THE WHITE RABBIT, Founder of ChronoSwap, dropped by to talk to BugzKG about the exciting stuff they have been working on and to take some questions from the community. To celebrate the AMA, five members from our community who took part in the question-and-answer segment at the end were selected to win $100 USDC each totaling $500!
BugzKG: Welcome everyone to our AMA with ChronoSwap!! Today I’m joined with @thewhiterabbitchronoswap! Can you introduce yourself to our tg members?
THE WHITE RABBIT: Of course! So hello I’m Simon, The White Rabbit, french co-founders of Chronoswap.org , we launched a DEX/AMM on Cronos Network we are still developing and the marketcap is still very tiny at 1.5M
Our mission is to provide one-stop platform for the crypto community, with solid tokenomics and many DeFi tools!
BugzKG: What a great mission! Can you tell us about your project? Assume we know nothing please.
THE WHITE RABBIT: ChronoSwap is meant to offer a friendly user experience in yield farming. We want to bring more and more people to Defi with a very simple and friendly UI like the one that SushiSwap used back in the days when we first discover how great Defi was. For now, we have kept things simple with a swap, farming liquidity pools and staking pools.
BugzKG: Amazing! Yes a simple and user friendly UI is always good to have. Why did you decide to launch on Cronos?
THE WHITE RABBIT: We have decided to launch on Cronos because we are $CRO holders for a very very long time now. We have been there almost from the beginning, we had some rough times with this project that we really love and now that they will rename The Staples Center after it, we can finally enjoy the benefits of our patience 🤑😉 In the meantime we were Yield Farmers since almost 2 years, so when we heard about cronos launch, we decided to step up.
BugzKG: Yes! The renaming of the Staples Center was breaking news last night! The future of $CRO is looking good! Can you explain the features and benefits of Chronoswap?
THE WHITE RABBIT: Yes, the features are for now pretty simple. You can trade many cronos blockchain tokens with our swap and you can also provide liquidity and enjoy really juicy rewards, as the price of $CNO is going up. You also have staking pools where you can simply stake your $CNO to enjoy juicy rewards paid with $CNO or other tokens from our partners in the very near future.
BugzKG: Everyone loves to stake crypto! This is such a great feature! You mentioned your $CNO token. Can you explain your $CNO tokenomics with us? How does one acquire $CNO?
THE WHITE RABBIT: We have actually 1 300 000 circulating supply approx. 1 million token was minted at the beginning 500 000 for the initial liquidity pool and 500 000 for the marketing. None for the team, we only take a cut of the trading fees. We do not take a cut of $CNO emission per block. No deposit or withdrawal fees neither to enter the pools. We have a small token emission of 2 $CNO per block, in order to have only a smooth inflation. And we burn $CNO for each trade that is made on ChronoSwap in order to reduce the inflation even more. For now you can only acquire $CNO on our swap. You can use your $CRO, $USDC or $BUSD since our partnership with Anyswap.
BugzKG: Seems like you have a solid plan! I love the idea of reducing inflation. Really thinking about your holders.
Security is important to token and NFT holders. How will you ensure your project is safe to invest in? Any audits in the works? Or future audits?
THE WHITE RABBIT: We have basically forked PancakeSwap so you can be sure that our contracts are pretty solid. We obviously remove the migrator code and we also add a Timelock contract to prevent from rugpulls and malicious modifications of the contracts. Regarding the audits, we are waiting for Jago review, and we also submit a request to RugDoc so we should have the first audits published in a couple days max. 🤞 We are also approaching Certik and try to have a good deal with them for a complete audit of our contracts.
BugzKG: Glad to hear you have plans in place. Certik is very popular for audits. I actually know the team behind rugdoc. They’re great and really thorough. Glad to hear you are taking security seriously!
What are your future goals for Chronoswap? Anything exciting down the pipeline?
THE WHITE RABBIT: Our first goal is to list on the Dex as much promising pairs as we can so ChornoSwap can really become the place to swap any exciting token of cronos chain. Speaking of wich, we are proud to annouce here our first partnership with $CROSHIBA, the main MEME token on cronos blockchain.
The farming pool will be live in an hour so get ready to enjoy juicy rewards thanks to your $CROSHIBA! A staking pool will follow to get $CROSHIBA tokens, staking your $CNO.
Then we have a roadmap in our documentation that details step by step our goals for the next 7 months.
We’ll add many new features such as a NFT marketplace, a DAO token for governance, regular launchpad and IFO and a lottery system for burning mechanism. More are still to come but it is what we will be more focus at in the next month.
BugzKG: So many exciting things!! The CroShiba team is great! Shiba Inu is making waves again! Love the NFT Marketplace and DAO token! Good luck!
Can you share your socials so others know where to find you?
BugzKG: Thank you!! Check them out guys!!! Now it’s time for the question portion of the AMA.
Okay I am now going to unmute the chat for a few minutes and give the community a chance to ask questions. After that time is up, @thewhiterabbitchronoswap please go ahead and choose 5 questions to answer. Take you time. We ask that you add a 🐰 emoji to your question to avoid bots. The winning questions will receive $100 USDC each for a total of $500. @thewhiterabbitchronoswap are you ready?
THE WHITE RABBIT: I am!
