FalconSwap AMA with OpenPredict

September 1st 2020 — Eric and Tim co-founders at FalconSwap participated in an AMA with OpenPredict. Below is a report of this AMA

Eric | FalconSwap
Thanks Lorenzo and Open-Predict team for inviting us here for AMA

Lorenzo | OpenPredict
We are glad to have you here. So, if you guys don’t mind introducing yourselves with a brief description of your roles that would be lovely.

Eric
Sure, I am a co-founder at FalconSwap and a blockchain developer for over 4 years with over 10 years of development experience overall. Tim and I trade a lot and we recently saw the growth in the popularity of Uniswap and other protocols and the issues that come with that and we started working on building a solution for it.
We are both developers and wanted to solve the issue of Trading on Ethereum

Tim | FalconSwap
I’ve been in blockchain space for over 5 years now and enjoy building products.

Lorenzo
Nice, for sure Uniswap is one of the hottest platforms out there now.

Eric
Uniswap actually surpassed Coinbase in daily trading volume, so the growth in this space is insane. We are right on time with our solution

Lorenzo
Yeah, that was an amazing feat. We know FalconSwap is a scaling solution built on Uniswap as your website states, but how exactly are you guys planning to solve the problem with fees or slippage?

Eric
We have built our protocol on Ethereum which is designed to scale transactions with reduced fees. The protocol aggregates all the orders and executed them within the protocol at a very low gas fees as compared to Uniswap and the remaining order is sent to Uniswap pools and the liquidity is tapped from there.

The slippage is saved because each buy and sell order if executed directly on uniswap will incur a slippage depending on the order of transaction, but on falconswap that issue is not there because we are matching orders and using the liquidity pool and exposing a trade to slippage only when needed.

Lorenzo
Right, that’s great. I think I just paid like $30 for one transaction earlier, it’s definitely an issue.

Eric
It is and there is no solution in the market at the moment.

Tim
As more exchanges launch and people move more to DEX exchanges or with the rise of ETH price, this problem will only compound. This will make FalconSwap even more usable

Lorenzo
And you will be able to aggregate other platforms eventually? Your website mentions Mooniswap, Kyber, etc.

Eric
Yes, we will start working on platform aggregation as soon as the V1 is launched
There are many solutions that aggregate the platforms but they eventually add more fees to the users. We already saved slippage and trading fees. So additions of more liquidity pools will reduce slippage ever further and optimize the complete trading process

Lorenzo
Talking about the V1 launch, how is it doing currently?

Eric
Our V1 will include all the features we mentioned:
- Order Aggregation
- Liquidity mining
- Staking
- Burn features
- Fee reduction
- Slippage optimization
Once this is launch, we will prepare integration options for other website, apps and partners to integrate Falconswap in their platforms

Lorenzo
Your website also mentions privacy; can you talk a bit more about that?

Tim
I’ll take this one. So privacy is an integrated part of FalconSwap Protocol.
In a normal uniswap trading you can see each order individually and know who is trading what
Falconswap allows users to sign transactions and the orders are matched in layer 2. So you’ll see that a deposit was made and a withdrawal was done but hard to see the complete trading history. So, you don’t lose your privacy when you’re on Falconswap and trade with peace

Lorenzo
I see, sounds good.
You guys have also launched a token called $FSW, what benefits can someone obtain from holding or spending FSW?

Eric
We will collect fees on our platform that will be generated from trading, a part of this 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.
- We will have trading fee discounts for our token staking holders.
We have a major proportion of our tokens assigned for liquidity mining which will allow users to mine FSW when they trade on Falconswap. This will help in bootstrapping liquidity and users can stake the mined tokens to receive rewards and benefits from Falconswap platform.

Question
how much slower are the orders on falconswap as opposed to uniswap as a result of the aggregation of orders? (Is there a specified batch time?)

