Falcon Swap x SatoshiClub AMA from 30 September

Falcon Swap x SatoshiClub AMA from 30 September

And here we have the last day of September 2020 and hope, you will remember it not only as autumn day, but also as a day, when you visit Satoshi Club and get new knowledge about new project. Today we would like to tell you about the AMA session with our friends from Falcon Swap. The AMA took place on September 30 and our guest was Eric, co-founder of Falconswap.

The total reward pool was 500$ and has been splitted in 3 parts.

In this AMA Recap we will try to summarise the most interesting points for you.

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

Mary | Satoshi Club: Hello, Satoshi Club! Today our guest is FalconSwap:grinning: @eric_falconswap welcome to Satoshi Club:grinning:

Luis Merino | Satoshi Club: Hello Satoshi Club! Welcome to another AMA with us. Today we have FalconSwap. @eric_falconswap is our guest, welcome!

How are you today Eric? Ready for a great AMArathon? :))

Eric | FalconSwap: Hey guys, Thanks for having me over. I am all set for the AMA

D. | Satoshi Club: hello all! im on my way to home, will join you soon) Hello, Eric!

Mary | Satoshi Club: So, can you introduce yourself and tell us how did you start with FalconSwap?)

Eric | FalconSwap: I am Eric, co-founder of Falconswap
I am have been a blockchain developer for about 4 years and have worked on various trading platforms before coming up with the idea of Falconswap.
Decentralization is the way to go and the current infrastructure and approach have a lot of scope of improvement. This is why we are building Falconswap to improve the user experience and reduce the gas fees for trading.

Luis Merino | Satoshi Club: So you want to stop this huge fees from UniSwap? 🤭

Mary | Satoshi Club: Great background) Gas prises annoying now, we are really looking for those, who can save us

Eric | FalconSwap: The gas fees is a considerable part of trading these days and this is pushing out a majority of traders out of the ecosystem. Falconswap is working on solving this issue.

Q1 from bitcointalk user Jonahap

Falconswap is currently getting ready to launch its public beta version after recently concluding its private beta test..what were the successes recorded in the private beta test ,were there issues discovered how are they being resolved.Q1 from bitcointalk user Jonahap
Falconswap is currently getting ready to launch its public beta version after recently concluding its private beta test..what were the successes recorded in the private beta test ,were there issues discovered how are they being resolved.

Eric | FalconSwap: Private beta was a success as we were successfully demonstrated the working of the protocol and the features we promised:
– Non-custodial
– No gas fees trading
– Order aggregation
– Order matching on Falconswap before sending them to Uniswap
The private beta has been highly successful from a technical standpoint.
There are some bugs/feature requests like displaying the price, or optimising the slippage, UI optimisation on multiple devices etc which we are working right now

Luis Merino | Satoshi Club: When will the public beta be available?

Eric | FalconSwap: I’ll share that at the end of the AMA 😁

Mary | Satoshi Club: Oh, nice))) we will remind you)

Q2 from bitcointalk user pedronino

The token is deflationary, right? since 10% of the trading fees is used to buy and burn tokens. and also we can Earn staking rewards from trading fees on FalconSwap. In order to understand the numbers behind this sentences, please tell what is the average trading fee on the platform. In this way we can understand how much in fact are burned and are distributed to those who are staking

Eric | FalconSwap: The trading fees is 0.3%. When the orders settle on Uniswap, the trading fees goes to the liquidity providers on Uniswap and when the order settle on Falconswap it goes to the protocol. 10% of all the fees generated in the protocol is used for buying tokens and we have staking rewards and trading fees that is being used to cover gas costs.

Users don’t need to pay any additional trading fees than they would be paying on Uniswap

Mary | Satoshi Club: It has to be good numbers)

Eric | FalconSwap: The gas fees for settlements on Falconswap will be much less than aggregated order sent to Uniswap, so users will be able to select how they want to settle their orders.

Q3 from Telegram user @reidman_rosa

I’ve read your use case and it states: the gas savings are significant with approximately 64% gas saved per transaction. Even looking at the highly conservative number with zero storage variables and residual order sent to Uniswap liquidity pool (which users may opt not to), the savings on transaction fees per order is over 10%. However, when paying 15-25$ fees on uniswap, it is still expensive if I pay 7-10 on falconswap. Do you have any ideas how to reduce it to pennies?

Eric | FalconSwap: Reducing the gas fees to a third is still a considerable feat. If you are looking to reduce it to pennies then that won’t be happening on Ethereum blockchain, at least not in the foreseeable future.
Falconswap protocol can operate on multiple chains, so if there is sufficient liquidity and traction building up on other chains then we can also launch there.
Bear in mind that the aggregated orders are sent to Uniswap and it will still incur gas fees when interacting with Uniswap. What we are doing at Falconswap is reducing the need to send orders to Uniswap for settlements. Users will be able trade entirely on Falconswap with prices coming from Uniswap and other AMM pools.

Mary | Satoshi Club: Will you have orderbook?

Eric | FalconSwap: No, there will be no orderbook. But the protocol can support limit orders from users. By bringing orderbook we will actually be moving back in time and many dexes failed because of low liquidity and thin walls.

D. | Satoshi Club: and what technology do you use – ZKR or Optimistic Rollup? since you working on L2 scaling solutions

Eric | FalconSwap: The current scaling solution is on Ethereum only, so there is no friction for users to move between the chains. The current results are for Ethereum chain, where we demonstrated savings.
ZK rollups or Optimistic roolups can be used when there is liquidity on on those scaling solutions. It’s not efficient to move orders between the chains without any lags.

