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Swapfolio/Defi Raccoons AMA – 21/12/2020

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The Swapfolio team wishes everyone had a safe and fun-filled holiday, not to mention got all the gifts that were on their Christmas list!

On Monday, December 21st, Defi Racoons held an AMA on Telegram to discuss the ongoing developments behind the scenes and what to expect in the coming months as the beta release went live on Christmas Day. This AMA was quite extensive, so let’s get started.

BobbyBLocker | DeFi Raccoons: Okay, then how about we start with a little introduction for the raccoons that don’t know you yet. πŸ˜„ Tell us a bit about yourself, your experience, your role at Swapfolio (SWFL), etc.

Barry Chen: So I am Barry, a Product Manager/Dev team at SWFL. Our little project started in August to address some of the core team’s pain points and issues some users may face when using Uniswap.

Some of these issues include the likes of sorting out the right trading-pair to a token, exposure to rug-pulls, and a few minor issues – like checking my balance relative to the Uniswap Exchange listing.

Posty – swapfol.io: Ayyyyyyyyy, hello everyone! Hi, I’m Posty, the UI/UX designer for Swapfolio. πŸ˜„

BobbyBLocker | DeFi Raccoons: I remember using it for the first time, and I’m like, where is the rest of the exchange, please? πŸ˜‚

DeFi Naut | DeFi Raccoons: Yes lol, where are the orders, sir?

Barry Chen: Unlike common centralized exchanges (CEXes) where we participate and get rekt, on top of their platform – as users of their environment, DEXs offer a different path to the digital asset market. But with that, they lose the customization.

BobbyBLocker | DeFi Raccoons: Yes, I feel like there is a line between “streamlined” and “bleak,” and most DEXes (decentralized exchanges) fall short of it.

Barry Chen: So, our intention with this project: starting with a simple dashboard to show your balances on Uniswap, price data, and other insightful data.

BobbyBLocker | DeFi Raccoons: Okay, so let’s call this the elevator pitch to the Raccoons that haven’t yet heard of Swapfolio.

Swapfolio’s Objective

Barry Chen: The goal was to be user-friendly with quick onboarding, so we opted for a Metamask sign-in and made the design decisions adhere to being usable and straightforward – to target newer markets. So yeah, we made our token sale, got a hard-cap, and started building from there.

BobbyBLocker | DeFi Raccoons: Good call, IMO, I like anything I can sign in to with a pre-secured login as Metamask does, which means I only have to keep my safe words safe – and that’s that.

Beta Version Upgrades

Barry Chen: Sometime this month, we’re releasing the Beta version with more insights on tokens, price performance, etc.

Barry Chen: So along the way, we’ll release small improvements consistently – rather than bulk releases, to keep our existing users interested and engaged.

Barry Chen: Sure, man. Here goes.

BobbyBLocker | DeFi Raccoons: Hmm, continuous roll-outs are always the way to go – makes it easier to sort things out along the way, iron out bugs as they pop up, yet before they overwhelm, Bobby likes. 😎

The DeFi Naut | DeFi Raccoons: How much did you raise, if I may ask?

Barry Chen: If I recall correctly, it was 3,322 ETH. Yeah, and I keep lean organization management. So far, we’re doing okay. LOL.

The Team

BobbyBLocker | DeFi Raccoons: Okay, cool, so can you tell us a bit about your team? How many of you are there? How many people working on the project, what backgrounds, etc?

Barry Chen: There are six core-members that started this project but since then, we’ve grown to have a four-man editorial/media/mods group, another three in marketing, and another three (I’m here) in development. Ten, total.

BobbyBLocker | DeFi Raccoons: Oh, nice, that’s a sizable team, and sustainable in the long-run.

BobbyBLocker | DeFi Raccoons: What can you tell us about the idea itself? How did Swapfolio come to be? There are some other projects aiming for similar stuff, I think… but you seem to be ahead of them, development-wise?

Barry Chen: So, we knew we had to start with something usable – fast. Neither, I suppose. Haha, I think the trick is we never promised things when we’re unsure of the method. Hints.

BobbyBLocker | DeFi Raccoons: Of course, the first movers’ advantage is real. πŸ˜„ Cheeky 😏 (but I like itπŸ˜‰).

Posty – swapfol.io: Our main focus is to enhance the trading experience on Uniswap – without adding back too much clutter to the CEX/UX.

Swapfolio Business Model

Barry Chen: So yeah, @postmalog reached out and handed the design to me, I started digging, POC, then we went for the token sale, and we started building right away. The trick is to have an MVP by December then focus a bit more on the development of the business model. This is to try and position Swapfolio as a tool, compatible with new-users.

