Text version of Defyswap AMA with @echapes Community
You all probably know me, but for those who don’t I am @theT1T4N and welcome to @echapes.
Today we are proud to have a great project in our house for a telegram AMA. If you are not yet in their telegram group then get in there for reference @defyswap
Welcome, defy swap team!
Answer: It’s a pleasure and has always been a plan to be here, getting grilled by sir Titan :)
So, when defy swap launched the first thing I saw was this flashy 80s nostalgia. I loved it. Like a true degen I aped just off the website.
Turns out they were backing up that crazy website. I will let the team talk about their history but needless to say, they have brought the A game to echelon.
They are now a swap with integrated charts, farming, staking, partnerships, and a rumor of limit orders coming. So let’s get to grilling them, must be some flaws right?
Q1: Who is on the team and what are their roles?
A 1: Well.. you know, I know, some of you might think that it’s all about Faf but that’s only a quarter of the truth.
quarter because there are actually 4 core members :)
Some of you know Regzi, he is always answering you guys in the group and sending you gas whenever that faucet isn’t working. He also creates those banners and things we use in our tweets.
Then… Leveler is there, who is presently handling some very severe real-life issues but still there, chipping in. She is also working on something which will put Defyswap in nitro. We can announce that early next month hopefully. when she returns, things will be more in place. She is a great manager. Way better than Faf is
And then, there is Birchy, the person who is who hates speaking. He only communicates with me, that too reluctantly. He is an outright textbook dev, living in some basement somewhere. All I know about him is he drives a BMW.
Faf rides a bicycle, FYI…. so, there is that
That’s it for now, but we plan to expand very soon, esp taking in marketing minds
Q2: What inspired the neon 80s-like theme on everything?
A 2: we thought Titan ser might like it :).
We read your mind
OK, honestly, we were discussing the theme for the site and when this came on, I literally grabbed this and made sure this goes in. Has something to do with Faf being an 80's kid himself. that makes him a bitter old man in the crypto world, IKR!
But, even if we do away with this FTM-inspired spookiness, we will stick to the nostalgic theme. I mean, most of the DEXs you see, PCS, ape, and what not, are all bright and flashy. I want to stand different. No point in being just another ordinary chap in the crowd, right?
Q3: I don’t know the whole history. I will say this briefly, as I understand it you were on another chain and moved over to the echelon. You had to start again as well as give out tokens in intervals to your old investors. I am extremely impressed with how professionally you have done this. What I mean by that is you did everything while maintaining your MC and reaching new highs. This way both old and new investors were getting the best out of their investments and will continue to do so. Props on this! My question is, can you please explain this history briefly and that process.
A 3: We were too late to enter the FTM chain. Like we thought we could bring new features and things and attract users but we realized, that people trust the established DEX too much.
We had a pretty decent presale there, mind you. That also made us confident.
Then, things didn’t go as planned. Some of the team members who stayed behind, we had some long chats. I must thank Dubwise Renzo, who was still there with us. So, what we decided is to move to another chain for a fresh start. We decided on two more things
1. Refund the presale buyers
2. Those who didn’t dump DFY for some reason, to offer them 1:1 on the new chain.
Now, you know, we felt, that issuing the whole lot at one go might bring huge sell pressure which would be unfair on the ECH users. So, we started offering reimbursements (is that the right word?) to the existing holders 100K DFY a day, FCFS basis.
Now, the thing that surprised most of us is, that there is hardly any selling pressure from those who received those reimbursements!
I was hinting at leveler doing some crazy shit, right? she is trying to negate the effect this issuance might have (which we don’t see yet, it has been nearly a week now we are sending out batches but nothing better than being safe) .. so yes, in case of selling pressure, the team will ensure the price remains intact. You know how.. so won’t go there :).
Q 4: I am on your farms, many of the apes are. I again really like the ECH-USDC farm as this is giving back to the chain. There is also staking. But, there is also DFY-ECS. What’s going on there? The two swaps seem to be willing to partner and work together?
A 4: FRIENDS AND COMPETITORS.
