We’re back again with another AMA — Read our latest recap
As part of our AMA tour across the crypto realm, we’ve touched base with the Satoshi Club Crypto Community on the 7th of October and had a blast.
This is Take 2 🎬
Introduction
Today we are happy to announce our AMA with ZeroSwap!
Welcome to Satoshi Club 😀
Aayushi Jain
Hello Everyone. Hi Serg @sspurss, thanks for giving us an opportunity to talk about ZeroSwap in this forum.
Tell us about yourself, give us an intro, and also how did you start with ZeroSwap?
Aayushi Jain
I started my journey in crypto about 4 years ago, by attending my first Ethereum hackathon. I was reading about finance, and alternative ways of earning money — this led me to explore crypto back in 2017.
Since then I have worked in a couple of companies, attended hackathons, and helped build customer-centric products.
Coming to the Idea of ZeroSwap, I wanted to build an aggregator which is completely decentralised which can provide a seamless trading experience to users, similar to that of a CEX. But then started thinking about some of the problems, which are a hindrance to on-chain adoption.
Chandrashekar Ram and I came to the conclusion that on-chain fees, liquidity, and primarily gas costs are a major issue in existing DEXes. Therefore we set off on a mission towards building a zero-fee, gas-less transaction, liquidity aggregator — AKA ZeroSwap.
Do you have any timelines on when this all will go live?
Aayushi Jain
Yes, so currently our protocol is in the audit stage with some of the most reputable audit firms, once we have a report, we can enter beta-testing mode — and then go live in about 40–60 days from now. Before the protocol goes live, we will have our staking integration released on Frontier.
Do you have a partnership with Frontier?
Aayushi Jain
Yes we do have a partnership with Frontier, we also announced about it sometime back on our blog, you may check it here.
Frontier is a DeFi suite, they are primarily an aggregator for DeFi protocols. You can access your open positions with it. On Frontier, we will have an exchange integration, staking, and moving forward we also have plans to bring forward a protocol called Zerolend, which would be a DeFi protocol.
Okay, great intro, thanks! Now we can start with questions from our community
AMA Questions
Question 1
From bitcointalk user, pedronino — @xaviermaya on Telegram
What are the fees? “We do not charge any fee, the transactions are executed at zero fees.” Ok now, this is unbelievable. Maybe I don’t understand the tech, but please explain. How will the rewards for validation be distributed if there is no fee for transactions?
Aayushi Jain
Yes, it sounds surprising to users, and we are glad that crypto users are amazed, thinking of Zero Fee features. Let me explain further. So in a protocol, there is a demand and supply side.
On ZeroSwap, we have liquidity mining and will reward users for that, we will also have zero fee trade. Now you may be thinking, where do these rewards get generated from if fees aren’t? The answer is that they will be generated from the utilities of ZeroSwap.
That is the demand side, we will also have what is called a DTO — Dex Token Offering. By which companies and other projects can list tokens, and users can buy tokens. To perform this operation, ZEE tokens will have demand, and from thereon the supply will be given back in the form of Liquidity Mining.
We have many utilities which are at the demand side of the token economics.
I have a silly question, why do you think fees are a bad thing?
People just make money on it. It’s business after all.
There are already a lot of fee-less coins/tokens/blockchains — They are “better” compared to BTC and ETH almost in every single aspect, but people still prefer ETH and BTC.
Aayushi Jain
We never said that fees are a bad thing, and of course, there are many technologies which offer novel solutions versus Bitcoin and Ethereum, but everything comes down to usability.
With regards to fees, we just want to reduce the burden on users’ pockets. Why should you pay 0.03% in fees, or any fees at all for a trade — When you are contributing towards running an exchange? Consider market making as an example.
You are already providing buy and sell orders on a CEX, it is because of your trade that the order book is sorted, but you get zero rewards for even doing that.
That makes sense😂
Aayushi Jain
We just want to reward every user, because they are trading on ZeroSwap; and charge on the other utilities such as the DEX Token Offering (DTO), Market Making suite, etc.
So, in your opinion, exchanges have to be free from fees?
Aayushi Jain
Yes, I personally believe exchanges should be free from fees. They can consider charging for other facilities they are providing, having said that, every exchange has their own respective business model.
Question 2
From bitcointalk user rolex745
Have you heard the news from Metamask? What do you have for the user which will go beyond what they are offering on their wallet — which in fact will already be a DEX Aggregator? What weapon will you choose to enter the battlefield against such a competitor? I wonder what fees would be on Metamask.
