AMA Satoshi Club x OpenSwap, July 21st

We were delighted to welcome our guest from OpenSwap. The AMA took place on July 21st, 2021 and our guest was @bruce_oswap .

The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.

Part 1 — introduction and questions from the Telegram&Bitcointalk community

Mary Satoshi Club: Hello  Satoshi Club! We are happy to announce our AMA session with OpenSwap! Welcome to Satoshi Club😀

D. Папа Роуч: today our guest – @bruce_oswap ! 👋

D. Папа Роуч: good to have you here!

Bruce @ OSWAP (will not DM for funds): Hi Everyone! Pleasure to be here, thank you for having me!

Mary Satoshi Club: Hello, Bruce! Welcome to Satoshi Club 🎉

Mary Satoshi Club: How was your day?

Bruce @ OSWAP (will not DM for funds): Tired from a full day of BUIDLing, but excited to be here and engage with the Satoshi Club!

Mary Satoshi Club: Hope you will relax when you will answer questions from our community 😀 but for the beginning we will start from the intro!

Mary Satoshi Club: Could you please introduce yourself and tell us more about OpenSwap 🔥

Bruce @ OSWAP (will not DM for funds): I’m Bruce, key member and founder of the OpenSwap project, a recovering enterprise dev, enlightened by blockchain in 2018 and never looked back!

Mary Satoshi Club: Ahaha, i see that crypto is your passion

Bruce @ OSWAP (will not DM for funds): The aim of OpenSwap is to revolutionize on-chain liquidity with a set of solutions that act as cogs towards the ultimate goal of supporting Inter-Chain swaps.

Bruce @ OSWAP (will not DM for funds): It all starts with a DEX aggregator to provide users with choice, the choice of executing a swap with any liquidity source.

Bruce @ OSWAP (will not DM for funds): From there, we introduce a concept of Liquidity Queues to provide users with zero slippage swaps where Spot Queues will always execute swaps at spot-market prices.

Bruce @ OSWAP (will not DM for funds): The OpenSwap Hybrid Smart Router will take a swap and execute it againsta  blend of AMM pools and Liq Queues to provide the user with the most return for their swap.

Mary Satoshi Club: Nice concept! We will have some questions about this in the first part😀

Mary Satoshi Club: When did you get an idea to build OpenSwap? Who helped you to develop your project?

Bruce @ OSWAP (will not DM for funds): The original concept of Liquidity Queues began during the summer of DeFi 2020 when UniSwap was became the go to DEX. We were super excited about the AMM  concept and wanted to address the primary issues of slippage and impermanent loss.

Bruce @ OSWAP (will not DM for funds): OpenSwap is introduced by a team of seasoned technology experts. The OpenSwap received a technology contribution from IJS Technologies, an award winning technology firm who received grant support from one of the older DeFi teams, OAX Foundation in 2020. OpenSwap’s contracts are reviewed by CertiK, and we are also part of the first cohort of Impossible Finance.

Mary Satoshi Club: Congratulations! 👏

Mary Satoshi Club: How many team members do you currently have?

Bruce @ OSWAP (will not DM for funds): At the core, our 11-man team’s strength is technology, however, what we have been aiming to do is build up a community of talent that crosses boundaries of technology, finance, marketing and more through the many partnerships we have developed and continue to build. We hope to attract more developers and contributors to our team through participation events such as hackathons that ultimately build up the DeFi community.

Mary Satoshi Club: Sure, you will👏

Bruce @ OSWAP (will not DM for funds): hope to get some good devs from this community 😁

Mary Satoshi Club: Satoshiclubbers 😉 let’s join! Thank you for your intro! We choose 6 questions from our community for the first part😀 are you ready for them?

Bruce @ OSWAP (will not DM for funds): Hell yeah!

