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 Swim and our guest was . The AMA took place on the 17th of December<\/p>\n\n\n\n
The AMA session was divided into 3 parts with a total crypto reward pool of $500<\/p>\n\n\n\n
In this AMA Recap, we will try to summarise the most interesting points for you.<\/p>\n\n\n\n
Jonah <\/strong>🏅🎹<\/strong> | Satoshi Club<\/strong><\/p>\n\n\n\n Hello Satoshiclubers Welcome to another AMA session..<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Hello, Satoshi Club community! We are pleased to announce\nAMA with Swim Project<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Our guest today is @troytsui hello and welcome to Satoshi\nclub<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Welcome to Satoshi Club! @troy_tsui<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n Hey guys! happy to be here<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Hello, we also happy and excited doing AMA with Swim Project\n<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n We are excited to have you here.. how are you doing today?<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n Thanks for the invite! I’m doing well and excited to get the\nAMA started<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Great.. let’s start our AMA<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Well, let’s start our AMA!<\/p>\n\n\n\n Please Introduce yourself and your team. <\/p>\n\n\n\n and can you introduce a little about Swim project?<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n Hey guys – my name is Troy and I started my career at SIG as\nan algo trader. After working there, I transitioned into the crypto space and\nwas an early member of Alameda\/FTX as a trader. I graduated from UC Berkeley\nwith a major in Engineering, Math, and Statistics with a minor in Computer\nScience<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n The team comes from a variety of backgrounds such as FTX,\nAlameda, Coinbase Ventures, Cosmos, and Google. I\u2019ve worked with many of the\nteam members in college or prior jobs. Our CTO was a software engineer at\nAlameda\/FTX and most members of the software development team have experiences\nwithin the cryptocurrency space.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Great Background we seem to have quite similar interests, I\nalso did a Major in Engineering<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n In terms of our project, Swim is a multi-chain AMM for\nnative assets, designed to make bridging as easy as possible. Our protocol\neliminates the need for wrapped assets by allowing users to swap from a native\nasset on one chain to a native asset on any other supported chain. Swim\u2019s\nsolution reduces the barriers faced by users when performing cross-chain\ntransactions, enabling true interoperability between various blockchain\nnetworks.<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n You have great team experience and background <\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n Oh nice! great to hear it<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n And thank you!<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Thank you for great introduction @troy_tsui, we have\ncollected 6 community questions from Satoshi Club Website, <\/p>\n\n\n\n ready to proceed?<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n Yes, ready!<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Q1 telegram user @timurkaua<\/em><\/p>\n\n\n\n As i understand,Swim\u2019s liquidity pools will support the provision of USDT and USDC on both Ethereum and Solana.Will the same option be available for BUSD and the Binance network? Can you please tell us more about how the deposit and withdrawal of funds in your liquidity pools will take place? What are the main benefits for Swim pools users?<\/em><\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n Yes, both BUSD and USDT will be supported by Swim on the\nBinance Smart Chain network! To deposit into our pools, users simply need to\nconnect their respective wallets for any of our supported chains (ex. Phantom\nfor Solana, Metamask for BSC\/Ethereum) and select the intended network to\nreceive their Swim LP token. We allow the option for users to receive their LP\ntoken on any of our supported networks! At launch, liquidity providers will\ncollect trading fees proportional to their allocation into Swim\u2019s pools. After\nour Alpha launch and shortly after, users will also be given the option to\nstake their LP token to earn additional yield.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n You currently support just three chains??<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Do you have plan to support other chain in the future?<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n Yes – but we have plans to expand to more in the future such\nas Polygon + terra<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Btw can you share your roadmap from Swim project ?<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n Yes – in early January and Q1 2022, we plan on launching the\nfollowing initiatives:<\/p>\n\n\n\n – Alpha Launch early Jan<\/p>\n\n\n\n – Token launch shortly after<\/p>\n\n\n\n – Staking feature for users<\/p>\n\n\n\n – Special NFT launch with utility users<\/p>\n\n\n\n – Expansion into new ecosystems (Terra, Polygon, eventually\nAvalanche)<\/p>\n\n\n\n – Expansion in pools to allow native to native asset swaps\ncross-chain by plugging in between AMMs (expanding from initial stablecoin\nhexapool)<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Thank you for sharing this<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Ready to proceed to the next question?