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Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Matrix and our guests were @josephliu03?—?representative of Matrix. The AMA took place on 31st of August.
The total reward pool was 500$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1?—?introduction and questions from the Website
Gold Rocket | Satoshi Club:
Greetings dear Satoshi Club
Paul Mont | Satoshi Club:
Hello Satoshi Clubbers! Today we are excited to announce our AMA session with MatrixSwap!
Paul Mont | Satoshi Club:
Today’s guest is @josephliu03! Welcome to Satoshi Club!
Gold Rocket | Satoshi Club:
Matrix swap will be presented to us by wonderful guest
Hello and welcome to Satoshi Club, @josephliu03!
Joseph | Matrixswap I WON’T DM YOU:
Hey guys.
Gold Rocket | Satoshi Club:
Sorry for the technical delay
Joseph | Matrixswap I WON’T DM YOU:
Great to be here.
Thanks for having me.
Excited to share Matrixswap with you all.
Gold Rocket | Satoshi Club:
We are very excited about the upcoming AMA
Paul Mont | Satoshi Club:
That’s right!
Gold Rocket | Satoshi Club:
Please tell us a little about yourself. How did you get into crypto. When came to the matrix
Joseph | Matrixswap I WON’T DM YOU:
Sure!
I’m originally from Taiwan, currently living in Germany. I’ve been in crypto since 2016 mainly as an investor and swing trader.
I’ve helped multiple early stage startups in crypto to raise funds and built a strong network in crypto since 2017.
Our team is based in Asia and we have seasoned developers that worked on Defi, oracle and NFT projects.
Matrixswap started as a dream for the team.
Wanting to trade altcoins with leverage.
Gold Rocket | Satoshi Club:
You are an early crypto adopter
Joseph | Matrixswap I WON’T DM YOU:
And we decided to build and solve our own problems
Gold Rocket | Satoshi Club:
What is the essence of Matrix swap?
What do you mean by this concept?
Joseph | Matrixswap I WON’T DM YOU:
Matrixswap is bringing leveraged trading, multi-token swaps and proper risk management tools to the DeFi space.
Traditional AMMs like Uniswap don’t offer leveraged trading and are limited to single token transactions.
At Matrixswap, traders can trade any assets with up to 25x leverage and will be able to swap multiple tokens at once via our DEX aggregator.
Gold Rocket | Satoshi Club:
How long does it take to develop a project? What plans do you have for the future? And what can we expect from Matrix swap?
Joseph | Matrixswap I WON’T DM YOU:
In our case, we’ve been building since late 2020.
And we will continue to build and optimize the platform for years to come.
Gold Rocket | Satoshi Club:
The benefits are obvious. You just took into account the mistakes of the pioneers and the model is getting better.
Joseph | Matrixswap I WON’T DM YOU:
Expect Matrixswap to be THE platform to trade on for DEXs.
Paul Mont | Satoshi Club:
By the way, I’ve seen that the whole team is public?—?you guys deserve a big praise for the transparency
How many team members are working on MatrixSwap at the moment?
Gold Rocket | Satoshi Club:
We really hope and believe that it will be so.
Joseph | Matrixswap I WON’T DM YOU:
We have a total of 8 core team members.
And we are expanding!
Looking to bring on more people to join us in the future.
For now?—?we are focused on the tech.
Gold Rocket | Satoshi Club:
Amazing
Thanks for great introduction, we will have several questions selected for Part 1. Ready to start?
Joseph | Matrixswap I WON’T DM YOU:
Sure!
Let’s do it.
Q1 from Telegram User @Jmagsss
Matrixswap’s vAMM or the “Virtual Automated Market Maker” is a revolutionary way of letting traders explore vast variety of assets and trade with an infinite amount of liquidity. This concept also diminishes the risk of zero impermanent loss because liquidity provision is not required at all. This product of your is truly helpful for skillful traders with big volumes. May I know, Can traders use your vAMM to trade traditional assets just like stocks, commodities, forex and gold? Does your vAMM may support and cater other assets that aren’t related to cryptocurrencies?
Joseph | Matrixswap I WON’T DM YOU:
The platform is really designed to offer traders to trade anything.
But.
As we start our mission at matrixswap we hope to stay crypto native.
Meaning we will intend to stay with offering just crypto markets.
But if DAO decides to branch out later on to other markets.
The DAO has the power to do so.
We want that control to be held not by us, but by the protocol users.
Paul Mont | Satoshi Club:
That’s called empowering your community and stakeholders
Great!
Gold Rocket | Satoshi Club:
It is really revolutionary what you do
Joseph | Matrixswap I WON’T DM YOU:
I’d say the vAMM design is pretty unique.
