we hosted an amazing AMA with ButterSwap on the 10th of July
And here we will put some of the best questions:
Q1) Can you please introduce yourself as well as ButterSwap ?
I’m was a software engineer in Silicon Valley, California. I’m an enthusiastic of crypto-currency since 2014, where I first got to know BitCoin. Our team started ButterSwap after inspiration from Uniswap and Pancake’s revolutionary innovations. We built ButterSwap on Heco focusing on providing the best swap and the most interesting playground for crypto lovers.
Heco is brand new chain and Huobi is one of the most prestigious Exchanges, we start from Heco because of its fast speed and low gas fee. ETH is too crowded with high gas fee. Heco gas fee is only <$0.001 for some operations. So we feel it is a good place to start from.
Q2) What are the advantages of Your project ?
No project is perfect. We will have time to discuss our disadvantages. But allow me to describe our advantages first. We have created a swap platform where exchange fee is 0.3%, 0.25% goes to our LP holders, 0.05% goes to ButterSwap treasury (which will be used for BUTTER burn and community growth). In addition, we have a yield farming platform, where you can stake LPs to farm for BUTTER. You can also stake BUTTER to earn BUTTER, and you obtain free CREAM tokens 1:1 for your BUTTER staking and you can use CREAM to stake for other partner tokens. We also have a very interesting board system that is new for us, which we can discuss in later questions.
Q3) please tell us about the goal you want to achieve in this year?
We had a terrible accident this week. Everyone familiar with us should have know the details. Our top priority now is to make sure the platform safety and security. Also some of our investors have lost profits during this tragic accident. Some of them think we do it on will and blame us. We take it. But our goal is to make sure that everyone suffers from our mistake get back what they deserve. The goal for us is that we will survive and grow larger and once we have profit, we will use our profit to airdrop bomb all our early supporters! Another goal is that we want to finish our new idea of our NFT blind box system, but safety first this time.
Q4) What are the major milestones your project achieved so far ?
Our swap system is well tested and works pretty stable. The highest daily transaction reaches up to 3 millions USD and close to 1 millions transactions so far. The farming system and the staking system is also very stable providing very good user experiences. We made some comparison, on average, every user spends over 20 minutes per session and some user even uses our website for over 100 hours (we have only launched less than a month). Also the number of transactions per user is much larger than some other DeFi projects. So our major achievement is the user experiences.
And here we will put best questions from our members and ButterSwap fans:
Q1) Many DeFi platform pump dump the price after user locked their fund in farming, then some of them collapsed and closed the platform. How can user trust ButterSwap as a reliable platform? Will there any incentives beside the profit from APR?
Speaking of trust, it is a permanent topic. On blockchain, you should not trust anyone but smart contracts. So we never tell our supporters to trust us. It is what we do makes them trust us. We have collapsed once already and we could have close the platform without paying any of our investors’ losses. But we read many DMs from our members, they have supported us from the very beginning, some have a family to feed, some is a student in need of tuition. We feel responsibility. Even if in the crypto world, we believe that responsibility is required. So we choose to stand up again, no matter how hard it is. We will move forward and make sure our initial goal is met.
Speaking of profit besides APR, there are many. Such as joining our board and participate the daily Lucky Lucky draw (with around 3,000 USDT each day). We will also develop NFT related system and ideas, that will be both interesting and profitable.
Q2) The big problem for many Defi projects seems to be that when farming starts, the price drops as people unload to put liquidity into the farm. Will there be an incentive to withhold instead of just farming and dumping?
That’s a good question. First of all, we have a board system that once you become our board members, the membership is permanent. You have to stake 0.1% of total supply of BUTTER (at that moment) to be a board member. Since the total supply is increasing, the bar for becoming a board member is higher and higher. Then we will release many benefits for our board members, including exclusive pools to stake BOARD tokens and mine partner tokens, Lucky draw event, board airdrops and more to come. When the blind box system is our, people will buy blind boxes using BUTTER and part of the BUTTER will be burned. We will also burn BUTTER ourselves. There are many new mechanisms to burn BUTTER. So another reason for people to withhold is because the expectation that BUTTER will become more and more valuable.
