Report of January AMA Session with CEO | Go Over Biswap Backstage!
Thanks to your interest in Biswap’s progress, the CEO held another AMA session to give you all the necessary information about the project’s development and plans. We’ve compiled a complete list of questions and answers in case you didn’t attend the TG Chat!
1. What would you have done differently in 2022?
Honestly, it’s hard to point out something specific. We managed to get a listing on Binance during the red market. This is something the majority of projects do not achieve even after years of operations. Hence, you can confidently say that we did a great job in 2022. Certain things need changes, but they have more internal nature. We’re already working on making Biswap better from an operational perspective. And this will definitely impact the speed of innovation in 2023.
2. Is there any product development considered in 2023? I read the new roadmap published on the 28th of December. However, there is no new product to be released. GameFi is ended, and multichain is not included due to current market conditions. Only perpetual trading is promising. I am a long-term investor. As a CEO, how do you consider satisfying investors for the sustainable development of Biswap?
The main product development for 2023 will be a new AMM with concentrated liquidity. This is something the market demands and what works well on the Ethereum chain. A new AMM with concentrated liquidity will have added value for our liquidity providers, traders and investors. Regarding token stability and its long-term growth, we have several initiatives on our roadmap to help us achieve the above goals. I do not expect immediate results, but you will definitely see them. It’s a long-term endeavor, and we take a long-term approach. The bear market is a great time for development and improvement. The results will be prominently visible once the whole market reverses.
3. Hello. So we saw that Q3 and Q4 had less stuff. So can community members be assured that there might be updates according to those quarters according to the market condition?
Currently, quarters 3 and 4 contain fewer product features, mainly because the market conditions are extremely volatile. It’s complicated to predict the market trends and demands when we talk about a 6 to 12 months timestamp. The plan is to have our roadmap in 5 months and make adjustments by the market environments and market demands. Our backlog is filled with product features, and the time will show the need for these features. But you can be assured that no matter what 2023 brings, Biswap is prepared. Biswap has a skilled, mission-driven team as well as healthy reserves.
4. Perhaps I think limit orders are an easy part of implementing in Biswap, much easier if we do it perpetually. What makes the team postpone that and eliminate it from plans?
Yes, you’re right. It’s much easier to implement limit orders than perpetual trading. But from an operational perspective, combining those two is easier and more efficient.
5. Is the current roadmap 100% to be done? Or might some stuff be postponed in the plan or dismissed?
Our current roadmap is 100% doable. The plan is to release everything we’ve planned. We might add certain features to our roadmap in 5 months once we perform another external analysis. I always mention the rapidly changing market conditions, and everyone needs to understand their importance. Companies that operate in the crypto industry should be flexible enough to adapt to the new market conditions. For me, the CEO, it’s vital to ensure Biswap is flexible enough to adapt quickly. That’s the main reason we did not include lots of development for Q3 and Q4, as I clearly realize the market might bring something new, and we will need to adjust quickly.
6. How long does runaway Biswap have? (not including protocol revenue)
I can assure you that from a financial and operational standpoint, Biswap is on a sound footing. We have enough reserves for another 3 years of operations (without protocol revenue). Additionally, these reserves will be used not only for financing the company’s operating expenses but also for research & development in an attempt to achieve a high level of innovation. Even during such tough times, we keep hiring highly skilled employees and growing. Amid the current market conditions, my focus is to keep everyone at Biswap focused on the things that matter the most: building and staying user-oriented.
7. Why did we use a ready solution for Perpetual trading instead of building our cool tech?
We did not want to develop something the market already has. A proper decentralized perpetual trading solution will take over a year of development. This is mainly explained by the fact that a decentralized perpetual trading solution requires layer 2 blockchains, which will also need to be developed. Considering the number of human resources we possess and the importance of this feature compared to a new AMM with concentrated liquidity, the team decided to focus on a new AMM. But a quality decentralized perpetual trading solution is still in our backlog, and we might take it under development in the future. Let’s see what the market has to offer.
8. How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience working in crypto and non-crypto projects?
We have over 80 people working here at Biswap. I would not name everyone one by one, but here are a few examples. Our CTO has over 10 years of experience as a solidity developer. I believe it’s more than enough to develop high-quality and secure products. When it comes to me, I’ve been in crypto for more than 10 years. Our team is highly skilled and professional. Hence, Biswap has all the necessary resources to continue working confidently.
9. Can you please elaborate more regarding the new AMM protocol? What will happen to the current Biswap liquidity pool/farm? Will there be 2 separate pools to provide liquidity?
A new AMM will come with concentrated liquidity, hence a much better offering for liquidity providers. We do expect a new AMM to have a positive impact on our LP providers, trading volume as well as slippage.
10. Do you ever thought that Biswap would come so far when you started your journey in your initial days? And what is your advice to anyone who is starting in web3?
Biswap has yet to achieve everything I have in mind. We still have a lot of work to do and a lot of goals to accomplish. Undoubtedly, Biswap has already achieved a lot, and I truly believe we’ve done a great job. But there is always room for improvement, and as I mentioned earlier, my goal is to keep the team focused.
11. What are some of Biswap’s current marketing strategies helping the project expand? And as CEO, do you have any plans for media marketing? What other marketing strategies aside from the existing ones that, as CEO, you’re confident in them that it’ll be a sure game changer for the Biswap project?
If we talk about expansion to new audiences, the best options on the current market are collaborating with other projects on BNB and reaching new potential users via various social media and high-quality public media. Also, it’s essential to have support among opinion leaders.
For this year, we have created a plan to launch new social media communities, we are already in talks with great projects to collaborate on, and we will launch grand promo campaigns for roadmap product releases.
It’s important to involve new users, but retaining them is even harder. To communicate better with new users, we will run an educational strategy with high-quality and unique content. We improved our education system, and it will be even better.
12. According to statements released by Biswap, the launch of multichain capabilities has been delayed until market conditions improve. Simultaneously, many projects had identified the low-volume market as an opportunity to build utilities in preparation for better market conditions.
As I previously noted, given the current market volatility, we have decided to hold off on expanding Biswap operations to a new chain. Even though we prepared our multichain bridge. But because of market shifts, we temporarily rejected issuing BSW to other networks. Furthermore, the transition to the new chain would require an increase in token emission, having additional pressure on the market. As of now, we are focusing on improving the DEX and enhancing BSW instead.
13. Why has Biswap not increased when other coins are increasing?
I can’t agree on this one, as the numbers suggest that Biswap has not seen as significant of a drop compared to other decentralized exchanges. Despite the overall decline in the blockchain sector, Biswap has maintained solid support and has not experienced as steep a decline percentage-wise as some of its competitors. While the current market conditions are challenging for the entire industry, it’s important to note that factors such as total value locked and trading volumes should also be considered when evaluating Biswap’s performance.
14. Why is the total supply and circulating supply increasing constantly? When are you going to stop this situation?
The recent community vote has determined that the BSW emission rate is 15 tokens per block, resulting in a daily minting of 432,000 BSW. Despite this ongoing minting, the total supply of BSW is limited and will not continue to rise once the maximum supply is reached. It means that as time goes on, the value of BSW is likely to increase, making it a profitable asset for holders. Additionally, some of the tokens have been burned, and some are held for strategic and partnership purposes, which explains why the circulating supply may differ from the total supply. These numbers will cease to grow once the maximum supply is reached, and the value of BSW will depend solely on the utilities provided by our team. We are continually working on new and innovative features, as seen from our past achievements and current roadmap.
Thanks for all your questions and curiosity!
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