On Dec 21, 2020 QuickSwap has its first AMA hosted by CryptoDaku. This is an “unrolled” recap of that AMA for the convenience of any interested in investigating QuickSwap.
As usual, the hosts of the AMA, admins DAKU SAURABH & NAMAN welcomed the team and everyone to the AMA
Welcome Team :)
Hi all, welcome everyone. We are having the QuickSwap team here for this round of AMA.
Everyone responded with a greeting.
Developer Nick Mudge opened with a short intro of QuickSwap.
NICK
QuickSwap is a fork of Uniswap, a next-gen Layer 2 DEX/AMM powered by the Matic Network with the ability to trade at lightning-fast speeds (~2 second block times) with near-zero gas fees. The tokenomics are designed to make the governance of the project truly decentralised over time. Once the project reaches a sufficient stage of maturation we’ll begin transitioning more and more into community governance.
We believe that as congestion and fees continue to rise, as Ethereum gains more traction in the world in the coming bull run, the community will move to Layer-2 solutions like QuickSwap on Matic!
NAMAN
Great!
ROC
To set the tone for the AMA, and so everyone can see the current holiday season double dragon drop, check out this commercial we made on our Twitter!
https://twitter.com/QuickswapDEX/status/1336293147845013506
NAMAN
Thanks a lot for joining . Before we start the AMA, we would love to know about your role and day to day work experience at QuickSwap.
JACOBY
Hi guys!
I work with LDA — I personally work in community management and marketing (I make all the ads and graphics). I help with ideation of the project and have become the main admin in the Telegram group.
ROC
Great to meet you all! My name is Roc Zacharias, I’m the CEO of Lunar Digital Assets, who are advising QuickSwap particularly on the marketing and community building front! I’ve been in the crypto industry since 2015, and LDA has worked with lots of projects over the years. Most of you probably know us from QuickSwap, Matic, UniLend, Persistence, and Chromia, our main current clients. :)
NICK
Hello, I’m a Solidity developer. I participate in marketing and development discussions concerning Quickswap to help guide it. I’m author of the Diamond Standard, a way to organise and upgrade Ethereum contracts.
SAMEEP
Hello everyone,
Sameep this side. I, alongside @mudgen, take care of the technical side of QuickSwap.
Apart from Quickswap I am co-founder of Ginete Technologies and have worked on products like OpenBazaar, paraswap.
It has been a wonderful working on QuickSwap so far. The beauty of layer-2 just fascinates me almost every time we build something new on QuickSwap.
NAMAN
Can you tell us about how you got introduced to crypto?
SAMEEP
Well, it all started in 2017. I had recently left my full-time job and was looking for something new to jump in to. To explore new domains I jumped into freelancing. And then I landed my first Blockchain gig. And since then its only blockchain and smart contracts. ?
My love for crypto and blockchain has been growing with each passing day since then.
ROC
Sure. A friend introduced me to it in 2015. I fell in love and have spent most hours of every day of my life over the last 5 years studying and helping build the crypto community.
Lunar Digital Assets started in 2017. Since then we’ve been focusing on building out crypto communities and evangelising crypto the world! I believe web3.0 really is the future of the internet and that it’s only a matter of time before most of our daily lives are affected by crypto in some way.
Fun story. One of the reasons I was so open to crypto when I heard about it was because in 2001, or so, I was selling digital currencies to Brock Pierce, one of the founders of EOS, and his partner Jonathan Yantis who created IGE and became one of the biggest game digital currency sellers in the world.
So we were buying and selling digital currencies years before Bitcoin was invented! haha
The game was Everquest, if anyone here is old enough to remember that one. haha
JACOBY
I got introduced to crypto in mid-2017. Didn’t begin investing until mid Jan 2018 though. Went down the rabbit hole of crypto, economics, banking, the history of money, encryption tech and their connections to war and power and I havent really come out since. I see the potential of crypto/blockchain to transform our global future for good, or for bad — so we need more people trying to build it out for good. That’s why I invest time, money and thought into the space.
As soon we opened it up for LIVE questions we literally watched hundreds of questions rolling in. We decided to just start working through them one by one and answer as many as we can for our time there and once we’d answered enough most of them got fairly repetitive.
NAMAN
You have more than 500 questions waiting for you :)
QUESTION — Ahihi 111
How do you build liquidity for your DEX (Trade assets. resources. … ). Do I need to do KYC on QuickSwap’s protocol?’
SAMEEP
Well that’s the beauty of DEXes, you don’t need to reveal your identity. Hence you do not need to do any KYC. You just need to hold the asset and then go to QuickSwap, choose the relevant pool and provide the liquidity
https://quickswap.exchange/#/pool
QUESTION — Forte
What makes QUICKSWAP different than other top swaps like UNISwap?
