FalconSwap AMA with Eric
Eric Su: Let us start!
Welcome @eric_falconswap glad that you can take the time to join us
Eric | FalconSwap: Thanks Eric for inviting me to your group, glad to join
Eric Su: @eric_falconswap Please introduce yourself to the community.
Eric | FalconSwap: I am a co-founder at FalconSwap and a blockchain developer for over 4 years. My co-founder, Tim, and I have been active traders and recently saw the growth in the popularity of Uniswap and other protocols and the issues that come with that and started working on building a solution for it, and then once we had everything ready we decided to move forward with the launch. I have built many dApps in the past and worked as a consultant before deciding to start my one project.
Eric Su: In your own words, what is Falconswap?
Eric | FalconSwap: FalconSwap is a layer-2 scaling solution built on Uniswap and further extendable to aggregate other DeFi platforms like Mooniswap, Kyber, Balancer, Airswap, Bancor, etc. FalconSwap is solving the gas and slippage issue by aggregating orders before sending them to underlying liquidity pools.
Moreover, Falconswap is a DEX protocol in itself and enables people to trade on FalconSwap without the need for the underlying AMM pools.
Falconswap also provides privacy trading option to people and trade them on Uniswap without people checking on their trades on Etherscan.
Eric Su: That’s a great list of features and benefits. What is the status of the project right now?
Eric | FalconSwap: We have already finished most of the development of V1 and we are launching our beta on Ropsten testnet tomorrow.
Eric Su: Wow. that sounds exciting. what is the timeline to mainnet?
Eric | FalconSwap: We don’t have the exact date but looking to move to the mainnet in the next couple of week after we complete our beta testing and audits
Eric Su: FSW the token, what does it do?
Eric | FalconSwap:
1. Fee discounts
2. Staking — A part of the fees collected from the FalconSwap protocol will be used to buy FSW tokens from the market. These tokens will be distributed to the FSW token staking holders.
3. Trading fees — A part of the trading fees saved by layer 2 settlements will be used to buy FSW from the market and distributed to FSW token staking holders.
4. Token burn — FSW is a deflationary token, 10% of the fees collected will be used to buy FSW tokens from the market and burned.
5. Liquidity mining — Liquidity mining of FSW tokens when you trade on FalconSwap. Hold the tokens to get discounts, stake them to earn reward from the protocol.
Eric Su: That’s one useful token.
Eric | FalconSwap: There will be more use cases that will evolve for FSW as the platform grows and new features are added.
Eric Su: How big is the team now? How will the team sustain itself long term?
Eric | FalconSwap: Our team consists of 4 developers, and marketing and community support to promote the project.
FalconSwap protocol will generate revenues as well and that will fund the long-term maintenance and growth of the protocol.
Eric Su: Excellent. Let’s open the floor for community questions. Please pick 8 or more questions you like to reply after 2–3 minutes.
Q: “aggregate other DeFi platforms like Mooniswap, Kyber, Balancer, Airswap, Bancor, etc.” Are there any other similar projects in this regard? Is FSW unique and superior? Is there a possibility that Uniswap will be upgraded to create a mechanism to reduce fees? If you don’t have any rivals, it’s a great project and you can expect tremendous growth.
A: Uniswap is an AMM pool and we are an aggregation protocol, so our USP is different. There are a couple of projects who are aggregating AMM pools but they do not provide privacy or low gas fees advantages because their architecture is different.
Falconswap is a unique protocol.
Q: Recently Uniswap organized a surprised airdrop for its users, what do you feel about such things? Does FalconSwap have any surprise for its, active users, as well? I’m anticipating it!
A: It won’t be a surprise if I tell you now;)
Q: Falconswap has no whitepaper, no GitHub yet and the team is anonymous. So how can you earn trust from your investor? What is the underlying reason for this kind of situation?
A: We are launching tomorrow, a working decentralised protocol is always a million times better than a whitepaper with claims.
