AMA with Swappery

On the 14th of August, 2021 at 18:00 UTC, Decentralized Club had the honor of hosting Phil Dang (CEO) from the Swaperry Team for an Ask-Me-Anything session on their Telegram page with a community of over 30,000 people. It was hosted by DC Admin, May.

The session was divided into three segments. Introductions were made in Segment 1, questions from the Twitter community were answered in Segment 2, and a live quiz was done in Segment 3.

If you missed this event and would like to know what Swaperry is all about, you can find a recap of the interview here. Note that slight edits have been made for clarity.

[May]
Hello

Ready for your AMA?

[Phil Dang]
@MsMayMay Yes! Let's do it 😄

[May]
Okay! 🥳

Hello, สวัสดี, 大家好, नमस्ते, Selamat!

My name is May and I'll be hosting the AMA with Swaperry.

Today, we have with us a guest from the Swaperry Team.

You're welcome and it's an honor to have you here.

[Phil Dang]
Thank you, May! It's a pleasure to be here in this awesome community!

[May]
It's our pleasure as well.

Could you quickly tell us more about yourself and your job description at Swaperry?

[Phil Dang]
Yep of course!

First and foremost, a big thank you to everybody for attending this AMA and your interest in our project

I'm Phil, co-founder, and CEO of Swaperry

We have an exciting journey ahead of us and I'm here to answer anything you'd like to know and hopefully, persuade you to accompany us on this journey!

A bit about myself.

I'm from Vietnam, but I spend most of my later education in Singapore and United States

While I'm the CEO of this project, my background is actually software engineering

I spent the last 4 years working at Google, and a few more years before that at Facebook.

It was earlier this year that I took the courage to leave Google and start Swaperry

[May]
Our engines are running! We're with you!

[Phil Dang]
That's awesome to know 😄

[May]
Great background! I'm sure your experience at Google and Facebook is now an asset to Swaperry.

[Phil Dang]
Yeah I hope to bring a lot of what I learn to bring this project to success

[May]
Tốt! (Good) 😊

Shall we now proceed to project introductory questions?

[Phil Dang]
👌

[May]
First question

Q1. Can you briefly describe the Swaperry project?

[Phil Dang]
https://t.me/decentralized_club/584296

Of course. I believe everyone here's familiar with Polkadot right?

[May]
Yes sir!

[Phil Dang]
Swaperry will be one of the very first decentralized exchanges to be available on day 1 of Polkadot's launch

It will leverage the gigantic horsepower of Polkadot to facilitate extremely fast and cheap transactions

and innovate on top of it to come up with lots of killer features

For example, in the near future, Swaperry will come packed with cross-chain support, limit order, stop loss, margin, and even predictive trading.

Right now, Swaperry has completed all of its seed and private fundraising rounds and has raised a total of $1.6M from many well-known investors.

We're in our pre-launch phase

Our IDO is coming up very soon! In just 2 weeks!

[May]
Impressive!

Second question

Q2. What is the token use case and how does it capture the value of the ecosystem you're building?

[Phil Dang]
So there's a lot of benefits in holding our $PERRY token

The biggest is revenue sharing

As transactions take place on Swaperry, we will take a small cut, and distribute this to all of the token holders

So as the platform grows, holders naturally make more profit, just for holding!

That also means our token becomes more attractive, so the price will go up

so early holders benefit both ways

Second is, as we roll out advanced features, you'll need $PERRY to use them

For example, a product that is launching next month, which I'm very excited about

is called prediction trading

This lets you predict the direction of an asset (say bitcoin) and win potentially large cash if you predict correctly, along with lottery

since you'll need $PERRY to pay for it, it will just get more and more expensive as the price goes up

early adopters get to participate at a much cheaper price

Finally, as Swaperry wants to become more community-based

project governance will eventually become more DAO-like where holders can participate in all future decisions.

[May]
https://t.me/decentralized_club/584323

[Phil Dang]
Make sure you got lots of ink since there's a lot of benefits to write 😛

[May]
😂😂

Evidently, there is. 😊

[May]
It's time to take questions from our Twitter community.

We have five Twitter questions.

Are you ready?

[Phil Dang]
Yep, let's go!

[May]
Q1. How many killer features of your project make it ahead of its competitors? Could you tell us 2-3 features of the project?