Posty – swapfol.io: We like to keep it simple and just build what the users need – NOT what we THINK the users need. Our community will always come first.

BobbyBLocker | DeFi Raccoons: That’s interesting, can you tell us what kind of feedback you’ve had from the community so far?

The DeFi Naut | DeFi Raccoons: The user experience is very nice, tried it out several times myself and our local TA analysis dude even bought and staked SWFL 😁

Barry Chen: Thanks, man! Comments about the apps are usually along the lines of reporting bugs or some failed Metamask transactions. Haha

BobbyBLocker | DeFi Raccoons: Yes, and I think you’re in a better position considering there are few existing tools. I’m thinking how long it took people to shift from CMC to CoinGecko, even though Gecko was top-notch (before it became the DeFi standard).

BobbyBLocker | DeFi Raccoons]: Anything interesting implemented as a result?

Barry Chen: So due to this, we’re happy to know that newcomers engage our communities. The product design was to target portfolio uses first, then trading tools.

BobbyBLocker | DeFi Raccoons: Oh, yes, I’ve tried out the interface myself, and it’s one of the prettiest and smoothest things I’ve seen in a while. Kudos on the design.

Posty – swapfol.io: Thanks! πŸ‘πŸ‘

Issues with Uniswap

Posty – swapfol.io: The main problem that they are experiencing is too many browser tabs when trading on Uniswap and too many different sites to open – just for some simple info like gas price, token information, etc., so we added those features to our single-page app.

BobbyBLocker | DeFi Raccoons: LOL, that’s it. I knew something was bugging me; it’s the damn tabs. I have a gazillion of them open every time I visit Uniswap.

Barry Chen: Not to mention, the cost of loading for each tab on Uniswap.info as well. And you only need, like, 1/3rd of the content – at most. As long as you’re using Metamask client (or Trust wallet), you can.

The DeFi Naut | DeFi Raccoons: Noice.

Barry Chen: Our Web3 providers are using Metamask’s default provider.

BobbyBLocker | DeFi Raccoons: Yes, and it supports Ledger now, right?

Barry Chen: So yeah, basically we try to reinterpret the Uniswap data in ways attractive to the new guys.

BobbyBLocker | DeFi Raccoons]: Again, one login to clear them all.

Barry Chen: Hahaha. Except for them hackerz.

BobbyBLocker | DeFi Raccoons: Okay, so what would you say is the most useful feature of Swapfolio? What do you think people will use the most?

Useful Features

Barry Chen: If I may be honest? The top section of the dashboard, hahahaha. It shows me the ETH and gas prices.

BobbyBLocker | DeFi Raccoons]: haha

Posty – swapfol.io: I’d say the single-click portfolio view and the watchlist.

Posty – swapfol.io: Lmao, yes!

BobbyBLocker | DeFi Raccoons]: I think you guys are trader vs HODLer.

Barry Chen: AHAHAHAH

Barry Chen: Then, I can just click Trade from the list of my holdings in the bottom-half section of the screen.

BobbyBLocker | DeFi Raccoons: One wants to see the gas price, the other his portfolio.

Barry Chen: Priorities, man.

BobbyBLocker | DeFi Raccoons: “We’re in it for the tech”.

Barry Chen: Hahaha, now you know who got there in the design submission first.

BobbyBLocker | DeFi Raccoons: And there is a PRO-section as well, right? Which unlocks when you add a certain amount of SWFL into staking?

Barry Chen: A dumper to be exact. Hahahaha, I almost voted for the feature to be called KWIKDUMP.

BobbyBLocker | DeFi Raccoons: As long as it’s spelled with two Ks, you have my vote.

BobbyBLocker | DeFi Raccoons: What features does it add to the basic version?

Pro-Features

Barry Chen: Good question. Alright, so the Pro-features are extended features we use to separate our user categories and we offer enough features for non-Pro users, as it is right now.

Barry Chen: Them gas prices and stuff, available for all users. The Pro-version starts with the Watchlist and Trade History (incoming Beta) section.

Barry Chen: Not EXTREMELY important features, but nice to have.

Staking SWFL to Unlock Pro-Features

Posty – swapfol.io: Yes, we listened to our community and added PRO features as an incentive for people to buy and hold SWFL tokens. For now, you need to stake at least 1,000 SWFL to use the watchlist – & more PRO features coming this 25th of December.

Barry Chen: The price ain’t steep, and the process is very simple. You stake 1,000 SWFL to gain access to the PRO features.

Barry Chen: No lock-in or maturity-locking periods – none of that. We’re boomers, we keep it simple.