Q4 from Telegram Username @erol1763

How do you plan to list other coins , do they need to submit any documents verification or any ERC20 compatibility can be traded on Falconswap automatically?

Eric | FalconSwap: We need to run relayers for every coin that is listed on Falconswap, the listing process is initiated by us but the trades are decentralised.
We will work on making the listing process permissionless too, so anyone will be able to list tokens on Falconswap.

Mary | Satoshi Club: Which coins do know that will be listed at this moment? Can you name them?

Eric | FalconSwap: Can not share the name of all the coins but some of the other coins to be added after FSW have been announced by us and there are a few more to come.
We will also be listing some high volume tokens from Uniswap.

Q5 from Telegram Username @Manugotsuka

How is possible to FalconSwap have Zero gas Swaps? Considering the interaction of ETH and ERC-20?

Eric | FalconSwap: We will generate trading fees on Falconswap which will cover the cost to an extent, these zero gas swaps will be available for everyone in the beginning and then to our staking holders

Mary | Satoshi Club: During what time will it be available for no-staking holders?

Eric | FalconSwap: We will have this for a substantial time after the mainnet launch, we have set aside considerable budget for this. This feature will be essential for the adoption of the platform.

D. | Satoshi Club: do you have github? where we can see your tech/codes?

Eric | FalconSwap: We haven’t open sourced it yet, we will do that before we launch. There are already copy cat products coming in the market.

Q6 from Telegram Username @Gutike95

Does FalconSwap have any security system that prevents the existence of SCAM tokens on its platform? Will it be controlled by community vote or simply use the existing tokens on the different DeFi platforms?

Eric | FalconSwap: This is a decentralised trading platform, so if you are looking to build a permissionless system then it is open to the market like Uniswap.
In the beginning we will be adding the pairs and will be working towards making this a permissionless platform.

D. | Satoshi Club: and btw Eric can you tell us about the dates for public beta-testing, audit and mainnet launch?

Mary | Satoshi Club: We remember 😀

Eric | FalconSwap: Haha. Public beta will be launched next week! We will share the date on our official channel but this will be available for everyone with the bug fixes and some additional features

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Olonade02

Will FalconSwap support yield farming?

Eric | FalconSwap: Not in V1

Q2 from Telegram user @Jonahapagu

Falconswap is looking at optimizing slippage by using multiple liquidity pools from mooniswap, balancer , kyber e.t.c can you tell us how you intend to use this multiple pools together and has the use of this pools already been effected in Falconswap for the Public beta launch

Eric | FalconSwap: Our relayer can actually split the orders across multiple AMM pools for optimising slippage.

Q3 from Telegram user @Nickkiii

Is the FalconSwap Beta testing program still on? If yes, how can I join?

Eric | FalconSwap: We will launch Public Beta next week. It’s currently available to top 50 token holders and few selected members.

Q4 from Telegram user @jpsarmah

What is the mechanism to put limit orders on FalconSwap? Will putting limit orders and cancelling them cost fees each time?

Eric | FalconSwap: We currently don’t have limit orders on Falconswap but they can be added later. Placing and removing limit orders will not cost any gas fees.

Q5 from Telegram user @bitboyss

What is the strongest points of FalconSwap that helps to attract new investors on project & how is FalconSwap a better alternative than Justswap, Sushi swap and Unilayer?

Eric | FalconSwap: All the other protocols are either creating their own AMM pools as a fork of Uniswap or adding features to Uniswap.
Falconswap is aggregating orders and multiple AMM pools and also saving gas fees (usually aggregators cost even higher gas than normal trades).

Q6 from Telegram user @bulbul03

Recently UniSwap give a lot of $Uni for their user.Do you have any plan Airdrop or bounty FOR $FSW?Or without planning you give $FSW to FalconSwap user like Uniswap? :smiley:

Eric | FalconSwap: Stake FSW when we’ll open our staking and you’ll get zero gas fees trading. Uniswap is not offering that 😉

Q7 from Telegram user @konditer_rolex

Do you take liquidity only from dex to ETH? There is an example when projects transferred liquidity to dex built on other networks. Do you now have the opportunity to work with them? Or perhaps there are such plans

Eric | FalconSwap: Yes, we can work on multiple EVM compatible blockchains

Q8 from Telegram user @Maksyrn

Does the FSV token provide benefits other than owning it?

Eric | FalconSwap: We have a detailed blog for all the token utilities. Add zero gas fees trading to that

Q9 from Telegram user @Albert3990

Many of DeFi projects is gone in days or weeks. With this sadly cenary, why i need to choose falconswap and what is the security of this project?

Eric | FalconSwap: Projects may come and go, you’ll still need reliable way of trading them. We are building a long term project and growth of decentralised trading is just beginning. There are a lot of tools/apps/solutions available to facilitate decentralised trading which were not available to users a couple of years ago and this is only going to get better.

Q10 from Telegram user @Termuxnih

will Falcon enter the BSC (Binance Smart Chain)? which is very low fee for swapping

Eric | FalconSwap: We can, we’ll share the news if we are moving to another chain too

Part 3 – Quiz Results

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

For more information and future AMAs, join our Social Media channels:
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Website: https://esatoshi.club/

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FalconSwap: https://t.me/Falcon_Swap

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