HurricaneSwap x Lydia Finance Recap
Broly:
Ok everyone please welcome @Symington_Smith The founder of HurricaneSwap!
Symington Smith:
Hi everyone!! 🦁🦁🦁
Symington Smith:
Thanks for having me here, it’s a pleasure to share the latest news about HurricaneSwap with you guys.
Broly:
Ok let’s jump right in
Broly:
Can you tell us about the HurricaneSwap project and how it got started?
Symington Smith:
Of course.
Symington Smith:
The First Cross-Chain Liquidity DEX based on Avalanche.
Symington Smith:
That’s how we define HurricaneSwap.
Symington Smith:
More specifically, HurricaneSwap is a cross-chain liquidity DEX with an innovative LP-Bridge mechanism (Roke Protocol), which enables users to trade popular assets of other chains without leaving Avalanche.
Symington Smith:
All members of our core team know Avalanche at the very beginning, we are all AVAX believers.
Symington Smith:
We think Avalanche is designed for DeFi. And it is powerful enough to provide us with the best development space at the moment.
Symington Smith:
Besides, transactions on Avalanche are very active, which provides good user support for the development of DeFi.
Symington Smith:
However, according to the data of the X chain and the C chain, the number of users participating in the Avalanche ecosystem is far fewer than the holders and traders of $AVAX.
Symington Smith:
Symington Smith:
That means there’s a large number of users have recognized the value of Avalanche, but they don’t involve the Avalanche ecology in more depth.
Symington Smith:
That was the moment we realized that there’s a huge opportunity to build a cross-chain swap on Avalanche and started HurricaneSwap.
Broly:
Ok great
Broly:
How does HurricaneSwap differentiate from its competitors?
Symington Smith:
Firstly I’d like to share a pic of our product process that shows how “LP cross-chain” works.
Symington Smith:
Symington Smith:
The most unique feature of HurricaneSwap is the way we make cross-chain transactions, which we call “Roke Protocol”, our original cross-chain mechanism.
Symington Smith:
Which means we are not cross-chaining the actual token itself, we are using LP token to cross-chain the price movement of that asset.
Symington Smith:
And because we are cross-chaining the price movement instead of the token itself, the whole process will be much faster. It takes only 15 seconds for the price movement to be transferred from the original chain to the target chain.
Symington Smith:
Second, different from other DEXs, HurricaneSwap achieves multi-chain transactions by establishing HurricaneStations on each source chain and creates a transaction pool on Avalanche. In other words, it shifts the liquidity of assets from the source chain to Avalanche and realizes the seamless transaction of multi-chain assets through the setup of Stations.
Symington Smith:
Besides, compared to other cross-chain exchanges, the fee of the cross-chain transaction on HurricaneSwap is 2‰, which is the lowest in the market and very competitive.
Broly:
Ok very cool
Broly:
Why did you choose to launch your project on Avalanche?
Symington Smith:
As I’ve mentioned before, Avalanche is designed for DeFi, it has so much potential,it’s powerful to build, the transactions on it are pretty active.
Symington Smith:
And most importantly, we see the gap between X chain and C chain, it is a huge opportunity for us.
Symington Smith:
What HurricaneSwap aims to do is attract more $AVAX holders and traders to participate in the Avalanche ecosystem.
Symington Smith:
As the first cross-chain liquidity DEX based on Avalanche, we can benefit Avalanche and create more value by providing more diverse cross-chain assets. That’s what Avalanche needs most at this point I think.
Symington Smith:
So it’s beyond “we chose Avalanche”, it’s more like, we need each other.
Symington Smith:
Besides, I have been in China for many years, so I’m quite resourceful in China and also other Asian countries. I can see that Avalanche attach great importance to the whole Asian market, so I hope I can help them to expand into new markets in Asia. Let more people know about Avalanche and be a part of it.
Broly:
Yes a big opportunity indeed
Broly:
Can you tell us about the tokenomics of your project?
Symington Smith:
sure
Symington Smith:
Here you can see the tokenomics of $HCT.
Symington Smith:
Symington Smith:
As the native token of HurricaneSwap, $HCT represents holders’ rights.
Symington Smith:
HurricaneSwap is a community-driven project. We plan to launch HCT-DAO when our community is strong enough and our products process smoothly as ever, at that time, $HCT holders are expected to participate more in project governance, including token listing, marketing plan, community development and so on.
Symington Smith:
More importantly, after we launch DAO, users need to burn $HCT to vote, they can vote for what is the next chain we are going to integrate, or which asset we should list, or even how we distribute our commission profits.
Symington Smith:
Based on the experience of CEXs, that kind of listing activity could burn hundreds of millions of tokens. That would be a huge encouragement for $HCT holders.
Broly:
Ok last question before we get to the Twitter and Telegram questions
Broly:
What is the long term vision for your project?
Symington Smith:
That’s a huge question, but I’ll try.
Symington Smith:
We launched HurricaneSwap V1 on Oct 10th and I’m proud to say that V2 is coming out this month!
Symington Smith:
Speaking of future plans, I think the most important thing for us, or any cross-chain swap, is to continuously expand to new chains and new assets.
Symington Smith:
Within the unique design of HurricaneStation, we could build our station on each chain rapidly and that is exactly what we are planning to do in the near future.
Symington Smith:
Furthermore, HurricaneSwap is a community-driven project, so we will definitely make it DAO. It won’t be easy to achieve decentralization, but we will try our best. After we launch the V2, we will announce plans about DAO very soon.
Symington Smith:
Besides, our tech and product team are so creative, so I believe you will see more functions and features on HurricaneSwap, like vault on HurricaneStation, we already have plans on that.
