Another day, another great AMA — with Crypto Daku. Read on to find out more.
This is Take 3 🎬 in our ZeroSwap AMA series. This time we’ve touched base with the CryptoDaku Community on the 9th of October. Here’s the recap.
Introduction
Aayushi Jain
Hi @saurabhblr, Thanks for giving us the opportunity to come and speak about our project.
Admin
Welcome all, We will have the ZeroSwap Team for this AMA.
Website — https://zeroswap.io/
Introduction to ZeroSwap — A Multi-Chain protocol with Liquidity Mining, DeFi Token Offering, and DEX Aggregation. All that power to DeFi with zero fees using Transaction Fee Mining.
Lots of things have been heard, and I am sure folks here are eager to know more about zero-fee tx ;) Welcome, Aayushi Jain & Chandrashekar Ramu!
Chandrashekar Ramu
Thanks for having us!
Admin
Great, before beginning with the questions related to ZeroSwap, can you please share your introduction, and how you were introduced to blockchain and crypto?
Chandrashekar Ramu
For sure. My background has been in Web development and I have been an active trader in stock markets for quite some time now. When Crypto came in, this brought forward a new trading experience with a new type of commodity. Coming from a stock trading background, Crypto is so much better in terms of opportunities.
Aayushi Jain
Hello, well I was introduced to crypto when I was working on a freelancing project, and I got Bitcoins as a reward back in 2016.
Admin
Nice, Dev work and Trading is a deadly combination.
Hope you have time for life outside 😅
Chandrashekar Ramu
- Stock Market — 5% up by the Bell Ring is considered a great day for traders.
- Crypto Market — 5% up is something that can happen in like, 10 minutes.
In my experience, stocks feel like the ocean. Crypto is still a small pond.
There are so many opportunities. I used my web development skills to build bots to trade.
I have never gone to an exchange to set a limit or market order in the last 2 and a half years.
Admin
That’s the way 👍 By the way, we would love to know about your role and your day to day work experience in ZeroSwap.
Chandrashekar Ramu
I’m mostly involved in protocol development. As a web developer, smart contract development became a natural transition for me.
Admin
How did the idea of ZeroSwap originate?
Chandrashekar Ramu
So, with all the recent DeFi hype, I started creating market-making bots for on-chain trading, looking for arbitrage opportunities. I was heavily rekt by gas. Though I have created so many trading and arbitrage bots previously for CEX trading.
Admin
Yeah, I’m sure everyone knows pains of trading on-chain in the past few months.
Chandrashekar Ramu
Since Binance introduced zero-fees for BUSD paired bots, I have written bots for all the BUSD trading pairs for Binance. My core motive is trading through code. Now I want to make trading seamless through ZeroSwap.
Admin
So ZeroSwap’s multi-chain protocol refers to Ethereum and Binance chain, right?
Chandrashekar Ramu
Yes. We started with ETH and BSC. We will definitely explore the Polkadot ecosystem in due time.
Admin
Haha, I was about to ask about Polkadot!
Chandrashekar Ramu
The good thing about BSC is that you don’t need to make any changes in your code. It’s the same smart contracts as ETH. We just need to set up a few relayers to keep a check on the supply as the BSC team is very meticulous in terms of helping teams build on the Binance Smart Chain.
Admin
Good info! One last question before opening the floor for the community. What is your roadmap for the next 100 days?
Chandrashekar Ramu
Launching the Zero-fee Trading Protocol and a DTO protocol.
Thank you. Let’s open the group up for the community.
Community AMA
Question 1 @Calliope
Besides transactions and exchanges, can I use ZeroSwap for other things? If I am a ZeroSwap long-term investor, are there any special policies or long-term rewards for us?
Aayushi Jain
There are recurring queries from investors on why they should invest in ZeroSwap. So we have two motives primarily; one is zero-fee trading, second is gasless transactions. During the entire trade process, ZEE Tokens are used. How? Let me further explain in an example.
You trade Token A → Token B. Initially, we bootstrap the gas for the relayer. Later via transaction fee mining, we generate ZEE tokens which are given back to the relayer to keep the protocol self-sustainable. We reward users every time they make a trade and provide liquidity to existing AMMs through ZeroSwap.
Now the bigger/major milestone in the jar is the DTO.
DTO = Dex Token Offering. Which is a platform to list tokens.
This will offer projects who want to list, and users who want to buy tokens with a fair opportunity to participate.
Right now the token offering on Uniswap is a pretty bad experience, with all the bots trying to enter trades and the result is non-technical users not being able to participate.
The DTO will allow the listing of new tokens on both the BSC and Ethereum.
Question 2 @Aditya
Looking at Paraswap, Uniswap, 1inch, etc. There are many DEX’s coming & offering almost the same features & trying to solve the same problems. Why should people/users choose ZeroSwap?
Chandrashekar Ramu
Most of these projects are trying to solve the liquidity problem. All these protocols have a fee as well. We are trying to solve the gas fee problem. So all of these projects can co-exist with ZeroSwap.
Question 3 @OM OMMMMMMMM
Why have you chosen Binance SmartChain as the priority blockchain (along with Ethereum) for the ZeroSwap deployment?
Aayushi Jain
We’ve seen that BSC has gotten a good amount of liquidity and has grown the interest of both new companies listing on it, and also users. We are thinking purely in terms of data, whoever provides more benefits to the users, in terms of better trading experience, better rates, more liquidity, we will integrate them. For now, it is BSC and Ethereum.
