Record of the first BananaSwap’s AMA

July 28, 2021, 20:00pm (UTC+8), BananaSwap English Telegram Group have held an AMA about the in-depth understanding of BananaSwap and Solona, and we received strong responses from the community. The following is the AMA record.

Q1: Can you briefly introduce BananaSwap?

A1: Bananaswap is the first and currently the only DEX that uses a polymerized fluidity design on Solana. To put it sim ply, uni v3 is implemented through rust on Solana. Some of the new features include interval market-making, limit orders, flexible fees, and will also provide users with proof of NFT liquidity. In addition, the platform will also provide a set of aggregation A type of transaction data board and a customizable IBO for multiple types of new assets.

Q2: What are the highlights of BananaSwap?

A2: In summary, BananaSwap has four functional highlights.

First, it is also a killer underlying framework, which integrates liquidity and automatic market-making.

Through the automatic market-making of centralized liquidity, the purpose of active liquidity can be achieved, and the fund utilization rate of the platform liquidity pool TVL can be greatly increased. LPs can create more complex market-making strategies and more refined active management. Fund pool contracts can create an order book of any price curve. Users can get low slippage and cex-like limit order trading experience and support a wider range of benefits of the strategy’s NFT liquidity certificate.

Second, the visualized aggregated data transaction dashboard.

On the trading dashboard, BananaSwap will integrate liquidity Volume, Trading Volume, Pool History, Trading History, and a Trading View for users. This aggregated dashboard will continue to iterate to achieve the ultimate trading experience for users.

Third, customizable initial issuance for multiple types of new assets.

In the first stage, BananaSwap will provide users with 4 sets of differentiated IBO methods, including farm issuance, unilateral subscription, bilateral pool building and joint curve issuance. Project parties can flexibly choose their own Token according to their own project attributes and community attributes. issued.

Fourth, the DeFi VIP alliance based on BANA DAO and NFT identification.

BananaSwap has designed a club system that includes DeFi players, DeFi platforms, and DeFi committees. This can be simply understood as a traditional chamber of commerce system similar to the Chang’an Club and the Taishan Club. In this system, BANA CARD is the only identification asset, and BANA CARD is an NFT synthetic asset based on a basket of DeFi platform governance coins. Different asset components can be synthesized into different levels of BANA CARD, thereby unlocking the membership rights set in the club.

In the future, BananaSwap will also plan to cooperate with certain DID issuers, and will supplement the verifiable registry link to construct a completely decentralized on-chain identity and credit system as well as social financial scenarios, which can achieve, for example, on-chain New DeFi behaviors such as credit clearing and unsecured credit loans will accelerate the arrival of DeFi3.0!

The above are the four major sectors of BananaSwap products. These four sectors are complementary to each other. They are also the indispensable core elements for BananaSwap to build the entire BananaSwap ecosystem, covering the important roles of the DEX ecosystem, including market makers, traders, online assets and Composable external contracts. BananaSwap will use these four sectors as our differentiated moats to create the largest traffic portal outside the DeFi world wallet, to meet the needs of composite users based on different income demands, and to change the unity of DEX positioning. The practicality of decentralized exchanges has reached a new level.

Q3: What is the difference between BananaSwap’s order book and Serum?

A3: First of all, I need to talk about this. In fact, in traditional order book transactions, whether it is a bidding system or a market maker system, both parties need to peg the order (including the price and the target quantity) to the order book and use the price as a signal Trading. Among them, in the bidding system, the requirement for matching is to buy and sell assets at the price that is most beneficial to both parties to the transaction; similarly, the market maker system requires that the market maker must quote the buying and selling price in advance, and the investors can only place trading orders after quoting. We can see from the above that in the central order book, liquidity providers actively provide quotations, and the market conducts transactions based on the principle of “price first”, thus realizing the function of price discovery.

Serum’s CLOB central price limit order book is based on this, mainly through a smart contract-based matching engine on the chain, and the essence of realizing price discovery still relies on active market makers.

But in an order book model like BananaSwap, its underlying logic is still an automatic market-making mechanism. You will find that the market maker did not actively provide this quotation, but placed the market-making funds in a different price range. It is still the price discovery that relies on liquid funds in this range to achieve, rather than this single order instruction to drive the price discovery.

Q4: What is the important significance of liquidity market-making in addition to increasing capital utilization and supporting more complex market-making strategies?

