Polygon x ZeroSwap — AMA Recap
Don’t worry! If you missed the opportunity to be a part of the AMA. Here is a quick recap for you!
📍 Venue: https://t.me/polygonofficial
🗓 Date: Tuesday, 14th Dec’21
⏰ Time: 12:30 PM UTC | 6:00 PM IST
Chinmay (host): Plz welcome @Prajjwal08 from the team.
Prajjwal | Zeroswap: Thanks for having me here @IndCryptoGeek Happy to be here!
Chinmay (host): Thank you so much for joining us today.
To start off please tell us something about yourself
Prajjwal | Zeroswap: My name is Prajjwal but everyone calls me PJ! I’ve been an avid follower and an investor in crypto since 2018 but, my “crypto professional” journey started when I recently joined Zeroswap a few months back as the Marketing and Community Lead. And so my role revolves around the same!
Chinmay (host): Please tell us something about zeroswap and its features.
Prajjwal | Zeroswap: ZeroSwap is a multi-chain compatible decentralized exchange aggregator focused on making zero-fee transactions possible. This capability has further been expanded with the acquisition of DeFi Wizard. The DeFi Wizard excels in providing Smart contract as a Service (SCAS) solutions.
When ZeroSwap and DeFi Wizard are put together, we get:
- ZeeDO: Multi-chain compatible token launch platform
- ZeeDEX: Multi-chain compatible gasless liquidity aggregator platform
- SCAS: Token contract, Vesting contract, LP staking (Template + Custom), Single side Staking, Bi-directional bridge, Automated token claim dashboard, and Enterprise solutions
The best place to get a detailed walkthrough about ZeroSwap — https://medium.com/zeroswaplabs/beginners-guide-to-zeroswap-72fd91c11ed3
Every module has its own capabilities that differentiate it from other competitors. But broadly speaking, it can be clubbed across:
Integrated seamless user experience, Unmatched client experience, Multi-chain capabilities, First mover advantage, Transparency, and Security to name a few.
DeFi Wizard: https://defiwizard.xyz/
Chinmay (host): What is $ZEE and what are its utilities?
Prajjwal | Zeroswap: $ZEE is the native token of ZeroSwap. It is ERC20, BEP20, and Polygon compatible and comes with several utilities as outlined below:
1) Accessing risk-free IDO deals: Users need to stake ZEE to participate in IDO at ZeeDO. The IDO is a lottery system which means everyone has an equal probability of winning, therefore, eliminating biases. The brighter aspect to this is irrespective of if a user wins or not s/he will still earn 20% APY just for staking.
2) Accessing gasless transactions at ZeeDEX: Currently live across BSC and Polygon. Staking 1000 ZEE gives 10 trades/day that translates to 300 trades/month.
3) Upcoming Governance Module: ZeroSwap would be coming up with the largest multichain DAO which would shape up in such a way that chains can take feedback from ZeroSwap DAO to make changes to their functionality. It will not only add value to both the internal feedback and improvements but also the DAO members can govern chains externally. $ZEX will be the governance token of ZeroSwap with a total supply of 1B and 50M ZEE will be airdropped in phases to ZEX holders. More details to be announced in coming times.
4) Upcoming multi-chain farms: ZeroSwap will be launching multi-chain and ZEE will allow accessing those. More details to be announced.
Staking URL: https://zeedo.zeroswap.io/staking
ZeeDEX URL: https://exchange.zeroswap.io/swap
5) Rewards: We reward our community regularly just for holding ZEE with more weightage to early long-time holders!
Chinmay (host): Walk us through the recently launched DEX aggregator.
Prajjwal | Zeroswap:
The formal name ZeroSwap DEX, now launched as ZeeDEX.
At the core, the fundamental difference between ZeeDEX and the likes of Curve/Balancer is that these are liquidity providers whereas ZeeDEX is a liquidity aggregator platform. What it means is that ZeeDEX doesn’t offer provision to add liquidity, rather it aggregates/pulls liquidity using 0X API from other AMM pools. At present ZeeDEX is integrated with BSC and Polygon. Now, during the swapping, which DEX will be used for aggregation depends upon who is offering the best price to the user.
Secondly, users are not charged any fee i.e. the ZeeDEX offers gasless transactions.
So, broadly speaking, the ZeeDEX differentiates itself in price discovery as it pulls the best price, is cost-effective because of zero-fee, and is convenient as it’s super easy to use.
Chinmay (host): How does a Gasless transaction work?
Prajjwal | Zeroswap: At present ZeroSwap is paying for gas costs on behalf of users i.e. bootstrap and has kept 1000 ETH in reserve for this. Also, at later stages, we will push companies to bear the gas cost as users should not suffer because of this. In all possibilities, companies should be ready to do that as it reduces the barrier to entry, increases adoption, and thus overall customer experience and satisfaction. Similar to the inception of Visa and MasterCard.
In parallel to this, we will have transaction fee mining which will generate ZEE tokens every time there is a trade. This ZEE reserve will be used for gas cost once the Eth in reserve gets over.
So, considering overall factors the gasless transaction is going to be a fairly sustainable model.
Chinmay (host): Why did you choose polygon?
