AMA Recap 404 Daily Crypto with Stonk Swap
Hello 404 Daily Crypto Community
On 25th April 2021, Stonkswap conducted an AMA in the 404 Daily Crypto. Our guest is Tyler Sehr, CEO, Lead Developer of Stonkswap.
Lots of questions as usual from the Community about Stonkswap progress. The Stonkswap team took part in a very interesting AMA session which included Project introduction, Questions from Twitter and a live AMA session with the 404 Daily Crypto community. If you missed the AMA in person, read this recap for a deeper insight into Stonkswap.
Let’s take a look at the most interesting points of our conversation.
📍Session 1 » Project Introduction
can you tell us a little about your experience in the blockchain industry?and also how you can play an important role in this StonkSwap?
StonkSwap -Tyler: Me and my team have been working in the crypto space for a while now, we’ve built the apps for a couple of projects you might know: BlockDuelers and NFT Lootbox and a few others. Our team specializes in this and we do everything: design, development, project management, smart contract development.
Can you tell the members a little about StonkSwap?
StonkSwap -Tyler: Yeah! so Stonkswap is really just trying to act as a catalyst in converting the old stock market system to an updated architecture.
the current stock market system is really limited, its only open for a few hours every day, its hard to access the different markets without having the currencies they support, and they have some outdated tech. Trades settle in 2 days and there’s a lot of inefficiencies and a lack of transparency to the system
ethereum solves a lot of these problems: trades settle right away, available 24/7, totally global, 1 single universal currency, and complete transparency. so we’re trying to take a value of the current stock market and make it available on ethereum. we’re doing this by wrapping stocks and getting the best of both worlds from both systems.
Can you explain how StonkSwap and what kind of services it offers to users?
StonkSwap -Tyler: so right now StonkSwap is in open beta. We have a couple of wrapped stocks available to purchase to people who complete the registration and meet our requirements to be able to join the beta. You can currently buy Tesla, Apple, Gamestop and Coinbase stock and can stake Coinbase (wCOIN) for rewards. we’re launching an S&P500 stock tomorrow as well!
What products does StonkSwap have and in the future, will you add more products?
StonkSwap -Tyler: We plan to introduce more Stocks and ETFs in the future as well as provide dividends and voting rights to stock owners. 24/7 trading is also on the roadmap.
How do you solve liquidity issues and how to ensure user asset security?
StonkSwap -Tyler: On the stock side we have a lot of liquidity for just buying stocks as needed; margin trading helps with this as well. And because users purchase with ethereum, we can convert between Ethereum and USD in order to have the liquidity wherever we need it most. This is done with a very fast ETH/USD conversion flow that we use.
Have you met all your goals in the roadmap till now?And were there any difficulties that you didn’t expect and were not prepared for?
StonkSwap -Tyler: yeah we’re on track with our roadmap, we’ve launched staking and coinbase stock, and soon S&P500 and will complete our dashboard feature soon.
we’ve launched the first version of our UI redesign today, just a few hours ago, you can see it here: https://www.stonkswap.com/
we’re on track to begin all of the new features we have planned in May :)
📍Session 2 » Question from Twitter
— Question from Twitter @lolyfee
Many projects promising bright hopes for the future. Butt never released a product that worked or proved any revenue, can you tell us, what makes the #StonkSwap different from other projects?
StonkSwap -Tyler: We’ve already launched our product! We launched the product almost a month ago and you can use it right now. We’re in Beta and are working hard on launching more features!
— Question from Twitter @Benjami129
What is the most ambitious goal of your project? What is the ultimate vision this project is trying to achieve within the cryptocurrency market?
StonkSwap -Tyler: We’re trying to do something incredibly ambitious: port the current stock market system to Ethereum. We see this as inevitable: the current stock market system is very old fashioned. We want to achieve the best of both worlds from both the stock market and from ethereum with StockSwap
— Question from Twitter @OnePlus1578
What is your top priorities in 2021? Could you share some plans for the upcoming year?Which part of the project are you most focused on right now?
