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Satoshi_storyteller

Dec 18, 2021

15 min read

Swim x Satoshi Club AMA Recap from the 17th of December

Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Swim and our guest was . The AMA took place on the 17th of December

The AMA session was divided into 3 parts with a total crypto reward pool of $500

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&WebSite

Hello Satoshiclubers Welcome to another AMA session..

Hello, Satoshi Club community! We are pleased to announce AMA with Swim Project

Our guest today is @troytsui hello and welcome to Satoshi club

Welcome to Satoshi Club! @troy_tsui

Hey guys! happy to be here

Hello, we also happy and excited doing AMA with Swim Project

We are excited to have you here.. how are you doing today?

Thanks for the invite! I’m doing well and excited to get the AMA started

Great.. let’s start our AMA

Well, let’s start our AMA!

Please Introduce yourself and your team.

and can you introduce a little about Swim project?

Hey guys — my name is Troy and I started my career at SIG as an algo trader. After working there, I transitioned into the crypto space and was an early member of Alameda/FTX as a trader. I graduated from UC Berkeley with a major in Engineering, Math, and Statistics with a minor in Computer Science

The team comes from a variety of backgrounds such as FTX, Alameda, Coinbase Ventures, Cosmos, and Google. I’ve worked with many of the team members in college or prior jobs. Our CTO was a software engineer at Alameda/FTX and most members of the software development team have experiences within the cryptocurrency space.

Great Background we seem to have quite similar interests, I also did a Major in Engineering

In terms of our project, Swim is a multi-chain AMM for native assets, designed to make bridging as easy as possible. Our protocol eliminates the need for wrapped assets by allowing users to swap from a native asset on one chain to a native asset on any other supported chain. Swim’s solution reduces the barriers faced by users when performing cross-chain transactions, enabling true interoperability between various blockchain networks.

You have great team experience and background

Oh nice! great to hear it

And thank you!

Thank you for great introduction @troy_tsui, we have collected 6 community questions from Satoshi Club Website,

ready to proceed?

Yes, ready!

Q1 telegram user @timurkaua

As i understand,Swim’s liquidity pools will support the provision of USDT and USDC on both Ethereum and Solana.Will the same option be available for BUSD and the Binance network? Can you please tell us more about how the deposit and withdrawal of funds in your liquidity pools will take place? What are the main benefits for Swim pools users?

Yes, both BUSD and USDT will be supported by Swim on the Binance Smart Chain network! To deposit into our pools, users simply need to connect their respective wallets for any of our supported chains (ex. Phantom for Solana, Metamask for BSC/Ethereum) and select the intended network to receive their Swim LP token. We allow the option for users to receive their LP token on any of our supported networks! At launch, liquidity providers will collect trading fees proportional to their allocation into Swim’s pools. After our Alpha launch and shortly after, users will also be given the option to stake their LP token to earn additional yield.

You currently support just three chains??

Do you have plan to support other chain in the future?

Yes — but we have plans to expand to more in the future such as Polygon + terra

Btw can you share your roadmap from Swim project ?

Yes — in early January and Q1 2022, we plan on launching the following initiatives:

– Alpha Launch early Jan

– Token launch shortly after

– Staking feature for users

– Special NFT launch with utility users

– Expansion into new ecosystems (Terra, Polygon, eventually Avalanche)

– Expansion in pools to allow native to native asset swaps cross-chain by plugging in between AMMs (expanding from initial stablecoin hexapool)

Thank you for sharing this

Ready to proceed to the next question?

Yes

Q2 telegram user @DK177

I am curious to know more information on AMM style bridge offered on Swim. According to the brief description you have provided, users can bridge easier by only using native assets, native gas tokens and wallets. How does it differ from other bridges that use bridge wrapped assets? Please explain about the benefits of choosing your platform in terms of convenience, cost and user experience. Is bridging with native assets a unique concept of Swim? If yes, how did this idea come to your mind? Have you done any research before introducing a whole new concept?

