforms. Users are able to buy/sell fractions of those Fractional NFTs and the supply and liquidity is provided by the AMM algorithm on the smart contracts.
Anshul Pareek
and some of the features we have implemented in this Version 2.0 are:
-Almost instant + gasless transactions — Thanks to Matic guys!
- Liquid fractional NFT markets. Managed by an AMM algo for seamless athletes’ shares price discovery
- Multi deposit, FIAT onramp ready. We support multiple FIAT deposits and direct to Layer2 thanks to Transak and OnRamp integrations.
- It’s a community governed game. Thanks to the TSX . The token gets liquidity mined by the real users of the game.
Arun Philips
[In reply to Anshul Pareek]
That’s an insane bunch of features!
Chris | TradeStars
🎉
Arun Philips
[In reply to Anshul Pareek]
That’s a great vision and a novel concept too
Arun Philips
What are the major milestones Tradestars has achieved so far and what can we expect from you guys in the future?
Chris | TradeStars
Launched first TradeStars 1.0 in Jan ’20 and registered about 25k users before COVID hit sports in March.
We step back a bit then and used the time to focus on strategic partnerships and reaching out to what could be next verticals to add such as eSports in the meantime.
Since sports are back hopefully for good now, since september we resumed at full speed our original plans.
So, last december we launched the 2.0 testnet in parallel with a bug bounty campaign that rewards the users who help us improve the platform by finding bugs or making suggestions for improvements.
Matic community members can join the same with more details here: https://medium.com/tradestars/tradestars-2-0-testnet-release-b2b5dff29ec2
March ’21 we target to launch TradeStars 2.0 on mainnet that will be loaded with exciting features and pretested with the community to give an enhanced experience.
Once the mainnet is launched we will have additional features and new sports additions almost every month, and also we will work on listing the TSX token for trading.
Arun Philips
[In reply to Chris | TradeStars]
That’s incredible progress, all the best for the journey ahead!
Arun Philips
Can you tell us a little bit about how your experience was building on Matic and what are the advantages of Tradestars working with a Layer 2 like Matic?
Chris | TradeStars
We are just starting 😉
Chris | TradeStars
yes. so far awesome
Chris | TradeStars
We needed a way to solve mainly 2 things that seemed difficult at the time we started with the TradeStars idea. The first is how to make a near real-time user experience by using the ethereum blockchain where the average transaction times are about 20 secs.
The second -huge- issue was the gas cost for the transactions. This makes impossible micro transactions. The kind we would like to happen in a game like this where users can invest / divest a very small amount of money per transaction. It’s a no go if you want to invest / divest $1 and transaction costs about $5, $10 or more.
A third thing also arises from blockchain use cases that’s connected with this. Users always need to have the native blockchain coin to pay for these transaction fees.
Well, we manage to seamlessly solve all these HUGE issues for having a great user experience by using Matic. We can provide near real time transactions, lower the cost for each by 1000x compared to ethereum mainnet.
Now our users just login with an email address and use a blockchain based game as if they were using any other app. No need to know about signatures, wallets, private keys, etc. Thanks again Matic!!
Arun Philips
[In reply to Chris | TradeStars]
That’s a perfect implementation of a user friendly Dapp built for everyone!
Chris | TradeStars
We aim for it
Arun Philips
What are the advantages of Tradestar’s platform compared to other fantasy trading platforms?
Chris | TradeStars
and matic implementation is a cornerstone 🙂
Chris | TradeStars
Well, Compared to the traditional DFS, or Daily Fantasy that you may know as in Dream11, our proposition is for a more realtime, social gaming experience. If you look at DFS you have to pick a team / enter a contest / compete. When games start you just look and wait for outcomes.
Our idea is running a 7x24 hour real-time platform where you can interact with by buying / selling stocks of your favorite players building and maintaining your portfolio.
We envision that this will happen in real time while you’re following the games. Ie . The game rewards if a batsman hits in 2nd entry, and that guy is not on the pitch yet. Well, we expect that if he’s going to enter the game users can go and buy / sell his fantasy shares at the very moment before he enters to play.
This is a huge difference in gaming experience over traditional DFS ux. Also the game economics based on dividend rewards, governance of the platform by the users, and the decentralized, transparent, secure and liquid experience for the players makes this comparable to DeFi vs traditional CeFi.
Arun Philips
[In reply to Chris | TradeStars]
That’s definitely a step up over regular fantasy games, and the decentralised aspect makes it all the more powerful
Arun Philips
What will the future of Tradestars in the decentralized revolution look like? Can you talk to us about your roadmap?
Anshul Pareek
We are Planning to launch
- TradeStars 2.0 mainnet for march ’21.
- List our token — Q1 on DEXs.
- Add other sports soccer, and esports by Q2 — Q4
- Main goal is to end the year with 1.000.000 users on our platform.
- New features announcement throughout the year for better user experience.
We will soon be officially announcing our roadmap so Stay Tuned with @tradestarsok
Arun Philips
[In reply to Anshul Pareek]
Powerful roadmap!
