On January 26th 2022, our community had a chance to welcome Mr. Ramani Ramachandran, CEO & Co-Founder of Router Protocol and Mr. Priyeshu Garg – Co-Founder of Router Protocol to join an AMA to deliver fruitful information about the key features and roadmap of the project.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the latest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
🔎 Router Protocol (https://www.routerprotocol.com/) is the infrastructure layer enabling communication between blockchains.
At this AMA, team directly greeted the community and provided detailed information on the project as well as some exciting events that will be held in the near future.
Time: 1:30 PM (UTC) | Wednesday, January 26th, 2021
Venue: https://t.me/CryptoFamilyVN
Reward Pool: 200$ ROUTE for members with the best questions.
Below are some main points of this AMA session:
PART I: OVERVIEW QUESTIONS
- To kickstart today’s AMA, please introduce briefly about your team and some key features of Router Protocol.
Mr. Priyeshu Garg: Hi I’m Priyeshu Garg. I used to be a software engineer in my past life, worked for some of the big brands like Infosys and Ola cabs. After that I transitioned my career fulltime to crypto in 2018 and became a tech-crypto journalist. I covered tech updates/news for a bunch of news sites like Cryptoslate/8btc/newsbtc etc. Finally figured out a need for cross-chain products and started building. We first built Router Protocol and now we are building Dfyn Exchange. Currently I handle Product & Communications for Dfyn Network.
Router is a generic crosschain messaging infrastructure that enables all L1 and L2 blockchains to communicate with each other. The focus is on messaging, and this can then lead to a multitude of use cases – Decentralised Exchanges, Lending platforms, NFT platforms, P2E games, and all that is wonderful and weird in the crypto world will now exist across chains. Concepts such as cross-chain governance now become possible.
- Next, please share with us the mission and vision of Router Protocol in the upcoming years.
Mr. Priyeshu Garg: So the crosschain messaging space is a huge opportunity, and there are multiple players trying to come at this from various angles. You also have the chains themselves building proprietary bridges to solve thre problem of in-bound and out-bound traffic, like Wormhole.
Where Router is differentiated is in a few areas which are as follows
– philiosophy, nonfragmentation, scalability, dedicated AMM (liquidity venue)
philosophy – we are just a messaging layer with what we call an XCLP (Crosschain Liquidity Protocol). We want to focus on generic messaging capabilities with maybe one or two use cases like the swap/transfer portal that we are launching with. On top of this various lending/borrowing, yield aggregation and crosschain governance plays can be built by leveraging Router’s XCLP. THis will be especially evident in the v2 that we are targeting later this year
non-fragmentation – we do not fragment assets, which is a common problem with many bridges that introduce their own version of wrapped tokens. We avoid this.
Finally we have a dedicated AMM in Dfyn on Polygon that will be a key part of a lot our design and growth strategies and scalability – For all the chains that we expand to, we have accounting that we keep track across these chains. This also helps with scaling very easily across L1 and L2 chains, as well as to non-EVM chains such as Terra, Solana and Algorand etc.
- Could you please update some latest news or big events of Router Protocol to attract more and more users?
Mr. Priyeshu Garg: We recently raised funding from Coinbase ventures, Alameda, QCP etc. And our mainnet launches tomorrow Jan 27 which will allow cross-chain swaps between Polygon <> BSC
CF: I believe all the members here would love to hear more about the project, and they have many questions submitted on Twitter today.
Now let’s move to Part 2 with some good questions from Twitter that I have chosen carefully for you.
PART II: PRE-COLLECTED QUESTIONS FROM TWITTER
1.From @imad_clicks
Now have many super hackers so security, scalability, and data privacy are three aspects that are very important. I want to know How the RouterProtocol team will resolve if there is an unfortunate security problem?
Mr. Priyeshu Garg: Security — a priority
Audits : Router is audited by Certik and Halborn. We are also undergoing a third audit by Hacken, post which we will allow the community to stake their assets in Router.
Bug Bounty : Paired with a large and wide-ranging ImmuneFi bug bounty program, we are confident that Router is ready for the cross-chain battle. We have paid over $100,000 to various white hat hackers for their submissions.
Upgradeable contracts : All the smart-contracts in the Router Protocol launch are upgradeable contracts which will allow the team to quickly iterate, move, and upgrade the code.
- From @trivet_antony
What is the utility of the $ROUTE token in the ecosystem and tell us some benefits of holding this token for long term? And What is your marketing strategy? What is your expectation of the project in the crypto world?
Mr. Priyeshu Garg:
$ROUTE Economic Model
$ROUTE : plays an important part in the protocol and will be used for governance, delegation, revenue sharing, and gas fees.
