Recapitulation of Switch‘N’Swap AMA event held at AMA LOVERS CLUB
Date: Saturday, 17th October, 2020
Time: 17:30 UTC
The Switch‘N’Swap Project was represented by Mr. Dave; technical lead for blockchain development, @SwitchNSwap_Admin; team lead for user interface and UI, @Mike_SnS; marketing lead, and @happygoluckyabhi; business and financial lead. They judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1(a): Can you please introduce yourselves and your background and experience in crypto space?
Ans : My name is Dave and Iam the technical lead for blockchain development. I have been in the space for the past 5 years and have been actively developing projects for private blockchain projects. For past 2 years I have developed more than 12 projects related to financial and exchange projects.
@SwitchNSwap_Admin is the team lead for user interface and UI. He is a senior website architect and has more than 12 years of experience handling user interface and interactions. You can say he knows the best thing for user ergonomics and how to simplify your trading experience
@Mike_SnS is our marketing lead. He has been in the field for past 5 years and has had exposure in a lot of crypto marketing and has a good network of people.
@happygoluckyabhi is our business and financial lead. He has been a senior financial advisor for some huge financial giants. He has now dedicated some of his efforts to crypto space seeing the potential in the space and the kind of vision he believes in which is equal wealth opportunity for all
Q1(b) : However, to clarify things, investors usually have doubts about “anonymous” team. Is there any reason why the team full identity (including pictures and all) is not made public yet? Or you have plans to stop being anonymous later?
Ans : We understand the concern. However due to various uncertain regulations related to crypto at various countries, the taxation rules, legal and compliance obligations, we have opted to remain anonymous until the regulation is clear.
We are only anonymous to the community in general, at this stage. However for some of our service providers, vendors, any external development contracts, we have disclosed identities where necessary.
We have plans to be a visible team in future once the platform is launched successfully and there are legal safeguards available to avoid individual liability of team/founders for being related to crypto space.
Q2 : Can you introduce the Switch‘N’Swap project to us, what motivated you to create the project, and what’s the utility and problems it is solving?
Ans : Yes. We are so excited to share with you the prospect of our project and it’s implications on the present market.
Switchnswap is a blockchain based DeFi trading solution which uses liquidity pools of multiple Automated market maker protocols like Uniswap, Bancor, Mooniswap, Kyber etc.
to facilitate a convenient, economical and user-friendly trading experience. Switchnswap will provide many additional trading features like limit orders, stop loss orders, aggregation of orders to reduce gas price and leverage trading on decentralized protocols which are currently not available with most of the popular AMM protocols.
The main reasons we created this project are — the AMMs like Uniswap , Balancer and others are providing peer to peer liquidity and automated market making, but the user convenience is not satisfactory — there is no way to put limit order, stop loss orders , see trade history, insanely high gas fee etc.
We wanted to tackle these issues by providing a layer 2 Ethereum sidechain based platform
And this platform is now what you know as Switchnswap.
Q3 : Can you briefly describe the top milestones you have achieved and your target goals you’re aiming to achieve? Also do share your roadmap if available.
Ans : Switch’N’Swap has taken shape in its concept and format in the past 2 months. So in this past 2 months, we have completed a proof of concept demo with the solution we are trying to achieve. Briefly after this, our team of developers have started to work on the concept but this is really a very novel tech at the moment and we are right now in coordination with the open community for refining the tech. So in the meantime we have published our website and we have also planned out a feasible roadmap. This was followed by the release of our litepaper. This is what has been achieved till now.
Our target goals are to basically roll out the alpha and beta platform in the coming months and by end of the year you should have a public beta platform running for normal trades on layer 2 which will be Gas efficient.
Q1 of 2021 will be rolling out of the platform will leverage trading
And for more information about SNS and roadmap you can visit https://switchnswap.tech/
Also currently the whitelisting is going on which will end by 18th of this month
This the full roadmap that we have planned and we are very optimistic about sticking to the same
2nd Segment: TWITTER QUESTIONS
Q1 : Your Project Logo Is Amazing. Can you Extend The motivation behind the Naming Token Switch ’N’ swap and The logo?
Ans : We are extremely glad to see someone take interest in our logo and name. Indeed we have spend a lot of time in this regards. This is our brief summary of it. A layer 2 solution is basically a virtual Ethereum network which runs on top of the existing framework of Ethereum. So SwitchNSwap basically switches to layer 2 for order matching and aggregating mechanisms and then execute the swaps. Hence the simple name — SwitchNSwap. Blue color represents the security and reliability we wish to offer and green embodies the color of health and wealth. Our logo signifies our vision of a Secure, reliable platform to make a healthy and wealthy community.
