AMA Recap — MetalSwap
The session of AMA ( Ask Me Anything ) with MetalSwap was conducted on 15 th Jan 2022 at 3:30 PM IST (10 AM UTC) and lasted for 1 hour.
ADMIN ROUND
Marco Braglia from MetalSwap has joined us for this AMA session.
Jonty|Host
Please tell us about yourself and the team working on MetalSwap?
Marco Braglia
My name is Marco Braglia, I’m the Project Manager of MetalSwap and I have been collaborating with 1 one of the founders for several years in crypto and finance related projects.
The team members mainly come from Italy. The three founders have a really broad and diversified experience:
Tiziano Tridico: the most famous Italian Youtuber about crypto and blockchain
Paolo Luini: trader and strategist, has one the largest italian online communities
Umberto Prestini: international law and businesses.
Main developers also come from Italy and have developed several blockchain projects in the last few years.
Jonty|Host
What is MetalSwap? Please provide a detailed introduction.
Marco Braglia
MetalSwap is a decentralized platform that allows hedging swaps on financial markets with the aim of providing coverage to those who work with commodities and an investment opportunity for those who contribute to increasing the shared liquidity of the project.
Nowadays, financial swaps are the most widely used “insurance” tool for large exchanges of raw materials such as metals.
Everything is happening on centralized markets that require financial coverage, and bank credit facilities that aren’t always accessible to everybody, with poisoning bureaucratic laziness.
With the concept of an economic incentive, given by the distribution of the governance token ($XMT), the system will have publicly accessible pooled liquidity.
Through a set of “smart contracts”, initially written on Ethereum, the contracts will make it possible to execute swaps without the need for intermediaries, at reduced costs and without time restrictions.
What sets us apart from other Defi projects is the fact that we are bringing into DeFi an activity that already exists in the mainstream finance and business world: the core feature of the project, namely hedging swaps on metal commodities.
The volume of commissions, generated by financial hedges inherent to metal commodities, was more than 1 Billion GBP in 2019, speaking exclusively of the LME (London Metal Exchange) volume, which is only one of three major actors in this sector.
Jonty|Host
What makes it different From another Project? Please share the tokenomics?
Marco Braglia
What sets us apart from other Defi projects is the fact that we are bringing into DeFi an activity that already exists in the mainstream finance and business world: the core feature of the project, namely hedging swaps on metal commodities.
The benefits of choosing MetalSwap over a traditional CeFi solution are:
1. Costs minimized
In MetalSwap there is no need for an intermediary, it is entirely based on blockchain technology through the use of smart contracts.
2. Trustless
Since there are no intermediaries, there is no need to trust anyone.
The funds are not entrusted to a third party, they remain available in your wallet and you decide how to manage them.
3. Decentralization of the system
The issue of monopoly is overcome by MetalSwap’s intrinsic automatism and by decentralized finance.
4. No need for bank coverage
Bank coverage is no longer necessary: MetalSwap solves this issue with a shared liquidity pool system, where each participant (Liquidity Provider — LP) is rewarded for their contribution through the provision of project governance tokens (XMT).
MetalSwap allows you to open hedge positions only if they can be counter-guaranteed by liquidity pools.
That’s why in MetalSwap trust is not necessary, it is an entirely and mathematically trustless system.
5. Market open 24/7
Unlike traditional offices with their constraining hours, MetalSwap is open 24 hours a day, 7 days a week.
Jonty|Host
What is the Usecase of $XMT? Can you provide details? Also share your Roadmap.
Marco Braglia
$XMT is the governance token of MetalSwap.
The purpose of $XMT Tokens is to participate in DAO deliberations.
They are allocated as shown in the above pie chart.
XMT Tokens will be initially distributed to early users of the protocol via swap incentives, liquidity incentives, AMM, test-related incentives, and Bug Hunting campaigns.
All incentives fall under the “ Rewards and Community” heading, which will be fueled through the token buy-back system.
People who believe in MetalSwap and want to increase the power of their vote can stake their tokens to receive an incentive and increase the number of tokens.
Our roadmap:
✅ 19/11/2021 — IDO ETH ON UNISWAP V3
✅ 27/11/2021 — STAKING POOLS 30/90/180/360 dd
✅ 11/12/2021 — DAO POWERED ON
✅ 21/12/2021 — IRON STAKING POOLS
✅ 29–31/12/2021–1st PROPOSAL DAO (SUCCEEDED)
✅ 07/01/2022 — BSC BRIDGE
✅ 07/01/2022 — IDO BSC ON PANCAKESWAP
⚪️ Jan 2022 — STAKING ON BSC
⚪️ Jan 2022 — SWAP CRYPTO ASSET TESTNET
⚪️ Feb 2022 — LIQUIDITY PROVIDERs
⚪️ Feb 2022 — SWAP CRYPTO ASSET MAINNET
⚪️ Q1 2022 — STAKING NFT V3
⚪️ Q2 2022 — L2 (POLYGON?)
🎯 Q2 2022 — SWAP ON METAL COMMODITIES.
TWITTER ROUND
Can you list 1–3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
Marco Braglia
Well, as of today we don’t have any competitor in the crypto ecosystem, so our best killer feature is the FIRST MOVER ADVANTAGE. Our competitors are in the CeFi world and they are mainly three:
LME: London Metal Exchange
CME: Chicago Mercantile Exchange
SHFE: Shangai Futures Exchange
Against the mentioned CeFi competitors, our killer features are the same mentioned above:
1. Costs minimized
2. Trustless
3. Decentralization of the system
4. No need for bank coverage
5. Market open 24/7
Nowadays partnership is one of the most important thing in a project’s long run? Can we see new partnerships for the project soon?
