Daley Of Cardanodaily hosted J3diblue, The lead Developer of Bashoswap.finance for its second AMA.
Below is the transcript of the AMA.
Daley: I’m Daley and today, I have here with me Mr. JediBlue from the Bashoswap project!
JediBlue: Hello everyone, Happy to be here 👋
Daley: Let’s start with our first question for Bashoswap:
Q1. How Long have you guys been working on Bashoswap and how many members are on your team
We started working on this project late last year after the Alonzo hard fork on the Cardano blockchain. Our team has thus grown to over 10 to include expert devs and advisors with years of experience in the industry.
So has the team done any KYC? Are you doxed?
Our team is made up of both doxxed and contracted developers who would be on the Bashoswap team for a period of time to actualise the launch of bashoswap products on the Cardano mainnet.
We would be introducing our core team members in a subsequent video Q&A session.
Then after the testnet we will proceed with Certik Audit & KYC to increase trust and transparency.
Q2. Please introduce the project BashoSwap, What is it all about?
BashoSwap is a multi-chain decentralized Automatic Market Maker exchange developed on the Cardano blockchain. To a layman, it’s like a binance or coinbase but this time, decentralized (like Uniswap, pancake swap etc) and for Cardano Native tokens.
Users can trade their ADA based crypto currencies without needing an intermediary or a middleman as the trades will be handled by a smart contract with preset rules.
It is multichain because we will be live on the Cardano Mainnet and also on the Milkomeda sidechain
Q3. And you know, there are multiple multichain DEXs out there as well.
You already have competition with the likes of Sundaeswap, Minswap, what will be the advantages of Your project over the competition?
We are making swaps and transactions much faster on Bashoswap when compared to other existing Dexes. This is because we have decided to forgo the common batching mechanism used by other protocols due to a somewhat recent revelation about Ouroboros causing big batching of transactions much more unlikely to go through owing to the FIFO nature of the Ouroboros.
We are designing a solution that relies on splitting up the liquidity pools once they reach a certain size, allowing parallelism to scale with usage and the number of liquidity pools.
Like I mentioned earlier, we will also develop a sidechain DEX that will run on Milkomeda which is EVM compatible as more projects from EVM blockchains will soon start bridging to Cardano from other blockchains to utilize the low fees of the Cardano blockchain.
Q4. Please tell us about the goal you want to achieve this year!
Besides the pool-splitting solution and the side chain DEX of course
We have set realistic goals for this year starting with our release of a 100% secure and scalable Dex. Moving forward also this year, we shall launch on the Dex features like Token minting, a Launchpad and a Cardano Native Staking platform.
Some of these features are already in active development with progress regularly updated on our Medium channel.
Check out their medium ppl:
Q5. Will Bashoswap support other wallets as well apart from Nami?
Sure, we are working hard and testing multiple wallet integration, however we focused primarily on Nami wallet for now as our first integration because it is the only Cardano Web3 wallet that has made an update to CIP 30.
We will definitely add support to other wallets as updates to our Dex
Q6. As we all know, BashoSwap has not launched the official Dapps yet, since you will have a testnet coming up
When will the Testnet be released?
We will be launching on the Testnet as soon as we finish rolling out the Plutus + tooling scaffold and complete an initial audit.
The Testnet however will be available only to limited whitelisted addresses who have joined in the initial token sale rounds
Q7. NFTs are one of the hottest and most sought-after topics in the blockchain space right now. Can you share your opinion on NFT with us? Do you think NFT will disrupt the current financial system? What is Your project’s approach to the NFT sector?
We estimate this to be during the Q2
I believe NFTs recently have been proven to be more than just a store of value in the form of digital art. So we are currently exploring using NFTs for governance in the Bashoswap DAO (as our project evolves). We believe that the synergy between those NFTs and $BASH token will create a self-sustaining ecosystem.
Q8: On what kind of decisions can they vote on about the project (governance)? And do you have any plan to create other features? Maybe yield farm, stake, or NFT project? Can you explain in more detail?
Users with governance rights can vote on upcoming product features and as well suggest improvements to the bashoswap Dex. We will constantly update and enrich our Dex with features voted by the DAO community. Some of upcoming products include: Staking CNT Locking & LP Lock NFT Governance
Q9. If I read correctly from the White paper, $Bash will be the native Utility token of the Bashoswap platform with several utilities.
