AMA Recap!－ArthSwap×Astar degens
Hello everyone! This is ArthSwap Team.
We did an AMA with Astar Degens on February 16 at 2:30 UTC. This was our first AMA, but we had a great turnout of over 50 users!
Thank you for being a part of our first AMA with Astar Degens.
In Case you missed our AMA with Astar Degens, We’ve got an AMA recap for you to read and understand better.
Please note: This transcription was contributed by Jb_blah,and we thank him for his contribution.
It was the first AMA of ArthSwap. The ArthSwap and Astar Degen’s team hosted this AMA in Arthswap Ofiicial discord server on 16th February 2022 at 14:30UTC.
- ArthSwap Speakers: Maggie, ArthSwap Chinese Community Manager
- Astar Degens’s Speakers: VD and Dr. Preposterous, Astar Degens Founder
The AMA starts with Arthswap and Astar Degens introducing themselves. Next, each team answers three pre-selected questions from the ArthSwap and Astar Degen's members.
Maggie (From ArthSwap):
Hi, everyone. Welcome to our AMA. Today’s AMA is brought to you by our swap and Aster degens. My name is Maggie. I’m one of the community managers of our swap. First, I will give you a quick introduction of what our swap is and what our swap does. So our swap is a one-stop defi platform on the Astar network. We focus on the growth of the Astar network ecosystem. We’re willing to optimize all elements to contribute to the expansion of the Astar network ecosystem. We plan to have all the features needed for the defi platform in the future. Currently, we provide swapping and liquidity mining. That means you can easily swap between Etherium Bitcoin, Aster token, and other stable coins such as USDC, tether USD, or Dai. Liquidity providers can currently earn as much as 400% estimated APR on our swap. The rewards for liquidity mining would be our swap token, which will be listed and made transferable in the second quarter of 2022.
VD (from Astar Degens):
Astar Degens started as an NFT collection. I’ve been lucky enough to be involved with many NFT projects but came across the issue of community members not being rewarded after NFT minting. So, the Astar Degen NFT collection will have utility — it makes holders co-owners of the project — becoming a part of the DAO and direct treasury.
70% of NFT minting fees go back to DAO treasury. The DAO treasury is used to support partners like Arthswap or other Astar projects. It “gives the boost that new projects need.”
Also, we support new ideas of the community. You bring your ideas to the DAO. And then the DAO will vote whether to support — a “collective decision.”
And rewarding contributors is also important, just like Arthswap is currently rewarding AMA notetakers. The core ideas of Astar Degens are:
- Give back to the community.
- Become a strong part of the Astar and Polkadot ecosystem.
Dr. Preposterous and Mario are part of the core team. Dr. Preposterous has been key to engaging the community to develop a Mission Statement and Vision Statement. Mateo, responsible for bringing us Shiden Monsters, is developing Astar Degens NFT minting.
The DAO fund is initially built through NFT minting.
Dr. Preposterous (from Astar Degens):
The DAO is initially being bootstrapped via minting. To give us a treasury to work with and develop ideas. We encourage you to come and participate in the development of Astar Degen on Discord. Our tribes create ideas, like the Vision Statement and Art, and bring them forward to the DAO to be voted.
We are incubators — a dynamic beast that is growing and morphing. We must encourage two things: Fearless participation. Make sure to bring up any ideas you have — active reward participation.
Astar Degens provides the conduit for little fish to bring forth their big ideas.
Currently, we are interested in ideas to maximize the treasury’s impact.
VD (from Astar Degens):
I want to bring up that no specific forms are needed. Just hop on and share ideas. It is an “informal community-based VC.”
Maggie (From ArthSwap):
Also, it’s important to note that Astar Degens and Arthswap will work together in the future and co-operate. Stay tuned for exciting news about this future.
Let’s move to questions from the community,
I know that we have taken a lot of questions from our users. And we have three main questions that we want Astar Degens to answer.
PRE-SELECTED COMMUNITY QUESTIONS
Question 1: To incubate projects, we need to have funds. How will Astar Degens set up funds?
Dr. Preposterous (from Astar Degens):
Minting will generate initial capital, and it will be locked in a DAO wallet. Then we will look to have 1.) dApp staking and 2.) NFT staking. Community members have already applied for dApp staking. But we want all new ideas. We don’t wish VD, Mario, and me to sit at the top. We want the community to come up with new ways to generate funds. Also, the funding needs to be sustainable and safe. VD, do you have anything to add?
VD (from Astar Degens):
It’s important to know we are like a grassroots project just nudging an idea. Our goal is to connect founders and creators to the right people in the Astar ecosystem.
Dr. Preposterous (from Astar Degens):
To percolate ideas via community and reach out to leaders and teams in other communities. Already, we can see some community members are connecting us to other projects and media outlets to do AMAs. Like Arthswap or Wagmedia.
Question 2: What is staking going live, and will there be NFT staking?
VD (from Astar Degens):
We’ve had a heated debate on Discord because Astar Degens has the core value of supporting the community. The idea is to invest in promising projects and use a portion of these to reward the community. Please, keep an eye out for an announcement on this.
Question 3: What are some future projects or partnerships?
VD (from Astar Degens):
We can’t give too much away because we are still in the idea phase. But we don’t want to limit Astar Degens to Astar alone. We want to give to the entire Polkadot ecosystem. All I can say is we want to reward everybody in the Polkadot ecosystem. Maybe a game or something like that.
