We were delighted to welcome our guest from OpenSwap. The AMA took place on July 21st, 2021 and our guest was @bruce_oswap .<\/p>\n\n\n\n
The total reward pool was 500$ and\nwas divided into three parts. In this AMA Recap we will try to summarize some\nof the most interesting points for you.<\/p>\n\n\n\n
Mary\nSatoshi Club: <\/strong>Hello Satoshi\nClub! We are happy to announce our AMA session with OpenSwap! Welcome to\nSatoshi Club😀<\/p>\n\n\n\n D. <\/strong>\u041f\u0430\u043f\u0430<\/strong> <\/strong>\u0420\u043e\u0443\u0447<\/strong>: <\/strong>today our\nguest – @bruce_oswap ! 👋<\/p>\n\n\n\n D. <\/strong>\u041f\u0430\u043f\u0430<\/strong> <\/strong>\u0420\u043e\u0443\u0447<\/strong>: <\/strong>good to\nhave you here!<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Hi Everyone! Pleasure to be here, thank you\nfor having me!<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Hello, Bruce! Welcome to Satoshi Club 🎉<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>How was your day?<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Tired from a full day of BUIDLing, but excited\nto be here and engage with the Satoshi Club!<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Hope you will relax when you will answer questions\nfrom our community 😀 but for the beginning we will start from the intro!<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Could you please introduce yourself and tell us more\nabout OpenSwap 🔥<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>I’m Bruce, key member and founder of the\nOpenSwap project, a recovering enterprise dev, enlightened by blockchain in\n2018 and never looked back!<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Ahaha, i see that crypto is your passion<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>The aim of OpenSwap is to revolutionize\non-chain liquidity with a set of solutions that act as cogs towards the\nultimate goal of supporting Inter-Chain swaps.<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>It all starts with a DEX aggregator to provide\nusers with choice, the choice of executing a swap with any liquidity source.<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>From there, we introduce a concept of\nLiquidity Queues to provide users with zero slippage swaps where Spot Queues\nwill always execute swaps at spot-market prices.<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>The OpenSwap Hybrid Smart Router will take a\nswap and execute it againsta blend of\nAMM pools and Liq Queues to provide the user with the most return for their\nswap.<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Nice concept! We will have some questions about this\nin the first part😀<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>When did you get an idea to build OpenSwap? Who\nhelped you to develop your project?<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>The original concept of Liquidity Queues began\nduring the summer of DeFi 2020 when UniSwap was became the go to DEX. We were\nsuper excited about the AMM concept and\nwanted to address the primary issues of slippage and impermanent loss.<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>OpenSwap is introduced by a team of seasoned\ntechnology experts. The OpenSwap received a technology contribution from IJS\nTechnologies, an award winning technology firm who received grant support from\none of the older DeFi teams, OAX Foundation in 2020. OpenSwap’s contracts are\nreviewed by CertiK, and we are also part of the first cohort of Impossible\nFinance.<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Congratulations! 👏<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>How many team members do you currently have?<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>At the core, our 11-man team’s strength is\ntechnology, however, what we have been aiming to do is build up a community of\ntalent that crosses boundaries of technology, finance, marketing and more\nthrough the many partnerships we have developed and continue to build. We hope\nto attract more developers and contributors to our team through participation\nevents such as hackathons that ultimately build up the DeFi community.<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Sure, you will👏<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>hope to get some good devs from this community\n😁<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Satoshiclubbers 😉 let’s\njoin! Thank you for your intro! We choose 6 questions from our community for\nthe first part😀 are you ready for them?<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Hell yeah!<\/p>\n\n\n\n Q1 from Telegram User @Highpee<\/em><\/strong><\/p>\n\n\n\n OpenSwap aim to revolutionize on-chain liquidity and\nDEX swap activities. In order to achieve this, you have introduce two technical\ninnovations which are Liquidity Queues and Hybrid Smart Routers. I will like to\nknow more on the mechanism of operation of these two functions. What\ndifferentiate the Spot Priority Queues from Spot Range Queue? How does\nLiquidity Queues Adaptor protocol guarantee secure and zero-slippage when\nexecuting a swap? ? Also, how is your Hybrid Smart Router able to pair a swap\nagainst multiple blend of DEX AMM across multiple chains? In what way will\nthese two concepts provide an inter-chain puzzle that will create a backbone\nfor OpenSwap Inter-Chain Protocol to provide an efficient swaps across multiple\nchains?