【IOTA 中文社群 X Tangleswap🛸 文字AMA 紀錄 with English version】

🕒 時間/Time: 2023.03.25 21:00–2300 (GMT+8)

📍 地點/Where: IOTA 凸了木 https://t.me/IOTAmoon

🎙 主持人/Host: KOWEI（量子）

🙎🏻 項目嘉賓/Guest: Sevane & Tanglestrong

AMA 記錄中文版(English version is below)

主持人提問：

Q1: 能否請您簡單介紹一下 Tangleswap 和自我介紹？

A1:當然，簡單來說，TangleSwap 是一個去中心化交易所(DEX)，但實際上是 IOTA 生態系統中所有 DeFi（去中心化金融）應用的中心樞紐，我們開發了一套準備就緒、經過審計的產品組合，最初將由 7 個 dApps 組成，具有行業內最新的創新和一些TangleSwap獨有的獨特功能。

我們最初的目標是為 IOTA 和 Shimmer 社區提供最先進和有效率的工具，同時朝著成為全球加密貨幣和非加密貨幣用戶的「DeFi 目的地」的願景邁進。

我們兩人（Sevane 和 Tstrong）於 2021 年初創立了 TangleSwap，並一直不停地努力讓它更好！Sevane 擁有技術背景，擁有超過 6 年的軟體和業務開發經驗，包括 3 個初創企業的創立和募款；Tstrong 則來自金融和加密貨幣背景，擁有超過 5 年的業務發展經驗，自 2014 年以來一直積極參與加密貨幣，自 2017 年以來一直參與 IOTA。

Q2: Tangleswap 為何選擇IOTA 做為底層公鏈開發呢？有計劃跨鏈嗎？

A2:絕佳的好問題，我們相信，IOTA協議是從零開始發展和成長TangleSwap V1產品系列和持續執行其願景的完美土壤。

在Tangle L1的基礎上開發為我們提供了令人難以置信和獨特的技術優勢，與生態系外的其他競爭對手相比包含：超常的可擴展性、零費用基礎層、沒有MEV攻擊、可組合性和包容性等等。

這項技術優勢不僅對我們有益，也對其他建造者和生態系用戶有益：IOTA的UX與其他生態系相比將會有很大的提高。我們其中一個合作夥伴（bivreost）推出的Telegram錢包發布就是很好的證明。

IOTA提供的不僅僅是令人興奮的技術創新；它也是最合規的加密貨幣之一，例如，歐盟選擇他們作為區塊鏈合作夥伴的示例。

基於以上的理由（我推薦你們閱讀我們的白皮書最後一部分）IOTA/Shimmer提供的不僅僅是令人興奮的技術創新；也將使其成為Web3和現實世界應用之間的完美橋樑。

更重要的是，他們令人驚嘆的社群已經被證明是極為忠誠、充滿支持和最活躍的加密貨幣社區之一 ，儘管他們在這些年中經歷了所有障礙，但像我們一樣，他們是IOTA願景的真正信徒，相信IOTA會成為具有革命性和卓越的Web3協議，最終能夠突破現實世界大規模採用和所有Web3的障礙。

Kowei 對於忠誠的評論：我會說定義忠誠最好的方式是錢和時間：而IOTA 社群就是已經經歷超過五年的挑戰和價格曾下跌90%

Q3: 請問Tangleswap 的團隊構成、有多少人力分別開發七大功能呢？

A3:截至2023年3月，TangleSwap共有11名成員，包括：

3名商務和市場團隊成員(BD)

6名開發人員，負責智能合約、後端、前端和整合等方面(Dev)

2名視覺設計師，為品牌提供時尚且易於識別的形象(Design)

此外，我們還最近加入了一位商務顧問，她是一位金融科技和加密行業的泰斗，名為Sophia Shluger。她曾在高盛、桑坦德銀行的企業和投資銀行私人債務部門、美國運通的全球業務發展部門和Amber Group的董事總經理等職務擔任過，擁有豐富的行業經驗和知識。能有Sophia的支持是我們的榮幸，她為我們提供了廣泛的人際網絡、行業特定的專業知識，將是TangleSwap的一個巨大推動力。

Q4: Tangleswap 團隊為何選擇匿名呢？是顧慮隱私還是擔心政府監管？匿名有什麼優缺點？

A4:是的，我們不公開身份的原因與避免成為駭客/攻擊者和網路酸民的目標有關，同時也是因為整個產業對於監管的不確定性（例如 可以看看Dom 最近的提議，是旨在避免 DAO 結構所帶來的複雜法律問題）。更重要的是，由於加密貨幣領域的發展遠比法規在這（和許多其他）技術領域快，我們看到法規可以非常不穩定，例如美國證券交易委員會SEC對 Ripple 的（失敗）訴訟案如何損害了他們的聲譽，即使只有為期一到兩年。也有其他項目沒有理由的被SEC 攻擊

我們認為匿名是協議的另一層保護和安全，但重要的是要注意，我們的匿名其實是偽匿名，我們已經知道可以信任的極少數成員其實已經知道我們的真實身份-我們甚至參加了柏林的 IOTA 線下聚會，並在那裡介紹了 TangleSwap！能夠在真實世界遇到IF 成為實在是非常棒的經驗，我們甚至一起喝了啤酒一整晚!!!

