Arken Finance Monthly AMA Summary: February 2022 Edition

Hello everyone! Welcome to our February’s AMA. Today, we do have quite a lot of questions set to us, so I won’t delay the session any further. Let’s get started.

1. So we did say that the AMA session will be a monthly thing that we do, but we didn’t have it last month. To make up for that we do have quite an interesting update for everyone. Let’s first briefly recap what in the first 2 months of 2022.

That’s right. First of all, we have to apologize that we didn’t have the chance to host January’s AMA to update everyone. The team was quite busy with product development. However, we got so many great updates for you today! In January, as we have mentioned at the end of last year, we are focusing a lot on improving our competitiveness in terms of the swap feature. So the team has upgraded the swap engine to version 3.0. What has improved is that the gas fee is reduced significantly compared to the previous version (up to 20–30%). And we are able to integrate more DEXs making us more competitive in terms of finding the best routing and rates for all of you.

We also worked on the smart contract auditing with Inspex and Certik. We already passed the Inspex audit and right now we are 80% complete with Certik. So hopefully we can give you the good news within next week. From the audit, we hope that we will be able to make many partnerships and raise credibility even more from the market. It’s another fundamental step to market our product even more.

Another important feature is the Best Rate cross-chain swap. This was launched 2 weeks ago. The aim is to make the trading experience much easier for all our users. You won’t have to worry too much about which chain the tokens are in and how to get them. We can pretty much do all the work for you. For those who didn’t try the cross-chain swap yet, you definitely have to try.

2. It seems like we launched 2 big features in just two months, that’s gotta be challenging.

Yes, I have to admit that we were hustling to push out these features and really hope everyone likes them. We want to let everyone know that there are so many more features to come and we hope we can launch them as soon as possible. So if anyone listens and you are a developer yourself, and you think you want to help out, we are hiring! Always expanding the team and looking for those who share the same ambitious goal as us. If you have great ideas or want to help us grow bigger and faster, you should consider joining us!

3. Last week some of our team went to the ETHDenver2022 event right? How was it?

First of all, we have to thank the Killswitch team very much for encouraging us to join the event. ETHDenver was great! It felt so good to be able to join in-person events again after these pandemic things going on so long. We met lots of different people from different countries.

In general, lots of people are very much into the web3 concept. How the next generation of blockchain projects can actually bridge into the real-world application and create the decentralized organization governed by software protocols. So, lots of DAOs are joining too. And apart from that, it’s all about the NFTs for art, music, and entertainment. What’s also interesting is that many projects are talking about how they can create the more advanced application of NFT in the future.

What’s more interesting for me was that: there are lots of projects and investors that I personally talked to who also agree that there must be products that are in between Cefi and Defi. This also emphasizes that we are on the right track, in making Arken Finance.

4. Apart from joining the event, we also had the chance to speak in a session to share about our core technology TxFlow. How did it go?

It was fun! A little excited. But we think it’s a great opportunity to also represent Southeast Asian countries and put our region on the map. So people also know that Southeast Asia has the talents and there will be many more interesting projects to come in the future. And there were many projects that approached us after the talk and showed their interests and we get lots of connections from this.

5. How is the token launch plan going?

Right, here comes the more intense topic.
Due to the world’s crypto market right now, the team decided to indefinitely postpone the token launch until the situation is getting better. However, we don’t want all our users to be too disappointed. We want to let you know that it was hard for us too and the team took a lot of time into making this decision carefully. We are here to stay so we want to make the token launch successful, and in this market situation, we are pretty sure that it would affect the launch significantly in a negative way if we still force it.

MC: I’m sure we already consider it very carefully and hope everyone understands the decision we’ve made. Please be patient. We promise that the token launch will come for sure. So how about the good news? I’m sure it would make us feel better.

The good news is we have strong partners and investors working with us right now. You can be assured that it will be worth the wait for all of you who already got the 1st airdrop and those who want to invest in our tokens in the future.

During the past month, we have been talking to many renowned partners and investors and received many good recommendations. One of them is to focus on building more tractions first before the token launch. As I mentioned before, we are here to stay. To build a sustainable project and we will not let our token be a pump and dump token.

Our plan is to be listed and launch on both Centralized and Decentralized exchanges. But in order to be the best of both worlds, there are many elements that we have to consider. For example: in Cefi, in order for us to have a good token price, we must have strong partnerships, awareness, and reactions. For Defi, in order to achieve token stability, the tokenomics design is very important. We receive lots of feedback from the community and we want you to know that we are aware of your concerns. Arken will design the tokenomics that will mutually benefit all the stakeholders the most and the tokenomics must be attractive enough to get the largest liquidity pool for sustainability.

With all being said, we do have strong partners and investors working with us right now, and please rest assured, your wait will be worthwhile.

6. Speaking about tokenomics, can you share the details and plans to how will the value increase?

Well, the published tokenomics is a good start. However, we understand how many people feel right now. We are aware that we didn’t announce how the value will increase yet. But, it’s very much our team style that we don’t want to announce things too fast before we have the goods ready. We are developing some incentive and reward mechanisms that will provide as much value as we can to our users.

But anyway, I think you can guess from what we have launched so far. I can assure you that all of them are important pieces for the bigger picture and I’m sure there will be information announced after this once we settle everything.

7. There’s actually a question asking whether he/she will get rich from Arken token?

Wow. For me getting rich is quite subjective. But maybe I can share how Arken can help you earn some profits.

First, obviously from using our product. Our Best Rate engine saves you time and money every time you swap. Our TxFlow is also the fastest indexing engine that you can get in the Defi market right now, which will help you react to the market faster than anyone else. And what you are experiencing right now is just one of the use cases of TxFlow, we strongly believe that this technology can be extended to many more applications in the future.

Secondly, once we launch our token, there will be a way for the community to help or invest in our project. And when Arken grows, the value of the tokens should grow as well. Please note that this is not financial advice though. And as I said before. I can’t say that you will be rich with Arken. We can just promise to do our best to give value to the users as much as we can.

8. What are Arken’s most important next priorities?

The important mission right now is to gain more traction & awareness of the project

9. Does the team have enough fundamentals (Funds, Community, etc.) to achieve those milestones?

In terms of funding, we are now bootstrapping and closing the fundraising round right now. However, regarding the community, to be honest, we still need a lot of support from our community.

I have to say that right now we have a really great community with us. I always get many good suggestions from the users like finding bugs, feature suggestions, and many more. Please don’t feel that we didn’t care or did not read your suggestions. We always do see your suggestions, but sometimes due to the fact that the team is not big. Most of our people are developers and still do not have enough resources to engage a lot in the community. However, this is definitely our weakness right now. We are trying to improve on this. Please bear with us and how you all understand.

10. Do we get a sneak peek of Roadmap 2022?

The overall theme of this year is to elevate the trading experience on decentralized finance to meet most of what the centralized world is offering. So the features that will be coming up will focus on equipping traders with the best tools.

Apart from the trading tools, here is what I can share. If you can recall, last year Arken used to have an experience that let you switch the network before searching the token. Then, a month ago, we changed our market page so you can search across every chain without having to switch chains. Some of you have guessed correctly what’s coming next back then. We recently launched the cross-chain swap after that.

And, I can assure you that several features we launched or are about to, will connect the dot to the bigger picture. But if you can guess what’s coming next and find it exciting, then you should consider joining our product team. We are hiring and always searching for talents!

MC: That’s a perfect timing to promote that Arken Finance is hiring. If you guys are interested, do slide into our DMs. Thank you!

Stay healthy everyone.
Arken Finance team