<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n Yes<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Q2 telegram user @DK177<\/em><\/p>\n\n\n\n I am curious to know more information on AMM style bridge offered on Swim. According to the brief description you have provided, users can bridge easier by only using native assets, native gas tokens and wallets. How does it differ from other bridges that use bridge wrapped assets? Please explain about the benefits of choosing your platform in terms of convenience, cost and user experience. Is bridging with native assets a unique concept of Swim? If yes, how did this idea come to your mind? Have you done any research before introducing a whole new concept?<\/em><\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Oh so we can expect new chain at Q1 2022 its already near,\nwe just do AMA with Avalanche yesterday they are also great chain<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n Swim ensures a bridging experience that provides users with\na native asset that is fungible and has utility on the destination chain.\nBridge UIs can sometimes be confusing and small missed steps can lead to a\nwrapped version of the token on the destination chain that has either no\nliquidity or no utility, leading to a suboptimal user experience. <\/p>\n\n\n\n Swim provides a seamless process with minimal steps involved\nto ensure that the user can easily bridge assets in native asset form which is\nindeed unique to Swim. In our view, a cross-chain token bridge should allow\nusers to receive the canonical, or most commonly used, form of that token, and\nnot a proprietary wrapped version that may or may not be canonical. Our goal is\nto build such a protocol, paving the way for true interoperability between all\nblockchains.<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n Given that our team has been in the DeFi space for a while\nand has been witnessing an influx of new users to the ecosystem, we found that dealing\nwith wrapped assets can be a barrier to entry for lots of new retail users.\nAfter thoroughly analyzing and using several other bridges, our team designed\nSwim as a comprehensive platform, improving upon any hurdles and optimizing for\nthe best user experience in mind.<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n Yes, Avalanche is great!<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Minimizing the steps needed to bridge assets seems to be one\nof your selling point,so what are the steps required to bridge assets using\nSwim?<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n It is very simple to bridge assets using Swim. A user will\njust need to connect their wallets on our platform, select the assets + chains\nthey want to swap, and click a button. We truly designed this with the end user\nexperience in mind<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n How about the fee? usually bridge had cost big fee to their\nuser, i had experience to bridge from ETH and i must pay expensive fee for that\n<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Simplicity is indeed a great factor to always consider for\nonboarding users, great to know you have this considered<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n Our trading fee structure is 4bps of the total trade: 3bps\nto the LP holders and 1bp to the treasury, which is a similar design to other\nstableswaps. Unfortunately, when it comes to fees based on the respective\necosystem, we must adhere to exisiting gas fees<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n This is understandable<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Thank you for your Answers<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Ready for the next question?<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n Yes<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Thank you for your detail answer, letgo to next question?<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n ready<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Q3 telegram user @ItsMelissa3<\/em><\/p>\n\n\n\n For the first quarter of 2022 you have written down on your roadmap to release the governance of Swim Protocol, an essential system within any decentralized platform. Can you tell us a little more about the Swim Protocol governance process? Will there be a token whose exclusive function is governance or will the SWIM token be used for this purpose as well? In order for users to have the minimum required voting power, how many governance tokens must they have? On what aspects and parameters of the Swim Protocol ecosystem will the community have a vote?<\/em><\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n We\u2019ve largely taken inspiration from Curve and Sushi\u2019s\ngovernance models. There will not be another token solely for governance, the\nSWIM token will be used for this purpose as well. Almost all aspects of the\nprotocol will be governed. Features to prioritize: bounties for features, fee\nparameters, slippage curve, various details around the buy and burn model etc.<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Do the $SWIM token already list ? where we can buy the token\n?<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n The $SWIM token has not been listed yet – we plan on\nlaunching the token shortly after our Alpha launch<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Great . Can you share the Tokenomics of $SWIM with us?<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n Swim\u2019s tokenomics model is broken down into these few major\ncomponents: mining incentives (30%), ecosystem\/partnership incentives (35%),\nteam tokens (20%), Seed (5%), liquidity provision (10%) . Team & seed\ntokens are locked for 1 year and released linearly for 3 years afterwards.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Great ..Thank you for this breakdown<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Ready to proceed to the next question?