AMA with NetSwap
Q1. Can you start us off with what is Netswap about ?
Sure! Netswap is the first ever native DEX which runs on Metis Andromeda.
As a Layer 2 Ethereum scaling solution/Optimistic Rollup with fast/cheap transactions, decentralized exchanges play a major role in contributing to the overall ecosystem. One of the most logical and widely adopted use cases for blockchain technology is DeFi, and while offering a wide range of functions that include leveraged swaps, staking, LP, Launchpad and much more, Netswap will benefit from the light speed transactions at a low cost from the Andromeda network.
Q2. What are the incentives available for the early users?
For Netswap token $NETT, there's 1% for early-stage airdrops and 99% for liquidity mining (farm) which starts in Jan.
The core logic is: you need to use the very important 1% to stake and farm the rest 99% NETT.
So here we have a mega incentive plan: Scoring Plan. Now Scoring Plan has moved to Phase 2, there are 500K NETT rewards waiting to be shared!
It’s very simple to participate in our Scoring Plan for $NETT rewards! All you need to do is to Swap & Provide liquidity on netswap.io to get User Scores, the airdrop amount depends on the share of your scores.
Please note that the allocations are different for Swap Scores and Liquidity Provider Scores:
20% for Swap Scores (100K), and 80% for Liquidity Provider Scores (400K).
Let me list a timeline here for you to get it clear:
1) Duration of Scoring Plan Phase 2: 3pm UTC of Dec 23 - 3pm UTC of Jan 7, 2022.
2) Users are able to claim rewards at 3pm UTC of Jan 8, 2022
Except for Scoring Plan, we’re also having a 15-day Staking Program, users can single-stake their NETT to share 3,000 METIS token rewards! It’s not too late for you guys to participate.
Q3. What is the benefit of holding $NETT Token , its utility and how will it be acquired ?
$NETT is a governance token on Netswap.
So first, as I mentioned in the last answer, NETT farming will open in Jan and you'll need to use your NETT to farm more rewards, check detailed tokenomics here: https://medium.com/@netswapofficial/netswap-litepaper-9edf2bd5372
Second, now we're having a Staking Program to enable NETT holders to stake their NETT and share 3,000 METIS rewards, a huge incentive!
More importantly, Netswap is also a launchpad for Metis Layer 2 ecosystem. We will launch the functionality of a launchpad in the near future. NETT and Metis Token holders have the right of participation. More details of launchpad and more supported tokens will be announced in the future.
And also NETT governance will open 3 months after Netswap launch, users can raise proposals on netswap.io and vote for more opportunities!
Now you can join our Scoring Plan Phase 2 to share 500K NETT rewards, also you can buy NETT on netswap.io :)
Moving on to our last question of first segment
Q4.Can you tell us what is Netswap planning to achieve by the Q1 of 2022?
First, we'll open leverage trading function on netswap.io, stay tuned leverage lovers!
2. Netswap launchpad is estimated to go live at the end of Jan, 2022.
We're enabling Metis and NETT holders to participate in future IDOs of great start-up projects on Metis Andromeda, not an privilege for whales anymore!
3. Netswap is a highly community-driven project and NETT governance is very important in 2022.
The key functions of NETT governance include but not limited to:
1) Modifications to the liquidity pools.
In short, we’ve set several pools for the Liquidity Mining plan where 99% of NETT token rewards are allocated. With DAO governance, the community can raise proposals to add or remove liquidity mining pools.
2) Activating the swap mining program
Swap mining - it’s in our router contract but not activated yet, we’ll give the choice to the community, to decide whether to activate this function.
3) As a native asset on the Metis layer2, we believe that the NETT token still has a lot of potentials to be used. Therefore, the community is encouraged to make proposals for using NETT tokens in the future.
Q.1 As I read that Netswap is "A 100% Community-Driven Governance Token" what is the minimum token I need to buy in order to get a governance participation?
Twitter question from
There's no minimum requirements, everyone from our community can use their NETT to vote for their own will!
Do you want to add more?
Not now, details of NETT governance will be released soon! We want to make sure that the community is holding certain amount of tokens before this function goes live. :)
Q. 2 Netswap Has Done partnership with Asteria, BoringDAO and etc , what is Netswap expectation from these partnership? Do you plan to establish this and larger partnerships? Will you be announcing a larger partnership soon?
Twitter question from
Both interesting and strong partnerships!
We've established JV with Asteria Finance Lab and WOWswap, Asteria’s solution hedges impermanent loss through a set of call and put European option portfolio, we know that IL is always a big headache in DeFi, it's amazing that Asteria's solution can hedge more than 98% of IL!
And recently we partnered with BorindDAO, PolyNetwork for fast&cheap bridge from ETH/BSC to Andromeda. We'll announce more interesting partnerships within Metis ecosystem, and don't forget, Metis is always our strong partner since Netswap is natively built on Metis Andromeda Layer 2 network!
Q.3 I noticed that your project has been audited by Armors Labs. But, how about its result? And, will your project undergo more Audits with other Audit firms like TECHRATE, certik etc? And was any vulnerabilities found during audit and apart from audit what are the plans to ensure security of platform?