BobbyBLocker | DeFi Raccoons: I think it’s okay to have a fully-rounded/functioning product – and then offer functionality, on top of the basic one, as an extra.

BobbyBLocker | DeFi Raccoons: Yes, very straight-forward, no-hassle, I agree.

BobbyBLocker | DeFi Raccoons: And the price tag is accessible as well, especially to anybody seriously supporting the product.

The SWFL Staking Model

Barry Chen: To make it worth their stay, we also have daily rewards for stakers from the staking fund.

On top of that confirmed amount, any staking/unstaking fee is shared with the rest as well – 2.5% per staking fee is applied to any staked/unstaked amount for any user going in/out of the staking contract.

The DeFi Naut | DeFi Raccoons: Christmas presents!

BobbyBLocker | DeFi Raccoons: Okay, so the PRO features are still in development, with a continuous roll-out planned, but I have to ask about the limit orders feature – how do you see that one working?

Barry Chen: Tough question right here, but I’ll give it a go.

Advantages of the SWFL Token

Posty – swapfol.io: I think it’s a good pricing model for our user-base. You stake and get access to the Pro-features AND get rewarded with more free SWFL tokens while you use our app. Don’t like the app? Unstake and maybe get back more tokens than what you started with.

Barry Chen: Limit orders have always been tricky in DEX environments because of the missing order book, so this has to be handled with specific smart contracts.

BobbyBLocker | DeFi Raccoons: Agreed, it also locks in value for the token and adds utility.

Barry Chen: In our case, we’re still looking at solutions presented by our competitors while evaluating options, as well.

BobbyBLocker | DeFi Raccoons: Haha, careful not to reveal your cards just yet, okay. Okay, I’m liking the approach.

Barry Chen: Needs a bit more R&D on this, I am afraid. And wait for the solution to mature so that we can ensure user-safety.

The DeFi Naut | DeFi Raccoons: We’ve seen a plethora of trading terminals that try to connect just about every DEX and CEX out there.

BobbyBLocker | DeFi Raccoons: That’s perfectly fine with us and grounded, versus making wild promises or risking the safety of our users. Was refreshing to see Swapfolio do one thing perfectly, and build from there.

BobbyBLocker | DeFi Raccoons: Exactly.

Barry Chen: But yeah, initially we did not propose this and offered more extensions on portfolio stuff but since the community requested this one, I figured I might as well take a peek.

Future Cross-DEX Integrations

Posty – swapfol.io: Yes, do one thing, and make it real good before we start to explore any other AMMs (Automated Market Makers) in the market. If there’s enough demand for it, we’ll consider adding those DEXes as well – in the future.

Barry Chen: Yeah, this was generally the messaging within the team.

BobbyBLocker | DeFi Raccoons: Awesome that you’re listening to the community when it comes to the way the product is meant to develop as you’re providing a service for those users, first and foremost.

BobbyBLocker | DeFi Raccoons: Okay, so we’ve covered some of the benefits of HODLing SWFL. There are pro features, there are staking incentives.

Barry Chen: Yeah, man. The staking dApp is a good example as well. Released that in three days because the users wanted it. But yeah, can’t encourage this, I almost died. HAHA

Staking Competition Details

BobbyBLocker | DeFi Raccoons: I see you’ve announced a new X-mas Staking Competition starting today – could you share the details of it with our Raccoons? Can new users get involved?

Barry Chen: Sure thing. Detail about staking SWFL competition:

  1. 10 Days Staking Comp from 21st – 31st, Dec.
  2. Grand prize: $500. 1st runner: $350.
  3. Bonus reward on 25th Dec $150** (may be increased).

Stakers need to register via the Google form to participate – to give assurances that no dev/team members’ wallet addresses can participate in this competition.

BobbyBLocker | DeFi Raccoons: Nice.

Posty – swapfol.io: Yes, and don’t forget to come check out our staking promo/competition on our website for more info:

Posty – swapfol.io: Yes, and don’t forget to come check out our staking promo/competition on our website for more info:

BobbyBLocker | DeFi Raccoons: And how will you pick winners?

Posty – swapfol.io: Yes, a lucky draw. Only registered stakers who stake at least 1,000 SWFL from 21st Dec. are eligible to win the prizes.

BobbyBLocker | DeFi Raccoons: Ok, very nice, I’m sure there are Raccoons that will find this tempting.

BobbyBLocker | DeFi Raccoons: Well, we like to end this “official” part of the AMA with a look into the future.

Posty – swapfol.io: And, the main prizes are for top stakers.

