we hosted an amazing AMA with Swaperry on the 15th of August
And here we will put some of the best questions:
Q1: Can you introduce yourself to the community?
First and foremost, big thank you to everybody for attending this AMA and your interest in our project.
I’m Phil, co-founder and CEO of Swaperry.
and hopefully I can persuade you to accompany us on it 🙂
We have an exciting journey ahead
A bit about myself. I’m from the United States, and I currently live in Sillicon Valley
I spent the last 4 years working at Google, and a few more years before that at Facebook..
While I’m the CEO for this project, my background is actually software engineering.
I’ve been excited about blockchains for a long time
Its earlier this year that I decided to leave Google and started Swaperry
Q2:Can you briefly describe about your project?
The Swaperry team and I really believe that it will be a huge success when it launches
I believe most people here know about Polkadot, right?
It will leverage the gigantic horsepower of Polkadot to facilitate extremely fast and cheap transactions
Swaperry will be one of the very first decentralized exchanges (DEXes) to be available on day 1 of Polkadot’s launch.
and offer a suite of much needed trading features that previously were unthought of on a DEX.
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 raised a total of $1.6M from many well known investors.
On RedKite platform. And we should start listing our token on PancakeSwap on the same day
We’re in our pre-launch phase, and about to IDO in 12 days
On RedKite platform. And we should start listing our token on PancakeSwap on the same day
We will have an airdrop campaign very soon! 😄
Q3: What makes Swaperry outstanding from other DEXes?
So, out of the box, it should already be much faster and much cheaper to transact
Then, it comes with advanced features that many traders ask for
such as limit order and stop loss
But what I’m most excited about though
is something we’re going to launch as soon as next month
its called prediction trading
you purchase an UP or DOWN ticket to predict the direction of a crypto asset
It works very similarly to options:
you purchase an UP or DOWN ticket to predict the direction of a crypto asset
and win potentially a lot of cash, plus lottery, if you’re correct
At the same time, you’re eligible to earn valuable NFTs via an achievement system
These NFTs give you huge reduction on future ticket prices, which means you can sell these to make huge profit
We think this prediction trading product could become a huge hit!
And it goes to show how different we are compared to other DEXes, from our ability to innovate and build exciting, unique products like this
And here we will put best questions from our members and Swaperry fans:
Q1) “Swaperry uses two technologies: Polkadot and PolkaFoundry. So how do these two technologies interconnect to the Swaperry infrastructure to offer highly scalable, transparent, fast and cheap services? What are the benefits they provide to the ecosystem and users?
Everyone knows Ethereum is a blockchain, and you can build dapps on top of it..
Polkadot, however, is a very unique blockchain technology, in that it is a multi-chain ecosystem.
To build a dapp, you must first secure a chain on the multi-chain, and that’s where PolkaFoundry comes in.
PolkaFoundry is one of the top parachains on Polkadot, and Swaperry is built on top of PolkaFoundry.
The benefits of this choice of technology is huge
as Polkadot grows, transactions are not slowed down and do not get more expensive
as opposed to Ethereum, where it does not scale.
that’s why transactions on Ethereum has gotten much slower and expensive these days
This wont happen on Swaperry.
We will get to offer truly scalable infrastructure, with much faster and much cheaper transactions.
And, because Polkadot is multi-chain, we immediately benefit from cross-parachain support.
I didnt want to dive too deep into the tech itself so its still easy to follow, hopefully I answered your question.
This was not possible on other DEXes.
Q2) “SwaperryDex offers a friendly and hasslefree experience for the users,by not making KYC mandatory.Then how will the system cope up with fraudulant activities?How can the users be confident about their fund safety?What are the other security measures implemented in the platform?
Very valid concern.
As a DEX, it is critical that our software needs to be robust and hirely 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 hand.
Please be assured that we will only launch our product once our software security has passed CertiK’s high quality bar
Q3) “I could see that one of the products that they will incorporate in Dex trades is the“Prediction Trade”,how can this benefit professional traders as well as amateurs?It will be extremely risky to operate with it, which will require a great study in marketing to avoid great losses?
Prediction trading has a much less learning curve than options
so you won’t need to study hard and analyze the asset beforehand
You can predict that after 1 week, BTC will go higher or lower than that
Here’s how it works: say, there’s a pool for BTC at $40,000
if you predict correctly, you win your portion in the big cash pool
The system is also built so that if you buy the ticket earlier, you’ll win more cash
And what’s even more attractive is the fact that you can earn NFTs as you play
So it is quite straightforward to understand
then immediately sell them for profits
And I hope that everyone in this community gives it a try when we launch next month!
It is much more interesting than options, I assure you 🙂
Q4) “Tell us a little about the role of $PERRY tokens within the entire ecosystem. Will it act as a simple payment currency on all your products? Or will its holders have some sort of benefit or vote in the project decisions?
There’s a lot of benefits for holding.
But the most important one is profit sharing
As transactions take place on Swaperry (Prediction trading, token swap, NFT buy/sell), we take a small cut
then distribute them to ALL the token holders
So you’ll earn cash just for holding and doing nothing 🙂
Then, as Swaperry grows, expect to earn even more, because $PERRY will skyrocket in price as well
Another is, in order to play prediction trading, you’ll need to pay with $PERRY
once you pay it, Swaperry will burn the tokens, reducing the supply
and that will drive the price up even more
The economics on Swaperry has been built to make sure that holders benefit tremendously
so, please make sure you grab them when $PERRY is still cheap
even just a little bit
Q5) “Where do we expect to see Swaperry in the short-term (at some point in 2021) and 2022 and beyond (long-term goals)?
In the next 6–12 months, what features will you be launching that will make your DEX really stand out from the rest.
So, prediction trading is coming out as soon as next month
And its gonna be very exciting!
Then, our advanced DEX comes next, whenever Polkadot launches
But, the truly killer product will come next year!
Swaperry’s “final boss” is the stock market
As we all know, the stock market is 100 times bigger than crypto, at $200 trillion dollars
So we are working tirelessly to bring tokenized stocks onto Swaperry
This is not possible right now, and I’m excited to be one of the first teams to make this into reality!
Soon, you will be able to buy APPLE, TESLA and other popular stocks on a DEX
so stay tuned as we make progress on it!
And once we are there, no other DEX can compete with us 🙂
and this was the end of our AMA with swaperry.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- https://swaperry.com/
Medium :- https://medium.com/swaperry
Twitter :- https://twitter.com/SwaperryDex