Question 4 @Le Hai
2020 is the year of DeFi and Yield Farming, does ZeroSwap predict that in 2021 it will still be a trend? Further, what is the strategy to keep ZeroSwap from falling behind?
Chandrashekar Ramu
With all the food coins and yield farming stuff happening in DeFi, Gas-fee will still be a problem, even after the ETH 2.0 release.
Question 5 @Aurelia ❤️❤️❤️
How is ZeroSwap planning to attract more developers into the ecosystem?
Aayushi Jain
We will have a developer suite. The major issue with developers building on blockchain and Ethereum is the lack of an ecosystem which provides enough support for developers to build. For example, someone wants to access the liquidity of all DEXes, we will have an API for that. Also if someone wants to build on top of multiple chains, we will have an API for that, etc.
Question 6 @👙Kimmese👙
ZeroSwap is awesome, but how can you survive this longest bear market and keep building and growing as many projects have died this time around?
Chandrashekar Ramu
We have come up with a mathematical model to build a self-sustainable protocol for tokenizing meta transactions. So once the protocol is deployed, irrespective of a bear or bull market, the protocol will work.
Question 7 @Elly
As we have seen, many fake tokens have listed on Uniswap, and also with the high fees, how does ZeroSwap plan to eliminate these problems?
Chandrashekar Ramu
So here’s the thing. ZeroSwap will be permissionless, therefore we can’t curate the tokens. The problem we are trying to solve is gas-fees and at the same time eliminating scam tokens.
Question 8 @Conan
If Ethereum figures out their scaling issues, then projects like ZeroSwap will not be able to compete. How will you respond to it?
Aayushi Jain
Well, we all have been waiting for a long long time for Ethereum to figure out their scaling issues. If they do that, we would definitely integrate that right away. Having said that, our product does not become obsolete from this. In fact, it will become more robust as soon as we implement the latest features. Other than scaling issues, there are numerous other features that we have. Dex Token Offering, Multi-chain opportunities, and so on.
Question 9 @Firt Time
Will the protocol reward all the trading activities a user makes on the chain? How will trading activities provide liquidity to existing DEXs?
Chandrashekar Ramu
Yes. This is correct. Every trade that goes through ZeroSwap also gets $ZEE tokens based on the volume.
Question 10 @CA ND
For a project, community factors contribute significantly to the success of the project, so does ZeroSwap have any plans for long-term community development?
Aayushi Jain
Yes, we have plans for long-term community development; and let me be very clear, this is not just limited to incentivising users with airdrops or coins. But my emphasis is through education. Teach a man how to fish, and he would thank you forever. We will have an educational platform coming up for the community to understand DEXes in a much deeper manner.
Question 11 @Zaper Metin
How will the rewards be earned? By contributing to Liquidity, and collecting it in DEX through ZeroSwap?
Chandrashekar Ramu
We will have a proxy layer to provide liquidity to existing DEXes. So providing liquidity becomes gasless.
Question 12 @Aventador
How will decentralisation be possible with meta transactions?
Chandrashekar Ramu
Meta Transaction can still be permissionless.
Question 13 @Ki⛱ ༂ ࿐ ⚡Za ²⁰²⁰ ت ✿
What are the competitive advantages of the ZeroSwap project? What advantages do you have that other competitor don’t have? What would ZeroSwaps most similar contender be in the market today in terms of scalability, security, features, and adaptability? Hello @chandrashekaram!
Chandrashekar Ramu
Advantages are zero-fee trading and gasless trading for now. In future, we will look into Zero transactions for Lending as well.
Question 14 @Cool Hi
What difficulties and challenges does ZeroSwap face right now while the crypto/blockchain market is still young and needs time to grow?
Aayushi Jain
Well, the biggest challenge within this industry is that products come, and they become obsolete very quickly. You have to be on your toes, all the time. With the market being young, the challenge is to get a product-market fit ASAP.
Question 15 @Rajesh Cryptoholic
How secure will smart contracts be? Will the code be audited by an outsider before the public launch?
Chandrashekar Ramu
We have engaged with multiple auditors. No code goes to the public without multiple audits. We have a separate budget allocated for audits completely.
Question 16 @CA ND
In the past few years, many crypto coins have been prone to hacks. How can you assure crypto traders that ZeroSwap has strong security and privacy to prevent hacks in 2020?
Aayushi Jain
We are working with very reputable auditors to get our smart contracts, protocol safe and secure.
Q17 @Bharat Goyal
Explain 3 benefits and utilities of $ZEE? also, what’s the use of $ZEE tokens in ZeroSwaps whole ecosystem? Why should we invest in $ZEE?
Chandrashekar Ramu
Liquidity Mining, DeFi Token Offerings, Gasless Transactions, Governance.
Q18 @cryptobhagya
Can you describe in layman terms how are you developing the zero-fee concept?
Chandrashekar Ramu
We are using meta transactions to subsidise the gas fee. Meta transaction is a concept whereby you sign the txn, and the relayer will submit the txn to the blockchain.
Admin
Thanks again ZeroSwap team for joining us for this AMA. It was a pleasure to host you guys. Furthermore, all the best for TGE!
By the way, how soon is TGE?
Chandrashekar Ramu
Don’t want to leak any alpha or confidential information.
We will have the announcements coming up next week, So pretty soon.
And that wraps up our AMA with CryptoDaku community. A big thanks to the host and the community for the great questions asked.
This isn’t the end of our AMA spree — We’ve got more in store — so make sure you’ve joined our channels to be the first to know what’s new with ZeroSwap!