What to Expect in Q1, 2021

BobbyBLocker | DeFi Raccoons: What can you tell us about what’s coming to Swapfolio in the coming months?

Raccoon: Does Swapfolio plan to tap within the NFT-sector as well which I personally believe will be the next trend post-DeFi hype. Do you plan to release your own art and what are you planning with NFTs, in general?

Barry Chen: Naturally as with any digital product, we’ve planned to move towards this. But we’re stabilizing the features of the app first, then we’ll prep for this.

Barry Chen: More on portfolio insights, I’d say. And the tricky bit is developing it while maintaining non-intrusiveness and anonymous. My personal preference is the update post-Beta but I can’t share that at the moment 🀫

Barry Chen: Okay I am also seeing multiple questions regarding Alpha release so I’ll gloss over them in one reply, yeah?

Raccoon: Alpha was released ~1 month ago, where we published the watchlisting feature (first pro feature). Now we’re set for the Beta milestone, targeted for late December.

Barry Chen: So with these small releases, we release the foundations of the coming features, allowing them to simmer in the pot with the users to ensure that they’re functional and safe.

Posty – swapfol.io: Some of our competitors in the space try to do implement every single cool feature in one app, and that could be overwhelming, for most users. We try to keep it simple and fast to use. No fancy tricks, just a good trading dashboard.

BobbyBLocker | DeFi Raccoons: Well, we like to end this “official” part of the AMA with a look into the future? What can the community (old & new) look forward to?

Swapfolio Beta Release

Barry Chen: In terms of dev work, the closest release is for Beta, scheduled on the 25th.

BobbyBLocker | DeFi Raccoons: Haha, great timing to present the beta version.

Barry Chen: We’re adding more token-related insights in the app. Stuff like token details (marketcap, volume, circulating supply, etc). Price and swap histories will also be added.

BobbyBLocker | DeFi Raccoons: (Pun intended.)

Barry Chen: AYYYYY

BobbyBLocker | DeFi Raccoons: πŸ˜‚πŸ˜‚ I know, I hate myself a bit every time I make a pun.

Barry Chen: Swap history one is a bit tricky. Lol, not gonna lie. So yeah, but that does not mean it’ll be another month before another release.
We will push for faster if we can – because we want the users to be even more satisfied. Honest to God, I use our app as well lol because gas price. haha

BobbyBLocker | DeFi Raccoons: haha

Barry Chen: And I am mulling over the idea of showing the $ price for the gas widget at this moment but that’s for another discussion.

BobbyBLocker | DeFi Raccoons: I wouldn’t.

BobbyBLocker | DeFi Raccoons: I don’t even know what to think about the gas price anymore.

BobbyBLocker | DeFi Raccoons: I prefer not to think of the fee when I swap. πŸ˜‚πŸ˜‚

Barry Chen: Dude, yeah, I got murdered these days.

The DeFi Naut | DeFi Raccoons: The thing I hate most about Uniswap is that I can’t see the token price.

The DeFi Naut | DeFi Raccoons: In dollar values, that is.

BobbyBLocker | DeFi Raccoons: I’ve used a 500 GWEI gas price.

Barry Chen: Sometimes, some addresses dont have enough balance. LOL

BobbyBLocker | DeFi Raccoons: Yeah lol when I started using the V2, I had to scramble between the Uniswap app and Uniswap.info.

BobbyBLocker | DeFi Raccoons: And that’s something no ETH user should ever say.

BobbyBLocker | DeFi Raccoons: Yeah, then you think something is mooning while in fact, it’s just ETH dumping. πŸ˜‚πŸ˜‚

BobbyBLocker | DeFi Raccoons: Mister big brain. πŸ˜‚

Barry Chen: Now with the Swapfolio app, I get the news of getting rekt in multiple positions – all in one dashboard.

BobbyBLocker | DeFi Raccoons: Well, I think we’ve covered most of the basics. Thank you so much for taking the time to come sit down with us here today, Barry and Posty.

Barry Chen: No problem, guys.

BobbyBLocker | DeFi Raccoons:
what do you say we open up the channel and see what the raccoons want to know as well?

Barry Chen: Sure thing man!

BobbyBLocker | DeFi Raccoons: Do the honors.

The DeFi Naut | DeFi Raccoons – Bobby will select 5-6 questions and take a couple of winners. πŸ˜ƒ Haha, let’s forward a couple of good ones, shall we?

