The following is a transcript of Snowswap’s first ever AMA session. We hope to bring our community more of these going forward.
Rudolph :
First off we just want to say thank you to everyone who provided questions on twitter for us. We received a ton of questions and unfortunately there is no way we can get to all of these today. We are going to limit this AMA to half an hour this time but going forward there will be more opportunities to interact and ask questions to the Snowswap developers. Today’s AMA will be with lead developer sn0wk1n9 but in the future we will include other developers and team members as well. We are actively working on improving communication with the community to provide support and transparency and doing more things like this will be a big part of that.
With that being said, I’ll welcome in sn0wk1n9 and we can dive right in to your questions.
sn0wk1n9:
Thanks Rudolph !
Rudolph:
Our first question today comes from blub on twitter regarding something I am sure everyone is curious about :
sn0wk1n9:
Great question. Metapools are a super exciting concept that will allow us to combine the liquidity of our existing pools and add other assets like y3crv without fragmenting liquidity.
However it is not a focus for us at the moment as the next upcoming pool will be focused on BTC. We have shifted our focus to BTC and ETH over stables in view of the bull market.
It is our view that stablecoins will be on the back burner while BTC and ETH continue to rip closer to ATH
Rudolph:
Great points. so as a follow up do you think this is just for the time being or will Snowswap consider adding more stables at some point in the future ?
sn0wk1n9:
Absolutely. We definitely will add more stables in the future
Rudolph:
Excellent, next we have a great question from Eric Reid pertaining to how Snowswap can simplify investing for both cypto savvy users and normies alike :
sn0wk1n9:
Another great question. We are looking into lowering the barrier to entry via some sort of fiat on ramp but this will most likely be done through a strategic partner as there are extensive KYC/AML and licensing requirements that come with being a fiat onramp. (definitely not something we could do in-house as an anon project)
Rudolph:
I think onboarding new users will be key so we look forward to what the tam has planned there. Next we have a question that relates to the first answer you gave in considering ETH 2.0 :
sn0wk1n9:
Sure. To be quite frank, ETH 2.0 does not really affect us in the short term at all, as there is no impact on the ETH1 main chain until the Beacon Chain docks with the ETH1 chain, which won’t be for another two years. When it does happen, the main difference we will see is reduced transaction costs.
Rudolph:
Follow up : there has been some talk about supporting ETH 2.0 staking, can you give a brief overview of what the team has discussed/considered here ?
sn0wk1n9:
Of course! As there are some ERC-20 ETH2 staking derivatives out there like crETH2 (https://cream.finance/), rETH (https://rocketpool.net/), vETH2 (https://sharedstake.org/) we are exploring the possibility of creating some sort of AMM pool for ETH2 staking derivatives to bring liquidity to this new, rapidly growing asset class.
Rudolph:
Safety has been on everyone’s mind lately with all the recent exploits and attacks.
Do you foresee any security concerns with any of these derivative tokens ?
sn0wk1n9:
Yes definitely and that’s something that we need to consider carefully before moving forward with any of the pools. With mintable tokens that involve some sort of pool there is often a flash loan vulnerability that can lead to the pool being drained. We will evaluate this and other relevant risks before proceeding.
Rudolph:
Good to know that Snowswap is taking these security concerns seriously.
As many of us are, US Man on twitter is interested in the roadmap and future plans for Snowswap and how the organization intends to grow and expand :
sn0wk1n9:
Sure. Some major milestones:
-BTC pools
-Governance via Snapshot.page
-DAO
-Metapools
We believe in listening to the community and implementing the features that they request so governance will be super helpful for this
Rudolph:
Is there a rough timeline for when governance might start to be implemented yet ?
sn0wk1n9:
Q1 2021
Rudolph:
Awesome, I know a lot of the community us really looking forward to that
We are moving along pretty quickly here so i will try to get a few more questions in
Next we have Dutch Tezos who wants to know how Snowswap plans to separate itself from the competition and offer something unique :
sn0wk1n9:
We are the only AMM for yVault stablecoin swaps, so there’s that
we have fairly high yields on stablecoin deposits and don’t have any farming strategy contracts so security risk is lower vis-a-vis vault-style projects
Rudolph:
One more from Blub concerning fees/profits that a lot of users have been asking about :
sn0wk1n9:
There will be a governance proposal coming soon about how to allocate those fees. The community may elect to redirect some of the fees generated to SNOW token holders, or buying back SNOW but we will leave that up to the community
Rudolph:
I think the community is really looking forward to being able to decide the direction of the platform.
one more question ser
concerning collaborations/partnerships
sn0wk1n9:
There are some upcoming partnerships but I don’t want to speak about anything that is not confirmed as I don’t want to encourage speculation on rumors.
^this is not financial advice
Rudolph:
We want to say thank you to all the community who came here tonight to support us. We hope we did a satisfactory job in answering all your questions. I know there were many that we were not able to get to, but we look forward to doing more of these AMAs in the future. As for now we will let the devs get back to work on those btc pools. Thank you to sn0wk1n9 for taking the time out to participate here, i am grateful for it and for all of our community members. Thank you all
sn0wk1n9:
Thanks Rudolph and thanks everyone for participating!
Rudolph:
Stay tuned everyone we will be sending out some DMs on twitter for our 5 favorite questions.
