AMA RECAP : CRYPTO CHALLENGERS x VIRTUSWAP
Venue : CryptoChallengersD
Date : 10 OCT2022
Time : 04:00 PM UTC.
Guest: OLGA DUDINA
They shared detailed information and his opinions about the project VIRTUSWAP
SEGMENT 1 INTRODUCTION.
VirtuSwap significantly reduces trading costs and increases liquidity providers’ returns. Trading cost reduction and LPs’ gains are enhanced by state-of the-art machine-learning-based optimization of trading function parameters.
1.Could you please provide a quick self-introduction for the community?
Sure, got it!
I’m Olga, Head of Marketing at VirtuSwap. I’ve been doing digital marketing for more than 8 years, started my crypto career more than a year ago including crypto and nft projects
2.Can you briefly introduce the project VIRTUSWAP what are some of the utilities of $VRSW ? How do you think you stand out among the competitors if there are any?
VirtuSwap pays unrivaled attention to data science and optimization — and positions itself as future hub of financial engineering in DeFi.
We have two crucial advantages over other DEXes. First, we significantly reduce trading costs by eliminating the need in triangular (indirect) trading. Second, we increase returns to liquidity provision by reducing the amounts that arbitrageurs (MEV bots) extract from the system. We believe that once these two advantages become evident to the ecosystem participants, the value of VirtuSwap tokens that our investors hold will increase significantly.
3.Can you share the achievements the team has made so far ? what are the major achievements that VIRTUSWAP is yet to achieve . If possible also share your roadmap.
Achievements so far: 1) White paper describing the most efficient AMM to-date, including preliminary simulations of its advantages over existing DEXes; 2) Protocol that has been audited twice already; 3) Construction of state-of-the-art data analysis module, which will allows us to produce real-time statistics on the verious types of activities on relevant blockchains 4) Ongoing construction of full-scale optimization module; 5) Innovative tokenomics is release; 6) Completion of first investment round, led by top names among institutions and individual investors in the web3 space; 7) Establishment and initial growth of VirtuSwap community.
We’re planning to launch the Testnet very soon🔥 The team is working non-stop on it to make it perfect and to share the results with our community! We’re all very excited about it!
You can learn about our goals and plan on our website: https://virtuswap.io/roadmap.html
4.Could you share a bit about security and also what benefits you provide to incentives users choosing your platform?
We take security very seriously — as breaches of DeFi protocols are both frequent and very costly (see recent Binance bridge and Wintermute events). We have engage two of the top security audit companies — CertiK and Pessimistic to examine the 1,500 lines of code that our protocol contains — and passed both audits with flying colors!
About the benefits. Due to our novel financial engineering, we provide benefits to both traders and liquidity on our platform. Our extensive simulations using real-life data show that traders’ cost decline by an average of 30%, and LPs’ return increase by about 10% at the same time. We are the only DEX that is able to provide benefits to both LPs and traders.
In addition, to incentivize liquidity providers, VirtuSwap tokenomics includes an elaborate scheme according to which LPs who stake and/or lock VRSW tokens reseive additional rewards for liquidity provision; the rewards increase with the duration of staking/locking.
5.What’s the total supply of the token ? Could you share a detailed tokenomics of mainnet token’s supply distribution
In designing VRSW utility, our approach has been to follow currently available best practices and improve upon them. In particular, we introduce an elegant mechanism for mixed incentivization of staking and locking VRSW tokens, under which locking tokens for a pre-specified period of time is not required in order to participate in VirtuSwap governance and to receive boosts to liquidity provider rewards.
VirtuSwap involves the following functions of a protocol token:
Governance via voting.
We have an article about tokenomics and allocation of tokens on Medium, so anyone interested can take a look: https://medium.com/virtuswap/virtuswap-tokenomics-bef0d1d16127
SEGMENT 2 TWITTER QUESTIONS.
1.There are 3 types of agents in Dex activity namely : Regular Traders, Liquidity Providers, arbitrageurs. So, I heard arbitrageurs for the first time. Can you tell us more about arbitrageurs and what is the use or benefits for arbitrageurs in the VirtuSwap platform?
Arbitrageurs are actors who identify arbitrage opportunities across pools and DEXes, trade upon these opportunities, and extract value from the system. Another name for arbitrageurs on DEXes are MEV bots. These bots extract lower value on VirtuSwap than on other DEXEs — and this is the reason for our ability to improve the conditions of both traders and LPs.
2.I read in your roadmap that by 2023 you at VirtuSwap expect to Transition to a DAO. Could you explain in a little more detail how this transition will be? will your entire platform become a DAO?
Yes, this is our long-term plan. While the timing of transition to a DAO is still unclear, we plan indeed to transition to a DAO eventually. This means that all decisions — incentivization of pools, trading fees, reserve assets — will eventually be decided by voting via gVRSW tokens.
3.VirtuSwap’s main goal is to significantly reduce trading costs. So, what unique strategy does VirtuSwap implement to reduce trading fees and increase trading fee returns? How do you compete with other DEXs, especially with some of the major exchanges on the market today?
