OpenSwap AMA at Coin98 — Recap: 26 October 2021
OpenSwap participated in another fruitful AMA with our strategic partner Coin98 this Tuesday.
Bruce and the C98 community had some pretty good discussions about the upcoming release of Liquidity Queues and the Troll Camp initiative. A lot of community members are looking forward to making zero slippage swaps with the Spot Priority Queue and Spot Range Queue.
From the excitement shown in the Coin98 group, we anticipate a lot of people from this community will be fond of staking OSWAP tokens and earning a Bridge Troll NFT upon the initial release of Troll Camp!
We welcome everyone to participate in our Troll Camp and become a Bridge Troll, and serve as a node validator for the Open Interchain Protocol.
For those who would like a recap of yesterday’s event, here’s the full AMA transcript.
First, please welcome our guest today — Bruce Chau (Founder of OpenSwap)
Hello C98! Our beloved community. Excited to be here
Here is the 1st question of our AMA today:
Hi Bruce, Could you please briefly introduce about yourself and OpenSwap as well?
Hi, it’s a pleasure to meet the C98 community. I’m Bruce, a key member and founder of the OpenSwap project, a recovering enterprise dev, enlightened by blockchain in 2018 and never looked back.
At the core, our team’s strength is technology, however, we’ve been aiming to build up a community of talent that crosses boundaries of technology, finance, marketing, and more through the many partnerships we have developed and continue to build. We hope to attract more developers and contributors to our team through participation of events such as hackathons that ultimately build up the DeFi community. Alongside the core team, we work closely with many partners in the DeFi domain. The OpenSwap team received a technology contribution from IJS Technologies, an award-winning technology firm that received grant support from one of the older DeFi teams — OAX Foundation in 2020.
Our contracts are reviewed by CertiK and Beosin, and we are also working closely with partners who share the same value and goals as us, such as the likes of Coin98 and Impossible Finance, whom the latter OpenSwap is also part of the first cohort with their launchpad release.
The OpenSwap project is backed by many reputable partners such as NGC Ventures, Coin98 Ventures, BR Capital, Legos Capital, Double Peak Group, Prime Block Capital, Illusionist Group, Muhabbit Capital, All In Ventures, as well as angel investors such as Curve Finance’s Julien Bouteloup, Leo Cheng from CREAM Finance, Mark Borsten, and Ravindra Kumar — Founder of Frontier — just to name a few.
For our full list of backers, community members are encouraged and should be able to do their own research quite easily as OpenSwap has been mentioned in publications from Coindesk, Coinspeaker, and many other crypto-targeted media around the world.
On-chain trading and liquidity lack the flexibility and choice found in centralized options. This is a problem that we at OpenSwap aim to solve by introducing new technologies and concepts such as Liquidity Queues, Hybrid Smart Router, and Open Interchain Protocol. We present this to the community through partnerships with other projects and with our own DeFi hub, where we will be able to offer the best on-chain pricing and multi-chain arbitrage opportunities.
Very impressive profile, I have heard that your team is very well prepared to launch Open Swap Project. Can you specify a little bit more about what OpenSwap is going to build and your roadmap?
The initial iteration of Liquidity Queues scheduled to be released this week are the Spot Price Queues.
Spot Price Queues will enable users to execute on-chain swaps at spot-market prices with no slippage. Prices are obtained from decentralized oracles, and the queue uses a secure adapter protocol that guards against many of the shortcomings of using oracles. The protocol includes a series of customizable circuit breakers that ensure that liquidity providers are protected against any kind of exploits — trade that fail any of the circuit breakers will not be carried out.
For an average user who wishes to perform a swap, OpenSwap will show various options from DEXes including OpenSwap’s own Liquidity Queues. We expect that the spot-market price of Liquidity Queues will offer the most attractive pricing due to zero slippage compared to AMM pools.
As the DeFi universe continues to expand, liquidity will only be increasingly scattered across multiple chains, and the situation is poised to get worse as more new chains emerge with individual DEXes on each chain.