Arun Philips
Before we conclude, I think there are many in the community who would love to join the Tradestars community and stay up to date with all the news. What’s the best way to keep in touch?
Anshul Pareek
The best ways to be connected with TradeStars are:
Reaching out to our telegram group: https://t.me/tradestarsOK ,
or by following us on twitter: https://twitter.com/tradestarsOK
Arun Philips
[In reply to Anshul Pareek]
Thanks Anshul and Chris!
Arun Philips
Let’s now get some Qs from the community!
Chris | TradeStars
thank you and the matic comunity for hosting us here
Next session was the questions from the community members which were answered by Christian and Anshel.
zafer metin
Q1= What are the liquidity mining options in NFT markets and how are the dividend rates to be earned from purchased stocks?
Q2= What is the role of the AMM algorithm for DeFi Gamification in management and how will tokenization of real-world assets drive the growth of the NFT market?
Q3= How is cross blockchain support for multiple assets integrated and what is the advantage of Ethereum + Matic Layer2 solutions?
Chris | TradeStars
[In reply to zafer metin]
Interesting question @zaferce / The TSX is mined when you purchase athletes fantasy stocks, how is distributed over the pools is very detailed explained on our whitepaper, -> https://whitepaper.tradestars.app. To summary is block by block and influenced by the athletes real life performance .
Amina Peter
Since your project deal with sports of different types, how can you attract someone like me who is not interested in sport but like to trade on your platform? Will he find it ease or difficult ?
Alex
Can I use Tradestars on my smartphone? Will there be a mobile app?
Moses Torid
Your website display different sports such as : Soccer, Hockey, Cricket, Basketball, Baseball. Do you have any planned to partner or work with any of these sport teams in future? Or partner with any famous sport stars ?
LongGone®
How does TradeStars see the development of the NFT market?
How are TradeStars 2.0 and DeFi gamification solutions implemented in creating NFT markets with economic incentives?
Альбина IX Алексей
Can we buy and sell Fantasy Stocks of world famous athletes with TradeStars? What are the advantages of buying shares in the current Fractional NFT markets, and how does the real-life performance of these assets affect the dividends we receive?
Phúc Ái
How do you get instant and gas-free transactions with L2?
How was TradeStars’ L2 infrastructure built and what solutions L2 provides to give sports and trade enthusiasts this best trading experience?
Sunday Joshua
What are the challenges you face when building your project? for bringing blockchain to tradestarts what make it a special sport platform? And why we should get in fast?
Chris | TradeStars
[In reply to Sunday Joshua]
This has multiple facets. I’ll try to be short 🙂 . User experience is a huge challenge while thinking about blokchain apps. Tech should be as friendly as it can, as I always say . You use telegram and never ask what database or infrastructure they use. If you do, the product is failing. We took a simmilar aproach and we made a lot of efforts in order to provide the best experience while keeping the benefits and strategict advantages blockchain technoloogy can give us for this.
Teuta
What’s the use -case of TSX Token ? What’s the benefit of farming TSX tokens ?
Chris | TradeStars
[In reply to Sunday Joshua]
This has multiple facets. I’ll try to be short 🙂 . User experience is a huge challenge while thinking about blokchain apps. Tech should be as friendly as it can, as I always say . You use telegram and never ask what database or infrastructure they use. If you do, the product is failing. We took a simmilar aproach and we made a lot of efforts in order to provide the best experience while keeping the benefits and strategict advantages blockchain technoloogy can give us for this.
Chris | TradeStars
[In reply to Teuta]
The TSX is the main unit economic. Besides governance, it will allow users to unlock new features or access contests in the game by staking it .
☆꧁༒☬𝕊ｏ𝓾𝓵 𝐕Ⓘ𝐏ｅг☬༒꧂☆, [08.02.21 16:09]
There are 3 core issues prevalent in crypto and blockchain:
Security, Interoperability, and Scalability. so
How does Your Project plan to overcome these issues?
Chris | TradeStars, [08.02.21 16:09]
in this path , using a Layer 2 on top of ethereum like matic really helped us a lot.
Ishanprinz, [08.02.21 16:10]
Any price prediction groups?
Chris | TradeStars, [08.02.21 16:11]
[In reply to Phúc Ái]
We are relaying the transactions, avoiding the need for the users to have to fund their ingame wallets with the native blockchain coin. This removes an extra layer of complexity and allows our users to experience the game by login in with just their email account
Chris | TradeStars, [08.02.21 16:11]
[In reply to Ishanprinz]
can you be more specific about?
Chris | TradeStars, [08.02.21 16:12]
[In reply to Moses Torid]
Yes, we have already implemented those sports, we will be launching / releasing in the next months to come.
Anshul Pareek, [08.02.21 16:12]
[In reply to Amina Peter]
Hey @aminapeter8,
Interesting questions we are a platform for Sports fans and love to be lead by the community you can suggest us the sports you love and we will make all possible efforts to add it asap.
