Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from SaltSwap and our guest was @saltPink – representative of SaltSwap. The AMA took place on 6 March.
The total reward pool was 500$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Website
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with SaltSwap!
Welcome to Satoshi Club😀
D. | Satoshi Club:
Hello all! 👋
D. | Satoshi Club:
@saltPink welcome to Satoshi
club!
D. | Satoshi Club:
Good to have you here!
Mary | Satoshi Club:
@saltPink welcome here😀
saltPink:
Hello!
D. | Satoshi Club:
how are you doing? 😄
saltPink:
All good here 🙂
D. | Satoshi Club:
Great!
Mary | Satoshi Club:
@TheSaltKing welcome to Satoshi Club 😀
Salt King:
Hi everyone, thanks for having us here today, excited to share about our
project SaltSwap!
D. | Satoshi Club:
Welcome!
Mary | Satoshi Club:
Happy to see you here 🔥
Mary | Satoshi Club:
How’s going?
Salt King:
Quite alright, working hard over the weekend to push new features to our
project!
Mary | Satoshi Club:
Awesome 👍
Mary | Satoshi Club:
So, let’s start our AMA 🚀
Salt King:
Let’s do it! 😊
Mary | Satoshi Club:
Please, introduce yourself to our community and tell us more about SaltSwap
😀
Salt King:
We are a group of friends from Portugal that have been in the crypto scene since around 2013 and have been fairly active since last year on the Ethereum space with DeFi. We were early adopters in Uniswap, as well as some of the early farming projects like Yearn.finance / YFI.
Mary | Satoshi Club:
So, you’re more than familiar with DeFi system 😀
Salt King:
However, more recently, with the increasing gas price feeds on the Ethereum
blockchain, we have started to explore other alternative blockchains, such as
AVAX and Binance Smart Chain (BSC), which proved to be an ideal blockchain for
DeFi, given the cheap transaction costs.
It all began for us by changing our trading habits from Uniswap to Pancakeswap, and afterward, we started to see yield farm projects like Goose Finance, and we felt we could do better, so decided to ahead and build SaltSwap.
D. | Satoshi Club:
So SaltSwap is your first project as a developer?
Mary | Satoshi Club:
It’s really nice that you want to achieve perfectness 😀
Salt King:
SaltSwap is a fork of Goose/Egg Finance with some subtle differences.
Particularly, we felt that the deposit fee of 4% was too high, so we lowered it
down to 3% to increase adoption. We then also use the proceedings from these
deposit fees to buyback SALT, as well as to create launchpools that we call
oceans, that allow users to farm BNB/BUSD, and other tokens, by staking SALT,
giving back to the community their deposit fees.
D. | Satoshi Club:
Very nice feature.
Salt King:
Not at all, our team is comprised of 3 developers and 1 product manager, as well as a fantastic team of moderators that have been helping us daily throughout this journey, constantly helping our users on Telegram.
We are experienced developers, and we have developed projects in the blockchain space in 2017 using Solidity.
We love to develop, and have been doing so for many years now 🙂
Mary | Satoshi Club:
And you also have experience in DeFi space? I mean in development
previously?
Salt King:
Our lead developer has extensive experience working as a Solidity contractor in the blockchain space and has previously deployed DeFi projects on the Ethereum mainnet, particularly farming contracts (Synthetix-style), as well as audited a dozen more.
D. | Satoshi Club:
Definitely. and as I see SaltSwap is a young project but already successful ~ 15 mil TVL already is quite cool 👍
Salt King:
We are also all active DeFi users, we are staking our own money on SaltSwap,
which goes to show how much we trust our own platform 🙂
Mary | Satoshi Club:
As i understand you are an anonymous team, right?
D. | Satoshi Club:
👏
Salt King:
We extensively use pretty much all the different DeFi money legos available, from putting our assets as collateral in lending platforms, such as Aave and Compound, and using loans to farm in different DeFi projects.
We are true, we believe the ethos of this space entitles everyone to be anonymous, and code should be the only thing that needs to be trusted.
Our code has extensive documentation online, and it’s easy for anyone with coding experience to verify that all funds are safu 🙂
Mary | Satoshi Club:
Ok, is it trusted?😀 Did you make any
audits?
Salt King:
Not only that, but we have managed to hold that TVL for over 2 weeks already. Most of our competitors’ (e.g. Donut, Taste, etc.) TVL dropped to less than $1M 2 days after launch.
Ours kept increasing due to our fantastic community as well as the development team pushing new features on a daily basis, and new ways to put SALT to use.
We have commissioned an audit to CertiK, which should be available in the upcoming days.
This is more of a “stamp” than anything else since our contracts are provably safe on-chain.
