9 min readJun 18, 2021

Thank you to the TwentyOne Crypto Community for participating in Ask Me Anything (AMA) with HydraSwap June17, 2021.

This guest star

Ayush
Victor Cerberus
Tommy Sphinx

Here’s our 58th AMA RECAP.

Introduction

Ayush

I am Ayush and I run the product and tech for Hydraswap
I am Ayush. Ex-investment bank, head of a trading business is a TradFi veteran and I am leading the product for Hydraswap.

Tommy Sphinx

I’m Tommy, I run marketing for the team. I come from the startup world where i’ve been building companies for the last 10 years. I’ve been crazy luck and have been able to exit 2 of my startups. I love building awesome projects and I don’t think I’ll ever stop

Victor Cerberus

Thanks all for joining us! Glad to be here

Q1. Starting with the very basics, can you provide a simple description HydraSwap for our community?

Tommy Sphinx

HydraSwap is a cross-chain DEX on Solana. Our vision is to become a mega app that provides a one stop solution for liquidity providers and traders for managing and trading assets cross-chain.
Our edge will be creating a seamlees cross-chain infrastructure, a game changing market making algorithm and a slik and intuitive user interface that is going to greatly enhance the experience of traders & LPs alike and exceed that of centralized exchanges.
This project is about fair and fast trading. We want to provide accessibility to the whole DeFi Ecosystem from one blockchain.

Q2. On this track, who are HydraSwap competitors? What are the advantages of HydraSwap, on the other hand?

Tommy Sphinx

I have a perfect image for this. I’ve been speaking to VC’s about this all week

Victor Cerberus

Tommy Sphinx

Here’s what we do well.
-Superior performance. AVG 65,000 TPS, >0.5second processing speed, powered by Solana.
-Low Gas Cost: almost 0gas cost
-Strong HMM Market Making Mechanism: High asset utilization rate, low prices slippage, dynamic, and multiple market-making strategies.
-Next Gen IHO Mechanism: Project teams can set up liquidity pools,
-Cross-chain solution: This allows us to trade, deposit, and withdraw assets between different public chains with no boundaries.

Q3. What features of HydraSwap make it the Smartest DEX on the market? how does this fact make it easier and more effective for users?

The main features that make Hydraswap the Smartest DEX are:
- Game changing market making algorithm
- Cross-chain bridge linking BSC, polygon and Ethereum (initially). We will also integrate various modules
- Initial Hydra Offering (our own IDO module)
- Advanced order types and Arbitrage module
To name a few…
In terms of benefits for the users:
-We will be able to offer sub 1s transaction times, sub 1c gas costs. This will allow you to significantly improve trading performance.
- Our cross-chain bridge will provide a seamless experience for managing your assets cross-chain including swapping, trading and liquidity mining.
- With Solana’s power we will enable a whole new suite of order types that will give you up to 10x lower price slippage on large orders.

Q4. What security measures HydraSwap have taken to keep the investors and users funds secure?

Victor Cerberus

- We will do a full audit of the product before launch.
- We will have a bounty programs in testnet to enable the community to check the security of the protocol. (The bounty programs will enable us to identify and fix issues before mainnet releases.)

Q5. What are the major milestones HydraSwap achieved so far & what are in future pipeline?

Victor Cerberus

Tommy Sphinx

Things really kicked off for us in March
In May, We released our Alpha 0.1 with swap functionality
2 weeks later, we released Alpha 0.2 with trading/limit orders functionality.
We have finished our HMM v1 market making algo design (you can see the details in our whitepaper)
We will be doing our IDO and v1 launch in July. We will do our v2 launch with cross-chain bridge in August. We will integrate many more modules in Q4.

Victor Cerberus

QUESTIONS FROM TWITTER

Q1. From : Elsonele

Why have you chosen Solana to empower HydraSwap?

Tommy Sphinx

It was a no brainer. For our DEX to be fast enough to beat a CEX, we needed unparalled TPS. Solana was the only choice for that
We couldn’t imagine that to scale and replace TradFi, we are using 13second per transaction. That would never work on a sophisticated and advance trading systems.

Victor Cerberus

Tommy Sphinx

Plus, we like working with the #Solana ecosystem team

Ayush

Because among the existing public blockchains, Solana dramatically outperforms the rest in terms of network throughput. Such high throughput is necessary for the realization of our vision of enabling DeFi to become the financial ecosystem of the future. As such, we chose Solana as our mainnet.

Q2. From : QuixoteLux

“Constant product market makers (CPMM)” what the means of this? How this work in HydraSwap ecosystem? how can we get benefit from (CPMM) ?

Ayush

Constant product market making (CPMM) is the basic k=xy pricing used in major DEXes like uniswap. This is very relevant for liquidity providers as it directly impacts the buying/selling dynamic on DEXes and their profits. We are looking to enhance this model by bringing in key innovations. These will improve the profitability of liquidity providers, which will attract more liquidity to Hydraswap.
What this means for traders is that they will save significant amount of money in transaction costs as the DEX will be able to provide more liquidity at the same price

Q3. From : Vin8517

We usually hear about IDO, IFO, IEO, and etc. but now hydraswap bring new feature. can you explain what the diffrent betwen IHO and other ? and is that difficult to join on it?