Q2 : The thing that often happens in most defi projects is when all tokens have been distributed and the sale has been opened, Holders will sell their tokens right away because they are afraid the price will fall, how do you anticipate this and keep $SNS at a stable price?
Ans : Very thoughtful question and seems like the person has a lot of experience in participating and observing a lot of early DeFi projects. We also have taken this into account and taken steps to avoid this. Initially only 10% of token will be in circulation at the time of listing, and thereafter there will be phases of token release in small percentages for the early investors. The team allocation is unlocked 50% each after 1 and 2 years of listing. Along with this, there will be buybacks from the generated fee and reward pool which ensures token are bought actively from present market and hence the price will be stabilized and will be increasing over long term in an organic manner.
In addition, we will have liquidity mining which will reduce the supply of tokens from the secondary market
The lightpaper has more details of the token unlock schedule. This is the direct link of the litepaper: https://switchnswap.tech/SNS_Litepaper.pdf
Q3 : You said that when you hold SNS token you will get a benefits of trading fee, governance rights and staking reward so how many SNS token should we have to acquire this benefits?
Ans : We as a team will always try to incentives investors who are willing to go a long way with us , thus for those investors who believes in us and becomes a LP provider will get higher rewards in the beginning and after public beta release it will be according to normal fee generated distribution. We want the whole community to reap reward and thus it will be proportional to the amount of SNS LP investor provides and earlier the investor joins with us higher their rewards. As a team we have vision that in long run the whole project should be community driven and thus governance plays a crucial role but we would like the process to be as fair as possible and thus a certain address will only be having a voting right of 5% however big their holdings are.
Q4 : For a trader and investor uniswap is a best exchange.What makes Switch’N’Swap differ and comfort compaired to uniswap? All are looking for best exchange with low gas fees. How do you manage gas fee comfortable for people?
Ans : Excellent question. Uniswap is undoubtedly the most effective and popular DEX out there in the market and we always want to respect that place for uniswap. Once you go through our litepaper, youll see that we are developing a full fledged interface for you to execute trades like how you do it on a centralised exchange but with no KYC or fund deposit to the platform. So we will be having Stop loss and limit orders so you can sleep on your trades, Chart analysis, Token information about price and volume, Which is the best place to execute the trade. When it comes to executing the order, we will utilise the latest Layer 2 Optimistic Rollup protocol for aggregating and matching the orders and any liquidity difference will be sent as a settlement on uniswap. Uniswap has a peer to peer Liqudity provision so it will be not manipulated at any time by a Centralised person. This way the total trade fees is reduced by a very significant amount and also enables us to have bot resistance so you will always have the best trade possible for your token pair. Further more the platform will initially have gasless transactions for a limited amount of time for the launch campaign so early users will always be in an advantage. We hope many will take advantage of this and give active feedback
Q5 : What measurable steps have you taken to stop loss, avoid bugs and hackers on your application? Asides the new features, do you take part in staking and farming?
Ans : I’m glad users are talking about security nowadays. Shows how proactive the community is becoming. I’ll take this one.
And just to add on to this security has been our topmost priority along with user experience
This is indeed a good question and one that every user should be concerned. DEXes innately are safe to use and hence Uniswap and other forks has never been a security concern for anyone. Our platform will have no KYC hence no identity theft or fed knocking on your door, wont ask you to deposit your trade fund to our platform so event of platform hacking will never be an issue for user funds. Apart from this layer 2 is more secure network and tougher for hacking into the network than the mainnet. We shall be implementing high standard security protocols for internet and blockchain. The platform will be audited by reputed services, with very rewarding bounty campaigns before beta launch and code will be made open source after the final product is launched. Anyone is free to question any part of our code and we will be ready to take responsibility to public concerns if anything seems out of the blue or fishy. With regards to farming, I think it has been already answered above so I’ll skip that.
We are literally all in for privacy and security for a trader.
3rd Segment: LIVE QUESTIONS
Q1 : Most investors focus only on the token’s price in the short term instead of the real value of the project. Can Switch’N’Swap tell me the benefits for long-term investors?
