Coinomi Connect with Exolix: Twitter Space Q&A

1. Give us a brief description of what Exolix aims to achieve in the crypto exchange space.

Exolix team strives to deliver crypto exchanges that are quick, secure, and easy for users all over the globe.

The primary objective is to get rid of all superfluous complexity involved in the process of exchanges. The ability to make crypto exchanges instantaneously without mandatory registration, loss of fund custody, or using complex trading interfaces is essential.

The Exolix platform is designed to be non-custodial and focuses on ensuring privacy while offering users access to quick crypto swaps, fixed and floating rates, and a wide range of assets from various blockchain networks.

Currently, we have 2,000 tokens from 200+ networks at our disposal, and the number continues to grow, allowing users of any experience level to conduct cross-chain swaps. 

2. How does Exolix's no-KYC, privacy-first approach complement Coinomi Wallet's non-custodial philosophy?

Coinomi and Exolix have almost the same ideology: the users must have full control over their coins and personal information.

By offering a non-custodial wallet service, the Coinomi platform enables users to have their private keys and crypto safely stored on them. Exolix takes this further by giving users the ability to swap assets without needing to register or pass any ID checks and even connect to wallets.

As such, users will be able to store their cryptocurrency via Coinomi and then swap it using Exolix swap service without losing their privacy or control of the funds.

This is why our cooperation makes perfect sense for both parties.

3. What makes Exolix stand out from other instant swap services in terms of rates and security?

The unique features of Exolix are liquidity aggregation, privacy-first, and non-custodial swaps.

In terms of rates, Exolix is a platform that collaborates with multiple liquidity sources and directs transactions to discover best-available rates for its customers. Rather than depending on a single liquidity source, our platform evaluates existing options and facilitates efficient swaps.

Fixed-rate swaps are another feature of our platform that we offer. Fixed-rate swaps have proven helpful in volatile markets since the user receives the exact amount that can be exchanged for another currency beforehand, protecting him from any price fluctuations.

Finally, Exolix operates without holding any user's funds in its custody. Transactions are executed one-by-one, and at no point in time is the user required to deposit money into his account or transfer ownership of his wallet to us.

4. What are the biggest challenges Exolix sees in the crypto exchange space, and how are you addressing them?

The major problem associated with the use of crypto exchanges is to maintain equilibrium between the speed, privacy, number of assets supported, pricing, and security at once.

Customers require fast services, reasonable pricing, a wide range of currencies, simplicity, and good customer service. However, it is hard to offer all of this with regard to multiple blockchains.

This issue is dealt with by Exolix as our company increases the scope of cryptocurrencies and networks, improves our liquidity routing solutions, and upgrades the platform itself. At the same time, it is important for us to simplify the procedure for clients, regardless of the numerous technicalities.

It is difficult to teach users how to use the blockchain-based service since one cannot cancel any transaction in case of mistakes. This is the reason why we value transaction flows and customer service.

5. What role does anonymity play in Exolix's product philosophy?

Well, privacy forms a major foundation of the Exolix platform.

In our view, it is wrong to make people give up private information that they do not have to in order to perform a simple currency swap. Many people use our service only because they need to quickly and secretly change cryptocurrencies into each other.

That's why we don't need a user to register in order to conduct ordinary swaps. People can swap coins on our platform even without making any account at all or having any wallets linked to their profile.

Privacy plays a crucial role in terms of providing greater user control over their experience.

6. How do fixed rates protect users during volatile market conditions?

This question is particularly pertinent in crypto since price changes can be rather abrupt.

When you get a fixed rate, users get a pre-agreed upon exchange rate when the swap is initiated and have some time before the swap is performed.

In volatile markets, it is critical since prices can go down within seconds. If there was no fixed rate, users could suffer from price slippage, and their final amount could be less than anticipated.

In other words, when using Exolix service, if the market shifts so strongly that the rate falls out of the specified interval, it will not proceed to execute the swap for the worse rate but simply cancel it.

In conclusion, fixed rates provide users with additional security in case the market is highly volatile.

7. Exolix mentions unlimited swaps. Does this mean both small users and large holders can use the platform?

Indeed, Exolix aims to provide services for various groups of customers, including individual traders performing low volume conversions and large-scale investors requiring high volume deals.

Of course, the minimum and maximum amount will vary according to asset choice, network, and liquidity conditions. Nonetheless, being a platform that collaborates with several liquidity providers, we can handle transactions of all sizes.

The reason is that there are two distinct groups of crypto traders with various requirements: those conducting minor transfers between accounts and those demanding substantial liquidity for bigger deals.

