We had an amazing AMA with the Crypto Titans community on April 15th.
Here is some of the best questions, very insightful AMA!
Q1 Can you please introduce yourself to our community?
Of course, my name is Andreas Kartrud, founder of Uswap ecosystem. I was born and raised in Norway, living in Sweden since 18 years back together with my wife and son, family is very important to me. I have a background of 18 years in sales and marketing before I started my crypto journey back in 2016.
In 2020 I partnered up with my world class development team http://smartcontract.ru as we shared the same vision and mission of creating and offering decentralized financial services to the people, in a simple way for an active mass adoption.
Q2 we want to know more about USWAP , Can you give us more information?
With pleasure, Uswap DEX is a decentralized exchange protocol deployed on the TRON network for instant swaps between any trc20 token available on the DEX.
A DEX is built and preserved by the people, the community, as a DEX is built and based on smart contract protocols, this means that users who see potential in our project can provide liquidity to Uswap DEX to earn swap fees from the trading activity as well as to farm the governance token UME.
Uswap DEX allows anyone to utilize the assets they already have to accumualte and make more, that’s what Defi and yield farming is all about.
Q3. What are the advantages of your project?
The advantages would be many, a strong community behind due to our transparency and interactions with the people, a skilled development team that is second to none , experts in marketing and much more, but a major advantage is that we are combining and building a complete ecosystem with multiple services around Uswap
Some of the services offered in the Uswap ecosystem is currently:
1. liquidity providing
2. yield farming
3. IDO (Inital DEX offering)
4. NFT marketplace
5. Uswap lottery
Uswap is an ever expanding ecosystem that creates multiple ways for You to generate more wealth by farming and accumulating UME and utilizing them in the ecosystem service. UME is the gateway to all in the Uswap ecosystem
Q4. Please, tell us about the goal that you are planning to achieve in this year.
The goal is to create massive exposure of the Uswap ecosystem and the TRON network overall through attending blockchain and Defi summits around the world presenting the ecosystem, to build a large community that with trust and confidence engage themselves in the community and all projects to grow the project stronger.
Uswap and UME is only in the very beginning, we launched Uswap and UME farming Nov 9th and since then had a steady growth of demand and active community.
Uswap was awarded second place in the prestigious DeFi hackathon by the TRON foundation so I think we are on track to achieve our goal for this year.
And here we will put best questions from our members and USWAP fans:
Q1) You mentioned having the governance tokens UME, what are the benefits we can get in holding UME for long term? Also can you tell us in a simple process/way how to farm UME?
Yes correct, UME is the proprietary governance token to Uswap DEX, the benefits of holding UME are among other, proposal and voting rights over token listings and future development of Uswap, participation on future IDOs, access to the Uswap lottery game and NFT purchases
UME has 23 million total supply and is farmed through providing liquidity to Uswap and staking the lp tokens given.
EFT is the proprietary governance token over the Uswap ecosystem with only 55,000 total supply, faming of EFT has already ended.
How to farm UME?
In a very simple process, go to http://uswap.me/liquidity and add liquidity of The pair you want, then go to http://uswap.me/staking and select the pool you just added liquidity to and stake the LP token
Q2) The main leader of the tron based Exchanges is JustSwap, but are actually gaining more popularity through these days, so can you compare yourself s little bit with JustSwap? What do you offer that them not?
Yes currently the leading DEX on TRON is Justswap, they are gaining some traction now due to their century mining but before this we where neck in neck in ratings.
And yes we can absolutely compare ourselves, or not exactly, in therms of technology they can not compare with us , we are better then Justswap,
let me give you Just one example — all swaps in Justswap must go through TRX, they don’t swap directly between tokens, the contract works in the way that if you where to swap SUN to USDT, the contract would first swap SUN to TRX and then a second swap TRX to USDT, This means you are paying the swap fee twice
In Uswap we have open trading among all tokens meaning if you swap SUN to USDT, you swap SUN to USDT and pay swap fee only once
This may seem like a small difference but when it comes to trades, who wants to pay trade fee twice in one swap ?
Another feature that distinguishes us from all others is that we have implemented a “safe DEX” protocol, usually on a DEX , such as Justswap, anyone can add any project they want, no checks , no responsibility taken , and this is why we see multiple duplicate tokens and many scam projects that have rug pulled millions from users, and these projects where fronted on Justswaps whitelist..
in Uswap, to have your project and token listed and fronted to our community it needs to apply and do through an assessment and audit done by the Eclipcity team, to ensure that there are no backdoors, bugs or vulnerabilities in the contract creating a safe a secure environment for our users
Also once audited and approved, the project will need to be voted in by the community of UME holders. Uswap is here to be different and make sure that any users, new and old, feels safe and secure with the projects they are introduced to, of course we can never guarantee another projects success but we can guarantee that there’s nothing fishy with it and it has potential.
We are also currently developing Uswap v2 with a unique dex aggregator that will reduce the price impact on swaps through multiple pools, a very neat little feature that will increase profitability when swapping through Uswap.
Compare justswap farming of SUN to our farming we can see the average APY at Justswap/ justlend/ century mining they are getting an APY of 20% -40% maximum
While we have APY crushing theirs, it’s just a matter of time before the TRON community realizes the massive potential with UME and EFT.
Q3) I recently read that you will soon have your NFT for sale, the first NFT in the TRON ecosystem. What would be the use cases for this NFT? What are the benefits for the NFT holders? Could they be redeemed with tokens belonging to the TRON blockchain?
