On Wednesday, 30th June 2021 2 PM UTC, Zeroswap Team joined the Zeroswap Official Chat for an Ask Me Anything session with the community members. The Panel included Chandrashekar (Zeroswap CEO), Aayushi (Zeroswap COO) and Puneet (Zeroswap CTO).
The primary focus of this discussion was around ‘Zeroswap DEX and the journey ahead’. With the delay in Mainnet release, we thought it was best to come forward to the community and disclose our course of action(s).
For those who missed the LIVE AMA, we’ve created a recap of it here.
For your convenience, we’ve gathered all questions and answers given during this event below. Minor edits were made for clarity.
AMA Segment
[Vee Fernandes] Hello everyone, let’s welcome Zeroswap team for this anticipated AMA. In the Panel today, we have Chandrashekar (CEO), Aayushi (COO), Puneet (CTO) along with the rest of the Zeroswap team. Our primary focus for today’s discussion is around ‘Zeroswap Dex and the journey ahead’
I know everyone is excited to hear from the team but please allow me to introduce the outline for this AMA before we start.
This chat will be muted for the duration of this AMA and we do apologise for any inconvenience.
We’ve had the opportunity to receive the community questions in advance and our dedicated panel will be focused on answering them now.
Let’s begin…
[Vee Fernandes] Is Zeroswap considering a second audit from a well-known Auditor? Why did you choose Zokyo instead of other known auditors? @Roman
[Aayushi Jain] Hi Roman, We are pretty serious about the security of our platform so we got the audits done from one of the reputed audit firms, Zokyo. We chose Zokyo because of their ultra-precision to the written code, and looking after their test cases.
For now, we are not planning to get another audit, we are good to go with the existing audit, and the community should feel safe while using the DEX.
[Vee Fernandes] Thanks Aayushi for this info.
[Vee Fernandes] How will the DEX launch delay affect all other roadmap plans? All further development was built around DEX and this is the main product, without it, all subsequent development plans will also be postponed, or is it not? @sayvind
[Chandrashekar Ramu] First I want to clarify that we work in an agile manner, the roadmap is a guideline on the product updates that will come in 2021.
The delay in the launch of DEX won’t impact the delays on any other updates. We might move a bit up and down with our priorities, as we are focusing more on integrating EVM compatible blockchains before we start the mobile development so that we first have more chains integrated. For mobile users, mostly all the wallets support dApps, so native app we might have to keep on hold until we at least have 3–4 chains integrated.
We for sure will keep building and updating the community, we are also working with ZeeDO 2.0, Staking 2.0, revamp the UI.
For the roadmap, consider for example, we acquired DeFi Wizard which would definitely empower ZEE holders, so when you are working in an agile manner, you are open to looking for more ways to benefit the users
[Vee Fernandes] This definitely puts things into perspective and gives the community a deeper understanding of how we are approaching this.
[Vee Fernandes] How do you plan to maintain the price and interest of investors in the current market? @skitaletc
[Aayushi Jain] What Zeroswap is focusing on, is giving more value to the ZEE holders
We first started with staking rewards,
second came ZeeDO,
The third would be gasless transactions on the DEX.
Going forward we will have multichain farms on DeFi Wizard where ZEE and Defi Wizard tokens will be closely compiled
So how we think is value >>>>>>>> price
Let me explain with an example, you buy 1kg mango for $1 and 10kg potato for $1, but mango holds more value.
So if we increase the value, the interest of users would increase and then they would be interested in holding the tokens.
Another point that we want to add is, whenever there is inflation, the price impacts. We had a major unlock recently and globally all the crypto altcoins tanked, so the price is a mix of value+market conditions+inflation etc.
Right now wind is not in our favour, but it was when we were building + value on ZeeDO + market
so let’s all wait for favourable conditions, and we promise not to disappoint the ZEE Holders.
[Vee Fernandes] Appreciate your response Aayushi.
[Vee Fernandes] My question about the DEX architecture and its transaction fee mining model. Can you explain how you manage to revolutionize this model which in practice has not worked? @Transportesmeg1
[Puneet Bagewadi] Hello everyone, I am Puneet and this is my first interaction with the community, mostly I am behind the tech.
Transaction fee mining is a very simple concept where every time there is a trade happening some ZEE tokens from the transaction fee mining bucket will be taken out and will be used to pay for the gas cost
You can refer to this image for the transaction fee mining % allocation
Transaction fee mining is different than transaction mining. Transaction mining is used for miners. Transaction Fee mining would be used to incentivise the end-users, the customer who is swapping so that we can facilitate free trades.
Thanks
[Vee Fernandes] Thanks Puneet for the official introduction to the community and also for expanding on the Transaction fee mining concept
[Vee Fernandes] Nowadays, so many Rug Pulls and exit scams are happening. How can users trust your project and How you are different from others? @ThuThuquan
[Chandrashekar Ramu] So far we have worked with many reputed companies, which you can check on our partner’s page.
Rug pool mostly happens with anonymous teams, having said that we would not want to comment much on what we would never do to our users
We are here building, we have participated in global events (you can refer to DeFi Summit which happened recently)
Our team is always responding to customer queries from the front.
