On the 12th of March 2021, the WeBlock Community (A full service blockchain accelerator) hosted two guests, Mr. Sami Tannir from Conflux Network and Ms. Harvie from MoonSwap, in a live Ask-Me-Anything (AMA).
A BRIEF INTRODUCTION OF CONFLUX
Conflux Network is a new Layer-1 blockchain that provides over 3000 TPS and near 0 gas fees while staying true to Satoshis vision being a proof-of-work chain which means anyone can mine the token and approve blocks without depending on modern solutions like validators. The public permissionless blockchain is developer-friendly and Solidity/EVM compatible to provide users and developers an experience they are familiar with in terms of current DeFi and NFT projects. Here is the link to get more information: https://confluxnetwork.org/
A BRIEF INTRODUCTION OF MOONSWAP
MoonSwap is a Decentralized Protocol running on Conflux Network. Users are provided with a high-speed and 0GAS trading experience, and are committed to allowing assets to circulate freely and improving assets utilization efficiency. You can check more info about MoonSwap: moonswap.fi
The AMA session which was co-jointly done was conducted by Aina, WeBlock Community Manager.
The AMA was divided into 3 segments which started with the introduction of the guests, followed by questions from the host, and finally Community live questions.
HOST Q&A SESSION
The first series of questions were directed to Mr. Sami Tannir of ConFlux before Mr. Harvie of Moonswap.
QUESTION 1
Aina:
What are the differences between ShuttleFlow 1.0 and ShuttleFlow 2.0? Shuttleflow 2.0 cross-chain protocol has completed the two-way interoperability between Conflux Network and Binance Smart Chain (BSC). What difficulties has the team encountered in this process？Do you think the protocol is ready to receive a massive adoption?
ANSWER
Sami Tannir_ConFlux:
Great question. We believe that the latest improvements to ShuttleFlow are a new industry standard when it comes to cross-chain bridges.
In V1, users were limited to only minting assets to and from Ethereum which has become quite a common process with other chains. Near the end of Q1 2021, ShuttleFlow plans to release v2.0 to complete the function of reversely crossing the assets from the Conflux Network chain to the mainstream public chains like Ethereum. At the same time, it will complete the two-way function of cross-chain mapping with exchange public chains: Binance Smart Chain (BSC), Huobi ECO Chain (HECO), and OKExChain. On top of this users now have a permissionless way to go from Ethereum -> BSC or lets say OKEx chain -> HECO without interacting directly with Conflux chain or the binance bridge, ShuttleFlow 2.0 truly enables cross-chain DeFi asset movements without limiting itself to revolve around our chain and beyond receiving mass adoption we think that it will solve a lot of the DeFi industries problems.
In simpler terms this would be an image that better represents the process of using shuttleflow to enable cross-chain defi without using the other projects bridge.
QUESTION 2
Aina:
What are the three keywords you would use to summarize Conflux Network’s performance after its mainnet launch? What is the long term vision with chain integration into the Conflux Network? Can we expect all DEX projects to eventually be inter-operable?
ANSWER
Sami Tannir_ConFlux:
We think that there has been great adoption of the chain since mainnet launch in October last year. We are extremely excited to continue launching DApps on our chain and have recently opened up a new 2.4B CFX grants program to continue to fund innovation on our chain.
An interesting metric we have found since our mainnet has been that since launch, the chain has processed over 3 million on-chain transactions while only charging a total of $11 in gas fees combined! We believe that with not only low gas but at times zero gas through our smart contract transaction sponsorship mechanism users will be able to interact with conflux dapps the same way they do with Web2 applications even if the use-cases are outside DeFi and NFTs.
QUESTION 3
Aina:
Cool. Let us move on and find out more about MoonSwap!
DeFi and NFT are two very hot topics in 2021! Could you explain how MoonSwap create a new DeFi+NFT ecosystem? How does MoonSwap protect the NFT economy on MoonSwap when cMoon price increase?
ANSWER
Harvie_MoonSwap:
Sure!
