Porkswap x Satoshi Club AMA Recap from 15th of April

Porkswap x Satoshi Club AMA Recap from 15th of April

Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Porkswap and our guests was @Crypto_Financier. The AMA took place on 15 April.

The AMA session was divided into 3 parts with a total crypto reward pool of 2000$

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

Part 1 — introduction and questions from the Telegram community

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

D. | Satoshi Club: today our guest – @Crypto_Financier !

hello! thank you for joining us!

Crypto Financier | Never DM First: Hi, thanks for having me here

Mary | Satoshi Club: Hello! Welcome to Satoshi Club 😀

How’s going?

Crypto Financier | Never DM First: Thank you, It’s going very well, we’re in midst of our pre-sale that is live at Unicrypt

D. | Satoshi Club: nice! how is presale going?

Crypto Financier | Never DM First: 23.8% so far, we’re about to hit our Softcap of 750 BNB

Mary | Satoshi Club: It’s the most exciting event in every project life!

D. | Satoshi Club: i see you already raised 643 BNB, good job👌

Crypto Financier | Never DM First: Hahaha indeed, adrenaline, aha, joys, and oh shits

Mary | Satoshi Club: Congratulations! Sure, you will reach hardcap😂

Crypto Financier | Never DM First: Yess, thanks for community for believing in our mission

Hahaha, yeah we’re very confident that we’ll reach hardcap for sure

Mary | Satoshi Club: And let’s start our AMA! I think more people have to know about PorkSwap!

Could you please introduce yourself and tell us more about PorkSwap 😀

Crypto Financier | Never DM First: Yes I can see 15K members online which is amazing

A bit about myself, I’ve been early adopter of crypto since early 2013, since the adys of mt gox if anyone remembers.

I’ve been following many projects since, and made lose good capital during last bull run of 2017, but given the traction it’s way more powerful than what it was during 2017

I felt that we need to bring more and more current financial products in decetranlized fashion so I came up with the idea for Porkswap, and I am responsible for the direction and bringing quality talent to the team.

D. | Satoshi Club: cool! can tell us a bit about your team?

Mary | Satoshi Club: Oh, mt gox😂 it’s sad and legendary event

Crypto Financier | Never DM First: Yeah sure, we’re global team of open-source and crypto currency ethusiasts that believe in mission of democratizing access to finance

We’re working with outsourced engineers and firms paid 5 figs per month to bring this project into reality

D. | Satoshi Club: are you hiring? maybe you are looking for new people? 😉😁

Crypto Financier | Never DM First: We’re hiring like crazy, we follow the same principles that are written in Blitzscaling book from Reid Hoffman

Mary | Satoshi Club: Where users can apply?

Crypto Financier | Never DM First: Blitzscaling keeps speed above everything let it be efficiency or certainty

They can reach out at team @ porkswap. finance for application

Nice protection haha, wasn’t able to write it together

Mary | Satoshi Club: Thank you! Our bot is a bit crazy😂

D. | Satoshi Club: yep, sorry for this, our bot is kinda broken at the moment ☹️

Mary | Satoshi Club: That’s problems from combot side🤷

Crypto Financier | Never DM First: No worries, it’s very good thing to have

Mary | Satoshi Club: And tell us now about main concept of PorkSwap 😀

Crypto Financier | Never DM First: Yeah sure

Speaking in layman terms, PorkSwap is trying to bring current financial products in decentalized fashion

Spot trading being hot across every major DEX like Uniswap, Sushi, Pancake and so on.

We believe the De-FI has more to offer than what it is right now

Our key deliverable is to bring instant, secure and cost-effective spot swapping, along with that introducing current financial derivatives called futures with margin trading to leverage the orders to increase chance of making or sorry to say losing massive profits

Mary | Satoshi Club: That’s really a cool mission, we need more financial products in DeFi space😀👍

Crypto Financier | Never DM First: Yeah that’s our main mission

Mary | Satoshi Club: And let’s go to the details?With the questions from our community?

Crypto Financier | Never DM First: Lets gooo

Q1 from Telegram User @cengizhantekin

We are used to see food or animal names with crypto projects. So, why have you preferred Pork? Is there a specific reason or message that might empower the project concept? Additionally, Pork is not liked in some religions; do you think this can affect some part of community negatively and result lower demand on your project?