Twitter question from
Netswap went through Armors Labs' audit perfectly! See audit report here if you're interested: https://docs.netswap.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FEbMkSj6wrVk9IfPEsOGH%2Fuploads%2F9mkCS0SDBLKkPGAWCevh%2FNetSwap_audit.pdf?alt=media&token=0aa2b8ee-16c3-4145-ae2d-eee909c1d218
And we're planning to be audited by other top audit firms when new functionalities launch on Netswap.
Q.4 According to your publications, there will be two phases of the Netswap Scoring Plan, I would like to know the progress of this project and first of all, what are the benefits of airdropping a huge amount of NETT tokens? Who in the community could benefit?
Twitter question from @HumbertoAnttoni
There are 2 phases in Netswap Scoring Plan, the airdrop amount for Phase I is 400K NETT Token (those 400K will be airdropped together with 100K NETT Token for Promotion Plan), and the airdrop amount for Phase II is another 500K NETT Token.
Check details from our medium post: https://medium.com/@netswapofficial/fact-sheet-for-netswap-scoring-plan-d398b83bb227
We're airdropping 1%(1 million) NETT tokens to our early participants cause the community deserves those incentives. So the first step is to give those precious NETT tokens to the community, next is to enable NETT with real value and grow the consensus of Netswap.
And also the model of Scoring Plan is pretty fair. Users need to swap/add liquidity to supported pairs to get user scores for NETT airdrop.
The simple logic is - the more swap fees and Liquidity Position you've contributed on Netswap, the more rewards you'll get
Q.5 I noticed that 99%(99 million tokens)of the total supply of NETT tokens can only be mined in your liquidity mining program. Can you give us an extensive analysis of how your liquidity mining program will be carried out? When can we expect the program to be fully launched?
Twitter question from
No NETT tokens are allocated to the team, investors, advisors, or any sort of insiders. The 99% of tokens, or 99 million tokens, will be mined by the liquidity mining program.
The vesting schedule is algorithmically specified as follows: starting from 29.7 M tokens(30%) for the first year, the number of tokens distributed will be reduced by 5% each year, until the distribution is complete. For reference, during the first year, roughly 81369 NETT will be distributed per day to liquidity miners. The full schedule of distribution of NETT in the liquidity mining allocation is shown below:
Liquidity Mining (NETT Farming) will start soon after Scoring Plan Phase 2 ends in Jan 8, stay tuned and get your NETT prepared!
I want to learn more about your SCORING plan
How do I actively engage in your AIRDROP programmes. ?
First, bridge your assets to Metis Andromeda network, click "bridge more tokens" on https://netswap.io/#/swap, then choose the bridge you'd like to use.
Then just swap/provide liquidity to supported pairs on netswap.io to earn user scores for NETT rewards! Check the supported pairs on this page: https://netswap.io/#/reward
1. Netswap official website is not detailed as information about your
whitepaper, roadmap, token, etc are not disclosed . So where can we get all this information from?
Find more useful info from our Medium Channel: https://medium.com/@netswapofficial
And our Litepaper might get your questions answered: https://medium.com/@netswapofficial/netswap-litepaper-9edf2bd5372
And also you can find the link of our docs (https://docs.netswap.io/) from our website, we've got everything covered!
🎇🎇🎇 Through your medium you announced a strategic partnership with Asteria, however, I was looking and this has been the only partnership so far, why? What working model should the potential projects that wish to partner with Netswap have?
We have talked with Asteria at very early stage and posted that partnership announcement early. If you take a look at our Twitter you'll find that we've reached more interesting strategic partnerships!
WOWswap, Beaver Finance, ClassZZ, BoringDAO, PolyNetwork... And more in the future!
I learnt that the LIQUIDITY MINING PROGRAM WILL START after the scoring plans ends
Is the SCORING PLANS still available and can you shed more light about your LIQUIDITY MINING PROGRAM. ?
No, Scoring Plan will close on Jan 7, 2022, and NETT rewards can be claimed starting from Jan 8, 2022.
Then our early participants can use those rewarded NETT to farm more NETT token rewards in liquidity mining (NETT Farming). But don't worry, you still have a chance to join Scoring Plan and earn your early NETT tokens!
I understand NETSWAP isn't the only DEX built on Metis Andromeda Layer 2 Network. What functionalities/incentives is NETSWAP putting in place to make it the go-to-DEX of choice on Metis Andromeda network?
I've introduced our huge incentives in the introduction part, so they're mainly divided into 3 parts:
1) Earn early NETT rewards in Scoring Plan
2) 3,000 METIS token rewards for NETT single-token staking, and more token rewards in the future for Staking Plan
3) NETT farming start soon in mid-Jan!
In terms of functionalities, Netswap is also a launchpad on Metis Andromeda, enabling great start-up projects to do future IDOs and also enabling NETT and METIS holders to participate in those IDOs! Not to mention the leverage swap function, NETT governance, etc. We're building those amazing functionalities for a booming Metis ecosystem!