Swipe & Venus AMA — May 3rd
Hi everyone 👋,
🙏 Thank you for joining our AMA. We are trying this new format and new channel to get connected with our community more frequently and touch base on our ecosystem updates and to answer questions from our community.
🗣 Let me start off with an update from Swipe & Venus. As many of you are well aware, we have had tremendous progress these past 4 months and so far 2021 has been a great year for the ecosystem.
📰 Find our latest update over march here:
Swipe is excited to announce that the Swipechain testnet will be on July 6th. Swipechain is a component of the Swipe Network which is a layer 2 blockchain that enables interoperability and is forked from THORChain. It will enable trustless cross-chain swaps via Swipe Swap. Swipechain is not designed to take over any existing chain like BSC and Ethereum. It is designed to become a compliment for a layer 2 cross-chain trading.
Users can expect the following from between now and the launch date of the test network.
📓 Technical White paper by 5/30
💸 Testnet Validator Contest
💵 Testnet Giveaways
🐞 Bug Bounties
Once the testnet is successfully deployed and we have a good dry-run from our users, we will announce the main network launch date thereafter.
SXP will be interoperable between all chains: Ethereum, Binance Chain, Binance Smart Chain, and Swipechain.
Venus is excited to announce we will deploying a proposal to launch a vXVS Vault so that we can turn off Borrow Rewards for XVS markets. This will give all of the XVS allocated Market Speeds and give them solely to the supply side doubling current APY’s while lowering the inflation rates.
Venus will also be launching vXVS Polling a feature that is similar to MakerDAO Polling. Polling is a tool that will be designed to signal which way a proposal should go prior to ta formal proposal being launched. This will not be for all proposals, but will be available for anyone to deploy a poll with a certain amount of vXVS.
The first vXVS Poll that will be launched will be about how large of a burn should happen from the XVS supply. Currently we are proposing an approximate ~$1 billion dollar burn from the XVS supplies and we will ultimately let the community signal how much is the perfect amount to burn.
The winner of the $10,000 giveaway is: @CryptoBeams21 (Twitter)
Now lets jump into the questions:
- Why did you turn off Swipe Wallet and Swipe Card?
Answer: It was an executive decision made by all stakeholders including Binance, CZ, and myself. We need to think from a long term perspective what is the best for Swipe and Swipe’s growth. We took an elevated look at our offerings, products, users etc. and decided that the best path forward is to go full decentralization for our consumer products and then centralization for our business products. So we made this change and now have a laser focused view on what needs to be done. Our product line is now designed to avoid conflict of interest and maximize our strengths (product core + community) and remove our weaknesses (scalability for apps, bugs, customer service). We believe this should be transparent so the community can see our high-level view on how to build a successful community and product. Pivots are necessary when required. We will continue to provide world class service to our partners to issue consumer products while we focus on our decentralized products.
- When can we get Swipe Cards in more regions?
Answer: Binance Cards, which are Binance branded Swipe Cards, will become available globally in time, in regions applicable. We are working hard with our partners banks and with our own direct licenses and networks, too issue globally as fast as possible. We expect to have some significant updates soon on this. Canada will be the next region to get our cards. The US card program is ready and pending Binance.US’s implementation of the card program on their platform. We will post more updates on this as it is available. Card migrations are in progress and users can use their cards until further notice while we finalize this.
- When will Swipe Swap be bug free and competitive?
Answer: We are actively working not his with various teams and community members. Currently Swipe Swap is in beta and once we are ready for a full MVP launch we will announce it to the community in the next several weeks.
- How do card fees from Swipe Financial benefit SXP holders?
Answer: While card fees and other fees we earn from Swipe’s business to business services, such as services provided to FTX and Binance, do not directly benefit SXP holders, the economic benefits can not be ignored. As you guys are all aware, SXP is not an investment into Swipe the company, but the tokenomics of what we offer Businesses are clear. SXP is a scarce digital asset that as limited FIXED supply. Swipe has previously announced that it plans to hold its SXP it earns from revenues on its balance sheet similar to what BNB does. Therefore, since there is only a limited amount of SXP out there, and these businesses need to continue to use SXP for their services, you guys can do the math. This isn’t trading or investing advice, this is just simple supply and demand economics, which reflects my opinion only.
- When will single vault staking be live for SXP?
Answer: When the Swipe Reward Token is available we will enable single-asset staking as well. More information on this will be available this month
- Is there an SRT Airdrop for SXP holders?
Answer: No as indicated in our V2 white paper, SRT is a fair launch and can only be mined through various staking programs we will launch.
- When will there be future Slate benefits?
Answer: As indicated in the V2 White paper, Slate cards will become deprecated soon globally in exchange for Binance Cards powered by Swipe only.
- Will users be able to stake SXP for Binance Card Tiers?
Answer: For now, users who are current SXP holders can grandfather their tier by using SXP as the lock up mechanism for the Binance Card. Eventually in the future we will have SXP tiers once we can technically get it working. It is on the low-side of the spectrum of priorities.
- How will IWO/Swipe Ignition Sales be done in the future?
Answer: This will be exclusively on-chain only moving forward, we are working on this as we speak.
- What is the Swipe NFT Marketplace and is it same as Binance’s?
Answer: The Swipe NFT Marketplace will be a cross-chain non-fungible token platform, very similar to Rarrible, that will be fully decentralized and on-chain with SXP being the Governance token. SRT and SXP can be used as a payment current and SXP holders can vote if they wanted to add more payment methods. The Binance NFT marketplace is centralized while ours is decentralized. They will in tandem together.
- What can we expect for the future of vXVS voting?
Answer: As mentioned above, we will enable vXVS Polling at first. This will enable users to create polls and signal which way they want a proposal to go. The community should monitor this as a clear signal on whether a proposal should be successful or fail. We anticipate this feature to be released by end of this month.
- What is the utility of VRT?
Answer: The Venus Reward Token (VRT) is designed to utility in the gamification of the platform. More information about the VRT utilities will be available on launch.
- What happened with the VIP-18 proposal?
Answer: The Venus Team learned that the higher liquidation fee would cause conflicts with the higher collateral factors in the event there is a liquidation chain. This was re-factored in the latest two proposals and will pass on-chain within 5 days for lower fees on liquidations and higher collateral factors.
- Does Venus have any insurance fund?
Answer: No, we have audited all of our smart contracts, they are battle tested, and we do not do any core changes.
Thanks everyone for joining the AMA. Looking forward to do more of these in the future.