Oh so we can expect new chain at Q1 2022 its already near, we just do AMA with Avalanche yesterday they are also great chain

Swim ensures a bridging experience that provides users with a native asset that is fungible and has utility on the destination chain. Bridge UIs can sometimes be confusing and small missed steps can lead to a wrapped version of the token on the destination chain that has either no liquidity or no utility, leading to a suboptimal user experience.

Swim provides a seamless process with minimal steps involved to ensure that the user can easily bridge assets in native asset form which is indeed unique to Swim. In our view, a cross-chain token bridge should allow users to receive the canonical, or most commonly used, form of that token, and not a proprietary wrapped version that may or may not be canonical. Our goal is to build such a protocol, paving the way for true interoperability between all blockchains.

Given that our team has been in the DeFi space for a while and has been witnessing an influx of new users to the ecosystem, we found that dealing with wrapped assets can be a barrier to entry for lots of new retail users. After thoroughly analyzing and using several other bridges, our team designed Swim as a comprehensive platform, improving upon any hurdles and optimizing for the best user experience in mind.

Yes, Avalanche is great!

Minimizing the steps needed to bridge assets seems to be one of your selling point,so what are the steps required to bridge assets using Swim?

It is very simple to bridge assets using Swim. A user will just need to connect their wallets on our platform, select the assets + chains they want to swap, and click a button. We truly designed this with the end user experience in mind

How about the fee? usually bridge had cost big fee to their user, i had experience to bridge from ETH and i must pay expensive fee for that

Simplicity is indeed a great factor to always consider for onboarding users, great to know you have this considered

Our trading fee structure is 4bps of the total trade: 3bps to the LP holders and 1bp to the treasury, which is a similar design to other stableswaps. Unfortunately, when it comes to fees based on the respective ecosystem, we must adhere to exisiting gas fees

This is understandable

Thank you for your Answers

Ready for the next question?

Yes

Thank you for your detail answer, letgo to next question?

ready

Q3 telegram user @ItsMelissa3

For the first quarter of 2022 you have written down on your roadmap to release the governance of Swim Protocol, an essential system within any decentralized platform. Can you tell us a little more about the Swim Protocol governance process? Will there be a token whose exclusive function is governance or will the SWIM token be used for this purpose as well? In order for users to have the minimum required voting power, how many governance tokens must they have? On what aspects and parameters of the Swim Protocol ecosystem will the community have a vote?

We’ve largely taken inspiration from Curve and Sushi’s governance models. There will not be another token solely for governance, the SWIM token will be used for this purpose as well. Almost all aspects of the protocol will be governed. Features to prioritize: bounties for features, fee parameters, slippage curve, various details around the buy and burn model etc.

Do the $SWIM token already list ? where we can buy the token ?

The $SWIM token has not been listed yet — we plan on launching the token shortly after our Alpha launch

Great . Can you share the Tokenomics of $SWIM with us?

Swim’s tokenomics model is broken down into these few major components: mining incentives (30%), ecosystem/partnership incentives (35%), team tokens (20%), Seed (5%), liquidity provision (10%) . Team & seed tokens are locked for 1 year and released linearly for 3 years afterwards.

Great ..Thank you for this breakdown

Ready to proceed to the next question?

yes

thanks for sharing this , do you want to add anything or we can go to next question?

Q4 from Telegram User @iceVermithraxx

In order to facilitate movement of assets between major Blockchain networks, swim platform implemented some new solutions/features into existing cross-chain token bridge which includes Proof of Authority (PoA) bridges, Hash time Locked Contracts(HTLC), Conditional Transfers and limitations of wrapped Tokens. Can you elaborate on each of this feature you have integrated into existing cross-chain token bridges? Can you also explain on how these features will help facilitate the movements of assets between major blockchains?

Let’s dig a little into the technical aspects..

yes a technical question

The listed bridging mechanisms are not all necessarily integrated with Swim. We listed these in our whitepaper to juxtapose and provide a holistic assessment of the existing ways to bridge assets across chains.

Swim is built on top of Wormhole, a Proof of Authority (PoA) bridge. This means that Wormhole guardians are selected by Solana and borrow trust from the main chain, making it virtually as secure as Solana itself. Security is an integral part of any bridging experience and we felt it was necessary to ensure safe transactions as a vital first step in creating the protocol.

