AMA RECAP with CHOCOSWAP held @ Telegram Group!
Good day to all! we have AMA portion with CHOCOSWAP
CHOCOSWAP, the first cross-chain decentralized exchange on the Ontology, aims to solve the existing issues in the DEX sector by providing instant transactions, lower fees, cross-chain asset exchange, improved user experience, and many other benefits.
Date: November 12th 8 pm GMT +7
Venue: t.me/DeFiProjectAMA Community
Guest: Shawn You
Ok, my name is Shawn You. I was once served as PR director of NEO, Ontology and be responsible for domestic and overseas marketing and public relations.
Project Telegram: t.me/ChocoSwap
Host: Anita Williams & Amanda Simon
The AMA will be in 3 Phases
- 1st Phase: Questions will be from Team.
- 2nd Phase: Questions from Twitter
- 3rd Phase: Questions from Telegram Community.
1st Phase:
Questions will be from Team!
Anita Williams:
Q1. Will you please decribe yourself and your CHOCOSWAP PROJECT?
Shawn You:
Ok, I’ve just described myself. And, Chocoswap is the first cross-chain decentralized exchange on the Ontology, aims to solve the existing issues in the DEX sector by providing instant transactions, lower fees, cross-chain asset exchange, improved user experience, and many other benefits.
Anita Williams:
Q2. What is the concept behind the creation of the project "CHOCOSWAP"?
Shawn You:
mm.. Ontology had developed the technology of cross-chain, but they didn’t have a DEX right now. So our team liked to build up a DEX base on Ontology , then had the idea of “Chocoswap”.
Chocoswap, sounds close to "Ontology".
That’s the suggestion they gave us.
Anita Williams:
Q3. How can we get CHOCOSWAP tokens? Does your project include farming or just we say staking?
Shawn You:
Yes，you could join in our pre-sales for Choco. The 1st round of presale has just begun from Nov. 10th. Pleast refer to https://www.reddit.com/r/Chocoswap/comments/jsaaq7/chocoswap_preseed_announcement or our official telegram group https://t.me/chocoswap for details.
Our project includes farming. We will have the Chocoswap DAO token VNLA, and the initial set of mining pools are as following:
Choco-USDT (2x reward) - initial VNLA is 20,000, and the total will be 40,000;
VNLA-USDT (1.5x reward) - initial VNLA is 15,000, and the total will be 30,000;
DAI-USDT - initial VNLA is 10,000, and the total will be 20,000;
Anita Williams:
Can you give us an overview of tokenomics and roadmap to see where yield has gone and achieved its success? Can you tell your mitigations to avoid market crash from team dump?
Shawn You:
In the market, different DEXes are coming up with their incentive mechanisms, such as SushiSwap, which offers SUSHI as an additional reward for liquidity providers. However, after analyzing SushiSwap’s token economy, several common flaws of DEXes arise:
Team reserve: SushiSwap’s founder keeps 10% of each SUSHI distribution, a time bomb for the sustainable development of the ecosystem;
Staking risk: The protocols require users to stake LP tokens and earn profits;
Token economy: Existing protocols mess up the DAO and utility tokens, which could destroy the entire ecosystem;
Single asset swap: Since most of the protocols are based on Ethereum, meaning they only support ERC-20 swaps;
Low speed and high costs: Due to Ethereum’s underlying technology, transactions on the swap protocols are relatively slow and expensive.
To solve this dilemma, Chocoswap creatively applies a dual token model (Choco and VNLA). Choco is the utility token in the ecosystem, while VNLA is the governance token in the decentralized autonomous organization.
Chocoswap will follow three versions to accomplish.
- V1 would like to adopt Uniswap’s elegant core design. Chocoswap has added community-oriented features to improve the design of the protocol. V1 will be launched in December,2020.
- In V2, Chocoswap will conduct a liquidity migration, which will migrate all the liquidity tokens staked Chocoswap contracts.V2 will be launched in 2~3 months after V1.
- V3 will be a fully cross-chain decentralized exchange built on Ontology. Meanwhile, Chocoswap will build more financial products, including decentralized futures, options, etc., to meet with diversified demands, and will be launched in the middle of 2021.
As for the second question, the tokens for team and advisors will only be released 10% after listing on the exchange, and the rest would be gradually unlocked within the next 5 years.
