Hello, Satoshi clubbers and guests of this site. Today we will talk about the Zero Exchange project. Zero Exchange is a new DEX platform launching soon on the Avalanche Blockchain. The ZERO Exchange Protocol realigns incentives for network participants by introducing revenue sharing and community-driven network effects to the popular AMM model. The AMA took place on January 19 and our guests were @ZeroDex0, @grogu2020, and @ZeroSnowman?—?representatives of Secret Santa.
The total reward pool was 50000 ZERO and has been splitted in 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1?—?introduction and questions from the Telegram
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Zero Exchange! Welcome to Satoshi Club
D. | Satoshi Club:
@zerodex0 @grogu2020 @zerosnowman hello guys! welcome to Satoshi club!
Mary | Satoshi Club:
@zerodex0 @grogu2020 @zerosnowman welcome to Satoshi Club
Baby Yoda:
Hello!
Zero Team:
Hi everyone!
Zero Team:
Happy to be here!!!
Zero Snowman:
Hey everyone!
Mary | Satoshi Club:
Hello, guys! We are happy to see you here today!
Zero Snowman:
Thanks for having us!
Mary | Satoshi Club:
Let’s start our party
Mary | Satoshi Club:
@zerodex0 @grogu2020 @zerosnowman could you please introduce yourself and, of course, Zero Exchange
Zero Snowman:
We are representatives of Secret Santa.
Zero Team:
HOHOHO!
Zero Team:
We are the team from Zero.Exchange, a new DEX platform launching soon on the Avalanche Blockchain.
Mary | Satoshi Club:
Santa
so, tell us what will Santa bring us with Zero Exchange?)
Baby Yoda:
The gift of zero* fees, zero finality, zero hassle.
D. | Satoshi Club:
I thought Christmas is over
Zero Snowman:
We started with a snowball, but it’s building into an avalanche.
Zero Team:
Gone are the days of high gas fees!
Zero Team:
And Frontrunning!
D. | Satoshi Club:
Sounds good!
Mary | Satoshi Club:
Gas, fees, and zero seems impossible in one sentence nowadays
Mary | Satoshi Club:
But I see you found a solution
Zero Team:
This is all made possible by the Avalanche Consensus!
Zero Team:
Trades executed in under 1 second (Zero Finality, Zero Latency, 120x faster than Ethereum)
Mary | Satoshi Club:
I know, that we will have a question about this in our first part
Zero Team:
All with Visa level throughput.
Mary | Satoshi Club:
It’s incredible
Baby Yoda:
How are there Zero Gas fees?
Transaction fees also known as “gas” will be negligible (a few cents based on the price of AVAX) regardless of transaction size?—?ex. If 1 AVAX costs $4.50, the transaction fee is 4.5 cents.
Is there a Swap fee?
Swap fees on Zero.Exchange is a 0.3% fee which goes to the liquidity providers on the traded pair, this is the incentive.
Baby Yoda:
Avalanche brings Visa-level transaction speeds.
Mary | Satoshi Club:
4.5 cents that is what we need
Zero Snowman:
Santa is back at the North Pole after airdropping the initial liquidity to people who signed up to the good list on Christmas. Now we are a decentralized community finding a solution to the insane gas fees of DEXs.
D. | Satoshi Club:
What if AVAX would cost a thousand bucks?
Mary | Satoshi Club:
Santa is very kind this year
Baby Yoda:
470gwei = .00000047
Current cost of AVAX = $13.11
.00000047 * 13.11 = .0000061617
.0000061617 * 120,000 (typical gas usage for a transaction = ~$0.73/transaction
Typical savings over eth of 95–96%
Zero Snowman:
Avax has fixed gas fees that can be configured by the token holders, their evm chain could be reconfigured to lower fees.
D. | Satoshi Club:
Gotcha
Zero Snowman:
I believe they are also working on this.
