Atlas DEX — Telegram AMA — January 21
On Friday, January 21, we had the pleasure to welcome to our Telegram chat:
We asked him questions about the development of Atlas DEX.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Q — Ayeley from GAINS: Please introduce yourself. What did you do before crypto and did you have any other previous venture in crypto?
A — Patrick from Atlas DEX: As introduced, I am the Chief Marketing Officer of Atlas DEX. I have been with the team since July, and have been part of the team shortly after their inception. Initially, I joined as their strategic advisor and was helping them with their fundraising, tokenomics, and business development work.
After working with the rest as their advisor for 3 months, the team managed to convince me to join them full-time, leaving my marketing stint at Bybit to be their Chief Marketing Officer (CMO). Now, I am working alongside several brilliant minds to build the first cross-chain liquidity aggregator on Solana and I help to shape the narrative and build the best user experience for all of you. 😎
Let me introduce some of the other core members who aren’t with us today as well as I feel that they deserve a shoutout. We have NFT, one of the co-founders of Atlas DEX, who most people know by his Twitter handle.
He has a background is in software engineering, and has been in crypto since 2016, mostly in Bitcoin. As a DeFi power user, he saw the future of a multi-chain world but saw that cross-chain infrastructure was still lacking and there was a huge limitation in bridging assets across chains. That’s when he decided to start working on Atlas DEX with the other co-founders. Ahmed, the other co-founder of Atlas DEX, is a brilliant gentleman with 20 years of experience in Technology and has worked as a consultant for Microsoft, IBM, and investment banks in the past. He is bringing his past traditional experience as well as blockchain-related experience (from his past involvement with Cere, Tidal, and Marlin) to the table and has done a fantastic job building Atlas DEX from scratch since day 1.
We also have another Co-founder on the team, Ninja. He’s a very connected influencer and I’m sure most of you would have heard of him. He has brought on many friends and supporters on this journey to bring us further and beyond, and we owe the marketing traction to him.
About Atlas DEX
Q — Ayeley from GAINS: What is the Atlas DEX project about in a few simple sentences?
A — Patrick from Atlas DEX: Atlas DEX is a decentralized platform built to create a seamless trading experience for anyone looking to trade any assets across multiple blockchains! I resonated with their mission, and was really happy to be part of the journey to create the best DeFi experience for everyone! 😊
Right now, our early supporters include (but are not limited to) Huobi Ventures, Genesis Block Ventures, Solidity Ventures, Genblock Capital, 3Commas Capital, Solar Eco Fund, Momentum 6, GSR, 0xVentures, Bixin Ventures, AU21, and Paramount Capital. Powered by decentralized & permissionless bridges, Atlas DEX enables users to swap between any tokens on any chain. In short, users will be able to swap token X on chain A to token Y on chain B (e.g. $SOL on Solana to $CAKE on BSC).
Our competitive advantages over other decentralized bridges are speed and convenience.
Most bridges currently allow users to only bridge single assets. For example, you can bridge USDT on Solana to USDT on Ethereum. Here at Atlas, we connect to top AMMs on every supported chain and allow users to swap any token on the source chain into any token on the target chain. For example, with #AtlasDEX you can swap Raydium tokens on Solana directly into Sushi tokens on Ethereum. Right now, this is powered by our integration of Jupiter Bridge, but subsequently, we will roll out our proprietary liquidity aggregation algorithm “Guiding Light” to .. TL;DR (Why did we build Atlas?)
Well, swapping and transferring assets between different blockchains have always been a complicated and lengthy process. We are excited to simplify that process for all DeFi users with the launch of Atlas! All in all, we build our products with DeFi users in mind, and we hope to create the best user experience for all.
By the way, our cross-chain swap platform is live… Check it out!
If you are looking to swap Solana assets to BSC/Ethereum/Polygon, we have the solution for you.
Q — Twitter user @KevinSalom1: Within Atlas DEX’s roadmap is the launch of an NFT Marketplace and a Launchpad. Can you tell us a bit about your plans for these products? What will be their relationships or how will they be leveraged in conjunction with the cross-chain DEX which is Atlas DEX’s core product?
A — Patrick from Atlas DEX: Atlas is currently building the most advanced hybrid cross-chain DEX on Solana. We have always considered Solana a sleeping giant whose Proof of History validation, cross-chain wormholes, and lightning-fast and low-cost transactions make it the blockchain of the future. It’s why we chose to build on it. It’s no surprise to us to see NFTs taking off on the Solana blockchain as it offers a real alternative to other chains.
