AMA Satoshi Club x SparkleSwap, January 8th
Educational task of Satoshi Club drives us to acquaint you with all new projects. We were delighted to welcome our guest from SparkleSwap. The AMA took place on January 8, 2021 and our guest was Jonah Glasgow
The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
Part 1 — introduction and questions from the Telegram&Bitcointalk community
Маry Satoshi CLUB: Hello Satoshi Club! We are happy to announce our AMA session with SparkleSwap! welcome to Satoshi Club
Gold Rocket | Satoshi Club: Good evening, dear community! Greetings @JonahGlasgow! Welcome to Satoshi Club!
Jonah Glasgow: Hello everyone! thank you for inviting me to the community
Маry Satoshi CLUB: Could you introduce yourself for Satoshi Club members
And of course introduce us SparkleSwap project
Jonah Glasgow: Happily as you guys know im Jonah Glasgow the founder and dev for Sparkleswap and Sparkle Loyalty. I first started in this space about three years ago with a project called Lindacoin which took off quite well in the community. After working with the Lindacoin team for 12 month i decided to branch off and start our first project Sparkle Loyalty.
My primary focus was mainly in web design and slowly i dived into smart contract development as i got sick of other devs telling me what i couldn’t do all the time.
About 12 month ago I decided to start taking development more seriously and taking on contract work for 3rd party projects to further challenge myself in this space. Overall I would say it’s been the best journey of my life and also the most challenging as technology constantly evolves in this space.
Маry Satoshi CLUB: Lindacoin, was it traded on Yobit?) $LINDA?)
Jonah Glasgow: Oh it was in fact! LINDA!!!!!!
Маry Satoshi CLUB: Haha, i remember) And now you’re moving forward with new SparkleSwap project)
You know, we have a proverb here : not everything gold, that sparkle) What is special in your project, that will make us to think that it is a real hidden gem?)
Jonah Glasgow: Yeah about three years ago me and one core dev decided to start our own project, sadly we had a falling out with other team members but all things lead to more opportunities, i wouldnt of taken development as seriously if it didnt happen
hence i got sick of devs telling what i could and couldn’t build.
Маry Satoshi CLUB: Oh, you are crypto Elon?
Jonah Glasgow: Hahah on my good days
Jonah Glasgow: I really had three ideas when coming up with sparkleswap
- We need more gamification to make things fun
- We need to solve a major problem faced with AMM protocols today
- We need more emoji’s
Gold Rocket | Satoshi Club: Do you have helpers in your work? What is your team? How many people are in the team and what functions do they perform?
Маry Satoshi CLUB: What do you think is major problem for AMM?
Jonah Glasgow: Yeah our team is quite small but packs a big punch
We have 8 Core team members
2 Devs myself and Matthew
5 Community admins
1 Team artist
Маry Satoshi CLUB: Nice team) not so big
Jonah Glasgow: Right now i thing the biggest issue is scalability, when the network is slammed with transactions gas fees going through the roof.
Маry Satoshi CLUB: Ok, got it. We will have this question later))) so
Jonah Glasgow: Liquidity providers benefit from transactions but users should also get something as well especially when markets needs to stay active they cannot shutdown due to lack of incentive
Маry Satoshi CLUB: Sure, i see truth in your words)
And may be we can start with questions from our community?) We have a lot and i think we will dig deeper in all nuances of SparkleSwap
Jonah Glasgow: Im glad you agree! I see the potential for a lot of improvement in that area.
Lets begin =)
Q1 from Telegram Username @kafeinen
SparkleSwap is a decentralized exchange based on uniswap. What improvements do you bring? We’ve seen a lot of layer 2 solutions. I am curious to know what new do you bring
Jonah Glasgow: Our primary focus with sparkleswap is to keep things fun and exciting, but also give incentives that weren’t their before back to the market makers as they are an essential part of DeFI.
Gold Rocket | Satoshi Club: Share your coolest features
Маry Satoshi CLUB: Which major incentives you can name us? That SparkleSwap gives to its users?)
Jonah Glasgow: We are developing our rewards router which connects directly to the Uniswap V2 router. This allows us to do some unique things like add a 1% trading incentive for all trades made on sparkleswap — -> to Uniswap
Маry Satoshi CLUB: Ok, that’s great. When it will be working?)
Jonah Glasgow: This also means we provide endless liquidity directly from the source with access to all uniswaps advanced trading features
We are planning to start testing at the end of the month a go live shortly after the community will be able to track our progress on github
Маry Satoshi CLUB: Will your community be able to test it?)
Gold Rocket | Satoshi Club: Wow! Very soon! Look forward to!
