Welcome to Recap AMA IgniteCrypto & HurricaneSwap #AMASeries
On September 21, 2021, Ignite Crypto and HurricaneSwap got together to host an Ask me Anything (AMA) chat with the community. The following is a summary of the content of the entire AMA
Admin: Lady and gentlemen, let’s welcome Mr. Symington W.Smith @Symington_Smith — Founder HurricaneSwap come to IgniteCrypto 👏👏👏👏👏👏
Symington W.Smith: Hi everyone, I am Symington, the founder of Hurricaneswap.
Admin: Thank you for taking the time to chat with the Ignite community today.
Before entering the AMA today, how are you doing ?
Symington W.Smith: Not bad, how about you?
Admin: I am very excited to wait for more information from you about Hurricaneswap 😆😆😆
Let’s Move Part 1: Introduction HurricaneSwap and Guests. Some general questions about the HurricaneSwap.
Admin: Question 1. Can you tell us a little bit about yourself and HurricaneSwap?
Symington W.Smith : As I just said, I am Symington, the founder of Hurricaneswap.
HurricaneSwap is the 1st cross-chain liquidity DEX based on Avalanche.
With the innovative LP-Bridge mechanism (Roke Protocol), users can trade popular assets of other chains without leaving Avalanche. And taking the advantages of Avalanche, HurricaneSwap provides users with a high-performance, low slippage, low-cost and seamless cross-chain trading experience.
Here is the flowchart HurricaneSwap
The liquidity provider deposits the corresponding proportion of CAKE and USDT in the HurricaneStation on BSC and generates CAKE/USDT LP. Then the Roke Protocol will mint an aCAKE/aUSDT aLP on the Avalanche, so that users can trade a CAKE on HurricaneSwap. If the price of CAKE on BSC fluctuates sharply, HurricaneAlliance will narrow the price gap by arbitrage between aCAKE and CAKE to avoid the losses to users due to the price differences.
Skipping complicated processes of single-token cross-chain, LP cross-chain directly moves liquidity from other chains to Avalanche, so on HurricaneSwap, Avalanche users can freely trade any popular assets of other chains such as Ethereum, BSC and Heco with a faster, cheaper and seamless cross-chain trading experience.
Admin: Question 2. What is the reason that makes you trust and choose Avalanche as the basic basis for building and developing HurricaneSwap? How do you think the future development potential of the Avalanche network will be compared to Ethereum, BSC or Solana?
Symington W.Smith:
The reasons why we chose Avalanche are multiple.
First, Avalanche is designed for DeFi. And it is powerful enough to provide us with the best development space at the moment.
In my opinion, Avalanche is more advanced than Ethereum, while trading under significantly faster speed, higher security, much lower gas fee and more friendly interoperability, getting rid of the limitations of Ethereum insufficient throughput and expensive gas fees, bringing revolution to both CEX and DEX.
Professor Emin Gün Sire, the founder of Avalanche, is a senior researcher on distributed networks who has practiced the PoW consensus mechanism before Satoshi Nakamoto published the Bitcoin white paper. Compared with other public chains, Avalanche’s design vision is much purer.
As Professor Gün said, Avalanche was born to realize the digitization of all assets. This vision makes the payment, settlement, transaction and other financial activities on Avalanche better and more scalable. It also attracts many DeFi projects to join, and gradually forms a strong community for exploring DeFi. The entire Avalanche ecosystem was formed for the development of DeFi.
Second, transactions on Avalanche are very active. There are currently more than 680,000 contract addresses with a total daily transaction volume of more than 50 million U.S. dollars, which provides good user support for the development of DeFi.
However, judging from the data of the X chain and the C chain, the number of users participating in the Avalanche ecosystem is far fewer than the holders and traders of $AVAX. A large number of users have recognized the value of Avalanche, but they don’t involve the Avalanche ecology in more depth.
