FoxSwap x Satoshi Club AMA Recap from 21th of February

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 FoxSwap and our guest was Eric – @Eric_FoxSwap, Co-Founder of Foxswap. The AMA took place on 21 February.

The AMA session was divided into 3 parts with a total crypto reward pool of 500$

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

Part 1 — introduction and questions from the Telegram&WebSite

Gold Rocket | Satoshi Club:
We are pleased to announce our AMA with FoxSwap
Today our guest is @Eric_FoxSwap!🦊

Luis Merino 🇪🇸 | Satoshi Club:
Hello everyone and welcome to our second AMA today :))

Eric | FoxSwap:
Hello everyone.

Luis Merino 🇪🇸 | Satoshi Club:
Our guest is @Eric_FoxSwap, welcome! 😊

Eric | FoxSwap:
Nice to meet you here. I’m Eric (Co-Founder of Foxswap).

Gold Rocket | Satoshi Club:
Welcome to Satoshi Club @Eric_FoxSwap🦊😀

Luis Merino 🇪🇸 | Satoshi Club:
Hello Eric! How are you today?

Eric | FoxSwap:
A great weekend. I’m ready to answer questions from everyone ✌️

Gold Rocket | Satoshi Club:
To begin with, please tell us a few words about yourselves and how did you get to be involved in crypto & FoxSwap?🦊
There will be a lot of questions! Satoshi Clubbers are very curious guys 😁

Eric | FoxSwap:
I majored in information technology in the US. Here we are directed to the research of Blockchain. So I joined the Crypto market very early.

About Foxswap: Surely the craze you all know about DeFi fever, right? DeFi is growing very fast and strong. Demand for community use on decentralized exchanges is growing. But there are some issues going on as a constraint: too high transaction fees, high slippage, and low liquidity. Understanding the above problem, I worked with my friend Brian Chen to find the answer to be able to solve it.
Thank you ✌️

Gold Rocket | Satoshi Club:
Thank you very much for the answer! Ready to jump into community questions?

Luis Merino 🇪🇸 | Satoshi Club:
Great background!
Sounds really good Eric! 👏

Eric | FoxSwap:
Next question.

Gold Rocket | Satoshi Club:
Q1 from Telegram User @Highpee
You have said that FoxSwap which is a DEX aggregator on Ethereum is designed to scale transactions with reduced fees. Uniswap, SushiSwap, 1inch, and other DEXes on Ethereum which offer similar services have been unable to provide solutions to the problem of high gas affecting the Ethereum blockchain. How will you solve this since Ethereum will still be needed to power FoxSwap activities? Also, if all the orders are not executed individually but are aggregated before they executed, how scalable or fast will this be? Won’t this result in unwanted delays before transactions are executed?

Eric | FoxSwap:
Thanks @Highpee.

  • Current decentralized exchanges mostly use the layer 1 scale. Foxswap uses layer 2 protocol.

When Foxswap aggregates from other trading platforms, the LPs will be very large, users will avoid problems such as high slippage, low liquidity.

Foxswap’s system will process transactions instantly, there will be no lag. Much of it depends solely on the TPs of Blockchain Ethereum.

Gold Rocket | Satoshi Club:
Q2 from Telegram User @Xusuo
After reading your site, I learn that you have a unique feature name “Secondary MArket” that possibly makes the loans tokenized into NFT Tokens and possibly allowed to be traded on other Dex exchanges.
can you explain more about this, what is the use of NFT token besides traded on Dex Exchanges?
Do you have any other features regarding NFT?

Eric | FoxSwap:
Secondary Market: Loans, and are all tokenized via Non-Fungible Tokens (NFT) that allow the trade, creation of secondary markets. This means that the loans will be tokenized into NFT Tokens and possibly allowed to be traded on other Dex exchanges.

Non-fungible tokens (NFT) allow non-fungible tokens to be easily moved between ecosystems. These NFTs are instantly visible to the various wallet providers, traded on the marketplace, and most recently available on emulator worlds.

Non-fungible tokens are based on blockchain, features of the NFT: Standardized, Interactive ability, Trade ability, Liquidity, Programming ability, combined on-chain and off-chain.

Luis Merino 🇪🇸 | Satoshi Club:
I have an offtopic question, when was Fox Swap created?