我們希望在協議穩定運作幾個月後（ShimmerEVM本身以及 TangleSwap）且協議經過“測試”（為了防止駭客/攻擊者，因為他們似乎喜歡關注協議存在的前幾個月）、以及法規更加穩定一些後（特別是在歐洲，因為我們有過半成員在歐洲，其他位於加拿大、美國、南美洲與澳洲），我們將非常樂意透露身份。

Q5: 是否可以介紹一下Tangleswap 與ShimmerSea/TangleBee的不同之處（功能或設計哲學），會給大家什麼驚奇呢？

A5:與其他協議的差異而言，我們認為目前(2023.03 ShimmerEVM測試網公開之前)尚無足夠的資訊來進行適當的比較，但就我們所知，我們的兩個競爭對手都將使用傳統的 AMM 模型（uni v2），因此就起步而言，這對我們來說將是一個「巨大」的競爭優勢，再加上我們獨有的創新功能。

事先群友提問

Q1 來自 wiwiGreen：代幣經濟學與產品設計

Q1.1. AMM 池子引入 Oracle 動態調整手續費是個滿有趣的想法，但是在SMR 原生的小幣種可能只在一個 dex 有交易對時，那也就沒有Oracle了，那該如何設計手續費? 其次，之前DoDo 也是有類似的PMM 設計，請問你們有研究過DoDo 的興衰嗎？

A1.1 Tangleswap的費用設計不會受到 Oracle Balancer 影響，相反地，請將其視為一種附加功能，而我們在其他地方也沒有看到類似的設計！

當啟用 Oracle Balancer 時，在產生重大波動且池價格與實際資產價格之間產生顯著差異的情況下，它將增加 LP 選擇的費用。如果未啟用，將收取標準費用。請將其視為一種補償 LP 為其服務而與 LP 獲得的套利收益相平衡的方式，因此增加收入並減少不變損失。

DoDo 使用完全不同的系統，因此我認為無法與我們的系統進行比較。此外，我們智能合約的設計具有靈活性，可以“微調”Oracle Balancer的影響（在一定範圍內），這樣它就可以被“關閉”，或者在波動率高時我們可以“增加其影響力”。這樣我們就能夠靈活調整，以應對不斷變化的市場條件

Q1.2 buyback-and-burn(bbb) 在一些實驗上已經證明是對於幣價沒有幫助的機制，為什麼在這種時候還會引入buyback-and-burn? 將 buyback 的 token 回饋給質押者不是更好嗎？匿名團隊在設計代幣經濟學上面自由度比較高吧？

A1.2我們認為單純進行回購燒毀(BBB)是無法支撐/維持代幣價格的，實現這個目標需要考慮協議價值、代幣經濟設計、產生的收入和商業模式等眾多因素。

回購的運作方式使持有人比直接分配一部分費用「更為受益」，這已經在傳統市場中「有得到證明」。

所以比較回購燒毀和分配利潤後，若選擇燒毀

1代幣持有人看到代幣價格行動的信心增強(這是我們匿名聲譽系統的關鍵)，並且他們的目標與協議相符。

2提高代幣持有人價值：通過燒毀這些回購代幣，我們增加了每個持有人持有的總供應量和流通供應量的百分比。

3提供流動性和購買壓力

4稅收和法規

我們認為匿名對於我們實現這種模式並沒有幫助，相反，我們認為直接分配（和收集）獎勵或許對其他協議團隊更有利，因為他們團隊有更大的個人誘因，而不是使用回購和銷毀方法。

Q1.3 VE 計算方式是會依據時間逐漸增加這是個很有趣的設計，可以預期開始時會讓大家都買幣去 pump 價格，但要怎麼避免早期鯨魚或者早期參與者大量佔據 VE，使得後面的人只能鎖更多幣才能追上造成 VE 不夠平均的問題?另外，VE 是否只有EOA 地址可以獲得，如果允許智能合約地址控制VE，那麼類似Convex 之於Curve 的協議將不可避免，你們有什麼想法嗎？

A1.3 確實是個非常非常好的問題，我們將根據我們的Void 私募預售估值設置初始的資金池價格，並考慮到第一批購買者將是TangleSwap的早期採用者，因此他們理應會得到一些好處，但仍需謹慎考慮可持續性。這意味著價格不會太低，以避免我們已經看過許多次的經典“埃菲爾鐵塔”價格形狀，即過於便宜的價格允許鯨魚大量收購，然後將其投機價值從協議中提取出來(dump)，並立即尋找下一個機會。

更重要的是，請注意VE是我們衡量聲譽的方式。這意味著，如果某人積累了大量的VE（例如以公正價格購買了大量的VOID並「長時間」持有），這只意味著他有非常高的聲譽，並且「長期」來看看到協議成功符合他的最大利益。

這就是我們所謂的經典「艾菲爾鐵塔」形狀，這是一些專注於快速增長或其他目標而沒有太注重可持續性的項目的通病。

這就是VE系統的美妙之處，它既簡單又有效。先驅者Curve發明了他們的veCRV模型，但在我們看來，veCRV有這樣的特點，即隨著時間的推移，你失去的veCRV越多…這不是很好！想象一下，你投資了2年，1.5年後，你仍然需要等待6個月才能再次使用你的代幣（也許是為了獲得veCRV補充），但不幸的是，你只有25%的初始權力…這對我們來說是非常重要的問題，我們用我們獨創的VE模型解決了這個問題。

