Why Does it Stand Out from OKC Ecosystem? — Jswap and OKC AMA
On Sep. 24th, Jswap.finance’ CO-Founder, David Webb joined a live Ask Me Anything session on the official OKC Telegram channel and answered questions from the OKC team.
The purpose of the event was to introduce Jswap.finance to the OKC community and discuss why Jswap does stand out from the OKC ecosystem.
The following is a recap of the AMA.
David Webb what was the idea behind the creation of Jswap.Finance. Can you share with us?
David Webb: Defi’ is currently a blue ocean, and all parties are competing for it. Many projects are actively laying out and occupying, and some “Defi” applications have gone against the concept of ‘’Go to the center’’ at the time.
Most of the platform revenue is not empowered into the governance tokens, holders do not enjoy the benefits of governance tokens on the platform. For various reasons, the Jswap protocol was born. Jswap protocol distributes 100% of platform proceeds to governance token holders through a dividend pool and the permanent destruction of the black hole address. Promote dividends for the development of 100% belonging to the community and fully implement DAO governance.
We all know that Korea has excellent game team performance. Is Jswap also doing research and development in this area?
David Webb: We are very optimistic about the future of GameFi, at the same time, it is considered an opportunity that cannot be missed. That’s why we start investing in research and development at an early stage. There are already three game products initially formed and will empower them to Jswap and JF. JF token is the only value pass, our games are excellent. It has a well-established economic model, users can enjoy the pleasure of the game and at the same time, they can also obtain a generous reward. It will be online from early October at the latest. We are looking forward to a feast together.
Unlike other platforms, Jswap.finance is completely free. Does the platform’s lack of chargebacks mean no fees？
David Webb: The user’s swap transaction fee is 0.3% and this will be a refund to the liquidity provider. If swap mining trading pairs support swap mining lists, users will receive corresponding commissions. The commission rate is dynamically adjusted. All profits go to the community. It uses an anti-counterfeiting smart contract to use all of the platform’s proceeds to redeem JF platform tokens on a daily basis in the secondary market, 70% of which is allocated to users, 20% for destruction, and 10% for promotions.
Jswap.finance needs to provide stability by preventing hacking and money taking. What techniques or efforts are made to prevent hacking and money taking.
David Webb: The core technical team members under the CTO of Jswap have Silicon Valley backgrounds. They already have experience in multiple DeFi projects. Their development technology has been proven in the market and is very mature.
In addition, the security of Jswap is audited by SlowMist, which is a respected organization in this industry. Jswap passed the audit with the highest evaluation level “low risk”.
Why Jswap.finance is an indispensable part of the ecosystem on the OKC chain
David Webb: First of all, Swap plays a very important role in all Defi ecosystems, and is an important bridge between various ecological links and secondary market investors; market-making providers provide liquidity in Swap and provide services such as transaction exchange for the secondary market. And this also has very high requirements for the security of Swap, and the experience must meet the needs of the market. In terms of security, we have already explained in more detail in the previous question, you can be very assured.
What is the current production volume of Jswap? Is there a specific value for team earnings? Will the price of JF continue to be stable？
David Webb: JF has reduced production several times, and never increase production. It is the lowest proportion of all projects. The current daily production capacity is about 80000 pieces, which is the lowest of all DEX. The team share is only 9.8%, and the earnings are about 8000. At present, there is a very stable price. Users who mine at a stable price will have the least impermanent loss. And it is a linear unlocking rule. That doesn’t make the market crash.
Why did the Jswap team choose OKC and not other networks?
David Webb: As an open public chain ecosystem, OKExChain has many advantages and features such as complete decentralization and ultimate compatibility. These characteristics coincide with Jswap’s full open code, seeking transparent operation and cooperation. Through OKExChain, the value interoperability, user interoperability, and scenario application interoperability of the blockchain can be realized simply and efficiently, and finally, jointly build an ecosystem and create a value-added system. These advantages are that we can better serve our community members without worries.
Jswap seems like a project that doesn’t have much to do with NFT. Are there any plans related to NFT?
David Webb: In fact, the team is now collaborating on NFT features and projects. Since this category is very popular right now, there is no reason for the team not to be a part of it. And Jswap will be launched after continuous optimization of the NFT section. Users can submit their best works to be put on the trading market for free trade.
What’s the plan for Jswap.finance for the future?
David Webb: Jswap will open new board applications such as ‘single currency liquidity pledge’ in the future. And the much anticipated ‘Gamefi’ section will go live as soon as the end of September.
After the rapid development in the early stage and entering a stable development period, JSwap will gradually open DAO Governance authority, all development plans will be proposed by the community and enter the voting round. The community will vote to determine the release of JSwap applications, and an iterative version will be launched based on the results of the community’s voting. Completely return the governance power of the platform to the community.
We learned that Jswap ‘IFO’ has a protection mechanism. Please give us more details on this point.
David Webb: Yes, Jswap has instituted the ‘IFO’ rule to prevent dropping below the issue price. All projects that pass the security audit by a third-party institution, can apply for IFOs on Jswap. When the IFO succeed and trade freely, there will be a 24-hour guarantee period.
When the price continues to be lower than the opening price for 8 hours, the raised JLP will be returned to the user. If it does not continue to fall below the issue price, the raised JLP will be unlocked (half will become JF; half will become USDT). All JF will be burned and all USDT will go to the project team.
There are already very many decentralized exchanges. Is there anything special about Jswap?
David Webb: Jswap.Finance is the world’s first fully community-driven, multi-chain compatible DEx and assets management protocol. All profits belong to the community. It applies a non-tamperable smart contract to spend all the platform revenues for the daily repurchase of the platform token JF from the secondary market, 70% of which is distributed to users, 20% is used for destruction, and 10% is rebated for promotions. The founding team does not handle or own it, and is the first to realize the autonomous spirit of “community co-creation and revenue sharing”.
Jswap.Finance supports swap mining, LP mining, DAO dividends, IFO, promotion rebates, market information, single token staking, single token liquidity, token creation, NFT, GameFi, and other series of functions, which can provide users with liquidity, one-stop DeFi services, such as token exchange, aggregate mining and wealth management.
Since JSWAP was first launched on OKC, it has been loved by users all over the world. The TVL has exceeded US$ 200,000,000 and is one of the largest platforms on OKC. Therefore, the transaction volume is also very huge. The sustainable income is considerable, and it is about to land on other public chains.
100% of Jswap’s platform income is used for dividends repurchase and destruction. The team does not handle or own it, and it all belongs to the community.
