OpenSwap x Chainlink AMA Recap

Dear Trolls!

It has been a couple of months since we last did an AMA. A lot has happened in this time and our team also came up with many new and exciting ideas.

Bruce, our founder, was very excited to share our latest developments with the folks at Chainlink. He talked about our existing offerings such as our different Queues, DEX aggregator, and our planned offering such as liquidity as a service, bond market, and our long-awaited Open Interchain Protocol. Our team is currently working very hard to come up with and deliver these ideas. Please don’t hesitate to give us any feedback.

For those who weren’t with us on the day of the AMA, below is the transcript.

Joy | Chainlink Labs:

We have Bruce joining us from the OpenSwap, So welcome and thank you for your time @Bruce_OpenSwap. Before we go into the details, could you please introduce yourself and tell us a bit of your background?

Bruce:

Hello Chainlink people! Thank you so much for having me here today! It is a pleasure to be here in this great community! I’m Bruce, a key member and Founder of the OpenSwap project, a recovering enterprise dev, enlightened by blockchain in 2018 and never looked back.

At the core, my team’s strength is technology, however, we’ve been aiming to build up a community of talent that crosses boundaries of technology, finance, marketing, and more through the many partnerships we have developed and continue to build. We hope to attract more developers and contributors to our team through participation events such as hackathons that ultimately build up the DeFi community.

Joy | Chainlink Labs:

So cool! Thanks for the introduction, Bruce!

Happy to have you with us today.

Bruce:

Pleasure to be here :)

Joy | Chainlink Labs:

Let’s get started!

Bruce:

Let’s go!

Joy | Chainlink Labs:

Please tell us about OpenSwap. How does it work?

Bruce:

At OpenSwap, we position ourselves as every Crypto Project’s BFF by providing a set of tools to empower teams to establish funding and sustained token health, allowing teams to focus on what they do best — BUIDLing!

On top of our base-layer technologies, our key offerings includes the following:

1. On-chain Private Sales Offering — which is a service enabled by our OpenSwap Booster Queue, a technology that allows projects to facilitate private sale rounds, and providing an end-to-end on-chain solution including token purchase, vesting schedules, and secondary market for vested tokens.

The OpenSwap Booster Queue is applicable for projects seeking additional funding without the risk of market price impacts. Projects may choose to whitelist the offering and offer guaranteed buybacks to participants to instil even more confidence in the project during unstable market conditions.

2. NFT Loyalty Program — an offering ideal for projects looking for alternative ways to utilize their token to increase community engagement. OpenSwap NFT Loyalty Programs provide an alternative to traditional staking campaigns for projects to offer a fun stake and mint NFT option to provide perks and rewards to their community.

We have introduced an NFT Loyalty Program for OpenSwap’s project supporters, by the name of Troll Camp — a portal where our community members can stake $OSWAP tokens and mint OpenSwap Bridge Troll NFTs, which will essentially serve as the key to becoming a node validator on our single-asset cross-chain bridge (Open Interchain Protocol), upon feature release. Our first batch of Bridge Troll NFTs were issued in the beginning of October last year, and sold out lightning quick! We will be issuing the second batch of OpenSwap NFTs very shortly, so our supporters should stay tuned to our updates!

Aside from ourselves, our strategic partner OAX Foundation will also be issuing their first batch of NFTs in the coming days! Where their community members can stake $OAX in the OpenSwap DApp and mint OAX rewards-bearing NFTs. Be sure to follow our announcements on that too! 🚀🚀🚀

3. And just like other DeFi projects, traditional Staking and Farming features are available on OpenSwap for projects to lock up tokens to control supply, while offering rewards to their community. Farming features are also available for projects looking to build up liquidity in AMM pools in DEXs.

These campaigns may be used in conjunction with NFT Loyalty programs to provide additional reward boosts for the most loyal project supporters!

Community members can periodically check in on what we new NFT campaigns we are running — you can do so by visiting our NFT Loyalty Program page: https://www.openswap.xyz/#/nfts

4. Our fourth key offering is — Liquidity as a Service (LaaS). OpenSwap is building up a network of stablecoin partners to offer up liquidity as a service for early stage projects who often face the challenge of securing funds to provide the liquidity for their project tokens. By offering fixed yields for stablecoin holders, project teams would only be required to provide project tokens for the AMM pairs while stablecoin fixed yield seekers contribute the other side of the pair. This offering will enable projects to utilise their funds towards BUIDLing their projects.

5. Bond Marketplace — At OpenSwap, we also enable projects to take back control of their token liquidity with a LP purchase program by offering LP holders a discount on vested project tokens in exchange for LP tokens. By owning the LP tokens, the project teams can be rest assured that liquidity stays in the AMM pool, unlike traditional farming approaches where liquidity gets removed once the reward tokens dry up.

Joy | Chainlink Labs:

Oh yeah, all you want is just right here!

Bruce:

I know, right? We hope to boost all the projects who onboards with us!

Joy | Chainlink Labs:

As always, we are interested in what makes your project special?

Bruce:

So yeah, we believe the above mentioned OpenSwap Key Offerings are special and unique in the DeFi space and are offerings that will allow us to grow with the top-tier projects that will onboard with us.

But aside from the 5 key services, our Base Layer Offerings are also unique in their own way and are designed to solve real issues for swappers and liquidity providers in the DeFi world.

Our base layer offerings include the following:

Spot Priority Queue — A type of liquidity queue designed for traders seeking to exit out of a position quickly, at ZERO SLIPPAGE, and at the spot market price. Priority can be achieved through staking a quantity of $OSWAP tokens.

Range Queue — Which is a type of liquidity queue that provides the ability for liquidity providers to set price brackets, on which to make their liquidity available for sale. Trading DApps can initiate trades as long as the market price is within the range set.

