With telegram channel MATIC.NEWS held a big AMA about Venera Swap. Here is the full text of our AMA.
MATIC.NEWS
Let’s start with your and your team's introduction! What are your past experiences and roles? How many members currently work on Venera Swap ?
> Venera Swap:
Our team has a broad background when it comes to Crypto dating back to 2016. Our team has had experiences in development, marketing, SEO, and had experiences with other projects too. Currently Venera has 11 members that have various experiences. We are mainly based in Central Europe, we also have members from Asia, and North America
MATIC.NEWS
Oh that’s a very good team size to start a project! Especially very good to hear about your past experiences
MATIC.NEWS
These will be a key element for further partnerships and collaborations
> Venera Swap:
It is indeed especially considering that we are self funded and we are lucky to have members who have past experience in crypto projects as well as financial services
MATIC.NEWS
Out of curiosity, why did you choose this name? Is there any backup history?
> Venera Swap:
The name came as an inspiration from Venus which is a lovely planet hence Venera, which is just another name for Venus
MATIC.NEWS
What is VeneraSwap? Please give us a brief introduction!
> Venera Swap:
VeneraSwap is an AMM DEX that captures the Curve Finance model. There will be many use cases but we will be starting with iVSW which is a non-transferable token that represents your share in the VSW lock pool. We offer boosted farms which means the APR ranges from % to % and while having the option to lock your VSW tokens, the more you lock the closer you will be to reach the highest boost factor which is 2.5x of the original APR. When you lock your VSW you’ll have time lock options up to 4 years. 4 years of lock will give you 1 VSW = 1iVSW, the lower the period the lower the iVSW you will receive for your locked tokens. Not only that but iVSW holders (Locked VSW) will earn weekly rewards from the revenue that get generated by the swap. Later in the future we plan on having more use cases for iVSW since it can be considered an interest bearing token.
We are truly the first the DEX to offer such a service on the Binance Smart Chain
MATIC.NEWS
Excellent introduction, we are gonna go more in depth during today ama.
MATIC.NEWS
I like as it’s something very different respect the typical Dex concept
Starting from your core, will you tell more about what is the use case of $VSW and $iVSW?
> Venera Swap:
As of now you the possibility to lock and stake your VSW for more than generous APR return, and use your iVSW to boost a variety of farms, and increase your yield.
Locking VSW will give you weekly returns based on the DEX generated revenue from VeneraSwap which will be coming from but not limited to Swap fees from DEX, bribes, and deposit fees as well as other income from our safe investment strategies.
MATIC.NEWS
Interesting. So potentially As more the dex growth As more also the earnings of hodler growth
> Venera Swap:
Yes indeed. As the DEX develops our possibilities will broaden from a spectrum of investment opportunities and different decisions which will be voted on by iVSW holder
MATIC.NEWS
That’s brilliant especially in long term for be a catalyst of further investments
MATIC.NEWS
How a project can be “listed” on your dex?
> Venera Swap:
Exactly it is important to us that participants and users of our DEX have a say in what happens
MATIC.NEWS
Hold a sec... Perfect you can send
> Venera Swap:
Mainly by providing liquidity, projects can simply go to the bottom of our home page website and find a form to fill or approach any admin in our Discord.
MATIC.NEWS
Will be any referral program available? Have a good number of users is very important for Dex!
> Venera Swap:
Yes there will be a referral program that gives 7% back for life to the referrer. The referral program was built to give back for those who spread the word. So the more the referee farms the more the referrer gains.
MATIC.NEWS
Perfect, referrals in your native token right?
> Venera Swap:
Yes in VSW. We are also playing around with the idea of giving out BUSD rewards but we are yet undecided.
MATIC.NEWS
What is the VeneraWallet?
> Venera Swap:
VeneraWallet is a non-custodial wallet that is a work in progress with integrated VeneraSwap DEX and web3 browser. For easier use and holding of your tokens as well as interacting with Venera and having the option to use other platforms through the browser.
MATIC.NEWS
Will be launched with the dex?
> Venera Swap:
It is still in development and to completely honest with you we have greater priorities to maximize the potential of our DEX. More information you can find there
MATIC.NEWS
Vaults look like a trend in the last period. Do you have in plan to expand with them in the future?
> Venera Swap:
Yes definitely, following trends is a no brainer but we go the extra mile to make sure that the decisions that we make are safe and rewarding at the same time.
MATIC.NEWS
We sent multiple times in previous days about your post/news of presale. But please tell us everything about it!