Crypto Financier | Never DM First: Very good question, it was very funny on how we came up with the idea. As you said food names in crypto projects are very hot, this was one of main reasons. And since pig is related to money and finance through piggy bank, we aimed to choose it

But, this is good idea, I will put this our on our Governance platform to see whether community wants to change the name

Mary | Satoshi Club: I like your name! But let’s see how your community will vote. Btw, your Governance platform already working? If no, when it will start to work?

D. | Satoshi Club: haha interesting origin of project’s name🙌

Crypto Financier | Never DM First:

Currently it’s under development, and will be live on May 3rd 6pm UTC.

Here’s the sneak peek:

Mary | Satoshi Club: But users can give proposals? Or also after launch?

D. | Satoshi Club: and to be able to vote, holders should stake some amount of $PSWAP?

Crypto Financier | Never DM First: Yes, they can propose and vote after the platform launch

They should hold $PSWAP to vote

One of utilities of $PSWAP is governance

D. | Satoshi Club: got it! thank you for the answer! ready for the next question?

Crypto Financier | Never DM First: Yesss lets go

Q2 from Telegram user @nadee5

PorkSwap a new project with decentralized spot and futures trading platform on Binance Smart Chain…How is Porkswap differ from the current trading platforms? Instead of trading platform, you are using spot and Futures trading platform ? Why? How is spot and futures trading differ from the traditional trading? Please clarify this..

Crypto Financier | Never DM First: Sure, I believe I will go and explain Spot vs Futures so it’s clear

Spot and futures are both financial products that are currently available in FIAT markets.

Spot generally means buying and selling just like what you do on any DEX or centralized exchange.

Futures is derivate of spot which means it’s derived from spot and uses spot price to create contracts that parties agree on buying / selling in future i.e 3 months

We’re different that we’re bringing futures in decentralized fashion to De-Fi space

Mary | Satoshi Club: Do you have any competitors now?

Crypto Financier | Never DM First: Nothing in futures space we know, but in spot we’re in direct competition with Pancakeswap

D. | Satoshi Club: so what about the source of project? are you using some forks or codes of other popular projects like Uni or Pancake, or you building your project from scratch? in technical terms

Crypto Financier | Never DM First: Well if you take Pancake it uses Underlying protocols of Uni

We’ll be using Uni’s protocols for our spot smart contracts since we’ll also be powered by AMM.

We’ve been implementing Uni v3, with TWAPs ( time-weighted average price ), to fight against manipulation

In terms of futures, it’ll be developed from scratch from our engineers, and will use spot pricing are input to futures pricing oracle

We’ll be support pepetual futures contracts just like what you buy at Binance, Kraken or BitMex

Mary | Satoshi Club: What about oracle? Which one you will use?

Crypto Financier | Never DM First: We’ll need to create custom pricing oracle, that will have inputs from spot pricing, trade volume, long short positions and so on

Mary | Satoshi Club: Thank you for your answers! To continue this topic we have next question 😃

Ready for it?

Yesss

Crypto Financier | Never DM First: Born Ready!

Q3 from Telegram user @Highpee

PorkSwap will implement an additional function of futures/leverage trading in addition to spot trading feature. Since future trading is more about betting against pricing, this means that there is need for you to adopt a reliable pricing oracle. I have read that you will be creating a Customized oracle on Binance Smart Chain to fetch real-time pricing. How will this oracle be operated? How is it designed to be interact with centralized and decentralized trading platforms in order to generate a trustless and trustworthy data which cannot be manipulated by the protocol or futures traders?

Crypto Financier | Never DM First: Very interesting question, as I mentioned earlier our pricing oracle will mostly be relying on our spot price, and given that we’ll be support perpetual contracts, the oracle will need to keep futures price as similar as possible to that of spot. In terms of trustless and trustworthiness since our protocol is all decentralized it’ll be trustless by default.

Just commenting on the CEX part, we’re still revisiting that area, it might make sense to launch for first few months of operations until our spot platform is solid enough!

D. | Satoshi Club: what functions of your platform will be available for users after launch?

Crypto Financier | Never DM First: The functions will be as follows:

-> Governance

-> Spot Trading

-> Liquidity Mining

-> Staking

-> Futures Trading

-> Lottery

D. | Satoshi Club: nice! even lottery 😁

it will be working like on pancake?

Crypto Financier | Never DM First: Hahaha whatever it takes to multiply the profits

Pancake does it differently through random numbers, we’re aiming to do it via pot distribution

Mary | Satoshi Club: I always wanted to try such features on the dex, but fees were killing all my desires😀

Crypto Financier | Never DM First: Don’t worry, it’ll be amazing at our platform

But we do charge share in earnings, that will be used in buying back and burning tokens

Mary | Satoshi Club: How much?

