ChangeX
ChangeX is a one stop, hybrid ecosystem with a super app for all Crypto, DeFi, and traditional Banking needs, with an ultra user-friendly experience. Combining compliant CeFi with true DeFi elements, ChangeX looks to streamline the crypto experience for everyone. Built on the Hydra Chain, ChangeX launched on 19th July 2022 and they are introducing unique products like Leveraged Staking for up to 2x the APR, along with a Crypto Visa Card connected to POS Assets, Cross-Chain swaps, One Click Crypto to Fiat Trading and Personal IBAN via SEPA amongst other things.
The average person on the street, will likely have heard about Bitcoin and the blockchain, but will they know about decentralized exchanges, liquidity mining, the concept of staking or automated market makers? The gap between the mainstream user and the ever accelerating pace of innovation is widening every day. This gap acts as a technological entry barrier, even for the majority of crypto holders (or interested audiences).
ChangeX realizes that the step from “fiat banking” to “crypto ownership” is only half the journey and that the hurdles from “crypto ownership” to “DeFi participation” are equally significant. The philosophy of ChangeX is to act as a bridge between the blockchain and the end user by removing all entry barriers and offering a simple user experience. Read WhitePaper
Products & Services:
ChangeX will act as a bridge between the fiat and crypto worlds, making it easier for “traditional bank customers” to turn into “crypto hodlers” and then from “crypto hodlers” to become true “DeFi participants”. As a core product philosophy, ChangeX will incorporate elements of centralized finance to act as a simple and uncomplicated fiat gateway, offering a seamless mobile-first experience, which unlocks the power of DeFi in just a few clicks.
1. Truly non-custodial Multi-Chain Wallet
The non-custodial Wallet uses the open-source and battle-tested TrustWallet as a fundament for the deposit and user wallet management. The user is in complete control of their assets. Your Keys, your Coins. The wallet has been launched while being able to support only BTC and a few HRC20 and ERC20 coins at the moment. This will be increased gradually as time progresses and will be able to store all
You will be able to safely store all your ERC-721 and ERC-1155 standard NFTs inside the ChangeX app once this feature is launched
2. Hydra DEX Connectivity
The ChangeX App is also connected to the Hydra DEX and has access to it's Liquidity and a few pairs like Hydra / CHANGE and DAI / CHANGE (via Multihop). The remaining pairs will be added soon
3. Cross-Chain Crypto-to-Crypto Conversion
Made possible by utilizing the power of DeFi Liquidity Pools. Direct buying and selling will be supported for all major crypto assets based on current best quote and without any hidden costs.
Currently with a few pairs, namely CHANGE / HYDRA, CHANGE / BTC (Cross Chain), CHANGE / ETH (Cross Chain), CHANGE / DAI
Upcoming Features:
- Multi-Chain Staking Pools
Soon we shall have One-click access to staking HYDRA and other PoS assets on other chains like Ethereum and Binance Chain to begin with.
- Multi-Chain Leveraged Staking with 2x APR
ChangeX is one of the first apps that designs leveraged positions for staking and liquidity mining products. You will be able to select your leverage in one click from inside the ChangeX app and enjoy a much higher APR, with up to 2x boost. This leveraged staking technology will create a bridge between the stablecoin lenders, the stakers, and the protocol block rewards, merging all involved parties for mutual benefit.
- Fiat-to-Crypto Conversion
A product focused on simplifying the conversion experience for first-time users
An easy to use fiat-to-crypto conversion mechanism, which will enable EUR and USD transfers for direct purchases on virtual pairs that will be created through the use of DeFi liquidity pools.
For instance, a HYDRA:EUR pair would be available by the utilization of a two-hop conversion:
1st hop: EUR-to-USDT via high liquidity exchanges such as Kraken; 2nd hop: USDT-to-HYDRA via existing liquidity (Kucoin, Gate.io or Hydra Dex).
The users taking advantage of the fiat conversion product would avoid the process of opening exchange accounts and deal with order books and cross-exchange withdrawals/transfers. The user will also be automatically taking advantage of the highest liquidity on the market, as the exchange product will be optimized to utilize the lowest possible slippage
- Hybrid CEX/DEX Cross-Chain Crypto-to-Crypto Conversion
Made possible by utilizing the power of DeFi Liquidity Pools. Direct buying and selling will be supported for all major crypto assets based on current best quote and without any hidden costs.