HurricaneSwap hopes to attract more $AVAX holders and traders to participate and create more value in the Avalanche ecosystem by providing more diverse cross-chain assets. HurricaneSwap will actively cooperate with exchanges and wallet service providers, starting with DEX, and HurricaneSwap will follow up with loans, insurance, asset management and cross-chain IDO to accelerate the DeFi ecosystem on Avalanche, attract more capital inflows, and build a more prosperous DeFi ecosystem for Avalanche.
So it’s beyond “we chose Avalanche”, it’s more like, we need each other.
Avalanche needs innovative DeFi tools like ours to bring more vitality to the ecosystem. That’s the reason why they funded us and supported us a lot. So we will be rooted in the Avalanche ecosystem and grow together with Avalanche.
Compared to ETH/BSC/SOL
Although eth and bsc have more or less first-mover advantages, as Professor Gün said, I always believe that transactions tend to migrate from chains with higher fees and slower speeds to chains with lower fees and faster speeds.
I think it is inevitable for various transaction-related applications to migrate from the eth and bsc chains to Avalanche. So it’s not about Avalanche taking over the eth, it is more about each chain giving full play to their strengths.
Admin: Question 3: Can you explain to us more about Roke Protocol? How does it work and support users when using HurricaneSwap?
Symington W.Smith: Roke Protocol is our original cross-chain mechanism. It’s named after Typhoon Roke(2011), a tropical cyclone. That’s because we think HurricaneSwap is an innovative product which would change the way people think about cross-chain trading and DEX.
The Roke Protocol is actually the underlying protocol of LP-Bridge, which can complete the exchange of LP on the original chain and aLP minted on the destination chain. And HurricaneStation is the place where users generate and deposit LPs on the original chain.
The real need for cross-chain is to buy cross-chain assets faster and more conveniently to enjoy the benefits brought by cross-chain assets. But some cross-chain projects are just a combination of cross-chain bridge and aggregate transaction which is only a cross-chain gimmick. It is only some contracts to replace the user to perform the operations without any optimization. In addition, every step in the entire process will generate transaction fees. The logic of Roke Protocol itself is superior to the current ones and makes cross-chain back to the essence of trading, which is more in line with the needs of users.
From the perspective of Liquidity providers, common cross-chain protocols require them to deposit on two chains separately, which will also generate more steps and fees. But through HurricaneStation, users only need to deposit on the original chain, and needn’t have an Avalanche wallet to complete. Meanwhile, HurricaneAlliance will carry out arbitrage to eliminate the price gap if there is, which can minimize impermanent Losses.
And from the perspective of the entire framework of Roke Protocol, Ted Yin participated in the design of the protocol throughout the entire process. Ted Yin is the first author of the HotStuff Protocol used in Facebook’s Libra, and currently co-founder and Chief Protocol Architect of Avalanche. With the help of Ted, Roke Protocol not only has the underlying advantages of the LP-Bridge mechanism, but also can seamlessly fit the deployment on Avalanche, perfectly achieving the goal of high efficiency, high security and low cost as we have always mentioned.
Admin: Question 4. Transaction costs and speed are often the most important issues for users besides security, so how is the cost and speed of HurricaneSwap? Also, compared to other DEXs, what are the differences and advantages of HurricaneSwap?
Symington W.Smith:
Part I: According to our current internal test results of the v2 version of the cross-chain bridge, it takes less than 2 to 3 seconds to trade any asset on the bsc chain. Of course, as the number of users increases and the types of cross-chain assets increase, this speed might slow down a little bit, but we are still confident that all users can complete any cross-chain transactions within 30 seconds in most cases.
Part II As for “compared to other DEXs, what are the differences and advantages of HurricaneSwap?”, you can easily check this part in our medium to find the answers. https://hurricaneswap.medium.com/
Here I would like to talk more about our innovation and advantages compared to cross-chain DEX.
The development of cross-chain bridges is relatively difficult and the mechanism of the cross-chain bridge itself makes it difficult to make profit, because once the handling fee is too high, users are unwilling to trade, and the extremely low handling fee will make the node unwilling to work.
