Jul 11, 2022
Conflux + everPay AMA Recap
Hi everyone, on July 6th we hosted an AMA with everPay in our English Telegram channel. Here is a recap of our chat with Romain, everPay’s Marketing and Promotions Manager.
What is everPay and how do NFT auctions work?
R: Ah, good first question, everPay is a real-time financial protocol for the blockchain. What do I mean by real-time? I mean that whenever you make a transfer using everPay to a different address, it will instantly be delivered to the recipient.
No gas fees, no waiting on blocks, and for now no fees on our side. All of this has been built around the Arweave blockchain.
Our main selling points with everPay are our real-time transactions and 0 gas fees, that’s a fact. I want to point this out because I want to clarify that this doesn’t make us a centralized platform. Why? Because everPay is based on our SCP (Storage-based consensus paradigm). What’s SCP you may ask. It’s a new paradigm that’s pretty different from Ethereum’s narrative. It has a consensus thanks to permanent storage. If we compare both Ethereum’s to SCP, Ethereum is an on-chain compute whilst SCP is an off-chain compute. All-in-all Arweave and SCP can really create a trustless and permissionless environment. If you wish to know more about SCP, do check out our article where we go in-depth.
Also, later on, we will have a lucky draw for users using our discord bot that also utilizes everPay in order to earn $USDC. Do join us on discord to try out our tipbot system! ⤵️
As for the NFT auctions, it’s pretty simple.
First off, this is what we call a “profit sharing auction” meaning every time you bid and get outbid, you earn. These profits are given in real-time using everPay’s system. Now how the auction works is easy. If you bid on an NFT you’d like to win, you’ll need to bid 5% more than the current bidder.
If you get outbid you’ll get back 100% of what you bid plus 50% (the percentage varies from auction to auction) of the difference that was bid to outbid you.
For example, say you bid $500. Someone will need to bid $520 to outbid you. So you’ll get back your initial $500 plus $10 (50% of the difference). See, easy. If by any chance some of you don’t fully understand.
Check out our article for the 9th auction we’re doing with Conflux for rules and explanations.
If you’re more of a visual person, have a look at our video explaining how the auction works: www.youtube.com/watch?v=Ua3vKQXgTH8
Why are you hosting an auction with Conflux?
R: Simply because we’ve recently connected Conflux to Arweave through everPay! It’s a great moment to celebrate this great accomplishment. We also would love to see Conflux users try out everPay’s network. Experience real-time transactions, with no gas fees. Just simply click on the bid button and battle it out for a chance to win an NFT.
If you need help to deposit, withdraw or swap, do check out our guides here:
Why do we host NFT auctions and what is the utility of NFTs?
R: Awesome question. One of the reasons we decided to hold these auctions is in order to give back to our community. We make no profit from these auctions. All proceeds go back to the community.
50% of the proceeds go to the person that gets outbid, 30% to the artist, and 20% to past NFT holders from previous auctions (again percentage varies for each auction). Now one of the main reasons is for Permaswap! Holding these NFTs will make it so that you can be an LP node in Permaswap’s first phase, then if you’re still holding an NFT by the 3rd phase, you’ll be able to become a router node. More utility will come in the future.
Another reason why we host these auctions is to show how quick everPay is, and how everything is super smooth and reliable. No matter how many bids there are, everPay will follow.
So you mentioned Permaswap. What’s Permaswap?
R: First off Permaswap is a fully decentralized exchange using the SCP paradigm, it is also built with the everPay protocol. I’ve explained SCP and everPay quite a bit, and for Permaswap, the principles are the same.
Permaswap is not so much a DEX as a fully decentralized P2P network. This network has 2 roles, the Router node, and the LP node. The nodes in the network perform price calculations and build peer-to-peer orders in a distributed way according to protocol rules. Any individual or institution can deploy a program to provide liquidity in the network.
The advantages of Permaswap are the following:
- Censorship Resistant Peer-to-peer Network. A fully distributed P2P network where anyone can deploy Router and LP nodes. Censor-resistant, it cannot be interrupted or shut down.
2. Infinite Scalability. Each Router can connect to hundreds of LP nodes providing exchange services to thousands of users. Numerous Routers can be deployed on the network in order to provide price distribution and order generation.
3. Flexible Configurations. Network protocols support multiple types of AMM market-making curves. LP nodes can select market-making curves according to their own requirements.
4. No MEV. Users sign orders with a deterministic bundled transaction that identifies income as well as expenditure, the bot can’t carry out MEV attacks nor can it utilize the user’s assets for arbitrage.
5. Asset Self-Custody. If you are an LP, you don’t need to store your assets in a smart contract in order to provide liquidity. Instead, you simply store assets in your everPay wallet and run an LP node to provide liquidity. This makes your assets more secure and in complete control.
The reason why we want to develop a DEX is that the primary goal is to provide a decentralized exchange service for Arweave ecosystem tokens and activate the liquidity of those tokens. The main situation of the Arweave ecosystem is that no DEX can provide liquidity for eco-assets. We’ll be the only DEX in this ecosystem.
The mechanism of this swap is that this Network consists of two types of nodes, Router and LP. The Router is responsible for price aggregation and order generation, while the LP provides asset liquidity to the network.
When a user makes a trade request to the Router, the Router generates a quote based on the collected LP information and returns it to the user as an everPay bundle transaction. After confirming the quote, the user signs the bundle transaction using his wallet. At the same time, the bundle transaction is notified by the Router to the relevant LP for signing. When all parties involved in the transaction have signed, the order is sent from the Router to everPay for real-time execution.
Here’s a picture to showcase that:
Any individual or institution can be a Router node or LP node. We will open up the rights to become nodes in phases in the future. There are four Phases.
First Phase, There’s only one Router node and a limited number of LP nodes. In this Phase, only holders who hold everPay auction NFTs can be LP nodes and mined for liquidity, and rewarded with PSN tokens. However, PSN tokens are not transferable on the Precursor network.
Second Phase, Any individual or institution holding PSN tokens can join by staking PSNs and becoming an LP node in order to provide liquidity to the network.
This phase will have PSN airdrops as well, if you are our community members and NFT holders, you will get airdrops.
Third Phase, the network will start with a limited number of Router nodes acting as the network hub. Individuals or institutions with NFTs will be able to enter the network as Router nodes.
Fourth Phase is that any individual or organization can become a Router node in the network by staking PSN.
So if you’re interested in this project, Two things are important, NFTs and PSN tokens. Now you can’t get PSN tokens, but can win NFTs in every round of the everPay auction events, you can also buy one through this page. https://permaswap.network/#/nft
How can you trade the NFTs that you’ve won?
R: If you don’t really want to liquidity mine on Permaswap for $PSN tokens? No worries, you can trade your NFTs by listing them on OpenSea and they’ll automatically be shown on Permaswap’s website under “certified NFTs”.
Now if you do want to buy an NFT to partake in liquidity mining and other activities in the future, have a look! www.permaswap.network/#/nft
That’s it for today. Any final comments?
R: Yep! I do. Now that we’re finished with the AMA, I invite everyone to join us on our Discord where we’ll be hosting a nice giveaway with the bot I mentioned earlier. We’ll have lucky draws in 15 minutes! Join the “everauctions” channel on our discord to get lucky and win some $USDC!
