Recap: Pancake AMA With Aptos Team on Twitter Spaces (October)
Good afternoon CAKE holders!🐰
For those who didn’t participate in the AMA that was live on October 31st on Twitter Spaces, or for those who want to relive it, here is the recap!
AMA information
After the proposal about PancakeSwap deployment on Aptos passed, one of Aptos’s ecosystem leads joined us to discuss more about Aptos and answer some of the community’s questions!
Reading Suggestion: A few days ago, the PancakeSwap team made an AMA on Twitter Spaces to clarify all the doubts that our community had before voting on the proposal. If you hadn’t attended, you can check the AMA Recap here.
Participants:
- HC Xie🧑 (Aptos Ecosystem Lead)
- Chef Mochi 🐰 (Product Team)
- Chef Icy 🥞(Business Development)
- Chef Fran 🧉 (Community Manager)
Chef Fran was moderating the AMA.
Pre collected Questions
Q. Chef Fran🧉: How decentralized is Aptos? Aren’t the APIs on a central server?
A. HC Xie🧑 : A little bit of history. Aptos is a high-performance POS chain, aiming to build a blockchain for everyone. The team spent four years developing the Aptos technology as well as the Move programming language and virtual machine. We’ve received a lot of interest from partners, and ecosystem projects like PancakeSwap, and we’re solving the problem of bringing Web3 technology to Web2 users. One example I like to use is: if someday my mom can use an application powered by the Aptos blockchain, my goal would be achieved.
Going back to the first question, how decentralized is Aptos? Aptos launched mainnet last week. And there were already over 100 validator nodes live on day one from the community. This does not include FullNodes, which is a lot higher.
Nodes are spread across different parts of the world (North America, Asia, Europe, Africa, etc.) This marks Aptos as one of the most decentralized network Day 1 launches.
Aptos is also permissionless. No whitelist, and no approval from Aptos. Anyone who wants to build on Aptos can do so!
About node service: Aptos Fullnode service is open for users. Many reputable partners have launched their node as a service product on Aptos network, including Google cloud, Coinbase & Nodereal.
Developers can directly use these services without having to worry about node setup and maintenance. This way they can focus on optimizing the UI/UX to better serve users.
The Aptos network will continue to decentralize over time.
Q. Chef Fran🧉: Who are the partners and backers of Aptos?
A. HC Xie🧑: Aptos raised $200 million in the first round from a16z, Multicoin, Binance, etc.
We also raised another $200 million in Series A round co-led by Jump and FTX, participated by Binance and Dragonfly.
Aptos has partnered with leaders in both Web2 and Web3 across the globe. We announced a partnership with Google Cloud back in May. Since mainnet launch, PancakeSwap, Trust Wallet, Wormhole and Pyth have all integrated with Aptos. This marks PancakeSwap’ first announced integration outside of the BNB chain, as well as the first network to issue $CAKE tokens natively.
We are also working with very exciting partners and can’t wait to share with the community soon.
Q. Chef Fran🧉: There are a lot of hacking damage to crypto assets. How do you increase the security of Aptos?
A. HC Xie🧑: Aptos takes security very seriously. We’ve seen many hacks in Web3’s history.These unfortunate incidents harmed users, community members and developers themselves.
This is one of the main reasons why we developed the blockchain and Move programming language and Move VM in the first place. Aptos is optimized for security, scalability and reliability.
A few examples I can share:
- The Move prover, a formal verifier for smart contracts written in the Move language, provides additional safeguards for contract invariants and behavior. This focus on security allows developers to better protect their software from malicious entities.
- Fungible tokens and non-fungible tokens (NFTs) are called Resources in Move. Resources can only be moved from one place to another. It can’t not be randomly generated or randomly burnt. Move emphasizes resource scarcity, preservation, and access control. Move modules define the lifetime, storage, and access pattern of every resource. This ensures that resources like Coins are not produced without appropriate credentials, cannot be double spent, and do not disappear.
For any audience that is more technical or wants to dive deeper into those topics, we’ve published our Aptos whitepaper in English, Chinese, and in Korean so far. Feel free to take a deeper look at it!
We also have a bug bounty to collectively build a better code and more robust codebase together.
A. Chef Mochi 🐰: We’ve been working with your team (Aptos) and we also know that Aptos focuses a lot on security. At PancakeSwap, we share the same values. PancakeSwap is also working with the most reputable bridges that are deploying on Aptos.
We’re also looking to adopt models which increase the level of ownership/control that PancakeSwap has with minting CAKE, to make sure that bad actors don’t have a chance to damage our CAKE token supply.
