Recapitulation of PORKSWAP PROJECT AMA event held at AMA LOVERS CLUB.
Venue: https://t.me/amaloversclub
Date: Friday, 16th April, 2021
Time: 15:30 UTC
The PORKSWAP PROJECT team was represented by @Crypto_Financier who judiciously shared with us detailed knowledge and information about PORKSWAP PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on PorkSwap?
ANS: Yeah sure, I am the founder of PorkSwap a spot and futures trading platform powered by Binance Smart Chain.
Our team is global open-source and crypto ethusiasts working towards mission of democratizing access to finance by bringing current financial products in decentralized fashion
We speak to part-time advisors and consultants, to help us along the jorney of making this project the best it can be
We're aiming to be one of market leaders at Binance Smart Chain, and we're in direct competition with Pancakeswap.
Q2: Can you introduce PorkSwap, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: PorkSwap is trying to bring current financial products in decentralized fashion
We're start with two: Spot and Futures
Spot and futures are both financial products that are currently available in FIAT markets.
Spot generally means buying and selling just like what you do on any DEX or centralized exchange.
Futures is derivate of spot which means it's derived from spot and using spot price to create contracts that parties agree on buying / selling at fixed price in future i.e 3 months
The real competitive advantage is we introduce additional features than what Pancakeswap offers
Just like futures, as I mentioned
also our $PSWAP is deflationary, unlike CAKE which is inflationary and is minted around 750,000 / day.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: So far, we'd successful private round we raised $200k
We were featured at bloomberg and yahoo finance
https://www.bloomberg.com/press-releases/2021-04-06/porkswap-joins-binance-smart-chain-as-a-decentralized-spot-and-futures-trading-platform
https://finance.yahoo.com/news/porkswap-joins-binance-smart-chain-082000061.html
We're goign to launch Governance platform at May 3rd 6pm UTC
After that we'll have our spot platform launched by end of May
and then long awaited Futures
Community can read more about our roadmap at https://porkswap.finance/
Q4: Can you briefly describe your PARTNERSHIPS so far?
ANS: We've been speaking to many VCs and potential firms that we can strategically partner with
Given that we're doing Blitzscaling - an idea by Reid Hoffman co-founder and Chairman of LinkedIn
Blitzscaling keeps speed above everything, my team is currently talking to many potential firms
Meanwhile we're double doing on getting our product live.
Q5: Finally on this segment, Can you give an overview of your Tokenomics, and the UTILITY of the $PSWAP Token?
ANS: Tokenomics
$PSWAP has a fixed supply of 1,000,000 tokens which will be used for the
platform's governance and rewards.
● 500,000 tokens will be locked for community rewards for providing spot and
leveraged liquidity which will be unlocked every blocks ( Unlocked amount
will be decided by community)
● 200,000 tokens will be distributed over public sale
● 100,000 tokens will be used as liquidity to DEX listings
● 100,000 tokens will be reserved for bug bounty, white hat hacking, airdrops,
and marketing campaigns.
● 100,000 tokens will be for the PorkSwap team that will be locked for 18
months
🔒 Proof of team locked up:
https://team.finance/view-coin/0x42539F50c5F8a0c929E7895EB265391F58b22a19
Governance:
Vote to modify underlying protocol, change in pricing oracle, futures funding rate, platform fees, list/de-list tokens, new features
Incentives:
Liquidity providers will be incentivized in $PSWAP for their participation in spot and leverage liquidity pools, and LP tokens can be staked for ARR of around 125%.
Deflation:
With a fixed supply of 1 million tokens, and only 200,000 in circulation, $PSWAP token will increase in value overtime since it'll be scarce and the team will buy back and burn tokens from platform revenue generated through spot and futures trading.
2nd Segment: LIVE Questions
Q1: PorkSwap have a big telegram community which was later locked and now with the new one that is just growing with a relatively small community.
What was the need for the change in the telegram group? Was the previous one hacked?
https://twitter.com/Cryptomachine15/status/1383071319890268161?s=19
ANS: Nothing was hacked, we'd some inactive members so we made new group that is fully active.
Q2: On your website, You mentioned about launching the Governance platform. What date and time will the launching start and on what platform? And can you please tell us how the community can actively be involved in the governance of the project?
https://twitter.com/SriDivya8877/status/1383065399256780800?s=19
ANS: May 3rd 6pm UTC, community needs to hold to vote for proposals, also the community can make proposal.
Q3: Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
https://twitter.com/vania__angel/status/1383080497824239620?s=19
ANS: We'd a audit from Solid one of reputed audit firms
for our underlying protocol each feature is tested against 15-20 test cases, and then we execute our contracts through symbolic execution
And finally we'll have audit from TrailofBits or Certik.
Q4: Does the PorkSwap team have a professional background in the crypto industry? Do you prefer privacy for your team like some projects, or is it possible for us to access your team information?
https://twitter.com/Coin_Travolta/status/1383079868435468299?s=20
ANS: Yeah team members are expert crypto ethusiasts that are in this space since 2013,
We'll have our team public today, please stay tuned to our main group for updates.
Q5: 🙋♂️🙋♂️🙋♂️ Q. I learnd from the website that you guies are aiming to burn 10% everyday through the revenue generated from the platform. That's will definitely increase the value of the token. But my question is how the revenue will generate? Is it from the gas fees? If yes, that's means the gas fee will be high and it’s also a problem. Can you clear this things?
https://twitter.com/Profess95385296/status/1382981689903697921?s=19
ANS: The revenue is generated from following ways:
0.3% on spot transactions
3% profit cut in futures margin trade
6% from lottery earnings.
CONCLUSION:
All I wanna say is it was lovely to be here, very good questions
Please visit our group for more information about project
We've pre-sale going on, participate and lets make history.
Follow Us On Our Various Social Media Communities For More Update;
🚀 Link to the sale:
https://unicrypt.network/amm/pancake/ilo/0x29A3FF2393f80e200a30C9aA7d42f5B6cED0f976
🥇 Presale : 55.55555556 PSWAP / BNB
🥈PancakeSwap: 38.8 PSWAP / BNB
💰Softcap : 750 BNB
💰Hardcap : 2700 BNB
📅 Start Date : April 15 7:00 AM UTC
📅 End Date : April 19, 7:00 AM UTC
🥞 Listing on PancakeSwap, When the hardcap is reached or on End Date.
✅ Audited smart contract by Solid Group
✅ Token address (add in metamask, don't send BNB): 0x42539F50c5F8a0c929E7895EB265391F58b22a19
✅ Team is KYC'd by Chainsulting
🔒 Proof of team locked up:
https://team.finance/view-coin/0x42539F50c5F8a0c929E7895EB265391F58b22a19
👉 Website: https://porkswap.finance/
🚀 Tokenomics
— Name: Pork Swap
— Symbol: PSWAP
— Token Blockchain: BEP-20
— Total Supply: 1,000,000 PSWAP (600,000 Lock)
— 500,000 will be Locked for Community
— 200,000 tokens will be distributed over pre and private sale
— 100,000 tokens will be used as liquidity to DEX listings on pancake
— 100,000 tokens will be reserved for bug bounty, white hat hacking, airdrops, and marketing campaigns.
— 100,000 tokens will be for the PorkSwap team that will be locked for 18 months.
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