- Savings Product (Stablecoin Staking)
Harnessing a basket of highly liquid assets
ChangeX will provide its users the ability to deposit idle stablecoin assets into an “Earn” feature for a fixed interest rate. This savings mechanism will distribute the deposited funds into DeFi products that offer appealing liquidity mining and inflationary mechanisms for stimulating growth.
- Open Lending Market
A bridge between stablecoins and PoS assets in the app.
Margin accounts used for Leveraged Staking will require borrowing stablecoin assets and would in turn result in an attractive APR for the stablecoin lenders.
The Leveraged Staking product being one-of-a-kind will technically create a bridge between stablecoins and the inflationary economy of PoS assets. In a successful scenario, and if demand for leveraged staking is high, that on its end would drive the demand for sustainable lending
- ChangeX Crypto Visa Card
Dynamic spending on staked assets (no need to unstake) without impairing APR and without the need for cumbersome transfers in and out of multiple exchanges.
Flexible staking in the ChangeX app will offer the ability to hold and stake assets while maintaining immediate access to them for day-to-day spending.
You could stake HYDRA securely and be able to spend ad-hoc and wherever you need to. A Visa payment will micro transact the matching amount that is required for settlement and will liquidate it through the best possible liquidity sources.
- IBAN & SEPA Banking
The ChangeX team’s extensive experience in running a fiat-to-crypto exchange, together with all relevant compliance and licensing frameworks, will be used as a fundament for obtaining an Electronic Money Institution (EMI) license and bundling SEPA EUR bank accounts to all qualified users. The end goal is to have a personal IBAN as well as a wallet that you can trust on
The $CHANGE Token
CHANGE is Deflationary and Multi-Chain. Everything that happens on the ChangeX app is centered towards utilization of the Change Token. CHANGE facilitates the DeFi products in the ChangeX platform which includes Leveraged staking pools & trading pairs. Basically, all transactions in the app will interact with CHANGE causing an increase in Demand and APR, while reducing supply.
- An ~5% network fee generated by the staking pools will be shared to CHANGE token stakers as rewards. The more assets and the bigger the staking pools in the app, the higher the APR of $CHANGE! Thus creating a bridge between the staked inflationary assets and the deflationary economy of CHANGE. The commissions charged to each staking pool for various tokens on different chains (e.g. HYDRA, CAKE, BNT staking pools) in the ChangeX app will be used to buy $CHANGE. These purchased tokens are then distributed to the $CHANGE token stakers as staking rewards. This increases demand for the token and allows for high inflationary APR, while essentially having no inflation.
- 30% of all trading fees in the app will be used to buy and burn from the total supply of $CHANGE and stimulate deflation.
- The CHANGE token will act as the governance token for the ChangeX DAO, providing voting rights to users
Every new feature we add will ultimately be connected to the $CHANGE token, this only invites investors to hold the token and reap the rewards of its price action, while consistently enjoying various benefits just by holding and staking it. We believe that this is a good philosophy for future success and sustainable growth.
You can read more on the website at https://changex.io and this article on Medium https://changex.medium.com/deflationary-token-inflationary-apr-change-tokenomics-leveraged-staking-and-burn-mechanism-90e0da8a36c5
Staking
A reward pool of 20 Million CHANGE tokens is reserved for the first 9 months (which started from 19th July 2022) in order to stimulate liquidity and act as a bridge until the flexible staking pools come into play.
The APY currently stand at around 820% as of 14th August 2022, assuming the user re-stakes their earned rewards on a daily basis and is the APY displayed in-app. These rewards are allocated to the stakers on a real time basis and can be claimed at any time.
After the 9 month staking reward pool is completed, and as explained above, the commissions charged to each staking pool for various tokens on different chains (e.g. HYDRA, CAKE, BNT staking pools) in the ChangeX app will be used to buy CHANGE. These purchased tokens are then distributed to the CHANGE token stakers as staking rewards. So, the more assets and the bigger the staking pools in the app, the higher the APR of $CHANGE, Thus creating a bridge between the staked inflationary assets and the deflationary economy of CHANGE
Tokenomics
An ICO was conducted between March and June of 2022
| Allocation | Quantity | Percentage | Vesting Period |
|---|---|---|---|
| Public Sale | 150,000,000 | 35.3% | 0 to 2 Years |
| Treasury | 97,500,000 | 22.9% | 2 Years |
| Tier 1 Institutional Investors | 50,000,000 | 11.8% | 12 months with 15% release each month thereafter |
| Launchpad & IEO | 50,000,000 | 11.8% | 0-24 months (Similar to public sale) |
| Liquidity | 30,000,000 | 7.1% | None |
| Founders & Team | 22,500,000 | 5.3% | 2 Years |
| Staking Pool | 20,000,000 | 4.7% | Gradual Release of 74,000 Tokens per day for 9 months |
| Airdrop | 5,000,000 | 1.2% | None, to be used for Marketing Purposes |
History / The Backstory
A crypto veteran team with a track record of three successful projects (Hydra Chain, LockTrip, Bitcoin Gold) undertook the development of this next-generation product that provides a seamless experience for unlocking crypto’s most powerful DeFi and CeFi features in combination with traditional banking with SEPA functionality and a Crypto Visa Card. The Team and the parent company that held the ICO and owns the IP is based in Bulgaria and will be primarily handling most of the De-fi related services. ChangeX will also be working via their Lithuanian entity which will handle the crypto-fiat exchange and other fiat-related services such as the card and IBAN due to the country's crypto-friendly regulations.