The chain efficiency is reduced and the slippage is increased. Therefore, many cross-chain swaps on the market have essentially developed a cross-chain bridge and found it difficult to make a profit, so a swap was added.
A typical example is for the steps of LP. If someone wants to provide liquidity, he needs to pledge assets in the A chain and then go to the B chain to extract the assets, and then pledge. This is too complicated and unfriendly for the LP provider.
So when the APY of these swaps is reduced, it is foreseeable that TVL will also drop off a cliff. But HurricaneSwap is different. From the beginning of product design, HurricaneSwap thinks about the product completely from the user’s side.
What does a user who needs cross-chain swap need? More convenient and richer cross-chain high-quality assets.
What does an LP who want to provide liquidity for cross-chain swaps need? Fewer steps, higher benefits.
All of these can be met on HurricaneSwap. For LP providers, you don’t even need to have an AVAX wallet address to provide liquidity, just as simple as any non-cross-chain DEX on the chain where your assets exist.
And because of the original validator alliance mechanism of HurricaneSwap, which will continuously narrow the price gap through arbitrage if there is, so the LP you pledge may not even have any impermanence loss (because the number of token pairs on both sides and the pledge time are similar or even the same, therefore, there will be no impermanence loss under the X*Y=K mechanism)
The experience that HurricaneSwap gives to cross-chain traders is basically as convenient and fast as trading token pairs on the local chain, and because HurricaneSwap’s cross-chain is not a stablecoin cross-chain, it will not appear that all non-stablecoin transactions require one more step and double handling fees like many stablecoin cross-chain swaps.
Admin: So have you done an audit with a third-party security company?
Of course.
The code of HurricaneSwap was audited by the well-known blockchain security company PeckShield to ensure no vulnerabilities in the contract.
And you can check the audit report here https://github.com/peckshield/publications/blob/master/audit_reports/PeckShield-Audit-Report-HurricaneSwap-v1.0.pdf
Admin: Question 5. What early successes have you had in developing HurricaneSwap over the time? So what is your plan and roadmap in the near future, can you share with us?
Symington W.Smith: We started HurricaneSwap in Oct. 2020, and finished all the development of v1 in May this year, then we started to get fundraising, and meanwhile we continue the development of v2. Now, we are funded by over 20 worldwide capitals, most importantly we are incubated by Avalanche Asia Star Fund and getting so much support from them. Even Ted Yin, the co-founder of Avalanche, joined us and being our chief advisor.
We launched the testnet on 30th August, and now there are almost 200K addresses in HurricaneSwap testnet, this number is amazing as there were around 130K addresses altogether in Avalanche testnet at the beginning. So we could say, the market is confident in HurricaneSwap and so are we.
But, for me personally, the successful implementation of the LP cross-chain bridge in the v2 version is the greatest success so far. From the perspective of the idea itself or the developing process, what HurricaneSwap does has never been done by any other dex on any other chain. The courage to try and implement new technologies is the spirit of blockchain.
and here is the roadmap for the near future.
Admin: Thank you for your detailed responses Symington @Symington_Smith . You have really helped us to learn and understand more about HurricaneSwap! 😁
Part 2: Twitter on Questions.
Admin: Q1. Has the smart contract been audited? Is there any safety mechanism to prevent overminting (to prevent any foul play/hacks)? How does “HurricaneSwap “ apply for a witness node or deploy/manage a smart contract ?
From Twitter: https://twitter.com/PKragak/status/1439855813137362947
Symington W.Smith:
Part I
Like I said, PeckShield audited our smart contract and gave us some advice, all the problems they found had been fixed. You can check the audit report: https://github.com/peckshield/publications/blob/master/audit_reports/PeckShield-Audit-Report-HurricaneSwap-v1.0.pdf
Part II
Our team realized the risk of single-token cross-chain very early on, and Roke Protocol, the LP-Bridge of HurricaneSwap, has inherent advantages over others.
