We held an AMA session with Far Away Swap on September 24th, 2022. What is Far Away Swap is the subject of this AMA. Far Away Swap provided a number of community queries and answers throughout the AMA. The purpose of this AMA is to introduce users to Far Away Swap. Here is a summary of the AMA session. Read the articles together.
Hi guys, I’m Landon, the Community Builder of Nearity. We update the latest information on Near about the ecosystem, analyze data, analyze projects, provide instructional content, and support users on how to use and integrate into the ecosystem. Welcome to a wonderful AMA with Far Away Swap.
Answer the question from the communities
Question 1 from LongMai82225651:
“What does the meaning of Far Away Swap?”
Far Away Swap: The question is what’s the meaning of the name “Far Away Swap”? We named the project like this because it’s built on NEAR. NEAR-FAR is the game of words. Also, as we will aggregate the liquidity, far stands for looking far for the best offer
Landon: Looking at and finding the best offer is a great way to establish trust and rapport with people. This is the kind of stuff that keeps markets fair. Now that I think about it the name Far away swap makes a lot of sense after you explain it like that.
Question 2 from LongMai82225651:
“Do you have any plans to launch your token?”
Far Away Swap: Yes, we have, but I don’t have any details to share with you about the token right now. We are still developing tokenomics. Tokens will be used to thank our testers and community builders for their support
Landon: Tokens are a great way to support the community, it’s great to hear you have one in development and we look forward to seeing how it develops in the future. Nearity and the community will always look forward to hearing about your token launch.
Question 3 from Cacatuaua:
“I saw the information about Far Away Swap. I am interested in the platform feature. Can you tell me What’s the mechanism of the “combined swap algorithm”?”
Far Away Swap: Yes! The combined swap is the new capital-efficient market-making model. When you swap using the combined swap, one part of your tokens is swapped using the order book and the other part using liquidity pools. In this way, one part of the exchange is P2P meaning that the fees are lower, and more liquidity is concentrated around the market price, so the swap is more profitable. The mechanism is pretty simple: 1. we calculate how many tokens you need to swap in the pool to get the best price (it is very very fast because we use prediction models) 2. then with this prediction, we split the order into two parts: pool and order book. 3. we swap the tokens
Landon: This new capital-efficient market-making model brings a lot to the table. It is fascinating, having a part of the exchange being p2p really provides solid benefits to the overall liquidity in each trade. I love hearing developers continue to develop and enhance exchange systems for users.
Question 4 from Cacatuana:
“Are there any integration plans on the platform, such as connecting to the Aurora network or something else?”
Far Away Swap: This is a good question! In the near future, we will integrate Tonic DEX and Ref finance in order to have more liquidity on the platform. Then we plan to integrate other good DEXs on NEAR. We have plans to go cross-chain, but the priority right now is to expand on NEAR.
Landon: Wow, you guys are really after providing great liquidity. We can’t wait to see how you integrate and cross-chain with other good DEX in near in the future. That is a good idea to make expanding on Near your top priority.
Question 5 from Anh73755003:
“Backers, partners, and advisors are very important factors affecting the reputation and success of any project. Can you name who are the most influential partners on FarawaySwap so far?”
Far Away Swap: As partners right now we have you, Nearity, and Tonic DEX very soon, as they will be the first platform for the aggregation. Encode club is supporting us a lot, we have recently joined their accelerator program in partnership with NEAR.
Landon: We really are pleased to be able to call you our partner and we look forward to Tonic Dex joining soon. That’s nice to see you have the support of Encode club as well. The sound of you guys joining their accelerator program is pleasing and promising to hear.
Question 6 from Anh73755003:
“Even recently, three significant new Defi projects fell prey to vulnerabilities in smart contracts, costing customers money. Have you received any audits? If yes please list them.”
Far Away Swap: This is a very good question. Not yet, but we will definitely audit all the code when going on mainnet. This is very important for Far Away Swap to ensure the security of your assets on the platform. Your trust is our goal.
Landon: Yes, I think all the projects that are developing are not only on Near, they somehow always quietly put the importance of Security first, and I guess Far away swap is no exception. As for the risk factor, there’s a lot of story to it, but I’m very confident in the way Near develops. In the past year, there have been 2 hacks on Aurora, and Near and Aurora are doing a great job protecting their protocol. Even the hacker lost a large amount of money, each time he attacked, he lost 5 ETH.
Question 7 from Sennaa007:
“After the test-net is over I think you will have feedback from the community and you will launch the mainnet soon. Will you have plans to add new features such as Farm or Stake?”
Far Away Swap: Staking is possible, we will decide it after setting the tokenomics. We will work on this decision with the experts as we don’t want our token to become a shitcoin. However, any Farm will not be available on Far Away Swap in the future, that’s sure.
Landon: So we may see staking in the future after the tokenomics is up and running in full gear. hearing avoiding becoming a shitcoin is on your priority list is a breath of fresh air.
Question 8 from Sennaa007:
“What kinds of solutions are available on the platform for trade assets that can benefit users?”
Far Away Swap: On the platform, you can do all kinds of financial operations such as rebalancing your portfolio, trading using market and limit orders, provide liquidity in pools. To make it more profitable for the users, we have low fees, liquidity aggregation, and moreover, the combined swap technology I have explained previously.
Landon: It’s great how many different possibilities you’re touching on with this it’s really incredible how far things have developed and are continuing to develop. With so many features far away swap is sure to cater to0 and attract many different people.
Question 9 from NguyenH42269357:
“What is coming up in the near future that our community should be aware of?”
Far Away Swap: The combined swap launch and trading contests on the testnet. To make sure the platform is working perfectly with the high volume of trading, we will allow our testers to participate in different events related to the functionalities of Far Away Swap.
Landon: That is a genius way to perfect Far Away Swap before fully launching and is sure to bring a lot of further innovation and corrections to the project! I can’t stress enough that we really look forward to seeing how Far Away Swap continues to develop and adapt!
Question 10 from NguyenH42269357:
“The market is adjusting sharply, the risks are very high but also a great opportunity for development projects. What is the thing that makes your exchange platform becomes unique?”
Far Away Swap: The combined swap. No one has done this before, this is a new feature in the crypto field.
Landon: Very nice!
Landon: So it’s been such a pleasure talking to you. The information that you provide will be useful insight for communities. I spy with my little eyes and Near community too. Thank you and Community for being here today. Don’t forget to join and follow Far Away Swap’s telegram, and discord and I am sure that the community will be looking forward to Far Away Swap’s fundraising event in the near future. And We have another event for the community. Follow me to get a chance to receive the reward and explorer the Ecosystem. Thank you to the Near Foundation have accompanied Nearity to support the projects. Best regards to all of you, thank you for your presence Goodbye!
You can hear the AMA session one more time here if you missed
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