AshSwap AMA Recap
AshSwap is a decentralized exchange (DEX) following the stable-swap model on the Elrond blockchain.
On Wednesday 12th of October, Nate, Head of Marketing, and Erik, Community Manager from AshSwap joined us to answer CryptoRank’s AMA questions.
Nate is Marketing Manager of AshSwap and has worked in the Marketing field for big pharmacy corporations in the last few years, he also ran a marketing agency for 2 years and also used to be an event manager.
Erik is Community Manager at AshSwap and has more than 5 years of experience in marketing for startup companies. Most of them are technology companies, so the barrier for Erik to enter work In the Crypto market and blockchain technology industry is not so difficult.
Questions from the CryptoRank Team
Q1: Can you tell us about AshSwap? What problems do you solve, both in the space and in the community?
Erik: The three immediate problems that we want to solve are:
- Trading stablecoins and stable assets
- Capital Inefficiency
- Governance Token Inflation
You can read more about these in our Litepaper.
But a bigger goal that we want to achieve further down the line is to bring a decentralized, transparent, and better financial product/system to our users. Elrond wants to onboard 1 billion users, we are here to serve them!
Q2: Could you briefly describe the milestones AshSwap has achieved and your upcoming plans?
Nate: During the past few months, we worked hard to build the product, as well as building the community
Despite the bear market, I think we made some milestones that can be counted on:
- Fully functional features on devnet
- A good community with 10k active Discord members, event before launching on Maiar Launchpad
- Hosted the Battle of Yields event with more than 1.2k Warriors joined
And we’re very honoured to be the 4th project on Maiar Launchpad.
In the next period of time, we’re aiming to:
- Launching on Mainnet: after finishing our launching, we will work closely with the Elrond team to help bring the second stablecoin to the ecosystem, which could be more than 1 stablecoin
- Upgrading our features: AshDAO, AOC minting, unstable token trading, and the list goes on
- Expanding more and more potential partnerships in the Elrond ecosystem, as well as the other chain.
Questions from Twitter
Q1: Staking is the new trend. What staking options are available for ASH tokens? Are there any incentives for staking? What are the various ways to earn ASH tokens and are there any limits to the amount of ASH I can earn?
Erik: Currently, at our Devnet, there are two active stake features: Liquidity Stake and Governance Stake.
You will get rewarded by $ASH when you stake LP-Token to the liquidity pool and get LP-Token as a reward when you stake $ASH in governance staking. The only thing that limits your amount earning ASH is your farming strategy mindset.
You can test out many of your farming strategies through AshSwap’s Battle of Yields 2 competition.
Q2: How will Ashswap ensure that the peg of AOC is always maintained at 1:1 ratio with the dollar? Finally, how can users mint the AOC stable coin?
Nate: About this question, we already have a detailed Medium article to explain it, let’s take a look.
Q3: You mentioned revenue sharing as one of the utilities for the ASH token, do you mind explaining a little about how it works? Could you please talk about how the Governance staking feature works?
Erik: In short, people who staked LP tokens will receive ASH tokens as a reward. Then, you can stake ASH to get veASH; the veASH will be used in our AshDAO (developing now) and also Yield Boosting. People who are holding veASH will get a 50% trading fee from the swapping activities of other users.
Questions from Telegram
Q1: I see that two tokens are present in the ecosystem, $LKASH and $ASH What will be the role of these tokens? What will be their ratio to each other?
Nate: There are several niches in this blockchain industry, and each of them has its own property.
I think the reason ppl interested in NFTs, metaverse, and games.. is because they’re familiar with the real world, so it will be easy to get liquidity from users.
AshSwap chose DeFi, a harder niche in my opinion; similar to CeFi, DeFi is related to money, and it requires both users and developers to have a certain knowledge both on the technical side and finance side.
Q2: Currently a lot of people are looking at NFTs, metaverse, and games. Can you tell me what advantages will you have in this field future?
Erik: $ASH is the name of the Token generated by AshSwap. It is an essential element used to run our DEX.
$LKASH is a locked $ASH Token on Maiar Launchpad and will have a 1:1 conversion ratio to $ASH when unlocked. The role of $LKASH is to reduce the initial supply to avoid shocks, later on, we only have $ASH when the amount of $LKASH fully has been unlocked.
ASH Token Utility:
- Revenue Sharing
- DAO Voting Right
- Yield Boosting
- Stablecoin Minting Fee (coming)
- Reduce selling pressure & create constant buying pressure
- Bring benefits to long-term holders
- Create revenue stream
Q3: Is AshSwap in a testing phase? How can we currently test some features of AshSwap?
Erik: Yes, AshSwap is still in Testing Phase.