Recap Of AMA #7 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 hey Centaurians, welcome to the weekly AMA. I think it’ll be a short one since most of the questions have been answered the past few days but feel free to throw any questions you have and we’ll try to address them.
For Centaur Swap, the primary challenge faced is due to the number of decimals in the USDT (and other stablecoin contracts). On testnet, we deployed a ERC20 version of USDT that uses 18 decimals and it functioned exactly as planned. However on mainnet, the contracts used 6 decimal places. This resulted in very glaring UI/UX issues because deposits of 1000 USDT would mint 0.000000001 LP tokens for the 1:1 matching
Although it does not impact the functionality of the platform, it does create an extremely problematic user experience. Furthermore, due to the immutability of blockchain technology in general, this problem would persist for all future tokens we include that do not use the standard 18 decimal places.
As such, we discussed this internally and decided to shift the launch by 48 hours to provide ample time to implement a quick upgrade to the contracts.
As mentioned in the announcement yesterday, we will be refunding all the gas spent for contract interactions in yesterday’s launch. We’re pretty much done with compiling the list so far and will be processing the refunds later today. An announcement on Medium will follow.
Note that the refunds will only cover the Swap platform and ERC20 approvals required to interact with it. WHEY transactions will not be refunded because the same tokens and farm contracts will be used in the upcoming deployment.
Lastly, there were some deposits into the WETH liquidity pool yesterday, please make the withdrawals if you haven’t done so. We’ll be executing an emergency withdrawal for the balance WETH in the pool and will unwrap it before sending back to the original depositor addresses.
Moving forward, we’re already testing the updated contract and website and will aim to complete mainnet testing and deployment by today, in preparation for the launch tomorrow. At present, the technical timeline looks on track for the launch.
For supporters who purchased $WHEY from the Sushi pair yesterday, thank you for your enthusiasm and support. We will make the relevant adjustments to the inflation schedule to account for the new launch date and time. In the interim, the circulating supply of $WHEY will remain the same until the launch.
Question: Welcome Sean!
Everything under control for the relaunch of Centaur Swap tomorrow?
Sean: Hahaha seems I’ve been front-runned for the AMA.
I’ll get to the question in a bit, it’s part of my updates for the next few days but let me just do a quick review of the past few days first
Anyway we’ve learnt quite a fair bit from the previous HADAR launch and tried to apply those lessons to the Centaur Swap launch. Once the platform was ready, we pushed out a version on the rinkeby testnet and started the closed-beta testing program for community supporters.
Question: Could you also please explain a bit more about [$WHEY] airdrop and the long term holders of CNTR, thanks.
Sean: When I first mentioned the WHEY token last week, one of the questions was regarding an airdrop and I answered that we did not have plans for it at the time (https://t.me/OfficialCentaur/69770). However, after some community feedback and more discussions, I am happy to announce that we will be structuring an airdrop that accurately rewards long term supporters of CNTR.
It’s still an early stage idea but we’re working along the lines of identifying key activities (registering for the public sale, EGLD Launchpool, Staking V1, Staking V2, LP-Mining, etc.) and assigning scores to them. We feel that this approach is better than simplified block-snapshot airdrops as it accurately rewards support through actions in a manner that is quantifiable.
However, because $WHEY is designed as a fair-launch liquidity-mining token, this airdrop can only take a place some time later after the treasury tokens have been gradually released to our address.
Another question we’ve been getting constantly over the past few days is the role of $WHEY and $CNTR in the foreseeable future.
I’ve mentioned various synergies and points before but the definitive answer is that $WHEY governs the Swap but $CNTR governs everything else.
This does not mean that $CNTR has role to play in the Swap. In this first launch, we’ve set aside a sizeable amount of tokens for the CNTR UNI LP pool which does start to allocate $WHEY to $CNTR holders.
