Joselito AMA — 5/30 Edition

Hello everyone,

This AMA will cover details in regards to Swipe and Venus and what’s next and what to be looking forward too.

In regard to Swipechain, we have published the technical paper which will serve as the consensus and backbone for the Swipe Swap protocol which can be read here. However, please note that their may significant changes in the future as we begin bringing full resource attention to the Swipe project as described below which may impact what we plan to offer in a positive fashion. We will work together with the community to iron out these details without many trade-offs and this is a work in progress that will be reported on as soon as we can.

In regard to Venus, there is now a post mortem published with statements and facts. Long story short, no insider activity, no one made $100 million or close to it, no one stole from the protocol, custodial addresses were used, and we have all the logs and records to back that up. All the financial details have been verified through our partners and affiliates and approved to publish. The protocol shortfalls were due to how fast the liquidations were occurring and how much slippage happened due to illiquid order books and oracle methodologies which was pushing down on the positions, not that someone made off with this money. These fixes are being made as we speak, not by Swipe, but by the new Venus Council which will be announced by them.

The Swipe team will no longer work on the Venus project. We had too many shared resources and low oversight over the project which has harmed the project’s growth in our opinion, especially with my health conditions. Therefore, effectively immediately Swipe and myself will no longer work on the Venus project. I will continue to support it from a community perspective, but no longer have a say in the protocol. There will be a new Venus Council assembled by prominent BSC and ecosystem players that will run the protocol moving forward and receive all the voting weight. This will ensure the protocol has a real decentralized team working on it with the community.

Myself, personally, I will focus more on my health and let Swipe be ran more through Binance. I will still be the CEO and will still be involved in key decision making, but there will be large resource re-allocation to help focus solely on Swipe as well as talent recuriting. In sum: We are going no where and we are here for the long haul.

As difficult as it is for me to even say this, I must think what’s best for the protocol and its users. Low oversight leads to high risk and lackluster progress which must be fixed. By letting our independent nature, become more centrally driven, there will be a higher level of oversight throughout the parent organization to ensure that Swipe’s mission is moved forward. As for the Venus Council, they are being recruited with the help of prominent individuals, whom remain in the background, including Binance, to ensure that the project continues to run in a decentralized method, but with other stakeholders.

Swipe’s goal over the next 30 days is to assess its products and competition and work with the SXP token holders to find the protocol’s core utilities where it’s clear and concise. We will work on community-driven ideas and collaborations to unify the ecosystem to work in a more aligned way. Part of this is to ensure that current users of Swipe-based staking products get a retroactive airdrop of SRT for their participation in these products with current low incentives. A one-pager on Utility and Rewards is in the works and will be released soon.

AMA Questions

Did Canada launch the Swipe debit card?
Answer: From a program approval and a bank-level integration, yes. Even physical card stock is just about ready. The only blocker is from Binance side which we are working diligently on to deliver ASAP. The new date is around Q3.

Are Singapore Cards ready yet?
Answer: Not yet. We are working through the approvals and licensing. Things due to regulatory climate, have delayed our progress here.

What is the main benefit of Swipe Chain to SXP holders?
Answer: SXP will be the base-currency and governance token for Swipechain which will enable users to set the SRT farm rate.

Are Binance and FTX paying fees in SXP?
Answer: Both Binance and FTX use Swipe Issuing Premium which requires a 300,000 SXP stake and transaction fees paid in SXP.

Swipe-Slate had some perks (Spotify, Netflix, AmazonMusic, Travala, Uber, AmazonPrime, hulu, Starbucks, airbnb). The Binance card does not have those. When will such bonuses be available for the transitioned slates? Are there plans to otherwise compensate (e.g. a higher APY for staking the card-lock-SXP)?
Answer: At this time there are no plans to make any changes or compensation regarding this or to add these features to Binance Card. This may change in the future.

When NFT for Slate holders released?
Answer: We are finalizing the list of NFTs to distribute here to all of those users (issued and pre-ordered Slate) card holders up to the first 888. Once we have all 888 compiled we will release it in one go so everyone gets theirs at the same time.

When single vault staking for SXP?
Answer: This will come when Swipechain and SRT is released.

Could there be a tiered reward system with Swipe Swap where these who farm 30k/50k/100k SXP get higher rewards for both SXP and other coins they are farming?
Answer: These type of suggestions should be placed into the community to vote on when the SRT Mining program starts.

Does the Swipe team earn a small % of binance futures trading fees?
Answer: No we do not earn any trading fees from third party exchanges.

How will SXP benefit in the future from the success of the Binance/FTX card if there is no direct burn related to the card fee?
Answer: While I do not make any investment or trading advice here, there is a common consensus on the following: Fees are paid in SXP, there is finite supply of SXP, therefore demand will eventually catch up to the supply.

How do you transition US Slate holders when their card is shut off June 20th but not have a replacement plan in place?
Answer: Any user that had a US Slate or Steel card will have a grandfathered tier if and when SXP becomes available in Binance.US. We do not control their listing process but have taken note who to grandfather over if this becomes the case.

There will be a live AMA held at 03:00 UTC in the SwipeWallet telegram group in regards to this post and any open community questions.

Swipe Founder & CEO | Venus Protocol Founder.