ReCap: OpenSwap AMA with HakuSwap March 23th at 2 PM UTC
@David_Paulson: Hey HakuSwapFam! Welcome to our AMA with OPENSWAP!
Please refrain from sending any messages. You’ll have a chance to ask your questions during the Q&A portion of the AMA.
I’ll be asking some basic questions to get to know the OPENSWAP team and project.
After you’re done answering, please say “done” so I can ask the next question.
After we are through with the basic questions, we will open up chat so the community can ask any additional questions they may have.
Rewards — The OPENSWAP team will pick the top 5 questions to answer. Those who provided the top 5 questions will be splitting 5000 $OSWAP! So stick around and get those questions ready!
After the official AMA has completed, if the OPENSWAP team wants to stay and answer any additional questions or just socialize, they are more than welcome to do so.
So let’s get started! Welcome @Bruce_OpenSwap ! 🥳
@Bruce_OpenSwap: Thank you for Inviting me here to speak with the HakuSwap community!
@David_Paulson: Awesome! 😎 Thank you for joining us today🤗
So let’s get started with a brief intro of your background/role within the project and how you guys got started😎
@Bruce_OpenSwap: Super excited to be here today! I’m Bruce a core member and founder of OpenSwap. In my past life, I was an enterprise dev and discovered blockchain in 2018, reached enlightment and never looked back!
At the core, our team’s strength is technology and we’ve been aiming to build up a community of talent that crosses boundaries of technology, finnace, marketing, and more through the many partnerships we have developed and continue to build.
We hope to attract more developers and contributors to our team through community events!
And of course, we are super excited about our partnership with Hakuswap!
@David_Paulson: That must have been a great experience especially when you are a part of a thriving ecosystem. We’re also super excited for this partnership. Thank you @Bruce_OpenSwap 🤗
Could you tell us a bit about OPENSWAP (it’s function) and what makes it different from other blockchain projects? Some of our readers may not be familiar with your ecosystem.
@Bruce_OpenSwap: yeah we have been super grateful to have met so many different players in the DeFi space. Without the incredible feedback, we wouldn’t have gotten to where we are today, on the cusp of launching on AVAX
At OpenSwap, we position ourselves as every Crypto Project’s BFF by providing a set of core technologies to empower teams to establish sustained token health and attract liquidity from different chains. We hope our technologies can enable token projects to focus on what they do best — BUIDL!
Our core technologies are:
OpenSwap Bridge, a single asset crosschain bridge that offers more efficient crosschain swapping of chain-native digital assets through the use of our single-asset vaults in a decentralized manner.
Hybrid Smart Router, a set of smart contracts that identify potential swap paths leveraging both AMM pool smart contracts and liquidity queue contracts, helping swappers identify the most cost-efficient routing based on the availability of liquidity queues and AMM pools.
Liquidity Queue, an alternative method to the traditional AMM mechanism that can provide users the ability to make on-chain swaps at zero slippage. The Liquidity Queue technology can also be used for a variety of DeFi purposes such as conducting on-chain private sales, offering on-chain guaranteed token buyback, token flash sales, and much more.
@David_Paulson: Exactly 💯 Building a solid foundation coupled with important core technologies is the way to go especially when it comes to providing efficient tech to support the growth of the entire ecosystem.
So, why did you folks decide to partner with HaKuSwap and how does that tie into your ecosystem?
@Bruce_OpenSwap: yeah, we are all about buidling for composibility and love how projects can cross-pollinate to package up very creative DeFi solutions.
We have recently kickstarted the testnet phase of OpenSwap Bridge by deploying on Kovan, Fuji C-Chain, and BSC testnet. And in light of launching our bridge on testnet, OpenSwap had introduced a partnership campaign called — the Bridge Founders Program — where we would identify and invite hand-picked projects that we deem solid to become part of the first cohort in integrating with OpenSwap Bridge upon our launch on mainnet.
We invited HakuSwap to participate in the Bridge Founders program because it is one of the most all-rounded DeFi platforms on AVAX with a variety of offerings that ranges from traditional AMM, to staking and farming, NFT, and even GameFi. With such a wide range of offerings, we expect exponential growth to $HAKU token utilities, a key area that we believe the OpenSwap Bridge can complement through opening easy access points for new users and additional liquidity from different chains such as BSC, Ethereum, Polygon, and Fantom.
