CoralSwap’s First Community Q&A Summary
CoralSwap is the SWAP version of the CORAL [Coral] decentralized exchange under SERO, and it is planned to be officially launched on 15th October, 2020 and start liquidity mining. CoralSwap has made a more reasonable design for the release and equity mechanism of platform tokens, has a better release mechanism, and commissions for transaction fees to enter the dividend pool. The exchange of CORAL tokens is used as a rigid value support. CoralSwap aims to provide a high-quality and open DEX platform for the SERO blockchain ecosystem;
Recently, Gate.io announced that the CoralSwap platform token CORAL will be listed on the Startup 4:00–6:00 AM GMT, 16th October, 2020.
On the evening of 13th October, Jason Pope, one of the founders of SERO, gave concentrated answers to the community’s questions about CoralSwap. The following is a summary of Q&A:
Q: Does Liquidity Mining uses SERO or stablecoin?
A: CoralSwap works an LP liquidity mining model. At the beginning of CoralSwap’s release, the following asset trading pairs will be initialized:
SERO/SUSD; CORAL/SUSD; PFID/SUSD; SEED/SERO
SUSD can be obtained in three ways:
1. Obtained at CoralSwap by swapping SERO;
2. Obtained by issuing SUSD stablecoins on the POFID platform by staking SERO;
3. There is a community third-party OTC platform to purchase in the POPUP wallet.
In fact, the asset liquidity pool on CoralSwap is completely open. Those who provide liquidity for the new liquidity pool can directly receive commission dividends, However, whether the new liquidity pool supports the incentive of CORAL is determined through the voting governance of the CORAL DAO community.
Q: How to publish a mining project?
A: As mentioned in the tutorial we released today, CoralSwap can create new liquidity pool trading pairs at any time, but whether the new liquidity pool supports incentives for CORAL or not is determined by the CORAL DAO community voting governance method. Ideally, one side of the trading pair contains SERO or SUSD assets, which can participate in the CORAL liquidity incentive.
Q: CORAL supply emission and reduction design, specifically how much supply will be mined in the first year?
A: The total amount of CORAL is 10 million, of which 9.5 million will be produced in the next 20 years. The following is the quantity formula for CORAL mined per day:
1. CORAL emission of the day = 5000*POWER (POWER (0.969,0.00001*DAY), 0.69*DAY (Gonparz Deflation Curve)
2. DAY=the number of days the contract is activated, a total of 20 years, the total amount is 10 million, and the first day is 5000;
3. According to this algorithm, the emission in the first year is about 500,000+1807613=2307613, which is about 2.3 million, which is 23% of the total.
Q: Does increasing liquidity use SERO or SUSD for trading?
A: CoralSwap is an LP liquidity mining model. When CoralSwap is released, the following asset trading pairs will be initialized:
SERO/SUSD; CORAL/SUSD; PFID/SUSD; SEED/SERO
Q: When holding CORAL, you have the right to govern the community. Does the authority conflict with the SERO Foundation?
A: The governance scope of CORAL’s community governance is only for the products of CORAL, currently mainly for Coral DEX and CoralSwap, such as the listing on Coral DEX, including the trading pair voting in CoralSwap that supports the liquidity mining reward (CORAL), including voting for different CoralSwap trading pair, setting fee ratio and so on.
Q: Does CoralSwap have relevant audits and is it open source?
A: On October 15th, when the CoralSwap product is released, it will be open sourced, and audits will be publicly invited after the open source.
Q: Since SERO is far less popular than mainstream coins, do you consider cross-chaining mainstream coins such as ETH and BTC to the SERO protocol for liquidity?
A: 1. SERO will achieve cross-chain by the end of the year, and CORAL will also support cross-chain assets;
2. SERO has its own huge community scale, technology and ecosystem background. In fact, many so-called “mainstream coins” are already in suspended animation and their popularity is far less than SERO, so given the current low market value of SERO, the growth potential is far greater than most of the inactive currencies.