BugzKG: Here we go!! 🐰
Community Question #1
crypto Eser: 🌲What is the advantage of exchanging coins on #chronoswap? What is trading for? What is the transaction fee on #chronoswap? What conveniences do you provide for token swaps? How do I start farming on #chronoswap?🐰
THE WHITE RABBIT: Hi Esther! The trading fees on Chronoswap are 0.25% of each swap that you make. 0.17% goes to the Liquidity Providers themselves in order to reward them for bringing liquidity. 0.05% are burned to help reducing the inflation of the $CNO token, which is crucial for the project. and the last 0.03% are for the team and the development of the project, it is the only way for us to get funds. The advantage is that you will find many exciting pairs on ChronoSwap in the very near future so you can get your favorite tokens of Cronos ecosystem. But the main reason to use Chronoswap is to get juicy rewards, simply staking your favorites token. We are currently offering a lot more farming pools than most of the other Dex on Cronos and the APR are extremely high. So you just have to get your favorite Cronos tokens ready, provide liquidity and stake them into our many farming pools. We are also a very young and small Dex for the moment, our token is skyrocketing these days and we still have a very long road ahead of us. So you can bet than the $CNO you earn will definitely be more and more valuable with time. Thank you very much for your question.😊
Community Question #2
kohino❓ Bakkal: How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience on working in crypto and non-crypto project? 🐰
THE WHITE RABBIT: We have 5 team members right now. Boris, my co-founder and I are the two developpers. We also have one designer and two more people in charge of marketing and social media. As our project grows, we are going to hire new people by the end of the week or next week at the latest. We also already have a strong community who wants to be part of the journey and who is already helping the team in so many ways. We cannot thank them enough for the amazing efforts they have made and the are still making right now. Tahnk you very much for your question. 😊
Community Question #3
VyachCrypt: Since the NFT fever in the crypto market is at an all time high, can we expect an NFT related association of #ChronoSwap in future? @thewhiterabbitchronoswap 🐰
THE WHITE RABBIT: Hello Vyach! You absolutely can! If you look closely at our roadmap here https://docs.chronoswap.org/road-map/what-next, you can see that one of our top priorities are to make regular NFT drops. We are currently discussing it with several Cronos NFT teams and we can already announce that the first NFT drop featuring another Cronos team should happen next week! We are very aware of the NFT hype at the moment and we are big NFT holders and fan ourselves so it is definitely one of our top priorities. But this is definitely not enough for us! We are OpenSea users for a long time now, and we have noticed that so far there is no similar platform on Cronos blockchain. That is the reason why we plan to add a NFT marketplace on the first quarter 2022 on ChronoSwap. We want to fill this blank of the ecosystem. So be sure that you will see plenty of NFT along the way with ChronoSwap and stay tuned for the first NFT drop in the very next weeks. Thank you very much for your question.😊
Community Question #4
Vincenzo: Hi @thewhiterabbitchronoswap 🐰How do you will solve the liquidity problem right now?
THE WHITE RABBIT: Hi Vincenzo. Right now, we are all about adding liquidity to our Dex. As you are well aware, a AMA needs a lot of liquidity to run. So the plan is to list a lot of new promising pairs like the CROSHIBA/CRO pair that we announce earlier to bring people to deposit more liquidity on ChronoSwap and get juicy rewards with their favorite cronos tokens. And now that our marketing budget is growing up, we are deeply focused on marketing. We have a lot of influencers that we are going to work with, in addition of those who has already worked with us or are currently working with us. We are going to make a lot of noise in order to bring attention to the most investor that we can get. Thank you for your question 😊
Community Question #5
$ $: What would you recommend as the best way for someone new to DeFi get started on your platform? 🐰
THE WHITE RABBIT: Hey there! For someone new to Defi, I would definitely recommend to be aware of the main risks in order to have the best Defi experience on ChronoSwap dex. First of all you need to be aware that since the Dex and the Cronos blockchain are very new (ChronoSwap was live the very same day than Cronos Blockchain), it is extremely volatile. Our $CNO token has an incredible potential but it is going to be shaky. So my first advice would be to first add liquidity on pool with token you like and you feel very confident in. You need to be comfortable with your invest so if you are a $CRO believer like us, why don’t you choose another strong asset such as $BTC or $ETH and bring liquidity in a CRO/BTC or CRO/ETH pool. This way you can enjoy extremely high APR and yet be exposed to the extreme potential growth of $CNO with your juicy rewards! And if you fear the bear market, if you do not want to take any risks at all or if you are not well aware of what impermanent loss is, why don’t you choose a USDC/USDT pool or a DAI/USDC. This way you are limited to the minimal risk and you still enjoy juicy $CNO rewards! Thank you very much for your question!😊
BugzKG: That’s 5 questions!! Thank you so much @thewhiterabbitchronoswap for taking time out of your day to tell us about your project! What well thought out answers. Most projects are short and sweet. We really appreciate your responses!
It will be interesting to see how your project grows! The recap will be posted tomorrow! Feel free to stick around and answer any more questions if you’d like! It might be late there too, regardless have a great day/night! 😊
I will DM the winners and ask for your addresses. Also the winner fo the bonus NFT! 😎 Prize payments will be made the following Monday by end of day EST! We will post the tx ids here for transparency.
Thank you everyone for attending our AMA! I hope you all learned something new! Have a great day/night! 🐰 I will unmute the chat now
THE WHITE RABBIT: Thank you all for your good questions and thank you The Cronicle for inviting me!