OpenSwap’s solution to this is to become a comprehensive DeFi hub offering the best on-chain pricing and multi-chain arbitrage opportunities, allowing users to experience revolutionary benefits through optimizing their trades with our unique features: Liquidity Queues, Hybrid Smart Rourter, and Open Interchain Protocol.
As indicated in our roadmap, our team began working on what would become OpenSwap about a year and a half ago, during the summer of DeFi 2020 when Uniswap was gaining huge popularity with its AMM liquidity pools. At that time, we wanted to address the two primary pain points: slippage and impermanent loss. Our idea was to provide on-chain spot market priced swaps without slippage, in the form of OpenSwap Liquidity Queues — which is also the first core technology we are rolling this week!
Going back to pain points in the DeFi space, at OpenSwap we firmly believe that DeFi users should have the choice and freedom to swap with any liquidity source. Instead of competing for liquidity with other AMM DEXes, we want to support them and let the users make informed decisions on the optimal swap for their situation.
Our primary goal is to revolutionize on-chain liquidity with a series of tools culminating in helping reduce friction with cross-chain swaps.
It all starts with our DEX aggregator offering users the choice to fulfill their swap with any liquidity source on any chain. OpenSwap Liquidity Queues will be one of these sources of liquidity that provides more attractive prices by bringing spot-market priced swaps on-chain without any slippage.
Then the Hybrid Smart Router will allow OpenSwap to utilize existing liquidity in AMM pools in conjunction with OpenSwap Liquidity Queues to execute swaps in the most efficient manner providing the most return for the user’s swaps.
All these are critical pieces that will be linked up to our Open Interchain Protocol, a new cross-chain bridging solution that will offer more efficient inter-blockchain swapping of chain-native digital assets through the usage of single-asset bridge vaults and decentralized mechanisms.
Hey guys, you guys really should go take a look and try zero slippage swaps at OpenSwap. It’s very impressive!!!! Remember to give it a try!!!
Such an interesting project, Can you specify a little bit more about the upcoming OpenSwap’s First Core Tech Release?
As indicated earlier, the first core tech release will be our Spot Price Liquidity Queues scheduled later this week.
There are two sub-types of the Spot Price Queues category: Spot Priority Queue and Spot Range Queue.
Spot Priority Queues are designed for traders seeking to exit out of a position quickly, and at spot market price. Priority can be achieved through staking a quantity of $OSWAP tokens. The order with the highest amount of OSWAP tokens staked will be sold first. Users can also set an ‘expiry date’ for their orders so that no more will be sold after a certain time if not already sold.
Spot Range Queues will provide the ability for liquidity providers to set price brackets, on which to make their liquidity available for sale. Trading DApps tapping into the liquidity queues can initiate trades using the liquidity as long as the market price is within the range set by the liquidity provider. The transaction price will be based on the existing spot market price.
In both types of Spot Price Queues, liquidity providers joining the queues have the option of cancelling or withdrawing their liquidity as long as it hasn’t been swapped against yet.
Everyone should pay close attention to OpenSwap’s announcement as they are releasing core tech this week!!! I’m so hype for this project ❤️
There are a lot of exciting news of your project, with them I believe your products will be welcomed by the communities.
Along with the information you provided here, I believe there are still some questions that our community wants to ask. Let’s end our Part 1 and move to Part 2 of the AMA tonight. Let’s start with the first question from @diemmyyyi
“Zero slippage swap How is it even possible on a DEX? Kindly clarify more describely how does it work exactly?”
Our Spot Liquidity Queues use a reference market price provided by decentralized Oracles to determine the swap execution price. Provided there is liquidity in the queue, users may swap at the reference market price without slippage. Liquidity is typically provided by parties who are looking to exit a position quickly and they may stake $OSWAP to priority their liquidity in our Spot Priority Queues. For those who have specific price targets, the Spot Range Queues allow the provider to set the price range in which their liquidity is active and available to be used by swappers and traders.
Thank you for your answer, our 2nd question from @cchimeraan is
“Can the OpenSwap’s aggregator portal mechanism connect directly to 3rd party DEXs? How does OpenSwap enable users to trade with the best DEX pricing in the market ?”