Eric | FoxSwap:
This is a fairly new concept, it is mainly about technology. Everyone needs experience to better understand.
You can refer to our roadmap on the official website:
Foxswap was created from Q2 – 2020.

Luis Merino 🇪🇸 | Satoshi Club:
Do you want to jump to Q3?

Eric | FoxSwap:

Gold Rocket | Satoshi Club:
Q3 from Telegram User @konditer_rolex
In the roadmap, you mention the addition of Synthetic assets and derivatives. What is the reason for such innovations?

Eric | FoxSwap:
You can see DeFi is really booming, but it’s just the beginning.

Synthetic Asset – Unlimited potential:

  • Authorization-free Initialization: Public blockchains like Ethereum give anyone in the world the ability to build their own synthetic asset system.
  • Easy access and transferable: Synthetic Asset is freely transferable and tradable.
  • Global liquidity pool: Blockchains are inherently global, anyone in the world can participate.
  • No 3rd party risk: There is no centralized 3rd party that has the privilege of controlling blockchain as well as synthetic assets.

Derivative’s secret is leverage:

  • Leverage helps derivatives, or futures, become more attractive to investors. In addition, derivative tools are used for hedging purposes. Specifically, when the investor wants to protect himself from price fluctuations.

Everything attracts large numbers of investors. That’s why we’ll be launching these extensive features on Foxswap.

Gold Rocket | Satoshi Club:
I read about your partnership with Pantera ICO. Please tell us a little about it!

Eric | FoxSwap:
This is a large and most famous community in Korea. You can see more information about the partnership between Foxswap and Pantera ICO:

Gold Rocket | Satoshi Club:
How will it benefit your users?

Eric | FoxSwap:
They will help many investors in Korea get to know Foxswap. Furthermore, Pantera has a lot of partners that are major exchanges, they can also help us connect with these exchanges easily.
Next question 👀

Gold Rocket | Satoshi Club:
Q4 from Telegram User @rhedd
“Staking is one of the great features of one projects or platform to earn without losing our funds”. Almost all the new project built today has Staking Program. What can we expect about your staking program and what staking options are available in the FoxSwap platform? How many pools does your platform have for the users and investors to participate?

Eric | FoxSwap:
Foxswap launched the testnet in early January. Coming up the mainnet launch, options will be available for everyone to join. There are currently no options available.
If you are interested, please follow us, everything will be complete after the public sale is completed.

Luis Merino 🇪🇸 | Satoshi Club:
How big is your team? And, do you work remotely or have an office?

Eric | FoxSwap:
All members are experienced. You can view the information on the official website and scroll down to the “Founders & Team” section.

Gold Rocket | Satoshi Club:
There are a lot of giveaways and airdrops on your Twitter. Is there anything we can join now?

Eric | FoxSwap:
We work together in the office. It is 1:23 am now in my country of work, but I still try to answer everyone’s questions.
It will end in 24 hours.

Gold Rocket | Satoshi Club:
Q5 from Telegram User @Gutike95
I have heard many of the benefits of the Layer 2 Protocol, but really very few platforms implement it in their projects, is it because it is not compatible with all? Is it have a big problem or is it that they do not know their potential yet? could you explain it to us?

Eric | FoxSwap:
The Layer 2 protocol is quite easy to adapt, but not all projects can do it. Layer 2 is very potential, because of the benefits it brings, there is not a big problem stemming from Layer 2. We see the future of Layer 2 protocol and implemented it. And we’ll all see a lot of decentralized exchanges that will use the layer 2 protocol.
About how it works you can see this picture. It is not directly linked from “Buy order” and “Sell order”. Need to adopt another protocol, here is Foxswap.

Gold Rocket | Satoshi Club:
Thank you very much for the answer! Ready to proceed to the next question?

Eric | FoxSwap:

Gold Rocket | Satoshi Club:
Q6 from Telegram User @lzamg
FoxSwap gives the possibility to Dapps and wallets of earning FOX when they attract users and trading volume to the platform. Can you tell us what is based on the amount of FOX earned by referrers? Is there a limit of earnings per referrer?