Roke Protocol will mint an aLP on Avalanche from the LP on the original chain through HurricaneStation. LP is extremely secure on the source chain, so is the aLP as no one except for HurricaneAlliance has the authority to perform a single-token cross-chain operation. Therefore, if a hacker issues a cross-chain asset through an attack, there is no way to escape.
Besides, HurricaneSwap has a number of measures to enhance the security of assets.
HurricaneSwap is Integrating Chainlink Price Feeds to close cross-chain Price Gaps & Proof of Reserve for stronger Security. The Proof of Reserve service will obtain the amount of assets locked in the source chain and the amount of a-assets issued on Avalanche, and ensure that the threshold of the gap between the source chain assets and a-assets is 1%. Once the ratio is greater than 1%, it will trigger the fuse mechanism and veto any calls of a-assets to prevent malicious additional issuance from affecting the contract.
HurricaneSwap has established the HurricaneAlliance to eliminate the price gap between HurricaneSwap and other exchanges. With the permission of single-token cross-chain transfer, HurricaneAlliance can narrow the price gap by conducting high-frequency transactions through professional quantitative models and ensure the price consistency of original assets and a-assets, so as to avoid the losses to users due to the price differences.
And also, you can check our medium for our solutions to typical risks of cross-chain DEXs such as Fake Deposit, Multi-signature & Quota Vulnerabilities, Redemption Risk, Private Key Leakage, Flashloan Arbitrage, Keeper (Relayer) Replacement & Signature Forgery, etc.
Part III
About applying for nodes, unfortunately, the application is not open at this point, but it’s temporary, and we will make an announcement on our website when it starts. You can also follow our Twitter to get the latest news. Now all I can say is, holding $HCT is required for the node application.
Admin: Q2. Can you tell me what killer features of Your Project that makes it ahead of its competitors? Do you think that HurricaneSwap can make Avalanche Ecosysten better and more popular in the future? and gonna bring more and more project to use Avalanche?
From Twitter: https://twitter.com/StaySanstuy/status/1439931421712257031
Symington W.Smith:
Actually, I have probably covered this question in the answer above, so I will not extend it here.
The killing part of HurricaneSwap is definitely our original cross-chain mechanism “Roke Protocol”, and I’ve already made a full account of it. Simply stated, “Roke Protocol” makes HurricaneSwap much safer, cheaper and easier to use.
The most original intention of HurricaneSwap is to make the Avalanche Ecosystem more prosperous. We believe a cross-chain DEX like HurricaneSwap would attract more valuable assets to join AVAX Eco and stimulate users’ enthusiasm for trading.
Admin: Q3. Can you detail what will be the use cases of “HurricaneSwap’ Token within the “HurricaneSwap’ Technology ecosystem? How important will it be? If you would be so kind also explain to us how the supply distribution has been designed.
From Twitter: https://twitter.com/AndBuy1/status/1439811796945100802
Symington W.Smith: As the native protocol token of HurricaneSwap, HCT represents the holder’s
rights and will continuously burn over time. The following are part of the application scenarios of HCT:
*HCT Governance
HurricaneSwap is a community-driven decentralized project. After the mainnet
launch, the HTC holders are expected to vote on any amendment of the protocol.
Each holder’s vote counts are proportional to the amount of tokens they own.
*Repurchase
The 0.1% in trading fee will repurchase the base chain token AVAX and Airdrop
to HCT holders. Another 0.1% fee in each trading will store in the pool to provide initial liquidity when new cross-chain assets are listed on HurricaneSwap.
*Vote/Stake for Listing
HurricaneSwap initially supports limited trading pairs. In addition to the initial
trading pairs, holders of HCT can use voting or staking to list the popular assets of each source-chain to create trading pairs on HurricaneSwap. HCT holders can
initiate a coin listing proposal through the above governance process, and it will be listed if they get a majority of votes.
+ The total supply of HurricaneToken(HCT) at launch will be fixed to
2,000,000,000. The planned allocation is as follows:
1) 60% for liquidity mining, totaling 1,200,000,000 HCT, releasing 1,000,000
HCT per day.
