We’ve had the splendid opportunity of joining the AMA Room for a session. Read on to find out more.
This time, we’ve joined the AMA Room Community on the 12th of October 2020 and had a blast. Here’s our recap.
Introduction
Admin
Welcome, Chandrashekar Ram and Aayushi Jain!
Thanks for taking the time out of your busy schedule to do an AMA with us.
Aayushi Jain
Hi Eric, Thanks for inviting us to this AMA.
Chandrashekar Ram
Great to be here!
Admin
Could you please introduce yourselves to the AMA Room community?
Aayushi Jain
I have worked in crypto for about 4 years, helped build up a couple of projects, I was introduced to Bitcoin back in 2016. Since then this is my 24/7 work.
Chandrashekar Ram
I have been a Web developer + Trader for past 4 years. I used to trade on traditional stock markets. Crypto trading happened naturally for us.
Admin
Well, I personally have always been a big supporter of women founders in crypto so ZeroSwap was very interesting to me in that regard.
Ooh. Interesting. What was your biggest stock trade win, which stock?
Chandrashekar Ram
Don’t want to say Tesla. LOL.
Admin
Hahaha. Too mainstream. So tell us. What is ZeroSwap and why is it awesome?
Chandrashekar Ram
In India, reliance on stocks is by default - everyone’s fav choice. I have had huge returns from RIL
Admin
That company does have an impressive story.
Aayushi Jain
So let me give you a brief of what ZeroSwap is.
In simpler terms, ZeroSwap is a DEX Aggregator, it is multichain (Ethereum and Binance smart chain for now), and all the trades processed will be at zero fees and in a gas-less manner.
Admin
How does ZeroSwap achieve zero-fees / able to be gas-less?
Aayushi Jain
Well, that is an interesting question. ZeroFee and Gasless are two different features.
- Zero Fees — ZeroFees is a feature to save users money, we have many other ways to make the protocol self-sustainable. So we are not charging any fees from them.
- Gasless Transactions — We are raising in Ethereum, we will use a relayer for that, we will bootstrap the gas initially, later using transaction fee mining, we will make the transactions gasless.
Admin
So tell us, Chandrashekar Ram, what is the state of the project? Is the product working? When is the launch?
Chandrashekar Ram
We have been working on a protocol for the last 3 months. Our protocol is in audit right now. We will launch it in phases, Staking, DTO, ZeroProtocol.
Staking will live this month. DTO has a dependency on staking. DTO is followed by Staking.
Admin
So tell us about the token, how does it play into all of this?
Chandrashekar Ram
The token is an integral part of the protocol. For gasless transactions, we will achieve it through Transaction Fee Mining.
Currently, On-Chain offerings are bloated with bots. DTO has a dependency on ZEE tokens staked to participate. No participant can write bots beforehand because all the parameters of the DTO sale would be determined dynamically through an Oracle and via Governance.
Admin
Very interesting. You mentioned that this works on ETH and BSC, any other blockchain in the plan?
Chandrashekar Ram
Definitely Polka. Relayers and Galess txn’s aren’t a big deal on other chains for now as there is very little liquidity out there. Solana SPL with Serum is another bet.
Admin
Awesome. Big fan of Polka. Can you tell us about the upcoming listing and such? I understand the fundraising finished quite fast.
Aayushi Jain
Yes, getting listed on CEXes and DEX is an obvious choice. Listing dates would be announced very soon.
Chandrashekar Ram
Too much leaking here! Anyways, We are working relentlessly to make our listing a success. We will announce all the info soon enough.
Admin
What do you think about DEXs and their future?
Chandrashekar Ram
DEXes have been the hot topic in the last couple of months. But still, there are so many issues with bots front running the trades on-chain etc. The future is good in terms of DEXes as on-chain liquidity is huge!
Even though it’s called AMM, projects need Market Makers.
Admin
Agreed!
Admin
How big is the team now? Are you guys hiring?
