BTSE AMA Transcript — Joseph Liu, Founder of Matrixswap
Hello everyone! Welcome to our weekly AMA. If you have not registered to our platform, please do so at https://www.btse.com/en/home
We have many good offers right now. Not to mention, a BTSE account is required to claim the prize.
Tonight, we are very fortunate to have Matrixswap to join us for the AMA. Let’s hear it from @josephliu03 for an introduction and we would right into our AMA.
Tell us a little more about yourself and your team members.
Hello BTSE community!
Thanks for having me. It’s a pleasure to join the AMA here and introduce our project to everyone
I’m originally from Taiwan, currently living in Germany. I’ve been in crypto since 2016 mainly as an investor and swing trader. I’ve helped multiple early stage startups in crypto to raise funds and built a strong network in crypto since 2017. Our team is based in Asia and we have seasoned developers that worked on Defi, oracle and NFT projects.
Great, thank you for that introduction.
Let’s talk about the major challenge that the core team is aiming to solve and how will it be achieved?
Matrixswap is bringing leveraged trading, multi-token swaps and proper risk management tools to the DeFi space. Traditional AMMs like Uniswap don’t offer leveraged trading. and are limited to single token transactions.
as a result, there are often high opportunity costs. At Matrixswap, traders can trade any assets with up to 25x leverage. and they will be able to swap multiple tokens at once via our DEX aggregator. traders can batch tokens together for a single swap. saves fees, saves time.
Sounds like there are a lot of offerings from Matrixswap. We would like to come back to this in a short moment.
If you may, please tell us who your investors and partners are. Any ambitions to form relationships with other initiatives in the future?
We are backed by some of the best investors in the crypto space. the list includes:
X21 Digital, PetRock Capital, SkyVision Capital, A195, 4SV, GBV, PetRock Capital, Varys Capital, Alphabit Fund, Raptor Capital, Metrix Capital, Owl Ventures, Kyros Ventures, Dfyn Network, Kylin Network, Cardstarter, Crypto Banter, Shin Chan Group, T3E, Minted Labs, Synaps, Bitcoin Addict, Exnetwork
That’s quite a list there. Excellent! Thank you for sharing. Let’s talk a bit more of your project and its solution.
What is the grand vision with Matrixswap?
We’re here to match the CEX-like trading experience on DEXs. We feel that DeFi users in general have been very patient with bad UX/UI and bad products. we hope to offer the trading experience of CEXs on our DEX
where users can retain custody of their funds and not lose the ability to execute perfect trades. we want to create a permissionless perpetual futures protocol as well. Offer traders the exposure to opportunities and proper DeFi asset management.
Let’s talk a bit more on product.
We noticed in the About section on Medium, it says that “Matrixswap, unlike traditional AMMs, users can long or short any assets’ perpetual contracts with up to 25x leverage.”.
How does Matrixswap achieve that?
Matrixswap adapted the Virtual AMM design pioneered by Perpetual Protocol — a virtual AMM allows traders to maximize capital efficiency by taking collateral and amplifying them into leveraged positions.
With vAMM, you can trade any assets as long as there is an index price feed coming from an oracle source like chainlink.
In your opinion, what’s the most attractive aspect of perpetual contracts for traders in general?
Perpetual Futures Contracts is the most popular derivatives in crypto. it was first innovated by BitMex. now it’s a very common instrument on Binance, Bybit, FTX. it has 3 major attractive advantages
1. You don’t need to hold the actual index assets in order to get exposure to the price action.
2. You can long or short with leverage.
3. These futures contracts don’t expire, you can hold on to positions as long as you like.
I believe BTSE offers futures as well. Matrixswap simply offers a decentralized version of it 🙂
Yes we do!
In your brief introduction of Matrixswap, you have listed many features. In your opinion, which one is the best feature from Matrixswap?
Besides our bread and butter — the perpetual futures exchange, I’m actually most excited about our DEX aggregator. The fact that we are able to offer multi-token swaps and we offer emergency nuke button for traders.
imagine being able to swap 10 tokens to one token all under one transaction. If you are bearish on the market, want to quickly liquidate your tokens. instead of having to do 10 separate transactions, paying fees 10 times. you do them all at once. pay gas fees once. we envision this feature to be widely adopted by the defi world soon.