Aayushi Jain
First of all, I do not want to compete with anyone, we want to work in collaboration with them. It is good to know that bigger players like Metamask are giving validation towards our idea, or the overall idea of DEX Aggregation.
We might get ourselves integrated with them to distribute our services to crypto users who already use metamask. Piggyback our services on them — so to speak. Maybe tomorrow Metamask might offer Token Listing on them, using ZeroSwap’s DTO 🙂
All that matters is offering a hassle-free trading experience to users. Whether or not they do it, or we do it — It’s a win-win for the community.
Question 3
From Telegram user @isd_orban
Why are you using the concept of Multichain instead of hybrid? Aren’t they similar? Also, what advantages do you get from a multichain?
Aayushi Jain
Hybrid chains are developed by picking pieces from other chains. For example, making a mule from a horse and donkey, pick the best genes, mix them together, and get a hybrid. Sorry for the poor analogy.
Multichain uses multiple chains on one single protocol, with no mixing up in between them. We believe that ethereum already has a product-market fit, with infinite products being built on it, similarly, we see Binance Smart Chain getting massive adoption.
So we decided to be a multichain protocol to let users access various blockchains which are in mass use.
As I’m aware of, you will integrate ZeroSwap with BinanceSmart Chain — any other chains in line?
Aayushi Jain
We will surely explore other chain integrations, which will be unveiled later. For now, we will have Ethereum and Binance Smart Chain only.
Question 4
From Telegram Username @KhaleesiTheCryptoLady
I read that by justifying your project name “Zero” you came out with two factors, Zero Fee Trade, and Zero Hassle in accessing Decentralised Exchange Liquidity with a user-friendly UX. Clearly, you are offering unique features like gas-less transactions and zero-fee trading, my question is How will you generate income if all fall to ZERO?
Aayushi Jain
Well as I informed, it would be from both the supply side and demand side.
Once users trade with us, we reward them with ZEE tokens. Later, participants will have the option to utilize one of the key features of our platform to buy tokens on DEX’s, that is through our DTO platform. Users will be more than happy to pay a fee for participating in token listings. So we get those tokens back, and the cycle continues. We will accelerate our launch soon to unveil all of this to you.
We have been building on stealth mode for the past two months, working with some of the best analysts in designing the protocol architecture.
How will you survive the bear market if it will come? Did you ever think about this? Because it may be obvious that you won’t have a lot of DTO demand in such cold times.
Aayushi Jain
Definitely, but regarding DTO demand will not be true. Market cycles are a part of the ecosystem. Whether it is users who hold the tokens, or whether we are sitting on the other side, managing the supply and demand.
We will always have a mechanism to manage supply and demand. The supply won’t be constant — it would depend on the liquidity provided, trade volume, ZEE token price, etc.
Variable rewards, variable markets, variable DTO economics. We will manage all that 🙂
And what will be the max supply of ZEE tokens? Can you tell us approximately?
Aayushi Jain
Token economics will be coming out soon, in a day or two. I am all set and committed to this product. I can take the 50th question as well. Please fire away!
Question 5
From Telegram Username @stekbyte
Based on the date the Twitter account was created, your project is very young. Information about the team is not presented on the site. How do you plan to gain user trust?
Aayushi Jain
About the Team, we are a team of Six (6), Four (4) Developers, and two of us are managing operations, community, and marketing. I am here, live, talking to you, reply to your queries, I am real 🙂. Jokes apart, all the information regarding the team will be updated on our website.
So, you don’t plan to stay anonymous?
Aayushi Jain
Also, my CEO @chandrashekaram is a trader, as a hardcore crypto trader. He understands the nervous system of trading — he is a bit of an introvert, you see, not everyone is social media-friendly. But we never plan on being anonymous. We are available via our email, or on Telegram, etc.
You can write to us at contact@zeroswap.io for any queries you may have.
By the way, do you have a GitHub?
Aayushi Jain
Yes, we do have a GitHub, but it is a private repository, we will make it public soon.
Question 6
Fom Telegram Username @Jonathan_tross
How does listing take place on ZeroSwap? How will you ensure that no fake projects get listed here?
Aayushi Jain
Well, that is indeed a tough problem to solve because this is a decentralised world. Launching tokens is just about creating a smart contract and then = Boom, you have a token.
