AMA Recap NanoNews with MetalSwap

Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with MetalSwap February 08, 2022. This guest Marco Braglia, Project Manager Of MetalSwap. If you were unable to join the live AMA, no worries, here comes our 130th AMA recap!

We are glad to meet here:
Marco Braglia, Project Manager Of MetalSwap
For taking your time out from busy schedule for the AMA!

Introduction Sessions

Q1. Could you give an introduction of yourself And how you can play an important role in MetalSwap?

My name is Marco Braglia, I’m the Project Manager of MetalSwap and I have been collaborating with 1 one of the founders for several years in crypto and finance related projects.

Being an active part of the community, kindly answering questions from newbies, testing our app on Kovan and giving us continuous feedback is the best way to get involved in our project: that’s what I did by myself since I heard about it!

Q2. What is MetalSwap? And how is the story behind the MetalSwap Creation?

MetalSwap is a decentralized platform that allows hedging swaps on financial markets with the aim of providing coverage to those who work with commodities and an investment opportunity for those who contribute to increase the shared liquidity of the project.

Nowadays, financial swaps are the most widely used “insurance” tool for large exchanges of raw materials such as metals.
Everything is happening on centralized markets that require financial coverage, and bank credit facilities that aren’t always accessible to everybody, with poisoning bureaucratic laziness.

With the concept of an economic incentive, given by the distribution of the governance token ($XMT), the system will have publicly accessible pooled liquidity.
Through a set of “smart contracts”, initially written on Ethereum, the contracts will make it possible to execute swaps without the need for intermediaries, at reduced costs and without time restrictions.

MetalSwap Founders met themselves in Tenerife (Spain), where they currently live, and started to associate with each other sharing their different experience and common crypto passion they all have.
One of them, Umberto, expert on international law and businesses, had already some customers asking him to find a solution to financial hedging centralisation on metal commodities.
The name of the project comes exactly from this need!

Q3. What is so exciting about MetalSwap, which might make MetalSwap different from all other projects out there?

Well, it’s exciting that we have no competitors from the point of view of “similar offerings” in the DeFi sector!
Our competitors are on the CeFi world and they are mainly three:
LME | London Metal Exchange
CME | Chicago Mercantile Exchange
SHFE | Shangai Futures Exchange

The benefits on choosing MetalSwap over a traditional CeFi solution are:

  • Costs minimized
    In MetalSwap there is no need for an intermediary, it is entirely based on blockchain technology through the use of smart contracts.
  • Trustless
    Since there are no intermediaries, there is no need to trust anyone.The funds are not entrusted to a third party, they remain available in your wallet and you decide how to manage them.
  • Decentralization of the system
    The issue of monopoly is overcome by MetalSwap’s intrinsic automatism and by decentralized finance.
  • No need for bank coverage
    Bank coverage is no longer necessary:
    MetalSwap solves this issue with a shared liquidity pool system, where each participant (Liquidity Provider – LP) is rewarded for their contribution through the provision of project governance tokens (XMT).
    MetalSwap allows you to open hedge positions only if they can be counter-guaranteed by liquidity pools.
    That’s why in MetalSwap trust is not necessary, it is an entirely and mathematically trustless system.
  • Market open 24/7
    Unlike traditional offices with their constraining hours, MetalSwap is open 24 hours a day, 7 days a week

Q4. Please provide some information about your Roadmap, How MetalSwap is progressing so far? And what MetalSwap is currently focused on?

Your answers can be found here below! Check out our roadmap with already achieved milestones and what we’re looking forward to get asap!