So what are the advantages of using wormhole in SWIM? Is it all about the security

Not only is it about the security, but by building our protocol on top of Wormhole and combining it with our AMM on Solana, we’re able to capture all of Wormhole’s functionalities / capabilities for the User while still allowing them to bridge assets in native form

This is an impressive improvement to existing models

Thank you for providing great answers to our questions

Ready to proceed to the next question?

Thank you for the clear answer, let go to the next question

sounds good!

Q5 from Telegram User @MudaraSilva

While explaining about the trading fee on your protocol, you have mentioned that the fee parameter will be adjustable and can be raised or lowered as needed. Can you explain what should be done by users to lower the fee? Can they get to know about the fee prior to the transaction and postpone it if the fee is high? When adjusting the fee on Swim protocol, what kind of factors does the platform take into consideration? Like some other platforms do, do you offer any discounts on fees if users hold your platform tokens or pay fees with them? When compared to similar protocols, does you charge a lower fee? Please explain about fees on Swim protocol in addition to trading fees.

As I mentioned earlier, the trading fee structure is 4bps of the total trade. 3bps to the LP holders and 1bp to the treasury. The design of this is largely similar to stableswaps. Likewise, the fee parameters are not designed to be user specific and the same fees will apply to every user. We charge the standard fee that most stableswaps charge.

So in other words this is not adjustable?

As of now, this is how we plan on moving forward but we can innovate in the future if needed

This will be a great idea to implement, I’m sure users will like this feature..

Thanks for the answer, lets proceed to last question from part 1

okay!

This is simple and quite clear for me

Q6 from Telegram User @Ajpaa

I read from your document polished 17th August that Swim team are constantly looking to partner with projects to grow the ecosystem with plans to Integrate borrow/lending, wallet and dashboard aggregators. So can you tell us more about the borrow/lending, wallet and dashboard aggregators you plans to integrate? Which among these features do you consider priority? Have you secured some important partnership regarding these features already? What makes you confident that your borrow/lending, wallet and dashboard aggregators will be among the key or best products in crypto space?

Our team is working hard to integrate and improve composability within the DeFi landscape. In doing so, we have reached out within our network to integration partners we think would make the most sense to simultaneously expand and grow our respective protocols. While we have a bunch of integrations lined up with different types of protocols, we think that all partners are important for us. We have thoroughly discussed on ways to partner and are confident that our integrations are best in space.

We plan on announcing our integration partners shortly so make sure to follow us on twitter to stay up to date with us! https://twitter.com/SwimProtocol?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

We will be on the lookout for sure

Can you talk about your plans for lending/borrowing?

How do you intend to implement this?

although our plan is to partner with several lending/borrowing protocols to add more liquidity to the eocsystem, our implementation plans are still being finalized

btw can you share about NFT section from Swim ? what NFT will be like ?

while this project is still in the works, we plan on launching an NFT collection that will provide utility for users when it comes to LP’ing. More details will be announced on our discord + twitter as well!

Thank you for this first part of our AMA

More reason to follow Swim before we go to live section part 2 , please share important link to your social media

http://discord.gg/wGrxQ7GAgP

https://twitter.com/SwimProtocol?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

Thank you for sharing, @troy_tsui we will open chat for 2 minutes and then chat will be closed — after that you can start select 10 best questions !

https://t.me/joinchat/Mnc1WjrKcq8yYTM1

https://swimprotocol.medium.com/?p=280d3ec72ce6

Opening chat in 5 seconds…

Part 2 — live questions from the Telegram community

Q1 from Telegram user

On Your Twitter Post, I saw one Hiring Post,
Can You tell about the criteria?

Who all can apply for this Post?

Yes, we are looking to expand the team! we are looking to hire smart contract, frontend, and UX engineers. our job posting is here https://apply.workable.com/swim/

Q2 from Telegram user

As i understand your project main focus is eliminating the need for wrapped assets, can you tell us about the important of this?

