Your questions answered, Excalibur Exchange AMA with Fantomine summary
This medium post is a recap of the entire session for all who missed it!
Myrddyn our tech lead sat down for a Telegram-based AMA with Fantomine to answer some of top questions from both the Fantomine team and it’s community.
Myrddyn demonstrated both his knowledge and expertise of the decentralised finance sector as he eased the minds of Fantomine community by answering questions about Excalibur Exchange. He also painted a picture for what is to come for the project.
Let’s look into some of those questions and the potential relevance they may have for the future of the project.
FTM_MAXI @Fantomine: Ok let’s start
Could you please introduce yourself and give us short introduction about excalibur exchange
Myrddin @Excalibur: Sure, so to summarise quickly, Excalibur Exchange is a univ2 based DEX, built with a focus on sustainability and capital efficiency. We implemented a rather important feature set aiming for that, such as advanced shareholding mechanisms, time vault staking, project owned liquidity, and many others. But I guess we’ll talk about all of them more in details during the discussion.
As for myself, I’m one of the co-founders of the project, and more specifically the tech lead.
FTM_MAXI @Fantomine: I read in documents that Excalibur uses the POL model for treasure creation. Will the treasure created be invested in some way to make it grow progressively? If so, Can you list us some of these investment strategies? Will DAO members participate in the selection and administration of these strategies?
Myrddin @Excalibur: One of the key points of Excalibur resides within its approach on the platform fees (deposits, swap) redistribution. A substantial part of it will be directly used to accumulate some POL.
In addition to that, we created our own bonding implementation, that will also help filling the DAO treasury.
The entirety of this treasury will be controlled through governance by our community, and more precisely by our GRAIL holders.
FTM_MAXI @Fantomine: Interesting
Myrddin @Excalibur: In addition to that, even if it may not exactly called POL, a part of the fees will also go directly to a SAFU fund, that will be governed in the exact same way, but exclusively acting as a guarantee fund for beta features, compensation schemes and as the source of bug bounties rewards
FTM_MAXI @Fantomine: @spanser77 is one of fantomine members
Has 3 questions for you
How can you invite people who doesn’t know about crypto/Defi to use your platform?
Collaboration and partnerships are one of the cornerstones to making DeFi more widespread. Can you share some of the partnerships you have formed with existing blockchain foundations recently?
Can you list 1–3 killer features of your project that makes it ahead of its competitors? And how can you take advantage of these ?
Myrddin @Excalibur: For now, I think it’s more realistic to say that our primary focus is to target guys having a minimum knowledge of DeFi.
I agree that collaborations and partnerships are a crucial part of defi. It’s still too early to announce, but we’ll hopefully have some rather big names in the space to talk about before our launch.
For the features, I can make the following (non exhaustive) list:
- a unique way to handle and redistribute the platform fees to make the whole system fairer to the entirety of the ecosystem actors
- time vault staking, to better rewards users providing long term liquidity, and helping us assuring the sustainability of the platform
- our own bonding implementation, like mentioned before, to help building up our DAO treasury
- customizable swap fees for every pair, giving us a pretty unique flexibility and adaptability to the market
I’d like to add that the main point of Excalibur is not to just bring a flashy “killer feature”, but rather to be our own take on univ2 and yield farming implementations, and to solve its inherent weaknesses through a set of features working together in synergy.
FTM_MAXI @Fantomine: That’s good
@xyz99900 would like to know more about your Excalibur Bug Bounty Program ?
Myrddin @Excalibur: Sure, and if you don’t mind I’ll first use this opportunity to talk about our Open Beta that is going to launch the 12th of Feb, so next saturday.
We’ll have our platform and all of its features open to everyone on Fantom testnet during ~2 weeks.
We’re using this open beta to set up a bug bounty program with rewards up to $50,000
This campaign will be active for the whole duration of the open beta.
A medium is on its way and will give details about all the terms of the program.
Nik @Fantomine: Hi Myrddin! Wow that’s a very generous award program 😉
Next we have a question from @andyrodriguezmorales
Regarding transaction fees. A part of that fees can be paid to approved partners. Under what conditions is this distribution made to these partners? If these conditions are not met, where are these funds delivered?