Marco Braglia
That’s some real truth! We already have several partnerships ongoing and many more are coming in the future.
At the moment we are in touch with some important foundations in the crypto world: stay tuned!
Moreover, international marketing campaigns are already ongoing and will intensify along with the features added to the project.
We will plan to add more local communities (other than International, Italian and Spanish already in place) as needed if there will be a number of investors/holders/partners big enough.
Ambassadors play a very important role in every project, Do you have an ambassador program? If yes, How can I be one?
Marco Braglia
As you may have noticed in the roadmap, swap will be first available on crypto pairs, and afterwards on metal synthetic assets paired with crypto assets.
In order to become a liquidity provider for the project, you will just need to provide your liquidity to the chosen pool.
You will then get rewarded by farming XMT tokens.
Even swap users will farm XMT for the time their hedge positions stay active.
COMMUNITY ROUND
Florence Sepe
Do you have any YouTube channel or website for this project??? From where, we can learn something?
Marco Braglia
OFFICIAL WEBSITE 👉🏻 https://www.metalswap.finance/
MEDIUM 👉🏻 https://medium.com/metalswap
TWITTER 👉🏻 https://twitter.com/MetalSwapNet
TELEGRAM 👉🏻 https://t.me/metalswap
DISCORD 👉🏻 https://discord.com/invite/eYay7NV6vF
YOUTUBE 👉🏻 https://www.youtube.com/channel/UCuFVZOpAOzuzlmJbPA4wdkw
FACEBOOK 👉🏻 https://www.facebook.com/MetalSwapOfficial/
REDDIT 👉🏻 https://www.reddit.com/r/metalswapnet/
TELEGRAM DISCUSSION GROUPS 👇🏻👇🏻👇🏻
🇬🇧 https://t.me/joinchat/YaSNSVggeOFhODQ0
🇮🇹 https://t.me/joinchat/w4xGj8TcB8ExZmY8
🇪🇸 https://t.me/joinchat/22zaxw3o0URlODJk
Jonathan Pollard
Each project has an intriguing storey about how and why it was constructed and evolved; what was your storey and motivation for creating this project, MetalSwap? And what does MetalSwap stand for to you? What is the significance of the project’s name?
Marco Braglia
This is a very great question!
MetalSwap Founders met themselves in Tenerife (Spain), where they currently live, and started to associate with each other sharing their different experiences and common crypto passion they all have.
One of them, Umberto, an expert on international law and businesses, had already some customers asking him to find a solution to financial hedging centralisation on metal commodities.
The name of the project comes exactly from this need!
Kim Yoon Joo
How do you deal with the security threats of your project? Do you have any AUDIT in recent times for trust?
Marco Braglia
The official platform is ready and will soon be published on Ethereum’s testnet with a bounty program that will reward all those who try to use it and report bugs.
After that test, our code is going to be published on GitHub, and reviewed by an Audit company (we’re already in touch with Certik, OpenZeppelin and others).
Roger Rose
Non-crypto user is very important for mainstream adoption. How you are planning to attract non-crypto users towards your project? Is there any upcoming partnership that will brings non-crypto user and real-use case?
Marco Braglia
MetalSwap acts as a link between the traditional world of commodity swaps and the new DeFi ecosystem.
Non-crypto-users already working with commodity swaps will be attracted by the cost and time savings of our decentralized app.
We already have contacts with the best consulting and financial firms around the world, they’ll bring new users to financial hedges and new investors as liquidity providers.
Freda Doyle
Sir, Community is very important for a project. While you build your project, do you take into account community feedbacks and demands?
Marco Braglia
As of today we have in place three communities on Telegram (English, Italian, Spanish), a Discord server (English + Italian) and a Facebook Group (Italian) where users can directly interact with us, post feedbacks and ask questions.
We’re aiming to be a worldwide solution for international business demand.
Đỗ Phủ
In which countries is your project present?
Marco Braglia
Our app is working on the Ethereum blockchain, $XMT token is spread and bridgeable across Ethereum & Binance Smart Chain, so we can claim that there are no boundaries to what we are building!
Nguyet Hera
Staking programme is very important for any project, Can i stake your token? Do you have any plan of starting staking programme?
Marco Braglia
The staking program is live on our dApp on the Ethereum blockchain (more coming soon).
There is two kinds of pools as of today:
STAKING POOLS are “classic” pools: defined duration (30/90/180/360 days) and fixed total rewards amount. Holders of $XMT tokens on ETH chain are free to join open pools as long as they are not expired and take a share of the rewards. The sooner they join the pool, the bigger the share of rewards they will get, because the rewards are calculated with a system of weighted averages taking into account the time spent in the pool and the number of tokens provided. The reward in tokens is distributed at the end of the period along with the principal originally locked in the pool.
IRON POOLS are special staking pools with a MINIMUM GRANTED APY. Staking is available for a fixed quantity of XMT, multiple of the slot cost. Minimum APY is granted by the limited number of available slots in the pool. The rewards in tokens are distributed at the end of the period along with the principal originally locked in the pool. As of today all the pools but the first 30 days are available to join.
The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guest Marco Braglia from MetalSwap. AMA Concluded at 4:30 pm IST.