Symington Smith:
The vision of HurricaneSwap never changed. We aim to be NO.1 DEX on Avalanche and constantly bring valuable assets to this chain, then benefit this whole ecosystem.
Broly:
Ok great, let’s start with the Twitter questions
Broly:
Our first question is from @Thrakyali22
Symington Smith:
Cool, let’s roll!
Broly:
Best two token project and wonderful event. Marketing is a central element for every project,other than Activities like this AMA, what is your strategy to attract new users and investors to your platform and keep them?
Symington Smith:
I‘m proud to say that HurricaneSwap has a strong community, there are over 40K members in our official Telegram and 54K followers on Twitter and there are almost 10 Telegram groups managed by volunteers from all different countries, like Turkey, Indonesia, Vietnam and so on.
Symington Smith:
As the first cross-chain DEX on Avalanche, I think it’s important to reach out to AVAX users at first as they care about AVAX eco as much as we do.
Symington Smith:
So we started to collaborate with projects from AVAX eco, just like now we are doing AMA with Lydia, we also have partnerships with Pangolin, BENQI, Avalaunch, Verso and so on.
Symington Smith:
I just love the way we partner together and help each other to grow, because we all know that building Avalanche is our first priority. And the fact shows us, the stronger Avalanche is, the more we benefit.
Broly:
Nice, yes that is one of the best part of Avalanche, we all want to help the ecosystem grow.
Broly:
Ok our next question comes from @FatihSultanSevm
Symington Smith:
[ 🌘 Sticker ]
Broly:
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?
Symington Smith:
I agree with @FatihSultanSevm
Symington Smith:
Partnerships are one of the things we value most and we did spend lots of time on it.
Symington Smith:
Like I mentioned in the last question, we partnered with many amazing projects on Avalanche, Lydia is absolutely one of them, and we have Pangolin, BENQI, Avalaunch, Verso and we will have more in future.
Symington Smith:
Besides, as some of you may know, Ted Yin is our chief advisor, after we launch HurricaneSwap V2, we will invite him to do AMAs and other co-marketing activities. It’s huge for us to have his support and I believe it will bring us much attention with his help.
Symington Smith:
Moreover, before we launched the mainnet, we raised $3.6M from over 20 institutional investors, they are our key partners as well.
Symington Smith:
Symington Smith:
Some of them are CEXs, including Huobi, Kucoin, gate.io, MEXC and so on. I think it’s a good opportunity to introduce HurricaneSwap to more potential investors, as the CEX users are precise and most valuable.
Symington Smith:
Besides, we are integrating Chainlink price feeds to close cross-chain price gaps and proof of reserve for stronger security. We are also working with PeckShield, Slowmist and HashEX to audit our code and all features to ensure security. Moreover, we’re trying to pitch more influencers and DeFi communities to help us to promote HurricaneSwap. So you see, there are many kinds of collaborations and we’re doing our best.
Symington Smith:
You can follow our Twitter to keep informed. https://twitter.com/HurricaneSwap?s=20
Broly:
Ok great, so now we will open up the chat so the community can ask some questions!
Symington Smith, [11/22/2021 6:25 AM]
Thank you all for your amazing questions! I will pick three of them as time is limited.
Symington Smith, [11/22/2021 6:25 AM]
Trying to find some new topics… 🤔🤔
Symington Smith, [11/22/2021 6:27 AM]
[In reply to art target 50.3 btc (now i have 0 btc)]
Actually you can easily find our audit report from our website: https://hurricaneswap.com
Symington Smith:
Thank you all for your amazing questions! I will pick three of them as time is limited.
Symington Smith:
Trying to find some new topics… 🤔🤔
art:
On your website you don’t mention that you have done any internal or external audit of your smart contract, so can you give us details if you have done any audit before? And in case you haven’t, would you plan to perform any review of your smart contract in the near future?
Symington Smith:
[In reply to art target 50.3 btc]
Actually you can easily find our audit report from our website: https://hurricaneswap.com
Symington Smith:
HurricaneSwap V1&V2 have been audited by PeckShield and Slowmist, to ensure security, we also invited HashEX to audit our code and contract. The audit report will be released once they finish it.
Symington Smith:
Now you can check the other two reports on our gitbook: https://github.com/HurricaneSwap/AuditReport
Chet Plunkett
Do you have any Coin Burn / BuyBack systems or any $Token Burn plans to increase the value of Token & attract Investors to invest?
Symington Smith
[In reply to Chet Plunkett]
Yes, we have plans about that and we want to do it as a organic way — make it DAO. So we will ask user to burn $HCT so they can vote for what is the next chain we are going to integrate, or which asset we should list, or even how we distribute our commission profits.
Crypto BeastB1 Escalante:
Is your platform suitable for crypto beginners? Or does it only limited for professional users ?
Symington Smith:
[In reply to Crypto BeastB1 Escalante]
I think HurricaneSwap is for everyone.
Symington Smith:
You can see the UI and product design of HurricaneSwap is super nice and clear. No matter you are a pro or beginner, you can easily find your way
Symington Smith:
And you can always get helps in our community.
Symington Smith:
If you have further questions, welcome to ask in our groups:
Discord: http://discord.gg/s2Y7wanVyQ
Telegram: http://t.me/HurricaneSwap
Broly:
Ok great.
Broly:
Thanks @Symington_Smith for the great AMA!
Symington Smith:
[In reply to Broly 🔺️ 🦁 I will never PM you first]
Okay, that would be all for today. Thank you for your hosting!
Symington Smith:
Thank you everyone!
