Recap Of AMA #6 With Centaur Co-founder
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]
Hey Centaurians, welcome to the weekly AMA, we’re starting it a little bit early as I’ve got a fair bit to cover!
So as usual, feel free to ask your questions here, I’ll try to get to them in between the updates but I think most of them will be covered
The first thing I’ll be talking about is regarding HADAR, it’s been a week since the launch and we’ve been taking user feedback into consideration. We’ve ironed out some of the glaring errors and are working on a new build to push out onto the app stores, which is one of the reasons for the delays. We had an internal discussion on this and decided that this would be the best approach, instead of just re-deploying the current appcenter build and pushing out an update afterwards.
One of the things we’ve noted in recent days is the feedback regarding marketing. There is quite some depth to this so I’ll address them point by point.
Firstly, the team has been working on marketing continuously since a few months back, even before it was raised by the community. As much as possible, we do try to implement the feedback provided to us (such as this AMA). I would also like to raise the point that we are gaining increased awareness and there has been an uptick in the number of new community members joining the project. Granted that there was also a wave of bots (as highlighted in the AMA last week, this was not a move made by us and we are not incentivised to do so) but we are also seeing increased levels of engagement here.
Secondly, the crypto marketing landscape is extremely saturated for the moment and a very heavy emphasis is being placed on IDOs and upcoming launchpad projects. As such, established (post-listing) projects are experiencing reduced marketing coverage, this is a macro perspective and not just an isolated case for us.
Our approach in spite of this has been to expand the distribution channels, with light features on NASDAQ and Coindesk, as well as a recent shoutout on the Cointelegraph VC report (https://docsend.com/view/atzzcwgixd6c2krb) put out yesterday
We’ve also been focusing more on partnerships with other projects, like the recent POKT one and an upcoming oracle partner which we will announce next Tuesday!
There are also other discussions in the works right now but we’ll provide more info when they are more firm.
I’ve also mentioned in the past AMA that we’re onboarding a new communications lead to help manage the marketing and comms side of things Taylor | Centaur. He is situated in the same office as us which helps provide a much higher level of understanding and depth.
Anyway the last point regarding marketing is that in my opinion, the drive is twofold for adoption and price. On the adoption side, we’re picking up more users and members and we are expecting increased growth after the launch of Centaur Swap (which is the next point). As to the price performance, we are unable to provide guidance here but what I can reiterate is that we have not sold any tokens. The treasury address is unchanged and can be verified by anyone in this group, and the team/advisor tokens are still being vested.
For Centaur Swap, we have learnt from the previous launch of HADAR and we are heavily testing the platform right now before the launch next week. As of right now, we are on track to go live on Wednesday.
The swap is going to focus on the points mentioned before and all of it will be delivered:
- Single-Side Staking (Supported tokens are ETH/USDT/DAI)
- Cross-Pairing (All these tokens can be traded between each other)
- IL Mitigation (Functioning as intended, no IL when pools are in balance)
- Oracle Pricing (Oracle partner is already onboard, will be announcing next Tuesday)
However, there is one drawback to note regarding Centaur Swap and it is in regards to gas prices. For the early supporters of Centaur, you might recall that the initial plan for Centaur Swap was to use ZKPs to provide a layer of privacy when trading. We pivoted from this when we realised that there is so much more that can be done, and pushed for the features mentioned above. However, the technical limitations of working with smart contracts and blockchain technologies are the computational costs incurred (i.e. gas fees).
Because of the way we calculate the curve and derive the prices, the gas incurred is much higher than simplified x * y = k DEXes when executing trades.
Similar platforms that deal with deep technologies would be Tornado cash and the upcoming Uniswap V3 implementation, both of which result in much higher gas fees.
For Centaur Swap, the impact is on trade execution and settlement, deposits and withdrawals will have normal gas prices.
We have spent the last few months optimising the gas fees and have decided to go ahead with Ethereum as the initial launch as the bulk of the DeFi solutions are still built here and the protocol is much more established.
We will also be running a trading campaign to reward early adopters that help to use the platform and provide tangible data that we can use to improve it. More details about this will be announced together with the launch announcement.