實際上，雖然我們的系統運作方式不同，但是出現Convex這樣的工具是可能的，就像對於Curve的Convex一樣。這種開發通常出現在協議達到相當的市值時，因此如果出現類似於Convex但針對TangleSwap的工具，我們會非常高興，這將意味著我們已經躍居前列（top 5 top 10）！

這裡我們補充一下，Convex通常被認為是“放大Curve經濟模型效能的工具”。(https://medium.com/@echidnafinance/curve-convex-a06b8eaf8ec3)

Q2 來自LP_Wang 安全性與償付能力一直是DeFi 協議的核心，請問

Q2.1 Tangleswap如何防止協議被攻擊，有審計和緊急行動委員會嗎？

A2.1 安全是TangleSwap的最高優先事項。這就是為什麼我們選擇了一個經過考驗的協議和代碼，例如Uni v3的代碼，作為我們創新的基礎層。這使我們能夠在不放棄Uni v3協議在多年間證明其提供的數十億美元TVL和交易量的穩健性和安全性的情況下，改進和放大所有它們的優點。這意味著我們的交換和提供流動性(LP)的合約與Univ3的合約一樣安全。

對於我們的其餘dApp，我們的所有代碼都由Zokyo審核（ https://www.zokyo.io/ ），這是Web3領域中最有聲譽的審核公司之一，由IF介紹給我們，並且也是Touchpoint的成員，我們確保我們的協議符合最佳安全實踐（例如多簽合約）。此外，一旦上線主網，我們將提供我們將提供一個永久性的漏洞賞金，這是主要協議和平台的標準作法，同時保持一個健康的項目金庫，以應對任何潛在的攻擊，如果需要的話（我們看到過太多協議在過去的攻擊中幾乎把整個金庫花光了，我們將從中吸取教訓！）

除此之外，我們的首席區塊鏈開發人員Pilot Hercules多年來一直是審計員，在區塊鏈開發領域擁有豐富的經驗。他曾是Solana和Ethereum基金會的審計員，還審計過許多其他有聲譽的協議。與Pilot Hercules一起，Pilot Tangular提供了額外的安全層，他有超過4年的API開發、雲端解決方案和系統設計、測試和安全保障方面的經驗。另外，最近加入開發團隊的新一位成員負責智能合約集成，曾經是頂尖審計公司的審計員(全球前三的公司)。

此外，我們的所有團隊成員都被強制遵循最佳安全實踐，我們也鼓勵其他人這樣做（參見我們的Security Sundays版本：

https://twitter.com/TangleSwapE/status/1538497309176217600

Q2.2 假設Tangleswap遭受攻擊後，有甚麼措施或金庫可以補償流動性提供者的資產？

在這個極不可能發生的「協議遭受成功攻擊的事件」中（攻擊CLMM Dapps 就是攻擊Uni V3的難度），我們已經擁有自己的內部協議(SOP)萊處理，其中包括：

1資金恢復，與相關夥伴和執法機構聯繫

2損害控制

3立即和高頻率的溝通計劃

4可能損失的補償，包括通過恢復的資金分配和通過財務持有和其他收益流的補償計劃，以彌補剩餘的損失來回歸正常運作

我要再次強調這是極不可能發生的基於前面提到的假設，不過任何金融產品都有>0%的風險，所以避免任何可能的危險情境發生是極為重要的

Q3 來自 Bruceio：NFT 與測試網活動

Q3.1我注意到了 TangleSwap 的 NFT 質押功能。請您告訴我在早期階段TangleSwap 將支持哪些 NFT 系列的質押？未来是否考虑支持NFT抵押和借貸功能(NFTFI)？

A3.1最初會是我們自己的創世收藏品(https://www.nft.tangleswap.exchange/)。

我們目前正在與來自IOTA生態系統的其他NFT收藏品所有者進行溝通，他們有興趣將其收藏品列入清單，但這些信息直到我們接近主網發布時才會公開。

TangleSwap本身不會提供NFT借貸，但我們相信，由實際收入支持的NFT以及我們的NFT(uni v3 倉位)，會是非常適合為Shimmer/IOTA生態系統提供這些(NFTFI)服務的NFT。

Q3.2 很多項目都會通過參與ShimmerEVM測試網空投來推廣自己，TangleSwap 是否也有這樣的ShimmerEVM計畫？這種計畫只會給予Tangleswap NFT 持有人嗎？

確實，我們將會積極獎勵和激勵 TangleSwap 的 ShimmerEVM 測試人員（詳細公告請見下方），取得相關資訊和保持最新狀態的最佳方式是關注我們的 Twitter，並加入 Crew3 空間。https://crew3.xyz/c/tangleswap/questboard

現場提問

Q1:AMM的價格區間是0到無窮，CLMM的價格區間有一個range存在，如果從swap token的taker的角度來看，要是遇到極端的單邊行情，AMM會自動調節價格，但CLMM卻有可能發生價格out of range到沒有人掛流動性的地方，請問這個時候這個LP會停止報價並拒絕交易嗎，還是會有其它的處理方式？這個是不是CLMM的缺陷之一？