First, we see NFT more as a kind of Asset. In the past 6 months, we have seen a lot of FT assets choose to be issued on DEX for the first time, so is NFT also okay? We think it is possible. “Initial Digital Assets Offering” applies not only to FT but also to NFT. We and our partners will develop IDO tools for NFT assets. In the future NFT ecosystem, other developers will create NFTs and give them value. MoonSwap will help issue NFTs.
Regarding your second question, we are also building a NFT AMM market, and I think you will be able to see it soon. Let the market better participate in Pricing, this is our idea.
QUESTION 4
Aina:
NFT+DeFi is certainly an attracting point for traders! As MoonSwap is still at its very beginning. We want to know what are the major breakthroughs of MoonSwap since its migration? Compared to Uniswap and Sushiswap, what are the competitive advantages of MoonSwap that can convince users to trade on MoonSwap?
ANSWER
Harvie_MoonSwap:
MoonSwap has been running for nearly half a year. We believe that our biggest achievement during this time is that we have helped our community save more than $12 million in GAS FEE.
“High-Speed and 0 GAS” is of course our advantage, which is one of the reasons why users choose us. We will help users save money. The upcoming Kepler will help users improve asset utilization efficiency.
You can read more info about Kepler here: https://moonswap.medium.com/kepler-protocol-the-solution-to-increase-amm-assets-utilization-to-100-44febb7da2d4
At the same time, with the gradual prosperity of the Conflux ecosystem, more new assets appear on Conflux, MoonSwap will also be their first choice. MoonSwap will grow with Conflux.
QUESTION 5
Aina:
We have just walked through the past achievements and we now want to talk a bit about the future plan. This question will be directed to both of you.
What is the main focus of Conflux Network and MoonSwap in Q2, 2021? What is Conflux’s future plan in context with its recent built partnerships? Does MoonSwap have any exciting initiatives that are planning in the pipeline that you can share with us?
ANSWER
Sami Tannir_ConFlux:
We believe the main focus for next quarter is to continue building out partnerships and infrastructure tools that will make development on our chain easier for developers looking to provide a 0-gas experience. On top of this, we think that we can continue to improve shuttleflow to reach new chains such as Polkadot Cosmos and more as well as Kepler protocol and NFT bridge so that we can enable cross-chain defi as seamlessly as possible.
Aina:
Harvie_Moonswap, could you share some future plans of MoonSwap with our community?
ANSWER
Harvie_MoonSwap:
Great. The Kepler Protocol and IDO tools will be our next important direction, especially as more and more projects come to Conflux, MoonSwap needs to provide services for these projects and users who hold tokens. The service I’m talking about is not just a “trading service”. Help token issuance. Help users manage assets. Whether it is FT or NFT, we will provide support.
We will have our first IDO in Q2, and Kepler will be released this month.
Aina: I am really looking forward to launch of Kepler and the happening of MoonSwap’s first IDO. I am a frequent user of MoonSwap as well.
2 SEGMENT: COMMUNITY LIVE QUESTIONS
Community members both on Telegram and Twitter participated in the AMA session by dropping questions. There were lots of questions that were asked which attested to the AMA session being well attended.
The guests were given the liberty of choosing the best questions out of the questions that were asked in the second segment.
QUESTION 1
Mechel: I know conflux is based out of China and has a large community there, what are some efforts you guys are taking to grow globally?
ANSWER
Sami Tannir_ConFlux:
As many people know Conflux Network is a well established brand and chain in the Chinese community, in order to raise awareness in the West and other global markets we have established an office in Toronto (my location) to help grow and spread the word about our chain globally. Since then we have grown to have team members in Mexico, USA, Hungary, England, Korea, Nigeria and more!
QUESTION 2
Robert H: what is further plan or step of CFX in the near future ?
