Recap: HurricaneSwap AMA in O3 Community
On 30/11/2021 at 12:00 PM (UTC), HurricaneSwap attend an AMA in O3 community. The following is a summary of the entire AMA.
Will | Host
Pls welcome Symington from the HurricaneSwap team!
The Founder of HurricaneSwap, will be here to answer any of your questions!
Symington Smith | HurricaneSwap
Hello all. I’m Symington, the founder of HurricaneSwap. Thanks for having me here, it’s a pleasure to share the latest news about HurricaneSwap with you guys.
Will | Host
Hi Symington! Glad to have you here sharing with us the latest progress of Hurricaneswap!
Let’s get started!
Symington Smith | HurricaneSwap
Let’s do this!
Part I Intro to HurricaneSwap
Will | Host
Alright, first question.
Can you tell us about the Hurricaneswap and how it got started?
Symington Smith | HurricaneSwap
Of course.
The First Cross-Chain Liquidity DEX based on Avalanche.
That’s how we define HurricaneSwap.
More specifically, HurricaneSwap is a cross-chain liquidity DEX with an innovative LP-Bridge mechanism (Roke Protocol), which enables users to trade popular assets of other chains without leaving Avalanche.
All members of our core team know Avalanche at the very beginning, we are all AVAX believers. We think Avalanche is designed for DeFi. And it is powerful enough to provide us with the best development space at the moment.
Besides, transactions on Avalanche are very active, which provides good user support for the development of DeFi.
Will｜Host
Yea Avalanche is great, that’s why we just launched on Avalanche a week ago!
Symington Smith | HurricaneSwap
However, according to the data of the X chain and the C chain, the number of users participating in the Avalanche ecosystem is far fewer than the holders and traders of $AVAX.
A large number of users have recognized the value of Avalanche, but they don’t involve the Avalanche ecology in more depth.
That was the moment we realized that there’s a huge opportunity to build a cross-chain swap on Avalanche and started HurricaneSwap.
Yes, congratulations on that!
Will | Host
Thank you! A pretty detailed answer, nice!
And how does Hurricaneswap differentiate from its competitors? What’s different on your mechanism/system?
Symington Smith | HurricaneSwap
Good question.
Firstly I’d like to share a pic of our product process that shows how “LP cross-chain” works.
The most unique feature of HurricaneSwap is the way we make cross-chain transactions, which we call “Roke Protocol”, our original cross-chain mechanism.
Will | Host
So you got a LP pool, right?
Symington Smith | HurricaneSwap
Yeah so basically, we are not cross-chaining the actual token itself, we are using LP token to cross-chain the price movement of that asset.
And because we are cross-chaining the price movement instead of the token itself, the whole process will be much faster. It takes only 15 seconds for the price movement to be transferred from the original chain to the target chain.
Plus, users do not need to engage in complex operations like the cross-chain bridge, which makes the transaction process more convenient.
Besides, compared to other cross-chain exchanges, the fee of the cross-chain transaction on HurricaneSwap is 2‰, which is the lowest in the market and very competitive.
Will | Host
Awesome! Great minds think alike. Our protocol has a similar mechanism.
Symington Smith | HurricaneSwap
Talking about “the competitors”, I’d like to remind everyone that there was no “DEX” nor “cross-chain swap” just a few years ago. People didn’t take DEXs seriously and back then DEXs were no good at all.
But in the past 12 months, people realized that DeFi might be the only use case of blockchain and it totally changed how we think about crypto and finance. Suddenly, there are dozens of DEXs and they are all great and creative.
We are still very early, I mean all of us, HurricaneSwap and other cross-chain DEXs, even the whole market.
So I don’t see competitors, because there are so many problems and challenges out there, waiting for us, and we just keep bringing new ideas and solutions to solve them! That’s what always makes me excited!
Will | Host
Yea! That’s what we’ve always been mentioned. There’re no competitors at all, since we see each project as a potential partner to enrich the whole ecosystem and benefit all of our users!
Symington Smith | HurricaneSwap
Couldn’t agree more!
Will | Host
Alright! Let’s move to the next question.
How do you view other DEXs built natively on Avalanche?
Symington Smith | HurricaneSwap
They are partners.TraderJoe and Pangolin, I just love them and I really appreciate their contributions to the whole Avalanche Ecosystem. Pangolin is the first DEX built on Avalanche, and then we have TraderJoe, which recently become the TOP3 DEX in the market and absolutely #1 on Avalanche.
Before we launched Hurricane, we already knew about them and we still think there are market opportunities for us.
As you can see, TraderJoe provides users various pooling and farming opportunities. I think that’s one of the key reasons for their success. Users need more assets to trade, like always.
Somehow, it seems like HurricaneSwap is solving the problem of cross-chain transactions. However, I’d like to say, HurricaneSwap is actually solving the problem of the lack of high-quality assets on the Avalanche chain.