That is why you can be assured that we are a trustworthy company, and we are here to build for long
Thanks.
[Vee Fernandes] Thanks Chandra for this honest point and yes we do have partnered with some big names in the industry to speak for our integrity.
[Vee Fernandes] Where do I get information about your team? Why do you prefer to be anonymous? Do you have a plan to identify your team later? @totominhchi
[Aayushi Jain] We have never been anonymous, we have always been present from the front, not sure if you know about me doing video AMAs and Participating in DeFi Summit. We are a team of 12 folks, and completely transparent with our identities. Let me tag our entire team here
First is @viktorzee — His Name is Sanket Sagar Karan
Then comes @vof2811 — He is our community lead
@iamgaurangdesai — he was the first person to join us in ZeroSwap
@chandrashekaram — is the CEO
@puneetbagewadi — is the CTO
@imavericks — he recently joined us as the CBO
@sonalrhode — looks after operations
@fairuzkm — he looks after graphic design
I shared our product designers profile yesterday on the group, sorry can’t find out now, and he is not in the group
We have other members as well who look after finance.
And let me share our BD team who recently attended Bitcoin Miami — LINK
Here is Faris, Chelsea and Vee is also present
So, my dear community members, we are real human beings
One more thing I want to add, we are really looking for good folks, who have a hunger to learn, believe in ZeroSwap’s vision. Not many of you would know that @vof2811 was once a community member here, and now he heads the community.
So onwards and upwards to building and thanks to all the amazing teammates
[Vee Fernandes] Indeed, Aayushi is just a text away and always active in the group to respond to member queries and thanks to Zerowap for giving me the Bitcoin Miami opportunity.
Let me also share the LinkedIn profile of our UI/UX designer as Aayushi mentioned earlier- LINK
[Vee Fernandes] Why is the seven months delayed launch of ZeeDex being blamed on market conditions, despite the smart contracts being audited, when it has nothing to do with it? Could one of the reasons be that the ZeroSwap team is not confident about the Zokyo questionable audits? @Defi Don
[Puneet Bagewadi] First of all, No, that’s definitely not the reason for the delay.
There is not a 7 months delay in the launch of Zee DEX, We always had the timelines of mid-year, Zee DEX took 3–4 months to build then audits, and we made it live on testnet in the second quarter of the year
Our timelines were to build staking first then ZeeDO, and then ZEE Dex, we have never ever delayed any product with regards to the timeline, and as we told we are building in an agile manner, take things as they come, take community feedback and integrate it into the products
We are not at all doubtful with the audits of Zokyo, if we were worried about that, we would have never announced about it to the community, audits cleared with 98% accuracy, and we are proud of what we are building.
[Vee Fernandes] Thanks Puneet for clarifying this to the community
[Vee Fernandes] One of the main problems with Smart Contracts now is a high risk of bugs that allows hackers to steal the funds and incur significant losses for the project and its users. Can you tell us about the solutions that Zero Swap offers to prevent this? @justatee
[Puneet Bagewadi] Indeed the nature of smart contracts is once deployed, there is no way to change the underline code, and that brings in a lot of added responsibility on the developers
We have written plenty of test cases and covered most of the use cases with fraudulent hacks that users can attempt
That is one of the reasons that we are keeping security as the highest priority and we got the audits done, having said that user awareness is also one aspect that we will cover with regards to keeping funds safe, avoiding speaking with scammers and most of all, always interacting with the correct smart contracts which are official Zeroswap’s contracts
Thanks
[Vee Fernandes] Thank you for mentioning how everyone has a role to play in keeping crypto scam free
[Vee Fernandes] If there was a project that copied Zeroswap’s entire framework and technology, What would the team do to solve this? @EunaTheriault
[Aayushi Jain] I would want them to copy the idea, framework and technology also
There are always two benefits when someone copies your idea -
1. Idea Validation — Have you been to those markets where they sell all kinds of similar goods in one place, like cloth market, vegetable market, electronics market all at one place. There is a theory behind it, first, if more than one merchant is selling similar goods then it means that the goods are in demand, and that is why they all copied the same business and started selling similar items.
This not only benefits the customer, but it also benefits the business owner
Now see e-comm space, there was eBay, then infibeam in India, then through Shopify also so many e-comm companies started but does that kill the idea of e-comm? NO. It in fact creates more options for customers.
See today we have uniswap, sushiswap, pancakeswap, paraswap, dfyn, quickswap, so many options exist, which in the end benefit customers.
2. Correctness and Efficiency — No matter how hard we try to build, and how much more technologically empowered we are, and better features we have, there will always be something our competitors will be good at
So once you see a healthy competition you flourish and it is a win-win for customers.
So I am hoping that more and more companies, in fact I want Uniswap to provide gasless transactions
[Vee Fernandes] Idea Validation is always tricky and always challenged by the majority at first but when accepted it becomes a norm.