JACOBY
It’s a fork of Uniswap with strong tokenomics, stronger potential for decentralisation, faster TXs and much cheaper gas payments — thousands of TXs for a penny
QUESTION — Foisal
Your project looks good but it confuses me that there are so many other swap projects. Why should I pay attention to the QuickSwap platform to give it the importance it deserves? What are you planning to achieve with your project?
JACOBY
There are only a few on Layer 2. Perhaps find one that has the ethos you agree with and a good long-term plan and become a part of the community. ?
Communities strengthen a network’s value a lot — that’s what it all boils down to really.
Also, we hope to in the future be able to reward all contributors to the platform.
QUESTION — Alikaa Azzahra
#QuickSwap blockchain is designed for high speed transactions with low fees & high tech blockchain I want to know if #QuickSwap technology is faster than other Blockchains and how many transactions can be made per second?
SAMEEP
That’s true. Matic network is blazing fast with low transaction costs. And QuickSwap is built on top of it. And hence QS enjoys those benefits as well.
Transactions times ~ 2 seconds
Number of transaction per seconds totally depends on the size and complexity of the transactions that are being handled in a block.
But I can tell you that it’s definitely much fasterthan layer 1 and any other solutions out there.
JACOBY
In the video linked here you can see someTXs happening on the screen. These are happening in real time — they were not sped up.
Or you can jump over to QuickSwap and test it for yourself. It really is pretty fast. ?
QUESTION — Isokom
Hello guys!
Thanks for the AMA ?
1) Sadly, the majority of crypto projects out there are developed for the sole purpose of amassing wealth and most people buy into DEFI for just the high yields. In a few sentences, what’s that unique value/contribution that QuickSwap brings to the crypto space?
2) What kind of partnerships can we expect from QuickSwap going forward? Could you give us any instance of how other projects can leverage QuickSwap for their needs?
Cheers??
ROC
Isokom. Great questions!
1. It definitely can be sad to see how so many projects try to take advantage only to make a quick dollar. QuickSwap is different from other projects in that only 3.25% of the token supply has been allocated to all of the team and advisors. 96.75% will go to community governance and campaigns to grow the project! We raised NO funds at all for QuickSwap, and are doing this to help provide a useful product that will help everyone be able to trade no matter how high the fees go on Ethereum!
2. QuickSwap is working with lots of groups, including Crypto Daku. We are discussing having Crypto Daku and his colleagues as well as the Daku Robinhooders have a bigger part to play in QuickSwap. We are also working with Mantra DAO on this, and may bring EasyFi pools back at some point. We are of course very close to the Matic team as LDA has been working with Matic for almost 2 years. After this AMA our next AMA will be with Matic, and we will be getting more of Matic including the Mitras more involved with QuickSwap. We want to add more pools for new communities and projects that want to work with QuickSwap to continue to bring in more people to the project. Also we are working with influencers like Ivan on Tech, EllioTrades, Crypto Lark, Justin Wu, and others! We are also working with some projects like a wallet that wants to integrate QuickSwap trading!
QuickSwap doesn’t make any profit for the team. Our incentive is the 3.25% that is split between all curating members and advisors, as well as the tokens we have purchased ourselves. I personally have bought a LOT of Quick for my personal holdings, and LDA has not sold a single token of our 1% which is unlocked over the next couple years. The community can vote to use the 96.75% tokens to hire more developers, or bring in more advisors etc :)
QUESTION — Murtada Raza
Your competition?
JACOBY
Every AMM in the space has a lot of competition — lot’s of innovation happening right now — but most of them are on Layer 1 with crazy gas fees where usually only whales can benefit from yield farming, with a few exceptions perhaps.
QUESTION — i thingking about me
When will mainnet/testnet be launched on QuickSwap? Could it provide key features that make it different from other AMMs? What pairs Quick will match?
JACOBY
It went live on Oct 9th, 2020. It is permissionless. As long as a token is mapped on Matic anyone can create a pool. The only question is if that pool is rewarded with QUICK or not.
QUESTION — A. Ivanov
How secure is QuickSwap? What technology and programmable security did your team develop to build such a reliable platform?
SAMEEP
QuickSwap is as secure as Uniswap. Thanks to the Uniswap team as we have forked code from their repositories.
We haven’t made any changes in the bullet proof contracts of Uniswap.
So we can confidently say that QuickSwap is as safe and secure as Uniswap.
The code can be examined here: https://github.com/QuickSwap
QUESTION — Mun Dog
What are your plans on GLOBAL adoption? Which country are you presently focused on?