✅ 19/11/2021 – IDO ETH ON UNISWAP V3
✅ 27/11/2021 – STAKING POOLS 30/90/180/360 dd
✅ 11/12/2021 – DAO POWERED ON
✅ 21/12/2021 – IRON STAKING POOLS
✅ 29-31/12/2021 – 1st PROPOSAL DAO (SUCCEEDED)
✅ 07/01/2022 – BSC BRIDGE
✅ 07/01/2022 – IDO BSC ON PANCAKESWAP
✅ 18/01/2022 – STAKING ON BSC
✅ Jan 2022 – SWAP CRYPTO ASSET TESTNET
⚪️ Q1 2022 – LIQUIDITY PROVIDERs
⚪️ Q1 2022 – SWAP CRYPTO ASSET MAINNET
🎯 Q2 2022 – SWAP ON METAL COMMODITIES

At the moment the team is working 24/7 on the testnet features

Q5. Please tell us more about XMT Token Whaten! What utilities does the token have, and what benefits will tokens holders get?

$XMT is the governance token of MetalSwap.
The purpose of $XMT Tokens is to participate in DAO deliberations.
We chose XMT because the X recalls financial ticker about metals (e.g. XAU, XCU,…) traded on CeFi markets, and MT stands just for METAL.

They are allocated as shown in this chart

XMT Tokens will be initially distributed to early users of the protocol via swap incentives, liquidity incentives, AMM, test-related incentives, and Bug Hunting
campaigns.
All incentives fall under the “Rewards and Community” heading, which will be fueled through the token buy-back system.
People who believe in MetalSwap and want to increase the power of their vote can stake their tokens to receive an incentive and increase the number of tokens.

Twitter Sessions

Q1. Your economic is based on the “circular economy” model where a portion of the fees generated is returned to the LP. But how will this help to increase profits not only for LPs but for all users who open and close exchange positions? What does this “circular economy” consist of?

$XMT Token will be central to the fees model of the project.

The fees generated by the usage of the swaps follow this schema

Incentives details

A large proportion of the fees generated by the system will be used for a smart contract system that will buy back $XMT tokens from decentralised marketplaces (such as Uniswap).
The buy-back system will help fuel the demand for XMT tokens and, at the same time, add tokens to the various incentive schemes, according to the logic pre-established and/or voted by the DAO.

Q2. I saw that MetalSwap Telegram only supports 3 groups which are the main group (English), Italy, and Spain. Do you plan to expand your community more globally especially on the Southeast Asian market where crypto is prominent?

You got it right! We already have three communities: International, Italian and Spanish on Telegram.
International and Italian on Discord.
International marketing campaigns are already ongoing and will intensify along with the features added to the project.
We will plan other local communities as needed if there will be a number of investors/holders/partners big enough.

Q3. There are 3 core issues prevalent in crypto and blockchain: Excessive Volatility, Security, Scalability ,Interoperability, transaction speed. How do MetalSwap plan to overcome these issues?

We are aiming to make the whole infrastructure lighter, taking into account the whole ecosystem and its evolution
We had to start with the safest of networks (ETH), and just this january we have joined the BSC ecosystem by decision of our Governance, bringing scalability, interoperability, and transaction speed!
Just to see how to combat excessive volatility, we have recently launched our app on Kovan’s Testnet – check it out: https://testnet.metalswap.finance

Q4. Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Could you please tell us about the current partners, plans for partnerships and what everybody stands to gain from these partnerships?

That’s some real truth! We already have several partnerships ongoing and many more are coming in the future.
At the moment we are in touch with some important foundations in the crypto world: stay tuned!
We are also in touch with several international consulting companies which already showed interest in our project for their customers.
Moreover, international marketing campaigns are already ongoing and will intensify along with the features added to the project.
We will plan to add more local communities as needed if there will be a number of investors/holders/partners big enough.

Q5. Lending, Borrowing and other DeFi services are so much repeated in many DeFi projects, so what is the real innovation that #MetalSwap is bringing to DeFi? What are you able to do that other cannot?

What sets us apart from other Defi projects is the fact that we are bringing into DeFi an activity that already exists in the mainstream finance and business world: the core feature of the project, namely hedging swaps on metal commodities.

The volume of commissions, generated by financial hedges inherent to metal commodities, was more than a Billion Dollars in 2019, speaking exclusively of the LME (London Metal Exchange) volume, which is only one of three major actors in this sector.