Furthermore, we realized that the HakuSwap team is committed to keeping users SAFU with contracts audited by Ether Authority and Hash0x. With this kind of setup, we believe HakuSwap can help support us with our future farming and staking initiatives on Avalanche.
For OpenSwap, the inclusion of $HAKU token to our bridge will help to enhance liquidity synergies for our bridge during the mainnet release, and we anticipate HakuSwap team to be an excellent strategic partner on Avalanche in addition to our existing strong network of strategic backers from BSC such as Coin98 and Impossible Finance.
@David_Paulson: That’s awesome! Since you mentioned safety, How “safe” is OPENSWAP?
@Bruce_OpenSwap: OpenSwap establishes trust with the community through 3rd party audited smart contracts and has protocol parameters transparently managed through our governance portal since our project launched. So even though OpenSwap is still in beta, we want our contracts to be as solid as possible. This is why our core contracts are audited by CertiK, a leading blockchain security audit firm that combines manual testing, static analysis, and formal verification for the most robust smart contract security in the industry.
Our other audit partners Peckshield and Beosin have also completed audits on various parts of our smarts contracts. We also have a bug bounty program with Immunifi for whitehat hackers to identify any security issues that may have slipped through the cracks.
Furthermore, OpenSwap has partnered with Tidal Finance to cover our users’ funds. In case of payout, the coverage amount will be paid directly to our team, and we will distribute it to affected users. Currently the coverage includes contract vulnerabilities for core technologies deployed on Binance Smart Chain, and as additional core technologies such as the OpenSwap Bridge gets deployed on mainnet, we will continue looking into insurance options so as to safeguard our users’ funds.
@David_Paulson: It’s very important to identify vulnerabilities in smart contract code to maintain the security of the ecosystem and secure 🔐 funds. You guys have done an amazing job working with different audit firms.
@Bruce_OpenSwap: thank you so much, we learn from you guys 😉
@David_Paulson: So if someone wants to buy $OSWAP, is there any slippage?
@Bruce_OpenSwap: Slippage is a great question! Before I start shilling the OSWAP token, I’d wish to take a moment to explain how OpenSwap Liquidity Queue helps mitigate slippage and impermanent loss.
Our Liquidity Queue technology is really one of a kind. It allows users to perform zero-slippage trade, something that I believe no one has done before. In case you don’t know, almost all forms of Automated Market Making Pool, like the pools on Uniswap or Pancake Swap, have slippage. This means that if you want to swap $100 usd for say BNB, you would get lower than $100 worth of BNB before fees. Whereas in our Liquidity Queues, we make no slippage swap possible. A key element to this is where we get the prices. Having a faulty price feed can lead to disastrous results. I remember there was a time where a feed was not working properly on Solana, which led to Bitcoin being sold for around 10k less than market price. Therefore in our Liquidity Queues, we have a couple circuit breakers like with the prices from Chainlink, Certik and Pancake Swap etc. if the prices are off by a threshold of 1%, the trade would not go through, protecting our users.
As to how and where to purchase the OSWAP token, it is super easy. $OSWAP is currently listed on PancakeSwap (V2), Impossible Finance, MEXC, and of course OpenSwap. When we set up a liquidity queue for OSWAP in the future, you can purchase OSWAP without any slippage.
@David_Paulson: Could you please share with us the Tokenomics? Also, why should someone buy $OSWAP?
@Bruce_OpenSwap: OSWAP token is the governance token of the OpenSwap ecosystem. The core purposes of the OSWAP token are to:
- Incentivize usage of the OpenSwap platform
- Encourage users to get involved in governance
- Enable a wide variety of platform privileges surrounding our core technologies and offerings
Specific to the OpenSwap Bridge, upon mainnet release, users who wishes to utilize OpenSwap Bridge as their crosschain solution will need OSWAP tokens as transaction fees for their crosschain activities. Furthermore, for people who are holding Bridge Troll NFTs, if they wish to become node validators for the OpenSwap bridge, they would need to stake OSWAP tokens as bond.
There are also many reasons to hold OSWAP surrounding other OpenSwap core offerings such as setting up the different types of liquidity queues for different purposes, as well as for users who want to participate in OpenSwap NFT loyalty program, they’d need OSWAP for staking.
