Sep 26, 2021

9 min read

AMA Session with Symington Smith from HurricaneSwap

Guest: Symington Smith, Founder of HurricaneSwap

Host: Iris at MEXC Global

Introduction:

Iris: Today, we’re honored to have Symington Smith, Founder of HurricaneSwap, to our community to give us a more intuitive introduction to their unique project.

Symington, would you like to say hello and introduce yourself?

Symington: Hello all from MEXC community!

Thanks for having me here, it’s a pleasure to share the latest news about HurricaneSwap with you guys. I’m Symington, the founder of HurricaneSwap and also VP of the Beijing Chamber of Commerce in Thailand. Besides crypto, I have lots of passion for global affairs, as you can see from my LinkedIn:https://www.linkedin.com/in/symingtonsmith/

I’m half Chinese and half American, and I used to be the only American student who studied Chinese linguistics in Peking University. That’s why I have lots of Chinese friends, one of them becoming the CTO of HurricaneSwap.

Questions about the project

Q1

Iris: What is HurricaneSwap? Can you share with us more in detail?

Symington: Briefly, HurricaneSwap is the 1st cross-chain liquidity DEX based on Avalanche. With the innovative LP-Bridge mechanism (Roke Protocol), users can trade popular assets of other chains without leaving Avalanche. And taking the advantages of Avalanche, HurricaneSwap provides users with a high-performance, low slippage, low-cost and seamless cross-chain trading experience. You can check our website to see more information about us: https://test.hurricaneswap.com/

Q2

Iris: What triggers you to launch HurricaneSwap? What are some of the real-world problems/ pain points that HurricaneSwap aims to solve?

Symington: Like I mentioned above, our core team, we know Avalanche at the very beginning, we are all AVAX believers.

Hunter is our CTO and he is also the first author of Roke Protocol, which is the most innovative part of HurricaneSwap.

Ted is co-founder and chief Architect of Avalanche, it’s an honor that he could be our chief adviser and he really gives us lots of supports and help.

Actually, Ted and Hunter, they are friends in high school.

Personally, I think Avalanche is designed for DeFi, it’s one of the leading L1s. And it is powerful enough to provide us with the best development space at the moment.

Besides, transactions on Avalanche are very active. There are currently more than 680,000 contract addresses with a total daily transaction volume of more than 50 million U.S. dollars, which provides good user support for the development of DeFi. However, according to the data of the X chain and the C chain, the number of users participating in the Avalanche ecosystem is far fewer than the holders and traders of $AVAX. A large number of users have recognized the value of Avalanche, but they don’t involve the Avalanche ecology in more depth.

That’s the moment we realize that there’s a huge opportunity to build a cross-chain swap on Avalanche. So it’s beyond “we chose Avalanche”, it’s more like, we need each other. Comparing with ordinary DEX, I would like to talk more about the innovation and advantages of HurricaneSwap.

Here’s the product process shows how “LP cross-chain” works.

HurricaneSwap is a set of asset cross-chain, trading, and arbitrage tools, including a cross-chain bridge (Roke Protocol), source chain assets’ station (HurricaneStation), verifier node alliance (HurricaneAlliance), and decentralized exchange (HurricaneSwap).

The most unique selling point of HurricaneSwap is the way we make cross-chain transactions, which we called “Roke Protocol”, our original cross-chain mechanism.

It’s named after Typhoon Roke(2011), a tropical cyclone. That’s because we think HurricaneSwap is an innovative product which would change the way people think about cross-chain trading and DEX.

Different from other DEXs, HurricaneSwap achieves multi-chains transactions by establishing HurricaneStations on each source chain and creates a transaction pool on Avalanche.

In other words, it shifts the liquidity of assets from the source chain to Avalanche and realizes the seamless transaction of multi-chain assets through the setup of HurricaneStations. Users do not need to engage in complex operations like the cross-chain bridge, which makes the transaction process faster and more convenient.

Besides, compared to other cross-chain exchanges, the fee of the cross transaction on HurricaneSwap is 2‰, which is the lowest in the market. Also, it only takes two steps, less than 15 seconds, to complete the cross transaction, which significantly reduces the cross-chain cost of users. So the problem we solve is how to make cross-chain transactions more easy.

Q3

Iris: What are some of the challenges that HurricaneSwap currently faces? How do you aim to solve them?

Symington: Security is often the most important issue for users besides transaction costs and speed. Plus, since Poly Network was hacked and lost over $600 million, we think the security of assets is the first priority and also the biggest challenge. Our team realized the risk of single-token cross-chain very early on, and Roke Protocol, the LP-Bridge of HurricaneSwap, has inherent advantages over others.

Roke Protocol will mint an aLP on Avalanche from the LP on the original chain through HurricaneStation. LP is extremely secure on the source chain, so is the aLP as no one except for HurricaneAlliance has the authority to perform a single-token cross-chain operation. Therefore, if a hacker issues a cross-chain asset through an attack, there is no way to escape. Besides, HurricaneSwap is Integrating Chainlink Price Feeds to close cross-chain Price Gaps & Proof of Reserve for stronger Security.