We believe, in time, that Solana will serve as a mature hotbed in the NFT space, and Atlas will be part of the foundation set for the future of NFT in Solana. Atlas plans to launch an NFT marketplace that brings fairness to the NFT space. Fairness is the greatest challenge facing this inchoate market. Atlas will build launchpads that exclude the impact of bots and not let one wallet mint hundreds of a collection. This ensures that there is an equitable distribution of chance to all those attending mint parties, as we believe that, successfully creating this atmosphere, will only add to the hype of these events and help propel the value of NFTs on the market. We also hope to solve some of the enduring problems for new artists who want to mint NFTs, by offering an all-in-one sweatshop to mint and put NFTs up for sale directly.
Finally, we want to leverage the inherent advantages of Solana to create a fast-paced, always updated, on-chain marketplace that truly captures the collectible trading frenzy that NFT collections can inspire, and give voice and heart to the wonderful art and the artists that create it — while seeing they are amply rewarded. Our NFT launchpad system was designed to ensure a fair process from start to finish, whilst reducing the load on the infrastructure. In regards to the question on the relation to our core competency in cross-chain infrastructure, you can simply expect our NFT marketplace and Launchpad features to be ‘chain agnostic’ as we serve all your DeFi needs seamlessly regardless of the underlying chains of your crypto assets. You can actually read more on it here.
Q — Telegram user 🍀🔹 🇩 🇮 🇪 🇬 🇴 🔹🍀: I understand that Atlas DEX is currently building the most advanced cross-chain hybrid DEX on Solana. But why did you choose Solana? What allows you to do Solana that no other chain can? Do you trust the stability of Solana?
A — Patrick from Atlas DEX: Competitive Tx Cost The cost of Solana to complete a transaction is 0.000005 SOL, which is equivalent to 0.05 cents. The sheer difference in the transaction costs makes this advantage pretty self-explanatory. At Atlas, we believe that for our platform to attain mass adoption, we need the cost-effectiveness that Solana brings to our users to scale our DEX successfully. Long-term Scalability “Organizations at scale simply cannot afford to bet on the wrong tech stack.
The opportunity cost of being wrong, and the explicit cost of having to later migrate/bridge, are massive. I contend that the only blockchain protocol that can answer this question — or will be able to answer this question within the next 24 months — is Solana.” This is a quote from Multicoin, which the team at Atlas DEX resonates deeply with. With Solana as our underlying tech stack, we have a strong conviction that we can provide an unparalleled cross-chain user experience at scale.
Solana Ecosystem Solana’s ecosystem has grown to a large extent to include AMMs (Raydium, Orca, etc.), DEXs, CLOBs (such as Serum), oracles (Pyth, Switchboard, etc.), lending protocol (solend, port, parrot, oxygen, etc.), derivatives (mango markets, synthetify, symmetry, etc.), launchpads, asset management, etc, which are all widely used by DeFi users. Based on DeFi Llama, Solana’s TVL is sitting at $11.5b as we speak, and we are expecting the ecosystem to flourish even further as the ecosystem matures even more. Overall, we believe that the Solana ecosystem provides a great foundation for Atlas to build on.
Q — Telegram user ✨✨LuFFy ⚡️⚡️: What strategy does Atlas DEX implement to optimize computation in oracle networks and have a quality price feed? What are the core Oracle solutions of the Atlas DEX platform for users?
A — Patrick from Atlas DEX: We have partnered up with Chainlink to be our selected Oracle service provider. Right now, we are also working with Jupiter to allow our users to swap tokens at the best price with minimal slippage. Going forward, we will be integrating our very own proprietary algorithm, “Guiding Light”, to provide the best user experience for our users.
Q — Ayeley from GAINS: Let’s talk about the token now. What role does the token play in the Atlas DEX ecosystem?
A — Patrick from Atlas DEX: We’ve put a lot of thought into the design of $ATS to ensure the long-term success of the project. $ATS will be a governance token, where users will be able to vote on proposals and direct the future of #AtlasDEX. There will also be several utilities built into $ATS, such as trading fee discounts for $ATS stakers and liquidity mining. Fees generated from #AtlasDEX will also be used to regularly buy back $ATS from the open market to be burned, providing value for all $ATS holders.
Atlas DEX aims to continually increase demand for Atlas DEX Token ($ATS) by expanding the token’s use cases. Here are some future utilities of the token you can expect:
1) Different staking tiers for fee discounts
2) Stake your $ATS and earn more tokens
3) Vote on proposals relating to the Atlas DEX Ecosystem
4) Access to exclusive launchpad token sales Access our NFT marketplace
Q — Ayeley from GAINS: How can we get some $ATS. Is it already listed or you are yet to have the TGE?
A — Patrick from Atlas DEX: Good question! We are currently in the midst of our IDO! 🚀 However, take note that the whitelist application closes tonight at 23:59 UTC… You have approximately 10 hours left to whitelist yourselves, don’t miss out! 🔗 Check out this guide. Whitelist yourselves here directly.