Q3) I read in your twitter that there is a new Reborn ButterSwap,so can you tell us why did you decide to relaunch or reborn your platform? What is the better innovation for this reborn ButterSwap? What problem or issue that circulated in your platform with the past few days?
We didn’t intend for a reborn ButterSwap but just like a baby, she fell on the ground hiting her head on the stone. Instead of giving her up, we hope to save her as much as we could. That’s why.
Q4) I read that there was a name “CertiK and Knownsec”, they audit your platform? Can you give us more details about the audit process? And how will you provide total security? And, how to overcome it to be more SAFE and RELIABLE?
Yes, both CertiK and KnownSec are auditing agencies. The process is that we open source our contracts and they review the code. They we deploy and they compare the deployed version with the audited version to make sure there are not mistakes. But auditing is not enough. Operation security is also important. Our last accident was due to human error. There is no problem with contract code (at least no problem from the auditing agencies’ perspective). So the new BUTTER contract we added another layer of protection that guarantees the BUTTER emission rate to be always droping in our future operations. If we mistakenlly set it to be higher than the current value, the operation will be prevented from execution.
For all our new features, first, we will audit with CertiK which we trust. Then we will do thorough tests. Third, we will never touch our core system (swap core and master chef) again. Our new feature will just be on top of the core systems, that even if something goes wrong, there is not big consequences.
Q5) One of the most important parts of a project’s success is community support. Programs that interface with users are present in almost all projects. Is there anything specific you’re planning to recruit and extend the community, as well as improve the user experience?
When we launch the project, we never expect we receive so much support from our community. Even after our accidents, many community members still choose to stand with us, which gives us much power. Our goal is to build a large global community. We have supported 8 languages in our website. There are 4 new languages to be supported in next week. All the translations are done by our community members across the world. We feel overwhelmed for their support. We have also Arabic group, Russian group, Chinese group, etc. People exchange their ideas and there are tons of messages that I can’t finish reading.
Q6) NFTs is the big topic now, do you plan to do something with this technology? issue your own NFTs?NFTs is the big topic now, do you plan to do something with this technology? issue your own NFTs?
Yes, we will have NFT blind box system in which you buy a blind box with BUTTER and you open it, with different probability, you can get a Butter Card (which is a NFT). You can sell your Butter Card, you can also use the Butter Card yourself. Some Butter Card can boost your farming speeding, some can lower you fees, some have other magics, and you are welcome to find out!
Q7) Are you planning to burn or buy back any tokens from the market in the future? Do you have such programs?Are you planning to burn or buy back any tokens from the market in the future? Do you have such programs?
We do BUTTER burn every Friday because we love Fridays. There are also some automatic BUTTER burning mechanisms coming out soon. Such as Auto BUTTER Pool, the performance fee and early withdrawal fee will be burnt automatically. Part of NFT blind box sales revenue will be burnt too. Check BUTTER burn here https://docs.butterswap.me/tokenomics/butter-burn
Q8) Yield Farming has provided an avenue to help individuals increase their profits. Token inflation however, will start to happen in the near future so what do you think the impact of this will be to ButterSwap? Will this avenue for profit be degraded in the coming months/years?
This is an interesting topic. The market demand will decide the token value and token value will inversely affect the APR, which further affects market demand. So it is a cycle here. In economy, there is a famous theorem called Nash Equilibrium. We believe this theory also applies to crypto market to some extend. Everyone is a player in the system, and different players has different strategy. So we will see how it goes and let market decides.
Q9) Does your project support staking program?if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?
Yes, one core component for ButterSwap is staking system. It’s simple, first buy some BUTTER, them stake in BUTTER pool to earn more BUTTER and get CREAM for free, and use CREAMs to stake for other partner tokens.
Q10) “Can you tell us how you plan to provide benefits to customers in the long term?”
We have a board system where we will record the time in board. In the long term, we will provide benefits for our long board supporters with different benefits. That’s in plan.
And this was the end of our AMA with ButterSwap.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- https://butterswap.me/
Github :- https://github.com/butter-swap
Twitter :- https://twitter.com/butterswap