Crypto Financier | Never DM First: That’s something we haven’t finalized yet, it’ll be polled at Governance platform

I wish I could have given you discounts @madamlobster haha

Mary | Satoshi Club: Got it😉 when it will be ready please share with us! And yes, i like discounts! Thanks!

Ready to go to the next question? Or you want to add something?

Crypto Financier | Never DM First: We’ll kickstart with Governance on May 3rd

Then we’ll launch our Spot trading by end of May or start of June

We’ll finalize the date as we get near

Then we’ll add the LP token mining to earn rewards, and then the might futures that we’ve been bragging about

and finally loterry where @madamlobster you’ll try your luck haha

Mary | Satoshi Club: Sure😂

D. | Satoshi Club: [ Sticker ]

thank you for answers! let’s go to the next question! 🚀

Crypto Financier | Never DM First: Lets go

Q4 from Telegram user @NataliyaKil

Governance Platform launching will take place in 15 days! Congratulations!

But I have a question. What are the functions and features of the platform? Who will be able to take part in the management? What questions and proposals will be put up for voting?

D. | Satoshi Club: we already discussed it a bit 😄

Mary | Satoshi Club: But may be we missed some details 😉

Crypto Financier | Never DM First: hahah yeah indeed, just copy pasting snippet from website:

You’ll be able to vote for:

Change in underlying protocol

Change in pricing oracle

Change in futures funding rate

Change in platform fees

Change inlist/de-list tokens

Propose new features

D. | Satoshi Club: do you planning any events for community? as i’m aware of you have special airdrop program for pancake users?

Crypto Financier | Never DM First: Any $PSWAP holder can take part, and functions will be to make our platform the best of its kind

We’ll be keeping various inputs as variables so that they’re changed later on with governance

Crypto Financier | Never DM First: Yes, we do have airdrop but we’ll be distributing tokens later after public listing to avoid any dumps

D. | Satoshi Club: that’s smart 😉

Crypto Financier | Never DM First: thanks! 🙏

Mary | Satoshi Club: Yes, thus happens, but Pswaps are so tasty😂

Crypto Financier | Never DM First: Hahaha high in protein so healthy

Mary | Satoshi Club: Hope users will not dump them😉

Crypto Financier | Never DM First: Yeah if they want their portfolio to be healthy then they gotta hodl it

Mary | Satoshi Club: Thank you for your answers!

Ready to go to the next?

Crypto Financier | Never DM First: Born Ready

Q5 from Telegram user @johana0012

As we well know PSWAP has a fixed supply of 1,000,000 tokens that will be used for the governance and rewards of the platform. How is this tokenization distributed? Do you have reserved tokens for bug bounties, white hat hacking? What fraction of the supply is destined for marketing campaigns?

Crypto Financier | Never DM First: If you clearly look into our tokenomics you’ll realize we’ve kept whooping 10% of our allocation to such efforts in pursuit of bring message to the masses and also keeping up with security of our platform

A snippet from our Lite paper

Mary | Satoshi Club: Btw, which is the price of token on Sale?

Crypto Financier | Never DM First: We’ve kept it in BNB so

1 BNB = 55.55 PSWAPS ~ $10

The listing will be:

1 BNB = 38.8 PSWAPS ~ $14.17

Can know more here: https://unicrypt.network/amm/pancake/ilo/0x29A3FF2393f80e200a30C9aA7d42f5B6cED0f976

D. | Satoshi Club: so better buy now, if you like and believe in the project 😉😇

Mary | Satoshi Club:So, min around 1.4$ for bounties etc😀

I like shopping😂

Crypto Financier | Never DM First: Hahaha I can imagine

Mary | Satoshi Club: No, you can’t 😂😂😂

So, i hope i will be in time

Crypto Financier | Never DM First: 100% agreed, we’re seeing alot of traction, people are loving it given we’re in direct competition with Pancakeswap

Mary | Satoshi Club: And one more question 😀

Crypto Financier | Never DM First: and we’re aiming to be one of leaders in BSC, and do around $200-300m trade vol / day

Mary | Satoshi Club: What about your platform security? Can we sleep tight?

