Nonstop Amarathon continues in Satoshi Club. And today we would like to tell you about the AMA session with our friends from ZeroSwap. The AMA took place on October 07 and our guest was Aayushi.
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 we are happy to announce our AMA with ZeroSwap!welcome to Satoshi Club 😀
D. | Satoshi Club: hello everyone!
Serg | Satoshi Club: Welcome to Satoshi Club! @a17jain @chandrashekaram
Aayushi: Hello Everyone. Hi Serg @sspurss for giving us an opportunity to talk about Zeroswap on this forum.
D. | Satoshi Club: @a17jain @chandrashekaram hello! good to have you here!
Serg | Satoshi Club: We are glad to have you here
Aayushi: Just want to update that my CEO – @chandrashekaram won
*won’t be available today, because of some health issues. Hoping to have a great time with you all.
Serg | Satoshi Club: Wish you good health!
D. | Satoshi Club: oh, that’s unfortunately! we hope everything will be ok with him!
Mary | Satoshi Club: Hope he will be good soon:+1: just best wishes from Satoshi Club 😀 Tell us more about yourself, give some intro) and also how did you start with ZeroSwap?)
Aayushi: I started with the journey of crypto 4 years back, by attending my first hackathon of ethereum. I was reading about finance, and alternatives wasy of earning money, and explored crypto, this was back in 2017.
Since then I have worked in couple of companies, attended hackathons, and helped build customer centrics paroducts. Coming to the Idea of Zeroswap, I wanted to build an aggregator which is completely decentralised and which can provide a seemless trading experience to users, similar to that of a CEX. But then started thinking on the problems, which are an hindrance in on-chain trade adaption.
so, I and @chandrashekaram we realised that on-chain fee, liquidity and primarily gas cost are a major issue in the DEXes.Therefore we are building a zerofee, gasless transactions, liquidity aggregator – ZeroSwap.
Mary | Satoshi Club: Do you have any timelines when this all will go live?)
Aayushi: Yes, currently our protocol is at audit stage with some of the reputable audit firms, once we have a report, then we go do beta-testing, and then go live, in about 40-60 days from now.
Before the protocol, goes live, we will have our staking integration coming on Frontier
Mary | Satoshi Club: Not so long) do you have partnership with Frontier?
Aayushi: Yes we do have a parternship with Frontier, we also announced about it sometime back on our blog, you may check it there. Frontier is a DeFi suite, they are primarily an aggregator of all the DeFi protocols, you can access your open positions on them.
On frontier we will have an exchange integration, staking and then going forward we also have plans to bring a protocol called Zerolend, which would be a DeFi protocol.
Q1 from bitcointalk user pedronino @xaviermaya on Telegram
What are our Fees? We do not charge any fee, the transactions are executed at zero fee. Ok now, this is unbelievable. Maybe I don’t understand the tech, but please explain. How will the rewards for validation be distributed if there is nor fee for transaction?
Aayushi: Yes, it sounds surprising to users, and we are glad that crypto users are amazed, thinking of Zero Fee Features. So in a protocol there is a demand and supply side. In Zeroswap, we have liquditiy mining and will rewards users for that, we will also have zero fee trade. Now you may be thinking from where this rewards will generate if fees is not charged. Ans is they will be generated from the utilities of Zeroswap.
D. | Satoshi Club: but how? can you explain?
Aayushi: That is the demand side, we will have a DTO – Dex token offering, by which companies can list tokens and users can buy tokens, to perform this operation, ZEE tokens will have demand, and then from here supply will be given back in the form of liquidity mining. We have many such utilites which are the demand side of the token economics.
D. | Satoshi Club: i have a silly question – why do you think that fees are bad thing? people just make money on it. it’s business, after all. there are already alot of fee-less coins/tokens/blockchains, they are “better” compared to btc and eth almost in every single aspect, but people still prefer eth and btc.
Aayushi: We never said that fee is a bad thing, and ofcourse there are many technologies, which offer better solutions then ethereum and bitcoin, but everything comes down to usability. With regards to fee, we just want to reduce the burden on users pocket, why to pay 0.03% of fee, or any fee for a trade, when you are contributing towards running an exchange. Consider marketmaking for an example. You provide buying and selling orders on a CEX, it is because your trade, that the order book is sorted, vs you get zero rewards for doing that. We just want to reward every user, beucase he is trading on us, and charge on the facilitis like Dex token offering, market making suite utility etc.
Mary | Satoshi Club: So, exchanges have to be free from fees?) We like rewards:wink:
Aayushi: Yes, I personally beleive exchanges should be free from fees, and they can may be charge for the other facility they provide, having said that every exchange has their own business model.