A4: Reduce the impact of DeFi attacks. In the current AMM mode, the attacker invests asset X into the AMM asset pool, obtains asset Y, and raises the price of asset Y in the AMM asset pool. The attacker can use x*y=k to accurately calculate the price after the attack and the funds that need to be used. After adding the granular control function of aggregate liquidity, the liquidity in AMM can be concentrated in the range before the attacker’s target price, so the attacker needs to spend more funds to achieve the same goal. From this perspective, it is more difficult for attackers to carry out economic attacks. Of course, the attacker may still obtain enough funds to complete the attack through flash loans and other means.

For long-tail cryptocurrencies with a small market capitalization, transactions mainly occur on decentralized exchanges, and the pricing power is controlled by the decentralized exchange. The granular control function of aggregated liquidity can further concentrate the liquidity of long-tail assets, increase transaction depth, and traders can have a user experience closer to a centralized exchange. Therefore, this feature can enhance the pricing power of decentralized exchanges for long-tail assets.

Q5: The last question, why is it named Banana?

A5: As far as I know, when BananaSwap is currently looking for some partners, they will also ask similar questions. Because BananaSwap’s first public chain is Solana, and since you want to do this on Solana, it must be compatible with Solana ecology, and Solana’s positioning is actually a financial Public chain, when it comes to finance, you will think of something advanced, JPMorgan Chase, Softbank Goldman Sachs, Wall Street, Lujiazui, full of financial technology, including some ecological projects currently on Solana, there are many such styles. . However, the BananaSwap team wants to make a difference, and all of us is young. You don’t have to fix yourself in a circle, you have to open up your mind. In addition, if you really want to integrate into the Solana ecology and do something for the Solana ecology, you can do a good job of your product. With a good product experience and strong ecological scalability, you can naturally compete with Solana. It is not necessary to stay close to the brand and stay close to the ecological integration. Then the name also has a story behind him. Banana is a kind of more magical fruit. Today’s time is limited, so I won’t say more here. Those who are interested can follow the official promotion of BananaSwap, and the complete brand story will be launched later.

Thank you for your answers, the following part is free to ask questions time, we will randomly pick 5 questions to answer.

Free ask:

Q1:I’m just curious about the magic of bananas. Where is its magic?

A1:In my opinion, bananas are powerhouses of protective ingredients and are especially good for the mind and mood. As Hippocrates said so famously, “let your food be your medicine.”

As we need, they hope that BananaSwap can heal the entire blockchain market and accompany us through the bear market steadily.

Those who are interested can follow the official promotion of BananaSwap, and the complete brand story will be launched later.

Q2: We have been waiting for a long time, how is the progress of the product now?

A2: Since this project is very important and great, they did spend a lot of time on it. At present, our v1 Beta version has been tested on Solana Testnet, and the main network code has been deployed. The final test is in progress. Next, the iterative upgrade of UI and the development of the first set of IBO will be carried out. The aggregate liquidity architecture will be in It will be completed at the end of August, and it is expected to open to the market at the end of September. The overall development of BANA CLUB will start in October and open to the market in the fourth quarter.

Q3: Why launch an aggregated dashboard?

A3: I don’t know if you have found a problem, that is, when we use many swap products, including myself, when I invest in a certain currency on the swap, I will encounter a lot of inconveniences. For example, let’s say a certain friend of yours or a group leader, and then he gave you a piece of code, but you don’t know anything about this currency. For the sake of experience, you still want to learn about some data of this currency, and then, under normal circumstances, you need to open an external plug-in or the INFO of this platform, and then check the changes in his liquid pool funds and transaction volume, you also need to open a blockchain to browse To check one of his currency holding addresses and the number of transactions on the chain. With a comprehensive judgment of these data, you may choose to invest in this currency. According to what I said, did you find that if you invest in a new currency, you need to open three pages at the same time, It’s really inconvenience. But BananaSwap aggregated dashboard can solve this problem.

Q4: Is there anything special about Solana?

A4: Solana is a fast, secure, and censorship-resistant blockchain.

Q5: When does the previous voting activity distribute airdrops?

A5: According to the official, the airdrops will be distributed after the project is launched, please keep following the social media, sir.

The above is the sharing of this AMA. See you in the next AMA. Thanks for your support.