Q1 from Telegram User @Highpee

OpenSwap aim to revolutionize on-chain liquidity and DEX swap activities. In order to achieve this, you have introduce two technical innovations which are Liquidity Queues and Hybrid Smart Routers. I will like to know more on the mechanism of operation of these two functions. What differentiate the Spot Priority Queues from Spot Range Queue? How does Liquidity Queues Adaptor protocol guarantee secure and zero-slippage when executing a swap? ? Also, how is your Hybrid Smart Router able to pair a swap against multiple blend of DEX AMM across multiple chains? In what way will these two concepts provide an inter-chain puzzle that will create a backbone for OpenSwap Inter-Chain Protocol to provide an efficient swaps across multiple chains?

Bruce @ OSWAP (will not DM for funds): Wow this is a really good question, someone did their homework! Let me try to tackle this in pieces.

Bruce @ OSWAP (will not DM for funds): The first iteration of Liquidity Queues are Spot Queues with two types:

– Spot Priority Queues operate in a FIFO manner where the first liquidity placed in the queue gets swapped against first. There is an option for the provider for stake $OSWAP to jump the queue and prioritize their liquidity to get swapped first.

– Spot Ranged Queues allow providers to specify a price range where their liquidity will be available for swaps

Bruce @ OSWAP (will not DM for funds): In both cases, Spot Queues will always provide users with spot-market prices swaps based on an Oracle Price Feed.

Bruce @ OSWAP (will not DM for funds): In the near future, we will be introducing the third queue type called Pegged Queues, which will allow tokens in a queue to be swapped at a pre-pegged price. This queue type will be ideal for project owners who would like offer their tokens to the public (ie. IDO, flash sales, etc)

Mary Satoshi Club: I want to ask you about such famous problem as ‘sanwich attacks’ – do you have a decision for this?

D. Папа Роуч: you read my mind 👀 i wanted ask about front running too

Bruce @ OSWAP (will not DM for funds): Hybrid Smart Routers will take a swap and route it through a blend of DEX AMM pools and our Liquidity Queues to provide the best return for your swap.

Mary Satoshi Club: I see you prepared good!

Bruce @ OSWAP (will not DM for funds): Regarding sandwich attacks, our way of tackling this problem is to not allow it to happen in the first place. Let me explain.

Spot Queues always execute swaps at a reference spot-market price. So the only way you can sandwich is if you can predict the future price (which is a superpower we all would like to have). Since Spot Queues have no slippage, there is no way a front-run swap could affect the price of the next swap (it will still execute at the reference spot price).

Bruce @ OSWAP (will not DM for funds): These Spot Queues are not for sandwich lovers 😉

Mary Satoshi Club: Wow, that’s really cool! We can sleep (swap) tight 😉

Mary Satoshi Club: We should try your platform!

Bruce @ OSWAP (will not DM for funds): sweet dreams my friend

Mary Satoshi Club: Thank you for your answers! Ready to go to the next question?😀

Bruce @ OSWAP (will not DM for funds): Definitely! Our Spot Priority Queues are currently available on the BSC public testnet. We will be releasing a campaign before IDO where we will allow DeFI community members to try out these queues for themselves.

D. Папа Роуч: fantastic! 👍

Bruce @ OSWAP (will not DM for funds): Yea sure

Q2 from Telegram User @xperia3

One of the benefits of holding the native token OpenSwap, $OSWAP is governance. When I see it in your website, governance enables users to suggest proposals. Can you please explain this in more detail? What are the ways of creating a proposal and what are the pre requests?

Bruce @ OSWAP (will not DM for funds): $OSWAP holders may participate in our decentralized governance through our Governance Portal. You may create polls to get feedback and guidance from the community and create proposals to modify risk parameters on the platform such as trade fees, protocol fees, add/modify price adapter, attach pairs to price adapters, etc…

Bruce @ OSWAP (will not DM for funds): We are a 100% community driven project and we hope to be fully autonomous in the future.

Mary Satoshi Club: Can you share your tokenomics with us 😀

Mary Satoshi Club: And also tell us please where we can get $OSWAP tokens?😉

Bruce @ OSWAP (will not DM for funds): The OpenSwap protocol will issue a governance token called $OSWAP as part of the protocol’s release.

The token will be established as an ERC20 token, and will be bridged to Binance Smart Chain to enable the governance of the BSC version of OpenSwap during the initial launch.

