Here’s our 111th AMA recap!
Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with Swaperry August 10, 2021. This guest star,
- Phil Dang — CEO
QUESTIONS MODERATOR
Please introduce yourself to our community!Phil Dang | Swaperry :
Sounds good, I briefly mentioned that I was a software engineer at Google before working on Swaperry.
I’ve stumbled across the topic of blockchain with my colleagues at Google many times
but last year was when I was heavily drawn into by it.
The future potential for blockchain to become
such an integral part of technological products and contemporary finance really fascinated me.
That is why early this year I decided to take the courage to leave Google and started Swaperry.
We’re a team of close to 20 engineers now and we’re about to launch our first product very soon 🙂
Could you please briefly introduce about Swaperry?Phil Dang | Swaperry :
Of course. So, most of the co-founding team of Swaperry background in engineering.
We spent a lot of time looking at various blockchains and tried to understand their technical implications towards the future.
And we quickly became really fond of Polkadot.
I personally thought that their technical design of the relay chain is top-notch
and all of us believe that it is this tech that will beat Ethereum and BSC in its scalability going into the future.
That’s why we bet on its huge success once it launches and decided to take part in growing its ecosystem.
Swaperry will be one of the very first decentralized exchanges (DEXes) to be available for cryptoasset trading on day 1 of Polkadot’s launch.
It will leverage the gigantic horsepower of Polkadot
to facilitate extremely fast and cheap transactions
and offer a suite of much needed trading features that previously were unthought of on a decentralized exchange.
For example, in the near future, Swaperry will come packed with cross-chain support, limit order, stop loss, margin and even predictive trading.
All of these features will be completely decentralized; there will be zero component owned by us, and 100% owned by the Swaperry community.
Right now, Swaperry has completed all of its seed and private fundraising rounds, and has raised a total of $1.6M from many well known investors.
This fund allows our team to further speed up our product development and bring those promised features soon to reality.
What is the token use case and how does it capture the value of the ecosystem you’re building?Phil Dang | Swaperry :
First and foremost, we share all of our revenue with our token holders.
For each transaction taking place on the platform, a fee is taken and put into a revenue pool.
This pool will then be distributed to all of the holders proportionately to the held amount.
As the platform grows, holders naturally receive more shared revenue, which increases our token’s attractiveness, leading to price increase.
Second, as we roll out unique features like predictive trading,
participants will need to pay some amount of PERRY to use.
Holders naturally benefit from cheaper fees and unlocked feature upgrades.
Finally, as Swaperry wants to become more community-based, project goverance will eventually become more DAO-like where holders can participate in all future decisions.
QUESTIONS TWITTER
What makes $PERRY is better compared to other Crypto? Are there any unique mechanisms?https://twitter.com/annamuskto/status/1424417237830569988?s=20
Phil Dang | Swaperry :
Great first question!
So, most DEXes take some time after initial launch to stabilize and gather a critical mass of liquidity
so it is impractical to immediately expect Swaperry to shine in its first days.
However soon after stability, traders should quickly notice the significantly faster transactions and much lower gas fees on our Polkadot-powered DEX compared to other DEXes.
These directly address 2 of the biggests problems seen on various chains like Ethereum.
Then, within the Polkadot ecosystem, Swaperry trumps other projects in our ability to offer truly unique features.
For example, a feature we’re launching next month is “prediction trading”, which I’m really excited about.
It works similarly to options: you can buy an UP or DOWN ticket to predict the price movement of an asset,
and win potentially disporportional rewards when predicted correctly
And, as you participate, you have a chance to earn achievements and win NFTs.
These NFTs directly add benefits to future prediction trading
so you can buy/sell these NFTs at potentially very high price.
These NFTs are limited of course, so only the fast ones get to earn them.
I believe this could become a huge hit.
This goes to show you our team’s engineering and innovation capabilities, which give us a major edge in building truly radical products.
Trust and security is very important in any business, what makes investors, customer and users safe secure when working with your project?$$https://twitter.com/MOhameD211a/status/1424537539633876992?s=20
Phil Dang | Swaperry :
Absolutely great question.
As a DEX, it is critical that our software needs to be robust and hirely secured.
We have witnessed too many projects crumble due to a single security breach to take the matter lightly.
