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.
Segment 1 - Introduction
Ready for your AMA?
@MsMayMay Yes! Let's do it 😄
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.
Thank you, May! It's a pleasure to be here in this awesome community!
It's our pleasure as well.
Could you quickly tell us more about yourself and your job description at Swaperry?
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
Our engines are running! We're with you!
That's awesome to know 😄
Great background! I'm sure your experience at Google and Facebook is now an asset to Swaperry.
Yeah I hope to bring a lot of what I learn to bring this project to success
Tốt! (Good) 😊
Shall we now proceed to project introductory questions?
Q1. Can you briefly describe the Swaperry project?
Of course. I believe everyone here's familiar with Polkadot right?
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!
Q2. What is the token use case and how does it capture the value of the ecosystem you're building?
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.
Make sure you got lots of ink since there's a lot of benefits to write 😛
Evidently, there is. 😊
It's time to take questions from our Twitter community.
We have five Twitter questions.
Are you ready?
Yep, let's go!
Segment 2 - Twitter Questions
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
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
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
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!
Can you please share your social media links so our community can keep tabs on yours?
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
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
Security is important and it looks like Swaperry has it on check ✅
Yep. I've mentioned that my background is software engineering, right? 🙂
So trust me that I know my stuff haha
Yes sir! You did here.
Yes, you do! 😁
Good to know 😊
Q4. Does your roadmap also include NFT functionalities and implementation so Swaperry may have NFTs into its platform and system?
Twitter Username: @0JeanWayne
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
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
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
I hope that makes you feel better and believe that Swaperry is an honest project wanting to make an impact on this crypto community
Before we take our live quiz, could you please tell us the origin of the name Swaperry?
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
I agree 💯
It's time for our live quiz. 🥳
Segment 3 - Live Quiz
---Chat was opened for the live community to send in their answers---
Q1. What is the number of PERRY tokens released after TGE?
The correct answer is C. 10700000
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.
A Limit order and stop-loss, prediction trading, and margin
Who won this round? 🤔
The correct answer is A. Limit Order & Stop Loss, Prediction Trading, and Margin.
Q3. Which is not Swaperry's trading tool?
A. Pool Analytics.
B. Staking Vault.
C. Trading Bots.
D. Scam Warnings.
B) Staking vault
The correct answer is B. Staking Vault
Q4. What are the types of farms in Swaperry?
A. Liquidity Pool Token Farms.
B. PERRY Staking Vault.
C. Both A & B.
C. Both A & B.
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?
So fast! 😅
Who won this round?
The correct answer is D. $1.6M
We have come to the end of the AMA session with Swaperry.
Mr. Dang, any final words for our community?
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!
Here they are again:
Wen airdrop? 😅
Join our chat group and you'll know 😛
Haha. Good one.
Thank you for your time, Mr. Dang.
We wish you and the amazing Swaperry team all the best with the IDO and the project.
Thank you and the community here! 🙂 Best of luck to everyone as well!
Thank you, and have a great day!