As our development team finishes up the final touches of our TestNest application, we felt it necessary to address some frequently asked questions within our community. So here are our answers to some of the most common questions along with links to helpful resources.
What is AthleteX?
AthleteX is a platform where you can speculate on athletic performance. Using your edge in sports, you can buy, sell, and trade Athlete Tokens. Athlete Tokens are digital assets that represent the value of athletes based on their in-game statistics. This means that Athlete Tokens appreciate or depreciate in value based on how that athlete performs relative to their league’s average. You can learn more about how this works in our Litepaper.
What sports will I be able to trade?
As of right now, we will be minting Athlete Tokens for the NFL, NBA, and MLB in that order. We plan on expanding into as many professional sports leagues as we can in the future. One key thing to keep in mind: we are creating a decentralized community. This means that we give decision-making power to community members through our community governance system. The Athlete Token supply will be one of the many system features that AE community members will be able to vote on.
How do I become a community member?
We consider everyone who uses our system a member of our community. However, governance and voting power are only awarded to those who own our native cryptocurrency, AX Coin. Our presale is open now for those who want early access.
What is the difference between AX Coin and Athlete Tokens?
Athlete Tokens track the performance of a specific athlete. Their values are based entirely on statistical performance and have no affiliation with the individual athlete. AX Coin is our native cryptocurrency and serves as the liquidity denominator of the system. In other words, holders of AX Coin collateralize the circulating Athlete Tokens on our exchange platform by staking their coin. In exchange for providing this liquidity, stakers will earn interest.
Do I need to be a crypto wizard to succeed in trading athlete tokens?
Nope! We make it simple. Since Athlete Token prices are strictly determined by athletic performance, your edge as a trader lies within your sports knowledge.
Can I demo trade before trading real assets?
Yes! Once our TestNet application is released, you will be able to demo trade Athlete Tokens with our TestNet AX Coin. Register here to receive important updates.
What determines the value of AX Coin?
When users trade Athlete Tokens on our exchange, there will be a small fee taken from each trade (0.75%). Revenue from these fees is injected into the AthleteX Coin market cap by swapping ‘fee currency’ for ‘AX coin.’ This will be our way of ensuring the value of AX Coin; However, price is also affected by supply and demand factors just like most other assets.
Unlike sports betting and fantasy sports outlets, AthleteX allows you to INVEST in athletic performance. Additionally, unlike other sports-related tokens, our Athlete Token prices are based on an athlete’s performance rather than their net worth or popularity. This allows our users to speculate without the interference of other factors.
AE Twitter: https://twitter.com/athleteXmarkets
AE Instagram: https://www.instagram.com/athlete_equity/