Wolfonaire Chatbox : AMA With Swaperry (13th Aug, 2021)
Hello! Wolfonaire Family & Crypto Enthusiasts
We recently hosted an AMA With Swaperry 13th Aug, 2021 at 04.00 PM UTC. This session was phenomenal. If you have missed then here is the precious AMA transcript, for those who missed the live session this will enlighten you for sure…
Guest Speakers :
Mr. Phil Dang | CEO, Swappery
(Note: This is the transcription of the event. Please note that the transcript was edited for comprehensibility and coherency, while the content was not changed.)
Phil : I’m Phil, co-founder and CEO of Swaperry. We have an exciting journey ahead of us and I’m here to answer anything you’d like to know. and hopefully persuade you to accompany us on this journey!
A bit about myself. I’m from Vietnam, but I moved to Singapore and eventually to the United States for education, and now I live in Silicon Valley. While I’m the CEO for this project, my background is actually software engineering. I spent the last 4 years as a senior software engineer at Google, and a few more years before that at Facebook.
I’ve stumbled across the topic of blockchain with my colleagues at Google many times. but last year was when I was heavily drawn into by it. That is why early this year I decided to take the courage to leave Google and started Swaperry.
Wolf : Amazing 👏… Can you briefly describe about your project?
Phil : For sure… I think most people here know about Polkadot, right?
Wolf : Yeah
Phil : Our team and I think its going to be one of the biggest blockchain tech out there
Wolf : Dot 💎
Phil : Yep 🙂! There’s a lot to say about Swaperry, but in a nutshell. Swaperry will be one of the very first decentralized exchanges (DEXes) to be available for cryptoasset trading on day 1 of Polkadot’s launch.
It will leverage the gigantic horsepower of Polkadot to facilitate extremely fast and cheap transactions. On top of that, we added a tons of our own innovations. much needed features that are not found on other DEXes.
For example, in the near future, Swaperry will come packed with cross-chain support, limit order, stop loss, margin and even predictive trading.
Right now, Swaperry has completed all of its seed and private fundraising rounds. we have raised a total of $1.6M from many well known investors. And we’re about to IDO soon, in 2 weeks! 🙂
Wolf : Good to hear thatIn the next 6–12 months what features or products you planning to release? What we should looking for? Is there any exciting news?
Phil : Oh there’s a lot of exciting stuff on our roadmap. But there’s one that I’m particularly excited about. Its called prediction trading, and its coming next month! This is a very unique feature invented by the Swaperry engineers.
Basically, you can purchase an UP or DOWN ticket to predict the price of a cryptoasset, say bitcoin. and if you predict correctly, you can win huge rewards and/or lottery. It doesnt just stop there: you can also earn NFT achievements as you participate.
These NFTs can be equipped to reduce your future ticket costs. so they are quite powerful. You can actually buy/sell these NFTs for a potentially high price And because the NFTs are very limited, so you’ll have to be really fast.
because once you earn it you can make lots of profit. This feature is right around the corner, in just 1 month. And I’m super excited for its launch! 🙂
Wolf : Yeah same here! Looking super solid.
Phil : I think it could potentially be a huge hit, but fingers crossed!
Lets move for the Twitter round
Q1. I understand that Swaperry aims to be the next generation of DEX, solving 4 limitations that DEX currently have, which is why investors tend to take greater advantage of CEX as Binances. So how does Swaperry work around these limitations for Swaperry’s greater benefit and option?
Phil : Its correct that current DEXes in the market have a few limitations. For example, transaction are much slower and more expensive. The products are not intuitive at all. No cross-chain support. And They don’t have advanced features like limit order that CEXes have.
Still, the benefits of decentralization is huge! And that’s why we’re all here, isnt it? 🙂 That’s why Swaperry’s mission is to show the world that CEXes are that past, and DEXes are the future. First, Swaperry is powered by Polkadot, which is a very solid, scalable infastructure.
It will allow transactions to be significant faster and much cheaper. Second, we will have cross-chain support with other projects on Polkadot, due to the multi-chain nature. Third, it comes packed with awesome features you can only find on CEXes.
like limit order, stop loss, prediction trading. and they are 100% decentralized (its quite a technological achievement). So trust me that once our product is launched, there won’t be a whole lot of reasons why people should continue to use CEXes anymore.
Q2. The platform offers a friendly and hasslefree experience for the users,by not making KYC mandatory.Then how will the system cope up with fraudulant activities?
How can the users be confident about their fund safety?What are the other security measures implemented in the platform?
Phil : Absolutely great question. As a DEX, it is critical that our software needs to be robust and hirely secured. We have witnessed too many projects crumble due to a single security breach to take the matter lightly. That’s why our team focuses strongly on our engineering quality.
We currently have a few security experts acting as our technical advisors just for this matter. At the same time, we hired a 3rd-party security company well known in the industry, CertiK, to audit all of our smart contracts.
CertiK is the audit company behind major projects like PancakeSwap, Binance & Polygon. so while no one can guarantee 100% bug-free software, we feel confident to leave the matter in their hand.
Please be assured that we will only launch our product once our software security has passed their high quality bar.
Q3. Swaperry uses two technologies: Polkadot and PolkaFoundry. So how do these two technologies interconnect to the Swaperry infrastructure to offer highly scalable, transparent, fast and cheap services? What are the benefits they provide to the ecosystem and users?
Phil : This can get quite technical so let me try to explain as simply as possible. Everyone knows Ethereum is a blockchain, and you can build dapps on top of it. Polkadot, on the other hand, is a very unique blockchain technology, in that it is a multi-chain ecosystem.
To build a dapp, you must first secure a chain on the multi-chain, and that’s where PolkaFoundry comes in. PolkaFoundry is one of the top parachains on Polkadot, and Swaperry is built on top of PolkaFoundry. The benefits of this choice of technology is huge, as I already mentioned 🙂
Really fast speed, cheaper cost, cross-chain support and because its so powerful, our team gets to do a tons of innovations like adding limit order, prediction trading, etc. This was not possible on other DEXes. I didnt want to dive too deep into the tech itself so its still easy to follow, hopefully I answered your question.
Q4. What are the ways for “Swaperry “ to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?
Phil : As of right now, the team has raised a total of $1.6M. According to our estimates, should be more than enough to keep us going for more than 3 years, even at zero revenue.
However, we do hope to turn a profit soon after we launch. Prediction trading could be a huge hit, and as we and all $PERRY token holders make money from each transaction. that’s how we will generate revenue in the next few months.
However, we don’t want to just stop at being a DEX. Our “final boss”, so to speak, is actually the stock market. We’ve been deep in talk to actually manage to list stocks as tokens on our DEX. And this is huge! The stock market is 100 times larger than crypto roughly 200 trillion!
so that opens up a huge potential for capital to flow to Swaperry at that point, we’ll never have to worry about revenue anymore. Thats why I’m super excited about the future of Swaperry!
Q5. Can you detail what will be the use cases of $PERRY within the Swaperry Technology ecosystem? How important will it be? If you would be so kind, also explain to us how the supply distribution has been designed?
Phil : Of course. All $PERRY holders get to share all of Swaperry’s revenue. so the more traffic and transactions, the more you make money. which also means $PERRY price will go up, so you’ll benefit both ways!
Then, in order to participate in prediction trading, users have to purchase $PERRY, and that’s how we’ll burn the token. As we cut down supply of $PERRY, its price go up!
So its better to hold on to $PERRY earlier when its still really cheap. It should soar as soon as we launch prediction trading next month.
Now the session ends with lots of thanks to our Guest Speaker…
Here are some important links of Swaperry