We are designed to bring valuable assets from other chains to Avalanche.
Will | Host
Agree! An ecosystem should be diversified.
So why did you choose to launch Hurricaneswap on Avalanche at the very beginning?
Symington Smith | HurricaneSwap
As I’ve mentioned before, Avalanche is designed for DeFi, it has so much potential,it’s powerful to build, the transactions on it are pretty active. And most importantly, we see the gap between X chain and C chain, it is a huge opportunity.
What HurricaneSwap aims to do is attract more $AVAX holders and traders to participate in the Avalanche ecosystem.
As the first cross-chain liquidity DEX based on Avalanche, we can benefit Avalanche and create more value by providing more diverse cross-chain assets. That’s what Avalanche needs most at this point.
So it’s beyond “we chose Avalanche”, it’s more like, we need each other.
Besides, I have been in China for many years, so I’m quite resourceful in China and also other Asian countries.
I can see that Avalanche attach great importance to the whole Asian market, so I hope I can help them to expand into new markets in Asia. Let more people know about Avalanche and be a part of it.
Will | Host
Alright last question. Can you tell us more about your tokenomics?
Symington Smith | HurricaneSwap
Absolutely. Here you can see the tokenomics of $HCT.
As the native token of HurricaneSwap, $HCT represents holders’ many rights.
HurricaneSwap is a community-driven project. We plan to launch HCT-DAO when our community is strong enough and our products process smoothly as ever, at that time, $HCT holders are expected to participate more in project governance, including token listing, marketing plan, community development and so on.
More importantly, after we launch DAO, users need to burn $HCT to vote, they can vote for what is the next chain we are going to integrate, or which asset we should list, or even how we distribute our commission profits.
Based on the experience of CEXs, that kind of listing activity could burn hundreds of millions of tokens. That would be a huge encouragement for $HCT holders.
Will | Host
That’s also one of our missions! Governance, voting & burn mechanism, we are going to add them all into our V2💪🏻
Symington Smith | HurricaneSwap
Really looking forward to it!
Will | Host
Thanks!
Alright let’s see what we’ve got from the community!
PART II Questions on Twitter
Will | Host
Here comes 2 questions from twitter.
First one from @Bernice_14202. How do you intend to build the community?
Symington Smith | HurricaneSwap
Great question. I‘m proud to say that HurricaneSwap has a strong community, there are over 40K members in our official Telegram and 54K followers on Twitter.
And there are almost 10 Telegram groups managed by volunteers from all different countries, like Turkey, Indonesia, Vietnam and so on.
In order to spread awareness and educate people who are not familiar with crypto, we’re working with community ambassadors.
They come from different countries but they know HurricaneSwap pretty well and they could promote HurricaneSwap in their own language to their own people.In the case of China ambassador, Richy, he helped us to build over 30 Chinese communities in wechat, almost 2,200 Chinese in those groups.
He even reached out to some China-based crypto media for us, like BlockBeats, ChainNews. So now many Chinese, even non-crypto-natives, know about HurricaneSwap.
Now we’d like to work with more community ambassadors from different countries and I believe we could make HurricaneSwap amazing.
Besides, we would have more tutorials in more languages in the future. And the only thing I can say is that every customer, no matter which language you speak, means the same to us.
Will | Host
That’s a good strategy. We’re also trying to build a multilingual community, and we’re looking for ambassadors currently.
Alright next one from @cryptoazuu.
Do you have any Bug Bounty to check for weakness? In what way do you plan to make Your project more complete??
Symington Smith | HurricaneSwap
Yes, we do have a bug bounty program: https://immunefi.com/bounty/hurricaneswap/
We put security as our first priority. Besides launching the bug bounty program, we’ve partnered with PeckShield to audit us.
You can check the audit report of HurricaneSwap V1&V2 from PeckShield:
And we are also partnering with SlowMist and HashEx to audit HurricaneSwap V2. The security audit reports will be released soon. We’ll continue emphasizing security in all of our future versions.
To answer the second part of your question. I’d like to show a roadmap of HurricaneSwap first.
We launched HurricaneSwap V1 on Oct 10th and I’m proud to say that V2 is coming out next month! Speaking of future plans, I think the most important thing for us, or any cross-chain swap, is to continuously expand to new chains and new assets.
Within the unique design of HurricaneStation, we could build our station on each chain rapidly and that is exactly what we are planning to do in the near future.
Furthermore, HurricaneSwap is a community-driven project, so we will definitely make it DAO.
It won’t be easy to achieve decentralization, but we will try our best. After we launch the V2, we will announce plans about DAO very soon.
Besides, our tech and product team are so creative, so I believe you will see more functions and creative features on HurricaneSwap, like vault on HurricaneStation, we already have plans on that.