The partners we’re talking to also have a strong background in maintaining security on their other assets.
Q. Chef Fran🧉: Why Aptos is better than other blockchains? What are the competitive advantages it has?
A.🧑: There are many differentiators about Aptos, but I think the main three I can summarize are:
#1 Unparalleled technology
The developers and researchers of Aptos are coming from the original Diem and Libra team as well as we recruited the help of talents from Web3 companies around the world. So it’s actually a very interesting and humbling experience for me to switch from the multi-coin investor hat to the builder hat and it’s very nice to work with some of the most brilliant minds in this space.
#2 World-class network of partners and investors in both Web2 and Web3 world
We choose our investors very carefully. All investors are strategic investors who are not only providing financial capital but also providing strategic value to the Aptos ecosystem.
#3 Organic and collaborative ecosystem
We have the PancakeSwap team joining Aptos in the first week after Aptos mainnet launch. We are humbled and excited to have Aptos x PancakeSwap integration.This is the first time PCS announced any integration outside of BNB Chain and also it is the first time they issue $CAKE token natively on another chain. So this is very exciting and not something that we should take for granted.
Q. Chef Fran🧉: What’s your endgame plan for Pancakeswap? Can PancakeSwap become N°1 after going multichain and deploying on Aptos?
A. Chef Icy 🥞: We are already number 1 in terms of users! But we will always try to improve.
I wouldn’t call it an endgame plan per se, but our long-term plan is a vision that we are constantly iterating on — to be a one-stop shop for all things DeFi, with a razor-sharp focus on our users.
As HC and Mochi mentioned, there are a whole host of exciting and interesting projects within the Aptos ecosystem (many with the potential for cross-chain, with BNB Chain maybe) and we feel that our users will enjoy using these apps.
Thus, plan is to just make sure that we always deliver for our community, with the user experience at the centre of what we do.
Also, while we can’t leak the entirety of our plan, I would say to stay tuned to announcements in the coming days; we will answer your question with not just words but actions :)
Q. 🧉: What do you think is still missing in Aptos, what do you want to improve?
A.🧑: In the first week we had over 20 projects launch on Aptos mainnet, which is quite something, especially given the short period of time and how long it takes for people to complete their development as well as code auditing before a successful mainnet launch.
There are DeFi projects, NFT projects, and also NFT marketplaces on Aptos. So we have quite a good combination of different infrastructures as well as applications at an early stage. Something I’m personally looking forward to is more consumer-ready use cases and applications that will serve millions of users.
A few sectors that I’m very excited about are #1 gaming and #2 social. Those sectors have the highest time in traditional Web2 space and they can serve the biggest user base in the world.
With that being said, normally it takes longer than simply a week to really finish a good game or social app development and auditing. And we know a few teams that are actually building in those spaces and hoping to really use their product on Aptos mainnet soon.
If you’re a developer that’s building in any of these spaces like finance, social, gaming social media. Feel free to reach out to us, and we’d love to have you build on the Aptos ecosystem as well.
Q. Chef Fran🧉: What is the main purpose of this Aptos x PancakeSwap AMA? What message do you want to give to Community and projects building on Aptos?
A. Chef Icy 🥞: One key asset to any crypto project is their community, and so we feel that it’s important to have an open dialogue and deepen our relationship with the reason why we do this — users!
For Aptos Communities, we would like to welcome you to the PancakeSwap family! And to share something personal, it was interacting with the PancakeSwap community and seeing how awesome and positive the users were that made me apply to the kitchen.
For Aptos Projects, we are always here to chat! To be fully transparent, we have been quite fortunate to have a stable and deep runway, so we don’t necessarily optimize toward revenue, but rather, toward our users, and our incentives are fully aligned with yours.
I’m already in a few groups, and have really enjoyed talking about tokenomics, UI/UX, contract design, and also crypto memes with many projects, and hope I can do the same for you!
For instance, launchpads and Token generation events are really important for founders — all those months of hard work comes down to one critical juncture — and we’ve already been able to help a few teams.
And while we have quite a retail focus in terms of our 250–350k DAU, we’d like to connect anyways even if we can’t work together at this point of your journey — we can always help to connect you with our network!
A. HC Xie🧑: I’m super excited to have PancakeSwap on Aptos! Welcome to the Aptos family.
One point I want to share is that Aptos takes community and user feedback very seriously. We have a very open Discord Community and also we’re open to anyone from Twitter, Telegram or any other media to share feedback for us and for ecosystem projects to improve.
