BlockTalks x OneSwap AMA Transcript!

Hello! BlockTalkers & Blockchain Enthusiastic!

We recently hosted an AMA with OneSwap, on September 20th at 2 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Jennifer, Chief Marketing Officer of OneSwap. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.

Introduction Questions Asked By BlockTalks

Q1. Could you please introduce OneSwap to our community in layman’s term?

Ans — OneSwap is a fully decentralized transaction protocol based on smart contracts. It does not require permission to list tokens and it supports automated market making. OneSwap also introduces an on-chain order book. Users can initiate both limit orders & market orders, and enjoy a comprehensively upgraded trading experience.

OneSwap is known as the “upgraded version of UniSwap” and we position OneSwap as a one-stop transaction service platform on the chain.

Q2. What are the advantages of OneSwap to other alternatives in the Blockchain field?

Ans — First, OneSwap supports transactions between all tokens that comply with the ERC20 standard. No review is required to create a market and no fees will be charged for listing tokens;

Second, OneSwap supports automatic market-making, and also introduces the traditional order book, which is completely on-chain, enabling a more flexible transaction model;

Third, users can enjoy double rewards from both yield farming and lossless order mining;

Fourth, OneSwap is designed to cater to the traditional blockchain trading habits by providing a versatile and easy-to-use operation interface with functions as the real-time candlestick chart, depth chart, and order book. Equipped with all these features, OneSwap is as user-friendly as a centralized exchange;

Last, as a one-stop transaction service platform on the chain, OneSwap has a built-in OneSwap Wallet.

Q3. What are the major milestones OneSwap achieved so far & what are in the future pipeline?

OneSwap is committed to serving as the entrance to the future DeFi world. Our public beta starts on 8 Sep with yield farming and transaction mining, and attracted some attention in the industry since that.

After our official launched on 19 Sep, which is yesterday, the total liquidity quickly surpassed $50M within only a few hours, which is very encouraging for us. And except the yield farming, we also introduced a new order mining method, the rewards only depend on the user’s valid order volume. Even if the order is at a whopping price, the user can be rewarded with ONES without having to worry about the loss. That’s just like staking in other projects, relieving users from losses.

What’s next? Ethereum is our first choice and experimental base. In the future, we will deploy OneSwap on TRON. The team will keep close track of the development of the smart contract public chain, and deploy OneSwap on a mature smart contract platform in due course.

Besides, to further lower the technical barrier of token issuance as well as provide users with a better trading experience, we will continue our effort with OneSwap Wallet in term of the built-in one-click token issuance tool and trading interface design. It will also support C2C transactions of fiat money, making it a platform of one-stop transaction services.

OneSwap is committed to serving as the entrance to the future DeFi world.

Questions Asked on Twitter For OneSwap team!

Q1. As a trader, I prefer to choose CEX for trading because of using DEX is more complicated. So, what can you tell to bring us using OneSwap rather than any CEX? And why must we use OneSwap while there were more popular DEX, let’s say Uniswap?

Ans — The audit system for token listing, pursued by CEX, proves incapable amid the rise in digital assets. Moreover, CEX has also been criticized for their high default risk, security risks, and opaque rules. DEX is the solution to these problems.

And yes, the threshold of DEX is high for many users, and we aimed to tackle this at the very beginning of this project. Just as I have mentioned before, OneSwap has a very user-friendly and east-to-use interface similar to CEX, such as the real-time candlestick chart, depth chart, and order book, as well as a built-in wallet.

Just give OneSwap a try, and you will find it’s really easy and convenient to use.

Q2. Any small coding error can permanently damage the entire assets of the LPs. This is the biggest risk of Liquidation mining. How will OneSwap deal with this problem?Has your smart contract been audited by any blockchain system ?Why should we feel safe when using OneSwap?

Ans — You can rest assured of the security. OneSwap’s smart contract code has passed the security audits of SlowMist Technology, PeckShield and Beosin, three well-known security companies in the industry. At the same time, its smart contract code is also open source. If you are interested, you may check the OneSwap audit report via this link: https://github.com/oneswap/contract_audit_report

By the way, I would like to share with you an interesting story: the auditors at SlowMist Technology always enjoy the feeling when they manage to find problems from the projects already reviewed by others. But after repeated audits on OneSwap, they failed to find problems but only proposed a suggestion on optimization. Here I would also like to extend my gratitude to the audit team for their diligence.