Mary | Satoshi Club:
Wow, you choose one of the best😀
Salt King:
We have removed the famous migrator code that allowed many farms to “rug”, and all accesses to our farm contracts are behind a Timelock that requires prior notice of 12 hours before any action is made, and even so, the only action we could do is reduce the weights of an existing pool or modify an existing one. Funds are 100% safe.
Mary | Satoshi Club:
I like this👍 you’re really cool
Salt King:
We created a special documentation page to aid the more tech-savvy users in understanding better our contracts, which is available at https://saltswap.gitbook.io/salt/core-products/contracts.
Mary | Satoshi Club:
Now I need to be a bit salty and interrupt our conversation to ask if you are ready for questions from our community?😂 Or you want to add something?
Salt King:
Haha, we are ready, just wanted to add that if this is the first time you’re hearing about SaltSwap, and you want to know more, please pop by our telegram channel (https://t.me/SaltSwap), or our website (https://www.saltswap.finance). We have been pushing many different features lately, with a special focus on our launch polls, which allows you to make the most out of your farmed SALT tokens, to get other tokens.
Salt King:
We’re ready for the community now 🙂
D. | Satoshi Club:
Great! awesome intro, thank you!
Mary | Satoshi Club:
Sure, Satoshiclubbers, join and enjoy 😄
D. | Satoshi Club:
Now let’s dive into the salt sea of the questions 😉😄
Q1 from Telegram user @AugusS7
Do you think that the Swaps of the BSC chain will become as recognized and successful as the Swaps of the ETH chain? if so, could SaltSwap become BSC’s Uniswap? allowing other projects to be a simple fork of your Swap?
Salt King:
Great question, we believe Ethereum will stay attractive for so-called whales, that can easily spend $1000 per day in gas fees, but BSC will be the place for newcomers to this space, who want to grow their portfolio, or just learn about DeFi, by spending only a few dollars.
We are not competing directly with Uniswap, we aim to complement PancakeSwap, and provide alternative ways for users to get some yield out of their assets.
At least for now 🙂
D. | Satoshi Club:
Totally agree
Mary | Satoshi Club:
If Ethereum will be back with low fees, don’t you think about SaltSwap on
Ethereum chain?😂
Salt King:
Certainly, yes, we all started with Ethereum, but we don’t see anything in the
short-term roadmap that will solve the problem with high gas fees. EIP-1559
will not solve this problem, and ETH 2.0 won’t go live until at least late
2022.
So BSC is here to stay until then, or so we believe, and that’s what we are betting on 🙂
Mary | Satoshi Club:
Yes, I have the same feeling 😄 thank you for your answers! Ready to proceed?
Salt King:
Let’s go! 🙂
Q2 from Telegram user @shihadk9074
Would users of your platform be rewarded with SALT Token every time they make a trade or the reward would occur occasionally like how a platform like Uniswap and 1inch does?
Salt King:
SALT token is a reward for those that stake in one of our many farms, pools, or oceans available on our platform. We do not foresee any airdrop, since we don’t have the ability to mint more tokens, all tokens are minted through the farming contract on every block (1 SALT/block).
Mary | Satoshi Club:
Btw, do you have any governance?
D. | Satoshi Club:
I see you have a lot of pools and farms on every taste 😇
Salt King:
Great question, we do support Compound-style on-chain governance in our token, but right now it’s not being used actively. We are exploring different venues for doing so though, through the snapshot.
Mary | Satoshi Club:
So, Salt also is a governance token?
Do you have any articles or where can we get more info about this?
Salt King:
That’s the plan, but for now, since it’s a very recent project, we are
gathering feedback from our community through telegram rather than strict
voting with SALT.
We will be publishing more about it in the upcoming week, we have plans to set up a snapshot page for voting (https://snapshot.page).
This is similar to how governance works in PancakeSwap, where users can vote to adjust the weights of different pools.
Mary | Satoshi Club:
Gotcha 👍 thanks, everything is clear for me 😀
Ready to go to the next question?
Salt King:
Of course 🙂
D. | Satoshi Club:
Let’s goo!
Q3 from Telegram user @costurera3000
Your roadmap mentions the launch of your NFT token for Q2 2021. Considering that we are close to starting Q2, can you explain a little about this NFT? How can it be acquired and what value will it have for users?
D. | Satoshi Club:
Two months of 2021 already behind, so fast 👀
Salt King:
It’s undeniable that NFTs are a pretty hot topic lately, and we are also fans
of it. We have started to reach out to some artists in order to allow us to
create unique content that we can then tokenize via NFTs. However, at the
moment, we don’t have a specific date for their launch.
In terms of added-value, it would be just another area where SALT can be used, further increasing its token utility.
Mary | Satoshi Club:
Btw, you’re more familiar with BSC, does it already have NFT marketplaces?
