MoonSwap AMA Recap

MoonSwap AMA Recap

CryptoDiffer team

Hello, everyone!

We are glad to meet here 

Mr.Moon (Founder of MoonSwap)

Founder of MoonSwap, MR.MOON

Hello everyone!

CryptoDiffer team

Q1: Can you introduce yourself to our community ?

Founder of MoonSwap, MR.MOON

Hi, here is Mr.Moon, about month ago, my team created MoonSwap, a “High-Speed, 0GAS” AMM DEX based on Ethereum L2. Before that, we entered the blockchain industry in 2016. We plan to make MoonSwap the best DEX, and there will be an entire ecosystem to support its development in the future.

CryptoDiffer team

Q2: Can you briefly tell us what is MoonSwap in 3-5 sentences?

Founder of MoonSwap, MR.MOON

MoonSwap is a Next-Generation Protocol for DEX, as well as the First and the Best AMM DEX runing on Ethereum L2 now. MoonSwap is supported by Conflux Network and Cross-Chain Asset Protocol ShuttleFlow. All users with Ethereum assets can now enjoy the whole new “High-Speed and 0 GAS” trading experience.

Meanwhile, thanks to our cross-chain development capacity, we will develop protocols in the future to call L1 assets for asset management. Overall, MoonSwap can be regarded as a combination of Uniswap and Yearn.finance with higher efficiency.

MoonSwap was officially launched in early September and accomplished the world’s first ever cross-chain asset migration on Sep.24th, 2020. Currently, the global community of MoonSwap has attracted over 10,000 members, of which almost 60% come from market outside China. We are excited for our journey ahead, very ground-breaking and very meaning!

CryptoDiffer team

Q3: Let`s now talk about the milestones you have achieved and about your upcoming plans?

Founder of MoonSwap, MR.MOON

Yeah, since the launch of MoonSwap, our team has been working around the clock to push it forward, and help solve our users’ problems. We are very proud we have achieved several milestones so far

As our next step, we will put more time and energy on the following aspects:

1. MoonSwap will continue to launch more products. MoonSwap.info has finished development and will be released soon. And our community members developed MoonSwap Gas, which is a good product, where users can check the Gas fees they paid in recent years, and the equivalent pizza amount

2. MoonSwap will launch a mobile version APP for Android.

3. MoonSwap will also launch “the City of a Thousand Planets” Program, aiming to expand its asset list and introduce more ERC20 to MoonSwap.

CryptoDiffer team

Awesome, a lot of updates to come out!

Thank you for such detailed and interesting answers!

I think it is time to start community questions round!

Cryptodiffer Community

If transactions have zero fees, what rewards do MoonSwap validators get? Where does it come from? So is it profitable to be a validator?

Founder of MoonSwap, MR.MOON

This is a question related Conflux. Moonswap is built on Conflux, and we traded Conflux as L2 solution as Ethereum. Conflux ia a POW chain, to be exact, gas fees still exist on Conflux, but due to the “Tree Graph” architecture, the gas fees on Conflux are very cheap, and Conflux team will pay for users forever and always.

Cryptodiffer Community

what is the difference between a peer to peer exchange and a regular exchange? How moonswap deals with security since the kucoin incident?

Founder of MoonSwap, MR.MOON

Yeah, it’s very sad that just a few days ago, a centralised exchange named Kucoin has been hacked and the potential loss amounts to around 150 million $, this is shocking. Of course we heard that Kucoin is in collaberation with many other organizations and has retrieved or forzen all most the same amount of asset hacked. But this whole incident reminds once again the whole crypto community of so many hacking incidents these years, which has caused billions of losses for the whole industry. 

Actually CEX has been troubled with security concerns, risk of identity, information theft, infrastructure risk, banking information theft risk, etc. The first and foremost thing behind this sensational rise behind the decentralized cryptocurrency exchange is the security loopholes associated with the centralized exchanges acturally. 

For CEX, they hold users’ funds, this is natually prone to hacking. While for us MoonSwap, we are peer-to-peer exchange, we don’t hold users’ funds. MoonSwap user has their own key and it is stored in a much safer environment. I think this already solves a big part of the problem currently many CEX faces. I firmly believe DEX is the future trend of trading.

Cryptodiffer Community

What is the competetive advantages of Moonswap ? How Moonswap is better than its competitors?

