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Poly Network

Poly Network AMA Recap with O3 Interchange

AMM based cross-chain DEX, O3 Interchange(@O3_Labs), was invited to Poly Network (@PolyNetwork2) AMA, taken place on June 14 in the Poly Network Telegram Community. From the Live AMA with Matt, Communication Director at O3 Labs, this recap fully grasps the information discussed during the AMA.

INTRODUCTION

Poly Network is a global cross-chain protocol for implementing blockchain interoperability and building Web3.0 infrastructure. Poly Network has integrated 25+ blockchains, including Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Arbitrum, Optimism, Metis, Boba, OKC, HECO, Neo, Ontology, Zilliqa, Gnosis Chain, etc. Since the launch, the protocol has enabled cross-chain asset transfer of more than 16 billion U.S. dollars.

O3 Labs is the development team behind O3 Wallet which got its start in the Neo community in 2017 as the top wallet for storing $NEO. Nowadays, O3 Labs has moved into the DeFi world in a big way with O3 Interchange and O3 Cross-Chain Wallet. We’re dedicated to decentralized finance and making sure users have control over the digital assets even as they’re swapping feverishly across chains. That’s the idea behind O3 Interchange, O3 Swap’s V2, and that’s the reason we’re pressing forward with our plan to create the O3 DAO that controls the future of our protocol powered by $O3 and its HODLERS within our community.

QUESTIONS AND ANSWERS IN LIVE AMA

Q1 What is O3 Interchange and what is the innovation?

A:O3 Interchange will become the first ever cross-chain decentralized exchange or DEX through its use of pToken AMM pools hosted on our platform. These pToken AMM pools are the primary innovation! In addition to our standard aggregating from the top DEXs on each chain, we’ll host our own pools that will support swapping across chains in addition to stablecoin bridging. This provides two layers of available liquidity.

Additionally, our users will be able to take advantage of our O3 Gas station to swap gas tokens without having to purchase them from a centralized exchange like Coinbase or Binance. Couple this with the fiat on-ramp within O3 Wallet and advanced traders may never need to go to a CEX again since they can swap gas tokens across chain directly within our O3 Gas Station.

Q2 How do you see the trilemma in cross-chaining and what is O3 Interchange’s solution?

A:For those that don’t know about the trilemma, cross-chain projects typically have three core concepts to focus on. Those 3 concepts are decentralization, scalability and liquidity. Our solution and primary innovation with O3 Interchange is our pToken AMM pools which provide native asset liquidity for bridging and swapping functions. The destination or output assets are native instead of pegged or wrapped tokens without consensus or function.

These assets are native, not simply created for the purpose of any particular blockchain. 100% decentralized protocol’s pools make us more secure, because the AMM pools have been tried and tested without fail within other DEX protocols. The ultimate liquidity solution is provided by users themselves through liquidity incentives where they can earn token rewards for aiding the protocol and community.

As for scalability, by deploying these AMM pools on different chains, we can quickly scale up liquidity for new assets and chains. We’ve been a leading innovator in using AMM pools to solve liquidity problems when crossing chains and O3 Interchange will be a more enhanced extension of this mechanism.

Q3 Does O3 Interchange consider adding more coins? More chains?

The last question regarding the pToken AMM pools was a perfect segue to this question. Because we can deploy our own native pToken AMM pools on EVM compatible chains very quickly and securely, it gives us the freedom to have users add liquidity for the assets that they’d like to be tradeable. So, we’ll be seeking users’ input on which assets to deploy and on which networks.

Currently, our only limitation on chains/networks is that they be EVM compatible. That rules out popular chains like Solana and Terra; however, we’re currently considering adding 2 EVM chains that have personally reached out to us via their business development team.

Q4 Why did O3Labs choose Poly Network among others for partnership?

A:We chose Poly Network because of their focus on decentralization and their chain agnostic approach to innovation that has made them a leader in the cross-chain space. We’ve also got longtime ties to the Poly Network and they’ve proven to be trustworthy and dependable. Poly Network has facilitated billions of dollars in transactions across chains and have proven their solution is both robust and efficient. Lastly, much like O3 Labs, Poly Network is committed to creating sustainable interoperability infrastructure that will stand the test of time. We couldn’t be happier to take the next step forward with Poly Network as our foundational partner.

Q5 Any exciting plan for future developments?What shall users expect?

A:The most exciting development for HODLERS will be the buybacks and burns that we plan for $O3 token. We’ve now got a cross-chain wallet, a swap protocol, and multiple layers of liquidity on our cross-chain DEX. Despite a bad market of late, we’re bound to make headway in accumulating fees as more and more users cross chains. We pledge to use 80% of those fees to buy back $O3 on the market and burn it forever, thus decreasing the circulating supply of O3 significantly and raising its value for investors.

Personally, I’m most excited for the O3 DAO, our plan to bring a democratic approach to changing and expanding our protocol. It will bring a true utility to the $O3 token by allowing users to stake for $DAO3 which will function as a currency for voting and making proposals to change our protocol for the better of $O3 holders.

The AMA with O3 Interchange was successfully concluded. We will have more AMAs coming in the following weeks. Please stay tuned!

For more info about Poly Network

Website | Telegram | Medium | Twitter | Discord | Github

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