JACOBY
The best way for adoption, first, is to have a real product that solves a real pain-point. We have that by eliminating slow TXs and high gas fees. We also have strong tokenomics which serve to decentralise the project in time. The more people join early, the more decentralised governance will be. When people realise this, the added convenience should continue to bring in new users.
QUESTION — Jose
Can you list the most important features of QuickSwap to make it ahead of other competitors? What is the competitive advantage of your most trusted project?
ROC
The competitive advantage is definitely: Speed, low fees, and high throughput. On QuickSwap, transactions are 1–2 seconds, fees are 1/10000 of a penny, and Matic can handle 6500 tx/sec where Ethereum base layer is only around 13
QUESTION — Forte
Do I need to merit any requirement to be able to make use of QUICK SWAP?
JACOBY
No sir. The platform is permissionless and does not require KYC.
QUESTION — Danlad Himkkiem
Currently “Staking” is a very popular topic. Can you please explain the details about the QuickSwap staking plan and the benefits of adding “staking”??
ROC
Currently we have liquidity farming. So people can go and provide liquidity to farm QUICK tokens. We are also considering adding a staking feature with governance in the near future, but have not decided on this fully yet. :)
QUESTION
What kind of projects/startups may apply for QuickSwap crowdfunding platform?
JACOBY — Hsu Ruiaer
QuickSwap is a permissionless AMM. We will not be launching token sales on the platform.
QUESTION — Blockain YAMING
DeFi seems to be an incredible concept right now. Plenty of finance-related blockchain projects are built for DeFi. If anybody thinks your project really likes a scam project, and they can’t trust this project. How do you make them believe in your project?
ROC
Our code is 100% UniSwap code, just deployed on Matic with a different front-end and things, like pools. We have power to add lots of stuff like the new MATIC faucet, and others, but the core code is 100% UniSwap, so it’s fully audited and trusted!
QUESTION — Ashish Tripathi
At the moment, where is QuickSwap focusing right now? Building and developing, product or getting customers and users, or partnerships? Could you share with us??
SAMEEP
We are focusing on multiple fronts. It is equally important to develop and market your product as well.
Security- We have used Uniswap’s contracts which are audited multiple times by the industry leaders.
Interoperability- You can easily move assets between Ethereum and Matic using the Matic Bridge. Interoperability with other chains might come in the future.
Scalability- I think it is the most important reason why we launched on Matic in the first place.
QUESTION — Cosmos
How quick will be the swap/tx on QuickSwap ? Do you have any promotions or something to bring new listings on QuickSwap ?
JACOBY
They take seconds — literally. On AMMs any token can be listed. In our case, the tokens just need to be mapped to Matic. The current list of mapped ERC20s is here: https://mapper.matic.today/
QUESTION — Alice
Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and investors to your platform and keep them long-term?
ROC
Luckily, QuickSwap has Lunar Digital Assets, which is the marketing and community building agency behind popular projects like Matic and UniLend :)
Marketing includes getting influencers, partnerships, collaborations, infographics, commercials, written content like blogs and PR, social media growth, contests, AMA’s and other growth hacking strategies! We also do a lot of bringing in our deep network of investors and users that we’ve built over the last years.
QUESTION — Tini Ti
Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Does yours have any special plans to attract and expand the community and improve the user experience?
JACOBY
Sameep has been trying to improve the UX on the tech side. I have some fun treasure hunts and other ways people can help promote the project and be involved in the future.
We will be doing a QuickSwap Quick Quiz immediately after this AMA in our Telegram group.
JACOBY
$QUICK can be acquired easily at Quickswap.exchange
Reasons to buy/HODL
1. Speculation on future Matic adoption
2. Integration with other projects built on Layer 2 needing convenient swap functionality
3. As networks expand so does demand
4. If you want to speculate that Matic adds value and has an actual use case and judging by its superior tokenomics plan, fast TXs and uber-cheap fees, how does it not?
5. Governance in an AMM that has great future potential (may become a full-fledged DAO in time)
I have suggested ideas to the team as well (fingers-crossed) ;)
6. We are looking into possibly incorporating staking and governance (at the right time)
7. Possibly tiered rewards and tiered perks for holding more longer, etc etc
ROC
Add to this the most important reason for me personally, and that’s that you can farm QUICK with QUICK through the pools. At some point we could make all pools have QUICK as one side of the pair, this will make QUICK the conduit of exchange between all tokens. For example, if you have a QUICK-ETH pair, QUICK-USDC pair, and QUICK-OM pair. You can trade ETH for USDC, or OM by hopping through QUICK, which is all done at the protocol level and only 1 single step for the user. :)
QUESTION — Jose
Can you elaborate on the experience of the development team who developed #Quickswap ?
SAMEEP
The experience has been wonderful so far. When we first started developing QS on matic we were worried about the complexities involved with layer-02. But over time we realised that it has more benefits then complexities.