Eric | FoxSwap:
When you use Foxswap, you will be given a referral code. This referral code is your wallet address. When someone uses your referral code and transacts on Foxswap, you will earn FOX tokens. Earning rate will depend on the amount of FOX held by traders, and on their trading volume. There will be no limit for referrers, the more referrals you get, the more FOX you get.

Gold Rocket | Satoshi Club:
Great answer! If you don’t mind, we can now move on to the second part of our AMA.

Eric | FoxSwap:

Part 2 — live questions from the Telegram community

Q1 from Telegram user @ Memo

You say that “FoxSwap will have features that will help you operate more effectively”, but could you detail each one of them, and tell us which ones make the difference with respect to the competition? Please!

Eric | FoxSwap:
1. The big other biggest of Foxswap is the combination of DEX Aggregator and Layer 2 protocol. There is not any delivery as any doing this thing.
Some of the basic features of Foxswap:

Swap Tokens
Secondary markets.

Q2 from Telegram user @ Gutierrez04

Both Uniswap and SushiSwap have had reliability and security problems, since many users have been scammed in it with scam tokens, how could Foxswap be more reliable and secure than them? limit the tokens they list?

Eric | FoxSwap:
2. We are not limited to the tokens listed. But we have a team that is constantly working on listings. All tokens that are counterfeit or with our namesake will have warnings to users. Especially if the token is confirmed we will mark it up to make it easier for users to recognize. This reduces a large amount of fake tokens on the platform and is really useful.

Q3 from Telegram user @ Al

About FoxSwap’s roadmap in Q3 Coming up, can you tell me a bit what plans you have?🦊

Eric | FoxSwap:

  1. We will always update and make changes to adapt. But for sure there will be Foxstarter, the IDO platform that incubates projects.

Q4 from Telegram user @ Диего | Diego | ディエゴ | Satoshi Club | BCCore
Currently fox swap has some kind of contest? Of memes or any other activity in which the users of your community can participate?

Eric | FoxSwap:

  1. We have 2 contests.
  2. The meme contest.
  3. Contest on our publication redesign.

You can see more details here:

Q5 from Telegram user @ Humberto

It is in your roadmap the launching of the FoxSwap app on this first quarter of 2021. How will be integrated the $FOX token on this app and what will be the advantages of using it for making transactions?

Eric | FoxSwap:
5. There will be a lot of benefits to holding $ FOX tokens.

More details can see at the whitepaper:

Q6 from Telegram user @ Khalee

When is the public sale of the $FOX token? Is it ongoing or still in plan? Please tell us more about your token public sale?

Eric | FoxSwap:
6. Information on the public sale will be announced tomorrow. But I can reveal that the public sale will be distributed in 2 rounds.

Round 1: 20% of the allocation will be a whitelist and randomly selected eligible participants.
Round 2: 80% will be IDO.

Q7 from Telegram user @ ★Vmoon★

Will only allow ERC-20 tokens? Do you have plans to implement other types of tokens like TRC-20?

Eric | FoxSwap:
7. We will always make changes to adapt to the market. In the short term, our choice is to solve the problems on the Erc20. BEP20, TRC20, SPL, etc will be integrated in the future.

Q8 from Telegram user @ 교수의 노예

Was FoxSwap infrastructure audited?

Eric | FoxSwap:

  1. Of course, an audit is necessary, it helps to increase investor confidence. In fact, a project like ours seriously won’t let negative situations happen. But auditing is really indispensable, we will audit at a large company before the beta release.

Q9 from Telegram user @ Jacob

The FoxSwap Founders/team are public and it is great to see a DeFi project team like yours. But may I ask why reveal your identities when you can be like other projects that remain anon till now?

Eric | FoxSwap:
9. We value our customers. When using, the user needs to know which members created the platform, it is inevitable. Furthermore, we are a real project, with no reason to remain anonymous. Going public will help people have a more sympathetic look.

Q10 from Telegram user @ Ana Manzano

FoxSwap recently partnered with ICO Pantera, but was this partnership to attract more Korean users or to improve the speed of each transaction on their platform?

Eric | FoxSwap:
10. Pantera Group works with us in many roles, not simply marketing. In addition, Pantera Group also invests in Foxswap, the head of Pantera is the marketing advisor of Foxswap. We have many more resonances in the future. This is a great community

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.

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