Speaker : Mr. Echo (SEA Community Admin For Viper Exchange)
Date : Friday, April 30th, 2021
THERE IS 3 SESSION FOR AMA
- QUESTION FROM TWTITTER
- FREE ASKING
SESSION 1 ( INTRODUCTION )
hello Mr. Echo welcome to our community.
Hello everyone, we come back for AMA ID Crypto with Viper Exchange, Today we have an honored guest Mr. Echo as SEA Community Admin For Viper Exchange, who will explain and answer your question guys.
Hello! Salaam semua. I’m Echo from Viper Exchange.
Nice salam juga pak.
glad to be with you here,
Are you ready sir ?
Yes sir I am.
- Please introduce yourself and tell how you started a crypto business to the idcrypto community !?
Hi, I’m Echo and I’m the SEA Community Admin for Viper Exchange, the first DEX product out from VenomDAO.
I came to know about Viper Exchange from a discussion on discord. After some research on Harmony One, and how Viper Exchange sought to differentiate itself from a lot of DeFIs in the market, I chose to invest in it early on.
The developer was calling for some Community Admins to manage and support the community, and I put my name in the list. I was hired and it has been an amazing 2 months, and we have managed to put up an impressive team for VenomDAO.
Thank you for introducing yourself, we are happy to know you, sir.
- Can you explain what is Viper exchange and how long your project launch !? Please explain in simple sentences
Viper Exchange is the first protocol for VenomDAO, a cross-chain, multi-product DeFI DAO that launched 2 months ago on the Harmony One platform. It was a community-driven, fair launched initiative- with no presales, seed rounds, or unfair allocations to early investors or backers.
The most notable aspect about Viper Exchange for me is the 95% locked balance for Yield Farming, which was inspired by BAO Finance. It was what got me interested in the project in the first place. The DeFI space is now full of whales that are able to invest a lot of money early on, and totally decimate the value of the farmed tokens by dropping out early. This way it gives smaller early investors a fighting chance to get a good long term investment, and allows the developers to be flexible by giving out high emissions in the first few months (we had 256x and 128x in the first month!), and also continue working on the roadmap while having the value of the token at a high, stable rate.
The locked balance will start to be unlocked on Christmas 2021, block by block until Christmas 2022. In other words 0.27% will be unlocked day by day for a year. This also circumvents whales from just dumping huge amounts of tokens outright next year.
The explanation is very impressive, the project that was launched on the harmony network is a new launch, maybe we can pay attention to this in the future and will be big.
Yes, do look into Harmony One as well. It’s an impressive platform and bloblockchain.
- Can you share with the community what Viper exchange has been doing from the roadmap ?
There has been a lot of improvements with Viper Exchange for the past few months. We have continued to add a lot of pools, and Harmony One has continued its steps on being a very promising cross-chain platform by enabling many cryptocurrencies to be on it thanks to its.
We have also stepped to have our investors to have more say on the platform with local governance starting to take effect. We recently had our first governance vote on Viper Exchange, with more to come. There has also been a lot of QoL improvements on using the DEX.
However, as the Harmony Platform is relatively new, we had been limited with having style website for our investors. This will change very soon however, as Harmony One has stepped up and introduced The Graph Protocol on its platform, and developers have been busy syncing the data for our own info page.
This also allows us to be listed on Coingecko and CoinMarketCap very soon, as it is part of the requirements to do so.
Perfect, thank you for your great answers, We are very happy to know your project, a new thing for us to introduce with a project built on the Harmony network.
SESSION 2 ( QUESTION FROM TWTITTER )
- Is there any service I can offer to be monetized on VenomDAO PLATFORM ?Where’s Latentry storage users data, are in the blockchain or outside blockchain?
As we are still early we are focusing on Viper Exchange as a DEX, other services will come soon. We have recently talked about having a Pancake Syrup style pool on our DEX, but at the moment our priorities are on more important matters.
User data is stored on the blockchain – there is no login/accounts etc and you interact with it via metamask
And we have to interact in the metamask that has been set up by the Harmony network, right?
Yes sir, and all one has to do is to create a Harmony Mainnet on Metamask to start.
yes, i’m find this for set up about it.
Okay next question.
- What are you most excited about on the roadmap of 2021 ? When defi supermarket will be integrated into $VenomDAO wallet?
There are a lot of things to be excited about Viper Exchange! The biggest and nearest however, is the launch of Cobra Exchange, another DEX product by VenomDAO on Binance Cross Chain. This will allow Viper Exchange to be introduced to a lot more investors as at the moment, Ethereum and BSC based DEFIs are more well known thanks to there being more DEXes on those platforms.
We will have a Cobra/Viper token pool ready for launch, which will be very soon. This will be a synergy to ensure that both DEXs will contribute to each other, and lift each other up.
In Quarter 2 2020, We will also continue by having another additional DEX to be live on other platforms like Polybahasagon, xDai, Fantom, Avalanche, Huobi ECO Chain or similar EVM + Ethereum-tooling compatible chain (specific chain will be decided later).
There are a lot of other products that we will introduce soon in 2021, that you can read in our Medium article.
- What is the ultimate vision that your project is trying to achieve within the cryptocurrencies market? Obviously the whole space will experience huge growth in the upcoming years, but what role would you like your project to play in this?
