BlockTalks x Vegaswap AMA Transcript!

Hello! BlockTalkers & Blockchain Enthusiastic!

We recently hosted an AMA with Vegaswap, on June 17th 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 Benjamin, CEO of Vegaswap and Jimmy, CTO of Vegaswap. 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 Team BlockTalks!

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

Ans — Vegaswap is a Multichain Defi Marketplace where anyone can swap any asset and build wealth by providing liquidity.

Multichain:
It means we will bridge the defi world like Binance did with their Binance Bridge, which results in cheaper and faster transaction.
More wealth:
We are defining a parameters where traders, and LP providers have a fair profit during different period of the market (up, down, sideway).

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

Ans — Vegaswap core value proposition is to reduce Impermanent loss and reduce high transaction gas fee on Ethereum, to increase wider adoption of the Automated Market making technology.

Also with our proof of liquidity we can have better incentives to prevent rug pull of projects or fake tokens, giving more security to asset buyers. And a lot more additional features with smart pools, such as proof of liquidity, capped pools and others.

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

Ans — Hot events - AMM is large space with many competitors, we will host multiple AMAs in upcoming weeks so people will have a chance to participate to learn more about Vegaswap as well as earning some rewards. All users are active on our telegram channel, and partners telegram, twitter will be verified for later big AMA on our own channel and whitelist. So please join us and spread the words. We have very strong backing as well with our partners from many countries.

Some of our backers include Titan Ventures, Master Ventures, OrionProtocol, Bridge Mutual, x21digital, blocksync, phoenix-vc, Au21, and many more. These backers have a wide network of partners we will engage with to bring our project to a success.

For the vision - it is to build a global decentral marketplace with fair access to everyone in the world, regardless which country they are based in. This presents big opportunities for people e.g in South East Asia, so they can be engaged in DeFi trading of any kind of asset and currency, market making, lending, all under one platform with Smart contracts on Ethereum and other blockchains.

And beside these, we are currently running the biggest contest ever, it’s a chance for community members to learn more about Vegaswap:
https://twitter.com/VegaswapAMM/status/1405109766100299777

Questions Asked on Twitter For Vegaswap Team!

Q1. There is no doubt that Vegaswap will challenge established industry titans like Uniswap and Sushi in the pantheon of automated market-making protocols within time. What features will allow vegaswap to be on par with or above Uniswap or sushi?

Ans — 1. In vegaswap, you have Smart pools which will have different pool types for various purposes, while Uniswap has one pool type. Vegaswap is better to help project go from IDO to post IDO market.
2. Smart Pools so pool creator will have more control of the pool, and users will have a better way to identify legit, rug-pull free project.
3. Better Treasury management, as an AMM, we will gain huge amount of money as fees, and we want to have a better treasury management to distribute those money efficiently to Vegaswap ecosystem (community, dapps, incubating).

Q2. Reading about Vegaswap, I could realize that they developed a Treasury, however, this would be the only governance mechanism they have to promote the project or does Vegaswap propose other governance mechanisms?

Ans — Many important decision for Vegaswap can be voted by Vega holders, it’s including important technical parameters, as well as community decisions.

Vega holders will have the right to vote to change parameters for each individual pool as well, so it’s a big different compared to other governance token.

Q3. What is the principle of smart pools working with market maker AMMs in providing liquidity and how are these pools different from other liquidity pools?

Ans — Smart pools are envisioned as much more capable than current pools. They have several layers so that projects can build on different types of pools, and use elements they need as a toolbox. Also the involvement of market makers is more general. For example these pools can define proof of liquidity, so that users are ensured that liquidity stays in the pool for a duration of time, e.g. 6 months.

Q4. I read that Vegaswap is the combination of the AMM protocol with the MM group, as it allows some flexibility in the pricing mechanism, How can you ensure good prices for traders and seek the best stability of the asset market and how low is its friction?

Ans — There are several aspects. Some logic for the AMM can be encoded in the smart contract as a fixed formula. Most important is the decision on the spread based on volatility and volume. Other aspects are delegated to Marketmakers when they make decisions.

This will open a very good market, for real market makers to participate and make the best profit for the pool itself. And yes, it will introduce certain risk because of market maker’s involvement, however, we will make sure that maket maker only provide good profit to be trusted in the long run.

Q5. About your Trader incentive program, how can traders participate in it and what determines who received more rewards?

