Matrixswap AMA Summary Recap with Shin Chan Community
We held a live AMA with Founder, Joseph Liu from Matrixswap on 23th August 09:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
JH | ShinChan: Before the ama start, Can you please introduce yourself to our community?
Joseph: Our team is decentralized. mostly based in Asia. I’ve been in the crypto space since 2016. Mainly as an investor and swing trader. offered a lot of help in early stage startups. like many of you here. crypto started as a hobby. Quickly turned into passion.
JH | ShinChan: Can you introduce/share us about Matrixswap in short?
Joseph: Matrixswap offers two trading platforms. 2. a AMM DEX aggregator that gives you the best pricing — think 1inch. There are many attractive features we offer in our trading platform. We’ll dive into more details later on, our project is currently being built on 3 blockchains, Cardano, Polygon, and Polkadot. with more to come in the near future.
Twitter Section:
Q1: ”Each project has interesting stories before it is created. So can you tell people about the story that gave you the motivation to build and develop a great project like yours?“
Joseph: as I’ve mentioned I’ve been in crypto since 2016. I remember back in the day, the no.1 DEX was called Ether Delta. It was a DEX on ethereum where you can deposit and trade erc-20 tokens. In those days, DEX was no where close to competing with CEX. Decentralized trading was a pipe dream. as a result, many projects come out and have no liquidity anywhere.and often they need to live at the mercy of CEX listing them. then 2019–2020 came around, enters Uniswap. where most defi projects not only built strong community in a decentralized way. markets are now free to swap whatever they want on AMMs. I was a part of many early defi communities. blue chip defis, while all this was happening — around summer of last year. I felt like I could’ve made more profit on these Uniswap trades if I had a simple 3x-5x levearage on them. so I searched and searched. couldn’t find a DEX trading platform that offers levearged trading for the alt coins I was looking for. You see, usually it takes months for a token to listed on a reputable CEX. It takes even longer to have margin trading on these CEX. for futures market to open for these new tokens, take even longer. So traders and speculaters end up missing out on opportunities. that’s how I felt for a long time and couldn’t find a solution to this. and that’s why our team decided to come together and solve this issue. Creating a platform where if there are enough volume, traders. we offer a permissionless futures market protocol. This was how Matrixswap was born.
Q2: “Matrixswap is using a virtual AMM, can you please tell us more about it? Why do you call it virtual, does it have any specific functions that make it different from the traditional AMM used by other exchanges?”
Joseph: So the idea of a virtual AMM is that when traders come to the platform and takes a position. that collateral the trader provided — gets amplified. Depending on the amount of leverage that is applied to the trade. The virtual AMM reflects the size of that trade for example, Ivan is a trader who’s bullish on ETH. he comes to Matrixswap, deposits 100 USDC. Use a 5x leveage on that trade and takes a long position. the smart contract would use his 100 USDC as a collateral and credit him a 500USDC worth of virtual ETH. so now he has a position in the virtual AMM. moving the price of ETH inside virtual AMM up higher. it’s important to understand that Ivan will not be able to withdraw these virtual ETH tokens. these are simply numbers that was credited to his account. when Ivan wants to close his position, he just puts back the virtual ETH back to the vAMM takes back his USDC. if the price had gone up or down since his position. he will have made/ lost money. the important thing to note here is that all these tokens are virtual. and the vAMM uses the same constant product formula Uniswap uses x*y=k. hope that make sense.
Q3: “It caught my attention that Matrixswap will provide users an Emergency Nuke Button. Can you tell us more about this? What is this button and what is it’s main function on the platform? On what cases can investors use this buttom and what kind of benefits do they get from it?”
Joseph: there’s a good story behind thi. sthe coronavirus broke out last year. I think around march. I had about 15 different tokens in my metamask. the market was dumping really hard. it took me over an hour to sell 15 tokens and cost over 1k in gas fees. so I thought there has to be a better solution. hat’s why we created the Emergency Nuke button. basically if you click this button, it automatically liquidates all your tokens to USDC. all you need to do is approve the transaction. so this leads to a whole different side of the project. i’m really excited about this. we now offer a multi-token swap DEX. traditionally if you want to sell or buy multiple tokens. you need to do them one by one. maybe even on different exchanges. but with matrixswap. bundle 3, 5, 10. whatever number of tokens togethewr. sell them all in one transaction AND you can buy multiple tokens at once. like a batched transaction. all this — pay gas fees once. in the future we will also implement functions like limit orders. stop loss. so we can offer the best DEX trading experience.
this is a cool little demo I put together awhile back
Sneak peek at what we’re currently testing on polygon main net
This is the emergency nuke button
all user needs to do is to click on the nuke button and approve the transaction
the app auto inputs all pre-approved tokens and set to max sell
to usdc
so for you degens out there who want to not get rekt
Q4: “I understand that MatrixSwap WILL NOT ONLY COUNT THE MAIN PAIRS, but will enable the pairs of other projects from the first day, but the rest of the list will be through the decision of the community or any study that prevents them from being Scam projects?”