We strive to create an easy-to-use service for both communities.

8. What happens behind the scenes when a user makes a swap through Exolix?

After the creation of a swap by the user, the service performs checks of liquidity routes and determines the optimal terms of exchange taking into account selected assets, their quantity, and chosen network.

Then the user gets a deposit address and sends tokens to this address in order to perform the transaction. Upon the detection and confirmation of the deposit, the service performs the exchange and sends the received asset to the user's receiving address.

The process for the user looks easy. In fact, the company Exolix works with liquidity providers, exchange algorithms, and other technical details. 

The company aims at creating a clear and simple process for users despite complicated technological details of the procedure.

9. What are the most common user mistakes during swaps?

The most frequent errors that people make are those associated with erroneous networks or receiving addresses.

One may choose one particular network when the receiving wallet operates on another network, or provide an erroneous receiving address. In view of the nature of blockchain technology, such details play a key role.

Our suggestion is obvious: check whether you have selected the proper asset, network, receiving address, and the amount you expect to receive.

If anything bad happens, you should only turn to us for assistance via the website support form or our official support email. We would like to remind you never to contact any Telegram DMs or unofficial support pages since they may be scammers' accounts.

10. Transactions usually take 5-30 minutes. What can affect that timing?

Transaction timing will depend on a few factors.

The most crucial factor is the blockchain network. Some blockchain networks validate transactions fast, while others might take a bit longer due to traffic. The chosen asset, network traffic, confirmations needed, and liquidity processing could affect how fast a transaction completes.

For the most part, swaps using Exolix usually complete within 5-30 minutes. However, if there is high network traffic or if the transaction needs more verifications, it might take longer.

It is essential to note that users do not have to be worried if a transaction does not happen immediately. Swapping transactions go through several steps, and we have live support 24/7 for users who need help.

11. The affiliate program sounds interesting - who is it best suited for, and how can users benefit from it?

Of course! The affiliate program is made for everyone interested and engaged to varying degrees.

For big players like content creators, media platforms, wallet providers, or crypto communities, we provide customized partnerships that will allow us to make custom arrangements depending on their traffic and use of Exolix within their community.

But there is also an option for regular users that is easy to understand and implement. You just need to generate a referral link on our website, and you will receive passive income from all those people using your referral link to perform swaps.

All in all, the program suits professionals and common people who would like to earn from their referrals.

12. You've been operating since 2018. What has changed the most in user behavior or expectations over the years?

Indeed, it is an excellent question, as there have been a lot of changes over the last years.

In the earlier years, most of the users only thought of access -- it was enough for the product to work and allow the exchange of crypto. However, nowadays, people have much bigger expectations. Not only do they require speed, fair rates, and wide asset selection, but also privacy and ease of use.

Also, it should be mentioned that today people tend to use many different blockchain systems -- they switch between networks, and they want this transition to be smooth.

Lastly, one of the most significant changes is awareness. Indeed, now users care more about such characteristics as privacy, security, and custody. It is perfect for us, as our services fit their needs; however, we should keep improving them.

13. What does the partnership between Coinomi and Exolix bring to users?

This collaboration is all about enhancing the user experience.

Coinomi offers an excellent non-custodial wallet, allowing users to be in complete control of their assets. With the addition of Exolix, this kind of experience will now be extended to the exchange level - users will be able to exchange their assets right from within a secure platform.

On one hand, it will result in less hassle, smoother transitions, and an easy experience when switching from storage to exchanges.

And on the other hand, philosophically, both wallets adopt the same principles and philosophy of offering users control, security, and ease of access.

14. Looking ahead, what's next for Exolix?

We're dedicated to building on our strengths.

This entails further diversifying our resources and connections, streamlining our routes, and optimizing swaps to be more efficient than ever before. Furthermore, we're looking at how we can integrate better with other wallets and applications so that people can enjoy the benefits of Exolix through their current crypto interface.

In addition, we're considering new means of providing access, such as through our Telegram dApp.

All in all, the way forward is obvious: we're striving for an effortless, anonymous, and universal experience in the world of crypto swaps.

Thanks goes out to Coinomi for hosting the session and all those who attended the event - it was an excellent discussion.

To those looking for updates on what we're working on, definitely consider joining us on Exolix's various social media platforms, like X, and Telegram, we keep our followers updated through news, partnerships, integrations, and campaigns.

A lot lies ahead, including more functionalities, network support, and streamlined crypto swaps.

Until then, stay tuned and catch us at our next engagement!