A1 如果發生以下條件，這種情況才會發生：

（I）所有流動性都集中在特定價格範圍內，且完全沒有價格在該範圍之外；

（II）該資產的價格越過該特定範圍；

（III）現有的所有流動性提供者都沒有重新平衡其持倉以使其符合市場確定的新價格。

請注意，為了使這種情況變得真實可行，這種價格的變化必須在所有市場中產生，否則套利者會重新調整價格。

在這種情況下，將沒有足夠的流動性來進行交易，對於組成池子中的其中一個資產而言，它的價值會下跌，但對於另一個資產而言，仍然有足夠的流動性進行交易。

現實情況中，市場比這更有效率，總是有一些流動性分散在較寬的價格範圍內（並非所有流動性都集中在狹窄的範圍內）。如果價格變動，流動性提供者會重新平衡其持倉，以尋求從波動中獲利，從而增加交易量，如果價格變動發生在DEX內部，套利者會重新平衡池子。

Q2:我理解的Oracle 就是從指定的 API (cryptocompare) 獲取特定crypto的交易價格，藉由演算法來預測價格。在這樣的機制下所導入的API就是很重要的資訊，不知道tangleswap目前是怎麼篩選導入的數據的?要怎麼防止導入的api沒有被操控或利用。Chainlink Oracle來動態調整手續費、造市搓合的參數會不會有風險，你們如何預防風險?

A2:首先，我們應該強調，我們永遠不會讓我們的智能合約依賴像 Cryptocompare 這樣的中心化 API！

Chainlink 是一個完全去中心化的 Oracle，與 API 不同的是，來自 Chainlink 的數據具有「區塊鏈級別」的安全性。它不會被駭客輕易攻擊，就像 IOTA 或 Ethereum 一樣！🙂

因此，Chainlink 不會帶來任何嚴重的被駭風險。其他類似的 Oracle，例如 Pyth 等，也是如此，我們也與它們保持聯繫 👍

Q3:我很幸運地通過參加你們的活動贏得了 SOUL NFT，你們有沒有針對 SOUL 的特別計劃？例如成為 TangleSwap VIP、免費手續費，或者有任何實質性的獎勵系統？你們打算如何增加持有 SOUL 的獎勵，使其成為具有所有功能的 NFT？

A3:到目前為止，SOULS是我們釋出的 PFP 收藏品，這是在許多社區成員的要求下推出的。如果您想要能確定從 TangleSwap NFT 獲得100％的實用性，那麼我建議您檢查我們先前分享的鏈接

Q4:小幣的交易搓合價格落差容易很大，在Oracle banlancer之下會造成手續費的提升 (我記得是25%)，影響小幣的發展？

A4: 我想這個問題混淆了兩個不同的概念：

(1) 交易費用，在我們的CLMM協議中可以是0.05％、0.3％或1％，如果Oracle Balancer啟用，則這個費用會變為0.0625％、0.375％和1.25％。你會發現，對於進行交易的人來說，差異並不大，但對於提供流動性(LP)的人來說，他們的總收入將增加25％！

(2) 另一件可能混淆的事情是價格影響（或類似的概念，滑點），對於小市值幣種來說，這些費用可能非常高，我想這就是你在想什麼。

最好的消息是，由於我們的CLMM資本效率可以高達傳統AMM的4000倍（是的，4000倍！），您將會發現在TangleSwap上，與小幣種的交易價格影響/滑點費用比在例如ShimmerSea或Iotabee等平台上更便宜，因為它們使用較老的AMM技術(Uni V2。我們真的為這種競爭優勢感到自豪，連同我們擁有的其他優勢（請參閱我們的白皮書），並非常激動能成為唯一確認將其引入IOTA和Shimmer生態系統的平台👍

Q5:請問未來有計劃發行穩定幣嗎(像是Aave 或Curve)？

A5:我們不會發行穩定幣，但我很高興地宣布，我們一定會讓所有用戶可以使用主要的以太坊穩定幣：USDT、USDC、BUSD 和 DAI。

此外，我們知道一些項目計劃在 Shimmer 和 IOTA 網絡上原生發行自己的穩定幣 — 我們一定會在 TangleSwap 中提供這些穩定幣，包括設置專門的流動性池和 Asteroid Farm，讓您享受最重要的穩定幣交易對的深度流動性。所有這些都由 CLMM 算法加持，讓您可以體驗到超強的交易體驗 😎

Q6:你們使用 uni v3 當作基礎來開發是否有考慮到 uni v3 授權的問題?

如果不擔心的話是否認為主網上線日期本來就會超過 4/1 的 uni v3 授權期限嗎？你們挑選 chainlink 而不是 pyth 是否有什麼考量因素？是否有任何對應機制避免 chainlink 又發生上次的 luna 寫死最低金額的問題?