<\/em><\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Wow this is a really good question, someone\ndid their homework! Let me try to tackle this in pieces.<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>The first iteration of Liquidity Queues are\nSpot Queues with two types:<\/p>\n\n\n\n – Spot Priority Queues operate in a FIFO manner where the first liquidity\nplaced in the queue gets swapped against first. There is an option for the\nprovider for stake $OSWAP to jump the queue and prioritize their liquidity to\nget swapped first.<\/p>\n\n\n\n – Spot Ranged Queues allow providers to specify a price range where their\nliquidity will be available for swaps<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>In both cases, Spot Queues will always provide\nusers with spot-market prices swaps based on an Oracle Price Feed.<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>In the near future, we will be introducing the\nthird queue type called Pegged Queues, which will allow tokens in a queue to be\nswapped at a pre-pegged price. This queue type will be ideal for project owners\nwho would like offer their tokens to the public (ie. IDO, flash sales, etc)<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>I want to ask you about such famous problem as\n‘sanwich attacks’ – do you have a decision for this?<\/p>\n\n\n\n D. <\/strong>\u041f\u0430\u043f\u0430<\/strong> <\/strong>\u0420\u043e\u0443\u0447<\/strong>: <\/strong>you read\nmy mind 👀 i wanted ask about front running too<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Hybrid Smart Routers will take a swap and\nroute it through a blend of DEX AMM pools and our Liquidity Queues to provide\nthe best return for your swap.<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>I see you prepared good!<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Regarding sandwich attacks, our way of\ntackling this problem is to not allow it to happen in the first place. Let me\nexplain.<\/p>\n\n\n\n Spot Queues always execute swaps at a reference spot-market price. So the\nonly way you can sandwich is if you can predict the future price (which is a\nsuperpower we all would like to have). Since Spot Queues have no slippage,\nthere is no way a front-run swap could affect the price of the next swap (it\nwill still execute at the reference spot price).<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>These Spot Queues are not for sandwich lovers 😉<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Wow, that’s really cool! We can sleep (swap) tight 😉<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>We should try your platform!<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>sweet dreams my friend<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Thank you for your answers! Ready to go to the next\nquestion?😀<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Definitely! Our Spot Priority Queues are currently\navailable on the BSC public testnet. We will be releasing a campaign before IDO\nwhere we will allow DeFI community members to try out these queues for\nthemselves.<\/p>\n\n\n\n D. <\/strong>\u041f\u0430\u043f\u0430<\/strong> <\/strong>\u0420\u043e\u0443\u0447<\/strong>: <\/strong>fantastic!\n👍<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Yea sure<\/p>\n\n\n\n Q2 from Telegram User @xperia3<\/em><\/strong><\/p>\n\n\n\n One of the benefits of holding the native token\nOpenSwap, $OSWAP is governance. When I see it in your website, governance\nenables users to suggest proposals. Can you please explain this in more detail?\nWhat are the ways of creating a proposal and what are the pre requests?<\/em><\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>$OSWAP holders may participate in our\ndecentralized governance through our Governance Portal. You may create polls to\nget feedback and guidance from the community and create proposals to modify\nrisk parameters on the platform such as trade fees, protocol fees, add\/modify\nprice adapter, attach pairs to price adapters, etc…<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>We are a 100% community driven project and we\nhope to be fully autonomous in the future.<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Can you share your tokenomics with us 😀<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>And also tell us please where we can get $OSWAP\ntokens?😉<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>The OpenSwap protocol will issue a governance\ntoken called $OSWAP as part of the protocol\u2019s release.<\/p>\n\n\n\n The token will be established as an ERC20 token, and will be bridged to\nBinance Smart Chain to enable the governance of the BSC version of OpenSwap\nduring the initial launch.