Tommy Sphinx

With IHO we will be integrating modules that will make the process smoother, fairer and more secure for both the projects and the investors
IHO: Combines Crowd Funding + Liquidity Pool Setup.
Meaning: IHO will offer both users and project teams a more flexible investment solution.
As for other offerings…
IDO (Initial Dex Offering): A way for new projects to initially supply its token to the public via a DEX.
In comparison to IEOs (Initial Exchange Offerings), IDOs are fully Decentralized and the prices are purely determined by the market.
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This has attracted the attention of projects and users alike. However, at present, IDOs continue to face several issues like speculator rush, lack of liquidity, and more.
1stly, In an IHO we’ll enable direct liquidity pool setup following the IDO. This will make it easier for projects while providing price stability for investors.
2nd, We will enable an auction module with high and low price bands. This will enable a fairer token launch price for the project based on the token demand and investor appetite.
ol setup following the IDO.

Q4. From : Lidiamga

In building a public chain ecology of multi-currency integration, how robust are you, what is your TPS and how do you determine currencies to be integrated?

Tommy Sphinx

Our TPS will be dependent on Solana. Solana supports up to 65k TPS. Which is a magnitude beyond the rest. Our advanced market making algorithm makes it significantly more robust. As for currencies, they’ll be integrated based on the demand from the community.

Q5. From : mylhe

HydraSwap will add On-Blockchain Referral Program in your ecosystem. So, could you explain more about this Referral Program? What will be the reward being offered with this program? How many friends or colleagues we can invite to this On-Blockchain Referral Program? Thank you

Ayush

The referral program is still in development, but I can tell you we’re using the crazy low transaction fees to make it about more than just getting a reward in tokens. With such low costs, we’re able to play with the complexity of the reward and give back to our community in a multitude of ways. We have a few cool things planned, but you’ll have to join our announcement group to know when we launch it. Stay tuned!!

QUESTIONS FROM TELEGRAM

Q1. From : piyorins

on procedure cross chain asset transfer there was so difficult explain i see. can you give me some explain about it? and is that transfer make so much gas fee ?

Tommy Sphinx

Our cross-chain bridge will be a game changer! The HydraSwap bridge will be a trustless, decentralized and seamless mechanism for transferring assets cross chain. Assets on the originating blockchain would be locked and an equivalent amount of wrapped asset would be minted on the destination blockchain. When assets are transferred back then wrapped assets would be burnt and assets would be unlocked on the original chain. We will use a set of independent and decentralized nodes for validating the cross chain transfers.
Basically, be ready to use Solana’s lightning fast chain on erc20 protocols!

Q2. From : RenaldoSaenz

How do you imagine Hydra Swap in 2025?

Ayush

We see Hydraswap as becoming a super app like we-chat or go-jek by 2025. It will become a 1 stop shop for managing all your assets — coins, NFTs, stocks, virtual real estate and all other exciting assets. We will also create 1 integrated wallet that will allow you to access all different blockchains in 1 place.

Q3. From : IsabelSides

Do you also consider spreading globally especially to non crypto users and non English speaking communities?

Victor Cerberus

We believe that for DeFi to scale and reach meaningful adoption, we need to solve the bottle neck problem.
Using a simple analogy: BANKING.
Could you imagine going to a bank A and withdrawing $ and get out of the bank physically and go to bank B? THAT DOES NOT MAKE SENSE.
We need to solve the DeFi interoperability between chains. That’s how SWIFT network have solved for banking and that’s what we are striving to achieve

Q4. From : Muticcottyl14

Many Defi and Dex projects always taken for granted How important is the UI/UX design specially to new users. My question is does #Hydra Swap focusing to solve this issue? How is your UI/UX design?

Tommy Sphinx

We dove deep into our user. Not only UX/UI, but user journey and investor empathy. We knew what we wanted and what we were good at. But that meant nothing if we weren’t solving a real problem on DeFi….
If you look at the team, it’s one of the best teams i’ve ever worked with. The CTO built a CEX before this… These’s no better experience in building a DEX than building a CEX. We know all the core funcitonality a trader wants AND we know percisely how to build it. Beyond that, our CEO, he’s been in tradFi for 12+ years. Traded a 5,000,000,000 portfolio that he was responsible for. he’s the one we can thank for building an market making algorithm that surpasses the market.
But at the core, we need to get back to DeFI and ETH, and a fast bridge and supporting blockchain are the only ways we can build and innovate past the current road blocks of our community.
So in building Hydraswap, we knew what we wanted to build and how to build it. But it only really came together after understanding our our fellow traders and investors in the DeFi community that made us build the bridge to connect to the rest of DeFi

Q5. From : JadaWarfield

Does Hydra Swap have a strategy to attract and expand the user community? Tradeding event creation example ….

Ayush

Yes we do!
Our first step is building a cross chain bridge linking Solana with BSC and Polygon that will expand our user base + bring liquidity directly into Hydraswap from other chains. Solana’s high throughput and low gas along with high security will be a key attraction for users from other chains.
Second, we will build direct ramps for users to bring fiat into Solana DeFi and into Hydraswap
Third, we will create our own wallet with a mobile trading app, allowing even non-DeFi users to easily convert to DeFi and bring in more liquidity