In the long run, we will be exploring the possibility of working with Layer-two solutions on Ethereum (Optimism, Fantom, ZKSync, Polygon) as well as other protocols (BSC, Solana, EGLD, DOT, Harmony) in the event that ETH 2.0 does not resolve the gas issue.
I would once again like to reiterate that the choice of protocol/platform hinges significantly on how well established the technologies and ecosystem are (especially in regards to existing oracle price feeds).
Also, because I know we will definitely be dealing with War on Rugs regarding this point in the near future, I would like to take this chance to bring up the precautionary measures we have added to Centaur Swap. We have added functions to disabled trading, deposits and withdrawals JUST IN CASE there is an unpredicted attack vector that is discovered on the platform.
There is also an emergency withdraw function that allows the owner to withdraw all tokens. We opted for this path so that in the event of such a hypothetical situation, we can protect the funds and redistribute them in a centralised and controlled manner (much in line with our ethos of utilising semi-centralised approach and measured controls).
For Centaur Swap, we will be deploying it together with a farm for a new governance token. THERE IS NO FUNDRAISE FOR THIS NEW TOKEN. The token is only farmable through the liquidity mining process, there is no pre-mine / private alloc / team alloc for the token. The farming process is intrinsically tied to Centaur $CNTR. The initial launch of Centaur Swap will also support farming for the CNTR UNI LP token and we have plans to utilise this to support $CNTR in various ways.
To bolster the launch of Centaur Swap, we will be putting a pause on the current Centaur Liquidity Mining Program next Thursday. We will follow up with another announcement as a reminder for this.
Question: Glad to hear you are withholding the wallet. I thought there were some pretty glaring UX and accessibility issues along with some bugs and missing core features. I’d rather a late but polished app than something that is released on time but isn’t quite right
Sean: Yeap we had a few discussions since the launch and will be working on this approach moving forward.
Question: is there any timeline on the new updated wallet? I would def like to see the improved version as soon as possible
Sean: Tentatively, we’re looking at a cleaned up version before the end of next week. This upcoming version would focus on bug fixes and UI/UX adjustments.
Question: Would you consider a limited beta test?
Sean: Hmnn this is a good point. I think we can implement something like this whenever new features are added, will raise it up to the team
Question: What’s next after mainnet launch?
Sean: haha lets focus on Centaur Swap first, mainnet launch after, and then we can talk about this more when its done
Question: My question… Which of the James Hongs is part of the teams? Is he on Twitter?
Sean: There is only one James, the rest might be scammers. Please be careful.
Question: A question, the circulating supply is very huge with 6bn. Any token burn/ plans coming soon after mainnet?
Sean: Regarding this point, there are some plans but nothing concrete as of yet. A big portion of the circulating supply is set aside for block producers and validator rewards on the mainnet, and most of them are vested for a reasonably long duration.
Question: What about centaur swap? What makes it better than 1inch for example
Sean: 1Inch is an aggregator not a DEX
Question: are you guys planning on getting extra set of eyes from auditing firms?
Sean: Yeap, we are already undergoing the smart contract audit, and the code will be open sourced and verified on Etherscan.
Question: with deposits and withdraws, so it would be something similar to IDEX right?
Sean: Not exactly but I would say this is a close comparison. For IDEX, when the order is placed and if it is executed, you will receive a different token. On Centaur Swap, the deposit and withdrawal is for the same asset.
Question: so is the withdrawal function going to be permanent or will it be removed after the smart contract audits are completed
Sean: The current plan is for it to be permanent until such time where DAO governance votes to have it completely removed.
I would not personally use smart contract audits as a benchmark as auditors themselves would not be able to account for all possible vectors of attacks both at present and in future.
It’s something we have definitely gone very deep into as they have a key role to play in Centaur Swap. We’ve done quite a bit of due diligence on the choice of oracle partner and they have a very high degree of redundancy built in for their data feeds (multiple oracles nodes, on-chain consensus, etc.). They are also widely adopted and it would not be a stretch to say that they are the industry standard.
Unfortunately, I’m late for a call right now
Taylor will help to address any other questions that you may have! You can also mention me and I’ll see if I can get to it later tonight.:
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.