Falcon Swap AMA with Crypto Daku
August 31th 2020 — Tim, co-founder at FalconSwap participated in an AMA within the Telegram Crypto Daku group. Below is a report of this AMA
CryptoDaku
Hi @Tim falcon thanks a lot for joining.
Before we start AMA, we will love to know about your role and day to day work experience in FSW.
Tim | FalconSwap
I am a co-founder at Falcon Swap and a blockchain developer for over 5 years. I trade a lot and recently saw the growth in the popularity of Uniswap and other protocols and the issues that come with that and started working on building a solution for it, and then once we had everything ready we decided to move forward with the launch.
CryptoDaku
What is next 100 day plans for you?
Tim | FalconSwap
In next 100 days We will launch the Falcon Swap
Launch our staking and liquidity Mining
Aggregate multiple liquidity pools
Add new trading features like limit orders, triggers etc
Complete integrations with wallets
CryptoDaku
Can you share with all about tokenomics, and upcoming launch of exchange v1 details?
Tim | FalconSwap
Besides the tokens sold in the market at the beginning, we have a major proportion of our tokens assigned for liquidity mining which will allow users to mine FSW when they trade on Falcon swap. This will help in bootstrapping liquidity
We will collect fees on our platform that will be generated from trading; a part of these fees will be used to but tokens from the market and distributed to staking holders.
10% of the fees will be used for buying tokens and burning them.
Also, we will have trading fee discounts for our token staking holders.
CryptoDaku
How Falcon Swap will reach to the masses? Marketing is so much important and anonymous team will be huddle in that I think.
Tim | FalconSwap
Being anonymous will not be a hurdle as the system will be completely decentralized.
We have very active marketing campaigns happening and a lot are planned including liquidity mining option.
CryptoDaku
There are so many dex/swaps coming forward after the rise uniswap, what extra can Falcon swap provide to the users?
Tim | FalconSwap
We are doing things differently to other dex exchanges, they are all building their solution in silos and that’s not helping the over DEX ecosystem.
CryptoDaku
What about the claims that VC partners are not genuine?
Tim | FalconSwap
The VCs have already supported us
Fengshui has added us to their website
TRG Capital’s Partner tweeted about us and is even active in the group
Other VCs are also onboard and they may or may not have us on their website at the moment but we have formal records of their investment.
CryptoDaku
Which firm are you guys in contact for audit of falcon swap? Audit is most required thing before the launch of mainnet to ensure the security of user funds, what steps Falcon Swap taking to keep the user fund safe?
Tim | FalconSwap
We have already talked to a couple of auditors and the final selection will be based on how fast they can do the audit when we launch the code.
CryptoDaku
How is Falcon Swap a better alternative than Justswap, Sushi swap and Unilayer? What are your unique killer features?
Tim | FalconSwap
There’s no one based on Ethereum who is looking to solve the gas issue, adding 1–2 new features is not going to be enough as many other platforms are doing.
We are solving the root cause.
CryptoDaku
Can you share any screens about the UI of Falcon swap?
Tim | FalconSwap
We have that in our first blog. Check it out,
https://medium.com/falconswap/falconswap-v1-overview-11af3ec9a26d
https://medium.com/falconswap/introducing-falconswap-124b67b8ec6b
https://medium.com/falconswap/falconswap-token-the-powerhouse-for-defi-e103b20c275f
CryptoDaku
When will the Falcon Swap platform be launched? What features can we expect on the launch?
Tim | FalconSwap
Falcon Swap will be launched within a month and we will have the option for liquidity mining, fees reduction and gas savings
The later features will include a lot of services and added features
CryptoDaku
People are doubting about the VC’s listed on Falcon Swap website there are multiple fud in market about that, do you want to clarify it?
Tim | FalconSwap
The VCs have already supported us
Fengshui has added us to their website
TRG Capital’s Partner tweeted about us and is even active in the group
Other VCs are also onboard and they may or may not have us on their website at the moment but we have formal records of their investment.
CryptoDaku
What development issues Falcon Swap is facing right now or will face in future, any project Falcon Swap sees as a competitor right now?
Tim | FalconSwap
No developments issues right now, we have already solved the protocol and developed it. Now building the exchange.
CryptoDaku
How you guys are enjoying the lime light and being top trended project on coingeko after the launch on Uniswap?
Tim | FalconSwap
Really good to see the initial success and also excited to see more people are getting to know about the project and will use it.
CryptoDaku
I am still trying to figure out why falcon swap is needed, there are multiple solutions are coming for uniswap fee reductions
Tim | FalconSwap
Name some who have proved to have solved this issue.