Q. 🧉: What is the best response to a developer who is hesitant about building on Aptos today?
A. 🧑: My suggestion will be to start building now. The reason why a lot of the projects were able to launch within the first week is not because they coded for seven straight days. They’ve been developing for months on our testnet and sprinting to become one of the first projects launched on mainnet. The ecosystem is very collaborative and we see projects helping each other.
So my suggestion would be to start building as soon as possible and let us know if you have any questions or concerns, we’re here to help! I am also curious to learn what PancakeSwap integration building experience has been so far.
A. Chef Mochi 🐰: Working with the Aptos team has been a really fantastic experience.
We think that the Move language has shown us a new, improved programming language and, the team at Aptos has shown us what the further improvements will look like.We think that it is a fantastic experience of building on aptos.
Q. 🧉: Do you have any plans to do more airdrops in the future . If yes, how would it be conducted ?
A. 🧑: The first airdrop from Aptos Foundation rewarded early community participants — Aptos is very grateful for the members who have worked through the testnets and contributed to the growth of the network. This was designed as a thank you to the community that supported us through mainnet launch.
Q. 🧉: When PancakeSwap will open Farm ,Stake and IFO? Will there be a long-term pool/farm for Pancakeswap on Aptos? Are there any plans for $CAKE to bridge over into aptos?
A. Chef Icy 🥞: The answer to all of that is yes, and soon! Farm and Stake by mid-Nov, IFO to follow after that!
There will definitely be some core pairs — we are pursuing a scientific approach and investigating what is the most beneficial for our communities!
As previously mentioned, bridging needs to be done securely, but we are aiming for <2 weeks!
Q. 🧉: What are the benefits of taking part in the Aptos ecosystem? How can the community and investors participate in the ecosystem and what are the benefits for them?
A. 🧑: Participating in a community, joining discord and AMAs of early projects can really give you a sense of where the community is and how the product is performing.
Also, be an early adopter of any products that are launching: DeFi projects, NFT projects or future Gaming projects. Being an early user can really help both users and investors. Mochi:I really want to take this opportunity to also let the Community and investors know that we are working with Aptos projects. To Aptos projects — let’s get in touch soon as we would love to introduce you to our big and welcoming community, with $CAKE on Aptos soon.
We would love to be launching you on our IFOs and help you manage your project’s liquidity. The community and investors should participate in our IFOs, Farms and Syrup pools.
Q.🧉: What does it mean for the Aptos to see PancakeSwap on their ecosystem after getting huge success on BNB chain? And what does it feel like for Chefs to come onto the Aptos chain?
A. 🧑: Like I shared earlier, personally I’ve been a long follower of a PancakeSwap from day one and it is one of the best decentralized exchanges in the Web3 space. So having PancakeSwap integrated with Aptos is really a humbling and rewarding experience for me and for my team.
It is really a testimony to our technology including the core infrastructure as well as the Move programming language and Move VM.
There are a lot of Aptos ecosystem projects that are very excited about PancakeSwap coming to Aptos and have already asked for introductions. So chefs, please stay tuned!
A. Chef Mochi 🐰: We are very excited to come onto the Aptos chain. HC and the Aptos team have gathered a very vibrant ecosystem of builders and we see so many projects launching their products.
In only 2 weeks since mainnet, we’ve seen so many projects coming online. It’s very exciting to be in this very lively and developing community.
Q. 🧉: What unique features PancakeSwap will offer than other dexes on aptos? Why should users use PancakeSwap ?
A. 🥞: For me personally, what I enjoy about PancakeSwap as a user is the Simple UI/UX powered by complex tech, awesome community, and a great pipeline of projects, all with a focus on users!
In terms of quantitative aspects, we have low trading fees (0.25%), of which a large proportion (68%) accrues to Liquidity Providers.
Why should you use it? The best answer is to just try it out yourself. I personally love the overall simplicity but you may love the launchpad, farm/pools, etc! It’s cheaper to try out PancakeSwap than eating an actual Pancake :)
Q. Chef Fran🧉: What kind of a blockchain is Aptos?
A. 🧑: Aptos is engineered to evolve, providing developers with a home for building future-proof applications that bring the masses into web3 through better user experience and unparalleled technology.
On a more technical level, as I shared earlier, Aptos is a permissionless high-performance PoS Chain that is leveraging Move programming language and Move virtual machine. They were designed and optimized for blockchain use cases, optimized for security, scalability and reliability. These are very critical factors for any Defi applications like PancakeSwap as well as other use cases like gaming and social that will be developed on Aptos ecosystem.
Q. 🧉: How users should keep themselves safe against Tokens/NFT scammers?
A. 🧑: My best advice is what I did or what I’m still doing: Do your own research. Be very careful in this exciting and innovative industry. Verify the websites you’re interacting with. Make sure those are official websites.
