cryptodaily.io hosts an AMA with Swim Protocol. #SwimProtocol #Solana #SolanaDaily #AMA
Cryptodaily Admin: Hello everyone and welcome back to another AMA with SolanaDaily! Hope you’re having a wonderful day 🔥 I’m Daley and I will be your host for today’s AMA with Swim protocol, together with Mr. Troy Tsui. Good day to you Troy Tsui, how’s everything?
Troy Tsui: Hey everyone 👋 Excited to be here today!
Cryptodaily Admin: That’s what we love to hear! Thank you for taking your time to be here. So do you want to start the AMA right away?
Troy Tsui: Let’s do it!
Cryptodaily Admin: Perfect! so, let’s head to our first question
Q1: Could you introduce us to yourself and your team? What are your past experiences with Blockchain?
Troy Tsui: My name is Troy and I started my career at SIG as an algo trader. After working there, I transitioned into the crypto space and was an early member of Alameda/FTX as a quantitative trader as well as an active DeFi participant. I graduated from UC Berkeley with a major in Engineering, Math, and Statistics with a minor in Computer Science.
The team comes from a variety of backgrounds such as FTX, Alameda, Coinbase Ventures, Cosmos, and Google. I’ve worked with many of the team members in college or prior jobs. Our CTO was a software engineer at Alameda/FTX and most members of the software development team have experiences within the cryptocurrency space.
Q2: What is Swim Protocol all about? Give us a little summary
Troy Tsui: Swim is a multi-chain AMM for native assets, designed to make bridging as easy as possible. Our protocol eliminates the need for wrapped assets by allowing users to swap from a native asset on one chain to a native asset on any other supported chain. Swim’s solution reduces the barriers faced by users when performing cross-chain transactions, enabling interoperability between various blockchain networks and composability with other protocols.
We are close to launching our Alpha product very soon! Right now, we are currently improving the product based on feedback to make sure everything will function effectively for our users. We’ll initially support bridging for Solana, Ethereum, and BNB Chain and plan on expanding to Avalanche + Terra + Polygon + more soon after!
Q3: Why did you and your team decide to build a cross-chain, multi-chain liquidity pool? What is it that you’ve done differently compared to various multi-chain liquidity providers out there?
Troy Tsui: We built a cross-chain multi-chain liquidity pool because the volume that moves across chains currently is dwarfed by the volumes that move intra-chain indicating there is a huge amount of growth that is being stunted until there is a bridging solution that can facilitate high throughput.
What we’ve done differently:
Our priorities are:
1. high throughput design (optimizing for long term adoption our design consolidates volume rather than splitting it via multiple channels / wrapped avenues
2. decentralization (going with Wormhole as the underlying cross-chain communication layer governed by a set of Solana Guardians as compared to alternatives in the space)
3. usability (workflow streamlining that catches the variety of cross-chain hiccups that occur when trying to move assets across chains under current solutions – network congestion, stuck transfers, etc.)
Cryptodaily Admin: As an user I’m really excited to see what will Swim protocol do with the network congestion
Q4: Let’s dive into your tokenomics. Can you share with us your tokenomics? And what are some of the $SWIM use cases?
Troy Tsui: Swim’s tokenomics model is broken down into these few major components: mining reserve (30%), ecosystem/partnership (35%), team tokens (20%), Seed (5%), liquidity provision (10%). Team & seed tokens are locked for 1 year and released linearly for 3 years afterwards.
We’ve largely taken inspiration from Curve’s governance model. Almost all aspects of the protocol will be governed. Features to prioritize: bounties for features, fee parameters, slippage curve, various details around the buy and burn model etc. In addition there will be xSwim pool where holders of swim can benefit from the various fee avenues of Swim Protocol. Much further down the line $SWIM will play a role into our decentralized relayer model – a feature that aims to enable smooth cross-chain smart contract calls
Q5: No one can achieve anything valuable on its own, please tell us about your current and future partnerships that will lead you to success in this highly cramped crypto space?
Troy Tsui: That’s a very good question and something we believe in very strongly, our protocol is designed for integrations, from all ecosystems Swim connects to. Initially, our LP token was designed so that users can receive a fungible LP token in any of the chains we connect to, in the example of our first pool, the hexapool, users have the option to receive the LP token back on Solana/BNB Chain and Ethereum. The benefits of this design is that users can participate in the ecosystem in those chains with our LP tokens and are not restricted to Solana.
We are constantly working with yield aggregators, borrow lending, wallets, price aggregators and other AMMs for collaboration. Furthermore, a portion of our tokens are reserved for ecosystem/partnership incentives (35%). Those tokens are distributed for protocols and teams who want to partner with us.
Our long term traction strategy involves many partnerships with existing Blue-Chip-DeFi protocols to enable them in their current efforts to become multi-chain compatible. We have a few major protocols that have agreed to partner with us, and those announcements are coming up!
Q6: What is your long-term vision for the industry that Swim is working in? Is Swim worried that one day there will be another project with more advanced technology that can replace your project?
Troy Tsui: Our long term vision is to be the go to bridge solution for a) the average DeFi user b) big funds c) protocols looking for cross-chain compatibility
We would be excited to see any development in the space! However our approach is unique in the sense that we’re built on top of bridge solutions making Swim flexible to new technology, and making our priority building a user experience around new technology targeted for mass adoption
Q7: What can we expect in the next 3 months and in 2022 as a whole?
Troy Tsui: The next few months are super exciting times for Swim, let me share what we have planned out:
Our Alpha Launch is scheduled to launch very shortly. The SWIM token launch will be shortly after, look out for more details on how to participate in our token launch! (https://discord.com/invite/SwimProtocol)
On the product development side:
-Expansion into new ecosystems (Terra, Polygon, Avalanche)
-Multi-chain AMM composability: Allowing native to native asset swaps cross-chain by plugging in between AMMs (expanding from initial stablecoin hexapool)
-Relayer model enabling smooth cross-chain smart contract calls
On the token side we’ll launch with staking features for users to participate in the Swim ecosystem + a Special DeFi utility NFT launch!
Q8: Where else can we find out more about Swim Protocol?
Troy Tsui: To learn more about Swim, check out our website and Medium, and be sure to follow us on Twitter, Discord and Telegram!
Cryptodaily Admin: With this we are now at the end of our AMA session with Swim Protocol🔥🔥🔥
Time for wrapping up, any last words you would like to say to our community?
Troy Tsui: Thanks a lot for tuning in! Excited to see so much interest! Hopefully all of your questions were answered (at least indirectly) Otherwise we would love to hear your voice in our Discord!
Cryptodaily Admin: Thank you for being here with us, we would love to hear more about Swim Protocol in the future! Take care.