Ans — The first step is that the use of our broker platform, coming out soon, will give great rewards for traders choosing us. Because we want to reward early users. It will work like this. Whenever a trade happens the smart contract will calculate the USD value traded and award the trader vega trading credits (VTC). VTC then can be converted to Vega tokens at certain times. Initially the conversion ratio is roughly 1:1, so that each dollar traded rewards 1 vega token. Later this conversion ratio will go down. So in the end we will reward highly those who are loyal to us in the early days.

More details will be announced soon, but we plan to roll out this feature early, so stay tuned and please follow us on twitter and join the telegram group.

Questions Asked by our BlockTalks Community Members during live Session to Vegaswap Team!!

Q1. It is no secret that Africa has risen strongly in the use of cryptoassets, you made alliances with Titan Ventures to enter the Vietnam market, do you plan to make alliances to enter the African community? or is it not in your plans to take your projects to that continent?

Ans — So far we have not made a connection, but would be happy to connect. we believe DEX would be a strong advantage, so any emerging market is great for us.

Q2. How to motivate people to participate in your project, not only the profit from the token but the use of the token?

Ans — VEGA token utilities:
1. Staking: you can earn interest by holding vega token for long term
2. Trader mining program: You earn Vega token by trading on our AMM, it’s a rewards program for Vega traders.
3. You can use Vega token as Governance token.

Q3. So far, how is the Vegaswap development process? Can you describe in detail the current advantages and challenges, your market expansion plans, anticipated applications, and when your product will be commercially available?

Ans — We go to market with the first version in early Q3. we have a well thought out strategy for that. the challenge was mostly in the early days, but now we have a lot of momentum.

Q4. Currently Asia attaches great importance to Blockchain technology, is this a great opportunity for your project? How is this project planned for development in Asia?

Ans — Yes, absolutely. it is our core market for now. US and europe are more heavily regulated.

Q5. What makes you feel confident about the survival & sustainable success of Your project in the near future? While you build your project, do you take into account community feedbacks and demands?

Ans — Yes, very much so. always feel free to contact us in the groups or us personally with feedback (the good and the bad).

Q6. Which do you think is more, important :
1) Community.
2) Investors.
3) Token Price.

If all of the above is important to you, which should come first?

Ans — If I have to put it in order, I would say:
1. Community and investors, investors help us with strategy and finance the project. Meanwhile, there is no way we can build a good project without the feedback from our community.
2. Token price, token price is important and it reflects the work of the team, and the application that we build everyday.

Q7. According to the project’s roadmap- what are your most important next priorities? Does your team have enough Funds and Community to achieve those milestones?

Ans — IDO in next weeks and go to market with version1.

Q8. Token burn as it controls the amount of tokens circulation and provides greater incentives to Investors. Does Vegaswap project have plans for burning tokens? And what is the method of burning it?

Ans — We don’t burn, our total supply is fixed.

Q9. DeFi, Staking and Yield Farming are hot topics right now in our Crypto Space, My question is, did you make this project only for the short term because of these hot topics? Do you have a long term plan for this project?At the moment , where you are focusing right now ? building and developing product or getting customers and users, or partnerships ? Could you share it?

Ans — It’s a very long term process for us. in fact we worked with 0x DEX in 2019 with inventor of the term Defi (Blake). so we strongly believe patience wins.

Q10. Any Presale or IDO plans on Vegaswap project? If yes, Where and when it will start?

Ans — IDO next weeks, yes. no specific date yet, but will be announced.

Q11. How to motivate people to participate in your project, not only the profit from the token but the use of the token?
Ans — Use of the platform is directly tied to earning Vega initially.

Q12. please explain a little about the structure of the Vegaswap Trader Incentive Program? What incentives can traders get with this program? and how does this program work and be implemented on your platform?

Ans — Yes, the Trader program is a program to encourage traders to trade on our platform. We first will implement to reward users/accounts based on their trading volume, and there is a limitation of how much rewards one can get to make sure every single participants to benefit from the program.
We also will bring up referral, which is really profitable for those who can more traders to Vegaswap through referral, and it’s part of trader program.
All of these will be implemented on-chain in vegaswap codebase, and it will be open source.

Q13. Binance smart Chain blockchain is having high transaction speed and cheap gas fees, Are you planning to launch your mainet or switch to other blockchains in the future?

Ans — Yes BSC is one of our main target along side with ETH. Cannot avoid that cheap and fast tx.

Here are some important links of Vegaswap👇

🌎 Website: vegaswap.io
📱 Twitter: twitter.com/VegaswapAMM
📢 Telegram: t.me/vegaswap
📚 Medium: vegaswap.medium.com