26th of January 2020
The Snow Swap AMA, as it happened! Uncensored and full of wisdom. Now brace yourself... SnowSwap is coming
Blaze™️: Snowswap team are you ready?
❄️️DeFi_Jack Frost: Hi folks - we are ecstatic to be here with you today. Should we get started?
Blaze™️: Welcome guys, lovely to have you in here this fine afternoon
Blaze™️: Looking forward to all the knowledge you are about to drop.
Well without further ado, let's begin
Blaze™️: Please introduce yourselves and your roles in the project?
❄️️DeFi_Jack Frost: I'm Jack, the project lead. With me, we have Santa (who runs ops/product), Rudolph (Community Manager on Discord), and the CMO Snow King
It's been an explosive time of growth and we have so much in store.
Blaze™️: Before we get down to the nitty-gritty ...what exactly is Snowswap?
❄️️DeFi_Jack Frost: Snowswap is a bet on DeFi. We have created a secondary market for yield-bearing coins of the top DeFi Projects, giving their LP tokens utility, like LP token swaps for the first time.
Blaze™️: So you mean if we are providing liquidity already to a particular project and getting rewards that with Snowswap we can get further rewarded with our LP tokens?
❄️️DeFi_Jack Frost: Exactly, not only can you stack your rewards, but you can also swap between the different liquidity pools without having to exit and re-enter (and sometimes like in Yearn, avoid paying the 0.5% exit fee)
Blaze™️: Wow, you have me intrigued now.
Can you give us a practical example of how this all works?
❄️️DeFi_Jack Frost: Our Dex is based on Curves algo to ensure extremely efficient swaps. We only allow swaps of like/kind assets
Blaze™️: Many find providing liquidity complex so a nice layman's version would be great.
❄️️DeFi_Jack Frost: For example for yearn, you can swap between the yDAI pool and the yUSDC pool (both stablecoins). We've also done this with BTC for Curve, Yearn and Harvest Finance, and Eth 2.0 with Ankr and Cream.
Blaze™️: I see you have a whole host of festively named pools. Can you tell us more about them and the earning potentials?
❄️️DeFi_Jack Frost: You can make an additional 47.7% (+~10%) on your ethereum via Snowswap
Blaze™️: Whaaatttt! Please elaborate more on this?
❄️️DeFi_Jack Frost: 78.7% (+~9 from yearn) on your stablecoins via SnowSwap.
🦌Rudolph: We understand with there sometimes being several wrapped tokens providing liquidity can be a chore. We are aiming to make that easier for our users. For example: to provide liquidity to our new eth2SNOW pool users can simply deposit weth to the pool.
❄️️DeFi_Jack Frost: 45.5%+ on your BTC
Blaze™️: Are these the only current offerings and what other options are in the pipeline?
❄️️DeFi_Jack Frost: Here is a guide on how to stake:
🎅Santa C: All available right now
Blaze™️: So where are you with the project atm? Are we able to do everything you've stated right now?
❄️️DeFi_Jack Frost: That's right. All the pools you see are active. See snowswap.org
We are a developer-first project, we've been shipping very actively.
Blaze™️: Going back to my earlier question, are you able to share any new pools that you will be adding yet?
❄️️DeFi_Jack Frost: Quantstamp recently did a security review of our smart contracts. We plan to add more pools and are focused on getting listed on a major exchange
Blaze™️: Am I being too bold in saying that eventually, you plan to add most of them out there?
❄️️DeFi_Jack Frost: Our vision is to make it so any defi project can create a pool on SnowSwap to give utility to their LP tokens.
Blaze™️: Do you mind giving a simple explanation on how this works, please? As I said earlier, farming and providing liquidity is second nature to me now, but for the majority, it isn't!
❄️️DeFi_Jack Frost: Step 1. Deposit your stablecoin in https://yearn.finance/vaults/
Step 2. Deposit your ytoken into SnowSwap to get ySNOW and start earning LP fee's
Step 3. Stake your ySnow to earn more Snow
Several layers of income
Blaze™️: Sounds simple enough.
Before we move onto the next subject, is there anything you would like to add regarding the pools, etc?
❄️️DeFi_Jack Frost: Yes - we have paid millions in profit and will launch our dao this trimester so our community can have a strong say in the future of the protocol.
Blaze™️: Wow, suppose that leads into my next question. How does Snowswap sustain itself, how do you make revenue?
❄️️DeFi_Jack Frost: Great question! We allocated 10% of the overall token supply to the dev team which vests continuously over the next 3 years. We have very strong incentives to be successful. In addition, in the future, we plan to add an admin fee. Right now all the revenue from swaps goes to the Liquidity Providers
Blaze™️: Very nice.
❄️️DeFi_Jack Frost: So in other words, we only win when we become massive and our community wins. We designed it specifically this way as a fair launch. No pre-sales, no pre-mines. We all win together!
Blaze™️: So I have to ask, why did you choose to remain anonymous (I am assuming you are), and what safety measures are in place for investors?