Q — Telegram user Tubii: Can you please share the tokenomics and vesting schedule? And when you will be listing on CEX?
A — Patrick from Atlas DEX:
Total supply: 250m $ATS
Private investors — 20% — 2 years vesting
Team & Advisors — 22% — 3.5 years vesting
Treasury reserves — 20%
Liquidity Incentives — 30%
Marketing, Community Reserves, IDO / Public Sale — 8%
As you can see, the team & private investors’ tokens are locked up for anywhere between 2 to 3.5 years. This shows our commitment to the long-term success of Atlas.
We are listing on a tier-1 CEX on 25th January 2022 as well. Keep a lookout!
Q — Twitter user @abbanqureshi2: All the unfortunate and costly breaches in the past point to one obvious fact: using DEXs requires extra care and responsibility to overcome the vulnerability to a wide range of security and privacy breaches. How would you manage to overcome that?
A — Patrick from Atlas DEX: We have been audited by Kudelski, a leading blockchain auditing firm in the market. The report will be made ready for the public to view soon, so do keep a lookout! However, what’s more, interesting is that we are using Wormhole technology to enhance the security of transactions on our platform. We are also leveraging off the security of Wormhole technology.
The wormhole is a bridge with several decentralized guardians securing the transactions. When funds are locked, let’s say on Ethereum or Binance Smart chain, an event is triggered and captured by these guardians. When 2/3rd of the guardians confirm the transactions on the source chain, they sign and issue something we call VAA which is then handled by the target chain for example Solana.
This is a secure and decentralized way of transferring assets from one chain to another. Since Atlas doesn’t hold any cross-chain funds, it ensures that Atlas is as secure as Wormhole itself and can’t be hacked like other cross-chain platforms.
Q — Ayeley from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A — Patrick from Atlas DEX: Yes we did! We were able to raise $6M from Jump Capital, Huobi Ventures, and other leading investors. You can find out more from here.
It was no easy feat to bring together so many top-tier investors in our cap table. While I was able to make the introduction of some of these valuable investors to the team, it was ultimately our product & technology edge which got their attention and commitment. Here are some of the comments from our investors… “As the DeFi ecosystem grows, cross-chain interoperability becomes increasingly important to end-users. We’re impressed at how Atlas DEX uses trusted technology and its intuitive user experience to simplify the complexities of cross-chain connectivity and reduce barriers for users.”
— Saurabh Sharma, General Partner at Jump Capital “The 1st Generation DEXes offered an alternative to CEXes, but the marketplace is still fragmented. We believe Atlas DEX has cutting-edge technologies to bridge all blockchain ecosystems, realize the interoperability of assets on public chains, and help users complete the conversion and transfer of assets under a safe environment.”
— Evans Huangfu, Senior Investment Manager at Huobi Ventures Evidently, our investors were impressed with our product’s UX and efficiency, even at the alpha stage of the product when we were pitching to them. They resonated without vision and mission and did not hesitate to support us in our journey to build Atlas DEX for everyone.
Q — Ayeley from GAINS: How far along are you with your roadmap and what should we expect in the next weeks and months?
A — Patrick from Atlas DEX: In Q1 & Q2 of 2022, you can expect us to introduce $ATS staking, ETH/BSC/Polygon-to-Solana cross-chain swaps, and integration of Avalanche and Terra chains. Going forward thereafter (late 2022). We are also planning to introduce liquidity pools & farms, an all-in-one DeFi dashboard, governance DAO, NFT marketplace, launchpad, and lastly integration of additional chains. In short, the innovation doesn’t just stop here! While we had a successful launch of our cross-chain swap platform, it’s only the beginning! 🔥
Q — Telegram user 🧡HUYEN💙: What are the plans to educate and raise awareness and adoption among the community to make more people understand Atlas DEX easily (even for beginners)?
A — Patrick from Atlas DEX: We are in the midst of building our GitBook documentation to be as user-friendly and beginner-friendly as possible! This will include a tutorial on how to use our features. Going forward, we will run a blog page on our platform which will cover DeFi topics and also provide interesting evergreen content that’ll help everyone on their DeFi journey. Stay tuned!
Q — Telegram user Cengizhan Tekin: You currently support a 1-way swap for limited blockchains. Do you plan to make it 2-way and for more blockchains, when?
A — Patrick from Atlas DEX: We have plans to make it two-way and also integrate other chains in Phase 2 of our cross-chain swap.
Patrick, thanks for coming into our community, and taking the time to answer our questions. Do you have any final words for us? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS
Don’t miss out on our IDO on Solstarter, closing application tonight at 23:59 UTC, 21 Jan 2022! 🗞 Subscribe to our newsletter for exclusive news. You can also follow us on our social media channels below-:
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Best to subscribe to the newsletter and join our Discord where all the actions are at… 👀 — Patrick S from Atlas DEX
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