On the 6th of April 2022, one of Kromatika’s core contributors attended an AMA on Nabox’s official TG channel after successfully integrating the $KROM Token on Nabox Wallet, where 10 Lucky winners received 200$ worth of $KROM.
Nabox: Can you introduce yourself to our community?
Aris: Sure, I’m Aristokrates, one of the contributors at Kromatika Finance and a long term Defi user and developer. A Please to e-meet you all. Have been involved in crypto development since 2016 and have been involved in DeFi projects since 2019.
Nabox: Can you briefly tell us about Kromatika.Finance? Can you touch on why an individual would trade on DEX instead of, for example, Binance? Or touch upon the difference between a DEX and CEX?
Aris: Sure, from a user perspective CEXes offer a more user friendly way to trade at the cost of centralization.
We’ve seen a lot of hacks on centralized exchange happening, so there is always a risk. Decentralized exchanges (DEX) offer more control over your assets but introduce complexities (like price slippage, paying swaps fees, etc) this is where Kromatika Finance tries to position itself; We are trying to build a dex aggregator that would solve the problems of swap fees, price slippage and so called sandwich attacks (front-running bots).
Kromatika has already launched its first feature allowing the possibility for traders to place limit orders on decentralized exchanges, particularly on Uniswap, without paying swap fees and with no price slippage.
Nabox: Yes. Decentralization is the trend of future development in the field of encryption. What are key points of Kromatika that you believe bring added benefits to users in the Defi space?
Aris: Our first feature introduced innovative limit orders on top of Uniswap.
Limit orders are not a new concept, they exist in centralized exchanges and also to some degree on decentralized exchanges as well, but they are kinda limited on DEXes. The new part here is that Kromatika is making it available on the newest UniswapV3 DEX, extending its features. This smart concept is a mix between the traditional order book concept and the more sophisticated AMM concept and Kromatika combines them both into a new hybrid limit order feature.
Nabox: Very exciting! Lack of liquidity, high slippage, and inefficient asset pricing are common problems that plague DEX. Can you talk about the innovative approach which Kromatika has implemented which makes it DEX with no slippage and yet provides the same depth of liquidity that an provides?
Aris: The first feature of limit orders was implemented as an order book on top of Uniswap. The order books are implemented by smartly adding liquidity on a DEX (Uniswap)
That means when limit trading on Kromatika:
- The limit orders are not subject to any swap fees
- There is NO price slippage as found in AMM, so you can trade huge amounts; without losing on slippage
- There is ZERO risk of front-running bots
- It uses Uniswap liquidity
Nabox: Can you talk a little about the comparison with your limit order dapp to existing limit order mechanisms?
Aris: Existing limit orders mechanisms are just delayed swaps when the price is reached.
Kromatika limit order feature implements limit orders on DEX, the same way as one would find on CEX, like Binance, using order books.
With this feature, we are trying to bridge the gaps between CEXes and DExes and make limit orders profitable on DEXes as well.
On top of that, since Kromatika limit orders feature is implemented by providing order book like liquidity on DExes, users that do limit orders on Kromatika earn fees from that liquidity provision (varies from 0.05% to 1%)
End result is getting more value out of the limit order i.e by using our limit order feature traders would move what they have expected from their limit order.
Nabox: When are you planning to launch the staking feature and liquidity farming to earn passive income? What’s your stand on implementing governance in the project?
Aristokrates: Kromatika protocol is powered by its own ERC20 token, KROM, having a 100 million fixed supply.
KROM token is used for paying protocol fees by the traders so that their limit orders get processed on time by the Kromatika decentralized network of automation services (bots).
Nabox: You have introduced Gasless limit trading, Can you explain how that works?
Aris: yes, that’s a very cool and interesting feature. The gasless feature means users will either not pay any gas fees at all or pay gas fees in our KROM token. This will depend on the chain that the users are trading via Kromatika. We are deploying our Kromatika DAPP on cheaper chains and we gonna allow users of our DAPP to trade without any gas fees paid, for a limited time.
Nabox: This is an important point that users like! Of course, the most important thing is safety. What are future plans for Kromatika, will you expand into other L2 chains? Fantom, Solana, Polygon ?
Aris: We have launched our first smart limit order feature on Ethereum mainnet, as well as Layer2 chains (Arbitrum and Optimism)
We are already preparing and working on a new improved Kromatika V2 feature that will have improved UI as well as adding best price swap aggregation across all of those chains.
After that, we have already scheduled a launch of KromatikaV2 on Polygon , where we will have support and collaboration from the Polygon team.
Nabox: What is the best way for someone watching today to get started with Kromatika?
Aris: Kromatika links
Homepage:https://kromatika.finance/
Discord: https://discord.gg/Uv2Q2v26JG
Telegram:https://t.me/kromatika_finance
Medium:https://kromatika-finance.medium.com/
Github:https://github.com/Kromatika-Finance
Nabox: Okay, thanks to Aristokrates for sharing. This concludes today’s AMA, thanks again Aristokrates.
Aris: My pleasure. Thanks, everyone.