Q: What’s FalconSwap about? Are there any advantages beyond Uniswap? What do you think are the weaknesses of Uniswap right now that FalconSwap is doing better can beyond Uniswap?
A: Both are Unique projects, Uniswap has solved AMM pools and liquidity issues on decentralised exchanges. We are optimizing and aggregating the whole ecosystem in this space.
Q: What privileges of the Falcon ecosystem allow us to hold and share FSW tokens for a long time?
A: Just shared the details in the token utility.
Q: With the UNI super airdrop, everyone now shows interest in this type of protocol and uniswap. How FalconSwap improves the experience of using UniSwap?
A: 1. Privacy transactions — Your transactions settle on Uniswap without someone snooping on you.
2. Gas savings
3. Low slippage
4. Optimisations to prevent front running bots
5. Gas optimisations so trade execute
falconswap is adding to a lot of new features and also improving your overall trading experience.
Q: If only two pairs will be available for the beta which is okay for testing, how many pairs will be available when the product goes live?
Also, how do you plan to list other coins, do they need to submit any documents verification or any ERC20 compatibility can be traded on Falconswap automatically?
A: The trading pairs will be added by us in the beginning as they all will require their relayers. We will decentralise this process as the protocol matures.
Some of the partner tokens will be traded on Falconswap when we launch along with few high-volume tokens that are traded on Uniswap.
Q: As a layer2, what are your security mechanisms to avoid network corruption?
A: We are still on Ethereum, so this is as secure as Ethereum.
Q: Limit orders are challenging for swap protocols, does FalconSwap plan to include it in the future?
Q: How are orders matched at tier 2 and how are orders collected before liquidity is accessed from Uniswap pools? How does Layer 2 Order Matching provide liquidity?
A: Users sign the swap transactions that are collected by relayer. If there is a counterparty it is matched and aggregated and the aggregated order is sent to Uniswap by Falconswap relayer.
Q: Most of the crypto projects were built solely to accumulate wealth for themselves. So, I would like to know the value you would like to add to the crypto industry that will bring greater abundance to the industry?
A: The problem with today’s decentralised trading is that it is so gas inefficient that it is pushing out small traders from the defi ecosystem. Falconswap is working on solving that and make this more inclusive and accessible platform.
Q: Can you explain the origin and reason for using Falcon as a name and representative figure?
A: We are lightweight, gas efficient, and fast just like Falcon the bird.
Q: As a Layer 2 protocol, how can I achieve high THROUGHPUT, solve the problem of scalability, and interoperability and what’s your Comparative advantages over other layers 2 chains like Matic, chromium…?
A: We are not a layer 2 chains, this is not increasing the throughput of the Ethereum blockchain but optimising the trades to accommodate a lot more transactions in limited gas fees. We are doing it through the relayer network and order aggregation.
Q: Why is FalconSwap built on Uniswap and can it work with other DeFi platforms such as Kyber, Balancer, Bancor? How does a Layer-2 scale to avoid compatibility issues?
A: Yes, it can work on other protocols and we will include them later. We are starting with Uniswap as most of the liquidity is on Uniswap.
Q: Why bring in ERC-1155? Could FALCON not perform as expected without ERC-1155 FT integration systems?
A: We don’t use ERC1155, not sure where you got that info from.Q: What problems specifically in the DeFi ecosystem FalconSwap believes need to be solved? How does it aim to solve the problems that are deterring from using DeFi protocols?
Low trading fees
Front running bots
Q: How many pairs are there available when the beta is laughed?
A: Only FSW/ETH pair will be available on testnet beta, we will have more pairs when we launch on mainnet.
Q: When would be a realistic date for a live working product launch? Weeks? Months?
A: Live working product launch tomorrow on testnet, we will share the details about mainnet soon
Eric Su: Thats all the time we have! @eric_falconswap Please invite everyone to your channels and groups
Eric | FalconSwap: You can join our community to know more:
Eric Su: thanks, @eric_falconswap, and thanks everyone for tuning in!