Dr. Preposterous (from Astar Degens):
We are currently focusing on having AMAs and creating a network effect in Dotsama. We have already enjoyed a good partnership with Arthswap. It’s great.
A focus right now is on infrastructure ideas. How to create governance? How to have good governance that is safe with the community. The community should feel safe when they financially and emotionally invest with Astar Degen. We don’t want to put the cart before the horse here.
Questions For ARTHSWAP
Question 4: What makes ArthSwap different from other defi protocols?
Maggie (From ArthSwap):
Arthswap is the largest Dex on Astar, and Astar is one of the largest projects on Polkadot. Astar is also backed by Dr. Gavin Wood. Also, we offer an attractive and high APY for supporting ArthSwap.
Question 5: What are the #1 goals of ArthSwap?
Maggie (From ArthSwap):
Primarily, we want to expand our TVL and increase our APY. We currently have 50 million TVL and wish to become the #1 defi protocol. Again, we are at the center of Astar, which is one of the largest projects in the Polkadot ecosystem.
Question 6: What are the new and future strategies of ArthSwap?
Maggie:
As our defi platform grows, our APR will mature. This means we are looking to develop various uses for the Arth token. Currently, we have two strategies:
- We are building a staking feature for ARTH token on ArthSwap.
- Our Ideal Platform. The Ideal Platform will list promising projects like Starley.
With these strategies, our token will grow in value.
VD (from Astar Degens):
I promised the community some alpha during this AMA, and I want to share it. We have had a challenge with the DAO wallet and want to use the multisig feature that is coming to Astar. However, currently, we can only have one signature for the wallet. So, we have approached Sota Watanabe to have the keys to the wallet, and he accepted. Sota will guard the wallet keys of Astar Degen. Not the team members. And it will be public. Because Sota has come forward to help us out, I hope everybody is reassured that:
The funds of the treasury are safe. Have faith in the project that is supported by the Astar team
Dr. Preposterous (from Astar Degens):
It’s important to realize the core group has been grinding to make these possible, but we still want to encourage all communities to come and participate.
OPEN FLOOR QUESTIONS
Question 7: Are the team members on Astar, ArthSwap, and Astar Degens different?
Maggie (From ArthSwap):
I want to say that both Astar Degens and ArthSwap are spun up from the Astar ecosystem. Specifically, ArthSwap is a part of the Astar builder’s program. Do you have anything VD?
VD (from Astar Degens):
Yes. I have been participating with Astar since it was known as Plasm. I always had the idea to make an NFT collection but didn’t want to go the wrong way. There are a lot of scams out there. When I saw Shiden Monsters, I had the idea to follow through with the concept on Astar.
I know Mamora from being involved with Astar, and he is a good friend. He liked my idea and helped me approach the Astar team.
And Mario helps with building smart contracts and building the site, which will be released soon.
Even though we are a part of Astar I want to say that the DAO is for the community.
Question 7: Will each one of the NFTs be unique?
VD (from Astar Degens):
Yes. They will be unique and randomly generated with traits. We have shared what some of these traits are to the community. None of the 10 000 NFTs will be the same. I want the community to have something unique. Similar traits, but unique.
Question 8: I am excited to see community participation. Let’s keep going. I have a suggestion. I think it would be worthwhile to make weekly reports so everyone could stay up-to-date and participate.
Dr. Preposterous (from Astar Degens):
This is a good idea. It will help the community make informed decisions about the DAO.
Question 9: What is the TVL goal of ArthSwap?
Maggie (From ArthSwap):
10 billion in TVL. We want to be number one, comparable to Uniswap, Benqi, or Trader Joe. Currently, we are at 50 million in TVL.
Question 10: Will there be an NFT burn for Astar Degens?
VD (from Astar Degens):
I don’t foresee this being a problem. I believe they will all be minted. But in case it is a problem, which is unlikely, there will be a surprise for all NFT holders.
Question 11: What coin will we need to mint NFTs?
VD (from Astar Degens):
You will need an Astar token on your Metamask wallet.
Dr. Preposterous (from Astar Degens):
I suggest anyone who wants help check out the Discord. There are videos tutorials on how to do that. Also, when you find the video help others who have the same question by sharing the video with them directly.
VD (from Astar Degens):
These efforts of the community are helping Astar and the entire Polkadot ecosystem. Our detailed videos show how to use the wallet and transfer it from Astar Portal Wallet to an EVM wallet.
Question 12: Will there be an NFT marketplace on ArthSwap?
Megan (from ArthSwap):
We are thinking about this, but there are other projects on Astar that are already preparing for an NFT Marketplace. But we are planning for NFT marketplace and NFT staking.
Maggie (From ArthSwap):
Thanks, community and Astar Degens.
Dr. Preposterous (from Astar Degens):
Then you, and, please, if you have ideas, then fire questions and comments on our Discord. Join in the conversation to build the blockchain space.
VD (from Astar Degens):
Thank you.
About ArthSwap
ArthSwap is a one-stop Defi protocol aiming to become a leading DEX on Astar Network.
Its main functions are going to be swapping, staking, liquidity mining, and we will have more functions on the way!
We focus on growth in the Astar Network ecosystem and are willing to optimize all the elements for Astar, so we consider ourselves as an “Astar-native” dApp. ArthSwap to Astar is what Trader Joe is to Avalanche, what Quickswap is to Polygon, and what Uniswap is to Ethereum!
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