ChangeX aims to become a one-stop shop for trading, staking, DeFi lending, and fiat-to-crypto trading, allowing inexperienced users to benefit from a safe, easy-to-use, and mobile-friendly experience while storing, preserving, and growing their wealth on their mobile device. ChangeX has experience in developing working blockchain-based solutions, and the team behind is well-versed in all things crypto and fintech
The Team
Nikifor Iliev
Chief Executive Officer and Co-founder Co-founder
Nick is a self-driven entrepreneur, co-founder of xChange.bg, and a leading engineer for various IT projects. Nick is highly driven and motivated by the breakthrough in blockchain technologies. He has a unique background in both IT and Finance and holds an MSc in Finance and MCSE/CCNP licenses
Gary Gerassimov
Co-founder
Gary is a serial entrepreneur with 15 years of management and business development experience. He is a blockchain enthusiast and visionary with a passion for Fintech products. Gary is a trader and holds a BA in International Business/Management degree. He is a co-founder of xChange.bg - the leading Bitcoin trading platform in Bulgaria.
Petya Nankova
Chief Operating Officer (COO)
Petya is a finance professional with experience in Venture Capital, M&A, and Forex. In recent years she developed a keen interest and enthusiasm in the blockchain start-up scene, which is why Petya oversaw, managed and was instrumental in the growth of xChange.bg to make it the go-to Bitcoin trading platform in Bulgaria. She holds an MSc in Finance & Investments.
Martin Kuvandzhiev
Chief Technology Officer (CTO)
Martin is a core developer at Bitcoin Gold, a blockchain speaker/advocate, and an entrepreneur with vast experience with startups and fintech. Currently, Martin is the CEO of two companies — GoStartups, and Assetify, leading more than 50 professionals on 6 different continents. Since 2018 he has been traveling around the globe and educating people about the application of cryptocurrencies in their daily life. In 2015, at the age of 21, Martin and his team won NASA’s SpaceApps Challenge
Petko Krastev
Chief Compliance Officer (CCO)
Petko is an audit and compliance professional with experience in managing compliance risk in the private banking, wealth management, and cryptocurrency industries. He has a passion for fighting financial crime, fraud, and money laundering. He holds an MSc in International Business Economics
Nikola Alexandrov
Strategy, Tokenomics & Crowdfunding Architecture
Design ideator and co-founder of HydraChain (HYDRA) and CEO of LockTrip.com - a leading blockchain travel project with 2.1M integrated hotels in 190+ countries, allowing users to book stays at lower prices. Nikola has seven years of experience with high-frequency algorithmic trading systems and designing of custom technical trading indicators. He co-founded the Bitcoin7 exchange back in 2011 and is the CEO of theSEO.bg agency. Nikola holds a BA in Business Administration from Portsmouth University.
Hristo Tenchev
Crowdfunding Operations
Co-founder of LockTrip.com and Bitcoin7. Founder of xs-software.com - one of the most successful gaming companies in Europe with more than 50M registered players worldwide. Hristo also co-founded Softuni.bg - an innovative IT education center with more than 100,000 software engineering students in its three years history, which also pioneers blockchain education in Bulgaria.
Florian Pfeiffer
Crowdfunding Design & Operations
As CCO and Partner at LockTrip.com, and advisor to GoMeat.io – a speciality meat delivery service with a blockchain-based certification system, Florian amassed four years of experience in building and managing communities. Taking advantage of his engineering background, he designs tools for automating operations and works towards creative solutions. His passion for data, finance, and innovation led him into the world of crypto.
Sources
1. Hydra Chain