BT: Aurox is a new all-in-one desktop cryptocurrency trading terminal. Is this similar to the famous Bloomberg terminal, except that it is for trading crypto? Can you explain in more detail?
That’s correct. Aurox is similar to the Bloomberg terminal but for Crypto. Our terminal was designed to simplify trading by giving the user everything they need to quickly execute educated trades. Our terminal has data from every major exchange, including decentralized exchanges, but beyond that, we also help users make successful trades through our proprietary solutions.
When we founded Aurox, we found difficulty in managing multiple exchange accounts, finding highly liquid tokens that we wanted to trade, and learning how to trade them. The entire platform was designed by us, as traders, for traders to solve this and more.
BT: Why is DEX trading so cumbersome and how does Aurox simplify the process?
Decentralized exchange trading is a completely unique way of buying and selling assets. Nothing like it has ever been created and has the potential to change not just crypto but the traditional markets as well. But it is in its very infancy and therefore, there are a lot of challenges.
The user experience and interface are abysmal and extremely difficult to learn. Most of our current token holders had never bought a token on a decentralized exchange before ours. So, we create step-by-step guides, multiple videos and hold their hands to make sure they do not make mistakes.
It’s hard to find tokens, you have to deal with gas fees, front-running bots, reverted orders, utilizing web3 based wallets and so many other issues which makes it a complete pain to trade. If anything, most people don’t actually “trade” on DEXes, but rather invest into tokens for long-term holds. It’s very rare to see people day trading on decentralized exchanges like they do on centralized ones.
With centralized exchanges, you can deposit money and execute hundreds of orders with a single click of a button. Whereas with DEXes you execute a trade, wait a few minutes for a trade to go through, hopefully, you didn’t get your transaction invalidated, all while figuring out what your entry cost is after dealing with gas costs, and then finally you might have a clear idea of when to exit the market.
Aurox will simplify this entire process. Our goal is to mimic the UI and UX of a centralized exchange but the order fulfillment is done through decentralized smart contracts. Therefore, the users feel like they’re trading on a centralized exchange but in reality, they’re not. This way every user gets all the positives of decentralization such as full transparency and custody of their funds, but at the same time, they get the comfortability of a centralized exchange UX.
BT: The terminal offers cross-chain trading and a native lending protocol using the Aurox token ($URUS). How is the value of the $URUS determined? Is it pegged to dollars, or does it float?
The $URUS token is determined by the demand of the token. There are multiple utilities of the token currently through our terminal, but there will be more utilities via the lending protocol and the cross-chain trading system. As volumes and adoption for our products increase, the demand for the token will also increase.
Users will require our token to get perks such as interest rate boost, gas-free trading, and other items which will save the users a significant amount of money. As more users purchase our token to utilize it within our protocols, the price of the token will also increase.
BT: Aurox is planning an IPO this year. How is that process going?
We’re not necessarily doing an IPO. There are a few different options for us to go public, and an IPO is just one of them. We’re exploring multiple options including SPAC, reverse mergers, IPO, and a few other ones. In the end, our goal is to get on the public market as quickly as possible to tap into the vast liquidity on a national exchange while at the same time, leading DeFi to mass adoption. Whether that happens through an IPO or a SPAC, it doesn’t make a whole lot of difference to us.
The process has been difficult but also exciting. It’s started to move much quicker over the past couple of months. We’ve been working on this since last summer and we weren’t planning on announcing it until we had a clear direction.
Right now, it’s really just about checking off items, having the lawyers draft up the agreements, filing everything, and hopefully listing on a public national exchange soon. It’s a completely different process than being a crypto company with a token. There are so many regulations and things to take into account but it’ll all be worth it. Crypto is supposed to be completely open and public, so our company should be too. We’ll lead this field by becoming one of, if not the first, DeFi software-based companies on a national market.
BT: Any other points you want to make that I haven’t asked about?
Our vision for this year is to completely change crypto trading and investing. One of the biggest problems that led to the crash and bear market in 2017 was the complete speculative nature of cryptocurrencies. But DeFi has shown the first real utilities of crypto via products like lending protocols, DEXes, liquidity mining, and other incredible smart contracts.
But, these products are difficult to use so the vast majority of crypto users don’t have any experience in it, let alone the general public. Our goal is to implement DeFi smart contracts in a way where even my parents can point, click, and utilize DeFi. This includes investing, lending, and everything else that makes decentralization great. We want to take DeFi from the AOL days to the post-iPhone era.