D. Папа Роуч: by the way, each user is allowed to create proposal, it doesn’t depend on amount of  tokens that  this user holds?

Bruce @ OSWAP (will not DM for funds): The $OSWAP token will be able to be used for the following purposes,

– For liquidity providers, they can stake OSWAP into Liquidity Queues to increase the priority of their liquidity, prioritizing their earnings for trade fees.

– Node operators for the Inter-Chain bridge can stake OSWAP to earn the eligibility to be a bridge troll (node validators), and earn fees as assets cross the bridge.

– Yield farming by providing liquidity for OSWAP pools as well as other contests.

– For users to participate in governance by staking OSWAP to create proposals or vote on risk parameters for the protocol.

D. Папа Роуч: that’s a nice list of functions 👍

Bruce @ OSWAP (will not DM for funds): Right now there are no tokens in circulation. We currently have a staking campaign on OpenSwap for OAX holders. Users may stake OAX tokens to earn these awesome $OSWAP tokens as rewards after the IDO.

Mary Satoshi Club: When and where your IDO will take place?

Bruce @ OSWAP (will not DM for funds): Yes, there is a minimum number of  tokens required to be staked in the governance portal to create proposals. This minimum is also dictated by decentralized governance.

Bruce @ OSWAP (will not DM for funds): We are aiming to do our IDO towards the end summer on the Impossible Finance Launchpad. Follow us on social media as we will release more IDO information closer to the date.

Mary Satoshi Club: Don’t forget to share this news with us!

Mary Satoshi Club: Thank you for your answers! Ready to proceed?

Bruce @ OSWAP (will not DM for funds): Absolutely!

Bruce @ OSWAP (will not DM for funds): Let’s gooooooo!

Q3 from Telegram user @DK177

You have indicated that your own smart contracts have been audited by CertiK. However, we cannot see any audit report. You have explained about CertiK and a link was provided, but it directs us to CertiK, not to your report. Are you willing to share this audit report with the community? You have asked us to DYOR before connecting our Metamask to OpenSwap. Is this a red light? Can’t you assure your platform is risk free? Please explain about the security measures you have adopted.

Bruce @ OSWAP (will not DM for funds): Rest assured, security is of utmost importance to us. Not only are our contracts audit by CertiK, we are also getting them peer reviewed by community members who are experts in the smart contract security domain. Once all the contracts are reviewed, we will publicize it on our website with the audit report.

D. Папа Роуч: nice! when approximately you planning to publish audit on the site?

Mary Satoshi Club: We will definitely read this reports! Waiting for the updates from you!

Bruce @ OSWAP (will not DM for funds): As with any DeFi project, DYOR is a good habit for DeFi users and investors. Just because a project can be seemingly reliable, it doesn’t necessarily mean you should let your guard down. OpenSwap team and myself are 100% supporter of this practice DYOR.

D. Папа Роуч: agreed

Bruce @ OSWAP (will not DM for funds): Our Liquidity Queues are powered by price adapters that must adhere to our Secure Adapter Protocol, which provides a framework for developers to create price adapter smart contracts with a series of circuit breakers.

Bruce @ OSWAP (will not DM for funds): The foundational circuit breaker is that the price adapter is scanned by CertiK Shield to receive a security score. Our decentralized governance specifies the minimum score required for a swap to occur.

Bruce @ OSWAP (will not DM for funds): Other circuit breakers may be added by the developer which includes trade size limits to mitigate risk, Oracle price deviation checks against AMM pools, etc.

Bruce @ OSWAP (will not DM for funds): Be sure to follow us on twitter to receive the most updated announcements from our team.

Mary Satoshi Club: Thank you for your answers! Ready to jump to the next question!

Bruce @ OSWAP (will not DM for funds): Ready when you are!

Q4 from Telegram User @ask2lance

I noticed that OpenSwap was originally built on Ethereum Chain.But you later swapped to BSC due to its low gas fee.Did this changes actually had any effect on your Liquidity Queues and users funds?Now that you have migrated to BSC,what benefits have your users derived and have you gained more investors to your platform?Does OpenSwap plans on Launching on other Blockchains like Heco,Polygon, Polkadot etc

Bruce @ OSWAP (will not DM for funds): You really did your research!