CryptoDaku
Why team took decision to stay anonymous? Isn’t it better to show at least one trustworthy face so that people can troll him at the worst time and make him hero when fsw pump
Tim | FalconSwap
We are working hard regardless. We are building a privacy trading option on blockchain and want to maintain it that way.
CryptoDaku
how many people joining can reduce overall gas fees?
Tim | FalconSwap
If there are 2 people trading on a pair, there will be gas savings. So the fees reduction comes early.
CryptoDaku
for this does it matters what is execution price??
Tim | FalconSwap
No, just aggregating orders from 2 people in Falcon Swap reduces the gas fees as compared to 2 separate orders placed on Uniswap
CryptoDaku
I am developer myself. Will there be any bounty?
Tim | FalconSwap
We will have that, we will launch on testnet first and will invite developers for bug bounty
CryptoDaku
Experts has warned of dangers of ‘Smart Contract Risks’ in DeFi protocols, as we have witnessed with YAM PROTOCOL. What are Falcon Swap security measures? How often do you carry out security audits?
Tim | FalconSwap
That’s why we will have audits and bug bounty
CryptoDaku
How were the initial sales run, did you reach out to specific individuals or was it entirely through the investment partners?
Tim | FalconSwap
Mix of both credible people and investment partners, everyone is adding value to the project in some way
CryptoDaku
Do you aim at the top of DeFi, beat YFI?
Tim | FalconSwap
YFI is a different concept but we are looking to be pioneers in our space
CryptoDaku
I think keeping the team anonymous is not good idea initial at start, bcoz they are raised big amount of money like 3300 eth, and it might be only one person sitting in his bedroom working on falcon.
Tim | FalconSwap
If there is 1 person sitting in bedroom working on Falcon swap, you need to commend that one person’s efforts
Even if we are anon but we have gone through all tech Due diligence needed.
CryptoDaku
Big exchange coming?
Tim | FalconSwap
Falcon Swap is going to be the trading platform everyone wants to be on. We are intentionally trading on Uniswap because everyone who is buying our tokens here is a trader on Uniswap who is sick of gas fees and wants to use FalsonSwap and stake FSW.
Exchanges will come with time.
CryptoDaku
Team, you all not targeting non crypto users, why?
Tim | FalconSwap
Because this is a crypto trading platform. Although we have a partner who is joining Falcon Swap that will get retail users.
CryptoDaku
Hello how many members on Team? How many dev, marketing. What are the different position?
Tim | FalconSwap
4 dev full time
2 marketing/partnerships, Other members are on contract basis
CryptoDaku
So falcon swap going to do what 1inch will be doing next year?
Tim | FalconSwap
We are staying ahead of the curve in what we are doing
CryptoDaku
At what rate users can mine FSW on the platform? Also how do you prevent these miners dumping it on the market?
Tim | FalconSwap
We will provide all that details. There will also be FSW tokens being bought from the market at the same time.
CryptoDaku
Why do you think you can solve a problem that others DEX cannot solve? What is your biggest strengths?
Tim | FalconSwap
They are building their own pools and own system, we are aggregating all of them.
We are Uber Eats of DEX exchanges and we get it to you in lower cost.
CryptoDaku
Where do u guys see yourselves in 3–4 years?
Tim | FalconSwap
We are looking to build new protocols to solve the issues in the decentralized finance space.
CryptoDaku
I don’t see any unique experience in all swap platforms since fee sucks, what you think?
Tim | FalconSwap
They all have the fees issue and we are solving that.
CryptoDaku
Just keep the exchange UI as simple as its shown in one of the falcon swap pics 🙂
Tim | FalconSwap
We will keep it simple and user friendly
CryptoDaku
One inch would be a competitor in long term?
Tim | FalconSwap
Probably, need to see in which direction they move
CryptoDaku
Any buyback and burn programs for Falcon swap?
Tim | FalconSwap
Yes, we have buyback and burn. 10% of the fees collected on Falcon swap will be used to buy tokens and burn them
CryptoDaku
How do you feel after seeing close to 4k holders for anon team yet present the product? There must be a pressure to launch the platform ASAP
Tim | FalconSwap
There is both pressure and excitement. We are placed well to launch product and grow and that’s what matters to us as well
CryptoDaku
Can you talk about FSW and OPT partnering
Tim | FalconSwap
Please check following Tweet to know more about our Partnership. https://twitter.com/Falcon_Swap/status/1300458378947223554?s=20
For more information about FalconSwap & Crypto Daku
- Crypto Daku Telegram : https://t.me/cryptodakuofficial
- FalconSwap Website : https://falconswap.com/
- FalconSwap Medium : https://medium.com/falconswap
- FalconSwap Telegram : https://t.me/Falcon_Swap
- FalconSwap Twitter : https://twitter.com/Falcon_Swap
