AMA Session with Tim Kuo from O3Swap (O3)
Guest: Tim Kuo, Product Lead at O3Swap
Host: Iris of MXC Exchange
Iris: Today, we’re honored to have Tim Kuo, Product Lead at O3Swap, to our community to give us a more intuitive introduction to their unique project.
Tim, welcome. Would you like to say hello and introduce yourself?
Tim: This is Tim from O3 Labs, I am in charge of the O3 Swap design with all our outstanding teammates. Before joining the O3 Labs, I was a project manager in a consultant company based in Hong Kong. Glad to e-meet you guys here and share our product with you.😉
Questions about the project
Iris: What is O3Swap? Can you share with us more in detail?
Tim: O3 Swap is a cross-chain aggregation trading platform incubated by the O3Labs team. It aggregates the liquidity sources from various decentralized exchanges across chains, and through the cross-chain pool, users can complete the cross-chain transaction.
The main functional modules of O3 Swap include the exchange aggregator (O3 Aggregator) and cross-chain pool (Pool).
O3 Aggregators are deployed on different chains to help users find the most effective trading rates and routes in the corresponding network. Pool provides users with cross-chain transaction services and supports users to add liquidity by a single token from different chains to earn O3 rewards. O3 Swap V1 will allow users to trade safely and simply across chains within the decentralized wallets.
Iris: What triggers you to launch O3Swap? What are some of the real-world problems/ pain points that O3Swap aims to solve?
Tim: Network congestion and poor scalability have caused high network transaction fees on Ethereum. Although various Layer2 solutions and sidechains such as BSC and HECO become alternative choices for investors. However, transaction barriers between blockchains will continue to limit the usage of assets.
O3 Swap aims to solve the current problem of liquidity fragmentation on mainstream blockchains by aggregating the liquidity sources from various DEXs across chains. It makes the cross-chain transaction no longer difficult for users. In the long-term goal we are committed to providing a one-stop aggregation & exchange platform for users and offering developers access to an open, distributed, friendly, and secure trading environment.
Iris: What are some of the challenges that O3Swap currently face? How do you aim to solve them?
Tim: I would say cross-chain technology is the key challenge for us. O3 is the first DeFi project to build a cross-chain trading pool. We currently support USDT, BUSD, and HUSD in the pool. According to the StableSwap invariant from Curve, this sort of automated liquidity provider for stablecoin offers very low price slippage and extremely reduces the impermanent loss.
However, cross-chain is a complicated process that might be affected by a lot of factors. So improving the user experience during the cross-chain process and the network performance are the priority for our development. We believe the ultimate goal of cross-chain transaction is to achieve trading across different networks with a single click.
Iris: Are there any exciting news or updates with regards to O3Swap that you would like to share with the users?
Tim: At present, our official website is online and supports the cross-chain exchange of assets on Neo, Ethereum, BSC, and Heco for the public test. It can be run by connecting to Metamask. The number of Cross-chain transactions has exceeded 300,000. 🍻
Most Importantly, We are going to do the IDO on several platforms. Will release a total of 1.55 million O3, $1 for each.
***All time in UTC+8 👇
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Iris: Mark your calendar guys🔥
Tim: Don’t miss this if you’re interested 👀
Iris: If you were to summarize your project in 1 word, what would it be? Why?
Tim: I would say “interoperability”. With the boost of the Defi market, the interoperability between blockchains becomes an urgent issue that needs to be improved. We aim to aggregate the liquidity sources and implement the cross-chain technology to improve the blockchain interoperability.
Q1. Trust and security is very important in every business. What makes investors, customers and users safe and secure when working with your project?
Tim: First of all, the code of O3 Swap is open source and accepts anyone’s review; in addition, we have invited professional organizations to conduct security audits on our projects. Currently, Certik and SlowMist will provide audit reports; third, we will also organize security event rewards; Finally, our cross-chain pool is based on Poly Network protocol. At present, Poly has run more than 4 billion US dollars in assets, which is a mature cross-chain solution in the industry.
Q2. Collaboration and partnerships are one of the cornerstones to making DeFi more widespread, Can you share some of the partnerships you have formed with existing blockchain foundations recently?
Tim: O3 Swap recently secured investments from SoftBank Singapore. We are gracious and humbled by the support of these highly reputable and prestigious blockchain ventures.
@NGC_Ventures, @okex_ventures, @SevenXVentures, @FBGCapital, @Neo_Blockchain
Q3. Could you give us an overview of the tokenomics? Is the token designed to rise and fall with the success of the platform, and does it include any scarcity paths such as stake, store, or burn?
Tim: First, users need to pay 0.04%-0.3% of the transaction fee for cross-chain asset transactions through O3 swap. The platform will regularly buy back O3 in the open market, part of them will be allocated to O3 holders and DAO management. At the same time, O3 holders will receive O3 as rewards and trading discount; in addition, staking LP of O3 Hub will also receive cross-chain transaction fee discount and rewards.
MXC trading: https://t.me/MXCtrade