Q3. Oneswap is a permission-free token listing. So what are the terms and conditions for token to be listed in your platform? So if it is permission-free, does it mean any token can be listed in Oneswap? Can you elaborate more about this?

Ans — OneSwap supports all transactions between ERC20 tokens. It requires no permission to create a market or charges any fees for token listing.

Before creating a new transaction pair, you should transfer your Token to the wallet address that is connected to OneSwap. You’ll be the first liquidity provider of this pool, and your added token proportion will determine the initial price.

Welcome to check this guidance: https://support.oneswap.net/hc/en-us/articles/900002482986-How-to-Create-a-New-Capital-Pool-Trading-Pair-

Q4. To many Swap model, the Biggest Challenge is affront the Liquidity and Slippage ,so can you tell me How OneSwap solve these issues?

Ans — Our solution is the combination of the Constant Product Market Maker model and the on-chain order book, not only providing users with a familiar way of trading limit orders, but also enhances the liquidity of digital assets, solving the transaction and liquidity issues of long-tail tokens.

On OneSwap, each Pair contract supports both market orders and limit orders. When processing a market order, the Pair contract will compare the optimal price in the order book with the AMM price, and try to fulfill the transaction request at the optimal price, which will reduce the problem of slippage.

Besides, users can also set slippage range to ensure that the transaction is fulfilled within the price tolerance to avoid unnecessary losses.

Q5. Protecting users/member data and privacy has become a problem that many companies/projects must face in their development. Can you explain a bit about security of OneSwap?

Ans — OneSwap has passed the rigorous and comprehensive security audit of SlowMist Technology, PeckShield, and Beosin. OneSwap’s smart contract code has proved to comply with the audit standards set by all the three auditors in terms of code standard, contract function security, security of asset liquidity, system interface implementation, and the security of the business system. All the problems detected in the audit has been resolved by the OneSwap technical team.

We believe that a high-quality DeFi project can not only generate returns on investments for users, but also has a commitment to the sustainable development of the DeFi ecosystem, community users, and investors. In the future, OneSwap will keep in mind its responsibility for users and never compromise product security. We will continuously improve OneSwap products and it’s code security.

Questions Asked by our BlockTalks Community Members during live Session for the OneSwap team!

Q1. Does OneSwap have its own token? If so, which one? What are its uses and where can we buy it? Also, what are the profits?

Ans — Yes, we have. It’s ONES, and you can be traded it on CoinEx and OneSwap.

Q2. Why Build ONES Token in erc20?
Any plan to makes odinswap own chain?

Could you explain ones token burning system?
What’s is the calculation!?

Ans — We will deploy oneswap to other chains in the future. ONES is a deflationary token in that it is repurchased and burned automatically by the token repurchase contract. 40% transaction fees generated in the Pair contract will be used to repurchase and burn ONES.

Q3. Is OneSwap easy to use for a
beginner like me? Is it only for experienced people? If not, is there a guide to help beginners?

Ans — No, it’s not just for beginners! It has very user-friendly and easy to use interface. Just try it.

Q4. How about the ONESWAP security system, is it guaranteed?

Ans — Yes, our contract code hase passed the audit of security audit of SlowMist Technology, PeckShield, and Beosin, 3 famous auditing companies in the industry.

Q5. When will the working platform be available for users? Are there going to be wallet dApps for all of mobile phones?

Ans — Yes, we are talking about cooperations with mainstream wallets.

Q6. At the moment, what’s OneSwap focusing on? Building and developing product, getting customers and users, or partnerships?

Ans — Currently we are perfecting our products, such as to enhance the function of the built-in wallet. However, we are also trying our best of branding, to let more people know about us.

Here are some important links of OneSwap 👇

Website: https://www.oneswap.net/

Telegram: http://t.me/OneSwap

Twitter: https://twitter.com/OneSwap

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Block Talks

BlockTalks is all about Blockchains & Crypto. We do discussions about new Blockchain projects, the innovations & such more.