I won’t even settle for competitors and friends
I mean, enmity and competition are two different words, where I live. I will follow that. I really appreciate what they do. Wendel is a great guy, we often chat in DM, contrary to what many might imagine
There are ways to stand taller without belittling the next guy in the queue :)
I know we both want to win the race, and that’s totally fair for both of us, but defyswap won’t ever stoop to cheap tricks or backstabbing of echswap. We love them guys
If we both can bring in investments to this chain, we both win! That’s as easy as that .. :)
Q5: I’ve used the swap since the beginning. Things keep getting added. Today I went to load more Defy Swap and the chart was to the left of the tokens. Amazing feature. Explain to me some of these cool features and also talk about what’s coming next. What can the community expect when they are logging onto the swap 4 weeks from now.
A 5: 4 weeks? that’s like 4 years in crypto haha
OK, so have you ever checked what’s written on our homepage? CEX -like interface. so, that’s the ultimate aim. but let me explain some of the features which are in the pipeline and almost popping out
So, the chart is there.. thats done.
We are working on bringing the limit order to echelon chain. It’s not that easy. any dev here would know the difficulty level of implementing that.
Do you know we have ILP .. something which protects the farmers from impermanent loss (if people here don’t know what this is, please google and learn, this is how half of you get rekt).. and you don’t need to do anything to get this cover? this is there by default.
We are working on a model for shorting. .. but this is.. down the line really. Faf is still polishing the maths model, you wouldn’t want to see his notepad.. all scribbles and loads of F words written all over it. The complexity driving me nuts.
Ok, so, a clarification re NFT-Staking
We have a NFT-Staking mechanism that is working just fine on ftm-testnet so, you know, it will work on echelon almost OOB. But, we recently ran a poll in our community and.. they wanted a launchpad. a launchpad that has end-to-end solutions. we won’t deny them that. So, yep, we created it. Raise your hand if you want a preview :)
Q6 — You talk about launchpads, I am sure there are other projects which are planning the same or planning to bridge existing launchpads to echelon. How do you stand apart?
A 6: Two major differences.
1. This is for hand-picked projects, not open for any shit-rug to list and run away with the fund. So, yes, we will bring only the best projects to the users.
2. End-to-end solution. Which means, that neither the project owner nor the users need to go anywhere else for anything.
Q7 — Why should projects launch via defyswap? What’s the advantage?
A 7: Like I said, end-to-end solution.
For the users
- Project just need to impress us with what they have to offer. We do the rest. That’s such a relief for a new project, trust me, I was there when we launched defyswap. It’s a maddening world.
They get tiered sells
Help on code.
No need to create a presale page
Get instant exposure to defyswap (and probably ECH ape) community
They don’t need to arrange for the vesting, we got that.
They don’t need to range for the lock, we got that
They get an instant farm of their choice on defyswap
Our code is ready to accommodate different ways of presale, FCFS, Overflow.. you name it…
Did I miss anything?
Q8 — Limit orders. You had that on another chain. Why not simply port that to Echelon? And, if porting isn’t possible, what’s a realistic timeline to build that here afresh?
A 8: porting isn’t possible. that’s the breaking news :(
As sad as that
You know limit orders for most of the DEXes (or is it DEXs, I speak English as only my 4th language, pardon me) are mostly handled by gelato. Developers here know that name and service. and gelato doesn’t support this chain. Which means a total in-house production. redo everything from 0
That being said, with that amazing, cape-wearing Birchy whom I mentioned as a team member, who hasn’t slept in 3 days .. figuring out the limit order.
But .. you know why we are so confident?
Because we had to redo the charting from 0 as well. the charting we had, isn’t supported on this chain either. we added it within.. 3–4 days from launch? so.. Yes ser titan, limit order coming up very very shortly :)
Q 9 — Any other plan of Defyswap that we still don’t know of? Let’s break a secret to the ECH apes.. :)
A 9: Ok, so.. here is a tiny thing …
The first week of June, we are bringing in a decent investment into defyswap which will directly go to stabilize the price further. even less price impact for even bigger orders, making us the chosen DEX for whales, when they arrive
Q 10: What’s your favorite animal?