Jonah Glasgow: The 2nd part which make us unique is the gamification we will be adding. This allows us to keep things fun while community members have some rivalry between teams
Маry Satoshi CLUB: Cool
Jonah Glasgow: Ive set a personal target to have this product released by the 15th of January as it’s a major part of sparkleswaps platform. Hint. Light & Dark Themes & Teams choose wisely
Маry Satoshi CLUB
I like hints
Q2 from Telegram Username @cengizhantekin
Sparkle offers an option to add daily multiplier to accelerate the rewards. How can I add this multiplier, does it require a kind of subscription with fee or holding/staking Sparkle tokens or what? And what is the range/limit for multiplying
Jonah Glasgow: Just wanted to say yes we always ask for community members to help test
- Go to sparkleloyalty.io and make a deposit to start your loyalty cycle
- Pick the multiplier that best suits you
- Claim your rewards every 24hrs
The staking multiplier is quite unique because the user now has the power to boost their APR from the annual base rate
Маry Satoshi CLUB: Which kinds if multipliers do you have? Can you share with us?
Jonah Glasgow: tier one is free for all users to start staking at 20% APR
Маry Satoshi CLUB: And another tiers?
Jonah Glasgow: tier two is a fee of 0.2 ETH with an additional 20% added to your daily APR and compounds these rewards each time you claim this multiplier adds up quite fast over time and quite attractive
Маry Satoshi CLUB: Is this fee settled for one address or for one staking circle?
Jonah Glasgow: tier three is 0.3 eth with an additional 30% added to your daily APR and even more attractive
One time fee per address until you withdraw so long as users keep staking they keep the multiplier active. you could keep it active for 10 years if you really wanted to and be the stake GOD
Маry Satoshi CLUB: Got it. So, you have 3 tiers, right?)
Jonah Glasgow: Correct!
Маry Satoshi CLUB: Great! Between, are you sure about tier one rewards? Our users tell me that they are 15%) Or may be you have mistake on the site?
Jonah Glasgow: Sorry yes 15% is correct
Маry Satoshi CLUB: Thank you) np
Q3 from Telegram Username @konditer_rolex
All SparkleSwap transactions go through Uniswap. All token liquidity pairs are also routed through Uniswap. Earn trading incentives for token swaps routed through Uniswap.
I don’t understand your role. Did you just create the interface in a different color scheme and will you charge us a commission for it? Or what was it all for?
Jonah Glasgow: We develop the smart contract which passes the data to Uniswap and if the tx is completed you’ll receive a trading incentive. This part cannot be done on Uniswap but only on Sparkleswap
We are the first trading incentive platform created specifically for the Uniswap community and we do not charge any commission on trading or adding liquidity as that would go against the whole idea of giving traders a swap incentive
Маry Satoshi CLUB: Got it
are you a fork of Uniswap?
Jonah Glasgow: We make no money from any swap/trade/liquidity deposit done on sparkleswap
Маry Satoshi CLUB: So, where you will get profit?)
Jonah Glasgow: We do charge a small fee for entering the staking pool and in return users are more responsible when farming
its a small cost to earn ratio
Q4 from Telegram Username @KevSalom
In your FAQ you mention that Rewards are not distributed until you withdraw all tokens from your loyalty account, thus completing your loyalty cycle. I am not totally clear on this… Does this mean that I can’t withdraw a portion of the rewards, should I withdraw everything so I can enter a new cycle? or what?
Jonah Glasgow: Yes, you must withdraw your entire balance to complete the loyalty cycle
you cant tell your wife you were half loyal lol
same applies here i guess haha
Proof of Loyalty
not half loyal haha
Gold Rocket | Satoshi Club Lol
Маry Satoshi CLUB: It’s saving account, right?)
Btw, are this tokens locked or users can withdraw any time?
Jonah Glasgow: It seams users treat it more like a savings account which compounds much better than traditional banks and requires some loyalty in return. the longer your loyalty cycle is the larger your daily rewards will become with each day you claim.
No lock times you can withdraw at any time and also deposit more into your loyalty account over time, the multiplier is only removed when you withdraw.
Маry Satoshi CLUB: Awesome
Gold Rocket | Satoshi Club: Yeah.. sounds good
Маry Satoshi CLUB: Your users must be happy) btw, how many users already used this program?
Jonah Glasgow: No crazy 5555 lock times here…for those who get it
Маry Satoshi CLUB: Yes, it always scares
Jonah Glasgow: Its hard to say alot
at one point the TVL in POL was over 60% of the circulating supply
Маry Satoshi CLUB: Wow! Good numbers
Jonah Glasgow: We launched 9 staking pools on sparkleswap for $SPRKL so community members are doing both at the moment
Маry Satoshi CLUB: Sorry, this?) I think our members need to see)
Jonah Glasgo: Np
Q5 from Telegram Username @Korryl
can you please explain about gas ? yesterday im checking your platform and want
to stake the liquidity pool token, i must pay gas for around $100.
what is Sparkle Loyalty solution about this problem?
Jonah Glasgow: Part of that is the fee we charge which is 0.035 ETH + whatever the daily gas fee is that day but as the price of eth goes up that number can seam higher.
The plus side is we do not have Fixed yield rates so it can be very attractive for you to be in the pool with the lowest liquidity
ie more stake weight = bigger rewards
ie more pool weight = bigger rewards
Маry Satoshi CLUB: Ok, did you ever calculate how many time should pass for user to start recieve profit from, for example, 1000$?)