<\/p>\n\n\n\n D. <\/strong>\u041f\u0430\u043f\u0430<\/strong> <\/strong>\u0420\u043e\u0443\u0447<\/strong>: <\/strong>by the\nway, each user is allowed to create proposal, it doesn’t depend on amount\nof tokens that this user holds?<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>The $OSWAP token will be able to be used for\nthe following purposes,<\/p>\n\n\n\n – For liquidity providers, they can stake OSWAP into Liquidity Queues to\nincrease the priority of their liquidity, prioritizing their earnings for trade\nfees.<\/p>\n\n\n\n – Node operators for the Inter-Chain bridge can stake OSWAP to earn the\neligibility to be a bridge troll (node validators), and earn fees as assets\ncross the bridge.<\/p>\n\n\n\n – Yield farming by providing liquidity for OSWAP pools as well as other\ncontests.<\/p>\n\n\n\n – For users to participate in governance by staking OSWAP to create\nproposals or vote on risk parameters for the protocol.<\/p>\n\n\n\n D. <\/strong>\u041f\u0430\u043f\u0430<\/strong> <\/strong>\u0420\u043e\u0443\u0447<\/strong>: <\/strong>that’s a\nnice list of functions 👍<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Right now there are no tokens in circulation.\nWe currently have a staking campaign on OpenSwap for OAX holders. Users may\nstake OAX tokens to earn these awesome $OSWAP tokens as rewards after the IDO.<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>When and where your IDO will take place?<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Yes, there is a minimum number of tokens required to be staked in the\ngovernance portal to create proposals. This minimum is also dictated by\ndecentralized governance.<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>We are aiming to do our IDO towards the end\nsummer on the Impossible Finance Launchpad. Follow us on social media as we\nwill release more IDO information closer to the date.<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Don’t forget to share this news with us!<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Thank you for your answers! Ready to proceed?<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Absolutely!<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Let’s gooooooo!<\/p>\n\n\n\n Q3 from Telegram user @DK177<\/em><\/strong><\/p>\n\n\n\n You have indicated that your own smart contracts\nhave been audited by CertiK. However, we cannot see any audit report. You have\nexplained about CertiK and a link was provided, but it directs us to CertiK,\nnot to your report. Are you willing to share this audit report with the\ncommunity? You have asked us to DYOR before connecting our Metamask to\nOpenSwap. Is this a red light? Can\u2019t you assure your platform is risk free?\nPlease explain about the security measures you have adopted.<\/em><\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Rest assured, security is of utmost importance\nto us. Not only are our contracts audit by CertiK, we are also getting them\npeer reviewed by community members who are experts in the smart contract\nsecurity domain. Once all the contracts are reviewed, we will publicize it on\nour website with the audit report.<\/p>\n\n\n\n D. <\/strong>\u041f\u0430\u043f\u0430<\/strong> <\/strong>\u0420\u043e\u0443\u0447<\/strong>: <\/strong>nice! when\napproximately you planning to publish audit on the site?<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>We will definitely read this reports! Waiting for\nthe updates from you!<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>As with any DeFi project, DYOR is a good habit\nfor DeFi users and investors. Just because a project can be seemingly reliable,\nit doesn’t necessarily mean you should let your guard down. OpenSwap team and\nmyself are 100% supporter of this practice DYOR.<\/p>\n\n\n\n D. <\/strong>\u041f\u0430\u043f\u0430<\/strong> <\/strong>\u0420\u043e\u0443\u0447<\/strong>: <\/strong>agreed<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Our Liquidity Queues are powered by price\nadapters that must adhere to our Secure Adapter Protocol, which provides a\nframework for developers to create price adapter smart contracts with a series\nof circuit breakers.<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>The foundational circuit breaker is that the\nprice adapter is scanned by CertiK Shield to receive a security score. Our\ndecentralized governance specifies the minimum score required for a swap to\noccur.<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Other circuit breakers may be added by the\ndeveloper which includes trade size limits to mitigate risk, Oracle price\ndeviation checks against AMM pools, etc.<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Be sure to follow us on twitter to receive the\nmost updated announcements from our team.<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Thank you for your answers! Ready to jump to the\nnext question!<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Ready when you are!