A6:嗯，我不確定我是否理解這個問題 — 畢竟該許可證在距今僅剩7天到期！😀

當然，過去一年我們考慮到了許可證議題，實際上有一段時間我們同時開發了我們的CLMM和一個替代方案，以防萬一需要。但一旦我們看到預期時間表會奏效，我們就放棄了替代方案，開始編寫我們的白皮書和準備其他6個dApps。請記住，我們總共有7個dApps：

(1和2) Swap和LP，來自CLMM

(3) Asteroid Farms

(4) 多鏈橋

(5) VE Staking

(6) NFT Staking

(7) 投資中心

❤️‍🔥

ChainLink是我們較為熟悉的去中心化Oracle提供者，但我們已經與Pyth和其他Oracle提供者密切聯繫，以便能夠提供準確的數據來源（數據越多越好！），雖然Chainlink本身已經證明足以安全地提供所需的服務。

至於第二個問題，我們的Oracle Balancer設有最低閾值，以確保它不會因任何差異而觸發。同樣地，如上所述，我們正在與其他Oracle提供者進行討論，以確保提供最準確的數據。數據餵價的影響與Luna根本不可比，即使在最壞的情況下，它也只會使費用增加有限的百分比，直到其得到糾正或停用。👍

Kowei:讓我用一句話做結尾，許多人都在思考兩個Tier1 DEX Uni 和Curve 到底誰會獲勝，是產品致勝還是經濟模型致勝，對於我來說，TanlgeSWAP 提供了一個Tier 0 的答案，為何不能兩個都要，兩個都做到頂尖

AMA record English version

Moderator’s Questions:

Q1: Could you please briefly introduce Tangleswap and yourself?

A1:Sure! In short, TangleSwap is a decentralized exchange at its core, but really a central hub for all things DeFi (Decentralized Finance) within the IOTA ecosystem. As we have developed a production-ready audited product palette, initially composed of 7 dApps, with both the latest industry innovations and a few unique, TangleSwap-exclusive features 🛸

Our initial goal is to provide the IOTA and Shimmer community with the most advanced and efficient tools, while we steer towards our vision of becoming the ‘’to-go’’ DeFi option for crypto and non crypto users worldwide.

We both (Sevane & Tstrong) founded TangleSwap in summer of 2021, and have been since then growing the team & working non-stop to make the best of it!

I come from a technical background with +6 years of experience of Software & Business Development, 3x startup founder including Fundraising, and Tstrong comes from a financial and crypto background with +5y of Business Dev, actively involved in crypto since 2014 and IOTA since 2017.

Q2: Why did Tangleswap choose IOTA as the underlying public L1 for development? Are there plans for cross-chain integration?

A2:Hehe excellent question — we believe that the IOTA protocol is the perfect soil for developing and growing from 0 TangleSwap’s V1 product palette and the continuous execution of its vision.

Being built on top of the Tangle provides us with incredible and unique technology advantages when compared to out-of-the-ecosystem competitors: hyper-scalability, zero fee base layer, no MEV attacks, composability, and permissionless inclusivity, among many others 🔥

This technological excellence of IOTA & Shimmer benefits not only the TangleSwap protocol, but also evert other builder and user of the network, which will see their UX being improved very significantly when compared to other ecosystems. Good proof of it is the release of the telegram wallet from one of our partners: https://twitter.com/bivreost/status/1638435264912584707

Also! IOTA offers much more than exciting technological innovations; it is one of the most compliant cryptocurrencies, for example, see how they were selected by the EU as their Blockchain partner: https://iota.org/solutions/ebsi

So for all these reasons and a few more (I recommend the last section of our Whitepaper if you’re interested!) we firmly believe IOTA & Shimmer make the perfect bridge between web3 and real-world applications

Importantly their amazing community has proven to be loyal, supportive, and one of the most active in the whole crypto space — despite all hurdles they have gone through during the years. Like us, they are true believers of the IOTA vision of becoming a revolutionary and predominant web3 protocol that will finally be able to break the barrier between real-world adoption and all-things-web3 🌐💜

kowei’s comment on loyal: I would say the best way to define loyal is by time and money, IOTA community can survie after 5 years of challange with price dump 90%+

Q3: What is the team composition of Tangleswap, and how many people are working on developing the seven main dapp features?

A3: So, as of March 2023 we currently have 11 people working at TangleSwap:

- 3 on the Business & Marketing team

- 6 Developers covering everything from smart contracts to backend, frontend & integrations

- 2 Visual Designers that keep on delivering a sexy recognizable brand

And as a bonus we have somewhat recently onboarded 1 beast of a Business Advisor, with whom we’re incredibly proud to be working with. Her name is Sophia Shluger, she is a true titan in the Fintech & the Crypto industry.

Just to give the quick rundown let me list some salient experiences in her career: she’s Ex-Goldman Sachs, Private Debt within Corporate & Investment Banking at Banco Santander, Ex-Global Business Development at American Express and Ex-Managing Director at Amber Group. Having Sophia backing us up in a great honor, and an immense boost by giving us access to the extensive network, knowledge, and industry-specific know-how.

Q4: Why did Tangleswap’s team choose to remain anonymous? Was it due to concerns about privacy or government regulation? What are the advantages and disadvantages of anonymity?

A4: So yeah, the reasons are more related to avoiding becoming personal targets to hackers, attackers & trolls — as well as the industry-wide regulatory uncertainty (e.g. see Dom’s latest proposal in the IF, aimed at avoiding complicated legal hurdles surrounding the DAO structure). Importantly, because the tech is so ahead of the regulation in this (and many other) technological areas, we’ve seen that regulations can be very volatile, e.g. how a (lost) case of the SEC against Ripple damaged their reputation, even if only for 1 year or 2… As well as many other projects attacked by the SEC for no good reason!

