MoonSwap AMA🎉：Hotbit English Telegram Group
💗Guest：Mr. Moon, Founder of MoonSwap
Q1.Recently, MoonSwap has attracted global communities’ attention, could you tell us more about MoonSwap?@MrMoon007"
A1.MoonSwap is an AMM DEX based on Ethereum and Conflux. We will build the basic network on Conflux and treat it as Layer 2 through cross-chain. This allows users who hold Ethereum assets can also enjoy “ High-speed and 0GAS” decentralized trading experience.
At the same time, due to our cross-chain capabilities, we will continue to develop protocols to call L1 assets for financial management. In general, MoonSwap is a more efficient “Uniswap+yearn”, and it is also an improved version of SushiSwap
Q2.Compared with Uniswap and SushiSwap, what are the advantages of MoonSwap?@MrMoon007
A2.In the past few years, Uniswap has been a leader in the AMM field, and it has changed the way people trade cryptocurrencies. But Uniswap also has many problems.
For LPs who provide liquidity in the early times, their income will rapidly decrease after large funds enter the market, and they will not be able to obtain the returns brought by the development of the platform. The support of these early LPs is critical to the development of Uniswap. This is not fair.
SushiSwap has made some improvements to the design of Uniswap, using $SUSHI to give more returns to early LPs.
However, we think there is a big problem with the mechanism of $SUSHI, and we have made improvements to this point. There will be 0.3% trading fees and 0.25% go directly to LPs, 0.05% will be used to buy $MOON from MoonSwap and those $MOON will be destroyed.So, from this point of view, $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. So we chose Conflux.
They are an excellent blockchain team, committed to building an efficient and secure blockchain system. Conflux inherited the central design idea of Bitcoin system: Computing power is the only weapon in competing for the right of block generation. By adopting the Tree Graph (TG), Conflux realized a high throughput rate of 3000–6000 TPS in our internal network testing without compromising decentralization, fees per transaction will also be much less than a cent. It can be confirmed in 23 seconds, the level of security equivalent to 6 blocks on Bitcoin, or 30 blocks on Ethereum.
In addition, MoonSwap connects L1 and L2, L2 does what Uniswap is doing, and L1 does what the yearn is doing.
Q3.In the genesis announcement of MoonSwap, you mentioned that there will be a liquidity migration plan, could you share some details about the liquidity migration plan?@MrMoon007
A3.Around the first 50,000 blocks from the protocol’s inception (~7 days), we will be migrating all the liquidity tokens staked onto MoonSwap contracts,and use Conflux as the Layer 2 solution of Ethereum to receive these cross-chain assets.This migration will involve taking all of the Uniswap and SushiSwap LP tokens staked on MoonSwap, redeeming them on Uniswap and SushiSwap for the respective token pairs, casting corresponding cTokens on Conflux and build new liquidity pools in MoonSwap.
Before the migration, we will inform the community in advance, and users can choose whether to follow us in the migration. Our migration contract will also be audited and open source.
Q4.How will you build the MoonSwap ecosystem in the future?@MrMoon007
A4.In the first stage, we will continue to do some sermons on the Ethereum ecology, and let more community users understand us in the early stage;
In the second stage, before the performance and cost of Ethereum are not optimized, we will start the asset migration work after the Genesis Mining, and migrate the liquidity to CONFLUX. There will be corresponding SWAP and liquidity mining products at that time for asset services.
After completing the asset migration and the normal operation of SWAP products and liquidity mining, we will start the Kepler protocol.
This protocol will be comparable to the yearn,and it’s a cross-chain financial protocol.
On the basis of providing users with a higher speed and cheaper transaction experience, it will also help users not only earn transaction fees as an LP, but also obtain the ecological TOKEN $MOON, and the financial income generated by the Layer 1 assets.
In the future, we will continue to build better decentralized trading services such as aggregate trading and automated trading around the Moon ecology.
Q5.How to establish a community governance mechanism?@MrMoon007
A5.The community is our most important thing. In less than two days after we went online, community members have provided us with many good suggestions, which have greatly helped our growth. Our DAO will be online soon and will require members of the global community to join.
Q6.How is your development progress now?
A6.At present, the cross-chain service has been prepared, and the final security test and code audit are in progress.SWAP products are also undergoing final testing and optimization. In the future, MOON fans will be introduced to join the product internal testing arrangement. At the same time, a developer incentive plan will be launched to allow more developers around the world to join the MOON trading service ecosystem.