[Vee Fernandes] Where is the Zeroswap road map now and What are the next steps that will be taken in the future for the delayed mainnet? @AdrienBostic
[Chandrashekar Ramu] The roadmap is still intact, as we told roadmap is the guideline that we will follow with regards to the development of the project, and as we have moved to the agile working model, we do as and when things come, take customer feedback, release beta versions faster, then take time to release the main product etc.
The next steps are pretty simple, once we are confident of the market conditions, product running smoothly, then we will release the DEX. Mostly it should be done within a month from now, but we do not want to commit to a date because it causes real disappointment to our users.
Thanks
[Vee Fernandes] This answers to the majority of member queries around the mainnet delay and I trust they will have some confidence now. Thanks, Chandrashekar
[Vee Fernandes] Can you tell us about the motivation and benefits for investors to Hodl ZEE, How are you fighting inflation? @IsabelSides
[Aayushi Jain] Inflation is a very common phenomenon in the crypto coins, as and when there is an investor’s unlock, the inflation will come, but that is not forever, as you can see the ZEE token metrics, we have a total of 100 million tokens, out of which 50% that is 50 million tokens are out in the market. In the year 2021 around 70% of the tokens will be released, after that in the next 3 years, remaining 30% would be released, so during that time there won’t be sudden inflation
We provide an option to our investors to liquidate through market makers, so that prices do not tank suddenly. Having said that it corrected, because of one simple reason that is market conditions. Most of the alt coins have been smashed.
Fighting Inflation: If you have seen the staking contracts, we have around $20 million ZEE staked, isn’t that remarkable? We will make sure more and more users lock in the tokens so that the inflation is reduced
for those who are not staking even now and missing out on collecting some valuable ZEE, go go go stake here now — https://zeedo.zeroswap.io/staking
Don’t miss out on this!
[Vee Fernandes] What is the plan to ensure sufficient liquidity on exchanges to fill market orders, especially as adoption increases and clients begin multiplying year-over-year for Zeroswap? @MichaeleCarlos
[Chandrashekar Ramu] We already have the plan, which is having market makers, they always keep the market liquid and with price going up and down, in both cases, we try best to provide liquidity with less slippage
[Vee Fernandes] thank you, moving onto the next question then
[Vee Fernandes] Although ETH 2.0 is being delayed, it will solve the existing problem of ETH and become the preferred choice for dApps in future, so do you think this is a threat for Zeroswap and how could you overcome this barrier? @KylieFigueroa
[Puneet Bagewadi] We all are eagerly looking for ETH 2.0 to be Live, which would indeed bring in more and more adoption, but let me clarify Ethereum is an infrastructure layer, and what Zeroswap is building is making transactions cheaper for users.
Consider visa or mastercard, whenever you swap a credit card do you really have to worry about the transaction fee or if your transaction would be processed on time or not?
So Ethereum is a visa or mastercard, who has built infrastructure to facilitate transactions, and they charge a fee of 1–2% on the swiping of the card to the merchants.
Zeroswap is a layer in between Ethereum/EVM compatible chain, we will build the swapping using the infrastructure, but add better user-friendly behaviour on top of that.
Simpler products, easy swaps, less cost, and it is a win-win for users. We really care for you.
[Aayushi Jain] I want to add one more point here.
Users will always be inclined towards products, which are more user friendly, simpler to use, and cheaper. If ETH2.0 does that any other chain does that, then they will win
This is exactly what happened with BSC recently, all the adoption which came in on BSC in such a short span of time was because of the simplified UI of pancake swap and cheaper transactions on BSC
Hope this clarifies further
thanks.
[Vee Fernandes] Thanks Puneet and Aayushi for the precise analogy between Visa / Mastercard and Ehereum. Easier to understand that way.
[Vee Fernandes] Hello ZeroSwap-team! When will users and investors be able to see 70% of APY? @N3t5ky
[Aayushi Jain] Well, I am really looking forward to this to come out, as all of you, it gives us also goosebumps, and gives a lot of dopamine, to build such a valuable feature for our believers, for ZeroSwap users.
The staking would be launched along with the mainnet that is DEX
Till then enjoy the pie of the cake with 64% APY, well that is also pretty juicy? Isn’t it?
[Vee Fernandes] Any final words for the community before we wrap this up?
[Aayushi Jain] Yes, the final words are, I know it is troublesome when there are delays, but you will always see us building and coming up with interesting avenues for users. It is the community that has given us so much love
One more thing that I want to add is the improvement of customer support, we are coming up with a support portal, so that you directly open tickets with us, and not get scammed by some random Viktor
That is all for today. Thanks to everyone for hearing us out, and finding the valuable time.
[Vee Fernandes] That’s wonderful. Thank you all for attending this AMA and answering community questions in detail. I trust the community has had the opportunity to learn new details from this forum
About ZeroSwap and ZeeDO:
ZeroSwap is a multi-chain compatible decentralized exchange aggregator focused on making zero-fee transactions possible. We aim to make on-chain trading simple and easy by providing Ethereum, Binance Smart Chain, Polygon and DEXes access under one roof. One of the core utilities of ZEE is to reduce friction in fundraising using digital assets. To solve that, we have built a Dex Offering Platform Called — ZeeDO.
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