Gas fees has always been a concern, I am glad that you guys have plan to make all our lives easier.
Alright, moving on. Let’s talk about Matrixswap’s token.
What is it called? What is its function?
Our $MATRIX token has two functions;
1. Utility — to access the premium trading features on the platform, users will need to hold a certain amount of tokens in their wallet.
2. Governance — $MATRIX token holders will have the ability to propose, vote and decide where the protocol’s direction is heading.
When will the $MATRIX token launch? How can users get a hodl of it?
We have an IDO launching on Cardstarter on the 7th of September and we will be listing our token on uniswap shortly after!
we currently have a few initiatives on social media as well. which I will share in a bit. our token is priced at $0.10 per token. private investors and public sale both at the same price.
I believe now you will have to tell us what the benefits are to the users?
How will users be rewarded for their contributions?
Along with our token launch, we will also introduce liquidity mining and hodl mining shortly after with a few partnered projects in the ecosystem. More announcement on that coming soon.
Is there any plan to offer a loyalty scheme for the token holders?
besides the fact that our tokens have governance functions — Our token will be deflationary by design, the more trading volume Matrixswap accumulate the more tokens we will buyback and burn.
Awesome, that was quite a run to talk about the tokens.
Let’s compare Matrixswap. There are many trading platforms out there. Where does Matrixswap fit into that?
We happen to offer features that other DEXs don’t:
1. Leveraged trades.
2. Multi-token swaps.
in the future we will also introduce limit orders and stop losses on AMMs. So I’m confident that we will stand out from day one.
Multi-token swaps definitely stands out.
What are the major benefits of Matrixswap compared to other Margin Trading DEXs and CEXs?
Compared to margin trading DEXs, we don’t need liquidity providers. therefore the volume of trades won’t be limited.
Compared to CEXs, users retain custody of their own funds. which is what crypto and decentralization is all about
Alright, thank you for giving us insights on Matrixswap’s unique selling point.
Now we will open the floor soon for the live questions. I hope you guys are ready. 5 will be picked from our guest. Winners will be contacted.
Again, please sign up onto our platform if you haven’t already.
Kimberly Ryder ( @CaptainCriticalRollDev ):
IF THE BEAR MARKET COMES will your token PROBABLY DUMP? Do you have any plan to prepared for this bear market? How will you handle the panic sell ?
Since our project is an exchange platform, bear or bull market people will have to trade. as long as we continue to bring in more users and grow the community we’re not worried about temporary bear markets. fundamentals will always win. and as I mentioned, the more trading volume we get, the more we will buy back and burn our own tokens.
at the end of the day, no one can control the market. we as a project will always focus on bringing the best product and user experience to our community members
Sweet candy ( @Paula433 ):
Many people want to learn about your project but they have problem with English, so do you plan to spread awareness about your project in different countries where English is not good? Do you have a Marketing strategy aimed at developing many different communities such as Vietnam, Indonesia, Korea, Iran, … about your project so that they can easily communicate and understand Project.
we currently have partners across the globe. including: Thailand, Vietnam, China, Taiwan, India, Japan, Korea, US, Russia. we cover a global community and will continue to bring in more users
Tran Truong ( @trantruong90 ):
What do you think about your current community?
We think we have a lot of room to grow. we want to attract less “investors” and more actual exchange users. after all, userbase is the biggest needle mover in our model. the plan is to attract as much traders to use the platform as possible
Lorrie Mcclain ( @gyomax ):
What is the structure of this project, is it decentralized or a open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?
long term, we will let the community have the power over the direction of the project. through DAO, token holders will be able to make changes to the protocol. it will be open source.
I really believe in the power of decentralization and the greater good for the community
Alan Marcy ( @Marchi7273 ):
STAKINGS are great way of getting investors to stay long term
DO you support STAKING?
We do have staking program coming up after our IDO and token listing. Stay tuned as we annouce the news along with partnered projects for it!
Thank you for taking the time to answer the questions from the crowd.
Now we have questions selected from Twitter.
It caught my attention that Matrixswap will provide users an Emergency Nuke Button. Can you tell us more about this? What is this button and what is it’s main function on the platform? On what cases can investors use this button and what kind of benefits do they get from it?