Aayushi Jain
We have a team of 5 folks who work on Dev, and 2 more for non-tech work.
Yes, we are hiring, if someone is really passionate about crypto and building the future of DEXes, then please email us at contact@zeroswap.io.
We will now start the community questions phase. Please allow 2–3 minutes for questions to be posted. Then answer at least 7, or answer all of them if you want 🙂
Community Round
Question 1. Zero Gas Fees & Fast Speeds are great features for DEXes but a lot are stuck with Uniswap because of its popularity and liquidity market. What are your plans to onboard users to the ZeroSwap platform? Any liquidity mining plans?
Aayushi Jain
We do have liquidity mining plans, we will reward users whenever they provide liquidity to existing AMMs. With regards to Uniswap, I have much respect towards them for building such a wonderful DEX. But everything takes time for traction, Rome was not built in a day.
We believe that if we provide a good trading experience for our users, then we would have succeeded in building a good DEX.
Now let me pick another question.
Question 2. HELLO SIR 🤨🤨 @a17jain @chandrashekaram
I have been watching you for a long time, answering one question after another with patience. How do you feel in such a situation?
Aayushi Jain
Well, it is our duty while building the project, to answer queries of our community.
Question 3. What is the Binance Smart Chain And what are the main features of Binance Smart Chain? Can you kindly explain to those of us who don’t understand how the Binance Smart Chain works? Thank you
Aayushi Jain
Well BSC is another chain on which many companies are building products, similar to Ethereum. However, the most prominent feature is that it has minimal gas fees as compared to ETH. You can read in detail about Binance Smart Chain here.
We decided to build on BSC because we wanted to integrate a chain with enough traction. We see a lot of new projects building on BSC, and in terms of volume, they are very well positioned.
Question 4. How will the ZeroSwap governance system work and can the community vote on its proposals in managing the Protocol? How will a unanimous governance mechanism be implemented?
Aayushi Jain
Yes, we will have a governance mechanism where the community would be able to decide on a lot of things.
Question 5. ZeroSwap uses Multiple chains. How is it different from a Hybrid chain? How does it benefit the ZeroSwap project? Finally, how does integrating with Binance Smart Chain enables high-level performance of the ZeroSwap network?
Aayushi Jain
Multi-chain and hybrid chain are different in a way that, multi chains are simply integrating multiple chains on one UX. Hybrid chains are built by mixing up multiple chains and then building one chain out of it.
Question 6. How will the listing process in ZeroSwap and liquidity aggregation be? Will it change something with respects to protocols like Uniswap?
Aayushi Jain
Liquidity aggregation is similar to how other DEXes are offering since currently liquidity is fragmented at multiple places.
Question 7. You said we can make an on-chain trade or add/remove liquidity at ZERO Cost, so my question is where does the project make its profit from? Do you have other businesses which you’re venturing into?
Aayushi Jain
We do have Utilities, from where we would get demand for the ZEE tokens. We will be able to generate profits from our utilities.
Question 8. A lot of new protocols are springing up these days to solve the stumbling blocks associated with existing DEXes, how do you intend to stay competitive?
Aayushi Jain
Indeed a lot of protocols are coming up to solve the existing problems, so long as we’re able to provide good value to users, then we won’t be worrying about competition.
Question 9. Can you tell me about the feature of ZeroSwap?
Aayushi Jain
You can read about the features in our lite paper. Here’s the link.
Admin
And that's a wrap!
Thanks, Aayushi Jain and Chandrashekar Ram for joining us.
Aayushi Jain
Thanks. Please Join Our Announcements Channel below.
Thanks for having us here!
Admin
Good luck! I am personally quite confident ZeroSwap will be one of the great projects in the DEX arena long term.
That wraps up our AMA with The AMA Room! Thank you to those who participated, watch out, as the next 2 weeks is a critical one in the ZeroSwap Ecosystem. Make sure you get the news first.