OpenSwap has designed its tokenomics to support a sustainable long-term project ensuring that:
- 95% of all tokens will be subjected to locking and gradual vesting schedules
- Over 70% of all tokens will be subjected to vesting schedules of over 24 months
- Core team allocations and related tokens are subjected to a long-term vesting period to ensure community member confidence.
@David_Paulson: Can’t wait to join the ecosystem 😍 So, how can I benefit from OpenSwap’s ecosystem?
@Bruce_OpenSwap: OpenSwap’s ecosystem benefits both defi users and projects with our large selection of services such as Liquidity Queue, Hybrid Smart Router and of course our OpenSwap Bridge. Since this AMA is about HakuSwap integrating with the OpenSwap Bridge, then let’s focus on talking about the bridge.
As the DeFi universe continues to expand, on-chain liquidity becomes increasingly scattered and less efficient across multiple chains and the situation is poised to get increasingly worse as new chains emerge with individual DEXes on each chain.
The OpenSwap Bridge is introduced as a solution that offers more efficient crosschain swapping of chain-native assets through the usage of single asset vaults and a basket of decentralized mechanisms. With the incorporation of other OpenSwap technologies like liquidity queue and hybrid smart router, Open Interchain Protocol will form a fully transparent and capital-efficient end-to-end crosschain swapping solution.
Not only do users can swap for native tokens on another chain, projects can also benefit from this. Let’s use HakuSwap as an example. You guys are based on Avalanche and thus most of your followings are from Avalanche. At the same time the same is true with us and BSC. Traditionally if our followers are to buy $Haku tokens, they would need to convert their asset to a bridgeable asset on BSC, bridge it and then finally swap for Haku. With our bridge, users can get Haku tokens with the stable coins supported from BSC in one single step. Users can conduct cross chain swap conveniently and projects can be exposed to liquidity from other chains, a win-win situation. With our soon to release ‘any-to-any’ swap capabilities, it’ll be even more convenient!
This also comes with additional benefits to other stakeholders such as liquidity providers. Since most bridging would require a single asset vault from us and a liquidity pool from a DEX, this brings volume and fees to the LP of both sides. LP at the Open Swap bridge can even earn fees without being exposed to impermanent loss!
@David_Paulson: That’s a lot of great stuff and the community must be very excited for it🚀
Now comes the big moment that you’ve all been waiting for🔥🔥
😎Opening up for Q&A! Top 5 questions will be selected to be answered and those 5 will split the rewards.
If you’re chosen as one of the top 5 questions after the AMA, open up a support ticket and provide your wallet information. Be sure to say that you were one of the top 5 questions from HakuSwap’s AMA with OPENSWAP.
We will give 1 min for questions to be submitted then I’ll have everyone pause on submitting questions so our guest can answer them. Any unanswered questions can be answered post AMA if our guest is able to hang out :).
Telegram Community Questions
Q1. Will HakuSwap integrate with OpenSwap’s Hybrid Smart Router?
@Bruce_OpenSwap: Perfect question! As part of the partnership, OpenSwap plans to add Hakuswap as one of the DEXes for the Hybrid Smart Router. Driving more swap volume to HakuSwap and a stepping stone to expose $Haku to buyers from other chains when we launch the cross-chains swaps on mainnet.
Q2. According to the project’s roadmap- what are your most important next priorities?
@Bruce_OpenSwap: Our most important upcoming priority is to reduce friction in moving tokens across chains. This means enabling end-to-end any-to-any cross-chain swaps for users. Imagine buying $HAKU on avalanche with your bsc $BNB tokens — all in one shot!
The team is currently focused on launching OpenSwap on Avalanche which includes the $OSWAP token, Liquidity Queues and Hybrid Smart Router. These are the stepping stones to get to cross-chain swaps.
The bridging technologies are currently in testnet and will undergo an audit and target for a mainnet launch this summer!
Q3. Since NFT is popular nowadays, is there a plan for NFT integration?