> Venera Swap:
Which is why we have made the cautious decision to move back our launch and avoid a critical mistake which has cost OTHER exchanges and platforms millions of investors money and irreparable damage to their name. And we are pleased to say that the exploits have been successfully patched by our devs fast tracking our safe launch in the middle of the month
VeneraSwap team is self-funded team that have been building the protocol from their own funds. The purpose of the presale is to help with the further development of the swap. We have only two rounds left of our pre sale as we get closer to launch the rounds will have three different prices, the closer we get to the deadline the higher the token price will be. We have built a dedicated page for that so users can register using their wallet address and offers a wide variety of stablecoins to purchase VSW tokens. To prevent dumps and keep the protocol steady, presale tokens are subject to 10% at TGE (Token Generating Event) and then after 15% each month.
MATIC.NEWS
Very good to hear, especially about the tokens vested. This will help a lot initial liquidity and price stability
MATIC.NEWS
Next is tokenomics! Which is yours and why did you choose it?
> Venera Swap:
Exactly! even though the liquidity is mainly provided by our core team from personal finances, we could not skip the opportunity to offer our users a chance to be part of this
MATIC.NEWS
I wish every team would do the same :)
> Venera Swap:
We followed the model that fits our platform best with 1B max total supply to be emitted over 4 years. By then the platform will be fully transformed into a DAO which will be in full control of the community.
MATIC.NEWS
Excellent to hear
MATIC.NEWS
Which is the starting emission rate and how will it evolve?
> Venera Swap:
0.7% per block. The plan is that emissions will gradually go down until the 4 year period finished
MATIC.NEWS
Furthermore, are there any fees while using VeneraSwap?
> Venera Swap:
Yes currently there will be 1% deposit fee on selected farms. This fee will be used for development and part of it returned to iVSW holders after the protocol stabilizes and when we move all farms to boosted farms we will remove the deposit fee as it wont be needed.
Fees are one of the things that will be part of our DAO development
MATIC.NEWS
Imho 1% is perfect. To attract tvl, But at the same time not the big dumpers whales.
MATIC.NEWS
Besides this, how is revenue being generated for the project itself that could be used on future development?
> Venera Swap:
Another revenue stream for our DEX are the swap fees even though they are one of the lowest on the Binance Smart Chain, we are confident the income will suffice to keep our development at a fast pace
MATIC.NEWS
While talking about the security side, the clichè question that we ask in all AMAs: are there any audits done for the current moment?
> Venera Swap:
Yes we are audited by Solidity Finance and also have done KYC with ApeOclock
MATIC.NEWS
That’s amazing to hear on a new project! I suggest everyone to read the audit report
> Venera Swap:
I think that KYC is detrimental for projects like this not only to show trust but also to have a personal touch with the community
MATIC.NEWS
I agree 100% with you. And also KYC doesn’t mean that people has not to DYOR
MATIC.NEWS
Do you have a road map or long-term plans that you can share with us?
> Venera Swap:
Of course, short term we will have additional pools added as well as partnerships. Info/analytics page, charts, zapping, multi-sig, and a P2P market place as well as VeneraWallet. Long term we plan on the release of VeneraSwap v2.0 which includes going cross chain, limit orders, CEX listing, and an NFT marketplace. You can Find out more there
MATIC.NEWS
Wow that’s a lot! Which are your priorities?
> Venera Swap:
Currently are priorities are the info/analytics page, charts, Venerawallet and multisig.
All the while thanks to a well managed team which are able to add pools and secure new partnerships
MATIC.NEWS
And the last question will regarding your opinion: What is the future of the BNB Chain ?
> Venera Swap:
BNB chain is here to stay and won’t be going anywhere. However we do believe in cross chains and being present on other chains that's why we have a plan to expand to other chains but BSC will always be our home.
MATIC.NEWS
Any plan to go multichain? Just curious
> Venera Swap:
Absolutely its part of roadmap. We believe that having a lot of options as well as showing presence is key
MATIC.NEWS
Would you like to add something more?
> Venera Swap:
We would like to say that we are beyond excited to offer you our services and are extremely confident in our team as well as our project through the sheer amount of work that has been already completed since we started this journey. Feel free to ask whatever is on your mind and we will do our best to give you a thorough and transparent answer.
MATIC.NEWS
Excited to see what is coming. I suggest everyone to look at the docs As they are very well made. In our side we will continue to cover as we did in previous days the project!!
