Curated Q&A about Swim Protocol
Our team at Swim is very grateful to have had the opportunity to participate in fascinating discussions with the various communities we held AMAs with. For those that missed our previous AMAs, we present you with this article where you can find answers to the most commonly asked questions about Swim Protocol. Make sure to stay tuned for exciting announcements on our Twitter and stay connected to our community by joining our Discord & Telegram.
Q: With hundreds of cross-chain solutions competing for attention, what are the distinguishing characteristics of Swim? Can you tell us about some of the things you’ve learned along the way while working on the project? Is there anything exciting coming up for Swim in the coming months?
A major difference between us and a lot of the current cross-chain solutions is that we are expanding cross-chain bridges beyond just EVM compatible networks. There are many lessons we learned along the way, especially since the technology of bridges is so new. All the technical designs we’ve implemented need to be very well thought out and optimized for user experience.
The upcoming weeks and months are extremely exciting for Swim. We are looking to launch our Alpha product in the coming weeks; the Alpha product will have a lot of the functionality you would see in the final product, including swapping and bridging. We’ve taken user feedback and constantly iterated on them. We will be launching our token shortly after the Alpha launch.
Q: How do you intend to integrate non-crypto natives into your ecosystem? How do you strike a balance between technological advancement and increasing the value of your token?
Our product was built with the mindset of a DeFi power-user as well as someone who is branching out to another chain for the first time. Our user experience was designed with these two specific groups in mind, as well as everyone in between. Our goal is to build a swap that users feel comfortable using because they’ve done something similar rather than a piece of technology that looks foreign to them.
We hope that as more users are onboarded to our platform, they will find utility and added benefit from our product that will eventually translate positively to our token.
Q: Tokenomics is one of the very important parts of the project, can you tell community members about tokenomics and token utility?
Swim’s tokenomics model is broken down into these few major components: mining reserve (30%), ecosystem/partnership (35%), team tokens (20%), Seed (5%), liquidity provision (10%). Team & seed tokens are locked for 1 year and released linearly for 3 years afterwards.
Q: As I understand, Swim’s liquidity pools will support the provision of USDT and USDC on both Ethereum and Solana. Will the same option be available for BUSD and the Binance network? Can you please tell us more about how the deposit and withdrawal of funds in your liquidity pools will take place? What are the main benefits for Swim pools users?
Yes, both BUSD and USDT will be supported by Swim on the Binance Smart Chain network! To deposit into our pools, users simply need to connect their respective wallets for any of our supported chains (ex. Phantom for Solana, Metamask for BSC/Ethereum) and select the intended network to receive their Swim LP token. We allow the option for users to receive their LP token on any of our supported networks!
At launch, liquidity providers will collect trading fees (3bps to the LP holders and 1bp to the treasury) proportional to their allocation into Swim’s pools. After our Alpha launch and shortly after, users will also be given the option to stake their LP token to earn additional yield.
Q: I am curious to know more information on the AMM-style bridge offered by Swim. According to the brief description you have provided, Swim provides an easier UX by only using native assets, native gas tokens and wallets. How does it differ from other bridges that use bridge wrapped assets? Is bridging with native assets a unique concept of Swim?
Swim ensures a bridging experience that provides users with a native asset that is fungible and has utility on the destination chain. Bridge UIs can sometimes be confusing and small missed steps can lead to a wrapped version of the token on the destination chain that has either no liquidity or no utility, leading to a suboptimal user experience. Swim provides a seamless process with minimal steps involved to ensure that the user can easily bridge assets in native asset form which is indeed unique to Swim. In our view, a cross-chain token bridge should allow users to receive the canonical, or most commonly used, form of that token, and not a proprietary wrapped version that may or may not be canonical. Our goal is to build such a protocol, paving the way for true interoperability between all blockchains.
Given that our team has been in the DeFi space for a while and has been witnessing an influx of new users to the ecosystem, we found that dealing with wrapped assets can be a barrier to entry for lots of new retail users. After thoroughly analyzing and using several other bridges, our team designed Swim as a comprehensive platform, improving upon any hurdles and optimizing for the best user experience in mind.
Roadmap & Future Initiatives
Q: What are the upcoming plans of Swim for the next coming months/years?
The next few months are super exciting times for Swim, let me share what we have planned out.
Our Alpha Launch is scheduled to launch very shortly. The SWIM token launch will be shortly after, look out for more details on how to participate in our token launch.
Additionally, down the road, we’ll launch with staking features for users to participate in the Swim ecosystem + a Special NFT launch with utility for yield farmers/users.
On the product development side:
- Expansion into new ecosystems (Terra, Polygon, Avalanche)
- Allow native to native asset swaps cross-chain by plugging in between AMMs (expanding from initial stablecoin hexapool)
- Integration with other protocols in Swim’s network
Q: What is your long-term vision for the industry that Swim is working in? Is Swim worried that one day there will be another project with more advanced technology that can replace your project?
Currently, we’re looking to release our Alpha product — a functioning stableswap on Solana, BSC, and Ethereum. This should be coming very soon now that our audit is wrapped up.
Long term we look to connect the multichain world by:
- Becoming the best and easiest bridging solution. This means tailoring our protocol for ease of experience and tailoring our back-end design to facilitate hundreds of millions of dollars of bridge flow on any given day.
- Connecting protocols for multi-chain composition. Imagine a scenario where you have assets on Ethereum and you want to swap it to an asset on Solana. With Swim, you would be able to swap through AMM’s on Ethereum such as Uniswap/Sushiswap to Swim to Raydium/Orca. The hardest part right now is building a strong multi-chain step which is why we’re starting with our multi-chain stableswap AMMs
Q: Partnership and collaborations are the backbone in making every project more widespread. Can you list some of your partners with us?
Our protocol is designed for integrations for all ecosystems Swim connects to. Our long term traction strategy involves many partnerships with existing Blue-Chip DeFi protocols to enable them in their current efforts to become multi-chain compatible. We are constantly working with yield aggregators, borrow lending, wallets, price aggregators and other AMMs for collaboration. Furthermore, a portion of our tokens are reserved for the ecosystem / partnerships (35%). Those tokens are distributed for protocols and teams who want to partner with us. Stay tuned on our Twitter and Discord as we will be announcing our first set of integration partners within a few weeks!
Q: NFTs are considered the next popular trend within the crypto industry. Could you share Swim’s opinion on NFTs?
Yes, NFTs have taken the world by a storm and their application to DeFi communities has just begun. We’re excited to venture out into this unchartered waters with our own line of NFTs. The general idea is NFTs will be awarded to Swim Protocol users. Stay tuned for further details about:
- How to increase your chances of earning an NFT
- The utility behind our NFTs
- How the Swim NFT play a role in the trajectory of Swim Protocol
Swim is a multi-chain AMM for native assets, designed to make bridging as easy as possible. Our protocol eliminates the need for wrapped assets by allowing users to swap from a native asset on one chain to a native asset on any other supported chain. Swim’s solution reduces the barriers faced by users when performing cross-chain transactions, allowing for true interoperability between various blockchain networks. Through integrations, Swim aims to help other protocols enable multi-chain composability.