Hello and Welcome to our Community Mr. Phil Dang
Hello everyone. Thanks for having me!
Thank you as well for your time
Before we start, I would like to share again our AMA format for today
We will have 3 segments
Section 1: Warm-up
Section 2: Twitter questions
Section 3: Quizzes from Swaperry
Are you ready?
Yes of course!
So, let the AMA begin! First question of the first segment! Please introduce yourself to our community
Definitely! First and foremost, big thank you to everybody for attending this AMA and your interest in our project. I’m Phil, co-founder and CEO of Swaperry. We have an exciting journey ahead of us and I’m here to answer anything you’d like to know, and hopefully persuade you to accompany us on this journey!
A bit about myself. I was born and raised in Vietnam, but I moved to Singapore and eventually to the United States for education, and now I live in Silicon Valley. While I’m the CEO for this project, my background is actually software engineering. I spent the last 4 years working at Google, and a few more years before that at Facebook. 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.
You really have an amazing background there! Thank you for sharing Could you please briefly introduce about Swaperry?
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. Polkadot’s tech is what will make future transactions much cheaper and much faster than before, and that’s exactly what the industry needs. 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.
Very detailed information! Your answer leads me to the final question of segment 1: What are the competitive advantages of Swaperry in comparison to other projects?
Most DEXes take some time after initial launch to stabilize and gather a critical mass of liquidity and trading volume, 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, we will be launching a prediction trading system never seen elsewhere. This system is powered by a complex economics model under the hood that our team designed. It will allow you to bet on the price movement of an asset and win potentially disporportional rewards when predicted correctly.
Another example is limit order. This feature allows traders to set automatic commands to buy or sell an asset at a certain price. This orderbook-like functionality is known to perform very poorly on DEXes. The small set of projects that claim to offer limit order actually go around the performance issues by relying on an off-chain system. That completely defeats the purpose of a decentralized exchange which is to be trust-free and community-based. Our engineers at Swaperry, however, invented an algorithm that lets us offer limit order in a truly decentralized manner. This goes to show you our team’s engineering and innovation capabilities, which give us a major edge in building truly radical products.
Wonderful! Sure you are building Swaperry in such a unique path
And that’s the end of segment 1. Let’s get ahead to the second segment
We made an announcement on PolkaFoundry’s Twitter about the AMA with Swaperry. Here is the link: https://twitter.com/PolkaFoundry/status/1419608658069966849
Twitter users have a bunch of questions for you guys. We have picked FIVE of them
Here is the first one:
Nobody can guarantee the security of a Smart contract. But Audit plays an important role to find out the known bugs of smart contracts. Can you describe how strong your security is? Have you done an audit by any third party?
Absolutely great question. As a DEX, it is critical that our software needs to be robust and highly 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 several 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.
What can we expect to see from this project in the short-term (at some point in 2021) and 2022 and beyond (long-term goals)?
Another great question. Happy to answer that! In the next 6-12 months, we will be launching a series of much-needed features that make our DEX really stand out from the rest. Most, if not all, of these features are quite original actually; you won’t find them on other DEXes. In short, you should be seeing us constantly rolling out features on top of features to attract a wide range of traders, in the next year or so.
However, our long-term goal for Swaperry goes much further than that. We don’t want our DEX to just stop at exchanging cryptocurrencies. Our ultimate “final boss”, so to speak, is, in fact, the world’s stock market. This market is vastly larger than the crypto market, at nearly 100 times the market cap. It is however, not accessible to most of the world due to national borders. For example, no one can buy Apple stocks unless you are an American. So we want to work towards a future where everyone can have access to the stock market regardless of nationalities and restrictions, on a decentralized crypto exchange. That accessibility doesnt exist right now, but in 10 years, or maybe even just 5, it will be. And we want to be the very team that turns it into reality.
**That’s really an ambitious goal! We sure believe in Swaperry for that **
With so many projects being rug pulls and exit scams happening nowadays. What would you offer to the users of your platform to earn their trust and how would it make you different from others projects alike?
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, 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.
Nice and clear! Let’s get to the 4th question:
Tell us a little about the role of your tokens and project within the entire ecosystem. Will it act as a simple payment currency on all your products? Or will its holders have some sort of benefit or vote in the project decisions?
It will be a mixture of both. 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.
Wonderful! Before we go to the last question from Twitter, I just want to remind the community that next will be the last segment which is the QUIZZES from Swaperry! Prepare yourself, to be the first one to have the correct answer! Last question from segment 2:
What is your project currently working on to increase its quality and attract potential investors to your project? Why can we consider that this project will last a long time on the market?
In a growing industry where competitors, big or small, exist and traders have many choices, we strive to make Swaperry truly stand out as a promising platform. Once we start our series of exclusive feature rollouts in the next few months, like predictive trading and limit order, the community will start to see that we are a team that can innovate and can deliver. This built-up confidence in delivery of our future promises is what we hope will attract future investors. Furthermore, the $1.6M we raised in our rounds gives us ample runway to develop and perfect our products for several years, regardless of the bulls and bears of the market.
We are here for the long run, and we are not finished until we get to tap onto the huge potential of the stock market. So, please join us on our journey there
Amazing! And now, here comes the last segment of our AMA! 5 quizzes are coming and the first one to have the correct answer will be the winner! PolkaFoundry community, are you ready?
Let’s get to the first quiz:
What problems does Swaperry solve?
A. Transactions are often delayed and slow.
B. Most DEXes do not offer cross-chain trading.
C. User interface is more confusing.
D. Advanced features like options, limits, and margins, are non-existent.
E. All of the answers above.
The correct answer is E. All of the answers above
What is the total supply of PERRY token?
The correct answer is C. 200,000,000.
Swaperry builds on top of the widely successful AMM liquidity pool trading model and utilizes unmatched performance of the Polkadot ecosystem to bring advanced features never seen on other DEXes. Which are those features?
A. Limit order & Stop Loss, Slippage Deriving, and Prediction Trading.
B. Prediction Trading, Margin, and Slippage Deriving.
C. Limit order & Stop Loss, Slippage Deriving, and Margin.
D. Limit order & Stop Loss, Prediction Trading, and Margin.
D is the right answer!
What is the amount of money that Swaperry made in their private fundraising round?
The answer of the 4th quiz is C. $1.6M.
What are the ways for investors to have sufficient liquidity?
A. Personally contributing liquidity.
B. Onboarding outside providers to stake their liquidity with the promise of attractive returns.
C. Both A & B
C is the correct one!
And that is the end of our AMA with PolkaPlay today
Thank you so much to everyone who participated!
Thank you for your time and participation for today’s AMA
Would love if you can share as well PolkaPlay’s social links where can community get latest updates from the team
Our Official Social Media Links:
Telegram Chat Telegram: Contact @swaperry
Telegram ANN Telegram: Contact @swaperry_ann
*Swaperry Community Competition:
Our Community Competition is now extended until August 10, 2021. Don’t forget that we are giving away 20,000 $PERRY for all winners!
You can still join:
Telegram Sticker Contest