Yes, we originally developed OpenSwap for ETH and earlier this year, we just couldn’t ignore the userbase flocking towards BSC due to lower gas fees. Our team did a quick pivot to initially launch on BSC to introduce the concept of Liquidity Queues as it provides the ideal test environment.

Bruce @ OSWAP (will not DM for funds): Our goal will always be to get back on the Cadillac of chains: ETH. The plan is to launch the liquidity queues on other EVM compatible chains, especially the L2 ones such as Arbitrum, Optimism. Our team also completed a test deployment on  Moonbeam on DOT and it ran flawlessly.

Bruce @ OSWAP (will not DM for funds): Getting on various chains will help achieve our ultimate goal of reducing friction of moving digital assets across different chains.

D. Папа Роуч: do you have plans to do your own bridge, to help people swap assets between BSC and ETH on your platform/site?

Mary Satoshi Club: So, when we can expect to see you on Optimism, for example?

Bruce @ OSWAP (will not DM for funds): Yes, our Liquidity Queues and Hybrid Smart Routers are pieces of our Inter-Chain Swap Puzzle. The team is currently focused on developing the Open Inter-Chain protocol with single asset Bridge Vaults on the ETH and BSC chain. This will allow users to swap ERC20 tokens to BEP20 tokens – you will always receive native tokens on the target chain!

D. Папа Роуч: awesome 👏

Bruce @ OSWAP (will not DM for funds): We will be moving onto other chains Q4 onwards. Let us know in our community group on which chain you would like to see us on!

Mary Satoshi Club: Gotcha👍

Mary Satoshi Club: Thank you for your answers! Ready for the next question?🚀

Bruce @ OSWAP (will not DM for funds): ok

Q5 from Telegram User @Asela1112

Currently there is ongoing STAKING CAMPAIGN in OpenSwap platform, called “Stake $OAX Earn $OSWAP” with a variety of vesting period plans. Can you tell us these Staking plans? I wish if I could join to this staking campaign. Do I still have a chance to join this staking Campaign? At the end of vesting period, will I able to withdraw my $OAX tokens safely? Do you hope to launch more staking campaigns in future with other platforms also?

D. Папа Роуч: you already mentioned this campaign today 🙃

Bruce @ OSWAP (will not DM for funds): OpenSwap aims to provide a broad variety of earning programs for our users and supporters, to which people can earn $OSWAP. Farming will be introduced soon after the IDO. And we do staking campaigns periodically, sometimes as flash campaigns.

For people who are interested in earning OSWAP, we encourage you to visit our Earn page (https://www.openswap.xyz/#/earn) to check out what exciting rewards are available for you to earn.

Mary Satoshi Club: Satoshiclubbers, check this opportunity 🎉

Bruce @ OSWAP (will not DM for funds): And yes, of course you will be able to withdraw your $OAX tokens safely after the staking term is complete

Mary Satoshi Club: Thank you for your answers! Ard you ready for the 6th and last question from this part?🔥

Q6 from Telegram user @Brainchest

You plan to introduce limit orders. Will this be implemented through the creation of an order book, but then you would need to involve market makers.

With what funds will be paid for the services of market makers, if the Vesting period of the reserve fund is at least 6 months.

Bruce @ OSWAP (will not DM for funds): We don’t have limit order per se. However, if you want to exit your position, you may use our Spot Range Queues and specify the price range you want your liquidity to be sold. This would be a creative way to create a limit order. We also treat you as a liquidity provider, so instead of paying tx fees, you actually earn them when your liquidity gets used!

Mary Satoshi Club: An interesting solution!

Part 2 — live questions from the Telegram community

Q1 from Telegram User @King_Raja

Can You talk a little bit about the backers of the  Openswap project?

Can You talk about the vesting period of Backers & Openswap’s team itself so that investors get rest assured about the safety?

Bruce @ OSWAP (will not DM for funds): We are currently closing our strategic round, and we want to humbly declare that we are well covered across all domains from technology, security, liquidity provider, marketing, community reach, and more. We got big names.