StonkSwap -Tyler: Right now we are most focused on compliance and becoming a broker-dealer. It’s extremely important for us to be fully compliant with all regulations, and so this is the #1 priority.
Broker Dealer is the next step in our master plan, Once we’ve achieved Broker Dealer, we can open up the product from Beta to full release. We’ll be implementing features like Dividends and Voting rights for stocks immediately after. those are the big milestones in 2021
— Question from Twitter @Cyba44974753
To what extent has your project gone along the path of your map? What achievements have you got? What is StonkSwap focused on now?
StonkSwap -Tyler: We’ve released Coinbase stock and staking, as well as our governance feature for our token (STONK). Our trading feature has been upgraded and improved and we are completing the redesign for our app UI.
Next steps are focus on Broker Dealer, which will be the next big milestone for our project. We will be able to add many new features with Broker Dealer and open up access to the project from Beta only to full release
— Question from Twitter @Benjami129
Is your project a Global project? Can local communities partake in it ?
StonkSwap -Tyler: Our project is completely global. We are building it on Ethereum which is global and anyone can sign up to our platform.
📍 Session 3 » Community Questions (Live AMA)
— Telegram User @cob_ba_ba
Do you also provide a platform for STAKING or Farming? To increase profits for your $ STONK token holders?
StonkSwap -Tyler: We have staking for STONK rewards! you can currently stake LP tokens, STONK, and wCOIN (wrapped coinbase stock)
— Telegram User @Damilola145
As a trader why should I choose to use StonkSwap? What feature does StonkSwap offers that cannot be found anywhere else?
StonkSwap -Tyler: Our goal is to port the stocks from current finance to DeFi. This will enable many features in the future such as 24/7 trading, instant trade settling and a truly global onramp to join in. These will be alongside traditional finance features like dividends and voting rights.
— Telegram User @Nolucki
Eth gas fee is crazy high. So, do you have any plan to move on other Blockchain such as BSC or other L2 solution?
StonkSwap -Tyler: yes, we’re currently exploring a BSC or matic version of StockSwap. We hope that Ethereum will increase its scalability in the future and we are trying to get into the Optimism Beta.
— Telegram User @punggga
Are you a community based project? How can I work for the success of your project? Do you have a Global Ambassador Program or a Referral Rewards System?
StonkSwap -Tyler: We plan to offer (and are working on) a referral system so that users can benefit by helping to promote StockSwap! We will be launching this feature alongside the full release with Broker Dealer.
— Telegram User @Uamos
The ambition that StonkSwap possesses caught my attention, because in a certain way it would impact the world by being able to transfer the current stock market system to Ethereum, although, I wonder, what strategies is it carrying out for it? How do you ensure decentralization and security in the markets?
StonkSwap -Tyler: Right now the current stock market is very centralized. StonkSwap is attempting to push the current system into a more decentralized direction.
— Telegram User @amybrowww
what about your team background ? are dev anonymous and how many members are in your team?
StonkSwap -Tyler: Team is doxxed, and we’ve been present in the DeFi web3 space for a while, building projects like BlockDuelers and NFT Lootbox, Our team is currently 6 members and we are expanding as quickly as we can!
Thank you for answering questions from our Community. Before the end of the AMA, Would you like to give an opinion to our Community?
StonkSwap -Tyler: You guys are great! Thank you for this opportunity, I’m very thankful to be here :)
For more information and future AMA, join our Social Media channels:
📍 More information on Stonkswap:
❇️ Website: https://www.stonkswap.com/
❇️ Twitter: https://twitter.com/StonkSwap
❇️ Telegram: https://t.me/StonkSwap
❇️ Telegram ANN: https://t.me/stonkswap_announcements
❇️ Medium: https://stonkswap.medium.com/
❇️ Discord: https://discord.gg/HWVjKwTDk8