<\/p>\n\n\n\n Q4 from Telegram User @ask2lance<\/em><\/strong><\/p>\n\n\n\n I noticed that OpenSwap was originally built on\nEthereum Chain.But you later swapped to BSC due to its low gas fee.Did this\nchanges actually had any effect on your Liquidity Queues and users funds?Now\nthat you have migrated to BSC,what benefits have your users derived and have\nyou gained more investors to your platform?Does OpenSwap plans on Launching on\nother Blockchains like Heco,Polygon, Polkadot etc<\/em><\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>You really did your research! <\/p>\n\n\n\n Yes, we originally developed OpenSwap for ETH and earlier this year, we\njust couldn’t ignore the userbase flocking towards BSC due to lower gas fees.\nOur team did a quick pivot to initially launch on BSC to introduce the concept\nof Liquidity Queues as it provides the ideal test environment.<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Our goal will always be to get back on the\nCadillac of chains: ETH. The plan is to launch the liquidity queues on other\nEVM compatible chains, especially the L2 ones such as Arbitrum, Optimism. Our\nteam also completed a test deployment on \nMoonbeam on DOT and it ran flawlessly.<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Getting on various chains will help achieve\nour ultimate goal of reducing friction of moving digital assets across\ndifferent chains.<\/p>\n\n\n\n D. <\/strong>\u041f\u0430\u043f\u0430<\/strong> <\/strong>\u0420\u043e\u0443\u0447<\/strong>: <\/strong>do you\nhave plans to do your own bridge, to help people swap assets between BSC and\nETH on your platform\/site?<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>So, when we can expect to see you on Optimism, for\nexample?<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>Yes, our Liquidity Queues and Hybrid Smart\nRouters are pieces of our Inter-Chain Swap Puzzle. The team is currently\nfocused on developing the Open Inter-Chain protocol with single asset Bridge\nVaults on the ETH and BSC chain. This will allow users to swap ERC20 tokens to\nBEP20 tokens – you will always receive native tokens on the target chain!<\/p>\n\n\n\n D. <\/strong>\u041f\u0430\u043f\u0430<\/strong> <\/strong>\u0420\u043e\u0443\u0447<\/strong>: <\/strong>awesome 👏<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>We will be moving onto other chains Q4\nonwards. Let us know in our community group on which chain you would like to\nsee us on!<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Gotcha👍<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Thank you for your answers! Ready for the next\nquestion?🚀<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>ok<\/p>\n\n\n\n Q5 from Telegram User @Asela1112<\/em><\/strong><\/p>\n\n\n\n Currently there is ongoing STAKING CAMPAIGN in\nOpenSwap platform, called \u201cStake $OAX Earn $OSWAP\u201d with a variety of vesting\nperiod plans. Can you tell us these Staking plans? I wish if I could join to\nthis staking campaign. Do I still have a chance to join this staking Campaign?\nAt the end of vesting period, will I able to withdraw my $OAX tokens safely? Do\nyou hope to launch more staking campaigns in future with other platforms also?<\/em><\/p>\n\n\n\n D. <\/strong>\u041f\u0430\u043f\u0430<\/strong> <\/strong>\u0420\u043e\u0443\u0447<\/strong>: <\/strong>you\nalready mentioned this campaign today 🙃<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>OpenSwap aims to provide a broad variety of\nearning programs for our users and supporters, to which people can earn $OSWAP.\nFarming will be introduced soon after the IDO. And we do staking campaigns\nperiodically, sometimes as flash campaigns.<\/p>\n\n\n\n For people who are interested in earning OSWAP, we encourage you to visit\nour Earn page (https:\/\/www.openswap.xyz\/#\/earn) to check out what exciting\nrewards are available for you to earn.<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Satoshiclubbers, check this opportunity 🎉<\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>And yes, of course you will be able to\nwithdraw your $OAX tokens safely after the staking term is complete<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>Thank you for your answers! Ard you ready for the\n6th and last question from this part?🔥<\/p>\n\n\n\n Q6 from Telegram user @Brainchest<\/em><\/strong><\/p>\n\n\n\n You plan to introduce limit orders. Will this be\nimplemented through the creation of an order book, but then you would need to\ninvolve market makers.<\/em><\/p>\n\n\n\n With what funds will be paid for the services of\nmarket makers, if the Vesting period of the reserve fund is at least 6 months.<\/em><\/p>\n\n\n\n Bruce @\nOSWAP (will not DM for funds): <\/strong>We don’t have limit order per se. However, if\nyou want to exit your position, you may use our Spot Range Queues and specify\nthe price range you want your liquidity to be sold. This would be a creative\nway to create a limit order. We also treat you as a liquidity provider, so\ninstead of paying tx fees, you actually earn them when your liquidity gets\nused!<\/p>\n\n\n\n Mary\nSatoshi Club: <\/strong>An interesting solution! <\/p>\n\n\n\n