We see us being anonymous as another layer of protection and security for the protocol, but it is important to note that our anonymity is pseudo-anonymity, as very selected members which we know we can trust already know our real identities — and we even attended an IOTA meet up in Berlin and presented TangleSwap over there! It was truly amazing to get to know everyone from the IF in person, and even enjoy several beers with them at the end of the night haha 🍻

Also we will love to be able to doxx once we’ll have been running for several months with stability and “battle-testedness” both in the Shimmer protocol itself as well as the TangleSwap protocol (to deter hackers/attackers, since they seem to like focusing on the first few months of existence), as well as when regulations will have consolidated a bit more, especially in Europe where 50% of our team is located (the rest is in Canada, US, South America, and Australia)

Q5: Could you please describe the differences between Tangleswap and ShimmerSea/TangleBee (in terms of functionality or design philosophy), and what surprises Tangleswap will bring to users?

A5: When it comes to differences with other protocols, currently (March 2023, before anyone launches on the ShimmerEVM testnet) we think there’s not enough information to assess a proper comparison between protocols, but to the best of our knowledge, both our competitors will be using a traditional AMM model (the old Uniswap v2 from 2018), so for starters that would be a *huge* competitive advantage to us, on top of all our unique to us innovations with the 7 dApps!

Pre-event Question Collection:

Q1 from wiwiGreen: Token Economics and Product Design

Q1.1. The introduction of an AMM pool with dynamically adjusted fees using an Oracle is an interesting idea, but in the case of small native coins on the SMR with only one dex having a trading pair, there would be no Oracle. How would you design the fees in such a scenario? Also, DoDo previously had a similar PMM design, have you researched the rise and fall of DoDo?

A1.1 The fee design is not fully controlled by the Oracle Balancer, rather see it as an add-on (which we haven’t seen anywhere else btw!).

In the cases where the Oracle Balancer is activated, what it will do is increase the fee selected by the LP in conditions of high volatility that create significant differences between pool price — real asset price. If it’s not activated, standard fees will be charged.

See it as a way of compensating arbitrageour gains with LP’s for their service, therefore increasing the revenue and reducing impermanent loss.

DoDo uses a completely different system, so I don’t think that it is very comparable to ours… Also, the smart contract has flexibility to “fine-tune” the impact of the Oracle Balancer (within a range), so that it can be “switched off” or on the opposite we can “increase its impact” when volatility is high. This way we remain flexible to adjust depending on the evolving market conditions 🙂

Q1.2. Buyback-and-burn has been proven to be ineffective in some experiments in supporting token prices. Why is it being introduced now? Wouldn’t it be better to give the buyback tokens back to the stakers? I believe that the anonymous team has more freedom to explore different designs of token economics, right?

A1.2 We believe that buy-backs by themselves are not enough to support/sustain the price action of a token: protocol value, tokenomics design, revenue generated & business model, among many other aspects, are key to achieving that goal.

The way buybacks work makes it much more beneficial for the holder than just directly distributing a portion of the fees, as has been demonstrated in traditional markets. (https://corporatefinanceinstitute.com/resources/)

So comparing buybacks vs. “giving tokens directly to holders”, with revenue-based buybacks:

-Token holders see their confidence in the token price action increased ( which is key to our anonymous reputation system) and their goals are protocol-aligned.

- Improved token-holder value: as by burning those tokens we increase the % of total and circulating supply that each holder has

- A permanent source of liquidity and buy-pressure

- Taxes and regulations are much easier to handle

Last, the question said “I believe that the anonymous team has more freedom to explore different designs of token economics, right?” — we don’t think that being anonymous has helped us to implement this model, rather we think that it is just more beneficial to other protocols teams to distribute (and collect) the rewards directly as there are bigger incentives for them personally, instead of using the buy-back and burn method.

Q1.3: The VE calculation method gradually increases over time, which is an interesting design. It is expected that everyone will buy tokens to pump the price at the beginning, but how do you prevent early whales or participants from occupying a large amount of VE, making it difficult for others to catch up and causing an uneven distribution of VE? Additionally, can only EOA addresses obtain VE? If smart contract addresses are allowed to control VE, it may lead to protocols similar to Convex for Curve. What are your thoughts on this?

A1.3: Very, very good question indeed!! 🧠

We will set the initial pool price in accordance with our $VOID pre-sale valuation and taking into consideration the fact that the first buyers will be TangleSwap’s early adopters and therefore there should be some substantial benefit to them, but with sustainability in mind. This means that the price won’t be low enough to avoid the classic ‘’tour-eiffel’’ price shape we’ve seen so many times, where too-cheap prices allow whales to accumulate and then dump on true supporters that are willing to pay a higher price for those tokens, extracting the value from the protocol and immediately leaving it in the search for the next opportunity.

This is what we mean by the classic “eiffel tower” shape, which is typical from projects which did not focus so much on sustainability as they focused perhaps on fast growth, or other goals.

Importantly keep in mind that VE is our way of measuring reputation. This means that if someone accumulates a big share of VE (i.e buys a significant amount of VOID at a fair-price and stakes for a very long period), this only means that he has a very high reputation and it’s in his best interest to see the protocol succeed long-term!