The benefits on choosing MetalSwap over a traditional CeFi solution are:

  • Costs minimized
  • Trustless
  • Decentralization of the system
  • No need for bank coverage
  • Market open 24/7

Live AMA

Q1.Can you share your social media links so we can keep ourselves updated??

OFFICIAL WEBSITE
https://www.metalswap.finance/
MEDIUM
https://medium.com/metalswap
TWITTER
https://twitter.com/MetalSwapNet
TELEGRAM
https://t.me/metalswap
DISCORD
https://discord.com/invite/eYay7NV6vF
YOUTUBE
https://www.youtube.com/channel/UCuFVZOpAOzuzlmJbPA4wdkw?sub_confirmation=1

FACEBOOK
https://www.facebook.com/MetalSwapOfficial/
REDDIT
https://www.reddit.com/r/metalswapnet/

TELEGRAM DISCUSSION GROUPS 👇🏻👇🏻👇🏻
🇬🇧 https://t.me/joinchat/YaSNSVggeOFhODQ0
🇮🇹 https://t.me/joinchat/w4xGj8TcB8ExZmY8
🇪🇸 https://t.me/joinchat/22zaxw3o0URlODJk

Q2.Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team??

$XMT Tokens are allocated as shown in this pie chart.
A total of 200 Millions of $XMT are allocated to the team with:

  • 12 months cliff (100% locked)
  • 20% unlocking and then 12 additional months of linear vesting

Q3.Do you have a whitepaper? if yes please share it with us and secondly are you working to AUDIT your project, to make its security more secure and reliable?

Whitepaper can be downloaded here

As per the Audtis, that’s a key point of our project.
The official platform is ready and has been published just last week on Ethereum’s Kovan testnet with a bounty program that will reward all those who try to use it and report bugs.
After that test, our code is going to be published on GitHub, and reviewed by an Audit company (we’re already in touch with Certik, OpenZeppelin and others).
Thus, all of our smart contracts will be tested and audited before going on mainnet.

Q4.How important is the community to Your project? and How can we collaborate or help share token for the development of the project?!

Our community will always point the way to the future!
MetalSwap’s DAO is borned last year and has already been tested!
This January, our DAO decreed the landing of our $XMT token on the Binance Smart Chain, and now we have a PancakeSwap pool active! Stay tuned for more news about this 😉

Our community awaits feedback from every social platform; we prefere Discord and Twitter where our governance discussions take place!

Being an active part of the community, kindly answering questions from newbies, testing our app on Kovan and giving us continuous feedback is the best way to get involved in our project!

Q5.What is your top 3 things for priorities in 2022? Could you share some plans for the upcoming year???

n the current year our main focus will be on:

  • bringing hedging swaps core feature on mainnet for crypto assets first
  • add metal commodities synthetics to the game
  • bring knowledge of the project in non-crypto business players

The roadmap:
✅ 19/11/2021 – IDO ETH ON UNISWAP V3
✅ 27/11/2021 – STAKING POOLS 30/90/180/360 dd
✅ 11/12/2021 – DAO POWERED ON
✅ 21/12/2021 – IRON STAKING POOLS
✅ 29-31/12/2021 – 1st PROPOSAL DAO (SUCCEEDED)
✅ 07/01/2022 – BSC BRIDGE
✅ 07/01/2022 – IDO BSC ON PANCAKESWAP
✅ 18/01/2022 – STAKING ON BSC
✅ Jan 2022 – SWAP CRYPTO ASSET TESTNET
⚪️ Q1 2022 – LIQUIDITY PROVIDERs
⚪️ Q1 2022 – SWAP CRYPTO ASSET MAINNET
🎯 Q2 2022 – SWAP ON METAL COMMODITIES

Thank you for trusting NanoNews as the organizer of the event today, hopefully everyone can understand about MetalSwap

Join our Telegram group and you can talk directly with other Communities and enjoy some of the events that we created for Nano Gang, We are always here to support the current adoption of cryptocurrency in Indonesia

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