Anita Williams:
What are the main features you would recommend to us? What are the application that "CHOCOSWAP" target in the future?
Shawn You:
Chocoswap has features like cross-chain swap, order book, transaction mining, decentralized referral program, etc. That will be different from other DEXes.
As for the goal, we’d like to make Chocoswap the biggest cross-chain swap on Ontology with a large number of users, to provide a convenient, smooth transaction with lower fees and higher speed.
1st Phase END.
2nd Phase:
Questions from Twitter!
Amanda Simon:
Q1. @SweetDaisy1995
Are you planning to burn or buyback your tokens from the market in the future? What happened to the unsold tokens?
Shawn You:
Firstly, in the pre-sale round, the unsold Choco will be burned directly.
Secondly, there will be a buyback& burn mechanism while V2 is launched.
50% net profits will go to Choco buyback & burn and 50% net profits will be rewarded to Choco holders.
Amanda Simon:
Q2. @CCryptojenny
What is the risk strategies or your preemptive measures does "Chocoswap" use to ensure that ny deposits are always safe well managed liquid and depkoyed in the most favourable positions? Do you use centralized entities protocols?
Shawn You:
Chocoswap is a decentralized exchange. User assets will be stored in smart contracts and kept safe. That’ll be a complete decentralized way.
Amanda Simon:
Q3 . @kinymuem
All platform that use a SWAP mechanism, must affront 2 issues, the low Liquidity ( that cause Big spreads between orders) and Slippages, so can you tell me how you will solve this instrinsic limitations?
Shawn You:
We will bring in external data sources through Oracle to decrease the price gap and slippage in trading orders as best as we can.
On the other hand, we will use order book in our DEX.
Chocoswap will be equipped with a decentralized automated full limit order book, which not only gives traders complete control over their orders unlike automated market-making but also automatically executes on-chain order matching.
The order book will allow users to submit orders with directions, prices, sizes, etc., which gives users control over their trading. Chocoswap includes lots of optimization in the order book system to make it simpler and more efficient for users.
Amanda Simon:
Q4. @Albhie
If you were to summarize your project in one word, what would it be?
Shawn You:
One word.... I think it’s "profitable"
Amanda Simon:
Q5. @bimasuryaatmaj1
The Ethereum blockchain has some problems with transaction speeds and high gas fees, but why is $ Choco using the Ethereum blockchain? And how do you react to that?
Shawn You:
We’ve just noticed the problem, so we will build up on Ethereum at first then migrate to Ontology network for higher speed and lower fees. Collabrate with Ontology will help us solve these problems.
2nd Phase END
Final Phase:
Questions from Telegram Community!
@Chocholateboy
Is your project is fully decentralized and is there some risk of centralization in the future?
Shawn You:
Yes, it’ll be fully decentralized.
@Chocholateboy
As I am a developer with knowledge of programming languages such as solidity, C ++, Java etc., can I create Dapps on your platform ? And HOW easy to create dapps on you platform???
Shawn You:
Yes. Our platform is open to the developers. All of the new concepts, technology and products are welcome.
@popi999
Do you have any new partneship recently? And what advantage of this partnership to the project?
Shawn You:
Actually we’ve just contacted some big exchanges like Binance, MXC for co-operation and big funds to invest. Ontology will provide strong tech supports as well.
@syanamii
Over the past months we have seen many yield farming projects that are just clones or copies with a few changes to Yam or sushiswap. What is your plan to attract liquidity from the mainstream yield farms that have launched to date?
Shawn You:
Good question. Frankly, our purpose is to make a big DEX with high flows. Liquidity mining is a way of attracting users. At first, we will have about 100,000 users from ONTO wallet. Then, we’d try hard to attract more users from ETH Dexes to our cross-chain Chocoswap.
@jeckkawis
As Education for crypto currency is necessary nowadays , what’s your plan to to attract those people who don’t know about cryptocurrency? 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?
Shawn You:
Firstly, we will provide users from blockchain industry with convenient and low-cost transaction service; Secondly, we consider DEX will be a trend for financial market in the future. More and more people will use Bitcoin or Altcoin to trade, besides their Fiat currency transaction, for some inflation or other factors.