Yes that’s correct, we are just days away from launching the worlds first public marketplace for NFT on TRON.
This will allow the public, artists and collectors to create, mint and buy NFT collections on TRON where the transaction speed is so much higher and cost of gas so much lower
TRON is a very undervalued blockchain with massive potential, the defi and NFT space NFT sector has barely begun but we already see more and more developers and artists migrate to tron due t months above reasons, and we want to make sure that we offer these services to the TRON network helping the growth and development of Defi on Tron to reach its massive potential
The use case of an NFT is different from all, some don’t have a use case at all, some have a use case is games and such, but mostly an NFT is a collectible, looking at the short history of NFT on Ethereum we have seen NFT creations sold for $10-$100 from the very beginning and now selling for hundreds of thousands of dollars, the benefit would be verified ownership of an NFT that you can hold on to or auction out again to someone else.
Uswap will with the launch of the NFT marketplace auction out a collection of 777 rare and ultra rare NFT designs of UME and EFT and on top of that we already have multiple artist ready to start digitalizing their art through the Uswap NFT marketplace 👌
Q4) How much is the reward that the user receives at the moment that another person registers with his referral link?
There’s no immediate reward when a users connects to Uswap using your referral link, the Uswap ref program rewards you when the person you invited to Uswap is farming UME.
If you invite people to farm UME, you will receive a 15% reward bonus on what your “downline” is farming,
so for example let’s say a person you invited to farm UME has recently farmed 10 UME, when the person claims this reward to his wallet you will be credited 1.5 UME as the 15% referral reward to your own wallet.
So it is based upon how much your invites are farming , and is credited to your wallet when they claim their farming rewards , and it is a very powerful way to leverage and increase your own UME rewards.
Most definitely, and there is no limit to how many people you can invite to Uswap to participate in the farming, the more people you share this with the more UME and EFT you will accumulate.
So far 900,000 of the 23 million UME is farmed while 52,000 of the 75,000 EFT has been farmed, the farming will continue until all tokens are in circulation.
Q5) I read that USwap rewards users who use its platform to bet and earn UME. What would be the use cases for UME tokens? What purpose do they serve within the USwap ecosystem? Can they only be obtained through rewards?
Yes correct, when you provide liquidity to http://Uswap.me you are given a LP token that you can use to stake and earn UME and EFT.
The use cases of UME is currently but not limited to:
1. Governance power over Uswap development and listing process
2. Access to farming more UME
3. Purcahse of NFTs on the Uswap NFT marketplace
4. Participate in IDO presales
5. Converting UME to lottery tickets to play and win USDT
EFT holders will take part in revenue share from the all profits generated in the entire ecosystem, So holding EFT will allow you to tap into a huge revenue stream coming from multiple projects and services within the ecosystem.
We know that the value of a token comes from its use cases, so our focus is developing and building services that brings value to UME and EFT, making sure that the community sees the benefits of holding these tokens ✔
So far 900,000 of the 23 million UME is farmed and in circulation.
Q6) How does USWAP charge fees for each transaction? We know that Tron requires energy for each transaction, how does USWAP adjust the percentage of energy prices on the smart contract?
Uswap has in its protocol a coded swap fee of 0.3%
Each time a swap is performed, a 0.3% fee is deducted from the swapper, this fee is shared among the liquidity providers.
Regarding energy this is all dependent on the complexity of the contract, the more complex algorithm the more energy is used to trigger the contract
Q7) Many people evaluate projects based on their token value, not the technologies/features the project possesses. How can the Uswap team add educational value to their investors so that more people understand your project than the price?
Yes this is very true, they base it on the current value rather then the technology and use cases built for the token, as this is what truly brings value to a token.
Our team is engaging maximum with our community, educating and informing them in all ways, I personally have presentation and education zooms for he community to fully understand the project in detail, for us it is highly important that the users have or can gain as much knowledge as possible as this again increases the understanding of our project and the magnitude of the potential it has, I invite you all to join our official telegram group to learn more and more be guided by more then 100 highly qualified community leaders in all kinds of languages
We know that without a community, a project will fail not matter how good it is, so leveraging on our network of leadership, knowledge and understanding of what we do allows us to guide and provide maximum support to anyone interested in learning more, information is the key to success, so is the community.
Q8) I want to learn more about UME_DeFi, what strategy does the Uswap team have to develop the community and maintain long-term user?
We think that education and information is two of the most imorttant parts to build a successful community which is why we have an official chat on telegram https://t.me/UswapTRON with close to 12.000 users that are happy to teach and share their experiences with you, help you get started and get more knowledge, of course we have community moderators and community managers that oversees everything and makes sure that everyone gets the help they need —
please join the group https://t.me/UswapTRON and we will be happy to support and guide you.
In this group I host q&a at times as well as we do live zooms for everyone to learn anything, from the basics to more advanced, you can also follow most of the videos on my YouTube channels https://youtube.com/c/AndreasKartrud
Please feel free to join chat and subscribe to channel to always get the latest updates or having your questions answered right away through the chat.
And this was the end of the AMA with USWAP
If you have any other questions you can ask here:
Telegram Group: https://t.me/UswapTRON
ℹ️ℹ️ Useful links ℹ️ℹ️
- Website: http://uswap.me
- Twitter: https://twitter.com/UswapDEX
- Whitepaper: https://uswap.me/modules/site/main/assets/whitepaper.pdf
- UME Coinmarketcap: https://coinmarketcap.com/currencies/ume-token
- EFT Coinmarketcap: https://coinmarketcap.com/currencies/eft-finance