Jonah Glasgow: Because pool sizes vary your pool weight varies also so this would change daily or almost hourly if the pools was quite busy
side note uniswap has the feature in their source but they took it out for production idk why
Q6 from Telegram User @reinleoken
The site said no need to keep our Wallet open, first question, how does the platform accurately determine our loyalty reward is ours if we close our wallet?
Secondly, how secure is our wallet information when connected to sparkle? Are periodic security checks in place to ensure safety of funds and wallet info?
Jonah Glasgow: just so everyone knows this also applies to 1 inch pools as they are a fork of uniswap
Маry Satoshi CLUB: Thanks, we will know
Jonah Glasgow: lowest liquidity pool on 1inch will give you the best yield if anyone is doing that!
Маry Satoshi CLUB: Sure, someone do
Jonah Glasgow: We reward users based on the last time they claimed and resets every 24hrs. you just need to log in the same time tomorrow and click claim rewards and use the built in timer to help keep track!
Маry Satoshi CLUB: If he won’t log? What should happen?
Jonah Glasgow: We have been audited by what i feel is the best tool on the market and is produced by consensys which also writes the SWC standard for smart contract development
POL audits can be found here on Github
Маry Satoshi CLUB: And also you have this on your site)
Notice: By using Sparkle’s PoL program you acknowledge any potential risks and or the loss of tokens that may occur through the use of Sparkle’s loyalty platform.
By creating an account on Sparkleloyalty.io users agree to not hold Sparkle Mobile Inc. and all subsidiaries therein owned wholly or in part liable.
Jonah Glasgow: Just a standard acknowledgment of risk this is an emerging market and new errors are always found with every solidity update.
YFI says the same things in less words….. and maybe through a tweet
but all the same
Маry Satoshi CLUB: Yes, it’s standart and it’s sad, that loosing money became standart in defi space
So, do you plan to do regular audits of your platform?
Jonah Glasgow: We have been running flawlessly for 3 years never had those issues because SPRKL follow the standard ERC20 protocol
Part 2 — live questions from the Telegram community
Q1 from Telegram User@Nickkiii
Where is SparkleSwap Liquidity Locked and for how long will liquidity be locked, when is the release time ?
Jonah Glasgow: Liquidity was locked for 6 months in December also All team tokens are also in a multisig on a timed release scheduled for two months from now.
Link can be found here: https://v2.unicrypt.network/pair/0x7dcbcbcb4ce9d3d1aca2835a14358992ffef28d2
Q2 from Telegram User @KASG95
How safe and reliable is it to exchange on Sparkleswap? And also, does it have a token blocking system? or is it exactly the same security and transparency that uniswap provides?
Jonah Glasgow: Sparkleswap is decentralized just like Uniswap we don’t have the ability to lock tokens on Sparkleswap
Q3 from Telegram User @testercoin
Please name some killer features that other defi projects don’t have but you implanted in SparkleSwap?
Jonah Glasgow: Team events, lots of emojis, trading incentives for the user
Q4 from Telegram User @PrishepaTrade
When are you planning to release a smart contract that will reward users for trading on the SparkleSwap exchange platform?
Jonah Glasgow: End of the month and our 2nd product will launch January 15th
Q5 from Telegram User @Garrinepotter
SparkleSwap → SPRKL-V1 Reward Router → Uniswap v2 Router.What is the task of the SPRKL-V1 Reward Router in this chain?
Jonah Glasgow: Determine the total trade value and reward the user 1% if the transaction is completed
Q6 from Telegram User @curiosoAMA
What stage of development is SparkleSwape in at the moment?
Jonah Glasgow: Early stages, after we complete the first version of our rewards router will make additional changes and modifications to our interface to improve the overall user experience
Name: SparkleSwap Rewards Token
Circulating Supply 10,000
Max Supply: 20,000
Team Supply: 2000
LP staking is now live on Sparkleswap!
-ETH LP Staking Contract Address
Uniswap Info Link:
Liquidity Locked UniCrypt Link:
More Announcements Coming Soon
Q7 from Telegram User @spongeboblu
Can you explain the overall tokenomics and liquidity locks about your token and your project SparkleSwap?
Jonah Glasgow: Sorry wouldnt let me reply to his question. =)
Q8 from Telegram User @konditer_rolex
Why did you donate 500,000 SPRKL to ONE DAO holders?
Jonah Glasgow: We didnt SPRKL is actually listed on ONESWAP as they have limit orders
Q9 from Telegram User @tuvalunia
On which exchanges is Sparkle Token already listed and planned to be listed soon?
Jonah Glasgow: You can find SPRKL on the following exchanges
New exchange listing will be coming soon but we are still finalizing all the details =)
Q10 from Telegram User @HTaraca
Do projects need strong financial resources to develop faster? What sources of income did you use to develop your project?
Jonah Glasgow: Sparkleswap rewards Token was launched with no ICO or Pre Sale and has a very aggressive bonding curve similar to Unisocks
Initial liquidity for listing: $1k
Current liquidity $100k
Initial price $0.10
Current Price ~$50
Sparkleswap is 100% community supported as it should be
Part 3 — Quiz Results
In the final part we tested your knowledge in terms of Sparkleswap. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.