Mary | Satoshi Club:
They are predictable
Baby Yoda:
1,113 transactions totaling $13,666 in Ethereum Gas fees. Those same transactions on ZERO would’ve cost 1,113 transactions * $0.73 or $812.49?—?savings of over 94%!
Mary | Satoshi Club:
Very nice numbers
Mary | Satoshi Club:
Thank you, guys, for this almost Christmas intro
ready to start with the questions from our community?
Baby Yoda:
https://esatoshi.club/wp-content/uploads/photo_2021-01-20_20-36-21-1024x746.jpg
Baby Yoda:
Yes
Mary | Satoshi Club:
Where did you get my stats?
Zero Snowman:
Let’s hit the slopes.
D. | Satoshi Club:
Let’s go
Q1 from Telegram user @daviessss
I don’t understand. On your website, all the information says that you’re on Avalanche blockchain, but I saw you on Uniswap as well. Can you clarify how is this possible? You plan to continue functioning on both ETH and Avalanche blockchains or you’ll switch to Avalanche only in the near future?
Zero Team:
gas.wtf
Mary | Satoshi Club:
Zero Team:
So the intention of launching on Uniswap was to allow the community to get involved in Zero before we had our main net launch, participation in our liquidity mining has been incredible, as we just hit $5M in TVL.
Zero Team:
So we wanted to build awareness and excitement in the project, allow the community to participate leading up to our Avalanche launch.
Zero Team:
We did this strictly to disperse the tokens, an unavoidable bi-product of this was that Zero became tradable on Uniswap, but the intention was just to build awareness and allow participation in earning Zero rewards.
Zero Team:
We will be launching on Avalanche soon, yes. Our Uniswap LP mining rewards program will run until the end of the month. Once we launch we will have a similar incentive on Avalanche.
D. | Satoshi Club:
Will you be functioning on both blockchains?
Zero Snowman:
Naturally, we will transition our liquidity over to avalanche as the rewards go live on the avalanche c-chain.
Zero Snowman:
But we aren’t going to force anyone to move over.
Zero Snowman:
Big brains will move themselves
D. | Satoshi Club:
And when we can expect this?
Zero Team:
We will remain tradable on Uniswap for as long as there is community support for it there, however, I think most people will want to move over to Avalanche for the mining program and because…Zero Fees…
Zero Snowman:
This month.
Zero Team:
SoonTM.
D. | Satoshi Club:
Pretty soon.
Zero Team:
Very soon…
Mary | Satoshi Club:
Is Zero Exchange only one Exchange on Avalanche chain?
Mary | Satoshi Club:
Or you have competitors?
Zero Snowman:
We are the first Uniswap like DEX that exists on Avalanche.
Mary | Satoshi Club:
Wow! It’s a big responsibility to start
Zero Snowman:
There are others but there is only one ZERO.
Mary | Satoshi Club:
Yes
Mary | Satoshi Club:
Zero fees
Mary | Satoshi Club:
Ready to proceed, guys?
Zero Snowman:
You got it, Mary.
Q2 from Telegram user @whoosylady
Zero Exchange is one of the few projects I’ve seen recently that is not built on Ethereum. Tell us please why did you decide to build the project on a blockchain that is not very popular and well known? Don’t you think that using such experimental solutions comes with risks?
Zero Snowman:
With great risks come great rewards.
Zero Team:
It’s not that Avalanche isn’t popular, it’s actually incredibly popular for the short time it has been around. Take ETH or DOT, they have been around 5–10years longer. Avalanche is the new blockchain on the scene, and you are doing to see many new projects, especially DeFi projects built on Avalanche because it is specifically built for the exchange of digital financial assets.
D. | Satoshi Club:
How many projects use Avalanche blockchain presently? do you have such information? I mean if there are no tokens why do we need DEX there?
Baby Yoda:
There is a list of avax projects here: https://www.avalanchelounge.com/
Baby Yoda:
And there are announcements every week from the ava labs team.
Baby Yoda:
We need a dex there to take advantage of the throughput and VM support?—?the deficiencies in transacting on ETH have made small swaps almost pointless?—?we do this for the community.