I actually have a short video I can share here.
all user needs to do is to click on the nuke button and approve the transaction
the app auto inputs all pre-approved tokens and set to max sell.
this is still in beta but it’s live on Polygon mainnet. it’s safe to say we already have a working product. this is perfect for the situation of flash crashes of the market. if you want to protect your funds from high volatility, get out before alt coins drop further. this is the perfect tool for it. crypto market is a very volatile space. we created this tool to give traders the ability to properly manage risk.
They are currently doing a big #NFTGiveaway with “loaded” $MATRIX tokens! How can we participate in this #NFTGiveaway and qualify for the prizes to be given out? What is the goal of this type of event for MatrixSwap and how will these events make your community stronger?
we wanted to reward our community members by giving them airdropped tokens. however, airdrop tokens often are considered as free money. people sell them right away after receiving them. so we got a little bit more creative with this. we minted 32 exclusive NFTs. Looks like this ;
These are Red Pill NFTs that literally contains our project token $MATRIX inside of them. owners of the NFT will be able to unlock the NFT and redeem the tokens inside after a certain date. if you have seen the movie MATRIX. you would know the reference.
so we created these Red pill NFTs because we know the community will love them. and they will also be benefited by the $MATRIX tokens inside 🙂
so if you guys want to get your hands on them
you can still join the campaign
I didn't see #matrixswap having any activity/events at the moment, such as partnerships, fork/swap, burn, feature release, and so on. Can you tell me about an upcoming event or program?
Sure! we’re very focused on our IDO launch and our social media campaign at the moment. we do have more than a dozen partnerships made and we are just waiting the right timing to announce them.
A few of them I’m extremely excited about. Let’s just say a founding team of a major blockchain has joined the Matrixswap advisory board. top 10 coin on Coingecko and CMC 🙂 we have also received a grant from Polygon team directly. So, needless to say, lots of major updates coming soon!
You have allotted 30% for Ecosystem benefits in your Tokenomics, which attracted my eye. Why have you placed such a high value on incentives? Could you tell us what kind of benefits your community will have to look forward to?
Matrixswap plan to launch an ecosystem fund that will support developers and projects to build and further optimize the project. to do that we will need a good amount of tokens allocated to those individuals.
so community members and devs that are not with in the founding team gets a chance to be a part of our journey. We will host bug bounty programs. Launch new project initiatives. these ecosystem tokens will be rewarded to those who contribute to the platform.
I see the “perpetual contract” mechanism as more similar to “Future” in traditional finance. But, slightly different in terms of the Settlement Date. #Matrixswap replaced the term with “Perpetual Funding Rate”. Who and how to determine this rate? Is it fully determined by us?
funding payment is a very common perpetual futures market component. since there’s no contract settlement date. the perpetual price can really diverge from the real index price. funding payment is used to keep the perpetual price somewhat close to reality. in terms of the funding rate, who determines it.
We use a price feed oracle source; Kylin
that rate calculation can be found in our whitepaper here: docs.matrixswap.io
this is how funding rate is determined. Later on, the DAO will be able to make changes if there are good proposals.
Great! Thank you for these thorough answers.
Winners will be contacted !
Now let’s resume back to our Q&A. Let’s talk about the future. Any future plans that you have in place, such as partnerships or listings?
We have a few partnerships lined up such as AMMs, oracles, and wallets. We will announce them soon!
Besides the recent Red Pill NFT campaign, are there any plans to expand into the NFTs for Matrixswap?
We have a few initiatives in the pipeline mainly to support community interest, not to monetize.
But we are always looking to evolve and adapt!
Ok, red pill it is for now. Sorry to the blue pill crowd 😁
Are there plans to expand your reach to the specific communities?
We are partnered with many projects to bring in more users.
and we will be expanding our network by building a strong product with good trading volume!
the reality is, the more volume and liquidity we can attract, the more users will come
Folks, thank you for sticking around. We are approaching to the last portion of the AMA.
What should the community anticipate in the near future in terms of events?
You can still join our redpill NFT giveaway here
Participate in our IDO on Cardstarter!
Join the whitelist lottery!
The last question for today.
Where is the best place to go to to find out more information about the project?
Our Twitter is https://twitter.com/matrixswap
Our telegram is https://t.me/matrixswapofficial
we really look forward to having you all to join our community and join this journey.
Alright, we want to once again thank @josephliu03 for being our guest on today’s AMA!
This is the end of the AMA.
Thank you for having me!