Eric
The orders will match on Falconswap as and when they are received but the transactions on Uniswap will go in batches. The time for each batch can vary from every block to once every 4 blocks or something depending on the trading pair settings.
The orders matched on falconswap will be faster to the order execution time on Uniswap and users will have an option to select that too.

Question
So if I save 1eth using falconswap. How much would falconswap keep as fee?

Eric
The fees changed on falconswap will vary depending on number of users trading, as the users increase the fees per user goes down. Unlike Uniswap where the growth is linear.

Question
I have a question for Lorenzo and OPT team please, why would you choose FalconSwap as a partner even if their team is anonymous? What’s the reason you think other investors should trust the Falcon Swap team?

Lorenzo
FSW was introduced by a major mutual investor of the two projects. This investor purchased his substantial stake on the secondary market and hence has a vested interest in the success of OPT.
We hope that other OPT holders make a similar strive towards expanding our ecosystem. :)

Tim
We have some mutual investors and people who have known FalconSwap team and did the entire tech due diligence before they invested in the project. So the trust is there even though we are anon to public.
We have already proved the capability of our product before on boarding partners as we understand that they have communities who would like to understand our capabilities before we partner with their projects.

Question
Will there be any beta test before the platform launch?

Eric
Yes, we will launch beta on the testnet and provide testnet tokens for traders to check this out.

Question
Are positive developments at sushi swap and with uniswap v3 a risk to the success of falconswap?

Eric
No, in fact this is an opportunity for us to expand our scope and aggregate Sushi swap as well. No matter what liquidity pool is used, falconswap will be aggregating orders for everyone.

Question
Any other partnerships or exchange listings on the way?

Eric
We will share that through our official announcement channel.

Question
Good afternoon! I have question about mining your token through OPT? What will be a mechanism? How should OPT community can start mining?

Eric
The mining will be available when we launch, the exact details of rewards per trade and per $ value in trade will be shared while launching it. You just need to come use FalconSwap and trade OPT to start mining $FSW

Question
what’s your next 60–90 days plan for the development? Will there be more partners publish after OPT?

Eric
Yes, there will be more partners who are joining us, we are working with reputed projects and will be partnering with them

Question
how many projects/tokens will be used to mine FSW? And how special OPT is to FSW? Why does the Falcon team have OPT as your first partner?

Eric
OPT has a great and hardworking team behind the project. It is a pleasure to have them as our first partner.

Question
What’s your take on recent YouTube FUD?

Eric
If you actually go and see their arguments were not even the high school level arguments.
- They have issues with VCs not looking great
- Their website having free SSl instead of paid ones
- They said that we didn’t share any information about our fundraise, while our address was visible and all the transactions could be seen
- They didn’t try to understand our test results
- So basically trying to find even the lamest of argument to FUD

We are aware that we are an anon team but our working is very transparent. We didn’t just come out of nowhere and raised all that money, we have built a reputation in the blockchain space over the years that many people when got to know about us doing the project even as anon team, they wanted to invest. It’s been a few days since we started the project, if there were any wrong intentions, you would have seen them by now. We are here and answering to everyone who is trying to FUD for no reason.

Lorenzo
If you guys would like to say anything else, clarify anything, feel free to do so!

Eric
Nothing as such, just wanted to say that we are solving an issue that has been a nightmare for every trade on all the DEX exchanges. We have a solution and we can’t wait to launch the final product now.
If you guys have any questions please feel free to ask us in our group or any future AMAs.
We are receiving such support from the community because we have been working hard on this and they understand what we are doing and where we are going.

Looking forward to have you guys on FalconSwap and you’ll be able to trade OPT with lower fees and mine our tokens in the process too. — Two sided rewards

Lorenzo
We can’t wait for it either!
Alright guys, those were also some impressive answers from you! Thank you for taking the time to be here!

Eric
Thanks a lot for having us here. We are delighted to partner with OPT and we thank everyone here for all the support we received from the members in this group.

For more information about FalconSwap & OpePredict

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