Mary | Satoshi Club: That is, you have reversed the existing situation))) you will reward instead of charging fees) sounds attractive
Q2 from bitcointalk user rolex745
Have you heard the news from Metamask? What do you have for which the user will go beyond their wallet, which in fact will already be a dex aggregator? With what weapon will you enter the battlefield against such a competitor?
Aayushi: First of all, I do not want to compete with anyone, we would work in collaboration with them, it is good to know that, bigger players like metamask are giving a validation of our idea, or the overall idea of Dex aggregation. We might get ourselves integrated with them to distribute our services to crypto users who already use metamask. Like piggy back our services on them. May be tomorrow metamask might offer token listing on them, using ZeroSwap DTO 🙂
Mary | Satoshi Club: So, no weapons?) Just friendship?)
Aayushi: How deos that matter, all that matters is offering hassle free trading experience to users, they do or we do. Win win for the community. Tokens are a way to reward users, to say thank you for trading on us, you can take this share/token of my company for being a contributor to us.
Mary | Satoshi Club: Yes, true:+1: great position
Q3 from Telegram user @isd_orban
Why are you using the concept of multichain instead of hybrid? Aren’t they similar? Also, what are the advantages you get from multichain
Aayushi: Hybrid chains are developed, by picking peices from other chains, for example, making a mule from horse and donkey, pick the best genes, mix and get a hybrid out. Sorry for a poor analogy. Multichain is using multiple chain one single protocol, with no mixing up in between them. We beleive that ethereum already has a product market fit, with infinite products being built on it, similarly we see binance smart chain getting a massive adoption. So we decided to be multichain protocol, and let users access the blockchains which are in mass use.
Mary | Satoshi Club: As i know you will integrate ZeroSwap with BinanceSmart Chain? Any other chains in line?
Aayushi: We will surely explore other chain integrations, which would be unveiled later.
D. | Satoshi Club: on which chain you built your protocol?
Aayushi: For now we will have ethereum and binace smart chain only. It would be built on both ethereum and binance smart chain.
Mary | Satoshi Club: Ok, hope you won’t forget to share this news with Satoshi Club 😉 we like to be the first to hear the news)
D. | Satoshi Club: i think questions is covered! now we know difference between hybrid and multichain)
Q4 from Telegram Username @KhaleesiTheCryptoLady
I read that by justifying your project name “Zero” you came out with two factors, Zero Fee Trade, and Zero Hassle in accessing Decentralised Exchange Liquidity with a user friendly UX. Clearly, you are offering unique features like gasless transactions and zero fee trading, my question is How will you generate income if all falls to ZERO?
Aayushi: Well as I told it would be both supply side and demand side.
Mary | Satoshi Club: Apocalyptic question :joy:
D. | Satoshi Club: haha
Aayushi: Once users trade on us, we reward them with ZEE tokens, later once they use one of the best ways to buy tokens on DEXes that is our DTO platform, they will happily pay us for pariticipating in Token listing. So we get back the tokens. And then the cycle continues. We will accelarate our launch soon, to unveil this all to all of you. We have been building on stealth mode since past two months, working with some of the best analyst, designing the protocol architectur. No, never, markety cycles are a part of this ecosystem, weather it is users who hold the tokens, or we sitting on other side, managing the supply and demand.
Mary | Satoshi Club: How you will survive bear market if it will come?) Did you ever think about this? Because it’s obviously that you won’t have a lot of DTO in such cold times
Aayushi: We will always have a mechanism to manage supply and demand. Supply won’t be constant, it would depend on, liquidity provided, trade volume, ZEE token price etc. Variable rewards, variable markets, variable DTO ecnomics. We will manage all that 🙂
D. | Satoshi Club: and what will be the max supply of ZEE tokens? can you tell us? Approximately
Aayushi: Token econimics will soon be coming out, in a day or two.
Q5 from Telegram Username @stekbyte
Based on the date the Twitter account was created, your project is very young. Information about the team is not presented on the site. How do you plan to gain user trust?
Aayushi: About Team, we are a team of 6, 4 developers and two of us managing operations, community and marketing. I am here, live talking to you, replying your queries, I am reall. Jokes apart, all the information regarding the team would be updated on our website.
Mary | Satoshi Club: So, you don’t plan to stay anonymous?
Aayushi: Also my CEO @chandrashekaram is a trader, like hard core crypto trader, he understands the nervous system of trading, he is a bit of introvert, you see, not everyone is social media friendly. But we never plan to be anunymous. We are available on our email ids. On TG. Etc. You can write down to me on [email protected] for any queries you may have
Mary | Satoshi Club: Btw, do you have github?
Aayushi: Yes we do have github, but it is a private repository, we will make it public soon.