D. | Satoshi Club:
I will check, thanks
Mary | Satoshi Club:
The list looks nice
Mary | Satoshi Club:
It makes sense
Mary | Satoshi Club:
Thanks for the answers! Ready for the third question?
Q3 from Telegram user @filippsubzero
Apart form making it faster for the people to use it, what other special features do you consider developing in order to drive the community towards your exchange? After all, successful exchanges like BINANCE are much more than just exchanges, they developed a full suite of useful products for their users.
Zero Team:
Providing utility for our community has always been a priority, that we have a few partnerships up our sleeves for Q1 and Q2 that will increase the utility of Zero.Echange….Charting features….Limit Orders…
Mary | Satoshi Club:
Btw, do you have a roadmap?
Zero Snowman:
Also, we have a rapidly growing community of contributors and bounty programs coming soon through the governance contracts.
Zero Team, [19.01.21 17:59]
Yes, but it is in need of an update…
Zero Team:
So we will have that ready prior to launch along with other documentation.
Mary | Satoshi Club:
Community is the key
Zero Team:
Also….NFT’s anyone?
Mary | Satoshi Club:
Yes, I love them
Zero Team:
https://esatoshi.club/wp-content/uploads/IMG_0143-1.mp4
Mary | Satoshi Club:
It’s so pretty
Mary | Satoshi Club:
Will these NFTs be on Avalanche chain also?
Zero Team:
Yes!
Zero Team:
Avalanche has NFT capabilities built right into their native wallet!
Mary | Satoshi Club:
NFT Marketplace with zero fees?
Zero Team:
There are a lot of features built into the Avalanche blockchain which will allow Zero to provide significant value to traders versus what is currently offered on the DEX market.
Baby Yoda:
*tx speed
Mary | Satoshi Club:
Great! So, we are waiting for the news from you
sure, you will use Avalanche’s features!
Zero Team:
https://esatoshi.club/wp-content/uploads/photo_2021-01-20_20-50-03.jpg
Mary | Satoshi Club:
And don’t forget to share your updates with Satoshi Club
Mary | Satoshi Club:
Got it
Zero Team, [19.01.21 18:05]
https://t.me/ZeroExchangeCommunity
Mary | Satoshi Club:
Thanks, guys! Ready to go to the next question?
Zero Team:
Yes!
D. | Satoshi Club:
Great!
Q4 from Telegram user @bitcoinistic
If you have zero fees, how is your operational budget formed? Where do you take the money to run the exchange?
Zero Team:
We have bootstrapped our entire project ourselves, so each team member has contributed to where we are now. It hasn’t been easy but we felt self-funding the project was the best way to go. Taking community funds changes the dynamic quite a bit, we wanted the community to trust us, and we establish this trust by investing in our own project, not taking other’s money.
Mary | Satoshi Club:
You recently had small sales, is this right?
Zero Snowman:
Not correct!
Zero Team:
We have not raised any funds from the public. At all. Ever.
Mary | Satoshi Club:
Oh, sorry, so?—?all project for your own money, right?
Baby Yoda:
Zero raised.
Zero Team:
Our project is entirely team funded.
Mary | Satoshi Club:
Lol)
Zero Snowman:
We are fully bootstrapped and did an airdrop to signups on Christmas and it’s just built up naturally from there.
D. | Satoshi Club:
but will have some presale/public sale in the future?
Zero Snowman:
You could say it’s snowballing
Zero Snowman:
No.
D. | Satoshi Club:
Wow!
Zero Snowman:
There is an ongoing liquidity mining program though, so anyone can contribute and earn their piece of ZERO.
Zero Team:
Again, in order to build and establish trust with our community, we will not take in outside capital.
Mary | Satoshi Club:
It’s very good, you really look like a group of Santas
Mary | Satoshi Club:
But if the project will grow, you will need more stuff where do you plan to get the money?