Salt King:
We were early purchasers of some of BakerySwap’s NFTs, that have seen their
price increasing more than 10x for the past 3 months, and this is a space that
is just getting started on BSC.
Not at the moment, there’s no market such as OpenSea or Rarible yet, but there are some teams working on it.
Mary | Satoshi Club:
SaltSea😀
Salt King:
I would be surprised if by the end of March there wouldn’t be an OpenSea
alternative on BSC.
Mary | Satoshi Club:
Yes, that’s what a lot of people waiting for 😀
Salt King:
Haha, that’s a great name, who knows, we might need to hire some more developers, and hire you as our Chief Salt Officer 🙂
Mary | Satoshi Club:
I will think about this😂
Ready to jump to the next question?
Salt King:
Let’s go 😀
Q4 from Telegram user @belkysgonzalez
Partnerships are an important part of the development of new crypto projects. Can you give us details about your partners and how you are mutually benefiting? Are there more partnerships in the future for SaltSwap?
Salt King:
That’s right, partnerships in crypto are crucial. We are lucky to have partnered with a few key projects already, of which I would like to mention beefy.finance, which has been around since the early days of BSC, where users can leverage their vault strategies to auto-farm SALT and automatically compound the rewards.
We have also collaborated with Slime.finance and more recently https://cafeswap.finance, where we mutually help each other by providing farmable tokens.
We have in mind a few other partnerships, we are approached by many teams daily, but as you know, there are many scams in this space, and we need to first and foremost protect our users and our image, and do appropriate due diligence before partnering with anyone (as I’m sure they do for us).
Mary | Satoshi Club:
Great partnerships! What’s next?😀 We love hints and
secrets here😀
D. | Satoshi Club:
As i know, Babe Defi is one of your recent partners? and there have launched their project a couple of hours ago…will you add farm with their token as well?
Salt King:
We already have beefy, so naturally, autofarm would be a great next partner,
let’s see what the future holds 🙂
Mary | Satoshi Club:
👍
Salt King:
Babe Defi is a very recent project on BSC, and they have a cool proposal around some brand new NFTs that we are looking to explore together. Details of the collaboration still to be defined 🙂
Mary | Satoshi Club:
We are waiting for news from you 😀
Ready for the next question?😉
Salt King:
Yes ma’am 🙂
Q5 from Telegram user @Indomiekuy
I read that Saltswap has a launchpools named Oceans. Could you tell me what token that available in your Oceans and how many totals pools do you have in Oceans? Besides staking in Oceans, what are we able to do there?
D. | Satoshi Club:
https://www.saltswap.finance/oceans
Salt King:
Oceans are an alternative way for users to stake their SALT and earn tokens other than SALT. For instance, at the moment, we support SLIME, BUSD, and BREW (CafeSwap). In the past, we also ran some flash pools for EGG, because everyone knows EGGs go well with SALT.
D. | Satoshi Club:
Ahaha that’s right about eggs 😄
ARP is quite nice in your oceans btw 👌
Mary | Satoshi Club:
How much?
D. | Satoshi Club:
you can see, i posted the link 😇
Mary | Satoshi Club:
Btw, what was the highest APR on SaltSwap?😀
Salt King:
It’s hard to tell, APRs usually start very high and then get diluted in time as more and more people put SALT in the oceans.
However, the good thing about BSC, is that it’s easy to keep moving around between oceans and always get the highest APR.
As it costs only a few cents to unstake and stake again on a different pool.
On Ethereum, this would cost at least $500.
D. | Satoshi Club:
So true
Salt King:
Which is the total asset value of what some of our users are farming with,
that’s why we truly believe in BSC as the onboarding blockchain for newcomers
to crypto.
Mary | Satoshi Club:
It’s paradise after ETH
And you’re among the first 😀
And we have 6th and last question from this part 😀
Ready?
Salt King:
Let’s do it 🙂
Q6 from Telegram user @Brainchest
What supports the Salt price in the long run? In the short term, the token can rise in price due to hype, but then under the pressure of sales from tokens received from % profit interest, the price will go down sharply
Salt King:
We are working on different deflationary features that will revert the effects
of the farming inflation. One of these potential features is a Lottery, where
users would pool and burn their SALT tokens in exchange for lottery tickets. We
also frequently burn SALT tokens from our dev share (yesterday we burned around
$70K worth of tokens), which also helps to alleviate the inflationary pressure.
Mary | Satoshi Club:
Can you share your tokenomics with us, please 😉
Salt King:
Our tokenomics are actually incredibly simple, this was a fair launch, and
therefore there was no presale. Every block 1 SALT is generated and distributed
proportionally to all the different stakers in our farms.
