Yesterday, we had a great AMA with Dmytro Lizanets, the co-founder of Binaryx Protocol. Thank you for your participation and your great questions! Your engagement helped us cover not only the Program essentials, but also some important aspects of Binaryx as well.
Before we get into questions, here’s a quick reminder on how to mint your $WEST tokens for any AMA:
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Go to Link3 event page and connect your wallet.
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When the event starts, go to #TOWNHALL on our Discord.
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Stay with us for at least 15 minutes — that’s the minimum Link3 requirement to claim the token.
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After the event ends, go to the event Link3 page and click “Claim Web3 Status Token (WEST)”. Follow the instructions.
Now, let’s review yesterday’s AMA.
Community Rewards Program
Q: How do I earn the OG Role?
A: Complete all web3 quests and get the following Discord roles:
Testnet – @Explorer
Link3 – @Link3_Listener
Mirror – @Learner
Crew3 – @Crew3_team
Galxe – @Galxe
Find details on each quest here.
After you have all these roles, write a message in the #og-claim channel on Discord. We will check your roles and if you’re all set, you will become OG.
Q: What are the benefits of OG NFT?
A: When you receive the OG Discord role, we will send you the Binaryx OG NFT. Here’s what it gives you:
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Priority access to the first villa sale on mainnet – you will be able to buy your first real estate tokens before everyone else.
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Discount – you will have some USDT in your Binaryx Marketplace mainnet account that you can spend on property tokens.
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Access to a private Discord chat with other program winners and the Binaryx team.
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$BNRX token airdrop.
Q: There are not enough tasks on Crew3 to earn 2200 XP.
A: No worries, we add new Crew3 quests almost every day.
Q: Is there an Ambassador program?
A: We’re launching it in a few days. Ambassadors will be able to write content, do designs, manage the community, and do social media activities. We will let you know the details shortly.
Binaryx Protocol
Q: What is the utility of bAsset token?
A: bAsset token is a property token – it’s backed by real estate in the real world. It costs just $50 and you’ll be able to buy it on the Binaryx marketplace when we go live on mainnet. A bAsset token is your proof of ownership of a property in the real world backed by the law. Here are its utilities:
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You will get passive income from rent and property appreciation.
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Together with other bAsset owners of a given property, you will manage a DAO that owns this property.
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Use it as collateral to get a loan in Binaryx lending protocol (later in the plan) – and mint a Real estate-backed stablecoin to use across DeFi.
Q: What is the RWA-backed stablecoin?
A: It’s a type of stablecoin backed by a Real World Asset (RWA) like real estate.
Vitalik Buterin, co-founder of Ethereum, sees RWA-backed stablecoins as one of the most promising applications of blockchain technology. He emphasizes that they “combine enough robustness, censorship resistance, scale and economic practicality” – advantages of both tangible assets with renowned value and decentralized cryptocurrencies.
Q: Will you insure properties from damage?
A: Yes! All properties are insured, and there are compensations in case of any external damage. Binaryx Management Oracles are in charge of getting insurance coverage.
Q: What are Binaryx oracles?*
A: Oracles help Binaryx organize our work with properties. Management Oracles are companies that find property tenants, collect rent payments, and take taxes. Audit Oracles help property owners tokenize their property, while Legal Oracles ensure the legality and transparency of all the processes.
Q: Where does the APR come from?
A: Our rental properties are located in the most attractive locations, which ensures they will always be in demand for rent. Rent is the primary source of APR that goes up to 20%.
More specifically, we have two measures of profitability: IRR and CoC.
The CoC (Cash-on-Cash Return) is the APR from rent. The IRR (Internal Rate of Return) includes the CoC plus the expected price increase for this property.
Q: Do I have to deposit funds on Binaryx to buy property tokens?
A: No. Binaryx is a non-custodial platform: whenever you buy property tokens, they are sent to your personal crypto wallet. There’s no need to deposit and store funds on our platform.
Q: Where will be your first properties?
A: The first properties that we list on our mainnet marketplace will be located in Bali. This is a rapidly growing market that promises the best potential returns and APR for real estate owners.
Next locations will include the UAE, Warsaw (Poland), and any other that Binaryx DAO chooses. The DAO will be governed by hoders of BNRX tokens that we will release later.
Q: How do you list a property?
A: Just like in the real world, we work with developer companies or everyone who wants to sell their real estate. If they’re selling a house, we sign a contract that says they can’t sell a property after listing it on our marketplace. If we raise enough funds from the community, the property is sold to the DAO registered as a new LLC.
Q: Have you been audited yet?
A: We’re undergoing a few smart contract audits currently, so the results will be announced soon.
Q: Are you planning a mobile app for Binaryx?
A: Not this year, maybe the next one.
Q: Will you deploy on other networks?
A: We’re considering cross-chain functionality, but for now, we’re only on Polygon.
Q: What exchanges will list BNRX token?
A: Can’t tell you certainly yet – that will become clear once we release the token. Planning to do this later in 2023.
Binaryx Today and Tomorrow
Q: What did you do in the past?
A: I and the team have been in the crypto space for many years. CEO Oleg Kurchenko has worked in the niche since 2016: he has built a mining farm, a payment platform, and then conceived Binaryx as a centralized marketplace back in 2019.
Our CPO Levi Glen Raskin and CMO Andrii Kovalevskyi have worked in Silicon Valley on Streetbeat, a crypto & investments app with 1.5M+ downloads. CTO Dmytro Zeleniy has a degree in computer science, 8+ years in software development, and an experience of being a Team Lead in top US companies with $1B+ annual income. The DeFi & tokenomics architect has a PhD in economics at Chicago University.
Find out more about the team on our website.
Q: What motivated you to build Binaryx?
A: We got captivated by the RWA tokenization concept in 2019, and that’s when we started to develop a centralized marketplace for tokenized businesses. But there was a lack of regulation that hindered our development.
When a legal framework for tokenizing properties appeared, we immediately pivoted in this direction.
Q: How does the bear market affect you?
A: The real estate market has a weak correlation with stocks and crypto, it’s very stable and inflation-proof. Be it a bear or bull market, real estate feels fine – and we can confidently build our marketplace.
Q: What are your partnerships?
A: The main one now is Web3 Port – we are taking its accelerator program that helps us grow faster. We’re planning a few more partnerships soon.
Q: What are your plans?
A: In the next few days, we’ll be fixing bugs on testnet and dropping new tasks for the Community Program. On March 13, we’re having a stream with Polygon Labs where we’ll discuss the future of web3. In the next few months, here’s what we’re going to launch: Binaryx Marketplace on mainnet (March 27), An exchange where users can trade bAsset tokens with each other – and place limit orders to buy tokens with higher or lower price, Lending protocol with real estate-backed stablecoin and bAsset as collateral, and much more. Subscribe to our blog, we’ll present our roadmap in more detail sometime soon.