2) 4% for the Marketing budget, totaling 80,000,000 HCT, used for media,
branding, and community strategy.
3) 10% for HurricaneAlliance, totaling 200,000,000 HCT, releasing 300,000 HCT
per day after Token Generation Event (TGE).
4) 10% for HurricaneSwap Team, totaling 200,000,000 HCT, with a 6-month
(180-day) lock-up starting from TGE, followed by a 12-month linear release.
5) 11% for Round A investors, totaling 220,000,000 HCT, with a 3-month (90-
day) lock-up starting from TGE, followed by a 12-month linear release.
6) 4% for Round B investors, totaling 80,000,000 HCT, with a 1-month (30-day)
lock-up starting from TGE, followed by a 12-month linear release.
7) 1% for IDO, totaling 20,000,000 HCT.
Admin: Q4. Your project is fantastic and good idea and each project has interesting stories before it is created. So can you tell people about the story, problems, difficulties, that gave you the motivation to build and develop a great project like “HurricaneSwap’ ?
From Twitter: https://twitter.com/KiyokoSumaru/status/1439793858712199170
Symington W.Smith: Me and all the core members of Hurricane team, we noticed and supported Avalanche at the very beginning.
Actually our CTO Hunter is Ted Yin’s good pal in high school, so we all know Avalanche much well. During our daily discussion about AVAX, we found that the number of users participating in the Avalanche ecosystem is far fewer than the holders and traders of $AVAX. A large number of users have recognized the value of Avalanche, but they don’t involve the Avalanche ecology in more depth. That’s the moment we saw a huge opportunity.
HurricaneSwap hopes to attract more $AVAX holders and traders to participate and create more value in the Avalanche ecosystem by providing more diverse cross-chain assets.
Admin: Q5. Everyone can & easily create tokens, but it takes professional intelligence to keep them valuable in the long run. So, what are your plans to keep your token valuable in the long term?
From Twitter: https://twitter.com/nobita404/status/1439812076772286464
Symington W.Smith: Firstly, HurricaneSwap is a long-term project, our team members are all experienced in crypto and mostly come from TOP CEXs. We are funded by worldwide capitals and supported by dozens of influencers on Twitter and Youtube. That’s because they think HurricaneSwap is a valuable project, and also our native token $HCT is a valuable asset.
Speaking of the tokenomics of $HCT, there are two main reasons why it’s valuable in the long term. 1. HurricaneSwap is a cross-chain DEX, HCT holders could vote for new asset listing by burning $HCT. We will make it DAO. 2. Everyone who has $HCT is like our shareholder, so users can stake $HCT to earn commission reward. We will reward $HCT holders 1‰ of our daily transaction profit, which is huge and even more than rewards for LP providers given by some exchanges. And the most amazing part of this, is that our commission reward would be $AVAX not $HCT. We believe this mechanism would stimulate more people to hold $HCT.
At this stage, we will fully focus on making the product better, improving and optimizing various functions.
In terms of marketing and operations, as a project rooted in Avalanche, our first step is naturally to get the recognition of Avalanche holders and users in the ecosystem as much as possible. As I said earlier, Avalanche’s token holders are three times as many as the ecosystem users. We hope that while gaining recognition from ecosystem users, we can attract more token holders who agree with the value of Avalanche. This will not only improve our market operations, but also help promote the development of the entire Avalanche ecosystem.
HurricaneSwap is not just a cross-chain Liquidity bridge & DEX, but a full set of DeFi tools built on Avalanche. HurricaneSwap is designed to provide users with abundant DeFi services. In the future, HurricaneSwap will provide DAO governance, allowing users to bring new cross-chain assets through voting; Vault Pool similar to Yearn.Finance, bringing more benefits to users; and lending & synthetic assets, allowing users to leverage trading & leverage farming, etc.
Within the Avalanche ecosystem, we have conducted in-depth communication with other projects on Avalanche. Next, we will give full play to our respective advantages, strengthen cooperation, and jointly contribute to the development of the Avalanche ecosystem. We look forward to cooperating with more partners in the Avalanche ecosystem after HurricaneSwap is officially launched, so that the Avalanche ecosystem will be more diverse and dynamic.