That’s why our team focuses strongly on our engineering quality.
We currently have a few security experts acting as our technical advisors just for this matter.
At the same time, we hired a third-party security company well known in the industry, CertiK, to audit all of our smart contracts.
CertiK is the audit company behind major projects like PancakeSwap, Binance & Polygon
so while no one can guarantee 100% bug-free software, we feel confident to leave the matter in their hand.
Please be assured that we will only launch our product once our software security has passed their high quality bar.
Why should investors trust your project not to do the same While many projects rug pulled and exit scam recently?https://twitter.com/girlofcrypt/status/1424416931759542272?s=20
Phil Dang | Swaperry :
Haha, sure!
I’m highly aware that many projects out there are just scams at the core
which is unfortunate because they bring doubt to future investors
and rip away the community’s trust from the other honest and potential projects.
What I hope to assure you, though, is my team and I are true to our words.
First, all of our products and features are 100% decentralized.
What that means is as soon as we launch, the software no longer belongs to us, but to the community.
If you take a look at other projects, many of them have some elements of an off-chain system
like a server or database that they own
which means there is a backdoor they can control
For us, we have chosen the decentralized approach from the start.
As the platform grows, we don’t have the authority or custody of the liquidity; it is all governed by smart contracts.
There is no way for the founding team to scam and exit with this money.
Secondly, our project is invested by well-known partners in the industry, which also speaks volume to our team’s integrity and reliability.
To establish partnership, we underwent a high amount of scrutiny to ensure we operate as a legal entity with good intention.
Last but not least, while the founding team does have some token allocation as part of the token economics
our tokens are locked for a long time with a long vesting schedule.
What that means is the team does not make any financial gain in building initial hype and scamming the community.
We first need to earn the community’s trust over time, by constantly shipping our high quality products.
Will there be a public offering for Swaperry? How to get tokens in the fastest way in the early bird? What are incentives of $PERRY Token bring to community and investors?https://twitter.com/elliekingcash/status/1424416764490747908?s=20
Phil Dang | Swaperry :
I did address the advantage of PERRY above, so I’ll answer the other questions 🙂
Yes we will have an IDO within 2 weeks
the tentative date is August 24th
You can actually participate in this round by getting whitelisted on our launchpad, RedKite!
We’re about to share instructions on our media channels very soon
👥 Our Official Social Media Links
Website (https://swaperry.com/) I Whitepaper (https://docs.swaperry.com/) I Telegram Chat (https://t.me/swaperry) I Telegram ANN (https://t.me/swaperry_ann) I Twitter (https://twitter.com/SwaperryDex) I Medium (https://medium.com/swaperry)
What are you most excited about on the roadmap of 2021 ? When defi supermarket will be integrated into $PERRY wallet?https://twitter.com/ElKunMUfergie/status/1424417024415977475?s=20
Phil Dang | Swaperry :
Oh there’s a lot I’m excited about on our roadmap 🙂
First, definitely very excited about our upcoming launch of prediction trading.
This product is so unique you can’t find it anywhere else
We had spent a lot of time thinking about the economics model for this product
The NFT achievements will likely be a huge hit
Next is definitely the launch of our DEX on Polkadot.
It comes packed with advanced features that traders have been requesting for a long time.
But what I’m excited the most, is actually our “final boss”, so to speak.
And that is the stock market.
This market is 100 times bigger than crypto, but it is not accessible to most of the world due to national restrictions
E.g. No one can buy APPLE or TESLA stocks unless you’re an American.
We’re working tirelessly to bring the stock market onto our DEX
Which means bringing accessibility to the rest of the world
Just imagine the potential for capital from the stock market to flow into Swaperry
It would be huge, and that’s what I’m super excited about
QUIZ TELEGRAM
Link Here : https://t.me/InfinityChains/145091
- Telegram Chat : https://t.me/swaperry
- Telegram Channel : https://t.me/swaperry_ann
- Twitter : https://twitter.com/SwaperryDex
- Website : https://swaperry.com/
- Linkedin : http://www.linkedin.com/company/swaperry/
- Litepaper : https://docs.swaperry.com/
- Medium : https://medium.com/swaperry
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about Swaperry.
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