❄️️DeFi_Jack Frost: Well - we are quasi-anonymous! We are doxxed to our partners! We opted to be anonymous for 2 reasons:
- We are uncertain about the developments of legal restrictions
- Code is not anonymous. Verify/don't trust. These are our values (Thanks Satoshi :)
Blaze™️: And safety measures in place for the most famous term of 2020, rugpulls?
❄️️DeFi_Jack Frost: Well, rug pulls happen when 10-15% are allocated to the team upfront. We get 10% in 3 years such that our incentives are aligned.
Also - you can see the macro-influencers who we thanked in our initial medium article who we are doxxed to.
Blaze™️: I see you are audited by Quantstamp too which goes a long way to allay any concerns.
❄️️DeFi_Jack Frost: We just brought on 2 new devs to maximize security and productivity.
We also have an ongoing engagement with Qauntstamp so they will audit us again in the near future.
Blaze™️: Great to hear! Let's talk about the token: why hold it and what makes it valuable?
❄️️DeFi_Jack Frost: The road is long. Compound interest.
Blaze™️: You know it
Also, where is SNOW currently available to buy?
And while you're at it, break down the tokenomics for us.
❄️️DeFi_Jack Frost: Great question: At the moment Snow is a speculative token. You can stake it and earn rewards. Our token is up 2000% in the last 2 months.
We have major partnerships and announcements on the horizon,
Upon launching governance, the token will give voting rights to the future of the protocol
Blaze™️: Wow, what is the current market cap after such a big move?
❄️️DeFi_Jack Frost: We plan to make a P/E ratio for the SNOW token post governance, such that a wall street institution can justify its value, and not just "ape" in due to speculation
$7.7m and 20m+ fully diluted. https://www.coingecko.com/en/coins/snowswap
Blaze™️: $8m Cap, congrats guys, breaking away from the micro leagues
❄️️DeFi_Jack Frost: many folks made a lot of money and are taking profits
Blaze™️: So where are you on your roadmap, and what milestones are you most looking forward to achieving this year?
❄️️DeFi_Jack Frost: Just this last week, we launched Eth2 swaps and announced an integration with 1inch.
As we are the defacto way to swap your earn stable tokens
Blaze™️: Beautiful, how does the integration with 1Inch work?
❄️️DeFi_Jack Frost: In the past, Curve copy/pasted our value proposition
Jay K: When will the roadmap get released?
❄️️DeFi_Jack Frost: Crypto_JayK in the near future
Daisy Rose: Are there any forthcoming partnerships you can speak to? There are speculations of snowswap money being a major part of this project - do you have any comment on that?
❄️️DeFi_Jack Frost: Snowball Money and Snowswap are "friends with benefits"
Freek: You guys are constantly mentioning that there are 5 big announcements coming up. Are these all planned for the upcoming weeks or more stretched out over Q1 as a whole?
Petra: Will the website be made mobile friendly
❄️️DeFi_Jack Frost: We see a world in which Snowswap is available via a front-end mobile app. It will open the flood gates and not only be big for us but Defi as a whole.
Blaze™️: Any apps in the pipeline too for Android and IOS?
❄️️DeFi_Jack Frost: Any app integrated with 1inch, will have the ability to swap yield baring coins for the first time (powered by snowswap)
Freek: Anyone that reads between the lines knows this refers to the Snowball money application integration ;)
❄️️DeFi_Jack Frost: yes - it is our vision :)
Cristian: Are the rumors true about the Bitmax listing?
🦌Rudolph: we are in talks with several major exchanges at the moment.
☃️Snow King: We've actually discussed it with the team last night, we're looking into it.
Cristian: Bitmax is one of them?
❄️️DeFi_Jack Frost: neither confirm nor deny
Savant: Whats your plans for advertisment??
Herro Crypto: JackFrost are there any big partnership announcements in the works, CEX listings, giant youtube, or marketing exposure?
❄️️DeFi_Jack Frost: we are fortunate to have some big macro-influencers invest in us
soundbwoi: who is the YouTuber? 😜
❄️️DeFi_Jack Frost: can't disclose :)
🦌Rudolph: will definitely be someone you have heard of...
Maxim: when summer comes the project will be renamed summerswap?
❄️️DeFi_Jack Frost: We believe Christmas should be 24/7, 365
Blaze™️: So I think I have covered what I wanted to. Anything else you would like to bring up that we might have not covered yet?
☃️Snow King: ❄️ Make it Snow on our socials:
Telegram: https://t.me/Snow_Swap
Twitter: https://twitter.com/snow_swap
Discord: https://discord.gg/qmNQS2KGw4
🦌Rudolph We appreciate you all taking the time to join us here and look forward to seeing everyone on the moon
Blaze™️: Thanks my man, and a big thanks to the whole team. We will be keeping a close eye on Snowswap as they progress through 2021
All the best guys and enjoy your evening
Baz 🅡ay: Thanks for that guys, amazing 🙏