Crypto Financier | Never DM First: Lets go

D. | Satoshi Club:  [ Sticker ]

Crypto Financier | Never DM First: Hahaha, of course, it’s not just your sleep

It’s mine as well, given we’ve so much at stake as well

In terms of security every feature has 15-20 unit test cases against it to ensure it behaves properly

After that we perform a symbolic execute to map the function calls

Lastly we perform static code analysis using available tools

And the very end, we’ll be having a audit of smart contract from Consensys, TrailOfBits or Certik

Given we use some of TrailOfBits tools so they’ll be our ideal choice

D. | Satoshi Club: awesome! and you already have audits from Chainsulting and Solid 😎

Crypto Financier | Never DM First: Yes we do have, this is for our $PSWAP token

we’ll have alot more for our underlying protocol

D. | Satoshi Club: thanks for the great answers! ready for the last question from part 1?

Crypto Financier | Never DM First: Yessss

Q6 from Telegram user @RosemaryBianco

Speaking of leverage in PorkSwap, you mention that within tokens available to leverage are ETH, Wrapped BNB, ADA, BUSD-T, DOT, XRP, UNI, LTC, LINK BCH and USDC. My question is, as time goes by, will they integrate more tokens that can be placated? What is the maximum leverage that users can use within PorkSwap?

Crypto Financier | Never DM First: Our max leverage is 5X, given that there will be more demand than supply so we’re aiming to keep it low as possible

As the time goes by, we’ll be developing protocol it a way that it’ll support leverage for any spot pair

Which means if you create a pair, lock liquidity and pair gets traction

You can leverage it

D. | Satoshi Club: thank you! i think we done with the first part of our AMA and ready for the second? 😊you can share with our community some useful links before we open the chat😇

Crypto Financier | Never DM First: Yeah sure

🚀 Link to the sale:

https://unicrypt.network/amm/pancake/ilo/0x29A3FF2393f80e200a30C9aA7d42f5B6cED0f976

🥇 Presale   : 55.55555556 PSWAP / BNB

🥈PancakeSwap: 38.8 PSWAP / BNB

💰Softcap   : 750 BNB

💰Hardcap  : 2700 BNB

🔒 Proof of team locked up:

https://team.finance/view-coin/0x42539F50c5F8a0c929E7895EB265391F58b22a19

👉 Website: https://porkswap.finance/

Bloomberg: https://www.bloomberg.com/press-releases/2021-04-06/porkswap-joins-binance-smart-chain-as-a-decentralized-spot-and-futures-trading-platform

Yahoo Finance:  https://finance.yahoo.com/news/porkswap-joins-binance-smart-chain-082000061.html

NewsBTC:  https://www.newsbtc.com/press-releases/porkswap-joins-binance-smart-chain-as-a-decentralised-spot-and-futures-trading-platform/

D. | Satoshi Club: oh you even working with TEAM?nice guys

@Crypto_Financier we will open chat for 2 minutes, after chat will be closed – you can start select questions from Satoshi Сlub members!

Crypto Financier | Never DM First: Yeah we need to be as transparent as possible

Lets goooo

Part 2 — live questions from the Telegram community

Q1 from telegram username @Eminet001

buying $PSWAP at the moment to hold in long term is it advisable from your point of view.       ?

Crypto Financier | Never DM First: Yes super advisable, as I said we’re in direct competition with Pancakeswap and aim to be doing $100-300m trade vol / day

Will be bring 0.3% in revenue from spot along

and 3% from futures profit

along with some fees from lottery

this will be used to buy back and burn token, so if advise means price appreciation then it’s gonna happen for sure

Q2 from telegram username @highpee

PorkSwap will implement an Insurance Fund policy which will cover liquidity providers in case of impermanent loss. This is a welcome development as IL is a major problem faced by LP providers. However, from your token distribution, no token is reserved for insurance. How will the insurance fund be sourced and who will manage it?

Crypto Financier | Never DM First: We’ve 50% of token reserved as LP incentives, which can be used as insurance of LPS, also the platfrom revenues is also collected in a insurance pool to fight against impermanent loss, and delayed liquidation in margin trading

Q3 from telegram username @JoxesIII

Currently your leverage is X5 which is conservative, do you think that with the growth of the platform and liquidity, the leverage can be increased in the future? and can you detail these liquidation risks ???

Crypto Financier | Never DM First: Yeah if we;ve enough liquidity in our leverage pool then certain the leverage can be increase since we’ll have some unused funds sitting there.

The liquidation risk for margin trader is that one will lose almost his entire trade lot, if he reaches liquidation price

Q4 from telegram username @JoanaZ

 PorkSwap decided start with BSC to become an “AMM leader” on this network, but currently there exists so many good AMMs on this chain, like SushiSwap and PancakeSwap, so can you tell us what are your “weapons” to affront them a be the first option to traders?