Twitter Username: @truongtran0305

[Phil Dang]
There's plenty of exciting stuff on our roadmap, but there are 2 I'm the most excited about!

Our first product, which will go to market next month, is prediction trading, and I am super excited about its launch.

As I mentioned earlier, this feature works similarly to options trading on the stock market:

you pay a ticket to predict the direction of a crypto asset and win disproportional rewards

and possibly the lottery if you predict correctly.

There will also be an achievement system that would reward valuable NFTs to earners.

These NFTs give you massive benefits on Swaperry, so you can potentially sell these at a very high price

We believe this product could be a huge hit.

And you won't be able to find this product anywhere else; it is entirely innovated and built in-house

And, we don't just stop there

Our ultimate "final boss", so to speak, is, in fact, the world's stock market.

This market is vastly larger than the crypto market, at nearly 100 times the market cap.

It is, however, not accessible to most of the world due to national borders.

For example, no one can buy Apple or Tesla stocks unless you are an American.

So we are working tirelessly towards a future where

everyone can have access to the stock market regardless of nationalities and restrictions

And we won't stop until we get there

[May]
https://t.me/decentralized_club/584348

Waiting patiently for this feature to be unveiled 🙂

Q2. Swaperry is planning to bring stock trading to the decentralized exchange. Which all stocks can be expected? When can we expect the tokenized version of the stocks in the Dex? Will the users get the same shareholder’s rights as in the traditional stock market?

Twitter Username: @ama_tort

[Phil Dang]
Ah, a very relevant question to what I just said 🙂

Our team is working right at this moment so bring tokenized stocks on our DEX

Stock trading on a decentralized exchange right now is a dream that millions have wanted for a long time

So it is not something we can achieve overnight for sure

But the good news is, our first set of tradable stocks should be available around Q2 of 2022

We'll start with the most popular stocks first

Then, once traction grows, it will be even easier to list other stocks as well

Stay tuned on our social channels as we make progress in this aspect!

[May]
I agree.

Can you please share your social media links so our community can keep tabs on yours?

[Phil Dang]
Of course!

https://t.me/decentralized_club/584362

[May]
Thank you!

Third Twitter question

Q3. The platform offers a friendly and hassle-free experience for the users, by not making KYC mandatory. Then how will the system cope up with fraudulent activities? 
How can the users be confident about their fund safety? What are the other security measures implemented in the platform?

Twitter Username: @CryptoVortex2

[Phil Dang]
Absolutely great question!

As a DEX, it is critical that our software needs to be robust and highly secured.

We have witnessed too many projects crumble due to a single security breach to take the matter lightly

That's why our team focuses strongly on our engineering quality.

We currently have a few security experts acting as our technical advisors just for this matter

At the same time, we hired a third-party security company well known in the industry, CertiK, to audit all of our smart contracts.

CertiK is the audit company behind major projects like PancakeSwap, Binance & Polygon

So while no one can guarantee 100% bug-free software, we feel confident to leave the matter in their hands.

Please be assured that we will only launch our product once our software security has passed their high-quality bar

[May]
Security is important and it looks like Swaperry has it on check ✅

[Phil Dang]
Yep. I've mentioned that my background is software engineering, right? 🙂

So trust me that I know my stuff haha

[May]
Yes sir! You did here.

Yes, you do! 😁

Good to know 😊

Question 4️⃣

Q4. Does your roadmap also include NFT functionalities and implementation so Swaperry may have NFTs into its platform and system?

Twitter Username: @0JeanWayne

[Phil Dang]
Yes, I did touch on that briefly

The topic of NFT has been growing quite a bit over the past month.

People are seeing the real value and importance of NFTs in this industry

That's why we've planned to have NFTs be one of our main focuses from the start

In fact, as we launch prediction trading next month, it immediately comes with play-to-earn NFTs

These NFTs are not merely collectibles; they directly reduce the prices/fees of Swaperry products

so you'll get massive benefits when you equip them

which means you can potentially sell them for a high price, on our marketplace

We're also in the process of bringing NFT partners to our platform

So you can imagine there will be lots of NFT trading activities on Swaperry in the future as well

This goes to show the fundamental of what Swaperry is: a place for commercial freedom

Cryptoassets, NFTs, and tokenized stocks will all be on our DEX

[May]
Very timely initiative 👍🏼

Last question for the Twitter segment

Q5. With so many projects being rug pulls and exit scams happening nowadays. What would you offer to the users of your platform to earn their trust and how would it make you different from others projects alike?