All $OSWAP tokens are subject to a vesting schedule. Our backers are vested for 24 months and the team tokens are vested up to 48 months. We all all in it for the long game!

Q2 from Telegram User @smelekin

What is the connection between OpenSwap and Impossible Finance? Do you have any partnership?

Bruce @ OSWAP (will not DM for funds): Yes! We are one of the first cohorts for the Impossible Finance launchpad. They have been very supportive with our project throughout the partnership and we expect to be collaborating with them for the long term!

Q3 from Telegram User @Rakshitx5

OpenSwap will introduce Hybrid Routing in 3Q 2021 So can you explain What is Hybrid Routing? What problem does it solve?

Bruce @ OSWAP (will not DM for funds): Hybrid routing will enable more efficient swaps on our platform. We leverage existing liquidity on other AMM DEXes and route the swaps through the pools and our Liquidity Queues to provide the best return on swaps for users. Anytime a Spot Queue is involved in a portion of the swap, it provides zero slippage and lower transaction fees (0.1%).

Q4 from Telegram User @Kushal85127939

Can you please elaborate on $OSWAP tokenomics? How many seed funding OpenSwap have done during this year? Will you also raise some funds from private players for listing purpose?

Bruce @ OSWAP (will not DM for funds): We will only have one strategic round of funding before the IDO which is about to close. There are currently no plans for a second round.

Q5 from Telegram User @coinresearcher

One of your goals to prevent impermanent loss and slippage problems which is really a pain right now. How do you plan to prevent them?

Bruce @ OSWAP (will not DM for funds): Our Spot Queues will always execute swaps at spot market price, providing you with zero slippage. The Bridge Vaults are single asset only , which means you only need to deposit one type of token (as opposed to both sides of a pair for AMM pools). This means that you will always be able to withdraw your principal and portion of fees earned from Inter-Chain swaps.

Q6 from Telegram User @Amila19932Have you applied to list on COINMARKETCAP and COINGECKO? Because listing on these two platforms will give great potential to the project. Do you have any plans to list on those?

Bruce @ OSWAP (will not DM for funds): We are already on it! It will become track data after the IDO.

https://coinmarketcap.com/currencies/openswap/

https://www.coingecko.com/en/coins/openswap

Q7 from Telegram User @nguyenben

OpenSwap is a decentralized Defi hub built on the Binance Smart Chain network (BSC), why did OpenSwap decide to build on the BSC?

Bruce @ OSWAP (will not DM for funds): As indicated earlier, we deployed on BSC due to the large number of users flocking to the chain earlier this year and the lower gas fees!

Hope to be back on ETH soon!

Q8 from Telegram User @vedamatrix

Your zero slippage and zero impermanent loss words are really sweet but are there any working product that we can be sure that project like this can be really built?

Bruce @ OSWAP (will not DM for funds): We have a working product on the public BSC testnet with plans to launch on mainnet shortly after IDO. Stay tuned for campaign details on how to access our Spot Priority Queues. There will be attractive rewards for participants.

Q9 from Telegram User @Brainchest

You say that you dont have Limited order. Whar Road map is True? doc. openswap. xyz/vision-and-roadmap There is you have limited order

Bruce @ OSWAP (will not DM for funds): Oh yes, this is the previous name for our Spot Ranged Queues. We feel that the new name is a little cooler than the old name. Good catch! I’ll instruct my team to change up the info.

Q10 from Telegram User @Karoceh

You mentioned that OpenSwap is a community driven project. So is there still a role that the dev team will have in terms of making decisions? and can we know what percentage of OSWAP tokens are held by the team?

Bruce @ OSWAP (will not DM for funds): The team has an allocation of 13% with a vesting period of up to 48 months. This shows that we are not here for quick profits and in it for the long haul! We are allergic to rugs. During the initial year, we realize that certain bootstrapping is needed to ensure that the platform is ready to be handed over to the community. The project was developed with decentralized governance from the get-go. For this reason, we have staked 20M tokens into the governance contract to configure the initial risk parameters for the project. This responsibility will eventually be shifted back to the community.

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of OpenSwap . They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.

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