We have developed state-of-the-att tokenomics that builds on and improves upon the Curve staking model. The main idea is that staking VirtuSwap tokens increases organic and protocol-based rewards that an LP reveives for providing liquidity to pools. Importantly, different from Curve, the rewards are increasing gradually in the duration of staking; and tokens could be unstaken at any point — i.e. we do not require locking of tokens for predetermined time period, although locking is possible and increases rewards further.
The rate of reduction in trading costs depends on several factors, most important being the relative size of the pools used for a triangular trade on a standard DEX — the more similar the pool sizes used for a two-hop trade, the closer the savings on VirtuSwap to 50%; and if more than two hops are used on a standard DEX, VirtuSwap savings can be even larger.
By using reserve-powered virtual pool architecture, VirtuSwap creates direct liquidity in places in which it did not exist before and makes trading more efficient.
5.You earlier said that #VirtuSwap vision is to see DEXes rule the trading landscape. So my question is What are the competitive advantages of it? What advantages do you have that other competitor do not have? that make this.
We have two crucial advantages over other DEXes🔥
1) we significantly reduce trading costs by eliminating the need in triangular (indirect) trading.
2) we increase returns to liquidity provision by reducing the amounts that arbitrageurs (MEV bots) extract from the system. We believe that once these two advantages become evident to the ecosystem participants, the value of VirtuSwap tokens that our investors hold will increase significantly.
6.Most users only care about #VirtuSwap immediate benefits rather than the real value of the project in the long-term. How can Your Project convince users invest to your platform in the long-term?
VirtuSwap is here for the long term.😎
Our value proposition is that we want to improve the efficiency of the whole DEX, and later DeFi ecosystem — a long-term goal. We strive to become a hub of sophisticated financial engineering in DeFi!
SEGMENT 3 TELEGRAM LIVE.
Is there any meaning behind the name VirtiSwap? If yes, I will like to know.
[In reply to samuel kenny]
Actually yes, and we have an article about it https://medium.com/virtuswap/idea-and-vision-dc28ab2ae117
Briefly, our virtues are well represented by VIRTUs — an ancient Roman deity personifying the Roman virtue of virtus, exemplifying qualities as valor, excellence, character, and worth. In addition to our values, the name VirtuSwap contains a hint of the way we achieve unrivaled efficiency — we do it via a construct that we refer to as VIRTUal pools — a way to direct liquidity where it is needed most at all times.
Where can I buy your tokens right now what is your current contract and how can I buy them?Or, Do you have any platform to earn your tokens?
[In reply to MAX]
We haven’t release our token yet. The next launch of VirtuSwap will be the Testnet, which is going to happen very soon this month. So stay tuned :)
It is confirm that VirtuSwap really take security very seriously by engaging the service of two of the top security audit companies CertiK and Pessimistic and passed both audits with flying colors. So Do you have a plan to undergo more audits with another Auditing Firms in future?
[In reply to Sunday Joshua]
Yes definitely! It’s important to keep up and prioritise security, and to improve it more according to standards
Since NFT is popular nowadays, is there a plan for NFT integration? Thanks SIR.
[In reply to Nilja]
I see also questions about NFT and do we plan to release it. We don’t have it in our current plans since we have other priorities but NFTs are very significant part of crypto world and I think we’ll take this opportunity of the future
5.SNOW | El Melancólico:):,
VirtuSwap is a science- based AMM which mainly is Efficiency Focused
Data Driven. Why you are appeared as a Data Driven one? What does it mean? Does it differentiate the supremacy of VirtuSwap among all?
[In reply to SNOW | El Melancólico:):]
VirtuSwap pays unrivaled attention to data science and optimization — and positions itself as future hub of financial engineering in DeFi. You can read our white paper (as well as other materials, such as our tokenomics, and various articles that our team is producing on on ongoing basis) to see for yourself that “science-based” is not meaningless in our case.
Can you tell US ABOUT your team members? are they qualified and Professional in their fields? What are the recruiting qualifications for team members for your EXTRAORDINARY PROJECT?
[In reply to Malik]
VirtuSwap team comprises top academic researchers in finance, top executive in the blockchain space, an outstanding blockchain developer and experienced UI/UX designer, experienced data scientists, top performers in the fields of operations and marketing, and talented UI/UX designer. In addition, VirtuSwap often relies on suggestions of top advisors, having key roles in the ecosystem.
According to the roadmap, what is your most important next priority?
[In reply to 𝘽𝙞𝙠𝙚 𝙡a𝙫𝙚𝙧]
Our Testnet launch, the team is working on it currently to make sure it’s efficient. So we’re preparing everything for it!
I think I’ve said this many times already, but VirtuSwap is launching the Testnet very soon this month and I hope to see everyone there for the launch🔥 Is going to be massive! And there also will be opportunity for the public to test it out :) So, everyone is welcome to our community!
Thank you for your time everyone, it was great to spend this hour with all of you! 🤩🧡