A 10 : Ok, so, I am an outright cat-guy. I just love cats. can watch lazy cat videos all day. damn it, I still watch tom and jerry with my kid and root for tom (and taught him to root for Tom as well) because he is a cat. Cats have their own personalities and traits. Dogs are too obedient, almost like a living robots. Cats know how to be individualistic, much like in defyswap, we don’t want to be one of the crowd, we want to do something different
Now we are going to open chat. They will stay here for the next minutes to answer a few Q. Thank you, everyone, for attending and I want to thank defy swap for their amazing contribution to the echelon chain and for attending our AMA. Now lets party
Community Questions (onslaught of 100 Q begins)
Q 1: listening to last night’s AMA with ECS, the Main goal was to add Liquidity to the echelon and so ensure the chain’s success. Do you have the Same ambitions, if so how are you planning on adding Liquidity to echelon, other than what you already doing? When?
A 1 : OK so, this is Question 1.
Even I listened to that. was amazing. Loved what they said about defyswap there, when mentioned.
We have one team member working exclusively on this. Old defy users know her, Leveler. She is working on this and we are 99% sure of bringing in a ‘close to 6 figure’ value to the echelon chain as soon as within 2 weeks from now. We have plans to increase liq levels in farms or another way of further stabilizing the $DFY price, given the market is somewhat bearish. You will get to know soon enough. We are fully transparent, you know that.
Q 2: Hello @methinksso
I think DefySwap is the 1st DEX that offers “IMPERMANENT LOSS PROTECTION” ILP”. Can you explain how ILP works on DFY farms?
A 2: Let’s say, you invested 100$ worth of LP in the DFY-USDC farm. And let’s say, due to bad market conditions when you want to withdraw, your LP value becomes 80$. Plus, you have 12$ as a farm reward, giving you a total 92$ back. The ILP contract keeps a tab on this. That contract will then automatically issue you 8$ worth of DFY so that you don’t make any loss.
This is fully automated and the code is audited as well.
And yes, we are the first and probably still the only DEX to offer this.
Q 3: Will there be a requirement to participate in launchpads in presale and maybe with different tiers? Due to how many tokens you hold/stake Or holding some NFTor something :)
A 3: This is the third question.
I should have mentioned this. Thanks for reminding me.
So, what we plan is, will ask for some whitelist slots from the projects for our users. Those will be strictly for holders of DFY tokens. The plan is, to open a solo staking of DFY but locked for a certain duration. Once you lock, you get auto-whitelisted.
This is a win-win because you get a steady APR in your locked DFY and also get an assured slot in the project presale.
Q 4: Hi, my question is: What are your plans to make the DFY token actually valuable?
The problem I have right now is that the DFY token actually has no value (you can’t do anything with it other than investing it in pools and staking) and therefore the people investing in the DFY/USDC pool are getting mugged off. Let me explain.
So right now the pool has basically a ratio of 10 DFY for 1 USDC. However, as everyone is getting rewarded in DFY this creates selling pressure on the DFY and changes the ratio to (10+x) DFY for 1 USDC. In other words, people are draining out the USDC from the pool and therefore the investors of the pool are losing all their money.
Assuming that only the people from the LP pool are converting DFY to USDC to reinvest in the pool, I the attached chart (if they all re-invest once a day)
A 4: OK, this is the 4th question
1. How do you think BTC gets it’s value? its the same for every virtual currency, except those hard-pegged to fiat (something like USDT maybe)
2. Have you found out how the grand-daddy of all dexes, pancakeswap operate? :) please do. you will have your answer.
Q 5: How can your team take profits from this project to manage for the future so it can be sustainable, without any tax and deposit fees?
A 5: So, this is so easy. You just need to check our tokenomics. Deposit fees are for greedy bastards who want some quick cash and get lost. well, most of them, if not all.
defyswap team doesn’t mint anything for the team
we didn’t premine anything for us
we don’t cut deposit taxes.
we only depend on the small 0.4% tax on DFY trades.
Now, what does this mean? this means, that if we want to eat something better than ramen, we need to continue this project. no trade on defyswap = no money for faf .. and FAF isn’t that stupid. so.. all sails forward :)
Winners of AMA questions — TG handles :