Myrddin @Excalibur: So andy probably read the documentation and saw the swap referral part.
Just to quickly give some explanations to everyone, it’s a feature we added on the AMM part, allowing us to whitelist some privileged partners on our system. They will have the opportunity to use this referral through their user base in order to get back a part of the generated swap fees.
To explain it in a more concrete way:
Let’s say we partner with the aggregator X. We can make a deal with them by offering them something like 10% of all the swap fees generated from their platform. Hence every time a user uses their contracts to swap on our AMM, X will get their share of the associated fees.
I used aggregators as an example, but this can also be applied to any kind of project in different ways.
The main idea is to support the creation of our own ecosystem, allowing all types of projects to plug into our protocol in a fairer and more efficient way. Our partners will get a fair share of the volume they generate, making it a win-win deal
That will also be a way for young projects to create an additional income stream to support their growth
Yeah sounds innovative should help some newer projects to hit the ground running!
Absolutely. We strongly believe that intelligent collaboration and synergies between projects of the same ecosystem can only have positive consequences for all the market actors.
FTM_MAXI @Fantomine: What kind of launch model are you going to use? And how do you intend to fit into Fantom’s ecosystem?
Myrddin @Excalibur: Let’s start with the launch model first
It’s still a bit too early to give all the details, as the official announcement should come next week, though I can give some information, in particular concerning our general approach
One of the central idea is that there will be no private sale and no discount for anyone, everyone will have the same opportunity to participate
Myrddin @Excalibur: We’re planning to do a kind of fairlaunch, but not in the same way as it’s usually done
So let’s say we’ll use our very own fairlaunch implementation, that will allow every user to initially invest into the token for the same price, but without the drawbacks of a presale model
It will also be the same for the team, that will have to invest like any regular use
Also, 100% of the raised funds will go back to the users, either directly through the bought tokens, either in a more indirect way through our dividends system
Nik @Fantomine: Excellent that’s what we like to hear, fair platform for everyone! I’ll be waiting for the launch information in any case 😉
Next we have a question from @haunguyenss
What type of benefits and profit I’ll get in the staking ? Does it earn money or any nfts ?
Myrddin @Excalibur: Staking will make you earn one of our two tokens, either our utility one $EXC for non-native pairs, either our shareholding and governance one $GRAIL for native pairs
The second one will be especially interesting in terms of returns since you will be able to earn daily dividends, coming from the platform fees, by only holding it into your wallet.
We can say it will be the same as having concrete shares of the platform
For the NFT, we won’t have any for now
FTM_MAXI @Fantomine: Next we have question from @callmesudi
Currently the Liquidity pool DEX is used the most, but some of the major drawbacks include: price slippage and running ahead. Price slippage occurs due to the nature of AMM itself, the bigger the deal, the stronger the impact on the price. How does your #ExcaliburExchange project mitigate this problem?
Myrddin @Excalibur: It’s true that price slippage is an inherent drawback to the univ2 model, but it can definitely be mitigated by creating enough depth to the liquidity pools.
That’s done by incentivizing long term capital staking in order to help creating stable and growing liquidity over time, through features such as our shareholding and dividend system, and our time vault staking mechanism.
Finally, there is also the bug bounty that will start on next saturday, but I already talked about it, and I’ve probably been already a bit too verbose, so I’ll stop there
FTM_MAXI @Fantomine: Sounds amazing
I would like to thank you @myrddinexc for spending your valuable time with us today
And for all the information you provided
Nik @Fantomine: Yes it’s been great having you
Myrddin @Excalibur: Was a pleasure, thanks for having me guys
Nik @Fantomine: And thanks @FTM_MAXI for heading up again!
FTM_MAXI @Fantomine: Wish you all the best of your launch
Myrddin @Excalibur: Thank you
+ question from the community member
Omega Freedom: I’m reading your answers right now, did you take inspiration from Protofi to build your double token and shareholding system?
Myrddin @Excalibur: It’s true that the main idea of having a dividends token for native pairs and the classic utility one for non-native pairs is the same as in Protofi. But we’ve been working on that project for more than half a year, I’d rather think that both projects initally had the same inspiration.
But I think the comparison can’t be more than that, as our whole implementation is way more complete and will provide us way more sustainability than them.
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