Founder of MoonSwap, MR.MOON

In the past few years, Uniswap has been a leader in the AMM field, and it has changed the way people trade crypto. However, Uniswap has many challenges. For LPs who provide early liquidity to Uniswap, their income will rapidly decrease after large funds enter the pools, and they will not be able to obtain the returns despite the development of the platform. Supporting these early LPs is critical to the development of Uniswap. But the current situation is simply not fair.

SushiSwap has made some improvements to the design of Uniswap, with native token $SUSHI issued to give more returns to early LPs.

However, we think there is a big problem with the allocation mechanism of $SUSHI, and we have made improvements to that. The transaction fee of MoonSwap is the same as Uniswap and SushiSwap, both are 0.3%, of which 0.25% will be sent to LP, and 0.05% will be used to buyback $MOON from MoonSwap and the MOON tokens will be burnt afterwards. From this perspective, MOON is deflationary.

At the same time, Uniswap and SushiSwap both have a problem that is difficult to solve in the short term: high GAS and low TPS. MoonSwap chose Conflux as the Ethereum Layer2 solution to provide users with a new AMM trading experience with 0 GAS, high speed, and smoothness.

Cryptodiffer Community

MoonSwap claims to have realized the 0 gas fee trading experience for users. Could you introduce to us more about the uniqueness of 「0 Gas fee」and how did you achieve it?

Founder of MoonSwap, MR.MOON

On Conflux, a transcation can be approved within 1 min. 

And as mentioned above, MoonSwap community members created a tool to check your Gas fee payment history. In the product, you can see how much you paid for each transaction. However, on Conflux, we are able to save all these transaction fees for users. You can take a look at how many of your pizza have been taken by Ethereum in recent years.

Cryptodiffer Community

Recently NFT and DeFi are some of the popular topics being discussed among crypto lovers and enthusiasts, what’s Moonswap plan as regards the two?

Founder of MoonSwap, MR.MOON

The combination of DeFi and NFT is a hotspot of the market recently and MoonSwap does have related plans with two directions: Conflux internal and external assets.

Conflux internal assets: MoonSwap will collaboration with the to-be-launched gift box and users will be able to purchase gift boxes with MOON. Apart from the value of NFT itself, NFT assets can be synthesised to gain FC tokens.

External assets: MoonSwap will collaborate with ETH DeFi projects. We will conduct campaigns like gaining NFT assets via staking MOON tokens. And MoonSwap will map NFT assets to Conflux, and users are allowed to mine NFT assets. We hope that we can find more adoption scenarios for MOON to promote its mass adoption.

Cryptodiffer Community

Would you like to share more about the to-be-launched “the City of a Thousand Planets” Program?

Founder of MoonSwap, MR.MOON

Yes, sure!Recently we have launched “the City of a Thousand Planets” Program. 

MoonSwap V1 has been running stably since its launch on Sep 28. The cumulative number of 0 Gas transactions processed on MoonSwap has exceeded 100,000, helping users save more than 1 million USD. This marks the successful operation of the world’s fast Ethereum L2-Based 0 Gas and high-speed AMM DEX. With the landing of MoonSwap V1 on Moon, the global community members of MoonSwap have attracted over 10,000 people. 

As a highly-concerned question, many community members are keen to know when MoonSwap will start to expand its asset list by introducing more ERC20 assets. Today, We are glad to announce that MoonSwap will launch “the City of a Thousand Planets” Program (CTPP). 

The first stage of CTPP will adopt pre-assessment and invitation mechanism. We will publish our listing application form for projects to fill out. The Conflux smart contract of an ERC20 asset after cross-chain mapping will become a brand new Conflux address and may cause confusion, so we believe that the pre-assessment and invitation mechanism are able to protect users from scams and counterfeits, as users may not be able to distinguish the real projects from the fake ones. 

Pre-assessment and invitation are not censorship, as we will not assess the project’s quality and the basics, but only focus on confirming its uniqueness, to ensure the uniqueness of all the ERC20 assets listed by MoonSwap on Conflux network. 

Meanwhile, we welcome ERC20 assets migrant to MoonSwap from other AMM DEXes like Uniswap and SushiSwap, which is called Migration Mining. We will open Ethereum Galaxy liquid mining for these assets (mine through staking UNI V2 LP tokens). They will be migrated one by one and the Conflux Galaxy liquid mining (mine through staking MOON LP tokens) will be open for them after their landing on MoonSwap in the Conflux Galaxy. 