Yes! Our team is continuously working on integrating more DEXes to provide users with more choices to swap against any liquidity source. The focus initially will be on the lowest hanging fruit with DEXes on BSC with the highest TVL and supporting our existing partnerships. Currently, we support PancakeSwap (largest TVL on BSC), BakerySwap, IFSwap, and OpenSwap AMM. Our integrations are directly connected to the smart contracts of the DEXes without causing any additional gas or shaving any value off the top. The goal is to be able to route liquidity between the different DEXes for multi-hop trade to provide optimized returns on your swaps. Please let us know if there are any specific DEXes you would like us to look into adding to the lineup.
What an informative answer! To the 3rd question, from user @chrypham
“In the current conventional AMM pools user need to deposit both sides of the pair to generate income or what it calls “impermanent loss”. But OpenSwap claims to solve this great issue. So, could you tell us how OpenSwap actually solve this issues? How does the OpenSwap AMM works?”
The OpenSwap AMM pools operate in the same way as Uniswap V2 and liquidity providers will be subject to impermanent loss. The bridge vaults for the Open Interchain Protocol will always be single asset, which means provider swill always receive the same token type they supplied — eliminating impermanent loss. Bridge fee rewards are typically in the same token and farming rewards will be in the form of $OSWAP.
Liquidity Queues also only require a single asset. However, the purpose of the queue may be slightly different compared to providers in AMM pools since the provider will receive tokens of the other side of the pair. This is more suited for folks who want to exit a position quickly or have specific requirements for their liquidity (eg. price ranges, whitelisted counterparties…). Impermanent loss does not really apply to liquidity queues unless the provider is persistently putting the liquidity back into the queue and flipping the tokens between the pair.
Wonderful, let’s go to the 4th question from @cuonghungg
“I saw that OpenSwap intends to build an Inter-Chain Bridge. What exactly does it mean to be Inter-Chain and how would this bridge function? What benefits may consumers derive from its implementation?”
The Open Interchain Protocol will be managed by a group of node validators called bridge trolls. There are two types of trolls in the consensus network. Green Trolls and Mean Trolls. Anyone may become a Green Troll as long as they stake the amount required and obtain a NFT through our troll camp programs. The primary responsibility of the Green Trolls are to validate transactions created by the Mean Trolls. Based on the performance of the Green Trolls over time, a Green Troll may be nominated to become a Mean Troll to increase their responsibility and receive a larger portion of the bridge fees. Mean Troll create transactions based on the interchain swap orders submitted by users and must have enough stake in the form of a bond to cover the size of the transaction. For more details on how it all works, please check out our documentation doc.openswap.xyz
Toe the end user, the interchain swap will be seamless where they specify the source token on the source chain and the desired token on the destination chain. The trolls ill do all the work to bridge the source token and determine the optimal route using the Hybrid Smart Router on the destination chain to optimize the return for the user.
Thank you Bruce, and the final question from @Mccoyevans is:
“Q. What’s the role of bridge trolls in the OpenSwap ecosystem and how does one join the OpenSwap troll camp?”
For those who’ve been paying attention to our public information, the concept of ‘Bridge Trolls’ will serve as the core element to the Open Interchain Protocol (the OpenSwap bridge). Bridge trolls perform the tasks of monitoring the protocol for transaction requests, verifying, and signing transactions to carry out the withdrawal of funds on different blockchains. In order to ensure that Bridge Trolls behave appropriately, these guys will have to stake a bond in the form of $OSWAP tokens, which will be put at risk if they misbehave (eg. carry out inappropriate actions). And in return, they will be compensated with a portion of the transaction fees for carrying out these interchain activities/responsibilities. There will be two main types of Bridge Trolls: Green Trolls and Mean Trolls. Anyone can become a Green Troll by running the Bridge Troll node software, possessing one or more Bridge Troll NFT (obtainable from OpenSwap Troll Camp), and staking the qualifying OSWAP stake on the primary chain. The main duty of a Green Troll is to help verify and sign bridge transactions assigned to them. The number of Bridge Trolls involved in a particular transaction will depend on the size of the transaction, and obviously — the larger the transaction, the larger number of Green Trolls will be required to help validate the transaction. And in return, Green Trolls will be rewarded a portion of the bridge fees. To strengthen the bond of the community and also serve the purpose of being the ‘Key’ to becoming a Bridge Troll, the OpenSwap team has decided to issue these ‘Bridge Troll NFTs’ which will be obtainable by users who chooses to participate in the Troll Camp. To participate in the Troll Camp, users will be required to stake an amount of OSWAP tokens, and in return — earn him or herself a Bridge Troll NFT, which will enable them to participate in the Open Interchain Protocol upon future release, and also enjoy the many benefits entitled to Bridge Trolls only.
