ZeroSwap MXC Exchange AMA Recap
In conjunction with our listing on MXC Exchange, we have engaged in an AMA with the MXC community on telegram on the 20th of October 2020.
We hope you enjoy reading this as much as we enjoyed answering your questions. Let’s begin!
Segment 1: Introduction
Good evening everyone. Welcome to the MXC AMA today with ZeroSwap. ✨
ZeroSwap.io is a Multi-Chain, Zero-fee, On-chain Trading protocol with Liquidity Mining, DeFi Token Offering, and DEX Aggregation. The protocol will reward users every time they make an on-chain trade and provide liquidity to existing DEXes. All transactions would be Gasless with Zero Trade Fees.
The trading is already supported on MXC.
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Today we are glad to have Chandrashekhar Ram and Aayushi Jain, CEO and COO at ZeroSwap here.
Hello Chandrashekhar Ram and Aayushi 😊
Hi guys, Glad to be here.
Hi Everyone, first of all, thanks for offering this opportunity to speak with the MXC Community.
Cool! Let’s go! Warm welcome ❤️ Before we jump into the project, can you give us a background on yourselves and other members of the team?
Hi, I have been in the crypto industry for 4 years now, helped shape a couple of products, I am driven to solve on-chain trading problems with ZeroSwap.
My background has been web development and trading thought bots. I have been a very active trader in the stock market. Crypto trading happened naturally for me with recent DeFi boom, I tried to build on-chain trading bots. That’s how the whole idea of ZeroSwap arose!
In order to build ZeroSwap I’m using both my web development and trading background.
Thank you. Okay! Could you give us a quick introduction on ZeroSwap?
ZeroSwap is an on-chain multichain protocol (we are building on Binance Smart Chain, Ethereum, and Elrond for now), with DEX aggregation, all the trades at ZeroSwap will be at zero-fees and with gasless transactions. We are building ZeroSwap to address the problems with on-chain trading which include fragmented liquidity over many places (hence we are a DEX Aggregator), and the ever-soaring gas costs, so we are bringing forward gasless transactions, and zero-fee trades.
Thank you, can you please tell us a bit about $ZEE?
Well, I’ve seen that a lot of companies in crypto are struggling to find a product-market fit, or in defining the clear utility of their tokens. I am here to tell you about the real utilities of $ZEE, we got so many questions since yesterday about why should buy/hodl.
- DEX Token Offering — You would have all seen how the buying experience on Uniswap is like as of today. When a token is listed, bots are deployed to try to buy the newly listed tokens on Uniswap. We will solve this problem by having an algorithm allowing all users to participate fairly in newly-listed tokens. The pre-requisite to participate would be having $ZEE tokens. The listing on DTO Platform would be at zero cost!
- Market making suite — Users will be able to run a decentralised Market-making suite entirely using $ZEE Tokens in their wallet and also provide liquidity.
- Liquidity Mining — Users will earn $ZEE tokens every time they provide liquidity to existing AMMs.
That is all @MollyMXC I have pretty much covered the major utilities of the $ZEE token.
Segment 2–5 Questions from the Community
How is this possible to realise Zero-fee transactions? Could you please explain? How will the rewards for validation be distributed if there is no fee for transactions?
We are using Meta Transactions for gasless txns. Meta transactions are very common. At ZeroSwap we tokenized meta transactions using $ZEE.
So our entire protocol will be designed in a way where we can facilitate users with zero-fees, and derive value from other utilities, hence relieving users with trading costs.
ZeroSwap is building on three chains. Ethereum, Binance Smart Chain, and Elrond. Which chain is most helpful for “ZeroSwap”? And what is the reason to choose these three chains?
We saw a recent surge and spike in adoption basically, and many prominent companies building on Binance Smart Chain and Elrond. We also partnered with Elrond recently to build on top of them.
Ethreum is an obvious choice considering so many awesome projects are already built on it.
ZeroSwap is powered by a market-making suite. Does this mean the DEX interface will be more traditional, with an order book and the like, rather than a Uniswap style interface where a user can only market buy?
Yes, we will have a market-making suite, the DEX interface will be more refined than traditional ones. Technology is an ever-evolving industry so our DTO Platform will be the most advanced amongst all the solutions available right now. It will have order-books, limit orders, etc. You can read in detail about DTO here:
How would #ZeroSwap manage in both bear and bull markets, and how would you build up confidence for long-term investors? What is the role of the ZeroSwap token?
We are coming up with the product release. Our protocol is already under audits
Markets, whether it is crypto or traditional — they all have an up and down cycle. However, building a product for users which solves most of the on-chain trading problems is our goal right now. We will have staking, DTO, followed by trading on the protocol. We believe in building a user-centric product which has more utility to offer.
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?
Well, we really appreciate and even look up to some of the awesome projects coming up, as per the competition. We do not consider competing with anyone. I believe in this theory:
We aim in building a good product, that is all.
Thanks @MollyMXC, I have only one thing to offer. A good product in next couple of months.
Trade token A → B in one click, on multiple chains, from one interface.
This is our telegram group for all the community members to join and stay updated https://t.me/zeroswap
Segment 3: Live Community AMA
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 profits from? Do you have other business which you venture into?
How many times does AMAZON charge you for using their platform? They are not a loss-making avenue at all. We too are offering users the comfort of using our platform at zero cost, and all the while providing incentives from liquidity mining which does not actually make us a no-profit making avenue. We will have the demand side of the protocol, which is a market-making suite, and DEX token offering platform among many other utilities will bring us revenue.
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?
Yes, the community will be allowed to vote, which is the actual meaning of governance. We will have more details about this coming soon.
In the bad situation of Corona (COVID-19) pandemic, every industry was heavily affected. Does it affect the growth of your project and more ?? What are the plans to turn challenges into opportunities for #project DEVELOPMENTS?
Covid has been a problem for a lot of industries, and we have been building in this tough time since the past 4–5 months. Yet today we are here in front of you with this idea of building a zero fee and gasless transactions fee protocol. I am just hoping that this year ends with all peace and calmness.
Where did you get the inspiration for this unique project idea? And what influence will it have on the crypto industry due to the project?
My founder and CEO Chandrashekar Ram have been into trading, he realised the pain points of on-chain trading, and no one was solving it. I am confident that other dApps will integrate our zero-fee trading protocol as well.
Thank you Chandrashekhar and Aayushi for attending the AMA and answering our questions. Have a good day.❤️
And that about wraps up our AMA with MXC Exchange Community! Thanks for tuning in, look out for our updates — there’s a lot more in store coming your way!