At present, it’s completely free to get listed on MoonSwap. However, we may introduce community governance to the listing process, where candidates are required to pay a certain amount of $MOON to initiate a listing vote, and the community governance will vote on the project’s listing. 

We here sincerely invite all DeFi enthusiasts, miners, Bitcoin and Ethereum lovers to join MoonSwap, together we will build it as a galaxy metropolis.

Cryptodiffer Community

How does the Moonswap team plan to continue promoting the adoption of their technology? For the vast majority of users it can be difficult to understand and use.

Founder of MoonSwap, MR.MOON

This is related to our marketing plan. In terms of global expansion, currently we are focused on introducing us to the global market, building brand, gaining users. As we have just mentioned, we have recently accomplished our cross-chain asset migration, which we attached great importance to as asset securty is our top priority, in the next we are starting our partnership discussion with many top players in the global DeFi sector. We believe a DeFi project’s success is closely connected with the whole ecosystem.

Cryptodiffer Community

We are seeing a big volume of new DeFi projects released on a daily basis. What do you think would make MoonSwap stand out, and what’s your long-term plan?

Founder of MoonSwap, MR.MOON

For this question, let’s talk a little bit about DeFi first.

As we know, a fundamental issue for base layer blockchain protocols is scalability and speed. We’re one of the few layer-1 protocols using a novel PoW-integrated DAG structure providing between 3,000 and 6,000 transactions per second for enterprise applications. That structure, called Tree Graph, is an energy-efficient proof of work mechanism that allows the network to pursue efficiency without sacrificing safety, decentralization, or trustworthiness.

To compare our transaction throughput to the industry standard, Conflux Network’s technology features a reduced confirmation time and increased transaction throughput of 6,400 transactions per second, while Visa handles about 1,000 to 4,000 per second.

MoonSwap is working hard to lower the barriers of entry to financial products and services, empowering third-party developers, liquidity providers and traders to participate in the open financial marketplace. Through the open financial system based on smart contract, MoonSwap is actively exploring the boundaries of new financial universe of DeFi.

Cryptodiffer Community

DEX is an important sector in DeFi and the daily transaction volume of Uniswap briefly exceeded Coinbase for several days in a roll this month. Do you agree with the arguement that DEX is replacing CEX?

Founder of MoonSwap, MR.MOON

DEX is not only a competitor of CEX, but also a complement to CEX. It’s still too early to say that DEX will replace CEX. Most Uniswap users invest due to its profitability. 

The high popularity of Uniswap has a lot to do with its model innovation and profitability.

Just as crypto has not replaced fiat money and the two have a coexisting and complementary relationship, I believe that DEX cannot replace CEX. The two will joinly promote the development of crypto world with a healthy competition.

Cryptodiffer Community

DeFi is one of the hottest topics in the blockchain field. Can you share your opinion about DeFi with us?

Do you think DeFi will destroy the existing financial system?

What’s your project Approach towards DeFi?

Founder of MoonSwap, MR.MOON

DeFi can be seen as the second breakthrough (The first one is Bitcoin). Although it is not yet as disruptive as Bitcoin, DeFi has already begun to take shape and shown its potential.

DeFi exists because it can meet the financial needs of some people, whose financial needs cannot be met by the traditional financial system.

The goal of DeFi is to establish a transparent financial system, which is permissionless and open to everyone and does not rely on any third-party institutions to meet financial needs.  Financial needs such as loans, transactions, payments, and various derivatives, cannot be met by traditional finance. Through the integration and operation of intermediary agencies, traditional finance improves market efficiency and achieves better resource allocation. But at the same time, due to the existence of intermediaries, the traditional financial system has also seen many problems, including transparency issues and spamming. This has led to excessive debt and inflation. Once economic development stagnates or excessive inequality occurs in economic distribution, and the debt structure is not capable of dealing with the changes in time, economic crises will inevitably break out.

In the current financial structure dominated by intermediation, economic crises seem to be unavoidable and constant. The core of the blockchain is transparency and distribution, which gives it the opportunity to change the current financial structure. This is why DeFi can play a key role in the future.

Founder of MoonSwap, MR.MOON

OK, thank you for your enthusiasm, and I am very happy to have a pleasant time with you all here.

Cryptodiffer TEAM

Awesome!

Thank you. Appreciate your time, great answers.

Thank you everyone who took part today.

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