Wow, NFT with real DeFi utility! I think a lot of people will be fond of staking OSWAP to get a Bridge Troll NFT and earn bridge fees from the OpenSwap cross-chain bridge!
Lots of wonderful answers we have here! That will be part 2, our community tonight seems like they can’t wait for Part 3: Live Q&A, they will be free to ask their questions.
Do you have tutorial videos so we can get to know your project more clearly or do you have a YouTube channel or something? can you share it with us?
Yes! Our team has been working on a series of tutorials to help users familiarize themselves with the concept of liquidity queues. You may view them here: https://www.youtube.com/channel/UCwy3G03-u7Ke4yvB_-ehC1Q
Our community are also working on tutorials and walkthroughs and we will share as soon as they are available.
What is the role of token in the ecosystem? Where can people currently buy it?what would be its used??
The main purposes of the OSWAP token are to:
- Incentivize usage of the OpenSwap platform
- Encourage users to get involved in the governance of the protocol
- Enable platform privileges such as the ‘priority’ features when using the OpenSwap Spot Priority Queue
- Staking to become a Bridge Troll (node validator) on the Open Interchain Protocol. The stake becomes a bond to determine the transaction size the Bridge Troll is allowed to validate.
The token was established as an ERC-20 token, and was also bridged to the Binance Smart Chain to enable the governance of the BSC version of OpenSwap during the initial launch.
Do you have any Coin Burn / BuyBack systems or any $Token Burn plans to increase the value of Token & attract Investors to invest?
We currently do not have any immediate plans to burn any tokens. Our team prefers to utilize a buyback and distribute to ensure long term sustainability of the project. The value of the token will be derived from the various forms of utility in the OpenSwap ecosystem.
How safe is your platform? Has there been any Security or AUDIT so that its safe from bugs and smart contract is fully security AUDITED?
The original set of smart contracts were audited by CertiK and peer reviewed by members of our community. The liquidity queues are about to complete its second audit, just in time for the mainnet launch this week. Our farming and staking contracts were also audited by Beosin. OpenSwap prioritizes security over releasing features too quickly. We are very happy with our security partners who have supported us over the past year.
Where can I buy your tokens now, what are your current contracts and how can I buy them and what are the benefits?
OSWAP is available on OpenSwap AMM, PancakeSwap, IFSwap and MEXC. The token address is: 0xb32ac3c79a94ac1eb258f3c830bbdbc676483c93
Thank you for all of your answers, they are very detail and informative. I think that our community has gained a good understanding of your project and its upcoming features.
Do you want to share anything else with our community?
Thank you so much for all the support from the C98 community. Without you, our IDO would not have been such a success. Our C98 staking program remains to be one of the more popular campaigns we completed pre-IDO.
Hope more C98 members will join our community and tune into our exciting upcoming updates in the coming months. You may follow us on all social media channels below:
Telegram Community: https://t.me/openswapdex
Thank you once again for a great AMA tonight, Really appreciate having you here today Bruce. I wish all the best for you and OpenSwap Project! Really looking forward to hearing more from you and your team.
For sure! we will definitely be in touch. Hope to continue to collaborate with your community. Thank you for having me here tonight to share our latest updates with the C98 community!
Learn more about OpenSwap
We encourage community members to partake in community discussions to help better shape OSWAP Tokenomics and help generate more utility ideas. Users may express their ideas to core team members through joining the OpenSwap telegram group: https://t.me/openswapdex
More information about OSWAP tokens will be shared with the community as the project continues to develop. In the meanwhile, please feel free to follow us on Twitter to receive the latest news and updates from OpenSwap.