The Proof of Reserve service will obtain the amount of assets locked in the source chain and the amount of a-assets issued on Avalanche, and ensure that the threshold of the gap between the source chain assets and a-assets is 1%. Once the ratio is greater than 1%, it will trigger the fuse mechanism and veto any calls of a-assets to prevent malicious additional issuance from affecting the contract. The development of HurricaneSwap V1 has been completed by June and already audited by PeckShield, which is a leading blockchain security company.

You can check the audit report here: https://github.com/peckshield/publications/blob/master/audit_reports/PeckShield-Audit-Report-HurricaneSwap-v1.0.pdf

And also, you can check our medium for our solutions to typical risks of cross-chain DEXs such as Fake Deposit, Multi-signature & Quota Vulnerabilities, Redemption Risk, Private Key Leakage, Flashloan Arbitrage, Keeper (Relayer) Replacement & Signature Forgery, etc.

How to Avoid Cross-chain Risks? Answers from HurricaneSwap

In august 10, Poly Network, an important cross-chain protocol for swapping tokens across multiple blockchains, suffered…

hurricaneswap.medium.com

Q4

Iris: Are there any exciting news or updates with regards to HurricaneSwap that you would like to share with the users?

Symington: Sure, there’s so much good news I’d like to share with you guys.

We started HurricaneSwap in Oct. 2020, and finished all the development of v1 in June this year, then we started to get fundraising, and meanwhile we continue the development of v2. Now, we are funded by over 20 worldwide capitals, including Huobi Ventures and A&T, JRR Crypto and so on, most importantly we are incubated by Avalanche Asia Star Fund and getting so much support from them. Even Ted Yin, the co-founder of Avalanche, joined us and being our chief advisor. FYI MEXC Labs is also one of our investors.

Last month, more specifically, 30th August,we launched the trial version, and now there are almost 200K addresses in HurricaneSwap testnet. This number is amazing as there were around 130K addresses altogether in Avalanche testnet at the beginning.

So we could say, the market is confident in HurricaneSwap and so are we. Thrillingly, we will launch IDO&IEO this weekend.

And then our mainnet will be launched at 10/10, hope you all can give it a try: https://hurricaneswap.com/

Q5

Iris: If you were to summarize your project in ONE word, what would it be? Why?

Symington: Hurricane. 🌪

Hurricane means a storm.We’d like to make it become a true storm in the crypto market. From the perspective of the idea itself, what HurricaneSwap provides has never been done by any other DEX on any network. So if you’re interested in HurricaneSwap, pls join our community, no matter if you are an investor or user, just join us.

Website: https://hurricaneswap.com/

Twitter : https://twitter.com/HurricaneSwap

Telegram:

-English Group: https://t.me/HurricaneSwap

-Simplified Chinese Group: https://t.me/Hurricane_zh

-Announcement: https://t.me/HurricaneSwap_Announcement

Medium: https://hurricaneswap.medium.com/

Free-asking Session

Q1: What was the biggest milestone your project has? What is plan in the future ?

Symington: I just talked a lot about the achievements we got this days during the first part of AMA, like the fundraising, we have amazing investors and partners; great numbers in our testnet; and the development is going well, we will launch the mainnet at 10/10. So much great news recently.

But, for me personally, the successful implementation of LP cross-chain bridge in HurricaneSwap V2 is the greatest success so far.

Being the TOP1 DEX on Avalanche is our first goal at this point.

By partnering with other DeFi projects, we plan to be the “Weever” in the traditional cross-chain bridge space, and let users know what a truly efficient and convenient way to trade cross-chain assets should look like.

I’d like to share some new features to you guys, like vault service, leverage trading, etc. Those are already planned for development.

Q2: Are you planning to launch NFT for Native Protocol? Recently, many projects like HurricaneSwap have launched NFT to attract investors, what is your opinion about the NFT industry?

Symington: The NFT function is already under planning, we will first conduct a small-scale test in the testnet to know the user’s acceptance of the NFT function, and then launch on the mainnet.

Q3: Can you give an overview of your Tokenomics, and the UTILITY of Token?

Symington:

I’m so glad you mentioned it. Thanks pal

$HCT is the native protocol token of Hurricaneswap based on ARC-20, with a total supply of 2,000,000,000 HCT. As the native token of HurricaneSwap, $HCT represents holders’ rights and will continuously burn over time. The following are part of the application scenarios of $HCT:

1.HCT Governance

HurricaneSwap is a community-driven decentralized project. After the mainnet launch, the HTC holders are expected to vote on any amendment of the protocol.

Each holder’s vote counts are proportional to the amount of tokens they own.

2.Repurchase

The 0.1% in trading fee will repurchase the base chain token AVAX and Airdrop to HCT holders. Another 0.1% fee in each trading will be stored in the pool to provide initial liquidity when new cross-chain assets are listed on HurricaneSwap.

3.Vote/Stake for Listing

HurricaneSwap initially supports limited trading pairs. In addition to the initial trading pairs, holders of $HCT can use voting or staking to list the popular assets of each source-chain to create trading pairs on HurricaneSwap. HCT holders can initiate a coin listing proposal through.

You can check $HCT’s tokenomics on our website: https://hurricaneswap.gitbook.io/hurricaneswap/faq/7.-tokennomics

3.Vote/Stake for Listing

You can check $HCT’s tokenomics on our website: https://hurricaneswap.gitbook.io/hurricaneswap/faq/7.-tokennomics

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