Verify the social accounts also and do some reference checks to see if they have any past historical track record that you can refer to or ask some of your friends or other participants in the virtual space.
Q. 🧉: What strategy will you implement to bring non-crypto-natives into your ecosystem?
A. 🧑: We think about the infrastructure and the application layer from first principles to address the pain points that users are facing.
Number #1: networks are too expensive and too slow to use for day-to-day users. If you have interacted with Aptos, the user experience is actually quite smooth. It settles within seconds without you knowing and the gas is minimal.
Number #2 is the ecosystem project layer, including infrastructure, middlewares, wallets and consumer-facing applications. Those need to be redesigned for retail mass adoption as well. For example, it is not ideal for users to spend 5 to 10 minutes before setting up a new wallet.
That’s why a lot of the projects are thinking about the problem space from a very unique and innovative perspective and are thriving to become the application that will gain mass adoption.
And part of that journey is really taking community feedback and retail users’ feedback very seriously as well.
Q. 🧉: Which wallets users can use for Aptos chain? Can users bridge tokens from Bsc Chain to Aptos?
A. 🧑: There are quite a few wallets that are already integrated with Aptos mainnet. Aptos native ones include Petra, Martian and Pontem wallets. There are also a few multi-chain wallets like Trust Wallet, Coin 98 and I heard math wallet is integrating Aptos as well. Ultimately it’s up to users to find the best wallet.
Maybe some of the existing wallets you are already using are coming to Aptos too. And if any wallets haven’t really integrated with Aptos please let us know or let the wallet teams know directly.
On the cross-chain side, there are several established cross-chain protocols, including Wormhole, Layer 0 & Celer have already announced their integration with Aptos.
Q. 🧉: What is the difference between APTOS and other layer 1 competitors? What is the current TPS of Aptos and can this be upgraded?
A. 🧑: I’ve shared some of the technical differences in previous questions. Aptos is creating a home for developers to build future-proof applications through unparalleled technology and a key focus on user experience. As well as a very organic and vibrant community and ecosystem to really achieve that goal.
We look forward to more volume on the network! The Aptos blockchain is ready for the ecosystem to fully onboard and bring on the users needed to reach its TPS potential. In the last week or so, the network has already seen TPS increase by many multiples, and this will continue to rise with increased activity on the network.
One of the Aptos testnets, with less powerful hardware than Aptos mainnet, sustained peaks of thousands of user-generated transactions per second. The entire community is looking forward to the high throughput capabilities on mainnet as projects continue to onboard.
Community Questions:
Q. Can we consider Pancakeswap as the main decentralized exchange on the Aptos chain?
A. Chef Mochi 🐰: The PancakeSwap team is really aiming for that and we’ll definitely bring the best Aptos projects out to our users, both community joining us from the BNB Chain or the native Aptos users on the Aptos ecosystem.
PancakeSwap has always been successful on the BNB Chain because we’re always laser-focused on the user experience and finding the best projects. Also, we work with our projects professionally and we take care of our community.
We’re also looking forward to working with the Aptos ecosystem builders to bring the best projects and benefits to users on the Aptos chain.
So definitely, we are looking to be the leading DEX on the Aptos chain.
Q. After the PancakeSwap Integration on Aptos, in which token will the fees be?
A. 🐰: The token that you use to pay for transactions will depend on what chain you’re on. So if you’re on the BNB chain, PancakeSwap will use the BNB gas token just like you do as usual.
If you are on the Aptos chain, all you have to do on PancakeSwap is just click the drop-down menu and switch chains to Aptos. While operating on the Aptos chain you will pay the gas fee in $APT, which is the native Aptos blockchain token.
Just remember that it’s always about which chain you’re on that decides what token you’ll use for paying the gas fee.
Q. We all know there’s been a lot of hacks on bridges. How will you actually protect users and funds while bridging to Aptos?
A. 🐰: We ourselves are looking into a lot of the different bridge exploits to understand how others have dealt with them. And what we are now doing is taking a multi-pronged approach to security.
We’re working with the best bridge partners that are supporting bridging into Aptos, like Layer Zero, Celer, etcetera. We are speaking with them to understand how they’re conducting their bridging operations, and these partners have a very good background in security.
As Security is our number 1 priority as well as for HC, we’re also in contact with Centralized Exchanges to understand how they can support our bridging since they have a strong record of security.
🧉 Thanks for reading!! Lastly, don’t forget to follow our Twitter account , join our Telegram Community and our Discord server to catch up on the latest news!
Chef Fran🧉
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