On February 25th 2021, our community had a chance to welcome Eric Werker- Co Founder Of Foxswap to join in an AMA to give fruitful information about the key features and roadmap of Foxswap.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the lastest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA, the Co-Founder of the project - Eris Werker directly greeted the community and provided detailed information on Foxswap as well as some key products and new features. And exciting events will be welcomed in the future
Time: 09:00 PM (UTC + 7) on Thursday, February 25, 2021
Venue: https://t.me/CryptoFamilyGroup
Airdrop 200 USDT for the best questions in the AMA.
Below are some main points of this AMA:
PART I: INTRODUCTION OF FOX SWAP
Question 1: First, can you give us an overview of FoxSwap. What are unique features that differentiate FoxSwap from other DeFi platforms like Uniswap, Sushiswap, 1Inch Exchange...?
Eris Werker:
About Foxswap: FoxSwap is a decentralized exchange or Automated Market Maker (AMM) Protocol which allows everyone to swap all token on ERC-20 platform. Launching FoxSwap doesn’t depend on external factors. People can use FoxSwap by using functionality embedded in applications.
Comparison between Uniswap and Sushiswap:
1. Basically Sushiswap is a fork from Uniswap, so two decentralized exchanges are the same. Uniswap and Sushiswap use a single liquidity pool, traders when liquidating will be provided from a single liquidity pool, this is why the slippage of some tokens is so great. Moreover, Uniswap used on layer 1, which leads to poor scalability, which is due to high transaction fees and slow transaction speed.
2. The uniqueness sets Foxswap apart from other decentralized exchanges:
- Layer 2 protocol: The support protocol for Layer 1 will deal with scalability, transaction fees, processing speed, etc.
- DEX Aggregator: When placing orders on Foxswap, the system will automatically search and execute orders in the best liquidity pools without having to install from users.
The big other big quality of Foxswap is the merge between Layer 2 protocol and DEX Aggregator, these two factors will help solve problems such as high level of service, slow processing speed, high slippage, low payment. Thus, it can be said that many of the problems that are making it difficult for people to access DeFi will be solved on Foxswap
Question 2: Can you tell us some of your investment partners and what value they have brought to FoxSwap platform?
Eris Werker: We started building Foxswap from Q2 - 2020 and received interest from two large investment funds, CODE Ventures and Black Hole Capital.
These are two funds that have invested strategically in the seed sale round. Not only investment, CODE Ventures and Black Hole Capital also assist us in the engineering implementation, because their team members are mostly IT engineers.
Most recently, we received the interest and investment of Pantera Group - Korea's largest crypto community. Not only strategic investment, Pantera is also Foxswap's marketing advisor. They help us connect major exchanges in their relationship-based listing.
Question 3: Next, please share with us some latest news and hot events of FoxSwap in the coming time.
Eris Werker: Foxswap's foundation building is almost complete, everything is prepared and coming soon.
Foxswap Upcoming Events:
Public sale: At 20:00 pm tomorrow (UTC + 8), we will start round 1, if everyone is interested in Foxswap please follow us for the latest Foxswap news. https://t.me/Foxswap_DeFi
Also, you can refer to public sale details here: https://medium.com/@foxswap/information-on-foxswaps-upcoming-public-sale-fox-2b0319cbddf7
After completing public sale rounds, $FOX token will be listed on Uniswap. Next will be a CEX exchange that is already in our plan.
Foxswap will be audited at a number of major companies and will launch beta shortly. We have a lot of plans, if you want to know more than just follow Foxswap's notifications, everything will be updated here.
PART 2: PRE-COLLECTED QUESTIONS FROM TWITTER
The question is from Twitter
Question 1: About the fees, there is a 0,1% fee for swapping tokens on FoxSwap, does this fees are part of your governance system? How do you reward the liquidity providers? And is it possible to pay for these fees with your native token $FOX? @trantheanh_337
Eris Werker: 0.1% is the default transaction fee on Foxswap. Profits from transaction fees will be deducted 30% to buy back FOX tokens and burn them. The remaining 70% will be split for distribution to the liquidity providers as well as the FoxSwap team.
When you provide liquidity on Foxswap, you will act as the Liquidity Provider. The rewards you receive will be converted to FOX tokens. Transaction fees on Foxswap will be the cheapest, but the cheaper it will be when you hold a lot of FOX, the system will check and you will receive FOX corresponding to the reduced transaction fee.
Question 2: From the tokenmetrics details of $FOX, there is no doubt that it plays a key role in the development of the FoxSwap ecosystem.
Do you have any coin burn or buyback mechanism to reduce token supply, which will help increase and maintain the token value in the long run? @Tran2886171477
Eris Werker: That's right, FOX plays an important role in the development of Foxswap's ecosystem.
When you use Foxswap, you will definitely need to use FOX tokens.
As I mentioned above. 30% of profit from transaction fees will be used to buy back FOX as monthly burning in order to reduce supply and increase FOX token value.