Zero Team:
We have a small portion of the token supply dedicated to continuing to grow the platform, the use of which will be dictated by governance proposals voted on by the community.
Mary | Satoshi Club:
Ok, got it
Thank you
Mary | Satoshi Club:
Ready to proceed?
Zero Team:
SantaDao
Mary | Satoshi Club, [19.01.21 18:15]
[In reply to Zero Team]
Seems so
D. | Satoshi Club:
I think the community would be interesting information about your tokenomics, could you share it?
Zero Team:
https://esatoshi.club/wp-content/uploads/105cd607-fac7-494b-97c8-88cdf8a08732-2.png
D. | Satoshi Club:
Thanks!
Q5 from Telegram user @george_benderos
What’s your strategy for building a lot of liquidity on zero exchange? Liquidity is the king in the defi industry.
Baby Yoda:
We’ve had really great liquidity mining rewards, so far we have bootstrapped to $5m liquidity since our launch over the holidays.
We will be continuing to offer liquidity incentives as we move to avalanche.
Zero Team:
https://esatoshi.club/wp-content/uploads/photo_2021-01-20_20-56-51.jpg
Mary | Satoshi Club:
Guys, good start, I want to say
Mary | Satoshi Club:
Btw, what about your current contract audit?
Mary | Satoshi Club:
Did Santas make audits?
Zero Snowman:
Santa’s elves are very experienced smart contract developers, but just in case…
Baby Yoda:
zokyo.io completed our audit : )
Mary | Satoshi Club:
Can you share with us?
Baby Yoda:
https://www.linkedin.com/posts/zokyo_zeroexchange-smart-contract-audit-activity-6756174114521681920-81Jn
Mary | Satoshi Club:
Also, I don’t want to be jk, but can you tell us if Zero Exchange team plans to go public to its community?
Baby Yoda:
we are a team of seasoned crypto executives and CEOs, we have no plans to immediately go public?—?in the future we may.
Mary | Satoshi Club:
Thank you! Definitely will go through it
Mary | Satoshi Club:
Got it
Mary | Satoshi Club:
Thank you, guys, for your honest answers. Ready to go to the last question from this part?
Zero Snowman:
We saw an opportunity to push the space forward and decided to just do the work and help grow the pie for everyone! Gas fees on ethereum are limiting the growth of DeFi as a whole!
Zero Team:
Sure! let’s do it!
Q6 from Telegram user @surdumiha
You use the term AMM model referring to your community growth model. What does AMM stand for?
Zero Snowman:
AMM stands for the automated market maker, here’s some more info https://blog.zero.exchange/what-is-amm/
Mary | Satoshi Club:
How AMM is connected with community growth?
Can you explain it in simple words?
Baby Yoda:
AMM exchanges can exist on their own, but Uniswap is a great example of using a community growth token to encourage participation and more importantly governance.
Mary | Satoshi Club:
Yes, the made the very nice airdrop
Zero Snowman:
Bancor, Kyber Network, 0x, are other examples as well
Baby Yoda:
we combine the best of what Uniswap, and others proved?—?with the latest, fastest blockchain (AVAX) and our own special DEX features.
Zero Snowman:
No front running, fewer costs, and near-instant finality!
Zero Snowman:
Something that doesn’t exist on the market in a decentralized swap protocol.
Baby Yoda:
No front running bots
D. | Satoshi Club:
The dream is real
Mary | Satoshi Club:
Sure, if it will work?—?you will see a lot of users on your platform
D. | Satoshi Club:
And their liquidity
Mary | Satoshi Club:
Thanks, guys, I hope everyone’s dreams will become true
Zero Snowman:
Absolutely, and we are in the final stages so get ready for launch
Mary | Satoshi Club:
Mary | Satoshi Club:
And I know that our community is dreaming about live part now
Baby Yoda:
The dream has become a reality.
Zero Team:
https://esatoshi.club/wp-content/uploads/photo_2021-01-20_21-00-48.jpg
Zero Snowman:
Final stages of testing.