The ultimate vision is for VenomDAO to be seen as one of the leading DAOs in the business, and we are looking to have crosschain DEXes across many platforms. We believe decentralisation of cryptocurrency to play a big role in the upcoming years, and having DEXes, that not only have high valued tokens on each of the platforms, but also allows easy access for crypto users to easily transfer their cryptocurrency around to take advantage of all the benefits each platforms give, without relying on centralised exchanges (Binance, Kucoin, etc).
This is one of the reasons why VenomDAO had its first DEX on Harmony One. We are very bullish on the future of the platform, as it strives to have a trustless, cross-chain feature soon. This allows crypto users to transfer their money from platform to platform at an incredibly high speed and low fees.
As an example, transferring currency from one wallet to another that also uses the Harmony Mainnet takes seconds, and only uses around 0.001 ONE. You can also see this in effect when you use Viper Exchange, as swapping currency is as fast, and cheap as the example I gave.
Thanks for your explain. i hope our community understand about this.
- for your dex exchange, what benefits do people get for adding a pool to the viper exchange? especially for the viper token pool itself?
You’re welcome, they can also ask for other info as well later!
Like all DEXes, they’ll benefit from accumulating trade fees from adding a pool on Viper Exchange, but benefit more if they stake it to acquire Viper tokens.
As we mentioned, these tokens can also be used to enter pools that our future DEXes will have, as well as to be used on future products on Viper Exchange and VenomDAO.
- What’s the security model of ViperSwap ?What activities do you do with third-party security groups to protect ViperSwap from security threats?
Viper will soon adopt a mixed Timelock/Multi-sig setup or go full multi-sig. The code is mostly based on existing battle-tested protocols (Uniswap, Sushiswap & BAO) but we’ll audit the code base as soon as we’ve found an auditor interested in auditing the protocol. An audit will be more important and make more sense when we’ve added more customized contracts and code though.
Thank you for your explanation in the first and second sessions.
It’s great to know more about Viper Exchange.
Thank you for giving us a chance to give an AMA Oezank!
SESSION 3 ( FREE ASKING )
Security should be the topmost priority of every projects, how safe is users data and funds, do you have any audit plan.?
Well the core DEX database is firstly, tried and battletested, forked from already established & audited DeFi behemoths such as Uniswap and Sushiswap. Our governance token & rewards system is a forked (& improved version) of Bao.finance.
We’ve spent quite a bit of effort on adding encompassing test suites in order to QA both Bao.finance’s code + the custom code we’ve introduced. You can never have enough tests though, so we’re constantly adding more.
Some components in the system will also be without timelocks for the first few days. We’re planning on timelocking all critical components in the system as soon possible, but only after seeing that the protocol works as intended.
Our goal is to secure multiple audits for the protocol — but we don’t have any audits scheduled right now, or a definitive deadline for when to secure them. We will be reaching out to auditors to get quotes for how much it would cost to audit the protocol. This is also one of the primary reasons for why the development treasury exists — it’s intended to cover the costs for this endeavour.
Also, there is no migrator code in the smart contract.
As always, we strive to be transparent about it, so anyone is welcome to review our smart contract code.
Anh Da Đen:
What do you think is the future trend of DeFi? What is the biggest vulnerability that DeFi currently faces? And is your Viper Exchange Project looking to solve the problem?
We believe that the DeFI will be bigger than it has been in the last 2 years. Decentralised Finance is still at its beginning, and it’ll be a huge deal going ahead.
One of the biggest vulnerability that DeFI currently faces is retention. This isn’t easy and there are some huge investors (whales) that are looking for a quick way to make money, leaving many smaller investors behind.
This is why we believe that Viper Exchange’s Locked Balance will help in this aspect. It was designed to make the DEX less of a dumping ground, and great for users looking for long term investments.
Very little public confirmation of project progress. Can you share the current progress of #VenomDAO project?
There has been a lot of public confirmation of project progress! You can see this on the amount of updates we have made that was announced on Twitter .
However, we are a relatively new DEX, that has only came out in the past two months. We are gaining in popularity, and our token value is also stable, but it is also important that we strive to introduce new investors and more usage for the DEX.
This is why we are very excited with Cobra Exchange. It’s in our next step to enable our cross-chain vision, that will bring more eyes and investors towards Viper Exchange and VenomDAO enormously.
Token burn is important for investors, do you have any plan burn or buy pack?
We do have a plan to token burn, but we believe that this should come later on a DEX roadmap. It doesn’t make sense to introduce token burning so early on in a DEX life, which is why we strive to focus on Viper Exchange’s yield farming, compounding, and pools for now.
We believe that we should strengthen these fundamentals, which we have, and then we will introduce token burning as another feature to ensure that the Viper token increases in value.
with #viber exchange project, can anyone use the marketplace – your platform from all over the world? Anyone can be involved in the development of this project? can you tell me?
Yes, anyone can use this DEX from around the world, that is the beauty of decentralisation.
We are currently looking for developers to join our project! As we stated, Viper Exchange is only the first step for VenomDAO, and we will need more hands on deck for the future.
MORE DETAIL ABOUT Viper Exchange