Joseph: we will list popular trading pairs but with the principle of keeping our community members safe. eventually this will move to a DAO setup where token holders decide which markets to list. and we have a few guidelines for listing. such as community size, trade volume and oracle price feed availability. without oracle, we won’t be able to spin up markets for traders to take positions. all that being said, we will always keep our community members and users as priority and filter out risky tokens.
Q5: “Can you tell us the motivation and benefits for investors to hold Your Project token in a long term investment and What plans do you have to help drive demand and scarcity for the token?”
Joseph: Matrix token has two main functions. 1. Utility. 2. Governance. to access premium trading features, users will need to hold MATRIX tokens in their wallet. that will also give you discount on trading fees. very similar to how BNB works. in terms of governance. MATRIX token holders will be able to propose, vote and decide DAO initiatives in the future. outside of that. 50% of the trading fees will be used to buy back MATRIX tokens on the open market. add to liquidity. and we will burn those LP tokens. so it’s a buy back and burn, but with better liquidity in the long run.
Telegram Live AMA Begin:
Q6: Matrixswap core contributors will be spearheading the decision-making and execution of the project in order to ensure long-term growth. Will this continue to happen or will there be a stage when the Matrixswap core contributers will allow the community to govern decisions and executions of the platform? And when will ZionDAO be launched?
Joseph: Great question. we aim to launch the ZionDAO around 9 months after the mainnet launch of our product. where community members will be able to make a lot of the decisions for the project. such as oracle source. fee structure. token utility. our job as the core contributor is to build a good product for everyone. and improving the protocol for better versions to come. just like uniswap. v2 was better than v1. v3 is better than v2. we’ll continue to optimize the product and create innovative solutions. the governance will focus on other parts of the ecosystem.
Q7: In your Roadmap Q3.2021 you plan to do Public IDO and DEX Listing. when is the exact date you will do your IDO, and how can we participate in your IDO? and also in which DEX market will your token be listed?
Joseph: we will launch our IDO on Cardstarter. they are an amazing partner to work with and we are blessed to have their support. our token is priced at $0.10 per token. for both public round and private round. I believe the the power of the community and therefore decided to go with fair price for everyone. there’s no discounts whatsoever. after our IDO launch on Cardstarter, we will list our token on Uniswap. the initial marketcap for Matrixswap including DEX liquidity will be around $500k 🙂.
Q8: They offer users that they will be able to have even more liquidity by exchanging multiple tokens on a single asset in one transaction, but where is MatrixSwap’s DEX aggregator, “The Nebuchadnezzar” connected? do they offer low fees and fast transactions?
Joseph: we will be connected to all the AMMs on that specific blockchain. at matrixwap we think of it as “access to liquidity”. so if there are a total of $10 billion in polygon AMMs combined. our users will have access to them all. this applies to the other blockchains we will deploy on. we offer the best pricing routes. if eth is cheaper on Sushiswap compared to Quickswap. we will opt for the cheaper route, so that users will save $ on swaps.
Q9: What is the difference between Matrixswap and other DeFi aggregator that available In the market such as 1INCH? What is the features of Matrixswap that makes it best from others? Why should we choose Matrixswap?
Joseph: you should choose matrixswap DEX aggregator for the reason of multi-token swaps. we will also offer stop loss in the future. so matrixswap will become a great risk management tool for investors, traders and degens.
Q10: There is a unique NFT model on Matrixswap website. Can you share what it is and why do we need it?
Joseph: that’s right!. we currently have an NFT giveaway
These unique “Red Pill” NFTs not only look cool. they actually contains MATRIX tokens inside of them. the owner of the NFT will be able to unlock and redeem the tokens inside at a certain date when we unlock them. we partnered with charge.fi to make this happen. they allow you to nest ERC-20 ERC-721 assets inside of NFTs. pretty cool, right? the NFT campaign is still live. if you’re interested to get your hands on these cool NFTs, go to our twitter and follow the instructions.
Q11: Can you explain why you set aside half of the trading fees for the MatrixSwap token, redemption and burning?
Joseph: we’re doing this because matrixswap as a platform doesn’t generate revenue. we’re not a for profit organization. we’re not here to make money. I created matrixswap to solve a set of specific problems that I was experiencing when trading on DEXs. so I think instead of taking the trading fees in the company’s pocket, I want to benefit the community. the holders of MATRIX tokens. by increasing demand of MATRIX tokens. balancing inflation
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