Twitter Username: @anhquang1905

[Phil Dang]
Awesome last question indeed

I'm aware that there are numerous crypto projects out there that are just scams at the core

they are a real disappointment and rip away the user's trust from other honest projects

There are a few things I can offer you to build up your trust in our project

One is the nature of our product: 100% decentralized

What that means is, once we launch our product, it stops belonging to us but belongs to the community

All the codes are written on smart contracts, which are audited and readily available for inspection

So there's no way for the Swaperry team to hack or withdraw money illegally from any user's account

We don't take any custody of any user's asset

Second is our project has been backed by many well-known investors in the industry

In order to get funding, we'll have to go through lengthy scrutiny to verify identities and legality

So you can see that this is not a matter we take lightly

[May]
https://t.me/decentralized_club/584410

[Phil Dang]
I hope that makes you feel better and believe that Swaperry is an honest project wanting to make an impact on this crypto community

[May]
Yes indeed!

Before we take our live quiz, could you please tell us the origin of the name Swaperry?

[Phil Dang]
Well, you could say I did draw some inspiration from Katy Perry 🙂

But overall, this name really ringed with our team here at Swaperry

it's easy to pronounce and remember

[May]
https://t.me/decentralized_club/584417

I agree 💯

[Phil Dang]
https://t.me/decentralized_club/584421

It's time for our live quiz. 🥳

---Chat was opened for the live community to send in their answers---

[May]
Let's begin

Q1. What is the number of PERRY tokens released after TGE?
A. 10,300,000 
B. 10,500,000. 
C. 10,700,000. 
D. 10,900,000.

[Dhir]
C 10700000

[May]
The correct answer is C. 10700000

💯

Next question.

Q2. Swaperry builds on top of the widely successful AMM liquidity pool trading model and utilizes the unmatched performance of the Polkadot ecosystem to bring advanced features never seen on other DEXes. Which are those features?
A. Limit order & Stop Loss, Prediction Trading, and Margin. 
B. Limit order & Stop Loss, Slippage Deriving, and Prediction Trading. 
C. Prediction Trading, Margin, and Slippage Deriving. 
D. Limit order & Stop Loss, Slippage Deriving, and Margin.

[Dhir]
A Limit order and stop-loss, prediction trading, and margin

[May]
Who won this round? 🤔

The correct answer is A. Limit Order & Stop Loss, Prediction Trading, and Margin.

💯

Next question.

Q3. Which is not Swaperry's trading tool?
A. Pool Analytics. 
B. Staking Vault. 
C. Trading Bots. 
D. Scam Warnings.

[Orina Emine]
B) Staking vault

[May]
The correct answer is B. Staking Vault

💯

Next question

Q4. What are the types of farms in Swaperry?
A. Liquidity Pool Token Farms. 
B. PERRY Staking Vault. 
C. Both A & B.

[BigCity Boy]
C. Both A & B.

[May]
The correct answer is C. Both A & B.

💯

Last quiz question.

Q5. What is the amount of money that Swaperry made in their private fundraising round?
A. $1.0M
B. $1.2M
C. $1.4M
D. $1.6M

[Daniel Wickerjil]
D. 1.6M$

[May]
So fast! 😅

Who won this round?

The correct answer is D. $1.6M

💯

[May]
We have come to the end of the AMA session with Swaperry.

Mr. Dang, any final words for our community?

[Phil Dang]
Thank you for hosting me @MsMayMay! It's been an absolute pleasure!

I hope we can count on this community's support as we IDO in merely 2 weeks 😄

We're going to start our airdrop campaign very soon too!

So stay tuned on our channels for the announcement!

[Phil Dang]
Here they are again:

https://t.me/decentralized_club/584567

[May]
Wen airdrop? 😅

[Phil Dang]
Join our chat group and you'll know 😛

[May]
Haha. Good one.

[May]
Thank you for your time, Mr. Dang.

We wish you and the amazing Swaperry team all the best with the IDO and the project.

[Phil Dang]
Thank you and the community here! 🙂 Best of luck to everyone as well!

[May]
Thank you, and have a great day!

Group unmuted.

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