Restricted Group Queue — Another type of liquidity queue that enables liquidity provides to offer a token at a specific price that can be accessed by a defined group of user addresses. There will be a few sub-types of Restricted Group Queue, with one of them — Buyback Queue -being named the “RUG PULL KILLER”

And, of course, the (less exciting) Pegged Queue — Which is designed to allow projects to stabilize stablecoin with a target peg.

Lastly, our Hybrid Smart Router — a technology which will take our liquidity queue technology to the next level by enabling the coupling of swaps trades from AMM pools with liquidity queues to provide a better advantage over existing AMM pool-only approaches. (people can initially understand this as something a bit similar to 1inch’s, but also different and better in our own way :P )

Joy | Chainlink Labs:

It is fascinating to see OpenSwap Integrates with Chainlink.

Please tell us more about how OpenSwap and Chainlink work together?

Bruce:

Yeah so we integrated with Chainlink recently

Currently there are 2 ways we are using Chainlink’s services:

The first way is our existing liquidity queue. To ensure, the swap is having zero slippage, we would use you guys’ Price Feeds from several DEXes and CEXes such as Pancake Swap and Binance. With the price feed, there is an additional benefit of preventing front-running.

The second way we use Chainlink’s service is in the generation of our Bridge Troll NFTs. Even all NFTs of the same level share the same functional role in our Open Interchain Protocol (single-asset crosschain bridge), they are NFTs graphical properties such as backgrounds, clothing, facial expression, and rarity etc. We needed an RNG that is secure and open to ensure system integrity and prevent potential manipulation.

After careful consideration, our team decided to go with Chainlink VRF because it is supported by your time-tested oracle infrastructures and secured through generation and on-chain verification of cryptographic proofs. With your VRF, our participants are provided with automated and publicly verifiable assurance on-chain that our Bridge Trolls generated are truly random.

Joy | Chainlink Labs:

Amazing! Thank you

Bruce:

We believe true random, fairness, and integrity is key to success when it comes to our NFT play.

Joy | Chainlink Labs:

These are some nice collections of NFT Trolls.

Bruce:

Thanks! I helped came up with the design!

Joy | Chainlink Labs:

So cool!

What’s next on your project’s roadmap that we may expect in the near future?

Bruce:

So yeah, we have a few things planned for as our upcoming milestones.

We are expanding to other chains to provide our services to DeFi users there. We are holding a governance poll deciding which chain we should deploy on next with the choices being Polygon, Fantom, and Avalanche. Regardless of the outcome, I’m sure it’s going to be exciting.

Who knows? Maybe we’ll end up going to all 3 chains and more!!

In the near future, we will be dabbling into DeFi 2.0 in particular liquidity as a service (LaaS). Our first move would be our latest Booster Queue which we will be rolling out very soon. A big problem in the IDO space is that a project might run out of resources before they can finish the development of their potentially brilliant protocol.

In this day and age, they can either find VC’s capital, which is not super easy, or sell their project tokens, which is not exactly a good move for various reasons.

The OpenSwap Booster Queue is applicable for projects seeking to raise additional funding without the risk of market price impacts.

And of course, we are planning to launch our flagship single-asset crosschain bridge — Open Interchain Protocol — sometime in the first half of 2022.

Compared to the more conventional ‘lock and mint’ approach, we plan to take a different approach with our single asset bridge vaults where a user pays say USDT on BSC and will get the native token version of USDT on Avalanche (for example).

If there is any conversion needed, we will use our Hybrid Smart Router and Liquidity Queue to provide the best possible prices to our users. This is where the Bridge Trolls generated with Chainlink VRF come into play, the Bridge Troll NFT holders will be responsible for validating and monitoring new transactions, AND earning bridge fees as assets crosschain through the Open Interchain Protocol!!!

Pretty neat stuff right?

Joy | Chainlink Labs:

Pretty neat, indeed!

Many more exciting things to look forward to. Thanks for sharing, Bruce!

Bruce:

No worries, my pleasure :)

Joy | Chainlink Labs:

Lastly, where can the audience follow OpenSwap and stay up to date for our community members who are watching today?

Bruce:

I’m very glad that you asked this question. If you want to try out our service, you can do so by visiting our DApp.

Joy | Chainlink Labs:

DApp at http://www.openswap.xyz.

Bruce:

And if you want to join our community, you can join our official community on telegram!

Joy | Chainlink Labs:

telegram at https://t.me/openswapdex.

Bruce:

For those of you who’d want to stay tuned to our latest updates and information about our upcoming tech releases, you can follow us on Twitter and Medium!

Joy | Chainlink Labs:

https://medium.com/@openswapdex

Twitter at https://twitter.com/openswapdex

Fantastic! 👍🏼

Thank you very much, Bruce, for your time today, and best of luck with your project!

Bruce:

You are fantastic! and Chainlink is AWESOME!

Joy | Chainlink Labs:

Thank you. It’s always a pleasure to hear from you.

Bruce:

Thank you again for having me here today, and we look forward to seeing you guys in our community!

About OpenSwap

OpenSwap is the world’s first DEX providing on-chain swaps at zero slippage and multi-chain arbitrage opportunities. As the DeFi universe continues to expand, liquidity becomes increasingly scattered across multiple chains and the situation is poised to get worse as new chains emerge with individual DEXs on each chain. The OpenSwap team has been working for the past several months on building up a vision of a comprehensive one-stop DeFi hub that offers the best on-chain pricing, multi-chain arbitrage, and zero slippage, allowing users to experience revolutionary benefits through optimizing their trades through unique features such as Liquidity Queues, Hybrid Smart Router, and Open Interchain Protocol.

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OpenSwap DEX

Integrated DeFi Hub designed for the decentralized landscape. Currently on Binance Smart Chain.