D. | Satoshi Club:
Yep, the hardest thing for the new project is to stabilize its price. especially for the farming project, where people farm tokens and sell them immediately, you have very good incentives to hold SALT 😉
Salt King:
A small percentage of that generated SALT is also sent back to our dev wallet,
which we use for marketing (such as AMAs), to burn, or pay for services (like
CertiK’s audit).
Since there was no presale, we don’t have any allocated % for marketing, advisors, etc.
And all-new tokens will come from the farms.
Mary | Satoshi Club:
I think it is what is calling now ‘fair launch’.
Part 2 — live questions from the Telegram community
Q1 from Telegram user @vedamatrix
Another project got exploited today because smart contracts are really vulnerable to complex exploit attacks. How can you solve the smart contract exploit problem?
Salt King:
Our contracts are public and we have removed the migrator vulnerability from them, which is what allowed most attacks to happen. We have extensive docs available at https://saltswap.gitbook.io/salt/core-products/contracts as well.
Q2 from Telegram user @KASG95
Really why SaltSwap like other protocols predict the BSC chain to develop their swap, when really in the ETH chain there is a much greater diversity of tokens? Is it just because of the high cost of gas for each swap in eth? or what characteristics was it that attracted them?
saltPink:
We like it a lot BSC because it is super fast with 5second blocks, but the main reason is the low fees. Low fees enable us to provide any dapp to a large set of users that in ETH was restricted to more wealthy users.
Release new contracts is also super cheap vs doing it on the ETH, lowering our operating costs. We believe that more users, due to lower gas fees, is better for the economics of our token.
Q3 from Telegram user @moe_808
Burning of tokens is one of the best ways to rise token prices. Can you tell us about salt token’s latest burning? And how did it affect the salt token price? And when is the next token burning?
saltPink:
We burned more than 800k$ in SALT tokens.
But ultimately we don’t believe in burning will be good long term. This is a short-term pump.
So we invest the deposit fees instead of in providing partnerships and oceans.
Oceans enable our users to stake their SALT and earn BUSD, BNB, SLME, BREW, etc… we believe that giving a long-term hold incentive is better than burning tokens.
Q4 from Telegram user @AmirJosh
Is $SALT already listed on Cex? Is listing on top Exchanges included on the itinerary plans for 2021?
saltPink:
Not yet, although we are in talks with 2 exchanges on a possibility to list SALT there. We cannot reveal more at this time.
Q5 from Telegram user @AmirJosh
What is the reason behind using the name SALT for your project? What is the great story behind the platform’s name? Why have you chosen it?
saltPink:
Initially, we want to go with APE and Bananas, but just a few days into coding, someone released a farm with this name, so we rebranded to Salt and saw Saltbae as a cool figure to work on. This proved to be even better than Bananas as memes are easier to create.
Q6 from Telegram user @Chinthaka93
You have mentioned that “AUDIT BY CERTIK IN PROGRESS” what is the status of the audit as of now? Do you have any major issues with your smart contract?
saltPink:
Certik is very busy at the moment. We paid the audit already 1.5weeks ago but still no updates 😕 , we just need to wait a bit longer.
Q7 from Telegram user @Korryl
From what I know saltswap is a farm project, can you explain how does your farm system work, did you have a premise system? how is the calculation reward that user will get by staking?
saltPink:
We didn’t have any premises. we made a fair launch, so all SALT tokens are farmed.
You can farm SALT by staking LP tokens and single coins.
The reward is 1SALT / block for the users.
With the SALT users can either trade it or stake it on the SALT pool to make more SALT alternatively users can stake SALT in our oceans to earn BUSD, BNB, CAKE, SLME, etc… we believe this is a really great way to make tokens
Q8 from Telegram user @Gabrielle124
In Decentralized Exchanges, one of the biggest issues and problems is the lack of Liquidity compared to centralized exchanges. How can SaltSwap with its technology solve this problem? What are your possible ways to address these shortcomings and create acknowledgment for DEXes that is different from Centralized Exchange?
saltPink:
We are actually helping pancakes was by providing a farming mechanism to give incentives to create Liquidity.
Q9 from Telegram user @ubuntucoder
Can you share some of your milestones you completed after starting the project and what are the new upcoming milestones you have for the future?
saltPink:
Yes, We made our fair lunch on the past 20.Feb. It was a success. After that, we moved on to add the Oceans feature that proved to be a huge success.
Next, we are going to add a lottery system to help reduce the supply of SALT and add a bit of gambling to our platform.
Q10 from Telegram user @cindy_crypto
As I remember the Binance smart chain projects are getting $100 million if investment from Binance. Did you get this investment from Binance Dex?
saltPink:
No 🙁
Part 3 – Quiz Results
In the final part, we tested your knowledge in terms of SaltSwap. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
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