Prajjwal | Zeroswap: Polygon is a very logical continuation choice. The reason is the volume of transactions, network usage, and therefore greater mass adoption.
Polygon is witnessing 7M+ transactions/day, $2B+ trading volume/day, a Fully diluted market cap of 17B+, and ~13K active delegators.
In fact, recently Polygon surpassed Ethereum in terms of Active on-chain addresses.
To leverage this, from ZeroSwap perspective, we have:
2) IDO launchpad supporting Polygon
3) 0.26M ZEE staked in Polygon side
4) Native ETH-Polygon bi-directional bridge
From DeFi Wizard perspective, all the SCAS services outlined earlier are also available in Polygon also. In the times coming, we will come up with more synergy opportunities and also ways to reward users
Chinmay (host): For any project, users are always having doubts about safety, so what is your stance on safety, how should a user be safe, and how secure is Zeroswap?
Prajjwal | Zeroswap: We care very much about the overall security of our users and strongly believe it should be the top priority for any company.
All the modules are audited as outlined below:
- Staking Contracts are audited by TechRate. In addition to this, TechRate is also our official audit partner.
Moreover, we have a dedicated QA team thus extensive regression testing goes behind. Community inputs and feedback also come into the picture. We also put in the best of our efforts to follow the best coding practices thereby trying to eliminate loopholes in the first place itself. To date, there has not been a single malicious attack attempt and the reason for this is that security is of paramount importance at ZeroSwap.
Chinmay (host): That’s really reassuring🙌
What are your plans for the future, what should the community look out for? What can we expect from you guys in the future?
Prajjwal | Zeroswap: We have big plans moving forward. Through our AMA today, I’d like to give the users insights into what's brewing at Zeroswap and how are we planning to move forward.
From a continuity perspective:
1) Under ZeeDO we will keep on launching projects. We are also planning to further develop ZeeDo to give additional benefits to our users.
2) Polygon integration is done in ZeeDEX. More integrations are planned as we move along.
3) Staking across chains will be live as we integrate them.
4) Multi-chain farming is also something in the pipeline
From a strategic perspective:
1) ZeroSwap — DeFi Wizard Integration (Merging the protocols which will benefit both holders massively)
2) Governance protocol
3) Development across Liquidity Mining thereby converting ZeeDEX into a fully in-house DEX platform
4) Mobile integrations to help users get the same exp with much for ease!
Chinmay (host): Alright 🚀 all the very best for the roadmap and Zeroswap has some amazing features which really attract users, so if anyone has any questions, you ask them now!
Prajjwal | Zeroswap: For sure! We are sure Polygon and ZeroSwap will 🚀above and beyond!
Chinmay (host): @Prajjwal08 also what is the best way to stay updated with all the Zeroswap news, can you please share your social media channels?
Prajjwal | Zeroswap: You can stay updated via our socials. Here they are:
@DavidJoe0: For the future and what are some of the real-world implementation of Zeroswap?
Prajjwal | Zeroswap: Zeroswap will be a 1-stop solution. From gasless trades via our ZeeDEX to IDOs via ZeeDo and the DAO functionality which we are launching soon!
We believe every penny counts and that's why we aim and are planning to launch our gasless trade on all major chains. Right now ZeeDEX is already on BSC and Polygon. You can give it a try HERE
@DavidJoe0: Is it possible to have a mobile app?
Prajjwal | Zeroswap: Yes! The dev our app is already in place and we already have Apple’s approval on the same!
@user12132: Is Zeroswap also going to build its own Metaverse Project?
Prajjwal | Zeroswap: We are planning big around the whole Metaverse ideas. Not only we are planning to integrate and give special focus on Metaverse projects, we are also working around the user benefit in the whole Metaverse.
@DavidJoe0: What are the best practices to avoid slippage and what can you as a platform offer to prevent that?
Prajjwal | Zeroswap: We are DEX Aggregators and our system is based on the 0x API. On our UI you can control the slippage % as well
@interneto07: How would you comment on the recent delays such as burn and airdrop? Do you think this diminishes the trustworthyness of the project?
Prajjwal | Zeroswap: Burning is evident. It’s only because of the market circumstances it couldn’t happen right now.
As for the airdrop, we only announced the snapshot date, but we can assure you the airdrop with the ZEX coming in benefitting all users across and fairly amongst long term holders and the new users using our protocol
@DavidJoe0: Is there any education material out there for performing different activities on the platform?
Prajjwal | Zeroswap: On the UI itself, you can find out all the Guides attached. In case you need any further assistance, you can join our Official Community too.
In case of any issues, we have a dedicated Customer Support Portal to help you in a much better and a secure way saving you from scammers!
Chinmay (Host): To find out more you can join the https://t.me/zeroswap community 🔥
Thank you so much @Prajjwal08 this has been an enlightening session, the project is very promising, all the best to you and your team⚡
Thank you so much for giving your time today 🙌
Prajjwal | Zeroswap: Thank you so much for having me here and also for this amazing AMA session.
You’ve been an excellent host! Thanks again.
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 access to Ethereum, Binance Smart Chain, and DEXes access under one roof.