AMA Recap

NBX (prev. Beyondfi)
3 min readSep 25, 2023

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Introduction

Last Friday, we had an internal AMA on Twitter and Discord, featuring Nick to answer and shed some light on the vision of NBX.

The AMA was done in 3 segments

  1. Opening Remarks
  2. Q&A
  3. Closing Remarks

Key Highlights:

Opening Remarks

Nick started the AMA with a brief introduction of his background and his involvement with the NBX Project. He expressed his excitement to answer questions from the community.

Q&A

  1. Who are the team members?
  • The core team members have not changed. We had a few reconstructions of team members in business and marketing as different times require different skill sets.
  • I am the “oldest” new member as I was brought in late 2022 and started to participate in building from Jan 2023 actively.
  • Based on my knowledge, there were a few downsizing in marketing and PR. But the soul team members are still believing, building and realizing the vision that we had since day 1.

2. What is the burn mechanism of $BYN?

  • The initial burn mechanism I proposed was to make $BYN a token that everyone wanted to hold or see the value easily.
  • Even though, it meant that we “had fewer” tokens in the treasury, we had to make a decision that suited the best interest of our holders.
  • So the initial plan is to first get rid of unnecessary thoughts of “dump from the team” or “foundation”
  • Afterwards, the fees that we make from our protocol will be used to buy and burn tokens in the market.
  • We have done nearly 3M $BYN, that’s about 3% of the Total supply.

3. What is the next goal of NBX?

  • Be the most sought out protocol/ platform in ZK sync

4. Why did we launch $NLP?

  • This is a very economical question where we had to make a choice between rewarding the existing users and also at the same time acquiring new users. The best way to do it was to launch a new economic incentive that could align all users in different spectrums.

6. Why were you dormant for a few years and starting to build right now?

  • We were not actually “dormant” to be honest. We had to survive in the market where “synthetic assets” trading platform were not going to be used easily from main mainstream. We had a lot of internal discussions, blue-print drawing board and while doing that Luna, FTX and the entire thing happened.
  • We were not affected by it as we did not put our funds into it
  • And to be frank, it has not been a “few years”, it might feel like a few years but its more like a few months.
  • During that hiatus, we have learned a lot and grown.

Closing Remarks

Nick finished the AMA with the hope that 2024 will lead to new narratives and ideas for web 3.0. He comments that DeFi is here to stay with new chains and ecosystems coming up. But he emphasized that the current motto is to survive, stay humble and build.

About NBX

Previously Beyondfi, NBX is a DeFi platform that allows users to unlock the full potential of decentralized finance without limits. With prominent key partners including Huobi Ventures, Spark Digital Capital, and OKex Block Dream Fund, NBX values the decentralization and ethos of open finance.

Official Website: https://nbx.exchange/

Official Twitter: https://twitter.com/NBX_official

Official Discord: https://discord.gg/Wne3ANfDdh

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