Recap Of AMA #12 With Centaur Team
Thank you for being a part of the AMA with Centaur’s Co-Founder Sean Kor yesterday.
For all those who couldn’t join us for the AMA, please find the transcript of the AMA.
Please note: Apart from the order of a few questions & minor spelling corrections, the rest of the text of the AMA remains unchanged.
[Transcript: Update From Sean]
Sean: Hey hey everyone welcome to the weekly AMA! I’ve got some quick progress updates today and I’ll hang around afterwards if you have questions!
Sean: So the first thing we’ve got is relating to Centaur Swap. The smart contract audits have been done so far and I’m pleased to announce that there were no major vulnerabilities found at this time. We’re working with the auditors on the other issues to see what can be done better for an upcoming V2 or L2 launch and deployment.
Sean: Once the audit discussions are concluded, we’ll be able to release the report and shift our focus back onto L2 solutions. As I’ve mentioned before, we’re mostly looking at Matic and Fantom for now and much less inclined to BSC with its recent developments. The airdrop will also probably take place after the L2 launch based on what we discussed last week and some additional feedback we’ve received.
Sean: Apart from that, most other aspects are proceeding as planned. We’re making steady progress on the bridge and also making some upgrades for the mainnet. The bulk of our time has also been spent in discussions with the TradFi partners on using the mainnet as a settlement layer, which is a step closer to our long term goal.
Sean: For Hadar, there’s been a slight delay on the Google Play store review but we’re working on it and expect it to be ready soon.
Sean: These are the updates we’ve got for the past week! Feel free to ask any questions if you have any!
Question: I think previously was it Zela that mentioned there should a upgrade of the website to point to the swap instead of the staking, how’s that coming along?
Sean: Ah good point! We’re redesigning the website completely so that’s going to take awhile, but the new look and feel will showcase the different products in a much more organized manner, which includes both the swap and mainnet explorer.
Question: 2 questions.
1) any update from the BonFi partnership
2) This is a bigger question, I think. The recent market turmoil probably has a lot of people spooked and it got me thinking about a comment you made before (perhaps in an AMA). You said something to the effect of Centaur being in a better position than many projects should we see a reversal in the market. Could you speak more about this
Sean: 1) For now we’re looking to see if there are additional partners we can include, if not we’ll proceed as a two-project launch first
2) Yeah one of the things I mentioned a few AMAs ago is that we’re in a unique position where the impact of a bear market should be mitigated. There’s a few considerations for this statement:
1. Typically, most projects are funded by the liquidation of treasury tokens. The common cycle would be raise -> build -> hype -> launch -> liquidate. This is a pretty common practice and necessary to cover operational expenses incurred (at least until such time where crypto becomes a standardised form of payment) and is how most of the microcap projects are surviving (else it would be impossible to build a crypto project with a budget of half a million dollars). For Centaur, we raised a substantial amount of money to cover operational expenses, unlike most of the microcap projects that are prevalent in the market right now. This means we’re not contingent on treasury liquidation for survival (we have not sold any CNTR and there are no plans to do so at this time) and can continue to operate and build regardless of external market conditions
2. With the raging bull market the past few months, the market trends have shifted towards quick and dirty forks with minor enhancements and quality development has come to a lull (echoing the sentiments of Andre Cronje’s piece on bearish developments during bull markets). This presents a problem as most of the attention and marketing real estate shifts towards such projects, which makes it harder for deep-tech actual innovation to take place, due to the added requirement of educating users (compare pitching something like Centaur Swap or Integral against pitching a UNI/Sushi/Pancake fork). A bearish market will weed away most of the low-effort schemes and allow time for emphasis on long-term and innovation driven projects. Most of the larger players right now (ADA, DOT, MATIC, SOL, EGLD) have sat through the bear market and spent years building the mainnet and tech stack before rising to prominence middle or late last year.
3. The added emphasis on TradFi integration serves as a market that is partially insulated from the peaks and troughs of cryptocurrencies and enables us to continue to have a business model that gradually drives adoption for the Centaur ecosystem. These things take time to develop and integrate, which may be easier to do in a bear market where there is less emphasis on continuously churning content and announcements.
Question: I think a lot of people having been asking about staking cntr and/or running a node. Any plans to make it accessible to even the regular dog tokens buyers?
Sean: Yes this will come with the mainnet bridge.
Question: To add to this question, what is the APY of running a node? Also, if possible, would like to request the team to update the guide of running a node on GitHub to include a bit more detail as well. Thanks :)
Sean: Got your feedback, we’ll buff up the docs once the bridge is up as that will be more geared towards retail investors. At the moment, it’s primarily used for onboarding of close partners or existing node operators that are already familiar with the process.
Question: I have a good feeling about Centaur rising as a competitor to uni and sushi, what are your thoughts about haveing something like LBP or launpad function for Centaur swap
Sean: Hmnn I would say that at present, it would not be possible to build an LBP due to the lack of a pair structure BUT it may be possible to design something unique to Centaur Swap which achieves a similar purpose. We will definitely need to study this a bit more and my concern would be that the launchpad market is extremely saturated at the moment.
Question: When I read the article before I was a little confused about one aspect and how it related to Centaur.
He says, “Innovation is curbed because the innovators are too afraid to release, or they are forced to release with a token, then they get to spend 99% of their time needing to focus on the token, instead of the product.”
Why not keep repos private? And what will is the plan from Centaur’s persecutive regarding opensourcing (is that a word?) your codebase?
Sean: If you launch a product in DeFi, you will most likely need to convince investors/community members to put their funds into it, whether via token purchases or liquidity provision. It would be impossible to do so if the smart contract is not open sourced due to the extremely high risk of rug-pulls and the prevalence of scams.
For now, the work that is related to tradfi is private but the crypto-oriented ones like the swap and mainnet are open sourced
Question: So no amount of audits are going to compensate for this?
Sean: Exactly. A few months back we had a discussion relating to War on Rugs (which has since aged like milk) and one of the points I mentioned are that audits are not the be-all and end-all solution.
- Smart contract has a function that allows the owner (project team) to withdraw all funds
- Auditor raises this point to the team
- Team explains that this is to protect against potential attack vectors or glitches (to be fair, it is a common practice)
- Auditor then focuses on the implementation of the code to ensure that there are no unintended vulnerabilities
- Auditor does not include it as an attack vector in the report as it functions as intended
- Team rug funds
Question: what if you selectively reveal the code to trusted parties who will then vouch for you
Sean: This would be possible but ultimately you will still be reliant on a “vouch” or some degree of clout, which would not be ideal as the ultimate goal is still a trustless ecosystem.
This is also why we’ve emphasized on transparency and tried a different approach, where we disclose relevant code and their intended purpose, as well as how we prevent common attack vectors.
Anyway thanks for the questions everyone! Unfortunately I overran by a bit and I have call to get to so I’ll need to cut the AMA here but feel free to add any questions and just tag me as and when so I can get to them!
Thank you for being a part of Centaur Community.
By combining the best elements of decentralised finance with measured regulatory control, Centaur is bridging DeFi and traditional finance. For more information, please visit our website, join our Telegram community discussion group and announcement channel.