On September 1st 2020, OneSwap held its first AMA with the theme “Heading for the Last Mile to Become the Best DEX of DeFi Ecosystem”. OneSwap is a DEX featuring permission-free token listing, automated market making, and even limit orders. It is friendly to novices with the built-in OneSwap Wallet. As a general-purpose decentralized exchange, OneSwap will first build a trading platform on Ethereum, which can be connected to any public chain in the future. OneSwap’s Brand Promotion Officer Jennifer joined “Ask Me Anything” to shed the light on this big project.
Could you please briefly introduce OneSwap’s current product development progress?
Jennifer: The contract code is basically ready for the final audit. Both the front-end and back-end codes of the website are basically developed, and the final debugging is in progress.
Have you encountered any difficulties in product research and development, or something impressive?
Jennifer: The most impressive must be our discussion on how to implement the order book on EVM, which was believed to be gas-consuming. Most of the existing open-source codes adopt the double-linked list, which indeed consumes much gas. In a response, many projects, such as 0x, EtherDelta, IDEX, and DEX.top, are matched off-chain and traded on-chain. We discussed a lot about it, brainstorming, and eventually applied the single-linked list. That costs negligible gas for pending orders and order cancellation and conclusion, basically equivalent to what is consumed by off-chain transactions.
OneSwap is said to be the strongest DEX in the DeFi ecosystem. Can you go deeper into the unique features about OneSwap and how will it empower DeFi?
Jennifer: OneSwap deeply integrates the constant product market-making engine and the order book. Its user experience is far better than that of separate market-making contracts and order book contracts. It is the first of its kind in the industry, greatly expanding the DEX category. At the same time, we reduced the gas consumed in storage and memory through various pack/unpack, considering more than we did for UniswapV2. We put into concrete practice the gas-saving on-chain matching order book that was believed impossible or probably impossible. With this 100% on-chain matching engine, other DeFi projects can make full use of the liquidity it provides to offer more services or even develop a better front end to interact with OneSwap contracts and replace the front end provided by oneswap.net. OneSwap makes the transaction of all ERC20 assets on the chain smoother and more user-friendly.
Many users are not clear about liquidity mining. Could you please explain it to us?
Jennifer: To make it easier for everyone to understand, first of all, we need to know what the words “liquidity” and “mining” in the term “liquidity mining” specifically refer to. “Liquidity” mainly refers to the liquidity of funds in the cryptocurrency market, that is, the ability to buy and sell assets in the market without leading to sharp changes in market asset prices.
Could you please go through some details on ONES? P.S.: What is the total supply of ONES and how are the tokens distributed? After OneSwap goes online, how can I obtain ONES?
Jennifer: For the on-chain governance, OneSwap will issue an ERC20 governance token called ONES, which supports the transfer of ownership and a blacklist mechanism. The total amount of ONES tokens remains constant at 100 million, 50% of which are used as community funds to support the construction of the OneSwap ecosystem, and 50% are owned by the OneSwap team.
Users can apply for community funds through on-chain governance. 5% of the total tokens owned by the team will be unlocked initially, and the rest will be unlocked at a rate of 5% every six months until all is unlocked in four and a half years.
In addition to CoinEx, on what other exchanges will ONES be listed? Will there be many trading pairs offered? Which pair can be traded to get ONES as incentive?
Jennifer: May I reveal a piece of news? OneSwaps’ governance token ONES will be launched on the CoinEx Exchange first. Of course, to further expand its user base and market influence, we will cover more exchanges, including but not limited to world-renowned first-tier trading platforms with trading pairs of all mainstream cryptocurrencies available.
To get ONES when it is initially launched, users can trade the whitelisted tokens only. In the future, we will further expand the scope to cover all tokens on OneSwap.
Speaking of launching, which methods can users take to get ONES?
Jennifer: According to our market plan, users can obtain ONES through liquidity mining and transaction mining on OneSwap. Liquidity mining is what I have explained earlier before. Transaction mining is to trade on OneSwap and airdrop ONES, in a certain percentage of the minimum market value cumulative that day according to realities, to the Taker participating in transaction mining that day.
Various kinds of Swap have hit the market recently, leading to a rush in development among institutions. What’s your take on these Swaps?
Jennifer: The upsurge of UniSwap has indeed brought along many new Swaps in the market, including Justwap, which has recently been caught in the scandal of a fake project, and countless products with Swap as the suffix. That’s a good phenomenon, I have to admit, because it mirrors how popular the DeFi market is on one hand, and on the other hand, it is a sign of increasing public attention on the development of DEX, which serves as another catalyst.
Unfortunately, most of the Swap products in the market are imitations of UniSwap, and some even plagiarize UniSwap’s UI interface and product architecture, churning out a copycat version of UniSwap. Also, according to my observations, these products have all made a fatal mistake, that is, introducing a semi-finished product to the market before their codes are audited by a professional organization. Such blind pursuit of market trends is irresponsible for users. Although auditing does not mean a project is 100% secure, smart contract auditors still play an important role in the ecosystem. To have codes carefully checked by third-party auditors and debugged accordingly can greatly reduce risks facing investors and thus safeguard users’ asset security.
We hope that all start-up teams in the DEX field could bear in mind that “DEX was born to practice the true decentralization spirit, and also to make digital asset transactions safer”. Any attempt to promote immature products for personal gain should be despised.
What does the team expect from OneSwap? In what areas will you plan to make greater breakthroughs in the future?
Jennifer: We’ve mentioned the vision in the white paper. We position OneSwap as a one-stop trading service platform on the chain, with Ethereum being our first choice and experimental base. In the future, we hope to build OneSwap into a transaction protocol that can be implemented and deployed on any blockchain that supports smart contracts. DEX was once hindered by cross-chain issues during its development, and a general-purpose transaction protocol will be another solution.
Questions from the public:
When will be CoinEx listing and what will be the price of ONES ?
Jennifer: OneSwap will be online after a week, ONES will be on sale at the same time. The price of ONES is still a secret, let’s stay tuned.
Which Blockchain will Oneswap support aside from Ethereum based tokens?
Jennifer: OneSwap will support Tron Chain after the ETH Chain runs smoothly, but we don’t determine if we’ll support CoinEx Chain or not yet.
As a DEX on Ethereum, is OneSwap immune to low performance and transaction congestion?
Jennifer: No, theoretically. That’s why OneSwap will run on multiple public chains at the same time in case of an Ethereum congestion.
Will there be CET/ONES trading pair ?
Jennifer: Initially, we won’t support it since we’ll focus on ETH Chain and TRX Chain first.
Will there be other exchanges to list ONES after CoinEx?
Jennifer: ONES will be launched on the CoinEx Exchange first. Of course, to further expand its user base and market influence, we will cover more exchanges, including but not limited to world-renowned first-tier trading platforms with trading pairs of all mainstream cryptocurrencies available.
Can we stake ONES and what will be the yield?
Jennifer: Yes, you can stake ONES, the yield will be revealed when OneSwap is online.
Could you explain how OneSwap stands out from its competitors?
Jennifer: Other than ETH Chain, Tron Chain, we will support more chains, meanwhile, we also have order books which allow our users to make limited orders. That is way more advanced than other swaps.
I am a crypto investor and I only care about prospect of a crypto that I chose, tell me the reason why I should choose OneSwap token over the existing one? What is your coin advantage that can convince me to change from my favorite token ?
Jennifer: You may hear about many Swaps recently, but all of them have one disadvantage: unsecure. Users can trade “fake coins” on their swap, causing a lot of loss for users. But OneSwap will only support tokens that admitted by the market, so as make trading safer.