Yes, you are right, $Bash will be the native utility token for Bashoswap
Q10 With plans to evolve into a DAO, $BASH holders will have a vote on the decisions.
What is the minimum $BASH needed for voting? What are the benefits of holding more $BASH?
Correct, $Bash will also be used for the DAO governance, however it will work in a unique way which would involve merging the Bash Tokens with Bash DAO NFTs to be able to vote on Proposals.
While we haven’t fixed a minimum yet for voting, holding more $Bash utility tokens will give you the privilege of minting higher ranked Governance DAO NFTs which will give you more voting power or your proposal, more weighting as the case may be.
Q11. How can early adopters acquire $Bash tokens early?
We welcome early adopters to our private sale whitelist currently ongoing (with over 1700 users whitelisted already) and wallet reservation starting tomorrow, April 1, 2022.
Note that minimum amount to join in the private sale round is 20000 ADA and there is a vesting period which can be found here: https://bashoswap.medium.com/bash-tokenomics-vesting-schedule-40bae14ea671
interested early adopters can whitelist for the private sale using the link: https://whitelist.bashoswap.finance
For our final question with BashoSwap:
Q12. Marketing is a central element for every project. What is Bashoswap strategy to attract new users and investors to your project and keep them long term?
Sure, we are aware that good marketing and project planning strategies are pivotal to the growth of any project on the blockchain. Hence, we are allocating a huge portion of the funds to be raised, to marketing partnerships with leading brands and blogs. This is to ensure maximum reach of marketing campaigns of innovative Bashoswap products, geared towards Bashoswap brand gaining the top position as the leading Cardano DEX project.
Daley: Time for live chat questions from members
Q1. Is any HIRING Program Is Live on the BASHOSWAP platform, If Yes Please tell me How Can I Apply For it , Any For Which Positions I can Apply?
Yes, We are hiring, Check out our hiring page
https://docs.bashoswap.finance/hiring
Q2. Many projects had attempted to build one with a big goal in mind, but only a few were making progress. What advantages does Bashoswap have to be able to realize their goal?
With a solid project plan and backed by competent advisors, Bashoswap also has an added advantage of learning from and mitigating the flaws already identified in existing Dexes on Cardano and taking extra steps to build a more robust and secure Dex.
Here is an instance explaining this: https://medium.com/coinmonks/how-will-bashoswap-avoid-the-huge-vulnerability-minswap-had-2555c330aecb
Q3. Partnership and marketing are very important to expedite and grow projects. Can you tell us about your important partnership and marketing?
We already have a couple of partnerships and we will be announcing further strategic partnerships with other Cardano projects that will mutually benefit both projects and the Cardano Ecosystem in general.
You can find more details about our partnerships here: https://docs.bashoswap.finance/partners
Q4. Community Must be Your Top Most Priority , So Can You tell me How You have Planned to Bring More Users To Your Platform ,and What Rewards TGE Community members Will get Once they Join the Platform, Is DAO governance LIVE?
We will be launching Bashoswap Community Rewards and Bounty Program to incentivize the Bashoswap community and grow our overall social media strength. DAO governance will take effect as soon as the Bashoswap DAO is formed.
Q5. Can you describe “Bashoswap” in just 1 word? And what is the reason you choose?
Beautiful question!
We chose the name for our Dex as a tribute✨ to the Cardano Basho Era that saw the implementation of Smart Contracts
Daley: With this we are now at the end of our AMA session with BashoSwap🔥🔥🔥
Time for wrapping up, any last words you would like to say to our community?
JediBlue: First of all, I must say that I am beyond wowed with the attention and response from the community ❤️ Thanks a lot for having us 🙏 We will be giving updates regarding our progress in the coming weeks and we hope every member of this community gets to be a part of our journey as we make history ✨on Cardano blockchain.
Daley: Thank you man for a great AMA! We wish you and BashoSwap success! And of course, we are looking forward to the official launch of BashoSwap!
Follow Bashoswap For More Information
Linktree: https://linktr.ee/bashoswap
🐦: https://twitter.com/basho_swap
Discord: https://discord.gg/ab4vY478
Telegram: https://t.me/bashoswap