Gold Rocket | Satoshi Club:
Indeed.
Joseph | Matrixswap I WON’T DM YOU:
We give credit to the team that invented it.
Perpetual Protocol.
Gold Rocket | Satoshi Club:
By the way can you demonstrate something?
Joseph | Matrixswap I WON’T DM YOU:
Our system is similar.
Gold Rocket | Satoshi Club:
Visualization is perceived by users much better.
Joseph | Matrixswap I WON’T DM YOU:
Sure.
I’ll do my best.
What is it that you’d like me to demonstrate?
I have a quick video on our DEX aggregator.
If you guys want to take a quick peek at it.
Nuke button.
All user needs to do is to click on the nuke button and approve the transaction.
The app auto inputs all pre-approved tokens and set to max sell.
https://www.loom.com/share/f08144588906411fa6b55789b9e78c1c
This is our DEX router example ^
Both live on polygon mainnet.
These are our DEX router demo videos.
Separate from the vAMM.
Gold Rocket | Satoshi Club:
It works very simply! Thanks for the guides!
Paul Mont | Satoshi Club:
This nuke function… is definitely cool
I could get addicted to it very easily haha
Joseph | Matrixswap I WON’T DM YOU:
Glad you guys like it!
Paul Mont | Satoshi Club:
Thank you very much for the clear answer and demonstration Joseph!
Ready to hop onto the next community question?
Joseph | Matrixswap I WON’T DM YOU:
Sure!
Let’s go.
Q2 from Telegram User @Highpee
Matrix is currently being deployed on Polkadot, Cardano, and Polygon. Why did you start with these three blockchains rather than Ethereum and BINANCE Smart Chain which has an established population of ripe investors? Will this mean that your platform will be able to leverage cross-chain liquidity and enable swap interactions across any of the chains? Do you have your own bridge that can facilitate Inter-Chain transaction movement? And apart from these present chains that your protocol is presently able to adapt to, are there plans for more blockchain support?
Joseph | Matrixswap I WON’T DM YOU:
We initially set out to deploy on Cardano and polkadot because they are considered the 3rd generation blockchains.
Compared with ethereum, they had way better scalability.
Polygon development came later in the picture as we saw the massive growth in liquidity.
BSC and ETH both are too costly to run our protocol.
We will stay with more cost-efficient protocols.
If ETH figures out scaling through layer 1 later on, we’re happy to deploy.
That being said, we are always looking to adapt.
Gold Rocket | Satoshi Club:
Your solution really makes sense. And flexibility is more important than ever.
Joseph | Matrixswap I WON’T DM YOU:
If certain blockchains are: 1. fast 2. cost-effective 3. secure
We will deploy there.
Paul Mont | Satoshi Club:
Yes, unfortunately, Ethereum right is mostly a playground for whales… or least the minority that can afford
Joseph | Matrixswap I WON’T DM YOU:
Exactly.
We want our users to be able to make trades without spending too much on gas fees.
Even BSC when congested can cost up to $5 a trade.
So we want to make sure our users are protected from that.
Paul Mont | Satoshi Club:
I think this an exhaustive answer and @Highpee will probably be satisfied
Brilliant, thank you!
Gold Rocket | Satoshi Club:
Thanks for your answers! Ready to proceed to the next question?
Joseph | Matrixswap I WON’T DM YOU:
Yes, I’m ready!
Paul Mont | Satoshi Club:
The next question is about the mechanisms and funding rate behind MatrixSwap perpetual contracts
Q3 from Telegram User @Jonahapagu
It is stated in your whitepaper that in order to ensure perpetual contracts price inside The Matrix converges with index price in the real world, Matrixswap introduces an hourly funding rate.. so how does this funding rate mechanism work, how is this hourly funding rate maintained, how is the funding rate obtained, and what are the factors that affect this funding rate
Joseph | Matrixswap I WON’T DM YOU:
Sure thing!
Very similar to how FTX works.
Perpetual contracts never expire.
So technically you can hold on to them forever.
That said.
Perp market can easily diverge from the real market price.
So to fix that.
We have a funding payment on a per hour basis.
The funding payment is calculated by position size * (TWAP of perpetual price?—?TWAP of Index price)/24.
TWAP comes from oracle price feed.
Which we will use chainlink?—?on polygon.
Moonbeam.
And another one for Cardano.
Paul Mont | Satoshi Club:
What about the Index price, how is that calculated?
Joseph | Matrixswap I WON’T DM YOU:
This is obviously a more technical question.
Index price comes from oracle.
So if you go to chainlink price feed website.
That data is constantly being updated.