Another design we’re looking at is to do something similar to the Curve gauge. The concept is that the farms will generate $WHEY based on the individual’s percentage of the TVL and they can stake equivalent $CNTR to boost the farming rate (2x or higher). This is also one of the reasons why we did not launch with a single-side $CNTR pool (on top of not having a price feed for it). However, the exact mechanics require much more refining and is something that we have to set aside for the V2 version. We would also like to include some form of $CNTR buyback/burn structures. All this is still conceptual right now though because we have to focus on the foundational technologies of the launch at the moment.
Question: What is the road map for more marketing and visibility ?
Sean: Hi there, with regards to marketing and visibility, we have mentioned that most of the current marketing real estate had been monopolized by the current IDO craze.
Following the launch, we will reach out to KOLs who are supporters of innovation to try out the Centaur Swap. It is also a constant effort in Centaur to partner with projects that are fundamentally compatible to our products. These shall help to expand our ecosystem and bring attention to it.
We would also look to expand distribution channels once the market had normalised as we believe our constant innovation stands the test of time.
Hope that clarifies your question.
Additionally, $WHEY is also part of the marketing plans. A successful launch and high APYs will create increased visibility and engagement to Centaur Swap. This would also pair very well with the high weight of the CNTR/WETH UNI-V2 LP farm.
Question: are you guys interested in partnering up with some project like $TANGO https://www.keytango.io/?
I think their platform will be something like what Coinbase is doing.
People come to learn about Defi projects and get rewards for completing tasks
could be good exposure
The platform will be doing more than that too.
Sean: For sure, we’re always on the lookout for partners we can synergise with. If you’re in touch with their team, feel free to get in contact with me via PM.
Question: what are the next few coins that you guys will be adding to the swap?
Sean: We’ll take progressive steps for this. The first few will most likely be stables and in the long run, we’re looking at sourcing this decision to the DAO.
Question: Has Centaur considered trying to get on board with Cardano’s Project Catalyst for funding and exposure?
Sean: For L1 partners, I think we’ve got quite a list we’re looking at right now. Your pitch for Cardano is pretty interesting in terms of the vision and mission and their alignment with ours (or perhaps the other way around).
As for our approach, we discuss this quite a bit with Chainlink since they are a core partner of the Swap. At the moment it seems that the most logical play for us would be putting out a BSC launch for Centaur Swap (hopefully before someone forks it).
I’ll check in with the team again and see if Cardano is feasible. My concern would be more on EVM compatibility and the existing ecosystem of DeFi projects and tokens.
Question: Thanks for feedback @Sean_CNTR — my understanding is Cardano is being built to provide 100% compatible and seamless migration opportunities from Ethereum. But then again, I’m not a software developer and wouldn’t know in detail what migration would entail.
Sean: If the onboarding is truly seamless (something like BSC with full EVM compatibility) then it’s going to be a pretty straightforward decision for us haha. However, if it isn’t EVM compatible then there would be more protocols in consideration (DOT/EGLD/SOL) and L2 solutions are also to be considered (Optimism, Polygon, ZK-Rollups)
But for sure I get your point, will take a look into it!
Question: is the concept behind autofarm.network something that Centaur would ever implement? If you don’t know what this is it will optimise compounding. A certain pool might be optimised 14k time in a year (variable obviously) and you end up with considerably higher APY than if you staked directly to a given swap.
Sean: I think a comparable platform on Ethereum would be Yearn finance and their strategies. I’ve played around with autofarm before and I think there’s some merit to your idea. I’ll add it to the drawing board for future implementations!
Question: Will WHEY be like UNI / SUSHI Governance token?
Why not a reverse inflation (more inflation later), when more people are farming it?
Sean: Similar in the sense that $WHEY will be used as part of a DAO to govern Centaur Swap decision making.
A front-loaded inflation model encourages and rewards early-adopters to the platform. A back-loaded one runs the risk of inflation outpacing demand which punishes early-adopters and long-term holders.
Anyway these are the main points I wanted to bring up this week, if there’s any questions feel free to throw them out here. I’d gladly answer them if they add to the discussion.
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.
Website | Telegram Group | Telegram Announcements | Twitter