Not only 30% of the transaction fees, the profit of the platform will also be extracted to buy back FOX to increase the value.
Question 3: What are the risk management policies that FoxSwap DeFI uses to safeguard the investments and credits granted by its platform?How do you really ensure that there is a backup base to rely on in the face of any situation or sudden change in the commercial markets?
Eris Werker: Right from the beginning of Foxswap, our users' security and safety are of special concern. So we have built up mechanisms against third-party attacks to ensure the safety of our users.
When using Foxswap, your assets will be on your wallet, there will be no effect whether Foxswap you attack.
We have provisioned plans and built up funds to avoid bad situations to ensure users' assets are not affected.
Question 4: How can FoxSwap provide the solution for high transaction fees, low liquidity, high slippage, and speed? When will Layer 2 Protocol, DEX Aggregation and other key features be available on the platform ?
Do you plan to migrate to other chains like BSC to deal with the current issues of ERC20? @phuongtranvtk
Eris Werker: The combination of Layer 2 Protocol and DEX Aggregator will help to solve those problems.
Most of the current decentralized exchanges are unsolved because of poor scalability as there are too many users using DeFi.
This diagram to better understand the mechanism of action:
Layer 2 Protocol
DEX Aggregator
After the public sale has completed the Layer 2 protocol will be available. We are ready to launch a bate version for our users to experience before the mainnet launches.
Foxswap was created to solve transaction problems on the Ethereum platform. So most of our research and development time is focused on solving Ethereum problems.
But undeniably BSC is also good for development. We already have a BSC team and will likely launch Foxswap on both ERC-20 and BEP-20 platforms. In addition, we will be introducing a bridge to make the transition between the Erc20 and Bep20 a breeze.
Transaction fees of up to 1000 dollars are really crazy!
Question 5: Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Does you have any special plans to attract and develop the community as well as improve user experience? @TrungHi34791477
Eris Werker: We already have 5 local communities to develop in the future including Korea, Indonesia, Vietnam, India, Bangladesh. In the near future, when going into development we will open more local communities.
To attract users to experience we will have a reward program when users experience using Foxswap.
And finally for long-term development, we have developed the commission mechanism. When using Foxswap you will be provided with a referral code, this referral code is your wallet address, when inviting others to use you will receive a commission based on their transaction volume and transaction fees.
CF: That's the end of Part 2 in this AMA. All of the members here have gathered enough useful information, also they have many questions to raise for Foxswap team today.
PART 3: BEST LIVE QUESTIONS CRYPTOFAMILY GROUP
Question 1: Is Your project a Global project ?
Is any of the local communities restricted from contributing to the project ? @yume303
Eris Werker: The project is open to all citizens around the globe. Foxswap is a decentralized exchange that will not limit any country. Furthermore, when the mainnet launches, we will open a lot of local communities.
Question 2: Currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some advice why they should buy and hold this token/coin in the long term? @pepethefirstt
Eris Werker:
- We are living in the early stages of DeFi. In the future, DeFi will be extremely developed. Foxswap was created to solve DeFi's problems on Ethereum.
- $FOX is used in Foxswap's ecosystem. Any user when using Foxswap will need FOX for more optimization.
- FOX will be acquired and burned monthly to increase its value.
And much more, when you use Foxswap you will see the usefulness of FOX tokens.
Question 3: Why did you choose Crypto Family to AMA with FoxSwap
Eris Werker: Crypto Family is a large crypto community in Vietnam. You can see how amazing the activities of the telegram team members are. There is no other option without choosing Crypto Family.
I am very happy for the AMA with Crypto Family.
CF: To continue the AMA session, I am going to have a mini quiz for you. The Quiz will include 2 multiple questions, after posting each question I will unmute the chat unmute chat within 30 seconds for you to send the answer (A, B, C or D) into the chat box. The correct and fastest answer will be chosen, good luck you guys!
PART 4: QUIZ IN CRYPTOFAMILY GROUP
Question 1: What are the names of the funds that have invested in Foxswap in the seed round?
A. CODE Ventures & The Block
B: Black Hole Capital & The Block
C: CODE Ventures & Black Hole Capital
D: The Block & Pantera Group
Question 2: What are the two outstanding features of Foxswap?
A: Swap tokens, Oracles
B: Loans, Secondary Markets
C. Oracles, Secondary Markets
D. Layer 2 protocol & DEX Aggregator
CF: We are so excited to hear more about this quality project. But I am afraid the time is up now, so we must finish our AMA session. For all of the questions that have not been answered yet, feel free to search for more information on the links provided below:
Telegram VietNam: https://t.me/FoxSwap_Vietnam
Website: https://foxswap.exchange/
Whitepaper: https://foxswap.exchange/resources/docs.pdf
Twitter: https://twitter.com/foxswap_defi
Telegram: https://t.me/Foxswap_DeFi & https://t.me/FoxSwap_Community
Medium: https://medium.com/@foxswap