This is the beauty of the VE system, it’s simple yet effective — and it’s been explored before, the pioneers being Curve with their veCRV model — but in our opinion, veCRV has this feature where you lose more veCRV the more that time passes… which is not great! Imagine that you stake for 2 years — after 1.5 years, you still have 6 months before you can use your tokens again (maybe to get a veCRV refill), but sadly you only have 25% of your initial power… This is really something that was very important for us to solve, with our 100% original VE model 🙌

And indeed, although our systems work differently, it would be possible to see tools like Convex for Curve for TangleSwap and VE. This kind of development usually appears when the protocol reaches a considerable marketcap, so we would be more than happy to see tools like Convex but for TangleSwap to appear, that would likely mean that we’ve made it into the top 5 or top 10 globally!

And it’d be excellent to have this built — note how Convex is usually regarded as “an amplifier of the effectiveness of Curve’s economic model”: (https://medium.com/@echidnafinance/curve-convex-a06b8eaf8ec3)

Q2 from LP_Wang

Q2.1 How does Tangleswap prevent protocol attacks? Does it have an auditing process and an emergency response committee in place?

A2.1: Security is TangleSwap’s outermost priority. That’s why we chose a battled-tested protocol and code, like the one from univ3 as the base layer for our CLMM. This allowed us to improve and amplify all their benefits without giving away the more than proven robustness and security that the Univ3 protocol has proven to offer through the years with billions in TVL and Volume. This means that our contracts for swapping and liquidity provision are as secure as Uni v3 contracts.

For the rest of our dApps, all our code is audited by Zokyo (https://www.zokyo.io/)one of the most reputable audit firms in the web3 space, introduced to us by the IF and also members of Touchpoint, and we ensure that our protocol is up to date in security best-practices (i.e multi-signature contracts). Additionally, once on mainnet, we will be offering a permanent bug bounty as it’s standard practice in major protocols & platforms, as well as keeping a healthy Treasury to react to any potential attacks, if need be (we’ve seen too many protocols spend almost their whole treasury in the past aggressively, we’ll be learning the lessons from them!)

On top of all of this, our Lead Blockchain developer, Pilot Hercules, has 10 years of experience coding in Solidity and he has been an auditor for many years too, with vast experience in the software blockchain development field. Together with Hercules, Pilot Tangular offers an additional layer of security with his +4 years of API development, cloud solutions, and system design, pentesting & security assurance. Finally more recently, one of the most recent additions to the dev team, in charge of Smart Contract integrations, joined us right after working for a top-tier audit firm (top 3 global!).

Last, we enforce strict well security best practices on all our team members, as well as we encourage our community to do the same, see our Security Sundays edition:

https://twitter.com/TangleSwapE/status/1538497309176217600

Q2.2 In the event of an attack on Tangleswap, what measures or treasury is available to compensate liquidity providers for their assets?

In the unlikely event of a successful exploit of the TangleSwap protocol (which for our CLMM dApps it would imply an attack vector on Uniswap V3 themselves too), we would act switfly with:

- Recovery of funds, and coordination with pertinent entities & authorities

- Damage containment

- Immediate & Frequent Communications Plan

- Immediate fixture of the exploit vector, and back to normal operation

Again, I’d like to stress the unlikeliness of this happening due to the numerous precautions taken, but still the risk with any financial product will never be 0% and it’s critical to prepare for every single possible scenario 👍

Q3 from Bruceio, NFT and Testnet Activities

Q3.1:I noticed TangleSwap’s NFT staking feature. Can you tell me which NFT series will be supported for staking in the early stages of TangleSwap? Are there plans to support NFT collateralization and borrowing/lending (NFTFI) in the future?

A3.1:Initially our own genesis collection (https://www.nft.tangleswap.exchange/)

We are currently in talks with other NFT collection owners from the IOTA ecosystem interested on getting their collections listed, but this information won’t be public until we are closer to the mainnet release.

TangleSwap itself won’t be offering NFT lending, but we do believe that our NFTs backed by real sources of revenue as well as our NFT liquidity positions, are the perfect fit for a protocol looking to offer these services for the Shimmer and IOTA ecosystem.

Q3.2 Many projects promote themselves by participating in ShimmerEVM testnet airdrops. Does TangleSwap have similar plans with ShimmerEVM? Will this plan only be available to TangleSwap NFT holders?

A3.2 Indeed, we will be actively rewarding and incentivizing ShimmerEVM testers of TangleSwap (see announcement below) — currently the best way to get access and be up-to-date with everything related to it is by following us on twitter and joining our Crew3 space (https://crew3.xyz/c/tangleswap/questboard)

Real time QA

Q1:The price range of AMM is from 0 to infinity, while CLMM has a range limit. From the perspective of the taker of swap tokens, in case of an extreme one-sided market, AMM will automatically adjust the price, but CLMM may result in a price out of range to a point where there is no liquidity available. In this case, would the LP stop quoting and refuse to trade, or are there other ways to handle it? Is this one of the flaws of CLMM?

A1: That scenario would happen if:

(I) Absolutely all the liquidity was concentrated around a specific price range and there was absolutely zero outside that specific range

(II) The price of the asset crossed that very specific range

(III) Absolutely none of the existing liquidity providers re-balanced their position to make it fit the new price determined by the market

Take into consideration that to make this scenario realistic this movement in price would need to be originated in all markets, otherwise arbitrageours would re-adjust the price

In that specific case there would not be enough liquidity to make a trade for the ‘’most valuable’’ of the both assets that was composing the pool, but it would for the one that was loosing price

Realisticly,markets are more efficient than that, and theres always some liquidity spread across wider ranges (not all is concentrated around narrow ranges), if the price moves, LP’s rebalance their position looking to profit from the volatility and therefore the increase in volume and arbitrageours rebalance the pools if that movement occurs especifically in the DEX and not so much outside of it.