But we will have initiatives like 3rd party auditors who will verify the code. You see, code never lies. We will have our own algorithms to differentiate between fake ones and real ones. Hoping that we would be able to do justice with users’ money and trust, and build a strong system which rejects scams.
Will users decide something? If yes, how?
Aayushi Jain
Certainly, users will have all the power to make decisions on which projects are to list. That is why ZeroSwap has governance. ‘How’ is a long explanation. I will pen it down, the entire functionality of how the DTO will work in a blog post. Keep your eyes peeled.
Live AMA with the Satoshi Club community
Q1 @MsKiwi206
Uniswap has huge volumes and a large number of traders, so how does ZeroSwap stand out and do better to attract investors and tokens?
Aayushi Jain
Well Uniswap did not get all this on Day1, personally, Hayden is my hero. He did all this in a time when CEXes were dominating, no one was even looking at DEXes. So yes, great product, great team. In terms of ZeroSwap standing out, well we are actually refining what Uniswap offers, order books, limit orders, gasless transactions, and zero-fee. Having said that, liquidity and volume can be solved only by aggregating. So hopefully we stand out and with Uniswap users, solving their pain points.
Q2 @melanintrish
In what ways can I earn rewards on ZeroSwap?
Aayushi Jain
Community building is super important to factor in. My first priority is to have a knowledge center built, educational initiatives, and building a knowledge center is very important. With folks being loyal and loving us for what we are doing to the community. I say, teach a man how to fish and he will thank you forever. So we will give the right education and then leave it to you folks, the community — expecting that you shower us with your love ❤️
Q3 @zullui0
I am already using other platforms
Why should I Move to ZeroSwap Platform?
What main benefits will I get on the ZeroSwap platform?
Aayushi Jain
Why should you move? So either a platform would save your time, or save your money. We do both, so we have no doubts that users will move to ZeroSwap.
Q4 @unknown
How will you go against your competitors?
Aayushi Jain
Consider this as the dotcom bubble popping up, everyone is building, hoping for a bit of market share. In the end, only the customer wins. Anyone who offers a superior service to their users, wins. We aim to do the same, leaving it to users to decide.
Q5 @ngoccam
ZeroSwap announced a strategic partnership with Frontier, so what are the key benefits to both for this cooperation?
Aayushi Jain
Frontier is one of the most important elements of the DeFi ecosystem. It is one product which delivers all DeFi protocols within one app. We plan to deliver our services like trade, staking, and DTO through them.
Q6 @ashwini_Crypto
On-chain Liquidity is the major problem that many DEXes face at the moment. How big is this problem? What solution does ZeroSwap come up with?
Aayushi Jain
So far I see aggregation as the only solution to this problem. I am also exploring if traditional market makers would want to step in and act as liquidity providers, but that is a far fetched dream. Therefore no false commitments will be mentioned.
Q7 @BboyForteVZLA
What are the benefits of having a multi-chain (Binance Smart Chain and Ethereum)? Why did you decide to choose these 2 options?
Aayushi Jain
Because we see both Ethereum and Binance smart chain maturing, they already have a product market fit, being an aggregator makes sense to start with the top two players.
Q8 @Oreza1
Can you tell us about the motivation and benefits for investors to keep the ZeroSwap token in the long run? What plans do you have to help drive the demand and scarcity of the ZeroSwap token?
Aayushi Jain
Well tokens are the bloodline of protocols, I would say usability of the protocol is the biggest reason to buy tokens. What’s more useful and important is the product for the users as this brings value for tokens.
Q9 @surendra040
As DeFi is the hottest topic, we see that ZeroSwap is a DeFi Token Offering platform. Some DeFi projects couldn’t maintain the price of their token for very long after launch. How can ZeroSwap support the price of the underlying new DeFi tokens?
Aayushi Jain
Hype, cycles, ups and down, builders have to face all of this. I am more confident to keep things afloat because we will back it up with a real product up and running, which will offer a superior service.
Why should you stop using Google if they offer good service?
Q10 @ruhel00786
Do you have any ambassador program? I am interested.
Aayushi Jain
Yes we do, please write to us at contact@zeroswap.io
That wraps up our AMA with Satoshi Club. We’d like to thank everyone for participating, and the hosts for the well coordinated and insightful questions asked.
This isn’t the end of our AMA spree — we’ll have exciting news coming up in the ZeroSwap Space. Don’t miss out.