Governance : Holders of ROUTE will be able to participate in governance and shape the future of the protocol by voting on ROUTE proposals for upgrades and parameter changes. This could include fees, chain support, incentives, and more.
Validators use case : Bridge validators utilize a DPoS (Designated Proof of Stake) mechanism, and ROUTE holders will be able to pool their tokens and stake with validator nodes. A small transaction fee will be taken by the Router protocol and will be distributed among the validators and liquidity providers. Initially, the validators will be internal but we plan to make the model more secure by opening the validator door to the public in upcoming quarters. The model will likely involve a minimum $ROUTE holding criteria for becoming a validator on the network.
Gas Token : When transactions are processed on multiple chains, users will have the option and incentive to use $ROUTE as cross-chain gas (instead of each chain’s unique gas token). This greatly simplifies the experience for users, and creates a natural demand for $ROUTE tokens. $ROUTE is also accepted as a bridge fees token.
- From @im_nasonn
Could you give me the reasons why Router Protocol is so confident in enabling communication between blockchains? What do you offer for both traders and developers within the Blockchain space? What are your plans for future expansion and community growth?
Mr. Priyeshu Garg:
We are confident because we are doing a lot for everyone, here’s a view of what we plan to do soon after integrating all EVM chains and enabling cross chain swaps.
More EVM chains in next few weeks : We will start by integrating chains like Avalanche and Fantom first and then soon cover almost all major EVM chains.
Cross Chain Explorer : An explorer to see how exactly the cross-chain transfers and swaps happen on different chains. This will give users more transparency and make debugging easier.
Incentivized staking & liquidity mining programs : We will soon introduce various staking and liquidity mining programs for rewarding those who provide liquidity to Router bridge. We plan to introduce them after our pending Hacken audit.
Router SDK – currently scheduled for May 2022. This SDK will include tools for developers to utilize the cross-chain messaging system to build cross-chain dapps. Instead of dApps that function on multiple chains separately, devs will now be able to build dApps that use multiple-chains in tandem. Think lending on one chain and borrowing on another, cross-chain farming and liquidity provision, and more.
Non-EVM chain : We plan to introduce our first non EVM chain like Terra in the second quarter.
Router V2 Prototype : First prototype of the Router blockchain which will function as a global multi-chain accounting layer.
- From @BojorMamud
Router Protocol is going to bridge CeFi with DeFi, but we see that the regulation is very heavy and complicated, especially for protocols who want to do business both onchain and offchain. How do you solve this problem?
Mr. Priyeshu Garg: Router is not going to engage with CeFi , we plan to serve DeFi at least for the first whole year!
- From @Lidiamga
Router Protocol is a Cross-chain Swap, it important to attract liquidity and create a large pool, the more liquidity there is in the pool, the less slippage the orders will have. What strategies will you use to attract enough liquidity and thus counteract the slippage of orders?
Mr. Priyeshu Garg: Initially – we will put our own liquidity and later we will allow community to stake and earn
CF: Let’s continue with the last part of today’s AMA: Live questions
In this free-asking part, all members will have 2 minutes to make questions for our Guest today. Feel free to ask and he will explain gradually in his answers.
PART III: BEST LIVE QUESTIONS IN CRYPTO FAMILY GROUP
- How safe is your platform? Has there been any Audit so that its safe from bugs and smart contract is fully audited?
Mr. Priyeshu Garg:
Very safe. We were audited by Halborn + Certik
- Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
Mr. Priyeshu Garg:
Yes they will have governance capability and be able to take part in governance decision
- Hi
I want to support your project, Tell us more about the Ambassador Program and in what ways can we participate?
Mr. Priyeshu Garg:
You can join our community on TG and look for Suresh Ramlal, he will help @suresh_ramlal
- What is the structure of this project? Is it decentralised or a open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?
Mr. Priyeshu Garg:
It’s closed source now except smart contracts, you can start by contributing to bug bounty program which is held at ImmuneFi
- What is business model of your project? How it works? And who are your potential customers and which markets are you targeting on?
Mr. Priyeshu Garg:
We will charge users a very small fees to bridge tokens – our users are all L1/L2 users
CF: Thank you so much for taking your time to join our AMA today, as well as thanks for hundreds of good questions from our community. Seems like there’re many things to exchange, but I’m afraid the time is up now.
For all of the questions that have not been answered yet, guys feel free to search for more information on the links provided below:
➡️ Website: https://routerprotocol.com/
➡️ Litepaper: https://routerprotocol.com/assets/docs/Router-Litepaper.pdf
➡️ Twitter: https://twitter.com/routerprotocol
➡️ Telegram: https://t.me/routerprotocol
➡️ Telegram announcements: https://t.me/router_ann
➡️ Discord: https://discord.gg/yjM2fUUHvN