Q: Has the SERO project team participated in this subscription sale, how much does it plan to hold, and is there a possibility of selling pressure?
A: Gate io’s Startup has never been whitelisted and can only participate in accordance with its rules. Therefore, the SERO project team has no advantage when subscribing to CORAL; I personally have a few GTs and will definitely participate in the subscription. We all know that according to the CORAL economic model design, anyone who holds CORAL can use CORAL at any time to exchange for dividends from the dividend pool of CoralSwap and DEX. Based on CORAL’s deflation model design, the value of CORAL is supported by the dividend pool, and the value of this support will only continue to increase; CORAL will have only 500,000 in initial circulation, and the Startup price is only $1. In other words, the initial market value of CORAL is only $500,000. In summary, we will cherish every CORAL we grab.
Q: Compared with CoralSwap, what are the disruptive designs of Uniswap?
A: First of all, I want to say that CoralSwap and Uniswap are geared towards assets of different blockchains, so people from different communities will inevitably participate. The current market value of circulation is also very different. The following are the four main differences in products. For example, we think that the design of later products will generally be more reasonable:
1. The emission curve of Coral coins: The total issuance of Coral is 10 million, and it will not be issued indefinitely. It will be released in 20 years. The release curve is a modified XXX curve. (UNI has no upper limit, and 1 billion units will be issued initially and will be distributed in 4 years);
2. Coral Coin Mining Mechanism: The total amount of Coral generated by CoralSwap every day is fixed, and the liquidity provider obtains the corresponding Coral token according to the trading contribution of the trading pair and the percentage of the liquidity provided by it. So, in theory, CoralSwap can support a large number of trading pairs for mining at the same time without affecting Coral’s emission curve. Of course, at the beginning of the project, what kind of trading pairs can be mined needs to be determined by the foundation vote (UNI has daily fixed emissions per trading pair in UNI);
3. CoralSwap’s Dividend Mechanism: CoralSwap’s dividend pool can be filled with various assets, not only the trading fees of CoralSwap itself will enter it, but also a part of the various benefits of all Coral ecosystem in the future will enter it. Coral holders can obtain the same percentage of various assets in the dividend pool by burning Coral. Therefore, Coral is essentially a stock of the Coral ecosystem, and it has the ability to liquidate in time;
4. CoralSwap Voting Mechanism: (similar to UNI) users who hold CORAL can vote for governance through Coral.
Q: Can PFID used for mining? What is the specific percentage?
A: The following four trading pairs will support CORAL liquidity mining at the beginning. CORAL does not have a claim that the first mine, but because the early emissions are greater than the latter, the early participation is more profitable;
SERO/SUSD; CORAL/SUSD; PFID/SUSD; SEED/SERO
Q: Are SRC20 and ERC20 compatible?
A: It will be compatible after the cross-chain is completed at the end of the year, and it is not currently supported.
Q: If SEED maintains a fixed ratio of 1:100 with SERO, how is its design logic already valued?
A: SEED is the only ecosystem governance equity token of SERO laboratory; SEED’s design mechanism ensures that it will always have 100 SERO as value support; SEED/SERO trading pair supports liquidity mining so that almost everyone holding SERO can quickly participate in CORAL liquidity mining.
Q: Can SEED participate in liquidity mining?
A: You can participate by providing liquidity for the SEED/SERO trading pair.
Q: What is the handling fee of CoralSwap?
A: The default is two thousandths. In the future, we will use CORAL’s governance function to allow the community to determine the handling fees of existing and future new trading pairs.
We’d love to hear your feedback!
Official Links
Coral Whitepaper: https://github.com/coral-dex/whitepaper/blob/main/docs/CORAL-WhitePaper-cn.pdf
Twitter: https://twitter.com/CoralDEX
Medium: https://medium.com/coraldex
Github:https://github.com/coral-dex/corswap
Discord: https://discord.gg/QM4JEKK
Telegram Group: http://t.me/CoralSwapEN
Telegram Channel: https://t.me/CoralSwapANN