ANSWER
Sami Tannir_ConFlux:
We have plans for a lot more listings, partnerships, and global awareness events as you might expect. But we recently shared our roadmap for 2021 which include some massive improvements to our protocol technically that will help develop the chain to become impossible to ignore, you can check out our roadmap for the rest of the year here: https://forum.conflux.fun/t/topic/5251
QUESTION 3
Twitter Question : With every token having a wrapped version in bnb, when will Conflux be having a warpped version in bnb too?
ANSWER
Sami Tannir_ConFlux:
By the end of the month, we will be wrapping Conflux native token $CFX onto Ethereum, Binance Smart Chain, Heco Chain, and OKEx Chain. We believe this will enable deep liquidity for the token and create new use cases for the token.
QUESTION 4
Reinhard: Can you explain how Moonswap obtain zero gas fee which infact we know that some ERC 20 tokens entails a high gas fees for transaction? What mechanism being applied and what solution is in the box?
ANSWER
Sami Tannir_ConFlux:
Moonswap is able to achieve 0-gas by using something unique to Conflux called “Transaction sponsorship mechanism”. Any smart contract can be sponsored by any user that enables other traders to use the DApp for 0-gas, you can read more on it here: https://medium.com/conflux-network/conflux-transaction-sponsorship-mechanism-2c9acfe770c2
QUESTION 5
Twitter Question: With which programming languages i can write smart contracts of ConFlux Blockchain ? Which language is most preffered by Conflux ? Is Conflux supports Solidity language?
Sami Tannir_ConFlux:
This is a very important market for us to tap into. We believe that by offering languages that are recognized in both the Web2 and Web3 community we can onboard the most developers. So yes, Conflux is solidity and EVM compatible. You can also write smart contracts soon in Javascript using Reachlang, one of our latest grant recipients.
QUESTION 6
June Chan: What other tokens will be launched on moonswap next?
ANSWER
Harvie_Moonswap:
We are communicating with $CEL, and the AsiaDeFiAlliance project will also be launched on MoonSwap. Moreover, we welcome new projects to MoonSwap to do IDO. We are sure that there will be some new projects to MoonSwap for IDO next month. Welcome to pay attention.
QUESTION 7
Mang Mang Singh:
Smart contracts are one of the vital objects of security, how about smart contracts at your project have they been audited by internal or external parties then how ready is your platform to respond to these conditions?
ANSWER
Harvie_MoonSwap:
Yes, MoonSwap’s contract has been reviewed when it went live, you can find the audit report here: https://github.com/moon-migration/moonswap-core
QUESTION 8
Liam Olivia:
How do you plan to onboard the initial liquidity needed for your pools and what benefits if user want to be liquidator or provide liquidity?
ANSWER
Harvie_MoonSwap:
Good question. First, users can start yield farming after providing liquidity on MoonSwap. But we will also use Kepler to improve asset utilization. Thanks to the cross-chain capabilities that Conflux gives us, we can help the assets in the liquidity pool to be utilized at the same time on Conflux and Ethereum.
QUESTION 9
Oscar Mia:
In the most projects especially defi those ones offering yield farming are driven up by hype and scarcity, so when the hype dies the project dies. What’s the key to sustaining your Project ?
ANSWER
Harvie_MoonSwap:
Yes, yield farming is very useful in a certain stage, especially for DEX, I think it will continue for a long time. It can help us attract users and liquidity, but if we want to retain liquidity, we need to provide excellent services. Such as 0GAS trading experience. We have continued to update our products for 6 months, and gradually move from DEX to the goal of Cross-Chain Asset Protocol.
We hope that MoonSwap will become a community-driven project. The core development team will definitely play a greater role in the development of MoonSwap in the early stages, but we hope that as the community improves, more and more people can join in. This is why we chose to remain anonymous. In Conflux and Ethereum, $MOON has a holding address close to 10K, and our business is constantly developing, and we are moving towards our goal.
FIND MORE ABOUT CONFLUX AND MOONSWAP ON TWITTER
MoonSwap: https://mobile.twitter.com/imMoonSwap
ConFlux: https://mobile.twitter.com/Conflux_Network
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