Swapfolio vs. UniLayer

Barry Chen: Hi! Yeah, this is a quite common comparison. We position ourselves as a portfolio monitor/management dashboard first – with quick access to the Uniswap exchange. UniLayer is a layer built on top of Uniswap, offering more instruments for trading. So in those aspects, we’re apples and oranges – and this affects our target market of users, as well. We try to attract new users to crypto/DeFi while being useful enough for seasoned traders.

Barry Chen: Hey there, my guy! Yeah, this was a concern earlier on, but since then we’ve maintained our deliveries I guess. Also if I recall correctly, 75% of the liquidity provided was burned, so no way for us to pull out. Basically yeah we counter/prove ourselves with actions rather than identification. The reason for being anon is that some of our members are associated with projects in banking/government that are not in compliance with crypto, so yeah – anons, it is.

This was the main concern in the design phase. We maintain no control of your account’s access and no features are outside of your control/open to the public. So yeah not much is there for any man in the middle/hackers as we don’t store much of anything. LOL!

John Coman: Does Swapfolio plan to tap within the NFT sector as well, which I believe will be the next trend post-DeFi hype. Do you plan to release your art, and what are you planning with NFTs in general?

Barry Chen: We have talked about this with our designer from the community that creates our sticker packs. A fantastic artist, but the priority is on the app development.

Rekt Capital: With continuing improvements coming to Uniswap, what features do you plan to offer to keep attracting users?

Barry Chen: More on portfolio insights, I’d say. And the tricky bit is developing it while maintaining non-intrusiveness and anon. My personal preference is the update post-Beta, but I can’t share that at the moment. 🀫

I YieldFarmer I: All you are offering, built on ETH blockchain, which is annoyingly slow and cannot scale; why have you chosen the ETH blockchain over other comparatively faster and scalable chains, and do you have plans for mainnet to migrate to your own blockchain?

Barry Chen: Uniswap and Web3. Market and utility, I’d say, are the main reasons.

The DeFi Naut | DeFi Raccoons: We’ll round it up after this since the audience is waiting to hear who has won. 😍

Posty – swapfol.io: No plan to launch any new chain. We build where the market is. Coming from a DPOS background, I’m familiar with faster and cheaper networks, but there’s currently not enough user-base and DeFi infrastructure to be built on top of.

That’s why we choose Ethereum, despite its high gas fee and relatively slow confirmation time. It’s where all the traders right now.

Zombie Zebra: Has your product passed any third-party audits? If not, are you planning on doing so? Maybe community bug bounty/audit?

Posty – swapfol.io: Still waiting for a response from reputable auditing firms; we’ll schedule the audit after the beta release. We’re open for a community bug bounty. Let us know if you find anything, and we’ll verify and compensate for your time and effort. πŸ‘πŸ‘

The DeFi Naut | DeFi Raccoons: This was an awesome AMA!

Barry Chen: Not a marketing man, so I’ll just answer this how I see it, lol. I think, as a user, I use this app because it’s there. Unlike what others are trying to offer, claims, and promises, this app is already there. Whereas as a dev, all we can do is maintain quality delivery and compete with that. As natural businesses/projects rather than some pump/dump drama.

BobbyBLocker | DeFi Raccoons: Haha, I love this answer.

BobbyBLocker | DeFi Raccoons: Very nice. Okay, so I think that about wraps it up for today.

Barry Chen: Ayyyy

BobbyBLocker | DeFi Raccoons: Thank you so much once again, @brrchn and @postmalog.

Barry Chen: Thanks to you guys, man! I’ll stick around here for sure. Cool mods, admins.

BobbyBLocker | DeFi Raccoons: Haha, thank you, we hope you’ve enjoyed it here today. I hope to have you guys back in here when new stuff is done, and the Raccoons are sure to keep an eye on you.

Posty – swapfol.io: Thank you so much for inviting us! A really nice community here! Woohoo!

BobbyBLocker | DeFi Raccoons: And share any new updates with us, of course.

Barry Chen: For the rest of yall, I extend my invitation to our humble application. Visit https://swapfolio.app/ and just sign in with your Metamask and works with Metamask mobile, as well.

BobbyBLocker | DeFi Raccoons: Anybody looking for more info on Swapfolio, join @swapfolio_app on Telegram.

Barry Chen: Check the app out, look for some bugs, jump into https://t.me/swapfolio_app, and report to it to me, please.

Posty – swapfol.io: We’ll keep you guys updated for future releases and promo/giveaway/competition. πŸ’ͺ🏼

BobbyBLocker | DeFi Raccoons: And of course, the Swapfolio app – Bobby recommends the smooth experience. πŸ˜„

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The team at Swapfolio would like to wish our community a Happy New Year; 2021 looks to be even more exciting than 2020! Stay tuned for more updates!

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