Q2:My understanding of Oracle is that it retrieves the transaction price of a specific cryptocurrency from a designated API (such as cryptocompare), and predicts the price using an algorithm. In such a mechanism, the API introduced is critical information. I wonder how TangleSwap currently filters and imports data? How can we prevent the imported API from being manipulated or exploited? Does Chainlink Oracle’s dynamic adjustment of transaction fees and market-making parameters pose a risk? How do you prevent such risks?

A2:Well, we should begin by mentioning that we would never make our smart contracts depend on a centralized API like Cryptocompare!

Chainlink is a fully decentralized Oracle, which is different from an API in the sense that the data coming from Chainlink has a blockchain-level degree of security. It cannot be hacked, any easier than say IOTA or Ethereum can be hacked! 🙂

So no, Chainlink does not come with any serious risk of being hacked. Same goes for other Oracles such as Pyth or similar, with whom we’re in contact as well 👍

Q3: I was lucky enough to win $SOUL NFT by participating in your event, do you have any special plans for $SOUL? Like becoming a VIP of TangleSwap program, waiving the fee, or is there any real incentive or incentive system? How do you plan to increase the incentive to hold $SOUL and make it an NFT with all the features?

A3: The SOULS are our a PFP collection that we released after sooooo many community members asked for it — if you’d like to have 100% confirmed utilty from TangleSwap NFTs, then I recommend checking out this link that we shared before

Q4:The price difference in the matching of small coin transactions can be significant, and under the Oracle Balancer, it will increase transaction fees (I remember it’s 25%). Will this affect the development of small coins?

A4:I think this question is confusing 2 different concepts:

(1) Swap fee, which in our CLMM protocol can be either of: 0.05%, 0.3% or 1% — this fee, if the Oracle Balancer would become active, would become: 0.0625%, 0.375%, and 1.25% — as you can see, the difference for the person who is Swapping will not be large, but for the Liquidity Provider person they will increase their total revenue by 25%!

(2) The other thing that I thing was confused is the Price Impact (or a similar concept, the Slippage) — these fees can be very high for small-cap coins, and I think it’s what you was thinking about

The excellent news: thanks to the capital efficiency of our CLMM, which can be up to x4000 times higher than the conventional AMM (yes 4000 times!!), you will see that on TangleSwap your transactions with small coins will have much cheaper Price Impact / Slippage fee than in e.g. ShimmerSea or Iotabee, since they have the older AMM technology. We’re really proud of this competitive edge, together with many others that we have (see our Whitepaper), and excited to be the only ones that have confirmed to be bringing it to the IOTA & Shimmer ecosystem 👍

Q5:Do you have any plans to issue stablecoins in the future? (like Aave and Curve)

A5:Ourselves, nope we will not be issuing a stablecoin — but I’m happy to say we will 100% confirmed be providing all our users with access to the major Ethereum-based stablecoins: USDT, USDC, BUSD and DAI

Also, we know that some projects are planning on launching their own stablecoin on the Shimmer & IOTA network natively — we will most definitely be providing these in TangleSwap, including setting up dedicated Liquidity Pools and Asteroid Farms so that you can enjoy deep liquidity on the most important stablecoin pairs. All of these turbo-powered by the CLMM algo 😎

Q6:Did you ever consider the licensing issue of Uni v3 licensing when developing based on Uni v3? If you are not concerned about it, do you just think the ShimmerEVM mainnet will be online only after the 4/1 ( when Uni v3 licensing issue is gone anyway)?What factors led you to choose Chainlink over Pyth? Are there any mechanisms in place to prevent issues like the one with Luna where the minimum price was hardcoded in Chainlink?

A6:Well, I’m not sure I understand this question — the license expires in just 7 days from today! 😀

We did take into account the license of course over the past year, and in fact for a time we were developing both our CLMM and an alternative in case we ever needed it. But as soon as we saw the timing would work out, we ditched the alternative and started writing our Whitepaper + preparing the other 6 dApps. Remember that we have 7 dApps in total:

(1 & 2) Swap and LP, from the CLMM

(3) Asteroid Farms

(4) Multi-chain Bridge

(5) VE Staking

(6) NFT Staking

(7) Investment Hub

❤️‍🔥

It ChainLink is the decentralized Oracle provider we are more familiar with, but we are already in close contact with Pyth and other Oracle providers to be able to feed our pools with accurate data (the more the better!) , although Chainlink by itself has proven to be secure enough to serve the purpose

As for the second question there is a minimum treshold applied to our Oracle Balancer that secures that it won’t be trigger by any difference, also as answered above, we are in talks with other Oracle providers in order to secure the most accurate data possible. Implications of the data feed to the pools are not comparable at all with Luna as in the worst possible scenario it would only increase the fees by a limited % until its corrected or disabled👍

Kowei: Let me conclude with one sentence, many people are thinking about who will win between the two Tier1 DEXs Uni and Curve, whether it’s the product or the economic model that will prevail. For me, TangleSWAP provides a Tier 0 answer, why can’t we have both and excel in both?