We view wrapped assets as a hurdle for retail DeFi users as it is difficult to navigate. By eliminating this barrier to entry, Swim allows users to avoid the hassle of wrapping/unwrapping assets to arrive at a version of the token that is both fungible and has liquidity on the destination chain. This way, users can simply swap assets across chains, providing for a seamless user experience

Q3 from Telegram user

I saw your “More chain integration” goal in Q1 2022 on your roadmap. Which will be these chains, which chains should be primarily integrated for you?

We plan on expanding to Terra + Polygon in the near future

Q4 from Telegram user

I read somewhere that your team members come from a background of FTS, coinbase Ventures, Cosmos,Google & Alameda,
With all this Experience, How do You think it will help in the Upcoming times?

Our team has deep knowledge in the crypto space and has been involved in DeFi for quite some time now. Given our diverse backgrounds from different companies, we’re able to work together in a strategic manner that will help push Swim forward in the Solana ecosystem. Our devs and non-dev team members have seen the industry become what it is today — we plan on working closely together to make sure we capture on all the important trends and will ensure success to our protocol

Q5 from Telegram user

Which company did you audited your smart contract and do you think of auditing it regularly?

Our preliminary audit was conducted by Kudelski, the results of which included no critical or high severity findings. Our final audit report will be available in coming weeks. We are very happy with our results — stay tuned to our socials for updates once the final results are available!

Q6 from Telegram user

I Read that SWIM TEAM has announced the 25daysofSwim HOLIDAY TRIVIA CONTEST , Can you tell me How Can I be a Part of This Contest and What Prizes I will get If I participate ?

Anyone can participate! All you need to do is stay updated with our Twitter. We’ve pinned a thread specifying the rules on our Twitter:https://twitter.com/SwimProtocol?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

Q7 from Telegram user

I read on your roadmap that you are aiming to Integrate and Collaborate with SOLANA projects this quarter. Which projects have you collaborated with so far and what are your goals within the SOLANA ecosystem?

This is correct — we plan on making a large announcement on our Twitter shortly. We’ve partnered with major projects so far that are supported within Swim’s network

Q8 from Telegram user

Who are Swim’s target audience at the protocol level? How do you plan to integrate non-crypto into Swim as a requirement of the mainstream of projects? What is the place of user experience in Swim design?

That’s a very good question. Our product was built with the mindset of a defi-power user as well as someone who is branching out to another chain for the first time. A lot of our user experience design takes into account these feedbacks. Our goal is to build a swap that users feel comfortable using because they’ve done something similar rather than a piece of technology that looks foreign to them. On a protocol level, we are partnering with KOLs whose audience spans through both non-crypto natives as well as power users. We hope that as more users are onboarded to our platform, they will find utility and added benefit from our product that will eventually translate positively to our token

Q9 from Telegram user

You currently have other competitors in crypto providing the same bridge services as Swim. Will there be any difference between Swim and other platforms that offer similar solutions? For example, can we expect you to offer lower transaction fees?

The current bridge landscape has bridges that are single-route (require users to learn a new bridge system for every new ecosystem), have long wait times or require wrapped assets, third-party wallet & tokens associated with the bridge, etc. Swim was designed with all these weaknesses in mind to provide for a one stop, comprehensive bridging solution for our users

Q10 from Telegram user

Do the SWIM PLATFORM Supports MULTIPLE
WALLETS , Can You tell me about the WALLETS which Swim Platform Currently Supports ?

Swim supports multiple wallets from the Solana, BSC, and ETH ecosystems, including the most popular on each respective chain (Phantom Wallet, MetaMask, etc.). We have support rolled out so that users can choose their wallet of choice when deciding to swap assets across chains

Part 3 — Quiz Results

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.

English Telegram group: https://t.me/Satoshi_club/
Russian Telegram group: https://t.me/satoshi_club_ru/
Spanish Telegram group: https://t.me/satoshi_club_spanish/
Telegram Channel: https://t.me/satoshi_club_channel/
Twitter: https://twitter.com/realsatoshiclub/
Website: https://esatoshi.club/

Telegram –https://t.me/swimprotocol
Medium –https://swimprotocol.medium.com/
WebSite — https://swim.io/
Twitter-https://twitter.com/SwimProtocol

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