@Bruce_OpenSwap: We have already been playing around with NFTs. You would be pleased to know that the validators of the Open Interchain Protocol called bridge trolls facilate the cross-chain swaps. The requirement for becoming a validator is to have at least one Bridge Troll NFT staked. This acts as a license to become a validator. Our Bridge Troll NFTs are more than just a license of course, it provides a lot of perks such as bonus rewards for our most valued community members. Everytime we release a set of Bridge Troll NFTs, they quickly sell out fast. Future plans include creeting and NFT marketplace and cross-chain NFT bridges. However, one of the first items would be to launch Bridge Troll NFTs on Avalanche!
Q4. PARTNERS are the most important that strengthen the ecosystems of all projects. Could you tell us about your project partners and the partnership strategy it has adopted?
@Bruce_OpenSwap: VC heavyweights NGC Ventures and Coin98 Ventures were leading our strategic round, while the likes of BR Capital, Legos Capital, Double Peak Group, Prime Block Capital, Illusionist Group and All In Ventures are also important strategic partners for OpenSwap. We also have a clutch of renowned angel investors, including Curve Finance’s Julien Bouteloup, CREAM Finance’s Leo Cheng and blockchain veterans Ravindra Kumar from Frontier. Impossible Finance is obviously one of our strongest launchpad partner from Binance Smart Chain ecosystem, and we anticipate to attract other strong allies like HakuSwap with our Bridge Founders Program!
Q5. Why you choose Binance Smart chain? we see some chain pop up with good scalability too, then why you choose BSC?
@Bruce_OpenSwap: We actually had plans to launch on ETH first. However, as gas prices continued to increase on this chain, our community advised for us to consider other chains with lower fees to provide a lower barrier to entry for our new DeFi concepts such as Liquidity Queues. In Feb of 2021, with the explosion of users on the BSC network, we decided to pivot after over 6 months of developement. BSC continues to be a solid foundation for OpenSwap and we are super excited to come to AVAX after our governance vote selected AVAX over the likes of Fantom and Polygon.
Of course OpenSwap truly believes in a multichain world and we hope to continue to expand OpenSwap to other chains and become “the bridge” for all DeFi ecosystems.
@David_Paulson: I got one last question to ask🤗 Do you have any future plans or things you can share that are on the horizon?
@Bruce_OpenSwap: Our team is currently focused on launching $OSWAP token along with the Hybrid Smart Router and Queue smart contracts onto Avalanche mainnet near the end of the month. From there, we will launch our bridge vaults for $OSWAP enabling our community to contribute to show support for our bridges and earn with no impermanent loss.
Our team continues to work on our Testnet feature releases with introductions of ANY-ANY cross chain swaps, bridge troll NFT delegation and bridge troll bond staking (just to name a few). During this time, we will engage in ongoing audits as we prepare for the mainnet release in the summertime. This is going to be an exciting year for OpenSwap, initially feedback on our testnet cross chains swap have been very encouraging and we hope that our community will continue to provide feedback during our testnet phase so that we can provide the best cross-chain swap experience out there.
@David_Paulson: Absolutely 🤗💯 Any other thoughts or anything we didn’t cover?
@Bruce_OpenSwap: We didn’t deep dive into our queues and one of the things we see it evolving to is how we can help other projects with their liquidity. The queues, specifically booster queues allow projects to facilitate secondary private raises allowing teams to receive funding for a boost in new upcoming development they have planned and providing future upside to their backers. There’s so much more we want to do to support other BUIDLers and our bridge is only the beginning by offering projects the opportunity to attract investors from other chains.
@David_Paulson: @Bruce_OpenSwap will be hanging out for a bit so feel free to continue the discussion! Thank you Bruce for this amazing AMA😎
Please make sure to head to OpenSwap to find out more about this amazing ecosystem
@Bruce_OpenSwap: For sure, it’d been a great pleasure to meet the HakuSwap community! I wish to take this chance to apologize for all the unanswered questions today.. so for all those who asked a question but didn’t get answered in this AMA, please join the OpenSwap community and follow us on Twitter and we will give everyone a 1.5x reward boost for our next AMA event if your questions gets picked!!!
@David_Paulson: Social Links:
Website — https://openswap.xyz/
Twitter — https://twitter.com/openswapdex
Medium — https://openswapdex.medium.com/
Telegram — https://t.me/openswapdex
That’s very kind of you guys🤗 Thank you @Bruce_OpenSwap and my best regards to all the team at OpenSwap! 💚