Paul Mont | Satoshi Club:
Great to read that you’ve picked the best oracles for the project
Joseph | Matrixswap I WON’T DM YOU:
chainlink is by far the most battle-tested oracle out there
Gold Rocket | Satoshi Club:
Really very cool
Paul Mont | Satoshi Club:
Oracle failures have been quite a thing in the previous months, Chainlink is the hallmark of quality in the space
Gold Rocket | Satoshi Club:
Thanks for your detailed answers
Joseph | Matrixswap I WON’T DM YOU:
No problem!
Gold Rocket | Satoshi Club:
Ready to proceed?
Joseph | Matrixswap I WON’T DM YOU:
Yes
Next question please.
Q4 from Telegram User @andrey_seleznov
Hi MatrixSwap!
I’d like to ask about the DEX aggregator feature of MatrixSwap. We all love to be able to place a stop loss for our orders or purchase an asset at a better price via the limit order. Will limit orders work together with the interesting multi-token swap function that you advertise? Imagine not only swapping multiple tokens for a single token in a single transaction and at the prices you want! That’d be a killer feature for sure!
Could you please also share some details about the multi-token swap functionality? How do you make sure all transactions are finalized in one block, can there be slippage problems with some of the tokens and transaction may only partially complete? Or will you revert it all if some tokens failed to swap in a timely manner? And lastly does the multiswap save gas by combining multiple transactions into one?
Thank you!
Paul Mont | Satoshi Club:
Here is it
Joseph | Matrixswap I WON’T DM YOU:
Good questions!
We are currently developing a stoploss function that will fit quite well with multi-token swaps.
So it will act as a great risk management tool for DeFi users.
Limit orders are more limited to single tokens?—?but you can set many limit orders which essentially acheive the same result.
Polygon transactions are confirmed relatively quickly so we have been able to make smart contract calls while routing through multiple AMMs.
Similar with how 1INCH and slingshot.finance work.
Regarding slippage?—?we give users the ablility to set them and if some tokens don’t go through the rest will still go through.
This is thanks to our “partial fill” function.
And over all?—?matrixswap not only saves you gas fees.
It also finds the best rates for you.
Gold Rocket | Satoshi Club:
Thanks for great answer
Paul Mont | Satoshi Club:
I truly feel the scope of what you guys are building can really ease the life of so many users out there in cryptoland
Joseph | Matrixswap I WON’T DM YOU:
The videos I dropped earlier demonstrate some of the stuff I talked about just now.
Paul Mont | Satoshi Club:
Thank you
Next question gets back to the governance theme
Q5 from Telegram User @yellowchamp
ZionDAO will be launched approximately 6–9 months after the Mainnet launch of Matrixswap and ZionDao will be your governance mechanism. At this stage, you xpect the ZionDAO community council will be able to propose, vote, and implement upgrades and changes to Matrixswap. So,can you describe more about your governance mechanism which is the ZionDao?Why do you choose ZionDao to be your governance mechanism? Do you have a separate ZionDAO community council to help for the decision-making of Matrixswap network? What are the other role of ZionDao in your platform? Does this governance mechanism is good for long-term? Thank you
Joseph | Matrixswap I WON’T DM YOU:
Our DAO design is relatively similar to blue-chip defi projects.
Think compound.
Or markerDAO.
Token holders will get the ability to propose, vote.
Overall I believe DAO is the best approach to fully demonstrate the power of decentralization.
It’s the best solution long term.
There’s no seperate community council.
Token holders are the DAO members.
It’s more straight forward this way.
Gold Rocket | Satoshi Club:
Simple and clear
Paul Mont | Satoshi Club:
Speaking of token holders, could you please share your tokenomics paper?
Joseph | Matrixswap I WON’T DM YOU:
Sure!
Paul Mont | Satoshi Club:
And by the way, has the project undergone any audits yet?
Joseph | Matrixswap I WON’T DM YOU:
https://docs.matrixswap.io/#matrix-tokenmetrics
We’re currently in the queue.
But we will definitely have the smart contract audited before our platform launch.
Tokenomics can be found here.
Gold Rocket | Satoshi Club:
Safety first
Joseph | Matrixswap I WON’T DM YOU:
We priced the token to be $0.1 per token.
For both private and public.
Fair price for everyone.
Paul Mont | Satoshi Club:
Thank you very much for sharing @josephliu03
Gold Rocket | Satoshi Club:
Sounds good
Paul Mont | Satoshi Club:
Great, thank you very much. This is the last question for this very first part of the AMA, then we’re heading into the LIVE part of the session.
