Community Update #2

Published in

Futureswap

7 min readDec 22, 2021

Happy holidays from the Futureswap team! We wanted to share a recap of what we’ve been up to since our last community update.

Over the last month, we improved the trader experience by adding Trading View to the chart and launching trade fee incentives, and we started private beta testing a new BTC/ETH pool.

We’ve also hired some new folks, made some community improvements, and more. Read on for more details and other updates!

Stats

Total V4 trade volume to date: $215.55m
Futureswap LP fees (passive) generated in V4: $120k+
Uniswap LP fees (active) generated in V4: $120k+
FST distributed over the last 3 months: 1m $FST+

Product

Last week on December 14, we launched Trading View. Dialing in the trading experience has been one of our main priorities since the launch of Futureswap V4 beta. After hearing your feedback, it was clear that having the ability to customize the chart was in high demand.

Some of the key improvements to the chart:

You can now create detailed diagrams and charts, similar to the trading experience you may be used to on other exchanges.
Candles are now 1H, giving traders more historical context of price movement for assets. We are working on releasing shorter intervals.
The issue where the chart display was snapping back after moving it to the desired position has been fixed.

Two weeks ago on December 2, we completed a major upgrade to V4 and released trade fee incentives. Users who make trades now receive FST proportional to the total fees generated in a 24-hour time period.

For the period of December 1 — December 15, the protocol distributed 5,000 FST/day to trade fee incentives. For incentives in the current period and more details, check out the incentives program doc here →

A new BTC/ETH pool is available in a private beta on testnet. We’re excited for the testers to give it a whirl and share feedback with us before we gear up to launch on mainnet.

Governance

Below are some of the recent proposals. Check out the governance forums and governance voting for more.

Mint 500,000 FST for User Incentives
This requested FST to be minted to the rewards DAO for renewing user incentives which includes Futureswap LP, Uniswap v3 LP, Uniswap v2 ETH/FST, trade open interest, and trade fee incentives. This proposal passed. See it here →

Create a WBTC/ETH Exchange
This requested launching an exchange that trades WBTC with ETH collateral. This would need to be wrapped BTC, but done automatically. Profit and loss to be paid out in ETH. The max leverage, which if exceeded, to allow for liquidations, should be 35x, although the frontend will need a lower leverage amount as to not rekt traders instantly upon open. This proposal passed. See it here →

FST Staking (shoutout to Sumoroll)
This is requesting to add FST staking on the protocol in order for holders to earn yield by using the native governance token. This will create a utility for the token other than just governance, and improve tokenomics by locking up tokens and provide additional intrinsic value to the token. This proposal is open and being discussed. See it here →

Launch WBTC/USDC Exchange (shoutout to Caesar)
This is requesting to launch Futureswap v4 on the Uniswap v3 WBTC/USDC 0.3% pool to expand Futureswap’s ecosystem. This proposal is open and being discussed. See it here →

Team

The Futureswap team is growing! In the past month, we had a few new faces join us: kswap on the engineering team and Leisurelord on the community team. Both of them have already made major contributions.

We had a team holiday outing with some family and friends where we got a chance to have some fun and play in VR followed by dinner at a delicious Brazilian steakhouse.

Hiring is hard. It’s taken longer to find the right people for some of the roles than we anticipated. For example, we want to build out a top-notch marketing team that has a deep understanding of DeFi and perps. Guess what? Surprise (not!), it turns out that the pool of people who meet that criteria is pretty small.

We have been exploring different ways to source candidates who might be a good fit while continuing to actively interview candidates in the pipeline, working with recruiters, and reaching out to our network.

Want to help the team grow? Check out our open roles here →

Let us know if you’re interested in working with us or have someone you want to send our way.
We are offering a $7k referral bounty for anyone you refer that gets hired and stays with Futureswap for at least 6 months.
Don’t see an open role, but want to join the team? Shoot us an email at jobs@futureswap.io or message us on Discord.

Community & Social

Leisurelord is in the Futureswamp as our Community Manager! You’ve likely already seen him around the server making memes, answering questions, and generally contributing to the community. He is the community’s chief advocate, serving as the bridge between the community and the team on Discord and Twitter, and keeping things running smoothly.

We hosted our first Discord emoji contest. We’ve run a few meme contests before, but we wanted to try out something different this time and we were blown away. There were so many amazing emojis. Huge thanks to everyone who participated!

Congrats to the winners!

1st place (60 FST): sardrew created :pepefstjump:
2nd place (40 FST): Notgridles created :fstawe:
3rd place (30 FST): igor created :nyanfst:
Honorable mention: igor created :30x:
Random contest participant (20 FST): DBRolling
Random Twitter participant (20 FST): @chainlinkhoe

We now have a Futureswap YouTube channel! We need 100+ subscribers to get a custom channel name and URL. Help us out and subscribe here →

Community calls are now being recorded. Since time zones are still a thing, we want to make sure you can catch the community calls even if you can’t join live. We’re still figuring out the best tools and format for recording these so will make adjustments as we go.

We set up a schedule for community updates. This way you can stay in the loop on what’s going on at Futureswap. You can generally expect:

Biweekly community calls on Discord and posted on YouTube
Monthly community updates here on our blog

Discord spam improvement. Last month, we implemented emoji reaction roles as a human verification step to prevent spam. It seemed to be doing a decent job, until December 1 when we had an influx of spam bots. We ended up having to temporarily lock new users out while we put a new solution in place. The popular and widely used CAPTCHA.bot is now our verification method of choice.

Social Media & Press Highlights

What’s Next

Lots to come in 2022, but here’s a sneak peek at what’s next:

Roadmap planning — we’re excited to share what we’ve been cooking up!
We’re gearing up for our next audit in January.
A community bounty program for projects and initiatives some of you have suggested.
A trial run of Coordinape with the Futureswap Ambassadors to reward contributors.
Community Call #5 is on January 7, 2022. You can RSVP to the event on Discord in the channel sidebar.
We’ll be attending the Science of Blockchain conference in January and ETHDenver in February. Hope to see you there!

Thanks for reading and being part of the Futureswap community and ecosystem! Come hang out at the Futureswamp pool party 🐸🦄🐍🐳🦅🦥🐱💦