The vision of HurricaneSwap never changed. We aim to be NO.1 DEX on Avalanche and constantly bring valuable assets to this chain, then benefit this whole ecosystem.
Will | Host
Hope everything goes well with your V2!
Symington Smith | HurricaneSwap
Thank you!
Will | Host
And perhaps we could have more collaborations when our V2 launches, it will be coming soon!
Alright guys, I’m going to unmute the group for about 2 minutes! Are you guys ready for your questions?
PART III Live Questions
@ infirquent
Collaboration and partnerships are one of the cornerstones to making DeFi more widespread, Can you share some of the partnerships you have formed with existing blockchain foundations recently?
Symington Smith | HurricaneSwap
You are absolutely right. Partnerships are one of the things we value most and we did spend lots of time on it. We partnered with many amazing projects on Avalanche, O3 is absolutely one of them, and we have Pangolin, BENQI, Avalaunch, Verso and we will have more in future.
Besides, as some of you may know, Ted Yin is our chief advisor, after we launch HurricaneSwap V2, we will invite him to do AMAs and other co-marketing activities. It’s huge for us to have his support and I believe it will bring us much attention with his help.
Before we launched the mainnet, we raised $3.6M from over 20 institutional investors, they are our key partners as well. Some of them are CEXs, including Huobi, Kucoin, gate.io, MEXC and so on. I think it’s a good opportunity to introduce HurricaneSwap to more potential investors, as the CEX users are precise and most valuable.
Besides, we are integrating Chainlink price feeds to close cross-chain price gaps and proof of reserve for stronger security. And as I’ve mentioned before, we are also working with PeckShield, Slowmist and HashEX to audit our code and all features to ensure security.
Moreover, we’re trying to pitch more influencers and DeFi communities to help us to promote HurricaneSwap. So you see, there are many kinds of collaborations and we’re doing our best.
@green
Q. Your project has great features. There must be an experienced team behind. Can you tell some about your team and their experiences in the market?
Symington Smith | HurricaneSwap
As you can see, there are 4 members in our core team, Hunter is our CTO and he is also the first author of Roke Protocol, which is the most innovative part of HurricaneSwap.
James is pretty experienced in crypto investment, beside that, he is also good at marketing and IMC, so he’s leading our marketing team.
Ted is co-founder and chief Architect of Avalanche, it’s an honor that he could be our chief adviser and he really gives us lots of support and help.
Actually, Ted and Hunter, they are friends in high school, they are both from Chengdu. All of us know Avalanche at the very beginning, and when we got the idea of HurricaneSwap, Ted gave us a lot of valuable advice as we’re building a protocol and he is definitely the expert on that.
@shooter booth
Smart contracts are susceptible to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you tested it through any of the parties?
Symington Smith | HurricaneSwap
Security is an eternal topic. Besides the various audits I’ve mentioned, I think whether a smart contract is safe or not depends on the nature of it.
In my opinion, the most crucial difference between a cross-chain swap and a non-cross-chain swap is whether it will keep funds for LP.
As long as the funds are kept in a centralized manner on behalf of users, there will be a risk of theft. I think the friends in our group should also be CEX users. You should know that there are many security technicians in centralized trading, but they still cannot avoid stolen tokens. Hackers and scientists are omnipotent.
However, with HurricaneSwap’s original Roke protocol, our LP cross-chain eliminates the need for users to authorize HurricaneSwap to transfer their funds.
HurricaneSwap only has the authorization to stake and unlock the LP, and the returned LP can only return to the original address of the staking. This is to solve the hidden dangers from the source.
In this case, we encountered the most extreme situation, that is, all the administrator accounts of HurricaneSwap were stolen (the HurricaneSwap administrator account adopts multi-signature model and its security precautions are also sufficient, only discussing extreme cases here), but there is still no way to cause users loss of assets. The users are always safe.
That would be my answers to all three questions😃
There were a lot of great questions. I can feel the strong enthusiasm of the community!
Will | Host
Awesome! Thanks for all your answers Symington!
Symington Smith | HurricaneSwap
I wish you all could give it a try and join our community, no matter if you are an investor or a user, just join us.
Thank you Will for hosting such an amazing AMA! This has been more than great. Hope we could have more collaboration in the future!
Will | Host
My pleasure!
We definitely will!
About O3 SWAP
O3 Swap is a proprietary cross-chain aggregation protocol built by O3 Labs. The mission of O3 Swap is to provide consumers access to cryptocurrency-based, financial services, allowing them to exchange, or ‘swap’, various digital assets within their O3 Wallet.
About HurricaneSwap
HurricaneSwap is the 1st cross-chain liquidity DEX based on Avalanche. With the innovative LP-Bridge mechanism (Roke Protocol), users can trade popular assets of other chains without leaving Avalanche. Taking advantage of Avalanche, HurricaneSwap provides users with a high-performance, low slippage, low cost, and seamless cross-chain trading experience.