Q6 from Telegram User @cheriemike
Presently, Matrix has two giveaways taking place for those who are interested in winning $MATRIX token, One is the “Red Pill NFT Giveaway” where 32 NFTs are “charged” with $MATRIX token, And you have also launched your “Whitelist Lottery” which guarantees 20 whitelisting allocations to some selected participants. When will both giveaways last? Can you give us details on how we can also participate in the giveaway? For the whitelisting lottery is the KYC process required? Apart from these 2 giveaways, will you also airdrop the $MATRIX token to interested users? Thanks
Joseph | Matrixswap I WON’T DM YOU:
For the red pill NFTs, today is the LAST day.
You can still enter until midnight (EST).
https://twitter.com/matrixswap/status/1432275894119243785
Paul Mont | Satoshi Club:
That’s for you Satoshi Clubbers, an opportunity not miss out on!
Take the red pill guys
Joseph | Matrixswap I WON’T DM YOU:
For whitelisting?—?check out our twitter page!
And yes, a KYC progress is required.
But only for the winners.
Paul Mont | Satoshi Club:
And that’s the Twitter page
So you guys have no excuses to be up and ready to explore how the MatrixSwap rabbit hole is
Joseph | Matrixswap I WON’T DM YOU:
Apart from the NFT giveaways, we don’t have airdrop plans for now.
We might in the future
Gold Rocket | Satoshi Club:
We will be glad if you share with us all the useful links before opening the chat
Joseph | Matrixswap I WON’T DM YOU:
Twitter?—?https://twitter.com/matrixswap
Website?—?https://matrixswap.io/
Telegram?—?@matrixswapofficial
Gold Rocket | Satoshi Club:
Thanks for sharing
Part 2?—?live questions from the Telegram community
Q1 from Telegram user @BJosefina61
As a DEX aggregator, what are the advantages over some traditional options in the sector such as paraswap or 1inch?
Joseph | Matrixswap I WON’T DM YOU:
Our unique multi-token swap will stand out from the rest of the market
Q2 from Telegram user @Ratash97
How does matrix swap solve the problem of Cardano not supporting smart contracts?
Joseph | Matrixswap I WON’T DM YOU:
Cardano has a smart contract coming on live later this month.
Q3 from Telegram user @Guandog
What are the collateralization margins with MatrixSwap, and do you have plans to add more assets as collateral in the future? is only USDC available for now?
Joseph | Matrixswap I WON’T DM YOU:
We have a maintenance margin ratio of 6.25%.
And yes.
We will introduce base assets like WBTC and WETH later on.
Q4 from Telegram user @csgonub
Matrixswap has 8 core team members right now do you think this is enough or do you plan to hire more people?
Joseph | Matrixswap I WON’T DM YOU:
We plan to hire more people and we are already in the process
Q5 from Telegram user @ethcypherpunk
Is matrixswap open to governance-type proposals? can you for example propose a new pair?
Joseph | Matrixswap I WON’T DM YOU:
Yes proposing for new market creation is one of the main governance functions.
Q6 from Telegram user @victorogb
Can you carefully explain the underlining functions of the Insurance Fund, how is this special vault funded and sustained?
Joseph | Matrixswap I WON’T DM YOU:
Sure!
The insurance fund acts as a backstop for the markets.
When there are losses that need to be paid to traders.
Insurance fund covers it.
The assets of insurance fund comes from trading fees.
50% of trading fees go to insurance funds.
The larger the open interest our platform has, the bigger the insurance fund needs to be.
Q7 from Telegram user @sweetdoge
Recently Solana is getting almost all the liquidity into Serum. Do you plan to add support to Solana blockchain for Matrix?
Joseph | Matrixswap I WON’T DM YOU:
We’re interested in deploying on Solana as well, but that will be much further down the line.
Q8 from Telegram user @Titanium432
What are the unique features of perpetual contact trading on matrix swap which make it different from others like BITMEX and Binance prep contracts?
Joseph | Matrixswap I WON’T DM YOU:
The main difference is that users get to retain custody of their own funds and trades are 100% on-chain and transparent.
Q9 from Telegram user @horrampure
Can I buy your tokens right now and also which wallet support your token?
Joseph | Matrixswap I WON’T DM YOU:
Our tokens cannot be bought right now, but we will have our IDO on card starter on the 10th of September.
Shortly after we will list our token on uniswap.
Metamask will be the wallet to use.
The registration starts on Sep 3rd.
IDO is on the 10th of Sep.
Q10 from Telegram user @Tahsinahmett
Can you explain why you set aside half of the trading fees for the MatrixSwap token, redemption, and burning?
Joseph | Matrixswap I WON’T DM YOU:
We set out to be a protocol to not take revenue from traders.
We want to empower our users and the value of matrixswap tokens.
So instead of making fees as revenue, we use that to buy back tokens.
Part 3?—?Quiz Results
In the final part, we tested your knowledge in terms of Matrix. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
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