In addition to the Avalanche ecosystem, we will also popularize the advantages and value of cross-chain liquidity to more blockchain enthusiasts in different regions, and hope that through us, more people can learn about Avalanche, a public chain with great potential. We are especially grateful for all the support from Avalanche, and hope to give back more in the future and become a window for Avalanche in more fields.
Part 3: Live Question
Question 1:NFT is very popular and what’s plan on NFT? @Rectasvalt
Answer 1: We do have a NFT plan. Not only trade NFT on our platform, but also create our own NFTs. It will be very interesting and has many features that other NFTs do not have. We will do that later as we are focusing the development and optimization of Swap now.
Question 2:Can you share your fundraising situation and how your private and public offering tokens are distributed? And what are the plans for the next IEO? What should we prepare if we want to participate? @Eric20064
Answer 2: The private sale is almost closed. And we received investments from LD Capital, Avatar, A&T Capital, JRR Crypto, Redline Capital, Spark Digital Capital, KuCoin Labs, MEXC Labs, Hive Capital, DAOWell, Winkrypto, LimeStone Capital, AVALAUNCH, DuckDAO, 7 O’Clock Capital, gate.io, Kernel, Zb capital, etc.
Question 3:What is your most ambitious goal of Project? We would appreciate it if you could share with us any Upcoming Updates? @jamebond2
Answer 3: The goal of HurricaneSwap at this point is to be the TOP1 DEX on Avalanche, and according the data of testnet, we’re pretty confident about that. According to the testnet results 35.1% of the wallet address have $HCT and we take 83.4% of the total trading volume on the avalanche tesnet.
In the long term, we will bring more users to Avalanche, the users not only hold or trade $AVAX, more importantly, the users use Avalanche chain and come to build on AVAX Eco.
Question 4:Is your platform suitable for Crypto beginners? Or does it only appeal to professional users? @noLKaiEmlpa
Answer 4: HurricaneSwap is naturally suitable for anyone, beginners and pro traders, no matters. Here’s our home page, you can see how simple and clear it is. And you can find everything you need at the first sec. It’s friendly to beginners or someone who not that familiar with swap.
Question 5:So many projects just like to speak about the “long term vision and mission” but what are your short terms objectives? What are you focusing right now? @Sayomie555
Answer 5:
Haha, I do like this one.
Our public sale(IDO/IEO) will start soon which should be launched on 9/26 on several platforms. Stay tuned to our channels.
And in early October, maybe 10/10, we will launch our mainnet.
As I said above, we will fully focus on making the product better, improving and optimizing various functions at this moment. And after the launch of mainnet, we will try our best to attract enough liquidities to provide our users a better trading experience.
And also marketing and community development, we’d like to establish an ambassador program globally later. We will definitely do proof of care. People who care and contribute to HurricaneSwap will get rewarded, so every individual gets the opportunity to participate in and realize the value with HurricaneSwap.
📍Don’t forget to follow HurricaneSwap on their official channels for the latest news and promotions you don’t want to miss out!
➡️Website: https://hurricaneswap.com
➡️Whitepaper: https://test.hurricaneswap.com/whitepaper
➡️Twitter: https://twitter.com/HurricaneSwap
➡️Medium: https://hurricaneswap.medium.com
➡️Telegram:
-https://t.me/HurricaneSwap (EN)
-https://t.me/HurricaneSwap_Announcement (Announcement)
-https://t.me/HurricaneSwap_VN (Viet Nam)
About IgniteCrypto: IgniteCrypto is a community formed by a group of members who are passionate about and believe in the future growth of cryptocurrencies from Vietnam. With the aim of creating an exchange community between investors and those interested in the development of cryptocurrencies
➡️Telegram Group : https://t.me/IgniteCrypto
➡️Channel Ann: https://t.me/Ignite_Crypto_Channel
➡️Twitter: https://twitter.com/ignite_crypto