Ans : For all questions related to token price and buyback and burns, this questions summarised it and we will answer. I think such a question needs perspective with respect to the present volume of trade numbers. Uniswap currently trades more than 99 Million USD volume on its platform “EVERY DAY”. If users come to use our platform which is a much easier, and gas efficient solution and is pretty much executing trades from uniswap or whichever AMM provides best price for it at that moment, I think we can attract atleast 10% of that volume to the platform in the beginning. With the present scheme of Token Buyback upto 50% and stake rewards, you can expect the long term investors having a token holding share to earn more of the staking rewards and the rewards itself will grow with time as buybacks happen. Early investors of presales also get a chance to stake their coins early on before the launch of the public release so they will be benefitted significantly once the platform launches. We have vesting periods for investors so it wont dump in the market at unlocks.
Q2 : Do you see the upcoming ETH 2.0 version as a threat to Switchnswap ?
How will the upgraded ETH version affect Switchnswap?
Ans : This is an excellent question. ETH 2.0 and UNI v3 seems to be a concern to many people and our answer will make you very happy in this regard. Any upgrade to ETH 2.0 and uniswap is a direct upgradation for our platform since we work on top of it. So its like if we are the chef, and if the quality of the ingredients get better, our food gets tasting better and experience is more BLISSFUL. Coming to uni v3, we are very proud to announce our protocol will be able to connect and interact directly with uni v3 which will be a first in the crypto space and will ensure seamless connection through hash time lock contracts. You can Google this if youd like. So yes, our platform will only get better as the base foundation gets better.
Q3 : What is the difference between trading on a centralized exchange and trading using the SwitchNswap?
Ans : Centralized exchanges are not non-custodial, they are in custody of the your tokens for as long as you use them for trading. If something happens to exchange, investors lose their assets. Second, the Centralized exchanges have own market makers, while Switchnswap will be using the decentralized & Automated market making offered by AMMs like Uniswap and others. Centralized exchanges are more susceptible to price manipulations than the Decentralised AMM protocols.
Q4 : The supply of SNS is randomized elastic, so what is the interval of time between one change in the supply and another?
Ans : SNS is not having an elastic supply and the total supply is limited to only 50M. To make the things even better we will only be having 10% of the total supply as circulating supply in the initial month. To appreciate the value of SNS their will be regular buybacks but token burn won’t be there as the total supply is very much required for the smooth functioning of the platform.
Q5 : How does Switch’N’Swap handle government regulations and boundaries? And what mechanisms / strategies do you use to keep users motivated and present on your platform? What can the Switch’N’Swap platform guarantee or promise in terms of the security and privacy of its users?
Ans : Switchnswap is Censorship resistant. We are non-custodial, and we are on blockchain. The team is anonymous until there are some clarity on regulatory and compliance requirements. Therefore the platform is open for any user without any need for KYC or DD. That is true purpose of decentralized finance. To answer the next part — to keep the users motivated, the biggest attraction are the features of the platform itself. Users will be attracted for the convenience of Pro-trading features and low cost option for trading the platform will offer.
Q1 : Please before Going, do you have any Final Words for community? Also do good to send every useful links to project and also link to participate in presale? And when should we expect Uniswap listing?
Ans : That is it for this AMA guys. Special mention to AMAlovers team. This is only exclusive to this channel at the moment and further AMA will be in the next few phases of sales. We are very happy with the community response and the vigilance shown by them. This is what we expect and wish to empower. We will be adding community chat features and scam alerts in the beta and final roll out of SwitchNSwap. Any more questions to be asked can be done in our chats, and we are very receptive and open. Good questions are rewarded from time to time so there’s no deadline to getting a reward in SNS tokens. So active community is always a priority for us.
This is our first pre-sale round and the price is going to be the lowest for those who participate. Any future rounds of presale/crowdsale are going to be at a much higher price. This provides price protection to the early supporters
Thanks to the community for sharing such wonderful time with us . And for any kind of information go through our website
Currently we are having a ongoing whitelisting which will end by 18 of this month and we are getting overwhelming response to that
If the community wants one more day for whitelisting please let us know in our telegram group and we can extend it by 1–2 days else we will be closing it tommorow itself
Community is God for us and we will ensure everything is done for the community. We will be very transparent with our communications. We will be announcing the listing details shortly and guaranteed it’ll be before the end of this month.
Follow Switch’N’Swap on the following platforms:
… Website: https://switchnswap.tech
… Telegram Chat: https://t.me/SwitchNSwap
… Twitter: https://twitter.com/SwitchNSwapSNS
… Whitelist: https://tinyurl.com/whitelistSNS
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