Zero Team:
https://esatoshi.club/wp-content/uploads/IMG_2355.mp4
Mary | Satoshi Club:
Looks great
Baby Yoda:
We intentionally kept the User Experience similar to Uniswap for ease of use.
Baby Yoda:
People can start staking and reap the liquidity rewards until the end of the month.
Zero Snowman:
Lots of Santa’s magic happening in the back.
Mary | Satoshi Club:
Santa really wants to give us a lot in 2021
Zero Team:
2020 was a tough year.
D. | Satoshi Club:
Let’s hope 2021 will be better
thank you guys for answers and information in this part! ready for the second?
Zero Team:
GOGOGOGO
D. | Satoshi Club, [19.01.21 18:39]
Part 2?—?live questions from the Telegram community
Q1 from Telegram user @Sahinsahinn
Will ZeroExchange act as a bridge between Ethereum and Avalanche?
Baby Yoda:
ERC 20 tokens can be locked, and then minted on Avalanche to produce an ARC20 wrapped version.
Q2 from Telegram user @Beterror203
When I opened the platform I can see that it is very simple and anyone can use it, how does Zero Exchange use security for the people who use it?
Zero Snowman:
Self custody so you control your assets!
Q3 from Telegram user @Splendicity
We combine the best of what Uniswap, and others proved?—?with the latest, fastest blockchain (AVAX) and our own special DEX features
Just now,you mention the above
words. What are these SPECIAL DEX FEATURES?
Zero Snowman:
See my comment below that.
Q4 from Telegram user @Indomiekuy
I see that Zero Exchange already create NFT Zero Pass for your platform, but what is the real use of this NFT in your DEX, Or maybe is it only for collection? And how is the way to get NFT Zero Pass?
Zero Team:
Increased rewards, tiered access to other features on our platform, maybe even special voting rights! Sky is the limit and there are many opportunities to incorporate NFT’s and give them UTILITY.
Q5 from Telegram user @BboyForteVZLA
In addition to the avalanche blockchain network I want to know if you plan to implement other blockchain networks such as BSC or ETH?
Zero Snowman:
We are exploring other options, up to the community ultimately but Polkadot is looking nice
Q6 from Telegram user @lzamg
Currently, there are several DeFi projects coming up that support multi-chain token exchange, in some cases to avoid Ethereum high gas fees. ZERO Exchange is a young project, but I like to know your opinion about this. Would you be open to including multi-chain features on Zero?
Baby Yoda:
We currently support ETH chain and shortly, AVAX chain?—?and later this year Polkadot.
Q7 from Telegram user @tuvalunia
How is the performance of Avalanche network compared to others?
Zero Team:
https://esatoshi.club/wp-content/uploads/photo_2021-01-20_21-15-26.jpg
Q8 from Telegram user @konditer_rolex
The problem of commissions is as old as the world and the methods of solution are not new. And the interface is copied from Uniswap. All this can be taken ready-made and familiar to users. But where to get liquidity? We will take liquidity from another dex, or you are creating not an aggregator, but a completely independent Decentralized exchange?
Zero Snowman:
There is a liquidity mining program going on to earn a piece of the pie.
Q9 from Telegram user @Garrinepotter
How long does it take for Zero Exchange to become attractive to Traders?
Zero Team:
As long as it takes to realize that you are paying too much for your transactions on ethereum, and often times get front run by bots who steal your profit/alpha.
Q10 from Telegram user @Pratze
On your Twitter, Zero Exchange claims to be Free from Front Running Bots.
btw can you pls explain what is Front Running Bots? And what is the benefit for the user that uses Zero Exchange platform?
Zero Snowman:
Basically, bots that will watch to see what tradespeople want to make then put in a similar transaction with a higher gas fee. So you end up having to pay more since they stole your trade (and they profit by selling to you at a higher price).
Part 3?—?Quiz Results
In the final part, we tested your knowledge in terms of Zero Exchange. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 40000 ZERO.
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