Q6 from Telegram Username @Jonathan_tross
How does Listing take place on Zeroswap? How will you ensure that No fake Projects gets listed here?
Aayushi: Well that is indeed a tough problem to solve, because this is a decentralised world, launching tokens is just creating a smart contract and then go boom.
But we will have initiatives like 3rd party auditors, who will verify the code, you see code never lies. We will have our own algorithms to differentiat between fake ones and real ones. Hoping that we would be able to do justice with users money and trust, and build such a strong system which does not encourage any scams.
Mary | Satoshi Club: Will users decide something? If yes, how?
Aayushi: Certainly, users will have all the power to take deicisions on which projects to list, that is why Zeroswap has governance. How is a long long explaination, may be I will pen down, the entire funcionality of how DTO will work in a blog post.
D. | Satoshi Club: yeah, article on medium would be nice, about this
Mary | Satoshi Club: I think this will be great, sure you will hear this question often)
Part 2 — live questions from the Telegram community
Q1 from Telegram user @MsKiwi206
Uniswap has a huge volume and a large number of traders, so what does Zeroswap stand out and do better to attract investors and tokens?
Aayushi: Well Uniswap did not get all this on Day1, personally hayden is my hero, he did all this in a time when CEXes were dominating, no one was even looking at DEXes. So yes, great product, great team. In terms of Zeroswap standing out, well we are actually refining what uniswap offers, order books, limit orders, gasless transactions, and zero-fee. Having said that, liquidity and volume can be solved only be aggregating. So hopefully we stand out and with Uniswap users solving for their pain points.
Q2 from Telegram user @melanintrish
In what ways can I earn rewards on ZeroSwap?
Aayushi: Community building is super important to use, my first priority is to have a knowledge center built, educational initiatives and building knowledge center is very imp. With folks being loyal and loving us, I say teach a man to fish and he will thank you forver. So we will give right education and then leave it to you folks, expecting that you shower your love to us.
Q3 from Telegram user @zullui0
I
am already using other platforms
Why should I Move to Zeroswap
Platform?
What Main benefits will I get on the Zeroswap
platform?
Aayushi: Why should you move, so either a product save your time or save money for you. We do both, you will surely move to us.
Q4 from Telegram user @adityaaryah
A lot of new protocols are springing up these days to solve the stumbling blocks associated with existing DEXes, how do you intend to stay competitive?
Aayushi: Consider this as dotcom bubbles popping up, everyone is building hoping to bit of market share, in the end only customer wins. Anyone who offers superior service to their users win. We aim to do the same leaving it to users to decide.
Q5 from Telegram user @ngoccam
ZeroSwap announces strategic partnership with Frontier, so what are the key benefits bring to both for this cooperation?
Aayushi: Frontier is one of the most imporant element of DeFi ecosystem, it is one product which delivers all DeFi protocols withing one app. We plan to deliver our services like trade, staking, DTO through them.
Q6 from Telegram user @ashwini_Crypto
On
chain Liquidity is the major peoblme that many Dex Face at the
moment, How big is this problem?
What soultion does Zeroswap
come up with?
Aayushi: So far I see aggragation is the only solution to this problem, I am also exploring if traditional marketers would want to step in and act as liquidity providers, but that is a far fetched dream. Therefore no false commitments.
Q7 from Telegram user @BboyForteVZLA
What are the benefits of having a multi chain (Binance Smart Chain and ETHEREUM)? Why did you decide to choose these 2 options?
Aayushi: Because we see both Ethereum and Binance smart chain maturing, they already have a product market fit, being an aggregator makes sense to start with the top two players.
Q8 from Telegram user @Oreza1
Can you tell us about the motivation and benefits for investors to keep the Zeroswap token in the long run? What plans do you have to help drive the demand and scarcity of the Zeroswap token?
Aayushi: Well tokens are the blood line of protocols, I would say usability of the protocol is the biggest reason to buy tokens. More useful and important product is for users more is the value of its tokens.
Q9 from Telegram user @surendra040
As defi is the hottest topic we see zerswap is a defi token offering platform. Some Defi projects couldn’t even last long in the price after hype in the beginning like sushi .How does Zeroswap would be able to manage the price underline of new defi tokens?
Aayushi: Hype, cycles, ups and down, builders have to face this. I am more confident to keep things on float, because we will back it up with a real product up and running, which will offer superior service. Why should you stop using google if they offer good service?
Q10 from Telegram user @ruhel00786
Do you have any ambassador program?i am intrested
Aayushi: Yes we do have, do write down to us on [email protected]
Part 3 – Quiz Results
In the final part we tested your knowledge in terms of ZeroSwap. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
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