Chris | TradeStars, [08.02.21 16:15]
[In reply to LongGone®]
I think the second part was addresed in the AMA., i believe NFTs are a cornerstone idea in blockchain gaming. A very simple idea yet with tremendous impact. I envision it will be use to add liquidity to real world assets one we overcome some issues with local legislations and regulations.
Anshul Pareek, [08.02.21 16:16]
[In reply to Alex]
Hey @alexkrav1204 ,
We are at present an only browser platform but we will be soon launching apps on play store and app store but in the meanwhile you can use our instant app feature where you can use the browser “share” option and add to Home Screen. It works and feels like a native app then.
elon anurag doge 1$ soon, [08.02.21 16:18]
What kind of sports are there in your project only football and cricket
Chris | TradeStars, [08.02.21 16:19]
[In reply to elon anurag doge 1$ soon]
We have also NFL, NBA, NHL and MLB ready and we’re also working on some esports. We will follow our roadmap and prioritize the release.
Anshul Pareek, [08.02.21 16:20]
[In reply to elon anurag doge 1$ soon]
We are launching the platform with cricket but soon we will be adding other sports like football, baseball, basket ball, hockey and e-sports.
Chris | TradeStars, [08.02.21 16:21]
[In reply to zafer metin]
The AMM sets the price following a parametrized bonding curve for the atlhetes’ “shares”. The price fluctuates based on the circulating supply, and the expectations for the dividends , or that would be simmilar to the final APY is then the other part of economic incentive for the users to trade that fantasy stock.
Dalmasca Blockchain, [08.02.21 16:22]
Are the sports statistics of the athletes constantly updated in the Fractional NFT application? What is the difference and advantage of Smart Tokens?
How are token supply, share price, market supply and demand managed in the NFT Market and what role does the binding curve play in this?
Chris | TradeStars, [08.02.21 16:24]
[In reply to Dalmasca Blockchain]
Yes, stats are real-time updated. The “smart-tokens” label is our mention to those fantasy shares that are bought and sold against the smart contracts. Technically are ERC20 tokens. The particular characteristic about those is that gets minted and burn contolled by the Fractional NFT market.
Chris | TradeStars, [08.02.21 16:25]
[In reply to Dalmasca Blockchain]
to address this i believe the best thing is to have a look at some of the https://medium.com/tradestars posts .
Chris | TradeStars, [08.02.21 16:27]
[In reply to ☆꧁༒☬𝕊ｏ𝓾𝓵 𝐕Ⓘ𝐏ｅг☬༒꧂☆]
I believe the security advantages are inherent to the blokchain itself. for the scalability part, we are using Matic. It allows to lower the tx times from 20 to 2 seconds in average already.
Anshul Pareek, [08.02.21 16:27]
[In reply to Альбина IX Алексей]
Yes, you can buy/sel the Fantasy Stocks of world famous athletes with TradeStars.
For dividends we analyse the performance of the players on specific parameters specified in the below link: https://tradestars.app/rules
Chris | TradeStars, [08.02.21 16:28]
and the interoperability you mentioned, i believe is addresed by using standars like ERC721, and ERC20 for the assets of the platform
Chris | TradeStars, [08.02.21 16:30]
We relay the users TXs. Thus eliminating the need for them to have to pay gas costs. And we can do so because of the gas cost on Matic L2. The second part is also conected to Layer2. Its almost real-time to buy / sell stocks in TradeStars thanks to Matic.
Zann, [08.02.21 16:31]
-Transparent use of technology for users mass adoption.
-Scalability of transactions
-Create, grow, engage the community.
-Legal / Fantasy Regulation
From 4 aspects above,. I want to ask,. Which one the most important for you?
If all above are important for you,. Which one that Will you do first?
Chris | TradeStars, [08.02.21 16:36]
[In reply to Zann]
I think 1, and 2 are very advanced. We have a huge opportunity and challenge for growth and engaging users ahead. The legal aspect is very important but is also a thing we have been taken care of already. There are many friendly judisdictions and embracing the gaming opportunity.
Hieu Van, [08.02.21 16:36]
Q. Why does TradeStars use Ethereum’s Blockchain technology to develop ?, In my opinion, Ethereum is old and relatively slow
Chris | TradeStars, [08.02.21 16:37]
[In reply to Hieu Van]
Only the TSX will live on ethereum. All the platform contracts are deployed in Matic L2.
Arun Philips, [08.02.21 16:40]
Thank’s Chris and Anshul for joining us today, it was a pleasure having you here!
Please join the Tradestars channels here:
Reaching out to our telegram group: https://t.me/tradestarsOK ,
or by following us on twitter: https://twitter.com/tradestarsOK
Chris | TradeStars, [08.02.21 16:40]
thank you @arunphilips again and to all the matic community for the interest and having us here!
Chris | TradeStars, [08.02.21 16:41]
i hope you like the project and looking fw for you to join us!
Anshul Pareek, [08.02.21 16:42]
[In reply to Arun Philips]
Thank you @arunphilips for hosting us.
And a big thank you to the Matic Community.