Crypto Financier | Never DM First: Since we only have Pancake at BSC, so we’re in good possible to fight, our unique offering is margin trading along perpetual futures contracts

Q5 from telegram username @OmicrinPersie84

Do you have a specific plan to tamper the effect of whales onto the swapping of spots?

Crypto Financier | Never DM First: This should be done using TWAPs

Q6 from telegram username @joshb123

How different are you from bogged.finance, and is it an issue that they are already up and running in terms of market share?

Crypto Financier | Never DM First: Bog has different offering they’re more in providing Limit orders for Pancake, we’re AMM ourself

Q7 from telegram username @Ratash99

There are many disadvantages with future trading such as leverage isues since sometimes there is a fast movement of future prices how would you solve this problem ?

Crypto Financier | Never DM First: Our pricing oracle should be able to sustain such movement, since spot prices are updated on each trade, so every trade will trigger and event to our oracle to reposition itself

Q8 from telegram username @centoscu

There is a private key on your smart contract. Who has it and who manages it? Isn’t it a security breach?

Crypto Financier | Never DM First: Yes, our wallets are 2-of-3 multi-sig, where each wallet’s mnemonic is splited using Shamirs secret spliting

Q9 from telegram username @dudeiebitch

You said in you tokenomics that 100,000 tokens will be reserved for bug bounty, white hat hacking, airdrops, and marketing campaigns. I will like to know when you plan to start the white hat hacking and how will the eligibility be like.

Crypto Financier | Never DM First: We’ll be launching it at Github, right before applying for audit

Q10  from telegram username @Indomiekuy

As a DEX trading platform, can you tell us how is the calculation transaction fee for every trade that happen in PorkSwap platform? And i read you will also have buyback and burn token, can you describe what will trigger buyback and burn for your token, and how much of token will be burn?

Crypto Financier | Never DM First: Our fees are 0.3% per spot trade our of which 0.05% will be used to buy back

Also 5% profit cut in futures, out of which 3% will be used to buy back

and 2% insurance fund

Q11 from telegram username @alyaakin

Could you please talk about the team who are developing the Porkswap. Did you work before together or are you a global team?

Crypto Financier | Never DM First: We’re global team of open source ethusiasts, currently we’ve onboarded some of high qualit talent, that costs us 5 figs / resource every month

Then later, we will open source our protocol to attract open source contributors

Q12 from telegram username @Xusuo

I see that PorkSwap still on early stage, can you describe about PorkSwap team and about some of their background? Are your team anon or public, and how do you convinced people that your platform are safe to use also have no error and hacks issue?

Crypto Financier | Never DM First: Our team is been playing in crypto space for quite long, and have been part of some crypto companies

We’re not anon we’re kyced and will make our team public in next few hours!

Q13 from telegram username @Smartling

questions deleted by user

Crypto Financier | Never DM First: We’re planning it to be end of May or max start of June,

You can always follow our public group for annoucenments

Given we’re going to be powered by TWAPs and some more manipulation attack prevention

We need some time to finalize the contracts

Q14 from telegram username @Csgonub

You told here you are following same principles in Blitzscaling book from Reid Hoffman. Can you share some of those principles with us?

Crypto Financier | Never DM First: Yeah these princiles where exactly what made Airbnb, LinkedIn, Microsoft, and Facebook what they’re today

Blitzscaling is all about keep speed above everything let it be certainty or effeciency

You’ll need to make decisions, and make them fast, there will be loop holes, some things wont be part, but you let it be to never stop you from moving forward

This is how AIrbnb took over it’s greatest European rival in room sharing space!

It’s a must read, we’ve been using it and loving it

Q15 from telegram username @ShaliPon

Why do you think that it is now time to hold $PSWAP?

Crypto Financier | Never DM First: I think it’s time to hold because PSWAP is long term, as soon as your platfrom goes public,

it’ll have great traction and then will be one of market leaders

as our token nature is deflationary we aim to burn alot making it very scarce

Just to let you guys know Pancake prints 750,000 CAKE everyday!!

We aim to burn like that

We never know there will be time where PSWAP will be worth 4-5 figs

Part 3 – Quiz Results

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.

For more information and future AMAs, join our Social Media channels:

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Twitter: https://twitter.com/realsatoshiclub/

Website: https://esatoshi.club/

Our partners:

Twitter: https://twitter.com/pork_swap.

Websites: https://porkswap.finance.

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