<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n yes<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n thanks for sharing this , do you want to add anything or we\ncan go to next question?<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Q4 from Telegram User @iceVermithraxx<\/em><\/p>\n\n\n\n In order to facilitate movement of assets between major Blockchain networks, swim platform implemented some new solutions\/features into existing cross-chain token bridge which includes Proof of Authority (PoA) bridges, Hash time Locked Contracts(HTLC), Conditional Transfers and limitations of wrapped Tokens. Can you elaborate on each of this feature you have integrated into existing cross-chain token bridges? Can you also explain on how these features will help facilitate the movements of assets between major blockchains?<\/em><\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Let’s dig a little into the technical aspects.. <\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n yes a technical question <\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n The listed bridging mechanisms are not all necessarily\nintegrated with Swim. We listed these in our whitepaper to juxtapose and\nprovide a holistic assessment of the existing ways to bridge assets across\nchains. <\/p>\n\n\n\n Swim is built on top of Wormhole, a Proof of Authority (PoA)\nbridge. This means that Wormhole guardians are selected by Solana and borrow\ntrust from the main chain, making it virtually as secure as Solana itself.\nSecurity is an integral part of any bridging experience and we felt it was\nnecessary to ensure safe transactions as a vital first step in creating the\nprotocol.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n So what are the advantages of using wormhole in SWIM? Is it\nall about the security<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n Not only is it about the security, but by building our\nprotocol on top of Wormhole and combining it with our AMM on Solana, we’re able\nto capture all of Wormhole’s functionalities \/ capabilities for the User while\nstill allowing them to bridge assets in native form<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n This is an impressive improvement to existing models<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Thank you for providing great answers to our questions<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Ready to proceed to the next question?<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Thank you for the clear answer, let go to the next question<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n sounds good!<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Q5 from Telegram User @MudaraSilva<\/em><\/p>\n\n\n\n While explaining about the trading fee on your protocol, you have mentioned that the fee parameter will be adjustable and can be raised or lowered as needed. Can you explain what should be done by users to lower the fee? Can they get to know about the fee prior to the transaction and postpone it if the fee is high? When adjusting the fee on Swim protocol, what kind of factors does the platform take into consideration? Like some other platforms do, do you offer any discounts on fees if users hold your platform tokens or pay fees with them? When compared to similar protocols, does you charge a lower fee? Please explain about fees on Swim protocol in addition to trading fees.<\/em><\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n As I mentioned earlier, the trading fee structure is 4bps of\nthe total trade. 3bps to the LP holders and 1bp to the treasury. The design of\nthis is largely similar to stableswaps. Likewise, the fee parameters are not\ndesigned to be user specific and the same fees will apply to every user. We\ncharge the standard fee that most stableswaps charge.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n So in other words this is not adjustable?<\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n As of now, this is how we plan on moving forward but we can\ninnovate in the future if needed<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n This will be a great idea to implement, I’m sure users will\nlike this feature..<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Thanks for the answer, lets proceed to last question from\npart 1 <\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n okay!<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n This is simple and quite clear for me<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Q6 from Telegram User @Ajpaa<\/em><\/p>\n\n\n\n I read from your document polished 17th August that Swim team are constantly looking to partner with projects to grow the ecosystem with plans to Integrate borrow\/lending, wallet and dashboard aggregators. So can you tell us more about the borrow\/lending, wallet and dashboard aggregators you plans to integrate? Which among these features do you consider priority? Have you secured some important partnership regarding these features already? What makes you confident that your borrow\/lending, wallet and dashboard aggregators will be among the key or best products in crypto space?<\/em><\/p>\n\n\n\n Troy Tsui<\/strong><\/p>\n\n\n\n Our team is working hard to integrate and improve\ncomposability within the DeFi landscape. In doing so, we have reached out\nwithin our network to integration partners we think would make the most sense\nto simultaneously expand and grow our respective protocols. While we have a\nbunch of integrations lined up with different types of protocols, we think that\nall partners are important for us. We have thoroughly discussed on ways to\npartner and are confident that our integrations are best in space.<\/p>\n\n\n\n