And this became more prevalent when gas prices reached upto 450 GWEI on Ethereum.
Apart from Quickswap I am co-founder of Ginete Technologies and have worked on products like OpenBazaar, Paraswap.
Nick is a Solidity developer. He participated in marketing and development discussions concerning QuickSwap to help guide it. He authored the Diamond Standard, a way to organise and upgrade Ethereum contracts.
QUESTION — Anon
Do you have any reward programm event ongoing or upcoming, please give us details. Do you have an ambassador program?
JACOBY
Not yet — but once we have voting implemented the community can vote on how to reward contributors to the project — we have a Governance Treasury for such things.
We may do some promotional campaigns before that time as well.
If you have any good ideas we are always happy to hear them.
QUESTION — Danlad Himkkiem
QuickSwap project works on DeFi (Decentralised Finance) But what;s the benefits of Decentralised Financial system? What are the possibilities of DeFi over Centralised Finance system? When following the road map- what are the most important priorities next? Does the QuickSwap team have enough basic reserves (funds- community- etc.) to achieve these milestones?
ROC
Decentralised Finance has so many advantages over traditional finance. We’ve seen that with Bitcoin as decentralised money and banks… and Ethereum as the base layer of DeFi, we can cut out a major portion of the banker and government middlemen. We can build our own free market world where 99% of the work that is done by banks, governments, and large corporations can be done at the PROTOCOL or CODE level. This is automation for finance, the same way that the world automated production and manufacturing in the industrial revolution. This will change the world forever, I am betting big on this.
Where can I buy #QuickSwap? Also, what are the benefits in the long-term for stakeholders? Why should we invest in $QuickSwap?
As for your second question. We will release a roadmap in the near future, but some of the main things we are working on is to make the friction for using Layer 2 less, and easier. Some ways we can do this are by integrating meta transactions so users don’t have to move to Matic Network at all. It will be done in the background. We can also create bridge on QuickSwap.exchange which will make it so users don’t have to go to Matic Wallet to move funds. We recently added a Matic Faucet to the site as well so that when new users come, they can get .1 Matic free so they can play with QuickSwap without needing to bring over Matic! There are lots of ways we are exploring to make the QuickSwap/Matic experience easier and more fun!
QUESTION — DeFi to the Moon
What is special about your security? And what makes you confident it is safe? I think security is important, please tell us about the security of #QuickSwap?
JACOBY
It’s a fork of UniSwap with no code changes.
Uniswap was heavily audited and has never been hacked. This is pretty strong considering its liquidity and how long it’s been around.
QUESTION — Tini Ti
Where is the “QuickSwap” name coming from and what is the logo representing?
SAMEEP
Well isn’t it obvious? QUICK SWAP. ?
QUESTION — Arta
Although ETH 2.0 is delayed to next year, it will solve all existing problems of ETH and become the best choice for dApps in future, so do you think this is a threat for your project and how could you overcome this barrier?
SAMEEP
ETH 2.0 is still far away. But in my opinion layer 2 solutions like Matic will be the best companions for ETH-2.
QUESTION — Lanre Akorede
2020 is the year of DeFi and Yield Farming, so what trends does QuickSwap predict for 2021? And what is the strategy to keep QuickSwap from falling behind?
ROC
While we won’t speculate as a project, I personally think DeFi is going to eat the entire world finance industry. I think Bitcoin will eat most of the bond world and store of value, but that Ethereum DeFI will eat all of trading, lending, borrowing, derivatives, options, stablecoins, prediction markets etc. DeFi is growing exponentially.
It is completely incredible to see how fast the innovation is happening and how fast adoption is happening.
In this future decentralised world, we will definitely need a place to trade these assets, and QuickSwap is the leading Layer 2 DEX, on the leading Layer 2 Matic. We think we have the lead in this niche, and this niche will eventually become the norm when fees continue to climb. We hope you will all come check out QuickSwap, and remember that there is a faucet for FREE Matic so you don’t even need Matic for gas, you can come and try out trades for free. Tutorials are pinned in the QuickSwap Telegram group at https://t.me/QuickSwapDEX
About QuickSwap
QuickSwap is a fork of the originator of Automated Market Makers in the now rapidly expanding DeFi sector of the Cryptocurrency industry, Uniswap. Both, of course, are magical. Only, rather than settling for the magic of unicorns, we’ve opted for the magic of dragons. It’s a much faster kind of magic, currently only available in a land far far away, known by the locals as Layer 2. Although it’s very very far far away, to get there requires only a few clicks on a mouse, via the magical MATIC portal, aided by a fanciful Fox with a Mask.
Join us in the official QuickSwap lair: https://t.me/QuickSwapDEX
